Best ICOs to invest

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Frederik Nielsen - page 15

Frederik Nielsen has 241 articles published.

Frederik Nielsen
I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

BLACKBOX – Boosting Capitalism

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blackbox ico

Blackbox ICO Review

Blackbox is an ICO that wants to completely transform the way in which we work. Well, perhaps not completely. But radically — in a positive way. Whilst the team behind the project level a few criticisms against the capitalist system we all live under, they do not disavow it. Rather, they seek to create a ‘boosted capitalism’, in which employees find a deeper meaning in their work.

Blackbox Background

The Blackbox team describes how the current incarnation of capitalism places profit above everything else. This system leads people to seek out work that pays well, but is not necessarily personally rewarding. In most cases, the work feels like a chore, something to be over and done with, and preferably as fast as possible. This kind of mentality leads to huge waste in the workplace. The Blackbox team cites a Gallup poll which revealed that 70% of all workers do not put in a lot of effort at work. On top of not enjoying their job, the same employees find themselves in a never-ending debt spiral despite sacrificing their time and energy on chasing money for money’s sake. The vision for this ICO is to follow the cultural trend of the Millennial and Generation Z generations, where work is no longer considered a necessary evil, but rather a positive contribution based on personal characteristics. The team mention a shift in our collective consciousness that leads our society in the direction of pursuing personal fulfilment rather than mere profits. After all, what is the point of having money if we cannot use it to become personally fulfilled and happy with life?

What is Blackbox Operating System?

Where does the ICO enter into all of this? They begin by challenging the current concept of an organisation. Businesses today are hierarchical and centralised. This is part of the problem Blackox is trying to solve. As you may have guessed, the decentralised nature of blockchain technology will thus play a huge part in the operating system Blackbox wants to build. The operating system will essentially be a platform on which a number of individuals can collaborate on work projects. As opposed to traditional corporate structures, the organisation of these individuals will be flat and decentralised. With this system in place, all workers can influence their own schedule, and only contribute to projects in ways that they find personally fulfilling. The influence these workers hold over a project is determined by a reputation system — not dissimilar to reviews on Trustpilot and other websites.

How does Blackbox work?

The Blackbox creators make no attempt to hide that this is a gig economy system. However, they stress that it is much more than that. Rather, one of the key aims of the Blackbox system will be for people to work together towards a common good. When assembling the team for a project, the members of the team will be selected based on their reputation and their capabilities.

Connecting them all will be the Blackbox system, which will also ensure that everyone gets paid promptly. Once a given project has been completed by the team, each member will receive 80% of the project revenue. The remaining 20% will be spent on operational costs. Workers are paid in the native BBOS token, which are backed by a fiat money reserve. The first step for Blackbox is to start their project with professionals in AI, data science, blockchain technology, machine learning, and other technical fields. The system will, however, eventually expand to all possible fields of work and expertise.

My ETH adress:
0xcD3347Bd7595750473b2dC8d2F32f28a32C868b7

bitcointalk username: Ico Friends

FLIPNPIK – Collaborative Social Media Platform

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FlipNpik ICO Review

The world of marketing changed with the emergence of social media. No longer would billboards, flyers, magazine adverts, and other traditional methods do the trick. Targeted ads based on personal preference is the presence and the future. While this leveled the playing field between small and big businesses for a while, it quickly became uneven again.

Although small businesses could get much more for their marketing budget via social media ads, big businesses still had much larger budgets — and could outbid the smaller competitors. Fast forward to the present, and you have social media platforms like Facebook now making it even harder to be seen with sponsored ads. FlipNpik is a project dedicated to solving this issue by once again making it feasible for small businesses to be noticed on social media platforms.

What is FlipNpik?

The team behind FlipNpik brands the platform as the first collaborative social media channel for small businesses. The project aims to create an ecosystem in which small businesses can not only promote themselves, but also collaborate with existing and potential customers online. By helping small businesses promote themselves online, users can receive rewards which they can in turn spend with said businesses. With enough collaboration, engagement, and tokens, users can become certified partners of the platform and receive monetary bonuses.

What are the key features of FlipNpik?

The platform is very collaborative, with a scalable infrastructure that makes the potential for growth huge. If successful, it has the potential to boost local economies worldwide. The platform furthermore makes it affordable for small businesses to advertise on social media once again. By using blockchain technology, the platform ensures that the businesses’ hard earned cash is safe and secure during transactions. For the customers and users, the platform provides them with a monetary incentive to engage and collaborate. With this, it also improves the targeted marketing, as customers will actively seek out the kind of businesses they are interested in. This, in turn, will further save the businesses money on promotion. The platform itself is using the Stellar platform, and accepts all the most popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

What about the FlipNpik token?

The FlipNpik (FNP) is the native currency that will be used on the platform. As such, FNP tokens are utility tokens, of which there will be 425 million for sale during the ICO.

The remainder of the tokens will be allocated to partners, reserves, research and development, operational costs, marketing, and ad hoc expenses. Users of the platform can spend FNP tokens on purchases of products and services they come across on the platform. If a user accumulates enough FNP tokens, they will become Ambassador Partners of the platform. All that is required to become an Ambassador Partner is to deposit 500 FNP tokens into the platform. As a partner of the platform, users will receive 20% bonuses in profits from the platform activities. In order to purchase FNP tokens, users must have access to an Ether wallet and complete a know-your-customers (KYC) procedure.

Other Info:
– FlipNpik TELEGRAM
– bitcointalk ANN
– bitcointalk BOUNTY
– bitcointalk Username: Ico Friends

My Stellar adress:
GADGPGK44EP5O2SLTP53XZLLGVD577A45SBOOSZMRPAGSW5PPMYBEXAZ

BITBOSE – The Future of Crypto-Trading

in Live ICOs by
bitbose

Bitbose ICO Review

Trading is not easy. Whether it is fiat money, cryptocurrency, assets, commodities, or real estate, there is a lot of red tape and expenses involved. Today’s market features a lot of transaction fees, paperwork, and intermediaries who all want a slice of the pie. This not only makes trading more difficult but also less profitable. On top of this, the market fluctuations can make it a hard space to maneuver. Bitbose is an ICO that aims to make life a little bit easier for traders in the cryptocurrency space.

What is Bitbose?

The team behind Bitbose brands their trading platform as “the future of crypto investment”. This is a bold claim to make, but when you look at all the features the Bitbose platform comes with, it is not inconceivable. Whatever your investment needs are, there is a good chance it will be covered by Bitcose. Whether you are looking to mine, trade, exchange, loan, lend, or generate a passive income with cryptocurrencies — the Bitbose platform seems to have it all.

bitbose ico review

What are the key features of Bitbose?

The trading platform comes complete with a smart portfolio management program. Traders can use this program to ensure that they receive a regular passive income from their trades. Traders will also be allowed to take up either fiat money or cryptocurrency loans via the platform. All they have to do is use their BOSE tokens as a guarantee for the loans. This way, it is possible to gain access to additional funds without having to sell any of their cryptocurrency tokens. In a sense, it will work a bit like a payday loan, with a quick application, quick approval, and quick payout. As with other forms of loan, there is an interest rate to account for. Fortunately, this is quite low on the Bitbose platform and is very competitive compared to other loans. There is also no set period for the loan, which means that users can pay back their loans and access their frozen BOSE tokens at any time. The Bitbose platform also features a mining program, where users can validate the transactions of other users. As with traditional mining, there will be monetary rewards for assisting with the validation of transactions. Finally, the Bitbose platform comes complete with a secure digital wallet that is used to store BOSE tokens.

What about the Bitbose token?

The native currency on the Bitbose platform is the BOSE token. BOSE tokens can be used for everything on the platform, including both cryptocurrency and fiat loans, as well as the funding of one’s portfolio. BOSE tokens can also be used for mining cryptocurrency in order to generate further profit. The transactions are cheaper and faster than most traditional methods, as the BOSE token is based on the ERC20 Ethereum blockchain. In short, the BOSE tokens are the key to purchasing products and services on the Bitbose platform. But holders of BOSE tokens will be at a slight advantage, as the tokens will contribute to generating a passive income. Only 300,000,000 BOSE tokens in total will be made available. The majority of this supply will be made available during the public sale, which has already started last week and runs until November 30th.

bitcointalk Username: Ico Friends

CHANGENOW – Limitless Cryptocurrency Exchange

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ChangeNOW ICO Review

There are over 1500 different kinds of cryptocurrency in circulation. That is a lot of different tokens, and unsurprisingly there are a number of cryptocurrency exchanges available for holders to change one token for another. Cryptocurrency exchanges, however, often require users to register their personal details. While this should not be a huge problem for most honest traders, there is the risk of data leaks. One only has to look at the many recent hacking incidents, where hackers have targeted cryptocurrency exchanges. Not only does this put the cryptocurrency tokens themselves at risk, but also puts personal data in jeopardy. Fortunately, ChangeNOW has a solution to this problem.

What is ChangeNOW?

ChangeNOW is a cryptocurrency exchange platform that allows people to exchange their cryptocurrency tokens for others. If users, for example, have Bitcoin and want to exchange them for Ethereum, this can be done quickly and easily with ChangeNOW. A cryptocurrency exchange will only take a few minutes. No personal information needs to be entered into the ChangeNOW system. The team behind this ICO has a lot of collective experience with blockchain technology and cryptography, so users of the platform will be in good hands. As an added benefit, there is no minimum or maximum amounts that can be exchanged. This makes it extremely convenient.

How does ChangeNOW work?

In order to use ChangeNOW, users will have to be in possession of a digital wallet with cryptocurrency tokens in it. They can then access the ChangeNOW platform at choosing the cryptocurrency they would like to exchange for. Once this has been selected, the user enters the address to their digital wallet, and confirm the address to ensure all details are entered correctly. ChangeNOW will then provide the user with the address to their digital wallet, to which the user transfers the number of cryptocurrency tokens they would like to exchange. ChangeNOW will then search the ten most popular cryptocurrency exchanges in order to find the best exchange rate. Once this rate has been identified, the cryptocurrencies will be exchanged for the desired tokens, and then transferred back to the user’s digital wallet.

Key features of ChangeNOW

The anonymity provided by ChangeNOW is definitely a key benefit for users who are afraid of their sensitive personal data being leaked. The fact that users do not have to create an account to exchange cryptocurrency also makes it much faster to use than similar services. The ease of use is also convenient, as all users need to exchange cryptocurrency tokens is a digital wallet or a payment card like Visa or MasterCard. ChangeNOW also finds the best exchange rate on behalf of their users, so it saves a lot of time on research. The fees charged by ChangeNOW is only 0.5%, which automatically added to the exchange rate. This makes ChangeNOW very competitive compared to similar platforms.

Conclusion

Overall, ChangeNOW seems like a very promising ICO. It offers all the capabilities of a traditional cryptocurrency exchange, but with many more benefits. The transaction fees are cheap, the exchanges happen quickly, and no account needs to be created to start using the service.

bitcointalk Username: Ico Friends

Mosque Accepts Crypto-Donations With Great Success

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Shacklewell Lane Mosque, which is based in the east end of London, recently announced that it would begin to accept cryptocurrency donations. Although not a mainstream idea yet, charities have generally had great success with accepting donations in the form of cryptocurrency. Shacklewell Lane Mosque is no exception to this. The only surprise was the degree to which the proposal would gain popularity among the community of adherents.

Over four times as many donations in cryptocurrency as fiat money

The holy month of Ramadan is not only a month of fasting but also of charity and compassion. During this month, many mosques and Islamic charities call on adherents of the Muslim faith to donate to various humanitarian causes. Typically, these donations come in the form of fiat money. With the Shacklewell Lane Mosque accepting cryptocurrency donations, however, this changed. During the month of Ramadan, the mosque received a total of £3,460 in fiat money donations. That is in and of itself a decent amount of money for a local mosque to collect in one month. However, the mosque also received 24 cryptocurrency donations. Can you guess how much money those donations amounted to? £13,983. Just one individual donated what amounted to £5,200 in cryptocurrency tokens in one single transaction. The majority of the cryptocurrency donations were made in the most popular tokens, like Bitcoin and Ethereum.

Skeptics are silenced by the success

Erkin Guney is the chairman of Shacklewell Lane Mosque, and although he was a fan of the initiative, not even he expected it to become such a roaring success. In an interview with iNews, Guney expressed how surprised he was when he saw the number of cryptocurrency donations they received compared to traditional donations. Even now, after the month of Ramadan has ended, the mosque continues to receive cryptocurrency donations from its adherents. There are two kinds of charitable donations within Islam, one is the voluntary donation of Sadaqah, the other is the obligatory donation of Zakat. Zakat is 2.5% of a Muslim’s annual income or wealth. Currently, Shacklewell Lane Mosque is still receiving Sadaqah in the form of cryptocurrency.

The man behind the idea

Gurmit Singh founded the blockchain company Combo Innovations and was the man to come up with the idea of mosques accepting cryptocurrency donations. He knew that many Muslims were using cryptocurrency and that there was an untapped market for mosques to benefit from. Not only would the idea of accepting cryptocurrency donations make it easier and more convenient for Muslims to donate, seeing as they would not have to convert their tokens to fiat money first, but it would also open the door for international donations to the mosque. International donors would benefit from the faster and cheaper transactions that cryptocurrency payments offer them, compared to traditional bank transfers. Combo Innovations knew that not many at the mosque were trained in the concept of cryptocurrency, so the company took it upon themselves to set up the way to accept the donations. Singh and his colleagues set up Crypto Zakat and Crypto Sadaqah in collaboration with Zayd al Khair, who is the Islamic advisor to Shacklewell Lane Mosque.

Blockchain Events in July

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It is not secret that things are moving pretty fast in the cryptocurrency space. It can sometimes be hard to keep up — unless you are an avid reader of this blog of course. Like with any other industry, however, there are a number of events and seminars that it would be wise to attend if you want to stay abreast of the latest trends and developments in the crypto-space. Events are the places where you can network with like minded professionals and enthusiasts, and where you can learn about new innovations before they go mainstream. We have compiled a list of some of the events you might want to keep an eye on in the last week of July.

Blockchain Visionary Summit

The Blockchain Visionary Summit is, as the name implies, for the visionaries within the blockchain space. The conference features a string of experts in the field, who are working for reputable companies, and will be presenting interesting facts and ideas. The topics that will be covered at the Blockchain Visionary Summit include how to source skilled developers for your blockchain project, how to train your team members so that they are up to speed, how blockchain technology as a whole will affect existing businesses and industries, how to solve some of the recurring problems in the world of cryptocurrency, how blockchain will best be integrated with the Internet of Things (IoT), when and how cryptocurrency will become mainstream, how potential investors assess new projects before funding them, and how to market your project.

NIFTY Conference + Hackathon

The NIFTY Conference + Hackathon is a two-in-one event. Half of it will concentrate on how the gaming industry will be changed with the emergence of blockchain-based platforms. The second half of the event will revolve around the ERC721 standards, and how they affect the gaming industry as well. Overall, the gaming industry will not only see massive changes as a result of blockchain integration, but the huge active audience in the industry will also help propel new blockchain ventures in return.

Crypto Sydney – SWIPECrypto, Edenchain

Crypto Sydney is hosted by BLOCKLabs Incubator, and is a recurring conference series that concentrate on the latest development in blockchain and cryptocurrency. Seen as one of the most popular event of its kind, Crypto Sydney brings together some of the brightest talent in the crypto-sphere. Every month, these bright minds gather at Crypto Sydney to give their opinion on various news stories, and many discussions are sparked around the latest innovations in blockchain technology.

Blockchain Conference 2018

If you are a decision maker in business, then the Blockchain Conference 2018 is the place for you to be. The format of this event is a no-nonsense approach to the cryptocurrency space, where both the positive as well as the negative aspects of it are covered. Any negative aspects are brought up in discussion in order to identify possible solutions to them. A number of experts will be present to give talks on some of the new breakthroughs in the business side of cryptocurrency and blockchain.

Which Industries Are Affected by Cryptocurrency?

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Charities

While a lot of cryptocurrency traders get a bad rep due to some of the shadier elements of the community, quite a few of them are actually charitable. The only problem is that up until now, they have had issues with being able to donate to charities. A great example of this is The Pineapple Fund, which donated no less than $55 million to charities last year. In response to this interest from the cryptocurrency community, many charities have now begun to accept donations in the form of crypto-tokens. Other charities have taken a different approach. UNICEF famously set up a website where visitors could lend their processing power to help the charity mine for cryptocurrency.

Freelancers

The gig market economy is booming like never before, and cryptocurrency transactions have proven to be a perfect match for the freelancer industry. In the past, there have been some difficulties for freelancers and employers when it came to negotiating contracts. Now, however, Ethereum’s smart contract technology makes the if/then premise of the contracts freelancing much more transparent. In addition, the fact that cryptocurrency transactions are both cheaper and faster than traditional financial transactions makes it all the more attractive to all parties involved. As an added bonus, the bounty hunting occupation within the cryptocurrency space is a perfect example of microtasking using cryptocurrency.

Criminals

There is always another side to the coin, and the cryptocurrency space is no exception to this. As everyone who has read crypto-news are no doubt aware of, there have been numerous scams, money laundering schemes, and hacking scandals. Although the more popular tokens like Bitcoin actually make it harder for criminals to make transactions, the privacy coins like Monero facilitates it. With privacy coins, it is impossible to see amounts, activities, or user data in a digital wallet. While criminals have taken advantage of this loophole, there is also an upside to this issue. Citizens in countries where the regimes are corrupt and the money is worthless can also benefit from these kinds of tokens.

Finance

Ironically, the finance industry have benefited hugely from the introduction of cryptocurrency. It is ironic, as one of the main rationales behind the creation of cryptocurrencies was to combat the existing financial system. Nevertheless, international banks and Wall Street firms alike have adopted the technology. Not only does blockchain technology provide these institutions with a much safer method of recording transactions, but also helped them save on energy costs. The only downside for the finance industry is that as cryptocurrency transactions become more mainstream, the traditional institutions will lose money on their existing expensive methods of transaction.

E-commerce

E-commerce is perhaps the industry where it makes most sense that cryptocurrency would have a major impact. Many websites offering products and services have been accepting cryptocurrency for years now. Even huge corporations like Amazon have been toying with the idea of accepting crypto-tokens. Places like WordPress and Overstock are already accepting it, and more website will surely follow in the near future.

Trump’s Cryptocurrency Task Force

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Much of the media attention is surrounding Donald Trump’s visit to the United Kingdom. However, just before he left the United States this Thursday, he signed an executive order on cryptocurrency investigations.

Cryptocurrency task force

Why create a cryptocurrency task force? The simple answer is ‘fraud’. You will recall all the Internet giants like Google, Twitter, Facebook, and Reddit placing bans on ICO and cryptocurrency advertisements. That was due to the many scams and fraudulent activities in the industry. Now, the president has signed an executive order for a new task force to be formed within the Department of Justice.

The executive order replaces a previous task force that was created back in 2009. The Financial Fraud Enforcement Task Force is now outdated in the wake of cryptocurrency.

The mandate the new task force have been given is to investigate and prosecute the criminal elements within the cryptocurrency community. The task force is also responsible for bringing justice to the American people by returning the money that have been stolen or scammed to their rightful owners.

Who are the members of the task force?

Trump seems to have renewed faith in the FBI, after he fired the previous director James Comey. The new director of the FBI, Christopher Wray, will be heading the newly created taskforce. Among the members will also be Deputy Attorney General Rod Rosenstein. Wray and Rosenstein will be accompanied by various representatives from departments like Securities and Exchange Commission, the Consumer Financial Protection Bureau, and the Federal Trade Commission.

In addition to the members of the US-based task force, the group will also collaborate internationally in order to address the global issue of cryptocurrency fraud and crime.

What are the primary goals of the task force?

As mentioned, the goal of the task force is to investigate fraud and crime within the cryptocurrency space. This goal will cover not only the American government, but also the general public as well as the financial market. Although the main focus of the task force will be on digital currencies, the task force will cover all aspects of cyber-fraud.

Some of the fraudulent activities that will be investigated are the ‘pump and dump’ schemes common to cryptocurrency exchanges and initial coin offerings. The aim of these schemes is to make a lot of investor pour money into the project by selling cryptocurrency tokens, and then declaring the project to be bankrupt. This way, the scammers get to retain all the money they have made without having to deliver anything to the investors in return.

White House not explicitly against cryptocurrency

On the face of it, it could seem like the president of the US is against the cryptocurrency industry. However, the previous White House Chief Strategist Steve Bannon has in the past declared his fondness for cryptocurrencies as a concept. Bannon even made a joke about launching his own cryptocurrency token called the Deplorables Coin. The name was in reference to presidential candidate Hillary Clinton labelling all of Trump’s supporters as ‘deplorable’.

How to Make a Gpu Mining Rig for Ethereum

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mining

Have you ever thought about how profitable mining Ethereum would be? If so, then you have also probably considered making your own GPU mining rig for Ethereum. Of course, everyone knows that there are many different ways that you would be able to get into mining Ethereum. One of them is cloud mining, purchasing a mining rig that is someone else’s, and also creating your own rig. Of course, those are only the most popular out of all of the options there are. One of the best ways is to build your own Ethereum mining computer.

eth mining

This is one of the best ways simply because if you did this, you would be able to have total control over the system, all of it. Really, you would only need to know a couple of basic steps in order to create your own mining PC, and a great one at that. Of course, when following the steps, it is very important to pay attention to detail, because every detail can either help or harm the amount of profit that you will be seeing.

The first step that you need to know is very simple, do research on the components and make sure to pick out the best ones that will help in creating the best system. Of course, this means that the next step is to actually build the system. To do this, you will have to make use of all of the components that you have found and researched and put them together. Makes sense, right? Unfortunately, this process takes varying amounts of time. Really, it will all depend on how much research you are going to be doing on the components, delivery or pick up time, and then how long you take to put it all together. Of course, then you have to make sure to configure it properly so as to make sure that it is running the best that it can, which takes varying amounts of time. So, expect to spend anywhere from a few days, to as much as a few weeks building your masterpiece.

Of course, when you are building a Ethereum mining rig, you really are just creating a computer. This means that you will be needing to choose an operating system. Of course, the big debate is if you should use Linux or Windows. Obviously, I personally would say Linux, even though it does come with a bit of a learning curve, as soon as you are able to get used to using Linux, you will notice that your mining rig is benefiting because of how lightweight most of the Linux distros are. Although, you probably already know this, because if you are trying to build your own mining rig, let’s face it, you’re probably already tired of hearing about the battle between Windows and Linux fans, even though some of the jokes are quite hilarious. Anyway, using Windows for this would suck because it has a lot of bloat, and when I say a lot, I mean A LOT! Of course, this means that it will take up some valuable resources and those resources could instead be making you money.

Get The Right Components

Of course, you might hear people talking about how cheap it is to build a mining PC, but the truth is, it is quite expensive. Of course, the better the GPU you build, the more expensive it will be. However, just imagine the profit, and it will make you feel better about the cost!

When it comes to building your own mining rig, you are first going to want to purchase a motherboard. When you take a look at a human, you know that the brain and nerves are the things behind all of the movements and speech of that human. Well, the motherboard is like the nervous system of your rig. This means that all of the hardware that you get will hook up to the motherboard and that is how they will be able to function properly. Of course, this means that the most important choice is what motherboard you choose. If you take a look at the Radeon HD 7950, you will realize that you are able to get three of those babies to fit into one motherboard that has 3 PCI Express slots. Of course, each of these will come with their own hash rate of 20MH/s. When you realize that, then you realize that, that means that you will be getting a hashrate that is 60MH/s. The best GPU you will probably be able to find for your mining rig is the GA-Z97Z Gaming 3.

6-gpu-mining

The hard drive is the next essential component for your rig. This is the piece that you will be putting your operating system on. Make sure to get one that is at least 1TB. The next thing would be the RAM. You should have at least 4GB of ram, but it is even better for you to splurge and get the 6 or 8 GB. Of course, the last part is the power supply. Now, if you were thinking about getting a power supply unit that was cheap, think again, you have to get one that will have a lot of power.
Finishing Touches

Now that you have the need to know on how to build your mining rig and what to get, it is time to get to it!

Cryptocurrency Payments Only A Decade Away

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Imperial College London has released a research paper in collaboration with eToro, and their findings are very exciting: we could see cryptocurrency payments become mainstream within the next ten years.

The research paper also outlines a few of the issues we would need to address before this will become a reality, however.

Cryptocurrency ticks all the boxes

The paper does a very good job of introducing the concepts behind blockchain technology, cryptocurrency tokens, crypto-commodities, digital ledgers, and smart contracts.

The paper also outlines how cryptocurrency, contrary to popular belief outside of the crypto-community, actually does meet the three tenets of what constitutes a currency.

These tenets are that it has to be a medium of exchange (check), be a unit of account (check), and a store of value (also check).

Simplicity is the key to success

According to the researchers, one of the main areas blockchain projects need to bear in mind when they develop their business is user-friendliness. Without app interfaces that have been designed as simple and easy-to-use, the various blockchain-based products and services will simply not take off.

This makes sense, and many of the most popular apps and devices achieved their status due to their simplicity. Think Google and Apple. Both companies pride themselves on simplicity without compromising utility.

What is holding back cryptocurrency?

One of the more interesting points raised by the researchers was the similarities between fiat money and cryptocurrency. Citing the textbook ‘Macroeconomics’ from 1999 by Morris Perlman, the paper lays out how all the fears associated with cryptocurrencies today were also attributed to fiat money in the past.

The main issue many investors have with cryptocurrencies is that it is money not backed by anything with intrinsic value. This is no different to fiat money, which also have no intrinsic value compared to silver and gold coins. Yet, people are more than happy to sell their gold, which has intrinsic value, in exchange for fiat money, which does not.

This would indicate that it is simply a matter of time and familiarity that will make cryptocurrency as widely accepted as fiat money is today.

The challenges remain

Going back to the three tenets of currency (medium of exchange, unit of account, store of value), the researchers raised the issue of volatility. That fact that most, if not all, cryptocurrency tokens are highly volatile damages their credibility when it comes to all three of the tenets.

A second concern was the lack of scalability inherent to cryptocurrencies. Restrictions on block size and transaction complexity can lead to a massive increase in transaction times and costs — and indeed has done in the cases of Bitcoin and Ethereum.

Another issue that few people have thought about were the transparency of the cryptocurrency system. Because of the public nature of blockchain, everyone will be able to see what everyone else is doing. The researchers feared that this could lead to industry sabotage between companies who can use this feature to spy on each other.

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