Thursday, 30 March 2017

YoCoin: Cryptocurrency Will Take India By Storm

Cryptocurrencies such as Bitcoin, YoCoin, and Ethereum are causing quite a stir around the world as they threaten to completely turn the existing financial and banking industries on their head and render them irrelevent in the coming decades. Cryptocurrencies are particularly beneficial to the emerging economy of India as despite its relative wealth and high GDP, the country is yet to provide significant banking infrastructure for at least a third of its estimated 1.3 billion strong population.

Education about cryptocurrencies has to be widespread

Though the government of India has a booming Digital India mission, the trickle down effects of these policies are inevitable slow. Education about cryptocurrencies and their benefits over traditional forms of currency should become widespread as more and more get their hands on a smartphone. As the rise of Bitcoin and YoCoin enthusiasts increase slowly, so will information about the benefits of the cryptocurrencies. The general public, especially the rural unbanked populace, need to know how cryptocurrencies cut costs, take out the middlemen, are incorruptible, and incredibly secure.

The RBI believes blockchain will transform the market

The Reserve Bank of India, India's central bank, believes that blockchain technology and smart contracts will transform the global financial market, and this is an excellent sign for India. The country is incredibly tech-oriented and it comprises a significant portion of the global IT workforce. The main issue with the widespread proliferation of YoCoin and Bitcoin is the lack of clear regulations governing its usage. As of 2016, the RBI is yet to regulate cryptocurrencies and is considered to be a prepaid payment instrument. As a result, businesses are skittish about adopting the technology due to the fear of government sanctions.

Crypto education events need to be more widespread

As of now, there are very few crypto events spreading knowledge about cryptocurrencies outside urban agglomerations such as Delhi and Bangalore. The proponents of YoCoin are currently holding crypto events in metropolitan cities in order to spread knowledge on the benefits of blockchain and the existence of alternatives to Bitcoin.  As the message of Digital India spreads, the message about cryptocurrencies keep growing, and Indians should ideally be investing in cryptocurrencies such as Ethereum and YoCoin when they are still relatively cheap in order to stay abreast with global markets.

Cryptocurrencies will gel well with the Digital India initiative

As the Indian government seeks to improve digital infrastructure in the unconnnected and rural belts of the country, the public and people in the government must convince the powers that be of the benefits of cryptocurrencies. The costs involved in setting up bitcoin infrastructure is far lower than the costs required to set up banking infrastructure. In addition, as more people become aware of the fact that their transactions will be become far cheaper via cryptocurrencies, the public will increasingly demand cryptocurrencies such as YoCoin and Bitcoin. The RBI should also be encouraged and provided with the funds to develop its blockchain technology in order reach a wider number of Indians.


Cryptocurrency News – Banking the Unbanked

Of the world population of 7.4 billion, 2.5 billion – roughly a third – do not have access to the formal banking system.

It is not because they do not have any money with them to store in a bank. It is because there are no banks nearby. This happens because of the terrain and the low size of the local population. To major banks, there just isn’t enough ‘business’ to consider opening a branch in the area. After all, they need to make an operating profit so that they can pay the rent, staff salaries, and utility bills.

Cut off from the world, people use mobile money. They have phones, and operators make this possible. But mobile network operators also need to make a profit to keep the service running. They levy fees or transaction charges. This results in a lot of money going ‘down the drain’.

Consider Africa, for instance. There are a lot of people working abroad that send money to their families. Banks and forex traders like Western Union levy charges for the transfer. It reaches the recipient, but not physically. Because banks are a rarity in the villages (a lot of Africa is still rural), the money is transferred into a mobile-money account. The mobile network operator deducts its own charges, and only what is left makes its way to the recipient.

In such areas, the overall fees that were deducted mean a lot.

All these charges/fees can be prevented by using cryptocurrency. In fact, an experiment is already underway to eliminate the need for forex charges. Bitcoin is the digital currency that is used for the purpose, and it has already been successful. A Kenyan working in Egpyt can send bitcoins to his family. There is no need to convert Egyptian pounds to Kenyan shillings and lose money in the process. The family receives the bitcoins and they use it for making purchases in Kenya. Traders too use bitcoins to pay for supplies.

There is still the operator-levied charge, but that can be eliminated by using third-party applications independent of the network operator. This is all set to be implemented in the next phase of the project.

The problem with Bitcoin

Bitcoin is the world’s most popular form of virtual currency. That also makes it the most hacked.
In fact, people routinely use Ethereum as a hedge against the loss of their bitcoins.

The alternative to Bitcoin

YoCoin, a new cryptocurrency with a lesser number of users worldwide, is the safer option. It runs on the same blockchain technology that powers Bitcoin, so technically there is no difference.

This Bitcoin alternative, by virtue of it being safer, has the power to change millions of lives across the world. Early adoption rates are already encouraging. The price of each YoCoin (against the U.S. dollar) has risen by 31% ever since it came into being. How is this relevant? The YoCoin price has increased because of demand. Supply remains the same. It is tied to the gold standard, so there are only a finite number of YoCoins. This is determined by the size of YoVentures’ gold reserves. 

YoCoin, as a virtual currency, is more stable and fundamentally sound than Bitcoin.


Want to know more what is YouCoin?
Visit Website: https://yocoin.org

YoCoin - Cryptocurrencies Can Greatly Help The World's Unbanked

Blockchain are a form of distributed consensus technology that function by sharing a chain of digital interactions that basically serve as digital fingerprints for every transaction that has ever happened on the blockchain. If a transaction is doctored, every party in the network is alerted of the same and the criminal party is immediately booted out of the network. The security details on cryptocurrency transactions are incredibly mind boggling in terms of their complexity and attention to detail.

The single best thing about the blockchain is that it stores a true and irrefutable online record of every transaction on its network. Nobody would be able to default, withdraw a transaction, or alter the shared ledger as they wish. The blockchain is a payment machine, a banking system, a remittance system, and any financial system at once, and it allows the world's unbanked the chance to have access to secure, inclusive banking.

The blockchain and the unbanked

In any financial transaction between two parties in the traditional banking system, there is always an intermediary. Any unbanked individual is likely to be poor and most of them are in the developing world. The intermediaries eat up a portion of the transaction regardless of the nature of the transaction. In addition, you do not need a bank account to set up YoCoin or Bitcoin.

If parties to a transaction use a currency such as YoCoin, it will increase transfer speed. In addition, such a cryptocurrency will make it easier for unbanked people to receive loans and financial assistance as the blockchain provides every party with a secure identity. Most people in the developing world receive remittances from their relatives in the west, and these remittances go through financial agencies that take at least 10% of the cut. If these transactions occur via blockchain, there will be no money lost to an intermdiary.

Blockchain provides the unbanked with a secure digital identity

During the ongoing refugee crisis, Bitnation set up a blockchain system that allowed European nations to solve the refugee identity crisis of Syrian refugees. This allowed Syrians to receive emergency identity documents so that they could cryptographically prove their identity and that of their family members.

This usage showed the potential of cryptocurrencies to act as a national and international digital identity. This allows users to carry out easy transactions across borders once their identity has been validated by the blockchain's validation algorithm. The Bitnation identity program also allowed the refugees to access their money via Bitcoin ATMs. Currencies such as YoCoin have shown immense potential to develop inclusive financial systems that will allow everyone on Earth to participate in financial transactions.

Financial inclusiveness is the main goal of the Ethereum blockchain and Bitcoin alternatives such as Ether and YoCoin. This distributed consensus technology will free people from reliance on the current financial system and provide banking services among others to billions of the world's population that is unbanked.

Want to know more what is YouCoin?

Visit Website: https://yocoin.org
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YoCoin - Crypto in India

India is the biggest remittance fee market as of 2017 and more than 60 percent of the population is unbanked. Financial analysts suggest that crypto currency fits in as the apt solution and will help make India a ‘cashless’ economy. YoCoin is deemed to spearhead this revolution.

Global Summit on Bitcoin in India

The ‘Global Summit on Bitcoin and Blockchain’ was hosted by a premier industry association, ASSOCHAM, in March 2017 in NewDelhi. It was titled “The State of Cryptocurrency - Opportunities and Challenges for Indian Economy.” At present, India needs to work towards developing a powerful Bitcoin industry so that the gap between demand and supply can be bridged and users do not have to depend on foreign resources.

In November, 2016, the Indian economy was hit by the demonetization of more than 80 percent of the circulating currency. This move led to an increasing interest in crypto currency such as Bitcoin in the nation.

According to the organizers of the global summit, India is the biggest remittance market in the world and offers “enormous opportunities” for adoption of crypto currency. In such a scenario, the global summit helps bring together several stakeholders including investors, exchanges, regulators and the government.

Among the primary concerns around Bitcoin and other crypto currencies in India, as also highlighted by the Reserve Bank is the security and safety of investments in digital currencies. The global Bitcoin summit focused on issues of data and security in the blockchain while also discussing topics like double spending, history modification, unauthorized spending, race attacks and others.

Crypto Currency Future in India

Bitcoin and YoCoin have challenged the long-held assumption that the central banks of the country have no competition as far as the issuing of currency is concerned. Today, VitalikButerin's "ether" has come to be recognized as the second most popular crypto currency and is valued at nearly $1 billion, following Bitcoin.

Former RBI Governor, Dr. Raghuram Rajan, describes Bitcoin as “fascinating” and looks at the possibility of the RBI releasing its own crypto currency. However, he believes that this could take several years to be executed. According to Rajan, virtual currencies such as Bitcoin and Yocoin are bound to get a lot better and safer. They will witness a widespread adoption among individuals and businesses undertaking transactions.

It appears that the biggest hurdle to adaptation of crypto currency in emerging markets like India is fear of the new and false information. But YoCoin, an emerging alternative to Bitcoin, is dedicated to creating awareness and helping the large unbanked population of India make a smooth transition into using digital currency.

There is no denying the fact that crypto currency has a bright future in India and YoCoin works on the secure and reliable Ethereum block-chain platform with zero remittance fees.
The Indian government and the RBI are making an effort to better understand crypto currency and analyze its impact before giving it a legal stature.


Want to know more what is YouCoin?
Visit Website: https://yocoin.org

Blockchain Battle: YoCoin’s Ethereum Vs. Bitcoin

Bitcoin and cryptocurrency have practically been synonymous with each other. However, that ended as soon as YoCoin entered the arena. So, how did YoCoin manage to do that? Well, it’s because YoCoin relies on the Ethereum blockchain, which, has a lot more to offer than the Bitcoin blockchain.

Beyond Money

One thing about the Ethereum blockchain is that it has more to do with than just money or cryptocurrency. There are several aspects that come into play with the Ethereum blockchain. For starters, it provides the ability to create smart contracts. Additionally, it offers features such as the Ethereum Virtual Machine or EVM.

The smart contract feature relies on applications within the blockchain system to negotiate and facilitate contracts. These contracts can be verified and enforced using a decentralized approach. The very same decentralized approach also prevents censorship and fraud. The end benefit is that users enjoy an extremely high level of security. Plus, the costs are lower as well.

Use Digital Tokens to Establish Smart Contracts

Ethereum permits the creation of digital tokens that can be used to denote assets, proof of membership or virtual shares. The smart contracts work with any wallet and also with exchanges that rely on standard coin APIs.  The code can be accessed from the Ethereum website, after which, you can use your tokens for a wide range of purposes. This could include voting, fundraising, and share representation.

It is possible to ether have a fixed amount of tokens or a fluctuation amount depending on previously established rules.

Raise Funds

So, basically, Ethereum allows you to fund any project or even without having to depend on a middleman like Kickstarter.”

Developers can use Ethereum to raise funds for whatever purpose they choose. For instance, one can create a contract for a project and even request communities to pledge a certain amount. The money that comes in will be held till your objectives are reached or till the set date.

When the objective isn’t met, the funds are automatically credited to the contributors. So, basically, Ethereum allows you to fund any project or even without having to depend on a middleman like Kickstarter. As a result, you even end up saving money by not having to pay the middle man. Every penny pledge can be used to support your cause.

Autonomy

Ethereum also creates the organizational structure needed to run your project. For example, you can seek proposals for a project from other users directly. There are no people in the middle to interfere. Additionally, your project is protected from external problems and the decentralized approach eliminates the possibility of downtime.

Other Benefits Over Bitcoin

Also, Ethereum mining is more rewarding than Bitcoin mining. This is because Ethereum uses a proof of work algorithm called Ethash.”

The block time for the Bitcoin block chain is ten minutes, while Ethereum’s is significantly faster, mainly because of the GHOST protocol. The reduced block time allows for faster confirmations.

Also, Ethereum mining is more rewarding than Bitcoin mining. This is because Ethereum uses a proof of work algorithm called Ethash. It is a memory hard hashing algorithm that allows for decentralized mining, unlike Bitcoin’s centralized ASICs.
Finally, Ethereum is Turing complete, which means it has computation capabilities. Bitcoin does not have this.


YoCoin, A Guide To Ethereum Mining

The Ethereum blockchain technology, the first real alternative to Bitcoin, has been picking up steam and its cryptocurrencies in the two years since the blockchain's introduction. The latest decentralized blockchain has led to successful cryptocurrencies such as YoCoin, and a great deal of Ethereum's success rests on Ethereum mining.


What is Ethereum mining?

With regards to cryptocurrencies, mining is the intensive task of actively participating in a peer distributed cryptocurrency network. Miners are required to provide solutions for problems facing the currency and they are rewarded for the nature of their solutions. As the blockchain is a series of internally interconnected set of data blocks, the data blocks need to be analyzed rapidly in real-time in order to ensure that Ethereum runs smoothly.

However, as the makers of the currency do not possess the requisite workforce for evaluating the transactions, miners become crucial to its success. Miners are typically investors and individuals looking to gain some of the cryptocurrencies they are dealing with. They devote a great deal of time and computing resources to solve problems and veruify solutions. Ethereum mining goes beyond the mere enhancement of YoCoin and Ether. Ethereum mining is essential to ensuring that the blockchain functions normally.

Ethereum mining is based on the proof of work system

The result of Ethereum mining is known as the proof of worl system. When a miner has solutions, the miner is required to submit it to the issuer. Once the issuer verifies the solutions provided as legitimate, the issuer will offer rewards in proportion to the work the miner put in. Most currencies running on Ethereum such as YoCoin depend on this system while others use a combination of proof of work and proof and stake. The issuer typically has a complex algorithm that verifies mining work, and in Ethereum's case, the algorthim is known as Esthash. Esthash determines the difficulty of the operations and the uniformity of the output.

The mining process

Mining is a computationally and environmentally intensive task as it takes up an incredible amount of conventional electricity. There exist Ethereum mining calculators to ensure that the right income is being distributed to the miners. Any personal computer can be used for the mining process as long as your system has at least a 2GB graphics card. Graphics are far more important than CPUs as they are about 200 times faster than the latter when YoCoin and Ether needs to be mined.

In addition, AMD cards have proven to be faster than Nvidia as of now. Mining ether takes up a lot of electricity so you need to be concerned about your electricity bills. For efficient mining, free up at least 50 GB of space on your computer's hard drive. In addition, if your mining practices are more efficient you can generate far more income in YoCoin and Ether. You can also sell the cryptocurrencies at a profit later on if required. As these currencies are alternatives to Bitcoin, their values are only going to soar in the coming years so hoarding them may be a smart idea.

Want to know more what is YouCoin?
Visit Website: https://yocoin.org
Youtube - https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA

Friday, 24 March 2017

Can Cryptocurrencies Help The World's Poorest People?

Cryptocurrencies such as Bitcoin, Ethereum, and YoCoin are famed for their security and their inherent removal of the middleman in a financial transaction between two parties. Now, with the total value of all Bitcoins above the $6 billion mark, there is an understanding that cryptocurrencies are only going to soar in usage across the world. As of now, the biggest supporters of cryptocurrencies are cybergeeks and forward-thinking businessmen, but the technology is most likely to benefit the world's poor and unbanked.

The best aspect of a cryptocurrency is that it does not involve an intermediary, effectively eliminating the banking sector that charges stupendous for international transactions. In addition, the public ledge of most cryptocurrencies allows people to verify and analyze transactions with ease. The address of every recipient and sender is permanently located in the currency's public ledger. This could significantly combat corruption and reduce instances of fraud as anyone who tries to steal money via Bitcoin or Ethereum is automatically booted out of the blockchain.

Cryptocurrencies will help the unbanked

The World Bank estimates that up to 2 billion adults across the world do not have access to financial services. As smartphones and internet connections are spreading faster than financial services, cryptocurrencies can allow the unbanked to have cheap, secure, and robust access to financial services.

As 70% of the world's population is expected to possess a smartphone by 2020, cryptocurrencies such as Blockchain and YoCoin can allow poor people to transact without being subject to costly banking services. YoCoin is expected to be a leader in this field as it focuses on providing access to poorer markets.

Cryptocurrencies can decrease remittance costs for developing nations

As the US Dollar and other powerful western currencies have effectively monopolized currency transactions and as a result, most developing nations are at the mercy of western financial services that charge exorbitant fees for transferring money between countries. People in the developing world tend to receive money from their relatives in western societies, and the money is subject to ludicrous transaction fees.

With cryptocurrencies, money can be transferred without a significant chunk of it going to an exploitative intermediary. In 2015, nearly $430 billion made its way to countries such as India, Mexico, China, and Nigeria, and it was estimated that nearly 10% of this amount was lost to intermediaries. In Sub-Saharan Africa, nearly 12-13% was lost, which is among the poorest regions in the world.

Cryptocurrencies can fight inflation

When the US Dollar, the GBP, or the Euro inflates, individuals from nations with weaker currencies face the brunt of the higher costs, which is then in effect transferred to the poor people of the developing world as goods and services move west. The problem was far worse in countries such as Zimbabwe and Argentina that possess highly unstable currencies.

Zimbabwe's dollar has to be ditched as it super inflated to monstrous levels. The likes of Vietnam and Argentina have experienced first hand the benefits of cryptocurrencies in the face of unstable currencies. People can convert their currencies to YoCoins or Bitcoins in order to hold more secure resources.

Want to know more  what is YouCoin?

Visit Website: https://yocoin.org  
Youtube - https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA