Category: FuturoCoin

What exactly is halving? FTO news!

By FuturoCoin on FeaturesFuturoCoin

FTO’s hard fork consists of two elements — setting up masternodes along with the reduction of supply. What does supply reduction mean? Every cryptocurrency has limited resources. The more production increases, the more the price of goods decreases, but cryptocurrency as a carrier of value can grow. It’s a lot more stable than the situation surrounding the current world economy.

Even Bitcoin — one of the biggest cryptocurrencies — has its supply fixed at 21 million. 87% of this number has already been mined. The quantity of Bitcoins available for mining is getting smaller. The supply of new coins will be depleted by 2140. Low cryptocurrency supply is related to high demand and price growth. This differs from the global financial system.

Plans for the FTO — what exactly is halving?

We plan to increase the FTO’s value by decreasing the count of mined coins, which is called halving. What 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 a complex hashing puzzle first. Upon solving a new block is developed and can be added to the blockchain. For that effort, miners claim the reward in the form of newly created coins. Halving reduces remuneration by half.

Effects of hard fork and halving

Since the start of FuturoCoin, every block was rewarded by 13.31811263 FTO and the increase of FTO was linear. The New version developed in March 2020 introduced a new halving mechanism. Every two years, the supply of new FTO will be halved by two. After reaching 1.66476407875 per block, the FTO protocol will switch into tail emission and stay on that amount. We hope that the popularity of FTO will grow immediately as well as the exchange price. Cost reduction can also be noticed in the sphere of mining. The sale of FTOs intended to cover the cost of mining will also decrease.

Keep up to date with news on newsroom.futurocoin.com!

FuturoCoin Hard Fork on the march!

By FuturoCoin on FuturoCoin

The long-awaited FuturoCoin hard fork is coming soon! Let’s remind what it is and what its effects may be.

Briefly about hard forks

Cryptocurrency hard fork is a blockchain fork. It appears when it cannot be determined which of the two mined blocks is dominant. The answer comes with the next mined blocks. The longer chain is the main one, and the shorter ceases to be extracted. This is how unintentional forks usually end. Sometimes it happens that two chains exist simultaneously for a long time, but one of them will be finally ‘orphaned’, and the transactions — canceled.

FuturoCoin hard fork is carried out intentionally — to introduce new functionalities to the system. Soon, new rules will come into force and will not be able to function on the old software. Therefore, you will need to update the system.

FuturoCoin Hard Fork stages

The hard fork consists of two stages:

  • Binaries update via Github, carried out by miners, exchanges, shops, users. If someone does not agree to update the node — he will stay with the old version of the protocol, and the old nodes will be blocked by new ones.
  • Halving process and creation of Masternodes.

What is halving? Until now, the prize for mining the block was 13.31811263 FTO. The new mechanism, introduced in March 2020, reduces the supply of FTO by half every two years. When the amount per block reaches 1.66476407875 — the protocol will switch into tail emission and will not change the value.

What about Masternodes? Any user can set them up freely. All you need to do is to install the node, have a contribution of 10,000 FTO and configure the node. You can learn more from the previous articles.

The open-source nature of cryptocurrencies and the growing popularity of blockchain and cryptocurrency technologies means that hard forks will remain one of the integral elements in the development of both.

Get ready for changes that will come into force soon!

Check out another news on newsroom.futurocoin.com!

New Year’s Innovations: Overcoming the Scalability Trilemma

By FuturoCoin on FeaturesFuturoCoin

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

By FuturoCoin on FeaturesFuturoCoinSolutionsTechnology

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

By FuturoCoin on FeaturesFuturoCoinSolutionsTechnology

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. 

Halving for cryptocurrency – what does it mean?

By FuturoCoin on FeaturesFuturoCoinTechnology

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.

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

setting up a masternode

Setting up a masternode – how to do it?

By FuturoCoin on FeaturesFuturoCoinSolutionsTechnology

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.

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

FTO update

Results of a fork – is it profitable to carry out?

By FuturoCoin on FeaturesFuturoCoinSolutions

The results of a fork are changes in blockchain structure. What exactly are these changes? First of all, one of the chains in blockchain becomes the dominant one. The second one shows low adaptation to conditions. Both chains exist and function independently with an approximately equal value. One of them dominates the other, but both remain equally valuable.

Results of a fork – how to recognize the type of the fork?

During the fork, any occurrence is possible, but the third option is most common. Then a new cryptocurrency appears. The first case is also highly probable, while the second one occurs most often during soft forks. When a cryptocurrency goes through a fork – find out if it is a soft or hard version. If you are a regular user – you do not need to do any particular actions, unless a new cryptocurrency is created in the process. However, if you are a miner – check that you have the latest version of the software.

How to receive free coins during the fork?

If you want to receive free coins from a hard fork, you need to do some critical steps. But first – find out why free coins are the products of the hard fork. Blockchain is a transaction book with registered actions. Each participant who received coins before and during the forks have coins in both chains after the end of the fork. New resources with a snapshot date in the general ledger create during the hard fork. The snapshot takes place at a defined block number, which is extremely important during the fork. So, if you want to participate, you’ll need to complete the transaction before the snapshot.

Directly speaking, a hard fork is a code change. A soft fork is a small change that is not needed to update the nodes. A hard fork is a massive change in blockchain, which significantly changes the operation of the cryptographic network. It can only be a change in blockchain or raise a new currency. The process requires an upgrade to the latest software version – the old and new chains are incompatible. The effect of the fork is the creation of two blockchains, two cryptocurrencies, and two code sets. Most participants update the software, and if not, the system continues to operate.

Are digital wallets important during the fork?

When the cryptocurrency forks, you want to keep it in a digital wallet with the ability to control private keys. The stock market and user wallets do a lot of work to take care of users, while a person with a private key can do it independently. If you use a third-party platform, you’ll be dependent on it for fork payouts. Remember to choose the right services for another platform, mainly when the hard fork is being carried out. Some of them work better, some – worse. The best of them have a long history of lending for carried out forks.

If you are the miner or you haven’t done any update of the software before the fork, you will stop in a chain that does not comply with the new rules and you will not be able to carry out post-upgrade activities.

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

A hard fork is upcoming! Check this out!

By FuturoCoin on FeaturesFuturoCoinSolutionsTechnology

The hard fork is upcoming! In connection to blockchain technology, a hard fork is a change in the protocol which influences on transactions and blocks. It requires users and nodes to update the newest version of the software’s protocol.

The hard fork is upcoming! – how does it work?

Put another way, it is is a new section of a blockchain version. The previous nodes’ release will be no longer valid. It creates some kind of fork in the blockchain. One of two paths follows the new blockchain, the second – along the old one. 

what-is-a-hard-fork
Source: https://blockgeeks.com/guides/ethereum-constantinople-hard-fork/

This activity involves splitting the path of a blockchain by invalidating transactions confirmed by nodes that have not been upgraded to the new version of the protocol software. Users of the old blockchain quickly realize that its version is outdated and needs an update. Moreover, it allows reducing security threats in older versions of the software to develop functionality and rollback transactions.

Differences between a hard fork and soft fork

Obviously, a hard fork and a soft fork are a very similar process in which cryptocurrency code changes. In the case of the soft fork, only one blockchain is valid when users accept the changes while a hard fork relates with two blockchains. All users and programmers decide to carry out a hard fork for security reasons, although soft fork could also do the job. Furthermore, a hard fork associates with the release of high computing power – it is much safer than a soft fork.

We are so happy that the hard fork is upcoming soon!

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

FuturoCoin update

By FuturoCoin on FuturoCoin
coverFTO

Dear users!

Technical work for FTO site is already done. A Website and an Explorer are again available to use.

We apologize for such a long time of waiting for the site to come back. Thank you for your patience and enjoy!

FuturoCoin Official site: www.futurocoin.com

Explorer FTO: https://explorer.futurocoin.com