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Primecoin XPM

Market Cap $ 993.321 K (#1027)
24h Volume $ 5.570 K
Chg. 24h: 15.68%
Algo. score 2.9/5  (#504)
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Primecoin News

What Is V Systems? Introduction To VSYS Token

What is V Systems? V Systems is a general purpose blockchain system with an eye toward becoming a platform of choice for those building decentralized applications. The chief architect is Sunny King, the pseudonymous creator of Peercoin and Primecoin. This project launched a working blockchain in November 2018 and in recent months has picked up plenty of momentum, rapidly moving up CoinMarketCap’s Top 100 list. Sunny King is a ‘consensus specialist’ and the man behind Peercoin, a blockchain that inspired the designs of several other projects. Peercoin pioneered the use of a Proof of Stake system, a controversial move back in 2012. He was also the creator of Primecoin in 2013, another contender from years ago that had a unique Proof of Work system. Primecoin had miners working to discover new prime numbers, work that actually benefits humanity. V Systems has a lot of activity now, with multiple projects in development and projects in various phases of completion. Recently announced partnerships include Tachyon, a collaborative undertaking with X-VPN to build some core infrastructure, and SesameOpen, a project to create a disruptive “middle layer protocol” for blockchain enhanced e-commerce. VSYS Token Summary V Systems has a native currency traded under the symbol VSYS, with 3,721,578,678 issued. The all time high back in July was $0.297542 USD per coin, up from the all time low in March of $0.027344 USD. At the time of writing, VSYS is currently ranked #37 on CoinMarketCap, with a market capitalization estimated at $149,848,434 USD. VSYS is currently trading on fifteen exchanges with seven trading pairs. VSYS had their IEO in March 2019 with 300,000 participating and has been announcing new projects, partnerships and exchange listings ever since. Hodlers of this coin can take advantage of V Systems’ non-restrictive staking mechanism. Coin holders can lease them to supernodes and earn a share of the rewards from minted blocks. That share varies among the different supernodes along with the interest payment cycle. V Systems Decentralized Application Platform One of the distinguishing features of this platform is the SPoS consensus mechanism. Supernodes mint VSYS coins proportional to the amount of staked coins they control. These coins include those leased from ordinary coin holders who share the block rewards. Those leasing their coins to the supernodes retain control of the private keys. This system has sixty slots for supernodes, one for each second in a minute. This is designed to lead to a fast emission schedule and predictable block minting times. There are currently several choices for wallet software including the reference a web based wallet and corresponding Android wallet. There appears to be support for IoS as well, and for Trezor and Ledger hardware devices. The landscape for infrastructure and utility development is highly competitive and V Systems intends to attract new projects. For developers interested in building on this platform there is a V Systems API, and SDK and code libraries available in several popular languages. A token creation system has recently been deployed that allows users to create and issue tokens. This will blossom into a full smart contract platform in 2020, supporting EOS and Ethereum style smart contracts according to the V Systems whitepaper. V Systems Summary V Systems is an energetic new player in the decentralized application space and their coin VSYS has been powering up the charts in recent months. This is an infrastructure play, with decentralized finance (DeFi) being targeted as an application area they intend to compete for. The success of V Systems relies on these key factors: - V Systems uses the SPoS consensus mechanism to ensure fast, predictable and reliable block production. - Continued development will bring a flexible and compatible smart contracts platform to V Systems. - A focus on attracting new projects and partnerships will enable V Systems to build out the ecosystem around their platform. With a high profile chief architect, aggressive pursuit of partnerships and hard work V Systems hopes to build a blockchain system with a difference. They are taking deliberate steps to become the DeFi platform of choice and that could be their winning move. The post What Is V Systems? Introduction To VSYS Token appeared first on Crypto Briefing.

9 months ago

Return Of The King: V-Systems Roars Up The Charts

Coinmarketcap observers may have noticed a newcomer in the top 30 list recently. V-Systems, the latest project by Sunny King, has risen to a cap of over $400 million. V Systems (VSYS) is currently sitting at 28th spot by market capitalization, after rising eightfold since March. That’s an impressive gain for a project that only launched late last year. But it also has the backing of one of crypto’s most celebrated figures and the inventor of the Proof of Stake (PoS) consensus mechanism. That might not be enough to succeed, but it’s certainly enough to catch our attention. Via CoinMarketCap. All V Systems Are Go V Systems makes no secret about what the project is all about. The “Blockchain Database Cloud by Sunny King, Creator of PoS” wants to “re-architect blockchain and de-centralize” finance. As described on its website: V Systems“V SYSTEMS (also known as VSYS) is a blockchain database cloud project that aims to create a secure underlying infrastructure platform for blockchain database. The project will deliver decentralized cloud database technology to carry out complex decentralized applications and support the operation of trillions of blockchains effectively, with high scalability, durability and performance.” According to their promotional video, V Systems intends to help enterprises with “leveraging blockchain and scalability,” which it calls two challenges holding back the deployment of DLT in industry. Their goal is to “re-architect the blockchain and establish the digital economy era.” The blockchain database and decentralized app platform uses “Supernode Proof of Stake” (SPOS) as its consensus mechanism. Their audience appears to be the corporate world: the V Systems pitch is heavy on allowing companies to deploy the advantages of decentralized data systems without the headache of “difficult coding issues.” The Legend of Sunny King The Peercoin and Primecoin developer was once hailed by Vitalik Buterin as “the single most original altcoin developer out there.” King says that blockchain technology was not designed to be fast or scalable. His aim has long been to reverse this and make the technology cheap, accessible, scalable, and user-friendly. After a year-long hiatus, he returned to the sector to help found V Systems. His newest venture wants to bring blockchain technology to enterprises through customizability, allowing users to deploy what they need to deploy, without having to access or deal with unnecessary functionality. Realistically, the language isn’t enormously dissimilar to that of EOS or Ethereum. Much like other platforms, the decentralized platform can be used to run different apps without the transaction bottlenecks or environmental costs of mining. Unlike most dPOS systems, the number of supernodes is expected to grow with the size of the platform. Supernode PoS doesn’t sound enormously different from the DPoS mechanism that EOS and TRON utilize. Whether they’re called delegates, supernodes, or super representatives, each of these projects allows users with a large stake in the network to run nodes and keep the blockchain buzzing. But Sunny King lends credibility to the V Systems project that means it could create a legitimate challenge to competing platforms. For a project that is barely six months old, Coinmarketcap has it already punching above its weight. The post Return Of The King: V-Systems Roars Up The Charts appeared first on Crypto Briefing.

a year ago

Poloniex Is On A Delisting Spree: Who’s Next On The Chopping Block?

Circle acquired Poloniex, one of the largest US-based crypto exchanges, in February 2018: and since then the exchange has taken a Friday 13th approach to delisting projects. In fact, the list of -ex’s is getting longer with almost every passing month. The latest victims of the Poloniex delisting bloodbath (albeit only for US customers) were slashed away last week, and included Augur (REP), Decred (DCR), and Lisk (LSK). Six other projects were also voted off the island - sorry, eliminated from the exchange. These delistings were made following an SEC statement that Circle says is “...taking an extremely broad view of what crypto assets might be deemed securities.” Prior to the Circle acquisition, Poloniex had something of a reputation as a “Wild West” crypto exchange within the industry, a result of an aggressive expansion plan that saw Poloniex list dozens of coins. But according to Nathaniel Popper of The New York Times, the SEC informally told Circle that regulators would not pursue any enforcement on Poloniex’s prior activity - as long as Circle transitioned the company into a regulated exchange after the acquisition. Jeremy Allaire, the Co-Founder and CEO of Circle, was a guest on Laura Shin’s Unchained podcast last July, and he would not address the rumored informal conversations with the SEC. He did say that, “what’s important for us is that we have really positive, constructive engagement with regulators all the time” and that “we’re going to fully cooperate with them [regulators]”. Circle later published their Asset Framework to determine which projects they will list on all of their exchanges, including Poloniex; and the same framework guides their delisting decisions as well. When asked about the Circle Asset Framework, Allaire explained that “listing and delistings and that whole framework is also a priority for us and we’re going to be doing a lot there.” Poloniex’s delisting policy cites that they remove assets to ensure the exchange meets their high standards - and these delistings clearly have adverse effects on coin holders. For example, Poloniex announced the REP geofencing for US customers on May 16th, and the coin’s price has dropped 15% since then. REP price since Poloniex delisting The other delisted coins have performed similarly, and Poloniex has been delisting batches of coins for the last year. For example, Gnosis (GNO) was delisted on October 3rd, 2018 and has been on a downward trajectory ever since (although clearly the trend was in full swing by then). GNO price since Poloniex delisting By analyzing Circle’s Asset Framework we can try to predict the coins that could be next on the executioner’s hit list. It should be noted that most of these criteria require a subjective analysis - the framework is fairly nebulous, and Circle/Poloniex would likely find that any digital asset falls down on some measure of suitability or other. The framework breaks the analysis down into five areas: Fundamentals: Ensuring the project “aligns with the core tenets of the cryptocurrency community”. Tech: Ensuring the underlying technology is sound. People: Ensuring that the project members are qualified, experienced and strong. It’s good that they look at both transparency of disclosures and partnerships. Business Model: This is another subjective measure to see if there is a market-fit for this project. Market Dynamics: It seems likely that this makes up a bulk of the analysis. Circle looks at market interest, volume, trading pairs, and other exchange listings that are available to gauge the interest from the market. Aside from this framework, the company is likely to make business decisions that govern future delistings. Each coin listed on their exchange requires maintenance. If the assets are not making the company money through trading fees, it makes sense to abandon them. So which assets are next? By cross-referencing the Asset Framework with the coins that Poloniex still has listed, we’ve identified four projects that could be at risk of delisting in the future: 1. Vertcoin (VTC): The project had $12k in volume on Poloniex in the last 24 hours, and despite being around since 2014, it seems the market (and its developers) have really lost interest. 2. Primecoin (XPM): The only other exchanges XPM is listed on are CoinEgg, BX Thailand and Bittylicious - not exactly exchanges known for their global commitment to working with regulators. XPM also had an abysmal $7k in volume traded on Poloniex in the last 24 hours. 3. FOAM (FOAM): This is a hot-take, since it was listed on Poloniex in December 2018 after the Circle acquisition, and a blog post was published supporting the fact that FOAM actually did pass their Asset Framework. With that said, the coins trades $13k of volume per day. With Poloniex’s fee structure that means they profit $30 a day on trading fees to have this coin listed... Is that worth the maintenance required? There is also very little pub

a year ago

Bitcoin (BTC) Truly Decentralized, Ripple (XRP) and Ethereum (ETH) Are Horrible Projects: Analyst

True, since the creation of Bitcoin in 2008, thousands of other digital currencies have been active in the space. All the same, Bitcoin is perhaps the only true trustless project while altcoins are just bidding on what they seek to offer. 4/4 #Bitcoin is different, it's already:Fast enoughAnonymous enoughCheap enoughToday its greatest asset is the fact that it is the ONLY Trustless project that exists in the world & that is what give it its Decentralization & Financial Valuation. The OTHERS are STATUS QUO— Tone Vays [#UnderstandBit] (@ToneVays) April 23, 2019 Bitcoin is Truly Decentralized Bitcoin is working with the idea of a trustless and a decentralized network. While other altcoins also claim the same values, they don’t have the unique blend that Bitcoin does. At first sight, it is clear to see that the creator of Bitcoin is still unknown, which makes the project as trustless as it could be since there is no interference from the founder. Many developers continue to contribute to the Bitcoin ecosystem, but none of them can claim with certainty that they are the brains behind it. However, other cryptocurrencies created afterward all had founders, which in most cases are famous figures. Their opinion plays a huge role in some crucial activities, and this doesn’t make their networks trustless in the real sense. Tone Vays, a derivatives trader, analysts, and content creator is of the view that people overestimate the legitimacy of useless tokens that make it into the Top 10. According to the influential figure, ETH, and XRP are horrible projects that have been next to Bitcoin over the past few years. However, he listed some projects that were amongst the top-ranked a while back but are no longer around. 1/4 People in #Crypto continue to overestimate legitimacy of useless tokens that make it into the Top 10 (even top 5). Yes, some horrible projects like $XRP & $ETH has been next to #Bitcoin in Forever but look at what else has made top 5 over the years! [My favorites highlighted] pic.twitter.com/MMZB3l2a7W— Tone Vays [#UnderstandBit] (@ToneVays) April 23, 2019 In his image, he made available an image that highlights some leading cryptocurrencies that are now defunct. He tweeted that “The above image took a lot of time & I probably missed a few, so I reached out to my friends at @DataLightMe for some raw data on this. Even this list is incomplete as it’s hard to identify Top 10 #Shitcoins that no longer exists. [Insanity Highlighted]” 2/4 The above image took a lot of time & I probably missed a few, so I reached out to my friends at @DataLightMe for some raw data on this. Even this list is incomplete as it's hard to identify Top 10 #Shitcoins that no longer exists. [Insanity Highlighted] pic.twitter.com/cJG05CNPDE— Tone Vays [#UnderstandBit] (@ToneVays) April 23, 2019 Some Leading Projects Are Now Defunct The image shows some projects such as Lxcoin, CHNCoin, Bullion, Freicoin, Devcoin, and more that have been discontinued. He also highlights others that were amongst the leading cryptocurrencies at one point but are now way down on the ranking list. Some of the cryptos include; Auroracoin, Namecoin, NXT, Peercoin, Paycoin, The Dao, Primecoin, DigixDao, Omni, and many more. Since 2013, the top 10 ranking list has changed so many times that it is hard to keep track of legitimate projects. Bitcoin has been the only constant, with Ethereum, Litecoin, and XRP a few others that continue to retain their spots. Thus, Tone Vays concludes that: “Bitcoin is different, it’s already: Fast enough, anonymous enough and, cheap enough. Today its greatest asset is the fact that it is the only trustless project that exists in the world & that is what gives it its Decentralization & Financial Valuation. The OTHERS are STATUS QUO” While there have been arguments in support of other cryptocurrencies, it is worthy to note that Bitcoin is still cryptocurrency that decides the direction of the market. It is the project by which others are compared. It’s market dominance which is over 50 percent shows that investors and traders have more trust in Bitcoin that other cryptocurrencies. Even though it is unclear how the cryptocurrency list will look in a few years, you can predict that Bitcoin will continue to lead the market just by looking at historical charts. The post Bitcoin (BTC) Truly Decentralized, Ripple (XRP) and Ethereum (ETH) Are Horrible Projects: Analyst appeared first on Ethereum World News.

a year ago

Why Richard Heart’s Bitcoin Hex is a scam

What if Bitcoin was an ERC20 token on the Ethereum blockchain, didn’t require its own hardware to secure the network, and had its entire supply redistributed? This must be the premises on which the veteran bitcoiner and successful YouTuber Richard Heart based his quest on to build Bitcoin Hex. However, the project seems to me more of an attempt to print new money to attract the followers of thought leadership into a sketchy scheme which isn’t necessarily fair, transparent, or even viable as a way to attain the goals of BTC. The idea of inventing a better version of Bitcoin, which solves some issues or adds extra features, has been around for a long time and precedes the popularization of the term “altcoin”. However, the attempt has always been faced with technical shortcomings, a questionable degree of decentralization, and poor user adoption. People trust Satoshi’s blockchain because the code is transparent and has been reviewed by countless computer science and cryptography experts. The changes made to the Bitcoin Core software client are made conservatively and only after thorough debates which prioritize decentralization as the absolute quality. The 10-year long uninterrupted running time is a testament of reliability. Conversely, Bitcoin Hex is advertised as the project which takes away Satoshi’s coins and redistributes them to the holders. But beyond this romantic ideal, which seems to come straight out of Robin Hood, hides a scheme whose game theory isn’t necessarily fair. It will not be the next Bitcoin, it will not get adopted by the whales it tries to penalize during the airdrop (or during the distribution via smart contract). And it certainly doesn’t deserve the name Bitcoin since it holds no merits in contributing to the network’s Proof of Work. First of all, what happened to Richard Heart? If you watch the August 2017 debate between Richard Heart and Roger Ver, you will notice that the flamboyant show host used to be a hardcore bitcoiner who defends the store of value qualities and tries to find ideological middle ground with the Bitcoin Cash proponent. When Ver mentions that Bitcoin had lost most its market dominance due to its inability to scale via bigger blocks and meet the demand for space, Schueler (stage-named Richard Heart) smartly replies that the new world computer project (aka Ethereum) has brought lots of new money into the space. Ethereum investors aren’t necessarily libertarians who understand the value of sound money and long for the days of the Gold Standard. Rather they can be said to be geeks who invest in the promise of world-computer on blockchain and left-wing idealists who think they can decentralize everything with a blockchain. The business-minded Roger Ver reminds everybody that Vitalik Buterin’s initial plan was to build Ethereum on top of Bitcoin - and it if wasn’t for the selfish Core devs, all the money which was poured into Ethereum would have benefited the Bitcoin project instead. This is where the most important part comes in: Richard Heart points out many Ethereum protocol flaws, ranging from poor coding to bad decisions in terms of programming language implementations. Too much coding diversification leads to a big mess which doesn’t fulfill its goal as effectively and may never achieve its world computer ambitions. Here’s a quote from Richard Heart himself, as he defends Bitcoin during the debate with Roger Ver (video with exact timestamp is attached too): “The Ethereum network is down often because they use a blockchain that fills up just like ours. And it fills up faster because they have larger blocks. So there is literally a competition to shove your transaction into the new ICO as a miner before you let actual normal retail people in, so that you can get the coins before they run out. So there’s already front-running going on in Ethereum mining, there is already full blocks going on in Ethereum minig, there’s already millions upon millions of dollars being lost to attack surfaces being lost to gigantic attack surface in Ethereum. And I’m glad that the poison and the problems and the design decisions that Vitalik and his crew made, which are unrepairable I might add: multiple consensus implementations from different software languages from different teams are very much more likely to fall out of consensus than a single software implementation. It’s very hard to write one thing that doesn’t have bugs, it’s exponentially harder to write two or more things that don’t have bugs.” A year and a half later, the same Richard Heart is trying to promote what he proposes as a better version of Bitcoin which is built on top of the same Ethereum which he deemed “unrepairable”, “down so often”, biased towards ICOs, more likely to fail than Bitcoin, and the reason why millions of people lose money. This change of heart (terrible pun intended) comes in a moment when the market is down and the interest for new cryptocurrency projects (be that ICO tokens or new coins on

a year ago

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