Saturday, Jan 6th
First, the state of the market:
For new readers:
Cryptogram is my personal journal of thoughts about cryptocurrencies and related topics. I am posting them on Steemit as a means of keeping a record of them. At the bottom of each post is brief summary of the general layout of this, and future posts. Thanks for reading. (Also to find other posts, search "cryptogram")
Today, honestly I was surprised to not see a red weekend on ol' CMC. Fortunately for everyone, it seems to be the opposite. Green is overwhelming the board at the moment.
On another note, I spent this morning setting up some of my mining equipment to start Komodo mining. (For anyone interested, the pool im using is: http://miningpools.cloud/?pool=komodo#/
I did this after taking look into the platform on their website. https://www.komodoplatform.com/en
Included in their platform is some very interesting things that I will need to research more later so that I have a firm understanding of it. As it stands here is my paraphrase. This may be inn-accurate btw, I have not yet had the opportunity to be as thorough as I would like to be.
They are a fork of Zcash so they have zk-snarks implemented and z transactions are available.
The use something called delayed proof of work, which uses specific notary nodes to copy everything from their chain onto the bitcoin block chain. You do not need notary nodes to be operating for the network to run, but that is they only way to put the info on to the bitcoin blockchain therefor adding a layer of security. (There are a max of 64 notary nodes and they are voted in.) As Komodo is a platform for starting other blockchains, any chain started on Komodo can have the added security of the bitcoin network through this functionality.
Their website is putting a huge emphasis on atomic swaps. This is the way of the future and I think a privacy centric blockchain platform that gives you atomic swap options immediately has real promise. Furthermore, atomic swaps are key to decentralized exchange. Advancements in this area will start to pop up more and more. Allowing people to build new chains which have this ability built in is a solid feature.
Currently, privacy based crypto is my application of choice. Furthermore, I believe it is the currency of the near and distant future. Public ledgers are great, but real money is transferred business to business. As it stands, no savvy business wants there accounts out for anyone to see. What I think some people forget is that money has always had a natural privacy to it. If I buy something in cash, that is a private transaction. Unfortunately people associate privacy with wrong doing.
I think this lack of passion for privacy exists because we have gotten so used to having every piece of our lives potentially observed via our cell phones or credit cards that we have forgotten what freedom from that feels like. Well, its a brave new world.
The biggest fight from the government in this space isn't going to be Gov't vs bitcoin. Bitcoin has enough inertia not to be stopped now, but it also would take a strong force to shift that inertia to a privacy centric system. As we have seen so far, enough force to move bitcoin one way or another without a fork appears to be almost insurmountable.
The real fight is going to be GOVT vs any private, untraceable currency which allows people to live and transact outside of the government's control. Hopefully, it is too late for them to win that fight.
Thanks for reading,
-libertyhound
Purpose of CryptoGram:
Currently in the crypto space it can be difficult to remember what you have discussed or been thinking from one week to the next. The rapid development of, and many changes in the space keep everyone on their toes. Now that I have been financially involved in the space for roughly a year, I realize that I would love to have my thoughts from 2017 written down somewhere. I believe having this information will help me stay focused, avoid repeating past mistakes, and hopefully help some other people, (anyone who decides to read this,) from making those same mistakes.
Briefly, I need a place to record my train of thought and that place will now be dubbed "CryptoGram"
My initial thoughts on the structure of this post will be:
- About 500 words
- Frequency of once a day to once a week
- Each post will have a number and date
- A snippet of top 5 cmc coins for price reference.
- I will always use these 5 tags, (unless of course there are drastic changes, but for now these will be the tags!)
- bitcoin cryptocurrency ethereum cryptogram libertyhound