New Year’s Innovations: Overcoming the Scalability Trilemma

2020 is becoming a promising year for new blockchain platform innovations. The advancement of blockchain cloud services to more significant decentralization efforts is only the beginning. That said, the blockchain community has struggled with solving the Scalability Trilemma from the inception of blockchain. It is precisely this issue that stops blockchain’s mass adoption. 

A lot of new ideas and solutions have arisen. This article provides an exploration into how FuturoCoin effectively handles the scalability trilemma.

Scalability Trilemma – What is it?

Coined by Vitalik Buterin (the founder of Ethereum), the scalability trilemma refers to the sacrifices that blockchain projects must take into account when trying to optimize their blockchain platform. The scalability trilemma consists of three elements relating to scalability. These elements are decentralization, scalability, and security. 

Security

Blockchain platforms tend to prioritize security to prevent attacks and maintain a confident and safe network. Attacks may come from many angles. So it is only natural for security to be a priority. That said, high levels of security may negatively affect the overall performance. The scalability of the network suffers and, in turn, deters users. Maintaining a high-level of security while effectively allocating resources on a busy network may be troublesome.

Bitcoin and Ethereum: Scalability Trilemma

Bitcoin’s and Ethereum’s respective systems focus on security and decentralization. As a result, their transaction speed suffers. Bitcoin can handle up to 7 transactions per second, whereas Ethereum can handle 15 transactions per second. When compared to fiat currency transactions such as VISA, which can process 24,000 transactions per second, the use of somewhat secure cryptocurrency comes at the cost of speed and performance.  

Scalability – What is it?

Overall performance ties in with scalability, as it determines the capacity of a network. Balancing scalability and security is thus paramount. From the outset, a high focus on scalability allows for the quick processing of applications and transactions, especially under large volumes. 

Without the right balance, security problems may arise, especially when network volume peaks. Costs and security measures, in turn, become challenging to maintain. 

Decentralization – What is it?

Philosophically, decentralization is the heart of blockchain technology and also the most troublesome. Decentralization refers to the level of diversification of ownership, value, and influence in the blockchain. Decentralization aims to provide a property similar to redundancy without a single point of control – dispersing power away from a central authority. Truly decentralized networks strive to create a network based on user contribution.

Theoretically, decentralization is a brilliant way of giving the community control over the network without the need of government, the banks, or a regulating body. 

Additionally, decentralization adds security, as there is no single point for hackers to exploit. Decentralization comes at a cost. Most importantly, it negatively affects speed and overall performance. Without a centralized platform, disputes are difficult to resolve and manage. Many skeptics argue that decentralization increases criminal activity due to the anonymity that decentralization provides. That said, fiat currency is also used for financing criminal activity. 

FuturoCoin’s Approach 

FuturoCoin has addressed these issues, providing an additional level of security, besides a masternode locking mechanism. Every input needs at least six confirmations (six mined blocks) to become usable. Being derived from the x-11 algorithm – 11 different hashes also, add to greater security and decentralization. Currently, FuturoCoin can process 133 transactions per second – a lot faster than Bitcoin and Ethereum! Also, FuturoCoin addresses the decentralization arm of the trilemma scalability by operating on the revolutionary Dash-based autonomous system – based on the Sybil proof decentralized model. Unlike Dash, FuturoCoin allows for instant transactions without any additional fees.

Conclusion

Although the scalability trilemma is a consistent issue in the blockchain sphere, FuturoCoin has developed a well-balanced platform. The platform provides excellent security, scalability, and an autonomous decentralized network. The network is fast, safe, providing for instant transactions without hidden fees, unlike many of its competitors. By effectively tackling the scalability trilemma, FuturoCoin has significant room for development and growth in the future. 

The Advancing Global Blockchain-as-a-Service Market

90% of treasury and finance professionals surveyed by TD Bank view blockchain as a positive new payment platform. According to Zion Market Research, the Global blockchain-as-a-service market is set to be a $USD 30.59 billion market by 2024. BaaS is a bridge between blockchain technology and cloud-based services. BaaS provides an ecosystem where blockchain applications can be developed and later utilized. BaaS also extends into the area of smart contracts amongst others and is currently the fastest way of setting up blockchain applications for businesses. 

BaaS’ current capabilities are explored below. Some contrasts with FuturoCoin are made. The article concludes that FuturoCoin’s decentralized system provides an adequate ecosystem that is capable of being developed continuously to industry standards.

Why BaaS? 

BaaS provides a wide array of applications to the blockchain platform. One of its most prominent advantages is the ability to leverage managed services of a scalable blockchain cloud service infrastructure. Business customers can use BaaS platforms to develop, host, and adopt their blockchain applications on the blockchain while a cloud service provider governs its infrastructure. Security, monitoring, consortium management, and maintenance services are among the many options that BaaS providers offer.

Current BaaS Services

One of the many emerging BaaS ecosystems is Microsoft’s Azure Blockchain Service. Azure provides a fully-managed blockchain service that can fully govern a business’s blockchain network. In turn, the service allows businesses to prioritize projects and workflow, while Azure manages their consortium policies and uptime. Azure is now available in two tiers: Basic and Standard. The Basic tier provides a cost-oriented effective environment for developing and testing blockchain applications. Azure’s Standard tier runs production workloads on the respective blockchain network with built-in high availability.

Many enterprises still avoid BaaS ecosystems due to potential security threats. For enterprises, the very idea of keeping data transactions on a public ledger is a big turn off. Stricter data privacy and protection regulations in countries such as the US and the EU amplify this negative sentiment. That said, Microsoft Azure’s Standard tier assures its customers high-availability, advanced security, and monitoring assurances, along with constant patches and updates. 

In terms of costs, BaaS platforms are more favorable then hosting blockchain application applications on-premises. A blockchain application hosted via a cloud service eliminates many of the start-up and operational costs, which can cost hundreds of thousands of dollars. A blockchain application hosted on the cloud may cost as little as $0.29 per allocated CPU hour based on the current costs for IBM’s: Blockchain Platform for IBM Cloud. Overall, BaaS platforms lower many costs, limit staff presence, and resource hurdles. They provide easy to use templates and architecture that enables quicker deployment of blockchain applications. 

That said, as a concept, the BaaS platform suffers from a significant issue: trust. Enterprises must decide whether or not to trust BaaS providers with their data and their assurances to take advantage of the many potential benefits. Essentially, this model puts decentralization – the central philosophy of the blockchain into disrepute in favor of a more centralized cloud model.

FuturoCoin’s Stance

FuturoCoin has explored this new emerging platform for literary purposes only. FuturoCoin is continually striving to maintain its community based, autonomous decentralized ecosystem. With its secure, fast transaction speeds and user-friendly environment, FuturoCoin remains confident in its current architecture, seeking to improve it further in line with blockchain developments. Regardless of the BaaS hype, FuturoCoin steers clear of third-party intermediaries, keeping the power within its community. 

Interoperability – Observations from Early 2020

FuturoCoin provides a decentralized blockchain platform capable of adjusting to the omnipresent interoperability and centralized issues. This article analyses the current state of interoperability providing some insight into what awaits in the exciting near future.

2020 marks the 12th year of Blockchain as a peer to peer ledger. Since its inception, blockchain has seen a persistent surge in development on par with technocratic corporate competition. Gartner’s IT Symposium/Xpo 2019 was quick to underline that 90% of current enterprise blockchain platform implementations will require upgrades every 18 months to remain competitive. Along with many pervasive issues, current 2020 trends show interoperability as a key deciding factor of success and mass adoption. 

Interoperability

In the world of blockchain, interoperability is the ability to distribute value across blockchain networks with different ecosystems without the need for intermediaries. The aim is to develop a decentralized ecosystem. That said, currently cross-communication between blockchains is troublesome. The majority of blockchain platforms are unable to produce verifiable signatures; hence, a miscommunication persists. Each blockchain platform is developed by a different team of developers which determine its direction, purpose and scope. For example, the two most commonly used blockchain platforms (Bitcoin and Ethereum) are based on different technical languages. These technical dissimilarities include: smart contract functionality, consensus models and transaction schemes. 

Interoperability – Implementing Standards and Finding Solutions

In an effort to solve interoperability issues, TierNolan created a preliminary solution by inventing atomic swaps in 2013. Since then, atomic swaps have blossomed, providing peer-to-peer trading of two cryptocurrencies without the need for trusted third parties. That said, atomic swaps still suffer from slow transfers. For example, Bitcoin swaps may still take over an hour to finalize. During that time, prices may fluctuate. Additionally, for atomic swaps to work, each respective cryptocurrency must have the same hashing algorithm. 

On that note, bodies such as GS1 are in the midst of developing universal communication standards to overcome interoperability shortcomings. IBM and Microsoft among other companies have shown enthusiasm and a willingness to accept these standards for their blockchain applications in the supply chain industry. To add, the Enterprise Ethereum Alliance (“EEA”) has developed a pre-certification sandbox known as EEA TestNet. This sandbox allows for the standardization of ethereum forks to achieve interoperability. By the end of 2020, the EEA plans to have a complete certification program ready for mass adoption. 

The link with FuturoCoin

FuturoCoin has been modeled in decentralized manner, which allows the owner to have full control over the coin without government or banking influence over it. FuturoCoin provides a lot of room for current and future interoperability developments, as its source code is sub-derived from Dash. It uses 11 different hashes for hashing blocks for a more decentralized network. 

Concluding Statements

By 2025, 10% of the World’s GDP will be based on blockchain applications. 28% say the interoperability of systems is key to success. As adoption increases, the push for interoperability becomes more apparent. With standardization bodies such as EEA and GS1 seeking mass adoption of their respective ecosystems. Refreshingly, interoperability will become a lot more common in 2020 and beyond. 

Investing in Masternodes – profitability, rewards

There are several ways to generate money on the cryptocurrency market, eg. investing in Masternodes. Masternodes become more and more popular. What are they and what are their benefits?

Masternodes are servers used to store blockchains. Clearly, they differ from the ordinary nodes – you need the right amount of coins, depending on the cryptocurrency, to start them. Nodes are responsible for producing new coins, while Masternodes are responsible for maintaining the system.

Investing in Masternodes – advantages

The most significant advantage of Masternodes is the higher wage obtained by operators compared to the salary received by brokers. Masternodes have extended functionality in the blockchain. Moreover, it involves increased work and an additional, high salary.

The advantage of having a Masternode is, therefore, passive income and its regular payments, profit transparency, increasing the scalability of a given currency, participation in project development, and the possibility of obtaining additional income on increasing the price of the coin.

Masternodes and passive income

You don’t need to invest in computer equipment to earn passive income from Masternodes. To become its owner, all you have to do is a select cryptocurrency and deposit a set amount of coins to enter. The amount of earnings is influenced by several factors, including exchange rate and Return on Investment, which means the rate of return on assets. To sum up, having Masternodes is one of the best investments that will allow you to earn an interesting amount of money in a short time.

The right time for investing in Masternodes

Masternodes are an excellent investment option – they are not yet as popular as traditional cryptocurrency mining. However, it may change soon. Remember that the more people invest in a given node – the smaller the prize is. At present, coins are slightly cheaper than they were a few years ago. It means that the entry threshold is also lower. Coins, however, grow in value, so it is worth to get them successively.

The Masternodes situation is similar to the increase in mining popularity. The earlier an investor became the miner, the more he earned. Probably if the Masternodes become better known, the revenues and rewards will decrease.

How much you can earn?

The sum of earnings depends on the amount of investment and the percentage Return on Investment. However, swarm on the cryptocurrency market looks different than on the traditional market, where it is measured annually and exceeds 10%. Remember that the ROI for cryptocurrencies depends on various factors, and its change is highly dynamic.

Currently, Masternode’s investors earn quite a lot, despite fluctuations in cryptocurrency prices. However, if their costs increase – the generated profits will satisfy many of their owners.

Read more on http://newsroom.futurocoin.com

Cryptocurrency mining and its operating principles

Cryptocurrency mining is the process of production. It would be best if you had the right equipment for it, which is slightly expensive. Is it profitable to mine cryptocurrency?

Cryptocurrency mining is a process performed by miners, where a complex mathematical problem is solved. A new coin joins every node in the cryptocurrency network. Importantly, you need a computer equipped with appropriate graphics cards and additional devices, e.g. hardware ASIC to mine cryptocurrencies.

Cryptocurrency mining – how to do it?

Excavator power is determined by hashes. The faster this machine performs the specified number of attempts, the faster it will find a solution. For that reason, you can determine the profitability of investing in a given excavator. The price of equipment, electricity, computing power of the excavator, the difficulty of digging, and the value of cryptocurrency allow you to determine the return of purchase of all equipment required for mining. To extract cryptocurrencies, you should also install software – a wallet for storing cryptocurrencies. The rate of return on mining cryptocurrency can be up to several thousand percents. Much, however, depends on the stability of the cryptocurrency.

The profitability of mining

The deeper the miners dig, the harder it is to mine cryptocurrencies. Why is this happening? Over time, cryptographic difficulties increase. Besides, for some cryptocurrencies, halving occurs from time to time, i.e., halves the number of blocks. Moreover, the profitability of mining depends on cryptocurrency prices, the cost of coins mining, digging difficulties and the moment of halving occurs.

Mining is not just a coin mining process. It is responsible for the functioning of the cryptocurrency network, blockchain synchronization, and transaction processing. When the device finds a solution for a given block, other users must also confirm it, which allows adding the block to the blockchain. Then the network works correctly concerning the entire chain.

If you want to read more – check our other articles on https://newsroom.futurocoin.com

what is tail emission

What is tail emission and what is it for?

Every miner needs an incentive to mine coins. The fast and dynamic dimension of the block means that transaction fees are getting smaller as a result of competition between miners. If mining profitability drops due to low pay and high costs – miners will have no reason to continue to mine coins. It will directly reduce the level of security on the network. What is tail emission?

Tail emission ensures continuous development of block size and fee market. In the case of the old size of a small block, infinite demand with constant supply is likely. Due to this, the fees would increase infinitely, and only competitive factors, e.g., FIAT and other cryptocurrencies, could stop them, with no block size limit. Moreover, competitive factors reduce demand through the devaluation of cryptocurrency.

Miners increase spam to preserve the purchasing power of payments until they drop to low transaction demand. The system is unstable, which is associated with a decrease in mining income or a decrease in purchasing power from income. Tail emission ensures anchor stability beyond miners’ control. It reduces the blocking limit and the fee market, which reduces destabilization.

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Masternodes pool – what does it mean?

The cryptocurrency world connects with blockchain technology and its network, which consists of nodes storing information. Every computer is a knot with an installed program that encodes, checks data, and solves problems. So, what is a masternodes pool?

What is a masternodes pool?

Masternode is a node that can support the network. It can also do any operations, depending on storing information, doing a copy of the blockchain, and complicated math operations. For all of its work, the node gets a specific amount of cryptocurrency, which means payment. It is a good alternative for mining.

Masternodes are one of the best ways to earn income, but they require a defined amount of capital investment and enough knowledge to maintain the system. If you are planning to set a masternode, but you don’t have enough coins and expertise to start the process – you can join masternodes pool, which gives you several conveniences.

The main request of pools

You don’t have to be responsible for having technical knowledge. Your only task is to buy coins and transfer them from wallets. Your investment level is limited to a minimum, so you don’t have to pay lots of coins. Remember that setting masternode or masternodes pool is not the best option for people who have just started their adventure with cryptocurrencies.

The main advantage of being a part of a masternode pool is buying and selling shares, getting updates, receiving payments regularly. You don’t have to own any wallet, so there is no need to do upgrades. Moreover, if one of the masternodes drops – you don’t have to worry about losing coins or rewards.

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Halving for cryptocurrency – what does it mean?

FTO’s hard fork consists of two occurrences – setting masternodes and supply reduction. What does it mean to supply reduction? Every cryptocurrency has limited resources. The more production increases, the more price of goods decrease, but cryptocurrency as a carrier of value can grow. Check out, what means halving for cryptocurrency.

Even BitCoin – one of the biggest cryptocurrencies – has its supply fixed on 21 million. Reports say that 80% of this number is already mined. Quantity of BitCoins available to mine is getting smaller, but the supply of new coins will be depleted about the year 2140. Low cryptocurrency supply is related to high demand and price growth, which is different from the global financial system.

Halving for cryptocurrency? – the main idea

Soon, we want to increase the FTO’s price by decreasing the count of mined coins – this exactly is halving. To understand the idea of halving you have to know how cryptocurrency is made. Significant amounts of computers register and verify transactions and their accuracy in the blockchain. The leading miner’s request is to add new blocks of information to the database. Mining also means competition between computers which solve math problems. When one of them is solved – a new block appears and connects with the blockchain. For that effort, miners claim the reward in a coin. Halving entails with reduction of remuneration by half.

We are planning to do several halving every two years. We hope that the popularity of FTO will grow immediately as well as an exchange price. You can see the cost reduction in the sphere of mining. The sale of FTOs intended to cover the cost of mining will also decrease.

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setting up a masternode

Setting up a masternode – how to do it?

Setting up a masternode involves having a specified quantity of coins. Also, you have to own a wallet that integrates your computer as one node operating with blockchain. Masternodes allows using many functions, like doing an anonymous, immediate payment, voting on a significant development. Masternodes operators and miners earn 45% of block awards. Our cryptocurrency has its own rules of origin and conditions which establish and maintain masternode.

Setting up a masternode is the most expensive part of procedures. This cost of operation keeps the network decentralized. Moreover, every reward motivates masternode’s operators to keep their nodes in proper conditions. Masternodes are backups to additional functionality like the implementation of immediate transactions and the development of technical and financial blockchain.

Masternodes can be run by everybody but there is a barrier to entry, which ensures protection against attacks on a network. You have to hold a determined amount of coins that are blocked for the time of masternode’s work. If you want to become masternode you also have to possess a VPS server to support wallet 24 hours a day, unique IP address, enough disc space to store the blockchain, and at least basic knowledge needed to configure wallet and server. Additionally, every cryptocurrency and masternodes requires having a determined quantity of coins. It ensures vested network interest and protects against any inappropriate behavior.

How to run a Masternode step by step:

  1. Download the wallet with FuturoCoin and wait for synchronization.
  2. Now you have to order a dedicated IP address – you need it to connect to your masternode.
  3. Open the router port, necessary to work with the masternode. Contact the vendor to check if the ports are blocked or not. If so, ask to open a specific port. If not, open it out the router.
  4. Now download the explicit Masternode instruction of adaptation from the FTO’s website and check out how many coins you need to run masternode.
  5. Buy the determined amount of coins on the market and send them to the wallet on your computer. Then you have to synchronize blockchain with computer and create node address.
  6. At that time coins are sent to this address which allows gaining private key and data transactions to configure a node. The last step is creating a server working 24 hours a day. Then you can run it using your wallet.

Masternodes require initial investments which sometimes are too high for users. If you don’t have enough coins to buy the whole masternode you can invest in masternode pool with another user. Then gained award divides into all participants. The height of the award is based on the policy of FuturoCoin.

Masternodes can generate passive income without investing in specialized hardware. The appropriate cryptocurrency and the required barrier of entry ultimately determine which investments have to exist in order to be able to acquire Masternode. Several factors affect the level of the expected earnings: the exchange rate of the relevant currency and a Return on Investment. It means, how profits change in relation to the investment made. It is obvious that masternodes are a forward-looking method of investment.

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How to get a masternode? – a part of a hard fork

One of the most crucial requirements to set a masternode is to have determined the number of cryptocurrency’s units that cannot be spent on any action. If you’re planning to set a masternode – you can do it on your own. Just remember to have the proper technical knowledge and a server with a dedicated IP address. Set your server, pay a certain safety net, and take care of its maintenance.

What is a masternode?

What are masternodes? Those are unique wallets, synchronized with blockchain, which e.g., confirms transactions and hooks up additional service. They are similar to miners. They process every operation and collect some part of coins from the block. The gross profit distributes among all participants.

How to get your masternode?

If you want to set a masternode – pay set FTO into your private account to which nobody but you has access – it will contribute to the network and earn. It’s 100% safe – you can cash out any quantity of FTOs. Then your masternode will stop working immediately.

Advantages of being masternode

Masternodes do not load the computer system. Neither the computer nor the wallet needs to work – the coins go to the wallet anyway. Besides, the owner controls hosting and the wallet himself. Thanks to this, he freely manages the property that he can sell at any time. The only risk of the venture is a decrease in the cryptocurrency exchange rate. An undeniable advantage is a passive income without a lot of work and safety of operations.

Remember – when the FTO’s prize increases – an input to become masternode will increase too. That’s why there are two ways to become masternode. An individual one – when you transfer FTO on account or the second option – to create a masternode pool where you have to pay some part of financial measures together with other users. When a share hits a goal, then a block starts the process of award division for a mined block. The quicker you decide to set your node – the faster you can get your reimbursement. Step by step instructions and more specific information about becoming a masternode will be published soon – stay tuned then!

If you want to know something more about the development of cryptocurrency – check out Cryptocurrency and blockchain development or another of our articles.