Block chain 3.0, innovative upgradingsubmitted by AITDBlockchai to u/AITDBlockchai [link] [comments]
When we mention Block chain 3.0, I believe everyone is familiar with the concept. Block chain has been praised and promoted heavily by many authoritative medias since it was created; Through the constant effects of information outburst , Block chain 3.0 is becoming a well-known concept like Bitcoin founder Satoshi Nakamoto, but the truth is, people who are able to understand Bitcoin 3.0 concept completely and apply it to actual application are considering as minority group.
So-called Block-Chain 3.0, it is actually the core of valuable internet, we can interpret it as using blockchain tenchnology for the layer structure, building a global distributive accounting system; This account system can not only record the assets transactions in Financial industries, storing data, assets origin;It can also records social networking information, product tracing, self identification verification,product ownership,all valuable information which can be recorded as code status.
This accounting system will cover every aspect of human livelihood, such as birth certification and death certification, marriage certification, education level, financial account, medical process, insurance claim, voting......etc. Most importantly, these data will not controlled by any center organization or capitalist organization, in global distributive accounting system, all data are transparent, tamper prove; Therefore, we can consider block chain 3.0 as a decentralized trust ecosystem kingdom with powerful memory ability。
From Block Chain 1.0 which represented by Bitcoin to Ethereum BlockChain 2.0, then it reaches DeFi which is between Blockchain 2.0 to Blockchain 3.0, Blockchain technology has been updating on the way to our life; Today, Blockchain 3.0 is a necessary process; Throughout the whole Blockchain industries, Blockchain 3.0 project is facing many problems, to achieve highly incorporation between block chain technology and social development, then we need to start innovating and updating based on Blockchain 3.0.
New generation public chain at business level is created because of the current time demand, which is updating the current block chain 3.0 process. Public chain ecosystem is containing 4 competitive industry advantages which belongs to Blockchain, resolving Blockchain 3.0 time problems, connecting throughout the world, to build a Blockchain Trust World which idea comes from Bitcoin founder Satoshi Nakamoto;AITD Blockchain 3.0 is going beyond the tradition meaning of Finance, providing decentralization solution for various industries to achieve" coded business economy", which means to confirm property rights, measurement and storage for each piece of information and word that represented as value, achieving public chain tracing assets,controlling and trading.
Four advantages, infinite applications.
As far as financial world concern, a widely used scenario is Global payment for BlockChain 3.0. In the current project for Blockchain industy,Rayleigh chain is the first chain to do open pay network, we can pay any types of currency on this public chain; Low transaction processing fees and high transaction confirmation speed are exceeding the tradition cross border payment industry; The emergence of Rayleigh chain is making a great contribution for blockchain global applications updating; In many years, Rayleigh business has remained stagnant, the main line ecosystem mode has been criticized for over centralizing, meanwhile, as DeFi industry is rising up, global financial ecosystem has higher standard for decentralized finance, traceability, expanding, perfecting ecosystem problems is coming one after another, Global payment update is imperative.
New generation public chain at business level "AITD Blockchain" is emerging as current time needs". AITD Blockchain is achieving new updated global open payment network, solving the current traceability, expansion, ecosystem problems and making great contribution to facilitate blockchain 3.0;The reason for achieving block chain 3.0 global payment futher goal is contributing to the 4 advantages of public chain ecosystem.
Traceable ecosystem,blockchain traceable system can upload the traceable information completely on the blockchain,enabling safe, permanent stored in decentralized data system; using one object-one code- one coin mode during transactions, which can help corporation build a safe and realible supply chain ecosystem fast, achieving block chain anti-counterfeiting, offline product verification, online traceability imagination;meanwhile, traceable information contains tamper prove, encrypted transactions, permanent storage characteristics, which can protect the authenticity of product supply chains.
Gateway functions: So-called Gateway is real world clearing house and connecting block chain online users to build trust, getting transaction channel; We can consider gateway as a single transaction station on chain, the existance of these stations is for serving on chain users; when they obtain trust from blockchain, then fast cross region payments, liquidation can be achieved,Gate way will provide digitalized assets, cross region payments, cross region transferring, allocation transactions around 10 blockchain application scenarios, improving overall cross region payments or other businesses efficiency, building greater value for global payment system; Gateway will gain economical value when provide services to users on the chain, such as obtaining interests earning, withdrawling processing fee earning, earning matching income, obtaining flow value.
Infinite dilation: The essence of blockchain is distributed information accountbook. In the Bitcoin public chain, to achieve tamper prove , transparency trait for information etc, requiring operation node to download complete block chains record, which is causing operation node to endure significant amount of pressure, turning transaction confirmation process into complicated process; Therefore, Bitcoin ,etherum congestion problems are becoming homostasis status, frequency to handle transactions are becoming the main competitive force for new generated public chain; When it is facing dilation problems, AITD public chain choose to divide nodes into four different types, sharding managment, which is to reduce storage pressure, improving operating efficiency for blocks; The design of sharding node is allowing nodes to attend its own duty, confirming transactions in faster way, alleviating public chain operation pressure, realizing infinite dilation.
Types of nodes
In charge of receiving transaction, transfer to people who completed ranking, processing customer side SDK to start collecting.
In charge of trade request inspection, executing transaction and maintaining block chain, account structure.
In charge of inspecting and storing proposal from user side.
In charge of administrating all the certificates(include distribution,withdrawl)
Distributed nodes design is allowing each node doing its job, ensuring transactions at a fast speed. Alleviating the operation pressure on public chain, achieving infinite dilatation.
TIPS unlimited : AITD Blockchain uses modern digital communication, block chain, mobile communication and internet of things techniques, providing convenient efficient deposit ,loan,payments, settlement,transfer ,electric invoices, digital credit , account management, currency exchange, P2Pfinance, investment financing, financial information etc,comprehensive seamless, convenient,safe, high speed decentralized financial services; AITD is revolutionizing traditional banking, becoming the leader for future finance layout , transferring traditional banks from offline to online completely, realizing all the business operations online, building a brand new decentralized banking system, the competitive advantages for decentralized banks are cancelling traditional banks physical branch through blockchain technology, meanwhile, minimising human resources cost for banks, it is concentrating on customer experiences, achieving public sharing, transparency,openess, global interconnected.
Ecosystem kingdom, connecting future
Many people like to call blockchain 3.0 as an ideal period for blockchain, In this ideal period, we can not only achieve the Trust Finance that we orginally intend to do, but also separate "Fraud" "Money gimmick" and blockchain into unrelated fields, allowing blockchain to serve for Finance like internet technology, society or new Global layer technique; adding new features for blockchain 3.0.
What types of scenarios can updated blockchain 3.0 connected to ?
First is the cross region payment problems that is seeking most attention on the way to globalization; AITD Blockchain global cross region payment is going to achieve improvenment on efficiency , lowering cost, safety tracebility etc;First,traditional cross region payment is not time synchronized, banks are usually handle transactions in groups at the end of the day. Each transaction will need 24 hours or above to complete. Second, traditional cross region payment model is consisting large amount of human account checking and depending on third organizations, which causes high processing fee, according to the report (2016 global payment ) , completing a cross region payment through correspondent banks will usually cost 25 US dollars to 35 US dollars; In monitoring aspects, there are loopholes exisiting in traditional banks which is considering as centralized organization; Above AITD Blockchain, these problems can be perfectly solved through blockchain technology; Block chain +cross region payament will achieve P2P settlements, improving efficiency, lowering cost, blockchain Transaction transparency , information publicized, transaction record permenently saved traits realizing transaction record traceability.
We talked about the advantages of AITD Blockchain global cross border payments, in the process to achieve globalized payment, assets digitalization and information sharing functions are crucial; AITD Blockchain uses blockchain technology to achieve assets digitalization, what we called token, on chain token is easier to divide compare to traditional entity assets, flowing is more convenient,minimising transaction cost at the mean time; achieving assets digitalization through blockchain technique, all assets transaction record can be released to public ,transparent,permenent storage , traceable by using blockchain technology, these traits satisified the monitoring requirement compare to traditional entity assets; AITD can also achieve information sharing function when assets digitalization begin, AITD Block chain will build a safe reliable information sharing channel through block chain irreversible traits and consensus algorithm,realizing information transparency.
To build blockchain 3.0, solving corporation financing,loan etc most commonly meet problems are the required functions for AITD Blockchain; In the whole financial supply chain, middle, small, micro sized corporations are most difficult to achieve financing, The main reason is shortage of efficient credit mechanism between Banks and middle, small corporations. AITD Blockchain's mission is building Trust between loan providing financial organization and small, micro coporation;AITD Blockchain is building completely supply chain financing system, ensuring data reliability of supply chain core coporation through blockchain private key signature techniques, uploading contract, invoices on the chain, achieving value delivery for assets digitalization; After blockchain is solving data reliability and value flow, banks and other financial organizations will not process single evaluation for middle, small size corporation, but they are evaluating through core corporation's will of payment , invoice and data on chain, middle, small, micro corporation financing memorizing, achieving transpassing from single node financing to whole chain financing, therefore minimising the financing cost and solving financing difficulties.
submitted by SimonZhu666 to MXCexchange [link] [comments]
Guest: FN Global Community Rep，Andrew Chan
Nice to meet you guys here,it's my honor to stand here speach for Filenet.Filenet(FN) is the world's first public chain of distributed storage application who has lauchned the mainet, and is also the world's first public chain of distributed storage application using DPOS + POC consensus mechanism.Filenet is dedicated to storing and distributing valuable content, rewarding miners in the form of mining to contribute idle bandwidth and storage. The mission of Filenet is to establish a powerful distributed data service system by connecting all idle storage to form, so any storage device that can connect to the Internet can participate in mining. Generally, Filenet is a super cloud system based on distributed storage and content sharing.
Questions from community:Molly: Q1.What are the benefits of the FN project for business? What is the main role FN plays in business for five validation and security?
As we said just now,Filenet(FN) is the world's first public chain of distributed storage.
Filenet is dedicated to storing and distributing valuable content. The system provides a file promotion system. The more data is retrieved, the more popular it becomes, and the file can be mined.The DAO mechanism adopted by Filenet, in the system of Filenet, users need not pay for uploading and downloading, which greatly reduces the cost of enterprise server and bandwidth.Besides that Filenet is used to retrieve and distribute mining patterns, pledge a certain amount of deposit and provide a certain amount of storage space to participate in mining. The higher the miner's contribution, the higher the probability of a block.
Filenet is a leader in the field of distributed storage because of its unique consensus mechanism, business model, economic model, ecological strategy and governance structure, enabling blockchain storage to break out of the shackles and develop into a new format, and providing a key role for the development of other blockchain storage systems.
On the level of consensus, Filenet adopts the DPOS+POC mechanism as the consensus mechanism for distribution in the context of POC storage and mining, avoiding the direct contradiction between equipment efficiency and resource allocation, and greatly improving the mining mode in the blockchain 3.0 era.
The specific operation process of DPOS algorithm is that stakeholders, namely the Token holders and miners, vote to select Filenet Super Nodes through the election program, and then the Super Nodes in the block will be randomly pseudorandomly, and the Filenet Super Nodes can choose whether to produce blocks within a specified time.
As for smart contracts, Filenet is a common chain for developers that provides special programming primitives for DApp to interact with stored data.
These primitives are contained within the EVM (ethereum intelligent contract virtual machine). Thus, information about the location of data, storage nodes, and miners can also be accessed in smart contracts.
The world's first distributed storage DApp "Ztiao" developed based on Filenet network is now on the market. All chat data in this application will be stored in a fragmented form at any node in the world, transferred by private key, and the ecology in the application will be circulated and settled with Fn as payment token.
Filenet's smart contracts apply primarily to miners' coin holdings.The smart contracts we have developed may be rapidly realized through EVM (ethereum smart contract virtual machine) and solsea.
Filenet itself has the potential to implement an intelligent contract mechanism, and we believe that future versions of EVM and WASM will naturally integrate with the capabilities of Filenet and allow other main chains to benefit from Filenet.
In terms of data structure, the Filenet block saves all data trace parameters, and the data uploaded to Filenet is of various types and large quantities. While traditional linked list structures make blocks redundant and complex to express, Filenet USES a block chain data structure with Merkle tree and DAG (directed acyclic graph) structure.
The DAG structure is more flexible, more powerful, and faster than the traditional blockchain chain structure, greatly improving the efficiency of block packaging, thereby improving the performance of the Filenet network.
The Merkle tree does not require complete block information, but only the key Merkle node information to verify the block chain number filenet. IO page 10, a total of 24 data, which makes the node lighter and more energy and resources are devoted to business processing and providing services for the filenet network.
At the same time, Merkle tree can also simplify the verification process and further improve network performance.
Molly: Q2.Why does Filenet use the DPOS + POC consensus mechanism? What is the advantage?
As we all know,the core element of blockchain technology is the consensus mechanism. Currently, the most commonly used mechanisms include PoW (Proof-of-Work), PoS (Proof-of-Stake), DPoS (Delegated-Proof-of Stake), and PoC (Proof-of-Contribution). Proof of Work requires miners to solve complex cryptographic math problems and relies on computing power. The advantage of the system is that it is secure and reliable. Disadvantages are its limited capacity and the possibility of “51% attacks”. The Proof of Stake consensus mechanism selects miners according to how many coins he or she has. An immediate advantage is its low resource consumption. However, it opens itself to a range of attacks, such as nothing-at-stake, and also results in centralization since wealth brings more rewards and more decision-making power. In DPoS, the majority of people holding voting rights authorize a small number of nodes to act for them. The system’s merits are its high efficiency, throughput capacity and concurrency. However, the power is then concentrated in the hands of a few nodes, which is not safe. Proof of Contribution allocates mining and validating rights according to the contributions made by the nodes. The advantage of this system is that it does not waste resources thanks to its concept of selection based on resources provided to network. A disadvantage is that the calculation of contributions depends on specific scenarios. In the era of Blockchain 3.0, the consensus mechanisms are to advance under the principles of economy of resources, security focus and scalability, throughput capacity and concurrency.
Molly: Q3.What is the main reason behind the formation of FN? Why do you think coins like FN should be in the Marketplace?
As I just said,Filenet is an IPFS incentive layer to reward miners for sharing their storage and networking resources.
Filenet is also a token which powers a distributed certification mechanism. It creates a cloud-level system for content-sharing dedicated to storing and distributing valuable content on IPFS,demand leaders to results. Filenet solve the problem of data distribution and storage.Why coins like FN should be in the marketplace?
This is easy to understand,why bitcoin should be in the market?All coins can be in the market for just one reason-the consensus.If there just one person who think FN is valueble,we cannot say this is consesus,but if there is 10000,or 1 billion who make consesus,then you can say,FN should be in the market.Fn happens to have so many users make the consesus.The number of people in Filenet community has reached 210000+,the autonomy community is up to 21,the global super nodes is over 51+,Our community is still growing,our consensus is also deepening,because we all believe in the future of FN.In short term,in the mining mode, on the one hand: the tokens will be locked, and the decrease in circulation can increase the value of the token; on the other hand: mining can also generate income.
On the long term,Filenet can provide commercial applications with commercial value. Giant Internet companies such as Tencent WeSee and Byte Dance with giant data amount will have requirements for massive storage. Filenet can provide distributed storage services to solve the problem. Companies need to pay and lock FN for the distributed storage services. In this way, the circulation of FN on the market can be controlled, and thereby the value can be appreciated.
Molly: Q4.Can ordinary users also participate in mining? If can participate, how much mining can ordinary user do? And please explain the role of FN Coin easily.
Ordinary people can also participate in mining,as long as you pledge 400FN,and provide 4T storage space,you can join to mining.And the specific details depend on the mining pool you joined,you can see these pictures for a detailed mining tutorial.
Molly: Q5.What's the future plan of Filenet?
In the 1.0 stage, Filenet is the first distributed storage application public chain on the mainnet, the first distributed storage application public chain on the exchange, and the first distributed storage application public chain using the DPOS + POC consensus mechanism.
Filenet 2.0 comprehensively solves the key shortcomings of centralized data service centers.
In Filenet3.0 stage, the vision can catch up with and surpass many leading projects and brands of the decentralized distributed storage track, such as Filecoin, IBM, Amazon, Maidsafe, and become the leader of the track.
Free-asking SessionQ1.What is the difficulty bomb solution? Can you tell us more about [email protected]
difficulty bomb is a solution to to encourage the nodes of the entire network to contribute more storage space and bandwidth, the Filenet Foundation plans to implement the difficulty bomb program in stages from May 1, 2020.
Q2.Checking the website, I found that the transaction fees of FN coins are very low, and the transaction speed is also very high! Can you explain how the FILENET project can achieve such a high transaction rate at the lowest [email protected]
As I said just now,there are lots of ways to generate revennue,in short term Filenet can provide commercial applications with commercial value. Giant Internet companies such as Tencent WeSee and Byte Dance with giant data amount will have requirements for massive storage. Filenet can provide distributed storage services to solve the problem. Companies need to pay and lock FN for the distributed storage services. In this way, the circulation of FN on the market can be controlled, and thereby the value can be appreciated.And in long term Filenet is aim to encourage the nodes of the entire network to contribute more storage space and bandwidth, the Filenet Foundation plans to implement the difficulty bomb program in stages from May 1, 2020.
Q3.According to packaging node program, theywill recruit 105 packaging nodes worldwide. If 105 packaging nodes have been allocated, can I still participate in the activities of this packaging [email protected]
yes,of course,our paging nodes have proceed to the fifth issue,you can join us.
Q4.Why do people have to buy FN or hold it back? What is the FILENET team's plan to keep competing in the [email protected]
You could also refer to the eco mode and the apppreciation logic I've jsut share.
Q5.what are the benefits of $FN Long Term [email protected]
As we just shared: For long term, Filenet can provide commercial applications with commercial value. Giant Internet companies such as Tencent WeSee and Byte Dance with giant data amount will have requirements for massive storage. Filenet can provide distributed storage services to solve the problem. Companies need to pay and lock FN for the distributed storage services. In this way, the circulation of FN on the market can be controlled, and thereby the value can be appreciated.
MXC trading: https://t.me/MXCtrade
submitted by GTE_IO to u/GTE_IO [link] [comments]
News by Coindesk: Wolfie Zhao
After a nine-month delay and $3.8 million of investment, an upstart manufacturer is ready to produce its first batch of powerful new machines for mining cryptocurrencies ethereum and ethereum classic.
Linzhi, based in Shenzen, China, said Wednesday it had ordered 37 wafers from Taiwan Semiconductor Manufacturing Company, the main parts that will allow it to build about 200 application-specific integrated circuit (ASIC) miners.
These sample units will test whether the machines can mine as efficiently as they are designed to do using ethash, the proof-of-work algorithm used on ethereum and ethereum classic.
The testing units, if successful, would mark a major step toward mass production as Linzhi sets out to compete with makers of general-purpose computing chips, such as NIVIDA, as well as mining gear specialists Bitmain and InnoSilicon, which both make ASIC miners for the ethash algorithm.
Roughly five million ether (ETH), the native cryptocurrency on the ethereum network, is being mined every year, which, at its current price, is worth more than $800 million. Even for ethereum classic, which maintains the original ethereum ledger from before a hard fork in 2016, about nine million native ETC gets mined every year, worth more than $60 million.
Powerful chipsLinzhi was founded in February 2018 by Chen Min, a former chip design head at Canaan Creative, maker of the Avalon bitcoin miner. Chen told CoinDesk the new company was completely self-funded with about $4 million as starting capital.
It announced the plan to produce ethash ASIC miners in September 2018 with an ambition to beat the efficiency of most existing equipment. Chen’s target specification for Linzhi’s ethash ASIC miner is set at 1400 mega hashes per second (MH/s) with an electricity consumption level of one kilowatt-hour.
To put those figures in perspective, NVIDIA’s GTX TitanV 8 card is now one of the most profitable piece of equipment on the ethash algorithm, able to compute 656 MH/s at an energy consumption level of 2.1 kWh, according to mining pool f2pool’s miner profitability index,
With ETH’s current price ($180) and network difficulty, as well as an electricity cost of $0.04 per kWh, each GTX TitanV 8 would bring home a daily profit of $7.35. Similarly, if one uses the same GTX TitanV 8 card to mine ETC, which has both a lower price and a lower mining difficulty than ETH, the daily profit would still be around $6.70.
The total computing power racing on ethereum and ethereum classic to compete for block rewards and to secure the two networks is around 160 and 13 tera hashes per second (TH/s), respectively.
Plan ASince the announcement of its plan, Linzhi has spent almost all of its initial capital on research and development of the chip design, the operations of its dozen-person team, and the order of the first batch of wafers, to bet the sample testing units will deliver the intended mining power.
Linzhi previously said it was aiming to order the first batch of wafers around December in order to have samples ready in April and mass production in June.
Speaking of the delay, the company said:
“We underestimated the complexity of the chip and how long it would take to grow the team and make the company functional. We are cautiously optimistic that we can just move forward the rest of the schedule, which would mean 12/2019 for sample machines and 02/2020 for mass production.”One possible risk for the business is that the ethereum community has previously voted to activate the so-called ProgPow algorithm in order to remove the edge maintained by large miners that can afford expensive, specialized chips, although the timing for that switch is not yet decided. (Eventually, ethereum developers want to transition from proof-of-work to proof-of-stake, which would eliminate mining altogether.)
When asked if Linzhi has any Plan B if the switch happens, Chen said the company is, in fact, more active in the ETC community, adding:
“Our plan A is to focus on ETC mining. So if ETH will still be an option, that’s something good to have. In the ethereum community, the ProgPow plan still has some uncertainty. For the time being, we don’t see it as a market that we will obtain, so I don’t really care that much.”
Reverse discountIn an arguably counterintuitive move, Chen said the company plans to adopt what it calls a “reverse discount” strategy when it starts to take in pre-orders if sample units prove to be successful. That would mean the more you buy, the more you are likely going to pay.
The reason is to discourage any single entity from buying too many machines and thus concentrating power over the network.
While Linzhi has not yet decided on final pricing for each unit to be sold at pre-orders, it says the goal is to achieve a payback period of four months for individual miners with a relatively small number of orders.
“This is our efforts and contribution to the idea of decentralization,” Chen said, concluding:
“Our sales will go to developers and community first, with a focus on geographical distribution, and potentially with a malus [reverse discount] for large orders. This means that small orders by individuals would be priced to hit the 4 month [return of investment] and larger orders would pay more.”Mining equipment image via CoinDesk archive
submitted by Avra11 to u/Avra11 [link] [comments]
History of IOTAhttps://preview.redd.it/ex768bb74gw31.jpg?width=777&format=pjpg&auto=webp&s=4e89f0875410274a85b76227c17d321b5c3d29ed
“The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices.
The IOTA (MIOTA) digital asset suffered from a lack of adequate wallets for months, even at the peak of the market. The asset, which commanded prices above $5, was not spared by the bear market. Despite the launch of the long-awaited Trinity wallet, MIOTA lost positions. Given that mIOTA, the crypto used in IOTA, is still to gain mainstream traction, its claims to eliminate scalability problems for blockchains through the use of DAGs are also still to be proven. Vitalik Buterin, the co-founder of Ethereum, has cast doubt on the ability of hashgraphs to solve scalability issues.
submitted by 58CoinExchange to u/58CoinExchange [link] [comments]
The mining of the block 1,680,000 at 18:16 (UTC +8) on August 5 marked the second LTC halving was successful, slashing the block rewards for miners from 25 LTC to 12.5 LTC. On the day of halving, the price of LTC once surged to $106.63 with the biggest rise of 16.4% and fell gradually after the halving.
The first halving of LTC, which was born in 2011, took place on August 28, 2015. Six months before the second halving, the market trend was roughly the same as the first halving, price surge driven by the reduction in production was more concentrated in the first few months. From February to June this year, LTC rose from 32 US dollars to the highest $145.8, an increase of 355%, leading an upward movement of the market.
Views on LTC’s trend varies
In response to the impact of this LTC halving, many insiders have expressed their views:
1) Production cuts will change the market supply of Litecoin. Assuming the demand growth rate remains the same, the demand could be driven higher on the wave of hypes and FOMO. Once the supply growth rate declines, the price will rise in theory.
2) When the first halving happened in 2015, the cryptocurrency sphere was in the bear market. Four years later, public recognition and technological development have been completely different, the cryptocurrency sparked a market rally, therefore, the bullish trend was expectable after the halving.
3) Bitcoin's production cut expectation may also bring in the market ahead of time, driving the LTC to continue to rise.
4) After LTC production reduction, the supply and demand greatly adjusted. Since the inflation rate has been reduced from 8% to 4%, miners and holders will be reluctant to sell, and thus, the market will remain a long-term and positive momentum.
Of course, some hold the opposite attitude:
1) The bullish has already cashed in. Looking at the halving in 2015, the market broke out three months ahead of schedule, and the unit price rose from $1.3 to the highest $8.96. Then the price fell and dropped to $2.95 on the day of the production cut. However, from the beginning of 2019, the price of LTC has increased five times. As the saying goes, "too much water drowned the miller", therefore, bearish will follow the extreme bullish.
2) Investors who have enjoyed the earnings of this LTC halving will make a plan for the halving of BTC next year. According to the law of halving starts 3-6 months ahead of the scheduled time, it is expected that more funds will be gradually shifted from Litecoin and other digital currencies to bitcoin, which may cause the price decline of BTC.
In the investment market, price rises and falls are mixed blessing, so are the digital market. It’s hopeless to realize high profits through the trick of buy-low and sell-high in digital currency trading. However, with contract trading, such as the contract series of 58COIN, investors can make profits no matter long or short the position, and gain expanded earnings by using leverages. At present, Litecoin existed in the three major contract categories of 58COIN, namely the standard contract, USDT contract, and delivery contract. Also, 58COIN covers other popular cryptocurrency contracts, providing free choices to investors.
Short-Term Earnings after Halving is Depressing
Compared with the optimistic expectations of the secondary market, Litecoin's production reduction will cause "injuries" to miners in the short term. "After halving, the overall income of the miners should be reduced by half, and the overall profit will be reduced to 10% to 30%. If the price does not rise, the mining earnings will become very pessimistic," an industry source said.
The above-mentioned person pointed out that the current miners are mainly Antminer L3+ and L3++, of which the power consumption of L3+ is 800W, daily consumption is 19.2 kWh, and the total earnings is 0.008 LTC, equivalent to about 5.7 Yuan. If the electricity cost is 0.26 Yuan on average, it will account for more than 87% of the income. After halving the output, the mined LTC will basically cover the electricity cost. L3+ may “not worth a cent” because of the decline in energy efficiency.
In the face of possible adverse effect on the miners by halving, Li Qiwei said in the recent review that some miners may turn off the machines, but the difficulty of mining will be re-adjusted in a few days and everything will back to normal. Industry insiders also reminded investors who are interested in mining that the hashrate will have new changes after the halving, and direct purchasing of coins is a more secure option.
LTC Halving Make Way for BTC Halving
Charles Li, the previous Google engineer, created Litecoin eight years ago. In principle, the production mechanism of LTC is the same as that of Bitcoin, which was then dubbed the altcoin of BTC. Compared with Bitcoin, LTC has a shorter block generation time with an average of 2.5 minutes, and a higher total supply of 84 million.
Bitcoin vs. Litecoin
Litecoin has long been considered a “test-pillow” for Bitcoin, on which many innovative technologies are first deployed, whether being the isolation test or the lightning network, LTC always “take the lead”. Some people believe that this halving of Litecoin is a rehearsal of Bitcoin halving next year.
In short, due to the increasing correlation between digital currencies, the path of LTC and other cryptocurrencies depends a lot on Bitcoin.
Around May 20, 2020
Bitcoin bites the bullet by letting its exchange rate float freely, opting for a system design with no entity tasked with managing a peg and with sovereign monetary policy. Bitcoin miners work individually to solve a computationally intensive problem, and with each solution a Bitcoin block is generated, resulting in a new arrival to the blockchain. The difficulty of ... Also, the difficulty of the Bitcoin network increases due to more miners joining the network, which further increases the hash power that is required. This correlation is forced by the Bitcoin network itself so that the average block time remains at 10 minutes in length. After going through this guide, some of you may want to mine Bitcoins through providing hash power to the network – but ... Currency difficulty In bitcoin’s case, the current difficulty level is so high that it’s practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions. If you’re a beginner, joining a mining pool is a great way to reap a small reward over a short period of time. Indeed, pools are a way to encourage ... Record Level Mining Difficulty Bitcoin’s mining difficulty, an automatic adjusting feature, is at a record high. This adjustment reflects increasing computer power on the network and, potentially, investment in new mining machines, despite bitcoin ranging between $9,100 and $9,500 since early July. The increased difficulty comes two months ...
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