Boolberry project purpose and description
What is Boolberry?
Boolberry is a decentralized and open source digital coin created to help simplify financial transactions. The token was created in 2014 by Crypto Zoidberg team that targeted to take cryptocurrencies to the community to optimize their uptake.
For the five years that Bitcoin had operated in the financial sector before Boolberry was launched, major issues such as lack of anonymity, slow transaction rates, and scalability had emerged.
- A brief history of the Boolberry value
When the Boolberry coin entered the market in June 2014, the value was $1.1. Then, it immediately took a downtrend and hit a low of $0.42 in September 2014 before rising slightly and then continuing with downtrend that culminated to $0.02 in January 2015. The price remained around $0.02 until August 2016 when it took an uptrend.
The price rose progressively to reach $0.5 in February 2017 and falling to $0.1 in May the same year. The most notable growth in 2017 was towards the end of the year and in January when the value shot to the highest point in the coin’s history.
On 4th December 2017, the value of Boolberry hit the first peak of $2.74. This was just a preparation of the main peak in January 2018 when the value hit $4.02. This was about 490,000% growth on the coin value towards the close of 2016.
In 2018, the value took a downward trend but with short recoveries in May, July, and September. After hitting a low of $0.5 in September 2018, the value of the coin started recovering and grew to $0.9 by the close of October 2018.
The early signs of recovery have made the Boolberry become a coin or interest as more investors take note and seek to take advantage of additional growth. Whether you are new or a seasoned crypto investor, this is one interesting coin that could start competing against the top performers.
What is the problem that Boolberry solves?
A closer look at financial transactions reveals that they are complex because of multiple factors coming into play to ensure that all stakeholders operate within the legal frameworks. But it is the same compliance that has often made it difficult and inconvenient for stakeholders to operate effectively. Here are some of the main issues that Boolberry addresses.
- Lack of privacy in the financial services
When cryptocurrencies were discovered in 2009, the community thought that the issue of privacy had finally been addressed comprehensively. Most of the pioneer coins such as Bitcoin and Litecoin mainly use encryption to help conceal the user details and transaction info. The following two things make it easy to know user info in the Bitcoin network.
One, the Bitcoin system uses pseudonyms that are easy to crack and know the user particulars. This means that though the name used in the blockchain is an alias, the IP address is real. By following different transactions arising from a specific address, one can narrow down to the user’s geo-location, home and even names. The ease of pulling out individual user details has made some people opt to look for alternative coins such as Monero and Boolberry.
Two, it is possible to follow the transactions in the Bitcoin public ledger and tie them to a particular user. Note that this does not have to be direct. If a person you transact with regularly is identified, it will be easy to analyze where the traffic coming from and know your details.
- Centralization of financial services
Though the society has been embracing cryptocurrencies in the recent past, conventional financial services still control a big market share. The centralized services pose serious risks to user information and their deposits. Here are some of the main risks associated with centralization of financial services.
One, centralized firms such as credit card companies have become direct targets for attackers. Think of a bank or credit card company that fall victim to attacks such as ransomware that damages the customer files. When the details stored in the centralized system get damaged, you are likely to lose personal information and even funds.
In other cases, centralized financial services can easily run into poor management resulting in losses and even bankruptcy. In such cases, your funds are at a risk of getting lost or getting locked for a long time until the bank resolves the causes of bankruptcy.
- High cost of sending value using the conventional financial services
If you want to send funds using conventional financial services such as banks, the involved cost is very high. This is caused by the fact that the financial services are profit-based organizations. They need to make as much profit as possible to reward shareholders and grow. In addition to optimizing on profits, the banks and credit card companies also have to meet expenses such as rent, insurance, and wages.
How does Boolberry solve the problem?
To address the above issues, Boolberry team opted for a holistic approach that would help to make the crypto impressive to a larger community. Here are some of the methods used at the platform:
- CryptoNote Technology protocol
This technology was designed to help improve the technology used in the pioneer coins such as Ethereum and Bitcoin. The technology is essentially like Bitcoin public ledger but with crucial improvements for enhanced improvement. The most notable of these improvements is the one that makes it impossible to know where the node that sent the value is located.
At Boolberry, the CryptoNote technology employs proof of work algorithm that uses memory bound function referred to as CryptoNight. The technology makes it very difficult for ASIC miners to mine the Boolberry network. Therefore, even users with standard CPU and GPU can still participate in mining the Boolberry network.
The CryptoNote protocol also helps to protect the blockchain from double spending. The purpose of CryproNote technology is to help a network to remain ahead of others. It also allows the development teams to improve the network and grow over time.
- Total decentralization
Centralization is perhaps the main strategy used by the Boolberry to help address most of the outlined issues. Unlike the centralized financial services, Boolberry operates as a network of nodes spread in its network across the globe. The nodes most tasks in the system such as releasing new coins.
When you initiate a transaction, the nodes take it up and confirm whether you have ample funds to send to the target address. They also add the next blocks in the public ledger to get rewarded with Boolberry coins. This is the main method used to release new coins into the market.
The entire process means that there are no centralized financial services involved when running transactions. Therefore, the transactions are secure, faster and cheaper compared to the conventional banking system.
What makes Boolberry better than it’s competitors?
The crypto niche has been attracting a lot of players as the demand for native coins keeps rising. Between 2009 and 2018, over 1600 coins had entered the market. To outdo the competitors, here are the main strategies employed by Boolberry.
- The cryptocurrency helps to send value at a lower and faster rate. Because the Boolberry crypto operates on a peer2peer basis, users can complete transactions without subjecting them to unnecessary assessments such as those used in the banking system. This means that transactions are near instant.
- The Boolberry cryptocurrency allows people to use and own the network. Unlike the conventional banking services such as credit card companies that make users feel passive, Boolberry is different. When you join the Boolberry by operating a node, you become part of its governance system.
When key decisions that help to determine the direction of the coin are being made, you will be called to vote. Indeed, you can even propose new changes, applications and other improvements that can be adopted to help improve the network.
- Boolberry coin has been performing relatively well in the market. Unlike other coins that have been on a speedy fall starting from January 2018, the Boolberry coin has followed a different trajectory. The bearish trend has been characterized by major cases of value growth.
Notably, the value of the coin even started early enough in September when other coins were still on a downward trend. This show is being used as an indicator that the coin is likely to recover and grow faster to outdo other top performers.
- The Boolberry coin development is led by a tech team that targets to progressively improve the platform. The impressive features especially the use of CryptoNote technology has won the platform praise from far and wide. For example, a lot of people joining the network are coming from other networks such as Litecoin and Bitcoin that do not put a lot of effort on privacy.
- By using CryptoNote technology, Boolberry operates as a completely anonymous coin. This means that users can invest or use them to make purchases without worrying about third-party seizures. No one except you can know about your personal account details. Indeed, even courts of law do not have jurisdiction because the coins are not regulated.
How can Boolberry’s be categorized?
Boolberry is a completely decentralized cryptocurrency that guarantees users of optimal privacy when sending value. By adopting the CryptoNote technology, Boolberry consolidates the best technologies from the pioneering coins and improves on them to become the better option.
The selling line that Boolberry is better than Bitcoin and Ethereum among other early coins has helped it draw a lot of interest from the community. The community expects that the value will continue on an upward trend in the coming years.
What is Boolberry’s vision on security?
The Boolberry’s vision on security is to become the most secure and private network that users can rely on to send value anywhere on the globe without worrying of attacks. Here are some of the methods used to guarantee high security:
- The Boolberry system uses advanced encryption.
- The CryproNote technology helps to make the network anonymous and more secure
- The development team progressively reviews and updates the system to keep away attackers
- The system supports GPU and CPU mining to ensure that native coins are distributed evenly to reduce the danger of 51% attack.
Examples of Boolberry use cases/ applications
To know of a high-value cryptocurrency, the first thing should be checking the main use cases. Boolberry’s development team has been working hard to win more stores, communities, and government departments to accept it. Here are some of its use cases.
- Boolberry coin can be used to send value anywhere across the globe. As a decentralized network, all that is required is for the sender and recipient to be on the same network in order for payment to get effected.
- As more stores and shops come to embrace cryptocurrencies, Boolberry is emerging as the preferred coin for direct payment because of the focus on privacy. To make direct payment using Boolberry, you only need to have ample coins and identify a store that accepts them.
- Boolberry coin is a favorite for trading in the markets. Because of its good performance, traders are rushing to buy and waiting for the value to move up in future. If the value takes the anticipated uptrend, investors will reap positive returns on their investment.
However, it is also important to appreciate that cryptocurrencies are highly volatile and their prices can swing even in the opposite direction. Some of the factors that could define the direction that Boolberry coin value will take include competition and looming regulations.
- Use the native Boolberry coin to pay for taxes. As more jurisdictions appreciate the important role that blockchain is playing today, some are starting to allow residents to pay taxes in cryptos. A good example is Arizona.
After passing bill HB 1091 in April 2018, it is now possible to pay for taxes using coins such as Boolberry in Arizona. Other countries that support cryptos include Malta, Singapore, and Venezuela.
- Boolberry is the main coin for paying the charges on the native network. Note that the transaction fee is not targeted at helping to raise profit from the organization. Rather, the funds raised are used to motivate miners in the network and support the development of the network.