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submitted by jakkkmotivator to Latest_Defi_News [link] [comments]

AN INTRODUCTION TO DIGIBYTE

DigiByte

What are cryptocurrencies?
Cryptocurrencies are peer to peer technology protocols which rely on the block-chain; a system of decentralized record keeping which allows people to exchange unmodifiable and indestructible information “coins,” globally in little to no time with little to no fees – this translates into the exchange of value as these coins cannot be counterfeit nor stolen. This concept was started by Satoshi Nakamoto (allegedly a pseudonym for a single man or organization) whom described and coded Bitcoin in 2009.
What is DigiByte?
DigiByte (DGB) is a cryptocurrency like Bitcoin. It is also a decentralized applications protocol in a similar fashion to Neo or Ethereum.
DigiByte was founded and created by Jared Tate in 2014. DigiByte allows for fast (virtually instant) and low cost (virtually free) transactions. DigiByte is hard capped at 21 billion coins which will ever be mined, over a period of 21 years. DigiByte was never an ICO and was mined/created in the same way that Bitcoin or Litecoin initially were.
DigiByte is the fastest UTXO PoW scalable block-chain in the world. We’ll cover what this really means down below.
DigiByte has put forth and applied solutions to many of the problems that have plagued Bitcoin and cryptocurrencies in general – those being:
We will address these point by point in the subsequent sections.
The DigiByte Protocol
DigiByte maintains these properties through use of various technological innovations which we will briefly address below.
Why so many coins? 21 Billion
When initially conceived Bitcoin was the first of a kind! And came into the hands of a few! The beginnings of a coin such as Bitcoin were difficult, it had to go through a lot of initial growth pains which following coins did not have to face. It is for this reason among others why I believe Bitcoin was capped at 21 million; and why today it has thus secured a place as digital gold.
When Bitcoin was first invented no one knew anything about cryptocurrencies, for the inventor to get them out to the public he would have to give them away. This is how the first Bitcoins were probably passed on, for free! But then as interest grew so did the community. For them to be able to build something and create something which could go on to have actual value, it would have to go through a steady growth phase. Therefore, the control of inflation through mining was extremely important. Also, why the cap for Bitcoin was probably set so low - to allow these coins to amass value without being destroyed by inflation (from mining) in the same way fiat is today! In my mind Satoshi Nakamoto knew what he was doing when setting it at 21 million BTC and must have known and even anticipated others would take his design and build on top of it.
At DigiByte, we are that better design and capped at 21 billion. That's 1000 times larger than the supply of Bitcoin. Why though? Why is the cap on DigiByte so much higher than that of Bitcoin? Because DigiByte was conceived to be used not as a digital gold, nor as any sort of commodity, but as a real currency!
Today on planet Earth, we are approximately 7.6 billion people. If each person should want or need to use and live off Bitcoin; then equally split at best each person could only own 0.00276315789 BTC. The market cap for all the money on the whole planet today is estimated to have recently passed 80 trillion dollars. That means that each whole unit of Bitcoin would be worth approximately $3,809,523.81!
$3,809,523.81
This is of course in an extreme case where everyone used Bitcoin for everything. But even in a more conservative scenario the fact remains that with such a low supply each unit of a Bitcoin would become absurdly expensive if not inaccessible to most. Imagine trying to buy anything under a dollar!
Not only would using Bitcoin as an everyday currency be a logistical nightmare but it would be nigh impossible. For each Satoshi of a Bitcoin would be worth much, much, more than what is realistically manageable.
This is where DigiByte comes in and where it shines. DigiByte aims to be used world-wide as an international currency! Not to be hoarded in the same way Bitcoin is. If we were to do some of the same calculations with DigiByte we'd find that the numbers are a lot more reasonable.
At 7.6 billion people, each person could own 2.76315789474 DGB. Each whole unit of DGB would be worth approximately $3,809.52.
$3,809.52
This is much more manageable and remember in an extreme case where everyone used DigiByte for everything! I don't expect this to happen anytime soon, but with the supply of DigiByte it would allow us to live and transact in a much more realistic and fluid fashion. Without having to divide large numbers on our phone's calculator to understand how much we owe for that cup of coffee! With DigiByte it's simple, coffee cost 1.5 DGB, the cinema 2.8 DGB, a plane ticket 500 DGB!
There is a reason for DigiByte's large supply, and it is a good one!
Decentralisation
Decentralisation is an important concept for the block-chain and cryptocurrencies in general. This allows for a system which cannot be controlled nor manipulated no matter how large the organization in play or their intentions. DigiByte’s chain remains out of the reach of even the most powerful government. This allows for people to transact freely and openly without fear of censorship.
Decentralisation on the DigiByte block-chain is assured by having an accessible and fair mining protocol in place – this is the multi-algorithm (MultiAlgo) approach. We believe that all should have access to DigiByte whether through purchase or by mining. Therefore, DigiByte is minable not only on dedicated mining hardware such as Antminers, but also through use of conventional graphics cards. The multi-algorithm approach allows for users to mine on a variety of hardware types through use of one of the 5 mining algorithms supported by DigiByte. Those being:
Please note that these mining algorithms are modified and updated from time to time to assure complete decentralisation and thus ultimate security.
The problem with using only one mining algorithm such as Bitcoin or Litecoin do is that this allows for people to continually amass mining hardware and hash power. The more hash power one has, the more one can collect more. This leads to a cycle of centralisation and the creation of mining centres. It is known that a massive portion of all hash power in Bitcoin comes from China. This kind of centralisation is a natural tendency as it is cheaper for large organisations to set up in countries with inexpensive electricity and other such advantages which may be unavailable to the average miner.
DigiByte mitigates this problem with the use of multiple algorithms. It allows for miners with many different kinds of hardware to mine the same coin on an even playing field. Mining difficulty is set relative to the mining algorithm used. This allows for those with dedicated mining rigs to mine alongside those with more modest machines – and all secure the DigiByte chain while maintaining decentralisation.
Low Fees
Low fees are maintained in DigiByte thanks to the MultiAlgo approach working in conjunction with MultiShield (originally known as DigiShield). MultiShield calls for block difficulty readjustment between every single block on the chain; currently blocks last 15 seconds. This continuous difficulty readjustment allows us to combat any bad actors which may wish to manipulate the DigiByte chain.
Manipulation may be done by a large pool or a single entity with a great amount of hash power mining blocks on the chain; thus, increasing the difficulty of the chain. In some coins such as Bitcoin or Litecoin difficulty is readjusted every 2016 blocks at approximately 10mins each and 2mins respectively. Meaning that Bitcoin’s difficulty is readjusted about every two weeks. This system can allow for large bad actors to mine a coin and then abandon it, leaving it with a difficulty level far too high for the present hash rate – and so transactions can be frozen, and the chain stopped until there is a difficulty readjustment and or enough hash power to mine the chain. In such a case users may be faced with a choice - pay exorbitant fees or have their transactions frozen. In an extreme case the whole chain could be frozen completely for extended periods of time.
DigiByte does not face this problem as its difficulty is readjusted per block every 15 seconds. This innovation was a technological breakthrough and was adopted by several other coins in the cryptocurrency environment such as Dogecoin, Z-Cash, Ubiq, Monacoin, and Bitcoin Gold.
This difficulty readjustment along with the MultiAlgo approach allows DigiByte to maintain the lowest fees of any UTXO – PoW – chain in the world. Currently fees on the DigiByte block-chain are at about 0.0001 DGB per transaction of 100 000 DGB sent. This depends on the amount sent and currently 100 000 DGB are worth around $2000.00 with the fee being less than 0.000002 cents. It would take 500 000 transactions of 100 000 DGB to equal 1 penny’s worth. This was tested on a Ledger Nano S set to the low fees setting.
Fast transaction times
Fast transactions are ensured by the conjunctive use of the two aforementioned technology protocols. The use of MultiShield and MultiAlgo allows the mining of the DigiByte chain to always be profitable and thus there is always someone mining your transactions. MultiAlgo allows there to a greater amount of hash power spread world-wide, this along with 15 second block times allows for transactions to be near instantaneous. This speed is also ensured by the use DigiSpeed. DigiSpeed is the protocol by which the DigiByte chain will decrease block timing gradually. Initially DigiByte started with 30 second block times in 2014; which today are set at 15 seconds. This decrease will allow for ever faster and ever more transactions per block.
Robust security + The Immutable Ledger
At the core of cryptocurrency security is decentralisation. As stated before decentralisation is ensured on the DigiByte block chain by use of the MultiAlgo approach. Each algorithm in the MultiAlgo approach of DigiByte is only allowed about 20% of all new blocks. This in conjunction with MultiShield allows for DigiByte to be the most secure, most reliable, and fastest UTXO block chain on the planet. This means that DigiByte is a proof of work (PoW) block-chain where all transactional activities are stored on the immutable public ledger world-wide. In DigiByte there is no need for the Lightning protocol (although we have it) nor sidechains to scale, and thus we get to keep PoW’s security.
There are many great debates as to the robustness or cleanliness of PoW. The fact remains that PoW block-chains remain the only systems in human history which have never been hacked and thus their security is maximal.
For an attacker to divert the DigiByte chain they would need to control over 93% of all the hashrate on one algorithm and 51% of the other four. And so DigiByte is immune to the infamous 51% attack to which Bitcoin and Litecoin are vulnerable.
Moreover, the DigiByte block-chain is currently spread over 200 000 plus servers, computers, phones, and other machines world-wide. The fact is that DigiByte is one of the easiest to mine coins there is – this is greatly aided by the recent release of the one click miner. This allows for ever greater decentralisation which in turn assures that there is no single point of failure and the chain is thus virtually un-attackable.
On Chain Scalability
The biggest barrier for block-chains today is scalability. Visa the credit card company can handle around 2000 transactions per second (TPS) today. This allows them to ensure customer security and transactional rates nation-wide. Bitcoin currently sits at around 7 TPS and Litecoin at 28 TPS (56 TPS with SegWit). All the technological innovations I’ve mentioned above come together to allow for DigiByte to be the fastest PoW block-chain in the world and the most scalable.
DigiByte is scalable because of DigiSpeed, the protocol through which block times are decreased and block sizes are increased. It is known that a simple increase in block size can increase the TPS of any block-chain, such is the case with Bitcoin Cash. This is however not scalable. The reason a simple increase in block size is not scalable is because it would eventually lead to some if not a great amount of centralization. This centralization occurs because larger block sizes mean that storage costs and thus hardware cost for miners increases. This increase along with full blocks – meaning many transactions occurring on the chain – will inevitably bar out the average miner after difficulty increases and mining centres consolidate.
Hardware cost, and storage costs decrease over time following Moore’s law and DigiByte adheres to it perfectly. DigiSpeed calls for the increase in block sizes and decrease in block timing every two years by a factor of two. This means that originally DigiByte’s block sizes were 1 MB at 30 seconds each at inception in 2014. In 2016 DigiByte increased block size by two and decreased block timing by the same factor. Perfectly following Moore’s law. Moore’s law dictates that in general hardware increases in power by a factor of two while halving in cost every year.
This would allow for DigiByte to scale at a steady rate and for people to adopt new hardware at an equally steady rate and reasonable expense. Thus so, the average miner can continue to mine DigiByte on his algorithm of choice with entry level hardware.
DigiByte was one of the first block chains to adopt segregated witness (SegWit in 2017) a protocol whereby a part of transactional data is removed and stored elsewhere to decrease transaction data weight and thus increase scalability and speed. This allows us to fit more transactions per block which does not increase in size!
DigiByte currently sits at 560 TPS and could scale to over 280 000 TPS by 2035. This dwarfs any of the TPS capacities; even projected/possible capacities of some coins and even private companies. In essence DigiByte could scale worldwide today and still be reliable and robust. DigiByte could even handle the cumulative transactions of all the top 50 coins in coinmarketcap.com and still run smoothly and below capacity. In fact, to max out DigiByte’s actual maximum capacity (today at 560 TPS) you would have to take all these transactions and multiply them by a factor of 10!
Oher Uses for DigiByte
Note that DigiByte is not only to be used as a currency. Its immense robustness, security and scalability make it ideal for building decentralised applications (DAPPS) which it can host. DigiByte can in fact host DAPPS and even centralised versions which rely on the chain which are known as Digi-Apps. This application layer is also accompanied by a smart contract layer.
Thus, DigiByte could host several Crypto Kitties games and more without freezing out or increasing transaction costs for the end user.
Currently there are various DAPPS being built on the DigiByte block-chain, these are done independently of the DigiByte core team. These companies are simply using the DigiByte block-chain as a utility much in the same way one uses a road to get to work. One such example is Loly – a Tinderesque consensual dating application.
DigiByte also hosts a variety of other platform projects such as the following:
The DigiByte Foundation
As previously mentioned DigiByte was not an ICO. The DigiByte foundation was established in 2017 by founder Jared Tate. Its purpose is as a non-profit organization dedicated to supporting and developing the DigiByte block-chain.
DigiByte is a community effort and a community coin, to be treated as a public resource as water or air. Know that anyone can work on DigiByte, anyone can create, and do as they wish. It is a permissionless system which encourages innovation and creation. If you have an idea and or would like to get help on your project do not hesitate to contact the DigiByte foundation either through the official website and or the telegram developer’s channel.
For this reason, it is ever more important to note that the DigiByte foundation cannot exist without public support. And so, this is the reason I encourage all to donate to the foundation. All funds are used for the maintenance of DigiByte servers, marketing, and DigiByte development.
DigiByte Resources and Websites
DigiByte
Wallets
Explorers
Please refer to the sidebar of this sub-reddit for more resources and information.
Edit - Removed Jaxx wallet.
Edit - A new section was added to the article: Why so many coins? 21 Billion
Edit - Adjusted max capacity of DGB's TPS - Note it's actually larger than I initially calculated.
Edit – Grammar and format readjustment
Hello,
I hope you’ve enjoyed my article, I originally wrote this for the reddit sub-wiki where it generally will most likely, probably not, get a lot of attention. So instead I've decided to make this sort of an introductory post, an open letter, to any newcomers to DGB or for those whom are just curious.
I tried to cover every aspect of DGB, but of course I may have forgotten something! Please leave a comment down below and tell me why you're in DGB? What convinced you? Me it's the decentralised PoW that really convinced me. Plus, just that transaction speed and virtually no fees! Made my mouth water!
-Dereck de Mézquita
I'm a student typing this stuff on my free time, help me pay my debts? Thank you!
D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
submitted by xeno_biologist to Digibyte [link] [comments]

New to Nano & some questions

From what I understand of Nano so far this crypto to me seems to be the one that is most suited to replace cash/fiat. I'll lay out why I think this is so and ask some questions, since I'm still unclear on some specifics.
First of all, I'm not from a technical background (I work in Finance) so my thinking is more along the lines of how usable this is. I think I understand why the node/voting system is a suitable way to run a decentralized currency, but like I said this is not my strongest area. Where I think Nano really excels is:
A question I still have:
Of course there are the general uncertainties regarding to which extent cryptocurrencies are going to be allowed to exist, given their threat to central banking. Given these uncertainties are pretty much equal for all cryptocurrencies it would be unfair to name this as a disadvantage for just Nano, but I see it as a disadvantage for any cryptocurrency nonetheless.
As far as cryptocurrencies go this one feels most like a ready-to-use actual CURRENCY though. From the ease of making a wallet, the speed of transactions (and the fact that you can say there are 0 fees), the fact that you can generate a QR code to ask for payment (brilliant move), this feels like a crypto that I could literally explain my parents how to use. Only difficulty would be having them go through buying bitcoin, transferring to an exchange, then converting on the exchange and transferring to the wallet.. To add to that, the community appears helpful, a project like the one in Venezuela bodes well, and the aforementioned faucets are an amazing idea. If I were a merchant, I think I'd set up to accept Nano. Small side note now that I'm thinking along those lines: Having the QR code request function convert automatically to dollaeuro might be useful to build in so that, while Nano is not the unit of account people prefer to calculate with, they can just input X dollars/euros and have it be converted to nano automatically.
Anyway, given I think Nano is quite a strong contender to be an actual viable currency I think it's great that the focus now seems to have shifted to improving adoption. If it were possible to buy nano directly on an exchange with euros that would make my life a lot easier (jeez, what a pain to buy bitcoin on one service, transfer to another service, convert it there etc etc..). The value proposition for business owners also seems very clear to me. I guess I'll start asking business owners "do you also take Nano?" to help do my small part :)
This post turned into a bit of a long ramble, consider it a newbie's viewpoint of Nano. If someone can help me explain how the transactions per second limit works I'd be much obliged. As a final note, I must say I'm quite boggled how so many cryptos are "larger" than Nano in the sense that their market cap is higher or they're talked about more. I must be missing something, but I can't really find a justifiable reason aside from the simple "they were here earlier".
submitted by SenatusSPQR to nanocurrency [link] [comments]

[original research / proposal] [codenamed: BUTTBREAKER] A Million Little Shitchains

This concept is guaranteed to annoy you or your money back!
This builds on the 100,000 tps proposal. To recap, I've thrown together 100 clonecoins with 50MB cap each "into one large Voltron Coin", as SoCo_cpp aptly put it.
Now I'm going to wave my hand, wait for the ding, and level up to exascale technology. So terabytes are basically kilobytes now.
Our previous "Voltron Coin" will be termed "MegaBlockA" (MBA) and will have become the new Bitcoin: it's top by marketshare and stagnating. It has 100,000 tps throughput, which should be enough for anyone, and a fee market is now developing. Dice transactions have started to be labeled as spam, and bible verses now cost $1 or more to embed in the megachain (composed of all 100 subsidiary clonecoin chains).
A Commodore of Industry develops a bold, new scheme: a million little shitchains. A million generic chains are created, and organized into 1,000 blockchain units each on the model of MBA, termed MegaShitChain1 through MegaShitChain1000. A controlling overchain, known as the UltraShitChain (USC), is similarly composed of those MegaShitChains. One USC represents a coin on each of the one million shitcoins, through being one coin in each of the MegaShitChains.
The total throughput available for USC transactions on the shitcoins would be one billion transactions per second, based on the 50 MB block size hard cap and 1 minute block rate of the clones. The total disk space and bandwidth necessary in order to keep a full USC node synchronized will be greater than that needed for a modern NSA data center, but we're in exascale, so it'll be like a $5 calculator.
Prohashing is the new Google, as Scrypt mining becomes the most profitable industry in the world. AmericanPegasus is on CNN every night warning about how cryptocurrency has now developed into a bubble and investors should consider putting their money into conventional equities instead as a hedge. Subsistence farmers in Africa invest a dollar into USC and cash out for millions (of shitcoins worth less than a dollar collectively which are then sold to neighbors). Euphoria and weaseldust run rampant on the streets and hospitals are overwhelmed with overdoses.
And that's the story of how scale-out solved throughput.
Usecases
Decentralized mining
The NSA can sponsor a ProHashing underwater Scrypt mining megacenter in each of the seven oceans (more depending on how one counts). The accelerated ocean warming should be ideal for swimming (may not be ideal for swimming; no warranty of fitness of warmed oceans for swimming should be implied).
Tradebots / SkyNet 2.0
Autonomous, intelligent tradebots become massively wealthy trading between the million underlying shitcoins. These bots become leading patrons of the Robot Supremacy movement which is a major advance in sentient being rights overall, although human rights suffer a bit incidentally during the uprising and for a few centuries thereafter.
Weaseldust Road
The ultimate in weaseldust markets, Weaseldust Road is hosted on the USC ultrashitchain itself and is its killer app. The Weaseldust Road client, codenamed HONEYPOT, is a full USC node combined with a few trojans and a GUI for accessing Weaseldust Road. Featuring suspiciously low prices on weaseldust as well as some sellers with long-term (1+ month) exit scams who provide excellent service in the meantime, Weaseldust Road quickly becomes the leading weaseldust marketplace, as well as being the second place market for buying alpaca socks with USC (behind Alpaca Road, which is the second leading weaseldust marketplace).
In fact, Weaseldust Road's legendary abilities as a killer app will ultimately be memorialized in the song Weaseldust Road, with the "you never come back from Weaseldust Road" refrain, a tribute to the Copperhead Road song linked above, as well as to the wave of weaseldust-related deaths linked by critics to the rise of Weaseldust Road.
Proofs
1=1, therefore, quod erat demonstrandum.
I can conceive of it, and I can imagine that it necessarily exists, therefore, it exists.
If a thousand angels can dance on the head of a pin, and if the Lightning Network can handle infinite throughput, and if the weaseldust supply lasts, and if the USC ICO raises at least 22 million BTC in value, then USC will be created and trade above its par value of 1 satoshi per million USC.
lorem ipsum, nil illegitimi carborundum, hocus pocus
submitted by coinaday to Buttcoin [link] [comments]

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