Over the last 12 months the location services market has grown substantially which has led to an influx of companies entering the space. There are now hundreds of companies that sell some form of location data. Most of the demand for location data is in marketing, but financial services, real-estate, and AI have become increasingly attractive.
The increased competition in this market has had its benefits, notably in the increased awareness of location data use cases, but the rush of companies has led to some mass inefficiencies in the market. For example, there is a clear lack of transparency on how data is generated and who generated it, with only word of mouth promises and marketing pitches to confirm a dataset’s quality.
This has stifled adoption from many leading companies that could benefit from location data, especially for companies working with AI and machine learning which depend on high quality data.
Over the last year, Fysical has been working on how we can solve these problems inherent in this growing data market, and we’re excited to announce a solution:
We’ve found there is only one way to help data buyers acquire high quality data, with complete transparency, and without placing trust in a centralized third party, and that’s through the blockchain.
Fysical is a blockchain for the location data market. It provides an open, transparent, and highly efficient way to obtain data on how humans move through the physical world.
What is Blockchain?
Blockchain is technology that offers a digitized, decentralized, public ledger of the exchange of data. Its decentralized nature means no single person or company controls data entry or its integrity, and its method “chains” together data entries so that they cannot be modified later. Blockchain provides a way for large groups of unrelated companies to jointly keep a secure and reliable record of the exchange of data.
For location data to provide value, it needs to be highly accurate, privacy compliant, and contain information about how the data was generated, and who generated it. Blockchain provides this, without the presence of a centralized authority, in a trustworthy and scalable way.
For data buyers, blockchain enables audit trails, facts about the origin of data, and therefore greater confidence in the integrity of data purchased.
For data suppliers, blockchain provides full transparency on data usage, clear ownership rights on data, and therefore greater trust in sharing data.
Fysical is a protocol
Importantly, Fysical is a blockchain protocol and remains neutral in the space, allowing any data buyer or data supplier to utilize its blockchain directly.
Fysical will continue to offer robust tools and an exchange to make it easier to buy and sell data using the Fysical protocol.
We’re excited to announce Fysical to the community and we encourage anyone interested to reach out and learn more.
Check out our Website: Fysical.org
Join our Telegram Community to chat live with the team here: https://t.me/fysical
Follow Us on Twitter: https://twitter.com/FysicalProtocol
Keep up to date on our Blog at: https://medium.com/fysicalblog
“Providing lightning fast, secure technology to bridge the gap in cryptocurrency transactions.”
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RBI directive proved opportune for a lot of traders who used dip in bitcoin and other virtual currency prices to their advantage by buying even more and holding it in their private wallets rather
Pantera Capital Management, a hedge fund with a focus on cryptocurrencies, said in their April newsletter that Bitcoin’s (BTC) price of $6,500 was probably the low for the cryptocurrency, and that it was “highly likely” BTC’s price will reach above $20,000 this year, the Wall Street Journal(WSJ) reported Friday, April 13.
Ethereum co-creator Steven Nerayoff says the cryptocurrency’s value could triple in 2018. Ethereum co-creator Steven Nerayoff said businesses in a wide variety of industries are starting to take note of what value ethereum’s protocol could offer them. Nerayoff attributes increased usage to ethereum’s ability to process transactions more quickly and cheaply than its rival. Nerayoff said increasing interest in cryptocurrency will stimulate value for ethereum in 2018, regardless of whether it overtakes bitcoin.
“Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn’t require external institutions or trusted third parties to validate things.” – Naval Ravikant
Blockchain based cryptocurrencies provide an alternative way for people to make money. Digital currencies remove the need for relying on the stock exchange or traditional brokers. Millions of people around the world are making money through crypto trading, mining operations or staking coins.
What is Proof of Staking Coins?
Proof of staking (PoS) is a relatively new consensus algorithm for some digital currencies. It creates new blocks that are added to the blockchain. These blocks are staked by a person who is already holding some coins and helps in validating a new transaction on the platform.
An individual is only able to mine or validate new transactions for coins equal to the number of coins they have staked. The more coins a person stakes, the higher their power to validate transactions.
How Does the Process Work?
In a regular crypto network like Bitcoin, transactions are randomly processed by the mining node that is the first to solve a complex algorithm at the end of a timeframe. Investors holding Bitcoins have no say in which network operator validates the transaction.
In Proof of Staking protocol, miners are chosen randomly from a pool by holders of the digital coin. A miner can be added to the pool by staking a certain amount of coins in a bound wallet.
The chosen node stakes the coins in the bound wallet and creates a new block that is proportional to the percentage of coins staked. For example, if the number of coins staked is 5% of the total coins on the network, the node can mine 5% of transactions for new blocks.
Benefits of Staking Coins
Staking coins offers a number of benefits to mining operators.
- The consensus mechanism removes the need for purchasing high-end computer hardware. When a mining node stakes bound coins from an e-wallet, it is guaranteed a fixed percentage of transactions on the network irrespective of its processing power.
- Investors with enough holdings in the coin can validate transactions on the network.
- The value of assets staked through PoS does not depreciate with time unlike ASIC and other mining hardware. The value of the stake can only be affected by fluctuations in the currency prices.
- Proof of stake is environmentally friendly and more energy efficient than proof of work mining used in Bitcoin.
- The threat of 51% attacks is reduced in a staking coins system.
The major benefit of staking coins is that it removes the need for purchasing expensive hardware. The system offers a guaranteed return and predictable source of income for miners unlike proof of work system where coins are randomly rewarded to the most high-level computing systems.
The Risks of Staking Coins
Staking coins in a bound wallet has one drawback. The coins are locked up for a period of time and cannot be sold.
This may not be a problem while the value of the currency is rising, it can lead to losses when the price is falling. The amount earned through staking might not be enough to cover the price depreciation during a bearish run.
Popular Cryptocurrencies for Staking Coins
Coin staking gives currency holders some power on the network. It gives them the ability to earn a regular income for their investments. This is quite similar to how someone would receive interest for holding money in a bank account.
The ability to stake coins to get mining preference has been seen received favorably by crypto investors. Many new currencies have built this model into their platform. Some of the popular currencies for coin staking are listed here.
DASH stands for Digital Cash. It was one of the first currencies to introduce the coin staking mechanism. The currency was built upon the core of Bitcoin. It made further improvements by implementing PrivateSend and InstantSend features.
The currency allows its investors to stake coins through a masternode. The minimum requirement to run a masternode is 1000 DASH units. DASH is currently priced at $320 which makes the cost of running a masternode somewhere close to $320,000.
The purpose behind NEO is to create a smart economy using the blockchain technology. NEO’s proof of stake algorithm uses the dBFT algorithm. Participants on the platform can stake their coins by binding coins in a NEON wallet. Stakeholders can expect to earn new coins at 5.5% annually for all the coins that they stake.
NEO is quite popular and the number one currency at Bitfinex, a Chinese virtual currency exchange based at Hong Kong. The coin is expected to rival Ethereum which has held the number two position in cryptocurrency markets for quite some time.
This currency was launched in 2014. It is designed to be suitable for micro-transactions. It has a pretty good ROI on staking. The coins can earn an annual return of 10% the value of the stake. It is currently trading at $0.121 in the markets.
With over 1,300 cryptocurrencies currently on the market, it seems that a new digital currency is launching almost daily with its own purpose, USP and objective. However, for an industry that is seemingly growing, the marketplace is not without its critics.
It is rather surprising to see most cryptocurrencies in the green over the past 24 hours. While this momentum is more than welcome, it still remains to be seen how long all of this will last. If the previous weeks are any indication, things will turn around quickly. For now, the Ethereum price is one of the stronger gainers on the market, pushing its value back to $416.6.