Tag: Protocol
Will Ripple Rise Above Ethereum’s Hegemony In NFTs! What’s In Store For XRP Price On 28th Of February?
The post Will Ripple Rise Above Ethereum’s Hegemony In NFTs! What’s In Store For XRP Price On 28th Of February? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
The crypto fraternity comes across another twist in the industry’s biggest lawsuit. As the plaintiffs and defendants from Ripple’s lawsuit. File a letter requesting an extension of the expert’s discovery deadline, owing to the increasing implications of the pandemic. Wherefore, the plea for the extension of the deadline has been a downer for the XRP …
Zcash Protocol Review: Providing Financial Privacy to Public
People use bitcoin by sharing their payment address that looks like this : mp525tN8b3v4aos32hQT8E6cepdhZVyqVC Let us suppose this bitcoin address belongs to a shopkeeper. The shopkeeper puts this address on a poster behind the shop in the form of a QR code. Now, customers can scan that code with their bitcoin wallet application to pay for their bought items. The problem is anyone can look for that address in the bitcoin blockchain and can see every incoming or outgoing transaction of that address and the total bitcoin balance of the address. Anyone with that information can get an idea of how rich the shopkeeper is and how successful the shop has been in the past. This information can be exploited by bad actors such as robbers for their personal gains. Also, if we are sitting next to someone while they pay for their bought items, then we can get the idea of how rich the customer sitting next to us is, by seeing the most recent incoming transaction to the shopkeeper’s address and then looking up the balance of the sending address i.e the customer address. So, Bitcoin does not provide full financial privacy, and your average innocent user gets no privacy whatsoever. There are various examples like this, where user privacy can be breached and information gained through it can be exploited by bad actors for their personal gains. Zcash protocol solves this problem of financial privacy for the users. It allows users to send money anywhere without risking their privacy. What is Zcash and How does it enhance privacy? Zcash is a privacy cryptocurrency that provides anonymous value transfer using zero-knowledge-proof cryptography technology. Zcash is a bitcoin fork and most of the Zcash code is built from bitcoin’s original open-source code but there is a key difference that it uses encryption techniques in payments for privacy. The protocol provides two choices to the user when they transact, they can choose a shielded address for their transaction which will be fully anonymous or they can choose a transparent address where their transactions will be fully visible on the blockchain. When the user uses a shielded address for their transactions, details of transactions are not available for the public to see on the blockchain. Shielded addresses transaction information is encrypted and is not visible to the public. All the transactions that are executed by transparent addresses are visible publicly on the blockchain. How does Zcash Works? The above diagram shows the whole process of Zcash transactions Zero-knowledge proofs are required to be generated when the user uses shielded addresses for transactions. It allows others to verify transaction details by keeping them private and not revealing them to the public. Shielded addresses always start with a ‘z’ and are called ‘z-addrs’. Similarly, when the user uses transparent addresses, all the transactions interact with the Transparent Value Pool and transactions details are publicly available in the blockchain. These transparent addresses always start with “t” and are called ‘t-addrs’. All the details of transaction fees of both transparent addresses and shielded addresses transactions pass through the Transparent Value Pool and are easily visible in the blockchain. Tokenomics Zcash token symbol is $ZEC. Similar to bitcoin, the maximum supply of Zcash tokens is 21 million. All Zcash tokens will be mined by 2032, and Zcash block rewards will get halved every four years. In the initial four years after the starting of Zcash mining, 20 percent of its block rewards will be distributed to Electric Coin Company, and 80% of its block rewards will be distributed to miners. At the time of writing this article, the circulating supply of Zcash is 11.99 million, the price of Zcash token is 144.40 US dollars and the market cap of Zcash is 1.73 billion US dollars. Main Features of Zcash Low-Fee Transactions Transactions fees on Zcash protocol are very low i.e 0.0001 Zcash. Zcash token is supported by various crypto wallets and exchanges. Encrypted Memos When a user does transactions from a shielded address, a memo field is available to fill in any information. Encrypted memos allow the sender to send information that is encrypted and not available for the public to see. Messages and important information can be passed in the memo field. The Rules of compliance made by the Bank Secrecy Act “Travel” are also followed. Viewing Keys For the purpose of regulatory compliance or auditing, transaction details can be revealed by the owner of shielded addresses. The owner can reveal all the incoming transactions and the info in the memo field but can’t disclose the sender’s address unless any information identifying the sender’s address is already mentioned in the memo field. Multi-Signature Transactions Zcash also supports transactions that require signatures of multiple parties and after their approval, the funds … Continued
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Connecting Web2 and Web3 With Cryptocurrency
The changing shift from a Web2 to a Web3 future has been growing rapidly in the last 1 year, but blockchain technology is even taking the…
Visa Partners With ConsenSys to Develop CBDC Technology
Payments giant Visa has teamed up with the blockchain software company ConsenSys to build an on-ramp for central bank digital currencies (CBDCs). The pilot program will begin after discussions with roughly 30 central banks about its development and potential. According to Bloomberg, Visa will launch a ‘CBDC sandbox’ this spring, where central banks can experiment with technology after minting on Consensys’ Quorum protocol. The latest tech will allow the enabling of plugging into existing payments modules. This means traditional finance companies will be able to integrate the infrastructure to issue things like CBDC-linked Visa cards or digital wallets anywhere where Visa is accepted globally. Commenting on the development, Catherine Gu, Visa’s Head of CBDC, said: “CBDC could expand access to financial services and make government disbursements more efficient, targeted, and secure that’s an attractive proposition for policy makers. With CBDC, a central authority could send fast payments to a targeted set of users and program specific spending parameters.” Mastercard launched a similar CBDC testing platform in 2020. Currently, Visa offers payment cards linked to USD Coin, stablecoin issued by a consortium that includes Circle Internet Financial Inc. Earlier in December 2021, Visa helped in the formation of a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow. Meanwhile, ConsenSys is already one step ahead in helping develop CBDCs in Australia, France, Hong Kong, and Thailand.
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DOGE Technical Analysis: Buyers Line-Up Teasing a Wedge Pattern Breakout: Is This the Best Time to Buy?
The DOGE coin price experiences a sudden jump in buying pressure and aims to break above the long coming resistance trendline. Dogecoin is an adaptation of the popular “doge” Internet meme and has an image of a Shiba Inu on its logo. The digital currency that is open source was invented by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was developed from Litecoin in December 2013. Dogecoin is different from Bitcoin’s Proof-of-Work protocol in a variety of ways. One of these is that it uses Scrypt technology. It also has an average block time of one minute, and the total supply is unlimited. Let us move ahead to read about Dogecoin technical analysis. Past Performance of DOGE DOGE coin price shows a growth of more than 15% in the past three days from the descending support trendline. The price action forms a triple white soldier pattern teasing a post-breakout bull run. Currently, the price rests near the resistance trendline of the wedge pattern, and the breakout will trigger an excellent buying opportunity. DOGE/USD Daily Chart DOGE Technical Analysis The DOGE coin price action shows a reversal in the long-coming downtrend. Moreover, the price highly influential bearish trendline weakens over time, increasing the chances of a bullish breakout. The crucial EMAs (50, 100, and 200) maintain a falling trend in the daily chart. These EMAs can act as dynamic resistance levels, and the breakout of each will generate an entry spot. The RSI indicator at 48% spikes higher from the oversold zone to touch the central mark in the daily chart. The 14-days SMA shows a trend reversal after the recent crossover. The MACD indicator shows a bullish divergence in the last two dips at the support trendline. The MACD and signal lines give a bullish crossover slightly below the zero line. In a nutshell, the DOGE price action and the technical indicators showcase a high possibility of a breakout-backed bullish rally. Therefore, safe traders can shortly find breakout entry to avoid the risk of reversal. Upcoming Trend The increasing buying pressure and the bullish price action increase the possibility of a trend reversal in the DOGE coin. The breakout of the falling wedge can reach $0.30 if the buying pressure sustains, resulting in an 80% price jump. The price action indicates resistance levels at $0.24 and $0.30 after the primary resistance at $0.20. The support levels are at $0.15 and $0.12 which can halt the reversal from the trendline.
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