Litecoin and Segwit

A major change or improvement, depending on who you speak in the altcoin community has been activated on Litecoin. Segregated Witness or SegWit was originally supposed to be meant for

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A major change or improvement, depending on who you speak in the altcoin community has been activated on Litecoin.

litecoin and segwitSegregated Witness or SegWit was originally supposed to be meant for Bitcoin, however, that did not go through and has now been given a chance to come good on Litecoin.

So what exactly is SegWit and why is it important?

We attempt to answer some of the questions.

What is SegWit?

Think of SegWit as a major software update to Litecoin.

It was initially designed for Bitcoin, however, due to problems getting the Bitcoin core behind this change, those plans had to be shelved. Litecoin, which is basically a straight fork of Bitcoin but with a different mining algorithm, was perfect for adapting this solution.

What Are The Benefits of SegWit?

This is an upgrade to the Litecoin network that is designed to make the currency more immune to transaction malleability. This is a kind of attack on the system where the unique ID used for confirmation of transactions on the network can be changed before the confirmation actually takes place and then used to make double transactions or withdrawals.

Through the use of SegWit, Litecoin is attempting to separate the transaction data from the witness data, thus making transaction malleability almost impossible.

Segwit Isn’t Just One Improvement

Apart from making transaction more secure though SegWit will also allow the implementation of a number of other improvements such as reducing the time required for transactions to go through, solve the quadratic hashing problem and improve capacity.

The Lightning Network, first envisioned to expand bitcoin, is being tested on Litecoin and even though not too many people are sure that it is actually required on this network, it still serves as an important technological leap.

The most important benefit of rolling out SegWit is perhaps the fact that major Bitcoin developers have announced their intention to roll out support for Litecoin and even port their projects. The .NET Bitcoin library NBitcoin and the wallet mSigna are among such ports that are being put in place.

Litecoin could also become the altcoin where most technological innovations and advancements are rolled out first. Developers have been working on confidential transaction, TumbleBit and Schnorr signatures for bitcoin, which are now almost certainly going to be ported over to Litecoin and tested out here first.

Why Did Litecoin Implement SegWit?

Apart from the obvious technical improvements SegWit confers, Litecoin will also benefit from the publicity it will get by being the first major cryptocurrency from implementing this advancement.

The value of Litecoin has surged by almost 10 times as the news of the impending SegWit adoption started to break and there is a likelihood of further gains in the short term.

Implementation Is Easy?

Of course implementing SegWit was not very easy for Litecoin.

The inventer of Litecoin, Charlie Lee, was keen that this soft fork should have been activated last year but there were a lot of apprehensions in the miner community. It was only after the Global Litcoin Roundtable meeting where the biggest stakeholders in the currency got together that some sort of consensus on activation of this fork emerged.

So is everyone happy with Litecoin activating SegWit?

Not quite. There is a large section of the miner community that is not happy with this being rolled out as a soft fork.

What this means is that even people who do not choose to update their software will be able to continue using Litecoin. It sounds like a good thing at first and smaller changes are often desirable to be rolled out as a soft fork since it prevents sections of the community being locked out.

In this case though, SegWit is huge change and ideally should have been rolled out as a hard fork. Litecoin uses an extension block to put in place the soft fork which blocks out a lot of important information from older wallets.

Wallets that are using the older software will no longer be able to understand when it is being sent money or be able to spend it. This will put users at risk, something that is currently being ignored in the hype surrounding SegWit.

Conclusion

All in all, SegWit solves some very important problems but is maybe not the best engineered solution. It seems like a compromise, one that was maybe necessary, and will need to be evaluated closely over the next few months.

Written by: dhruvgupta

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Feathercoin ( FTC ) – What You Need To Know

Ever since the launch of the first digital currency the cryptocurrency space has witnessed a massive expansion and Feathercoin has been a part of it. Contrary to some people’s perception

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feathercoin cryptocurrency imageEver since the launch of the first digital currency the cryptocurrency space has witnessed a massive expansion and Feathercoin has been a part of it.

Contrary to some people’s perception these digital currencies do not compete against each other, but rather complement one another.

It is worth noting that no single cryptocurrency is 100 % perfect in terms of providing anonymity and security (yet), and that is why a myriad of digital currencies are coming up often with the aim of improving these shortcomings.

One digital currency that is fast gaining popularity is Feathercoin.

WHAT IS FEATHERCOIN?

Shortened as FTC, the Feathercoin is a secure and unique cryptocurrency that uses the proof of work system to facilitate transactions. It was created and launched in 2 0 1 3 by Peter Bushnell, making it one of the oldest digital currencies.

Feathercoin is an upgrade of both the Bitcoin and the Litecoin with most of its features borrowing heavily from the Litecoin. However, it has numerous features in comparison to other cryptocurrencies, making it more reliable.

WHY THE FEATHERCOIN CRYPTOCURRENCY?

Just like its predecessor the Litecoin, FTC is open source, meaning that anyone can audit the system.

Previous money systems were prone to attacks. To address the issue of security, the Feathercoin uses a powerful NeoScrypt algorithm to facilitate secure digital transactions.  This coin is A S I C resistant, allowing users to mine via conventional CPUs and GPUs.

Despite the fact that it uses the proof of work system, which was regarded as time-consuming, FTC transactions are predominantly fast, scaleable and secure. A block transaction takes an average of 60 seconds.

HOW FEATHERCOIN WORKS

The Feathercoin system is built on the backbone of a swift and highly secure distributed network. The essence of this network is its advanced functionality.

Using the NeoScrypt algorithm, any user can generate Feathercoins through the process of mining, along as he or she has a CPU or GPU. Mining using the NeoScrypt is extremely rewarding, in comparison to other digital currencies. Miners get high rewards of 80 coins per block.

How to Mine Feathercoin

WHAT IS GREAT ABOUT FEATHERCOIN?

Digital currencies are great, but few of them beat the Feathercoin in terms of features.

Apart from its NeoScrypt algorithm, the system has a user – friendly Multisignature ( multisig ) with graphic user interface ( GUI ).  A Multisig is a security technique that requires several users to sign a transaction before it can be released onto the blockchain.  The Feathercoin multisig feature allows users to make comments in blockchain transactions.

What makes the Feathercoin standout is its In-wallet plugins for third party services. These plugins include the Coinnector, Shapeshift and Bitmessage, among others.

Coinnector is a real-time service that lists FTC on the Alternate coin exchanges. On the other hand, the Shapeshift plugin is a service similar to Coinnector, but with more advanced features. Users can trade their cryptocurrencies without having an account.

The Bitmessage plugin is a peer to peer messaging system that allows users to pass invoices and addresses in an anonymous manner. This plugin is open source and does not pass through any central server.

The Feathercoin system allows users to generate, manage and search stealth addresses, which are essential in carrying out secure and anonymous currency transactions. Additionally, the fact that the system is open source means that users can obtain transaction reports whenever the need for them arises.

Its advanced check – pointing system ( ACP ) prevents malicious people from duping genuine users into double spending. This feature ensures that clients can only accept blockchains that have corresponding block numbers.

HOW MUCH IS AVAILABLE?

The Feathercoin cryptocurrency has a total of 336 million coins.  This is 4 times more than its predecessor the Litecoin and a staggering 16 times more than the Bitcoin.

WHERE TO TRADE

Buying and selling of the Feathercoin is available on several exchanges including:

Users can also use the Coinnector and Shapeshift services to trade in their digital coins

DOWNSIDES

Feathercoin uses the proof of work system which by some is considered to be relatively slow. Despite the fact that Feathercoin transactions are fast, confirmation might take a considerable amount of time.

Orphaned blockchains pose a security threat in that if a hacker can create orphan blocks in a blockchain then the attacker can cast doubt on the authority of the original blockchain. However, the FTC developers have made tremendous gains in improving security, with features such as ACP playing a critical role.

TAKE AWAY

The Feathercoin’s well balanced production model and development support makes it one of the most secure and reliable digital currency. The fact that it works towards complementing the features of other digital currencies makes it more appealing. Sooner or later Feathercoin is set to take its place among the leading digital coins.

Written by: stroebel

Cryptolix Trader Notes On Feathercoin

Feathercoin like many other cryptocurrencies made a solid bottom (BTC wise) on or around March 1st, 2106 and has had a solid uptrend since then, rising more than 400%.

market cap and price chart of feathercoin cryptocurrency

After solid accumulation in March and April, Cryptolix trader continues to buy along the uprising trend line.

Trading cryptocurrencies requires nerves of steel in these fast moving markets with the willingness to withstand 50% drawdowns (or more) in price at times in order to stay with the trend to maximize profits longer term.

feathercoin price chart on Bittrex cryptocurrency exchange

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Startcoin – The Digital Currency Aimed At Crowdfunding

Actor Russell Brand, who now spends most of his time as an activist introduced a new cryptocurrency that he and Max Keiser of The Keiser Report have been rallying support

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Actor Russell Brand, who now spends most of his time as an activist introduced a new cryptocurrency that he and Max Keiser of The Keiser Report have been rallying support for on the internet.

startcoin info Startcoin (START), as the cryptocurrency is named was unveiled in June 2014.

The open-source cryptocurrency is forked from Litecoin with the latest version being released in mid 2016.

Altcoins have been on the rise and there are plenty of varieties out there now. Many of the coins are tailored for one use, and in this case Startcoin intends to support alternative funding.

Such digital currencies enjoy a lot of popularity now fueled by Bitcoin’s success while using open source technology to power their networks.

The Crowdfunding Movement

Startcoin comes as a boost to the crowdfunding movement which has gained a lot of popularity since the success of Kickstarter.

A lot of brilliant crowdfunding projects have come out of Kickstarter and it was only a matter of time before a new cryptocurrency emerged to offer options.

The cryptocurrency is aimed at helping raise funds for worthy causes by making it easier to access decentralized funds. Startcoin uses its platform StartJoin to get humanitarian projects off the ground.

Designed To Get Back At The System

Russell Brand designed the cryptocurrency to fight back against capitalism and spur change that will bring back social justice.

The digital currency might just achieve this goal since its distribution and value can only be decided by the community of people who use it, (not a first for cryptocurrencies).

This is a bit different from other digital currencies that have miners acquiring more coins since their stocks of coins give them leverage.

Cryptocurrency enthusiasts are a hard bunch to understand and only time can tell if this relatively new digital currency will stay or end up like MegaCoin.

How Startcoin Works

Those interested in the cryptocurrency can buy it from bittylicious.com or convert their other cryptocurrencies to StartCoins.

You can also trade Bitcoin for Startcoins on Justcoin, Yobit, Bleutrade, Bittrex and other exchanges.

Once they buy the coins, users can hold and pledge with them and get rewards on the crowdfunding platform, StartJOIN.  There is a free coin each week for users who hold 100 coins. The most generous and most active users also get coin rewards each week.

StartJOIN uses the community to sift through projects and pick one to fund. The platform has a leader board that shows the top project. The various projects on the platform are displayed and the project with the most likes gets a StartCOIN top off.

Specifications

The digital currency is a proof-of-work cryptocurrency which applies X11 hashing algorithms. As such, it is designed to be resilient to ASIC mining technology, much like Groestlcoin.

It has a transaction confirmation time of 1 minute- owing to its 60 second block time, and uses the DigiShield difficulty retargeting mechanism.

In addition to this, Startcoin also uses checkpointing which bolsters network security. With such technological value, it is no wonder Startcoin is 10 times faster than Bitcoin, the gold standard when it comes to cryptocurrency.

In a bid to curb inflation, the total number of coins available is 84 million with a reward of 40 coins per block that halves every 12 months. Half of this was pre-mined and set aside to be progressively donated to startups and distributed among community members.

Market Influence

The cryptocurrency has had a lukewarm reception after 3 version updates. As at 20 January 2017, the digital currency had a market cap of $370, 967. The available supply of START was 45,079, 785 with the total supply at 70, 782, 220 START.

Startcoin founders may be on to something

Startcoin is a first of its kind in many ways.  Some people feel that it could become one of the most prominent altcoins around. To begin with, it is already establishing itself as a stable cryptocurrency and remains the only one designed specifically for crowdfunding projects.

In recent news, Karl Gray- who produced the documentary Life On Bitcoin has plans to start a hedge fund worth $20 million that will be named StartFund.

The initiative is already under implementation and is currently working towards meeting regulatory prerequisites.

Startcoin could see a whole system of work sprout around it when StartFund finally becomes a real thing.  It might take a while to get there, but it does look as though the foundation has been firmly laid.

Written by: Merovingian

Cryptolix Trader Notes

Startcoin seems to have bottomed in price during March 2017 much like many other coins.

Most coins made a yearly bottom at the end of 2016 or early in 2017 and then had a reaction low on or around March 1st, but Startcoin seems to have been a little later than most and has likely hit its bottom in price for now.

This could become one of 2017’s best “sleeper” coins later in the year, and we are picking up coins along the uprising trendline.

startcoin price chart 2016 2017

Startcoin seems to have made a later “bottom” in price compared to other coins this year, but it’s a low risk buy at these levels in our opinion.

 

Staying With The Trade – Update May 8, 2017

A couple of weeks after this article was first published, Startcoin made a big move up.

Take a look at the chart below.

startcoin price chart 2017

Startcoin made a huge breakout move to the upside on May 8, 2017

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