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Introduction of EURST Stablecoin – The Cryptonomist

Post author By bitcoinkeyfinder
Post date April 14, 2021
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Since the introduction of the euro, the currency has been presented as having significant flaws and at the center of repeated debate over its strength and durability within EU member states. One predominant weakness of the euro it is the use of a currency value between different EU member states and their economic position, creating a dependency on all economies that cannot be devalued.

The criticism of its duration stems from the artificial process of quantitative easing in maintaining its stability within global trade. However, the stability of a currency that cannot be fully assured, such as the euro, is a major strategic mistake, fueled by the fact that the euro does not have a supportive and cohesive economy. It has been argued that the flaw arose due to the creation of the euro, as an imitation of the stability and potential of the US dollar. This leads to another potential threat to the euro, specifically, if a country decides to leave, there could be a possible chain reaction within the banking sector. Private banks and other companies can be subject to one fall after another, creating extreme market speculation and trust among other institutional members of the EU.

‘The European Union is still divided between the member states, from an economic point of view, this turns out to be harmful for the citizens of the EU –

Simone Mazzuca, Founder and Director of EURST

Although opinions may differ, the power of the US economy is evident, and the organizational base of the US dollar represents a solid position, despite the recent market turmoil and the Covid-19 pandemic.

With this in mind, the speculators of the Euro currency have opened the discussion on whether to welcome and create a new and reformed regulation for current and future digital technologies, such as cryptocurrencies and how the operational functions of the “Blockchain” can represent a positive step for one. more unified state.

Digital currencies representing countries or states have become trending topics. This is happening thanks to Stablecoin. These are effective. EURST is an example for the European economy, but for us EURST is also just the beginning, it is a taste of what can be done. We aspire to build the system and bring people together. ”- Simone Mazzuca, Founder and Director of EURST

The increase in “StablecoinUnsurprisingly, showing an increase in supply of approx 322% in 2020 to reach $ 24.8 billion from $ 5.9 billion. Furthermore, the development of “Stablecoins” has come at the right time, especially when international financial policies seem to be polarized by various economic variables and by the inflationary nature of Fiat. Unlike the typically spectacular price movements of Bitcoin and the likes of Ether, the ‘stable’ nature of Stablecoins offers a vast number of benefits and facilitates growth within the crypto ecosystem.

This is the reason why Simone Mazzuca created EURST, a “Stablecoin” guaranteed by resources and controlled in real time. Offering the world’s first and largest “Stablecoin” backed by the US dollar. The newly developed digital currency of Wallex Trust, which will be launched in mid-April, presents the dollar for a value of € 1, guaranteed by the accounts of the “Federal Reserve” and the Wallex Trust itself.

‘We are very excited about launching and presenting new opportunities for a better economy. The EURST can be used as a logistical background as a representation of the Euro, which is very exciting. ‘

– Simone Mazzuca, Founder and Director of EURST

Issued as a token on the Ethereum network according to the established ERC20 standards, the advanced capabilities of the “blockchain” technology allow users to conduct faster and safer transactions. This is enabled through smart contracts, which digitize deposited funds that are held in a segregated account by the issuer.

In this way, users are given the opportunity di carry out money transactions without high costs and long delays caused by the current financial system. Furthermore, the “blockchain” technology allows EURST to be completely transparent and verified in real time, while transactions are recorded in the digital ledger, as well as having regular checks by third parties. By presenting transparency and security, the benefits of EURST don’t stop there, as users can hold their funds within a trusted depository, such as Wallex Custody. By opening an account within Wallex Custody, users can benefit from increased security and confidentiality by maintaining smoothness in their deposits, transfers and withdrawals of personal funds, which are convertible into any currency of their choice.

Another important aspect of EURST is the integration of EURST Stablecoin into any payment system such as Paypal has begun to accept cryptocurrencies as a form of payment, EURST is compliant with all payment systems and is easy and safe to use.

The use of EURST allows a wide spectrum of possibilities and opportunities that highlight the dominant characteristics such as:

The protection of wealth, against the loss of value in the euro currency, thus using the “Stablecoin” to save money without opening a bank account in Europe.
Users can use EURST instead of Fiat when depositing funds in cryptocurrency exchanges for trading use.
Workers abroad can use EURST to get around the expensive relocation fees, charged when making legal remittances to their families at home.

Based on the benefits mentioned above, it is not surprising that innovators and regulators have expressed an interest in “Stablecoin” in the cryptocurrency industry. Furthermore, central bankers see the success of “Stablecoin” and the positive impact it produces on regional economies. Indeed, EURST represents the potential of a renewed form of the Euro currency, intended to offer opportunities, security, visibility and beneficial operational functions for individuals and businesses. It is, therefore, the highly anticipated EURST launch and one to keep an eye on.

Contact info:

Company Name: Wallex Trust
Address: 333 East 46th Street # 1D, New York, NY 10017, USA
Website: www.eurst.io

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What is Ethereum’s Casper Algorithm?

Post author By bitcoinkeyfinder
Post date April 14, 2021
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Reading Casper’s name, you may have automatically thought of the funny little ghost that bears this name.

However, Casper is also the title of a highly anticipated Ethereum network update that will gradually change the platform’s consent mechanism from proof of work (Pow) to proof of participation (Pos).

Then, What does this update involve? How will it work? How will it affect the Ethereum network? In the following paragraphs we will describe what is Casper and how it works.

Why the Casper algorithm?

As we anticipated, Casper is an update of the Ethereum network, also called Ethereum 2.0 or Serenity.

But before explaining what this protocol consists of, it is necessary to analyze the main problems facing the current Ethereum network and that Casper’s update tries to fix.

Ethereum, like bitcoin and many other cryptocurrencies, uses a proof of work consensus mechanism (Proof of Work). It is an algorithm in which network participants (miners) solve cryptographic puzzles to validate transactions, create new blocks and keep the network safe.

Despite its popularity, this consent mechanism has some limitations iimportant.

Scalability: The biggest problem currently facing the Ethereum network is scalability. The Ethereum network supports hundreds of decentralized applications and has to process a large number of transactions per second.

The increased use of the Ethereum network, thanks to the creation of more Dapps and the execution of many transactions, has led to an increase in transaction times and costs. For the network to achieve mass adoption, efforts must be made to massively increase the speed of transactions.

Environmental sustainability: Another problem with PoW systems is that they need a large number of miners with very powerful computer equipment that gives them a chance to earn rewards. This translates into an incredible waste of energy that goes against environmental sustainability ..

Decentralization: Users who can access faster and more efficient mining equipment are more likely to validate transactions, create new blocks and earn rewards.

This means that the mining of cryptocurrencies using Proof of Work is usually concentrated among a few groups of miners who, in the case of Ethereum, represent 70% of the hash rate, going against the decentralization philosophy that characterizes cryptocurrencies.

How does Casper’s proof-of-stake algorithm work?

As we said in the previous paragraph, thanks to the Casper update, the Ethereum blockchain will switch to the Proof of Stake algorithm.

Below we will see how Casper differs from other proof of participation protocols.

First of all, in this type of algorithm miners will be replaced by validators.

Therefore the consensus will be reached through the vote of the validators. As in any PoS-based algorithm, the vote of each validator will depend on the amount of Ethers deposited, i.e. their participation.

The mechanism works like this:

Validators bet a portion of their Ethers;
Afterwards, they will start validating the blocks to add to the chain;
Once a block is added, they will receive a reward proportional to their bets.

A very interesting feature of Casper, which sets it apart from most other POS protocols, is that it is designed to work in a reliable system and be more tolerant of Byzantine flaws.

This means that uses a process through which malicious validators can be punished. That is to say, if a validator acts in a harmful way he will be immediately punished and everything he has wagered will be reduced.

The same happens if the validators have very long downtime with their node. Neglect or laziness will cause them to lose their bet.

FFG and CBC

To date, two Casper implementations have been developed:

Friendly Finality Gadget (FFG): It is operated by Vitalik Buterin and this is the first step in the transition of the Ethereum network from PoW to PoS, using a hybrid PoW / PoS model. The goal is to create a smooth transition to Pos. The first version of the code was released in May 2018.
Correct by Construction (CBC). CBC Casper is led by Vlad Zamfir and relies on a security oracle to constantly adjust a partially constructed PoS protocol until the system is complete.

Although the two versions were developed for Ethereum, Casper is a model of PoS that it can be adopted and implemented in other blockchain networks.

PHASES OF Ethereum 2.0

According to updated news, Ethereum 2.0 is expected to be launched in 3 phases, by 2022.

Phase 0: In this first phase, the Ethereum 2.0 Proof of Stake (PoS) mechanism is up and running. Upgrading the network from PoW to PoS will make Ethereum scalable and run faster and with less computing power.
Phase 1: will take place in 2021 and aims to drastically improve scalability, with the introduction of fragmentation, which will allow the validation of parallel transactions for the first time.
Phase 3: In the third and final phase, eWASM will be launched as a successor to EVM.

Last December we witnessed the official launch of the first phase of Ethereum 2.0 (phase 0) with the update of Serenity which represented the first step towards better scalability and security. This update will reduce congestion and high gas costs on the Ethereum network.

Advantages and disadvantages of Casper

ADVANTAGES OF CASPER: As we anticipated, Casper’s shifting of the consensus mechanism from Proof of Work to Proof of Stake will solve the problems related to scalability, increasing the speed of transactions and ensuring the mass adoption of Ethereum; there environmental sustainability, not needing powerful equipment, you save on energy costs and environmental pollution; there decentralization, avoiding the problem that mining is concentrated in the hands of a few groups and is against decentralization.

Another big advantage of Casper is the improving the security level of the blockchain. With proof of stake it is unlikely that a 51% attack will occur as, thanks to the punishment mechanism of the validators, it would not be worth trying.

DISADVANTAGES OF CASPER : Initially Casper does not promise true decentralization since participation initially requires a minimum deposit of 1,500 ETH, (approximately $ 3,172.47). Also, the richest validators are chosen more often, earning more rewards.

This makes Ethereum’s participation out of reach of the average user, favoring the domination of the so-called “whales”. According to Vitalik Buterin the minimum requirement will be reduced to 32 ETH once Ethereum reaches 100% PoS after CBC.

With Casper, validators lock ETH into a 3 to 12 month smart contract. The volatility of the ETH price exposes validators to the risk of illiquidity significant, prejudicing their participation.

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What is a Cypherpunk? – Bitnovo Blog

Post author By bitcoinkeyfinder
Post date April 13, 2021
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In the world of cryptocurrencies, you’ve probably heard of Cypherpunk. Maybe you have an idea of what it is or maybe not. Today we will tell you all about this movement so interesting.

When we talk about Cypherpunk we are referring to a movement without any specific leader. This movement defended the use of cryptography to ensure safety e privacy of all digital users.

On the other hand we have a cypherpunk. This would be the way to call one activist which defends this movement. Use the best of cryptography and technological advances for to protect the others, this one defend the Cypherpunks.

History of the Cypherpunk movement

With the arrival of Internet it was understood that, far from having the goal of being a secure system, the Internet was conceived as a tool accurate. Not at all a method of protection. Among the first fighters to push the safety wax Ralph Merkle, creator of the famous Merkle tree.

Despite his young age he was able to create the bases systems cryptographic which are currently still in effect. One of its main creations was the first asymmetric encryption system. They joined Merkle’s work Martin Hellman and Diffie. Among these three developers created the first cryptographic systems aimed at the public.

At this stage begins take shape the Cypherpunk movement, when its development finally has a great weight to lean on.

Appearance of the Cypherpunks

Even though technology has made great strides over the years 70was not enough for the specialists. At that time DES (Data Encryption Standard) fell short of the myriad of security applications it had pending. Being such a phase early for technology, the little computing power it made it difficult to implement new developments in cryptographic systems asymmetrical.

Despite the many difficulties, all the people interested in promoting the development of the system continued to look for new solutions vías for evolve. At the end of the years 80, the network ARPANET it became a large global information network.

With all the development boom, bright personalities such as David Chaum or Silvio Micali. These focused on the development of the cryptography. Although many clung to this development, Chaum he distinguished himself for being the most rebellious and for seeking the best in technology.

Right now he was in the middle of one fight between checking the government and the defense of freedom of people. Since the only means of increasing this security was cryptography he set about creating systems highly secure. These include blind signatures, cryptographic credentials and group signatures.

Thus it was that David Chaum became the first cypherpunk of history. Cypherpunk’s name has begun to be heard in half of the 80´s when cryptography was barely known to spies and governments. At that time people were starting to know the term cryptography and wanted to bring it to applications in situations beyond the military. Being at the beginning of new technologies, a protection method of data.

The 90s

With the arrival of the 90s Internet that we use every day was already known. This network, not at all comparable to the one we use today, was already active worldwide. Impossible as the sharing of information from anywhere they were already practicable.

The term was finally coined in the year 1992. It emerged as a play on words during one reunites of a group consisting of Tim May, John Gilmore and Eric Hughes. “Cypherpunk” is the union formed by the eminent activist Jude Milhon. The word is divided between “Cypher“Which stands for encryption”Punk”Which stands for rebel. If we translate it into Italian we mean the name of the group as “cryptography rebels“.

In this meeting there were thirty-three people who discussed privacy, anonymity, politics, among other things. In recent years the Internet was so advanced that there was already e-mail. Not only did it exist, it was also used as a space for to discuss and get together. Thanks to this technological advance, the Cypherpunk mailing list.

In this list of more than 2000 subscribers were found figures such as Adam Back, Nick Szabo, Jude Milhon, among others. This list became the table on which many were created cryptography projects. Since 1992 this list has participated in the creation of projects such as Open Privacy or the Electronic Frontier Foundation.

Not only did it participate in projects, it was also the foundation upon which the “Cryptoanarchist Manifesto” y “Cyphernomicon”. On that occasion, further steps were taken towards the blockchain comoHashCash created by Adam Back.

Footprints of the Cypherpunks

Now that we know the history of the Cypherpunks, we can start with the footprints they have left on the technology. Then we will see their principals successes:

Internet. Tim Berners-Lee, the creator of the network of networks, was a well-known member of the cypherpunk movement. This character throughout his life has advocated the use of data worldwide. His idea was a network accessible to all users beyond the government.
Remote access. When the Internet was created, remote access was one of the main requirements for it to function properly. Protocols such as FTP and Telnet were created, but they weren’t secure enough. The solution to the problem came with Tatu Ylönen when he created the SSH protocol. This is how it became the default remote Internet connection protocol. Thanks to the high security it currently offers it is still the most used.
Defense of rights. With the creation of EFF (Electronic Frontier Foundation) marked a new stage in digital rights. This achievement is attributed to Mitch Kapor, John Gilmore and John Perry Barlow. Three members of the Cypherpunk movement who, like many others, fought for digital rights.

This was not the only success with regards to digital rights. There Free Software Foundation born of Richard Stallman it was also an organism oriented to digital rights. Its main goal was to keep the source code of all programs to create total freedom for users who wanted to modify them.

After this Cypherpunk history tour, you will have noticed that there are many reasons to thank this group of people who have done so much for our freedom. This article is a small thank you to all who have formed or are part of this exciting movement. Thanks a lot, Cypherpunks!