Sometimes the crypto world seems like an illusion – a pure illusion. A world that has been among us since 1983 but gained popularity 11 years ago when it got its king "Bitcoin", it took some time, and then it started growing at a rapid pace. At the present time, there are more than 7000 cryptocurrencies and most of them are growing continuously.
Out of all the cryptocurrencies, most are introduced by startup companies and individuals. Each of these cryptocurrencies is created for a unique purpose and some of them are on the way to achieving it, others are just trying to survive and to gather people’s attention. Cryptocurrencies other than Bitcoin are known as Altcoins and they are trying to compete with Bitcoin in some way. However, for now, after observing the gap between bitcoins and others in terms of value, trust, and usability, it looks like their dream will remain far away for a long time.
Bitcoin has no single competitor as there is no cryptocurrency matching the trust of Bitcoin, and if we talk about the value then no one is near its half. This is also possible due to the lack of interest shown by the big players from other industries. But, it seems that from now onwards there is going to be a twist in the story.
There are some big brands that are showing interest in cryptocurrency. We can see the interest when some of the biggest brands in the industry have considered accepting bitcoin, ethereum, and other blockchain-based payments. The list of these brands includes Pavilion Hotels & Resorts, Amazon, AXA Insurance, Microsoft, PayPal, Visa, Starbucks, airBaltic, Coca-Cola, Sotheby’s, LOT Polish Airlines, Expedia, Lush, etc. Whereas Tesla recently dropped the idea of accepting payment in cryptocurrencies, Philipp Plein is planning to join the list.
Some of the biggest brands are joining the cryptocurrency scene. Tesla has invested $1.5 billion in bitcoin, which has just hit new highs, around $50,000 per unit, while there are many other brands that have tried to launch their own digital currency but have failed. The interest of some of the top brands is not only limited to accepting crypto-payments and investing in this sector but they are also planning to launch their own cryptocurrencies. Some major names in this list are engraved below.
Well-known brands Planning to launch or already having their own Cryptocurrency
- Air Asia-BigCoin
- JPMorgan Chase
- Mitsubishi UFJ Financial Group- MUFG Coin
- Walmart-WalmartCoin
- Tencent-QQ Coins
- Rakuten-Rakuten Coin
- Arias Intel Corp - iNEO Coin or iNEO Token
- NetCents Technology Inc - NCCO
- BitBlox Technologies Inc
- Facebook- Diem
- Amazon-Amazon Coin
There are many other companies as well that are exploring the crypto-verse and soon they will come with something bigger. For now, there are two brands that are making headlines online with their plans.
Amazon Planning to Launch its own cryptocurrency
There were a lot of rumors and speculation in the mainstream media and crypto world about e-commerce giant Amazon will soon accept selected cryptocurrencies as a payment option. While there is no official update regarding this move, it has been observed that Amazon's crypto aspirations are huge and could positively impact small businesses in the near future.
However, Amazon is already deep in the cryptocurrency space. do not believe me? Check details of Amazon Web Services (AWS) and Amazon Coin. Amazon is already experimenting with crypto for years.
Amazon Web Services (AWS) is a cloud-based, online infrastructure platform and thousands of companies pay Amazon billions every year to rent access to the network/ platform instead of building their own.
Amazon's AWS is also the network backbone for a broad segment of the current cryptocurrencies and crypto-projects. The Blockchain Descriptors page for Amazon AWS shows that it is handling 25% of all Ethereum workloads.
It needs to be noted that Ethereum is the biggest cryptocurrency by market capitalization after Bitcoin. However, Ethereum is not just digital money.
After talking about AWS, let's talk about Amazon's digital currency. Amazon already has its own virtual currency Amazon Coin which was first introduced in 2013. Since then, Amazon Coin has been limited to small transactions on games, gift cards, and apps to benefit from additional content on one's smartphone or Kindle Fire tablet.
The company also hired people to launch a new payment product and it is expected that their product will make people able to convert their cash into amazon’s digital currency. This digital currency will then can be used to enjoy online services, purchases goods, and/or services such as Prime Video.
It is also expected that other services of Amazon-like Twitch, Amazon Prime, and Audible will also support this cryptocurrency. After the complete adoption across all its platforms, it is assumed that there will be no need for retail stores to hold their own region-specific fiat currencies and websites.
Facebook planning to launch Diem
Facebook Inc. is one such big brand that is trying to fix its foot in the cryptocurrency world. The brand is on the verge of launching a new cryptocurrency-based payment system. The system is expected to promote financial inclusion and reduce transaction fees. However, there is no official announcement about the launching date and other details.
At the heart of the company's plan is a digital wallet called Novi, which was recently launched and is designed to let people trade Diem. Diem is a stable coin whose value is pegged to the US dollar.
The project is actually a rebranding of two projects namely Libra Cryptocurrency and Calibra Wallet. Facebook unveiled Calibra in June 2019 but was quickly forced to roll it back due to significant opposition from lawmakers and regulators.
The plan has seen a major improvement with the launch of Novi and the cryptocurrency Dime is also expected to be released soon. The project will offer free person-to-person (P2P) transfers domestically as well as across borders.
David Marcus head of Facebook Financial (F2) in a recent blog post, said that the project is aimed at tackling the systemic problems existing in the traditional payment systems which result in high transaction fees, limited facilities, slow cross-border payments. Additionally, their project will also cover millions of people around who were left without a bank.
The project will be based on a "permissioned" blockchain and will be governed by a consortium of coin companies called the DIAM (formerly Libra) Association, of which Facebook is a member.
The complete project went through various changes since 2019, association moved its core operations from Switzerland to the US and abandoned plans to store the value of the coins in a basket of currencies, rather than essentially is a digital dollar.
Conclusion
Big brands are looking at blockchain technology very positively and some of them including some popular banks are interested to use this technology to make their current infrastructure more secure and to optimize the performance. However, if we talk about enterprises, then they have maintained a neutral position. However, with the interest shown by these two biggest brands and a few other well-known brands, It is clear that today or tomorrow all other brands will also try to seize all the opportunities which are available by launching their own cryptocurrency
Every day, the success of cryptocurrencies is attracting more and more brands who want to make their name also in the cryptocurrency world. By accepting crypto-payment, investing in popular cryptocurrencies, and by launching their own cryptocurrency these brands are trying to enter in this completely different market. However, this move is beneficial for everyone and especially for people from the crypto-verse.
If you are looking for a platform that shows you the most accurate updates about all the cryptocurrencies then Crypto Gabbar is here for you.
'Blockchain' is the new trending latest technology that is emerging nowadays.
Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success.
The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness.
Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already.
The uniqueness of any organization becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box.
The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.
Solana is a high-performance cryptocurrency blockchain that supports smart contracts and decentralized applications.It uses a special PoS consensus mechanism,called Proof-of-History, with time-stamped transactions to maximize efficiency.This allows Solana to process close to 50,000 transactions per second (compared to 7 TPS for Bitcoin and 16 TPS for Ethereum).
Unlike other similar projects such as Polkadot and Ethereum 2.0 , Solana is a single blockchain (layer 1) and does not delegate operations to other attached chains (layer 2).How does Solana work?Solana is the highest performing blockchain in the world.
Achieving this requires the implementation of several optimizations and new technologies:Proof-of-History (PoH): a mechanism that improves the speed of consensusTower BFT: an optimized version of PBFT's PoHTurbine - a block propagation protocol based on BitTorrent technology (albeit with many technical differences)Gulf Stream: transaction forwarding protocol without MempoolSealevel - Parallel Smart Contract RuntimePipelining: a transaction processing unit for validation optimizationCloudbreak: horizontally scaled account databaseReplicators - Distributed Ledger WarehouseProof-of-History (PoH)The Proof-of-History (PoH) mechanism improves the efficiency of the PoS consensus mechanism.A new block in Solana is generated every 400 ms (compared to about 15 seconds for Ethereum and 10 minutes for Bitcoin) and, as you can guess, it is very important to establish the chronological order of each block.This produces a kind of "clock tick" in which each clock tick is 400 ms (instead of one second like a normal clock).Solana uses a PoS not DPoS consensus mechanism , as discussed many times.
It's an easy mistake to make because there are multiple roles on the Solana blockchain (leaders, validators, archivers, etc.).
The leaders rotate every four blocks (1.6 seconds).
As long as a node occupies the Leader position, it basically puts all the transactions it can into the four blocks it is producing and shows these blocks containing the transactions to the relevant node groups, called Solana Clusters.
And now the Chinese government is minting cash digitally in a re-imagining of money that could rock a pillar of American power.It may seem that money is already virtual, like credit cards and payment apps such as Apple Pay in the U.S., and WeChat in China eliminates the need of carrying money.
China is on the way to converting legal tender into computer code.
It has been observed that they have recently declared all crypto-currency transactions illegal in order to give a proper place to their digital currency.There could be another reason for this, cryptocurrencies such as bitcoin portend a possible digital future for currencies, but they exist outside the traditional global financial system.
On one side they are not legal tender like cash issued by governments and on another side, the government doesn’t have any control over them.
They can’t even access the transaction data and accurate holding details.As we are aware of the way the Chinese government operates, they like to have control over everything in their hands, and cryptocurrencies seem like a rebellion in their policy.
In this article, we will talk about some of the recent decisions taken by the Chinese Government on Cryptocurrency and their impact as well.
