If you’re looking to diversify your retirement portfolio with cryptocurrency, we are here to help! We created an infographic that demonstrates why we surpass the competition in every aspect of the business.
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The blockchain, a decentralized public ledger that records transactions across many computers, has the potential to disrupt many industries beyond the financial sector. But before we discuss some of the major industries that have the potential to be transformed by blockchain technology, let’s review how it works.
It’s easiest to think of blockchain as an open ledger system. The ledger is distributed, existing on many computers in many locations at once, updated in real time. Because there’s no central repository, it is hard to hack the blockchain, and because of the way it works mathematically, it is also nearly impossible to commit fraud. Blockchain is revolutionary because of its ability to prevent bad apples from claiming ownership over something that isn’t theirs or from erasing transactions.
Each transaction on the blockchain has a unique identifier attached to the one that came before it and is linked to the one that comes after. Because the blocks are linked in this way, the identifiers cannot be erased or moved backwards. At the same time, users on the blockchain simultaneously confirm the transaction, meaning the same information lives in several places at once, and any alterations are immediately identified. Because it is transparent and hard to alter, blockchain is the pinnacle of trust.
The peer-to-peer network of the blockchain, allows people in all parts of the globe to exchange goods and services with one another in an unprecedented way. One startup company, Storj, lets people rent their unused cloud storage to others elsewhere who need it. That means there’s no wasted capacity in your storage, and people can recoup the value of the asset they are not using.
In Brooklyn, users of solar power have developed the capability of selling excess energy to their neighbors. They do this through the use of blockchain technology, which tracks and exchanges the units of power in a secure, open and fair system that benefits all participants.
Perhaps no asset is as fluid and coveted as art and entertainment. Despite the technology that allows anyone to download a piece of work and make a copy, it has been challenging to track and recoup royalties. That constrains the ability of artists to make a living and to crack down on unauthorized use of their work. The startup BigChainDB attempts to solve this problem by putting music on the blockchain. That way, the artist can track their sounds as they go through elements of technology, retaining some measure of control over their livelihood.
This is only a small sampling of the ways new companies are using the blockchain to solve real social, economic and environmental problems. The potential applications for blockchain technology are vast, from helping nongovernmental organizations to ensure aid gets to the right recipients without interference, to reshaping the state of retirement.
To learn more about BitcoinIRA.com, the world’s first and largest cryptocurrency IRA conduit that allows customers to purchase Bitcoins and other cryptocurrencies for their retirement accounts, call an IRA specialist today at 877-936-7175.
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Bitcoin, Litecoin, and Ethereum are getting a boost from an unlikely partner, Microsoft, who plans to work with blockchain technology in creating decentralized identity systems. Through the process of decentralization users will have full control over their identity, making this the perfect solution to a growing systemic problem. The tech giant has agreed to join the ID2020 initiative, an alliance of public and private companies, as well as governments, working towards improving the lives if 1.1 billion people around the world lacking any form of legal identity. With this agreement, Microsoft is making a donation of $1 million as well as allocating additional resources and human-power to the cause.
Over 1 billion people across the globe lack a proper form of identification that is recognized by the world’s governing bodies, leaving them without many basic rights such as healthcare, public education, access to banking, and more. This also makes those without a legal form of identification more susceptible to displacement and human trafficking. On a macro level, this problem prevents aid organizations from accounting for accurate population data, making it difficult for them to allocate resources appropriately where they are needed most.
The use of blockchain technology is paramount in the attempt to provide digital identities to those in need. Blockchain technology is a brilliant solution for providing digital identities to those in need, as it allows for the distribution of trust across a decentralized network. This ensures that no one entity control over information and ultimately keeping data and identity information secure.
Blockchain identity solutions work on a system of trust known as “attestations,” inherent in many public blockchains such as Bitcoin and Ethereum. In this process, an individual asserts pieces of their identity which are then verified by trusted parties. This differs from the current identification process which entails accessing and authenticating data through the use of password protection.
Through the process of decentralized IDs (DIDs), identity is verified through a variety of methods such as fingerprint scanning, facial recognition, date of birth information, social media accounts, and more. With no physical form of identity required, individuals run no risk of losing their identity, as it is securely stored on the blockchain. Each individual determines when their information is distributed and to whom, giving the individual full control over their identity.
The company plans to use its Microsoft Authenticator app to support DIDs, along with public blockchains such as Bitcoin, Ethereum, and Litecoin to foster the growth of this project. Currently the Authenticator app is used as a secondary proof of identity verification on mobile devices and already has millions of users worldwide. The plan is for this application to be used in conjunction with DIDs to directly manage cryptographic and identity information. Users will be able to allow Microsoft to act as their user agent on their behalf to manage user information and cryptographic keys. However, this won’t give Microsoft access to the ID itself, which is encrypted and rooted on the blockchain and unable to be viewed.
This is another step in the direction of further blockchain development for Microsoft, which has already been working with the Decentralized Identity Foundation and Tierion on DID projects, as well as the Enterprise Ethereum Alliance to incorporate aspects of blockchain into their business. “We believe it is essential for individuals to own and control all elements of their digital identity. Rather than grant broad consent to countless apps and services, and have their identity data spread across numerous providers, individuals need a secure encrypted digital hub where they can store their identity data and easily control access to this,” said Director of the Microsoft Identity Division Alex Simons.
Through the process of implementing these decentralized identity systems, Microsoft is demonstrating even further adoption/incorporation of blockchain technology at the enterprise level.
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With the advent of multiple cryptocurrencies that offer their own set of fundamental, strategic and technical advantages over others, the cryptocurrency market is enjoying new found diversity and flexibility. To facilitate the transfer from one digital asset to other, crypto-exchanges have been launching user friendly multicurrency wallets in the recent times. As convenient as that might be, imagine if you owned a single token that can represent any cryptocurrency available and can be transacted on its blockchain system. Exactly this is what “Internet of Coins’” new initiative “Hybrid” is all about. Let’s dive into the modus operandi of the system and its slick advantages over your traditional cryptocurrencies:
The Internet of Coins developers are launching the construction of an inter-systemic and cross-blockchain token called a ‘hybrid asset’. This token allows for the transfer of value between ledger systems without the need to update or adapt existing cryptocurrency source code. Termed as an environment for ‘Personal Finance’ it is a decentralized platform which enables an optimally inclusive financial network, interlinking all digital forms of value. The platform allows you to trade digital assets and currencies peer to peer, with an easy to use interface and the opportunity to earn fees by participating as an allocator.
The best part about the platform is that you need not reconfigure your wallets to match the requirements of the autonomous decentralized network. The key idea is to integrate all the digital currencies into an interconnected and financially liquid web.
The IOC team aims to attain the network dynamics through modularized interconnectivity of blockchain systems. A node to node network connectivity platform, named ‘hybrid’ allows them to connect value systems and synchronize by a way of scalable data chain. This innovation is being termed as ‘weave chain’. Their goal to let every cryptocurrency autonomously become part of a massive swarm of decentralized global financial interaction. They will be represented by hybrid tokens and the programming code for this would be open source. The network is ensured of highest security. Every non-proprietary blockchain or value system can be hooked into this evolving network. A unique allocation schema ensures that currencies with a small marketcap receive the needed liquidity to support one’s exchange and relevancy within a healthy cryptosphere.
The existing cryptocurrency industry has become centralized to an extent and is being influenced by political factors. The main aim of the initiative is to keep the transfers decentralized and blockchain agnostic. By opening up inter-cryptocurrency transfers, it becomes very easy to form a web of financial transfers that have varied advantages basing on the cryptocurrency. It also becomes a viable option for investors to quickly shift assets in case of negative market conditions.
The crowd funding has started on 21st of March,2017 and 293654.03 hybrids have been assigned till date.
When one sees that the applications of a technology are multifold, with time it would impact the legacy systems. When it comes to cryptocurrencies, the legacy system is the existing financial setup. That being said, the important question here is how are cryptocurrencies impacting it? Well, the existing financial system has many loopholes which might be dangerous if not properly monitored. Anyone who witnessed or experienced the brunt of the 2008 housing collapse would understand this really well. Too much control over the purchasing power of money and its manipulation can be hazardous. Even the Governments and the Central Banks have come to realize this off late. This has led to the experimentation of State owned cryptocurrencies that are decentralized and open. Let’s look into how countries are experimenting with them in their nascent stages:
After China, Russia became the second country to ban Bitcoin. But as hypocritical it might sound, Russia is considering the possibility of introducing a national regulated cryptocurrency. The Russian Federal Financial Monitoring Service (Rosfinmonitoring) revealed this according to the Kommersant newspaper. The idea of introducing a cryptocurrency is being discussed with representatives of banks and at meetings in the Finance Ministry. Though it would be a cryptocurrency, Russians are planning to make it a bit centralized as against bitcoin. A Russian regulated cryptocurrency should not be a non-emission currency but it will have its issuer with rights and responsibilities. This issuer can be “financial organizations that will be entrusted with the emission of cryptocurrencies.” This activity is most likely to be subject to licensing, Rosfinmonitoring said.
South Korea can be credited as the most progressive nation when it comes to cryptocurrencies for the variety of applications they provide. From a wide range of vendors accepting Bitcoin to the launch of the first Bitcoin based ETF in the world, Korea has always been ahead.
Recently,the chairman of South Korea’s Financial Services Commission (FSC), Yim Jong-yong came out with an interesting announcement. He said that his department will “Lay the systemic groundwork for the spread of digital currency.” The FSC is the South Korean government office overseeing financial services. In 2008, the department assumed authority over all financial policies regarding the financial market. No details were given about the form or technology that the FSC’s digital currency will use. Basing on the local experimentation, it is believed that they would be using a new cryptocurrency based on Blockchain Technology.
Sweden’s central bank is reportedly considering the issuance of its own digital currency, ekrona. This is primarily to address the significant decline of the use of cash in the country. First revealed in a Financial Times report, Sweden’s Riksbank could introduce and issue its own digital currency before the turn of the decade. Sweden has seen a rapid decline of the use of physical cash – both coins and notes – in recent times. It is estimated that the Circulation has dropped by 40% since 2009, leaving Riksbank little choice. A large number of Swedes have abandoned cash for cards and other forms of digital payments turning it into a cash-free society.
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