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What Is EthBay Cryptocurrency?

In the world of online marketplaces, there is a notable lack of competition. For most people, eBay is the default marketplace. Other than a few localized efforts around the world, alternative platforms are in short supply. EthBay may offer a solution in this regard, as it will serve as a decentralized peer-to-peer marketplace solely focused on Ethereum payments.

The Idea Behind EthBay

For the EthBay team, the objective is fairly simple. They want to build a new peer-to-peer marketplace where Ethereum payments play a very big role. It is very different from existing projects such as OpenBazaar, but it provides an interesting alternative. So far, there is no evidence decentralized peer-to-peer marketplaces will ever become a big success, even though there is some promising progress being made.

How Does it Work?

EthBay will allow users from all over the world to register on the site. A centralized platform is not necessarily truly decentralized, but it remains to be seen how the EthBay team will decide to tackle that issue moving forward. There is no need to submit any specific personal information, although an account ID will be generated on one’s behalf.

Passwords remain integral on EthBay, and they will be protected by a 12-word mnemonic seed. Buyers can add an email address to receive notifications, but doing so is not a requirement. For sellers, it is important to provide an Ethereum address to receive payments. It is a bit unclear if this address can be changed to avoid blockchain analysis firms from uncovering one’s identity. Such a functionality would certainly be appreciated by a lot of potential EthBay users.

The EthBay platform works similarly to eBitsin some respects. There is an auction and bidding option, which tends to make things a bit more exciting. All platform transactions are protected by escrow, which ensures sellers can’t scam buyers and vice versa. This system is quite common when it comes to cryptocurrency-oriented marketplaces, but it is unclear if EthBay will come up with a way to decentralize this particular aspect in the future.

The EBY Token Explained

Most people would expect EthBay to issue its own token. That is exactly the case, as the project will use the EBY ERC20 token. Its exact use case remains a bit unclear, since the platform will mainly involve completing transactions with Ether, rather than EBY tokens. Even so, the token will play some role of importance in the future.

The Road Ahead

There is still a lot of work on the horizon for the EthBay team. For the time being, the main focus is on preparing the beta launch of this platform, which is scheduled to occur in November. An alpha main launch won’t happen until February 2019, with the mobile apps following a month later. By July of 2019, the EBY tokens will be fully integrated.

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Blockchain Guides

What Is the Tari Protocol?

There can never be enough competition in the world of blockchain technology. The people responsible for creating the Tari protocol certainly seem to agree. This new solution will enhance the digital asset experience by introducing increased convenience, security, and liquidity. It is a tall order, although the project has some significant people backing it.

The Purpose of the Tari Protocol

It is always interesting to see how existing cryptocurrency and eBitsdevelopers are trying to bring major changes to these industries. In the case of Tari, the new digital asset experience protocol aims to bring positive changes in the coming months and years. This particular venture was created by a team of veterans, including the lead maintainer of Monero, the CEO of a music merchandising company, and the co-founder of Ticketfly.

The project is an open source blockchain protocol designed specifically for digital assets. Tari is not just for developers or corporations, as it targets consumers as well. Given the increasing interest in digital assets, there is a growing need for more convenient solutions when it comes to managing these assets. Tari wants to make that happen, as the project is mainly interested in eBitsoutside the realm of cryptocurrency.

More specifically, the current focus ranges from event tickets to in-game items and loyalty points. Although blockchain-based solutions exist in this regard already, there are still restrictions to contend with. Corporations and service providers currently struggle to control assets after distribution, mainly because there is no adequate infrastructure in place to make this process easier.

The negative side of that approach is that it prevents companies and consumers from reselling or transferring digital assets. It leaves a potential revenue stream completely untapped and causes unnecessary friction. Tari is designed to change this by letting businesses and companies manage and transfer digital assets in a flexible manner. It should also help reduce the number of fraudulent digital assets, which is extremely important where event tickets are concerned, for example.

Tari’s co-founder, Riccardo Spagni, comments:

I’m excited to draw from my experience to build something on top of Monero, and to create a modern digital assets-focused protocol that leverages the Rust programming language. We have the resources to expand Monero’s world-class developer community, and I look forward to launching and stewarding a next-generation protocol that is truly useful.

It is evident that bringing blockchain technology to major industries will be challenging. It seems to be an ideal solution for digital asset management, but most existing projects aren’t suited for this specific purpose as of right now. Whether or not Tari can make a meaningful impact in this area remains to be determined. It is good to see more competition in this regard, especially when it is an open source platform rather than a proprietary implementation.

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Blockchain Guides

What Is Bitcoin Incognito Cryptocurrency?

For those people who can’t get enough Bitcoins in their life, a new option is emerging. Known as Bitcoin Incognito, it is another attempt at fixing some of the glaring issues which Bitcoin presents. Whether or not this new fork will succeed is unclear, but more competition isn’t necessarily a bad thing.

Anonymity and Bitcoin in one Package

One of the biggest misconceptions people have about Bitcoin is that it is anonymous. That is anything but the case, though, as Bitcoin has neither anonymity nor privacy features. The currency allows one to be pseudonymous – similar to an online nickname – but not anonymous. Some projects are trying to address this lack of anonymity through various means.

In the case of Bitcoin Incognito, there isn’t much information to go by at this time, as the project was only announced Friday afternoon. From what little information has been made public, it’s evident Bitcoin Incognito will primarily focus on proof-of-stake and masternode solutions.

Anyone who has paid close attention to the various altcoins on the market will have noticed that masternodes are quickly becoming more popular. It is a system that many currencies are embracing, although it is not something one would ever see as being part of Bitcoin itself. Bitcoin Incognito thinks it is a good time to take the plunge in this regard, although it remains to be seen how this will pan out when combined with proof-of-stake capabilities.

Additionally, the new project will make use of the eBitsprotocol to provide anonymity features. It will convert publicly visible BTCi into fully anonymous zBTCi. Sending the anonymous version will appear as normal BTCi to the recipient, but there will be no traceable route indicating where the money came from exactly. It is somewhat similar to how other currencies using the Zerocoin protocol operate. Furthermore, it seems Bitcoin Incognito will make use of a feature known as SwiftTX. This is not a unique feature, as it is found in a fair few altcoins. Even so, it will allow Bitcoin Incognito’s users to send transactions faster and cheaper compared to Bitcoin and most altcoins.

It is evident that the project has some interesting ideas, although it remains to be seen whether this particular altcoin will gain any major traction. Various newer versions of Bitcoin have popped up in recent months, yet none have made any lasting impact other than Bitcoin Cash. Changing this situation will not be all that easy, but that doesn’t mean launching new projects is no longer worth it.

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Blockchain Guides

What Is FuzeX Cryptocurrency?

Even though decentralized currencies such as Bitcoin and Ethereum have opened the floodgates to innovative solutions within various sectors in recent years, the process of putting one’s crypto wealth to everyday use is still quite cumbersome and inconvenient.

FuzeX is an all-new blockchain service that seeks to deploy alt-currencies for everyday purposes. The core offering of the company is an innovative card which basically serves as a crypto-enabled e-card.

The FuzeX card is identical in size and thickness to a standard credit or debit card, and consists of these core components:

  • An EMV chip
  • Dynamic magnetic strip
  • E-Paper Display (EPD)
  • Three input/option buttons
  • Rechargeable battery and charging terminal

The FuzeX card allows users to store, manage and use up to 30 credit, debit and cryptocurrency accounts via a single platform. This helps make financial accounting seamless and allows users to keep accurate tabs on their daily spending habits.

Overview of the system

  • The FuzeX card comes prebuilt with buttons to power on/off, enter pin codes, make selections, and authorize payments.
  • Through the use of a native E-Paper Display (EPD) module, customers are able to view their balances across various accounts as well as scan QR codes to procure rewards and blockchain addresses.
  • The platform has been designed to facilitate hassle-free P2P transfers between crypto wallets.
  • Thanks to the Bluetooth connection module that links the FuzeX card and wallet, the platform is able to maintain a high level of security and integrity.
  • Customers are also provided with the option to securely lock their FuzeX cards when their wireless connections are disrupted for any reason, thereby allowing for an additional layer of security.

Key Features

As mentioned earlier, the FuzeX ecosystem allows users to connect their accounts (credit, debit, rewards, and cryptocurrency) via the native FuzeX wallet app. Once all of the preliminary synchronizations have been completed, customers are able to make payments using their FuzeX cards without having to go through the trouble of pulling out their smartphones or wallets.

Layered representation of the FuzeX e-card

Additionally, the FuzeX card, when paired with the native wallet, functions as an independent hard wallet for one’s private keysThese fragmented private keys are encrypted and stored within the ecosystem and can be accessed by users only after they have unlocked their FuzeX card and wallet with a secret pin code and an account password.

The wallet allows users to store, spend, receive, and transfer tokens, and provides them with features such as validation of customer registrations (including KYC), and management of crypto portfolios by allowing customers to send, receive, and exchange alt-tokens on a single platform.

Visual depiction of the FuzeX exchange

 

Lastly, the FuzeX exchange acts as the backend protocol that helps facilitate cryptocurrency adoption and allows users as well as merchants to switch between alt and fiat assets (USD, EUR, JPY, and any other local currencies) seamlessly.

How it works

The user first has to download the FuzeX wallet app and create an account on the FuzeX exchange. They then have to transfer the desired amount of crypto from an external wallet to the native FuzeX wallet.

Overview of how transactions work within the FuzeX ecosystem

To make purchases, customers have to select their cryptocurrency of choice from the FuzeX card using the built-in buttons, and the user is provided with real-time exchange rates.

If they are satisfied with the rate provided, he or she swipes their card on the merchant’s POS device. The merchant subsequently receives an authorization for the payment, and the purchase is completed. The buyer also receives an automated purchase summary on his or her FuzeX wallet app.

FuzeX exchange transaction flow

However, according to the whitepaper, a user “must approve transactions on the FuzeX card when the cumulative spending balance surpasses $300 USD (limit adjustable) to finalize the transfer of cryptocurrency payment from his/her user account to the FuzeX exchange.”

About the team

Andrew Bae is the CEO of this project. According to his LinkedIn profile, Andrew specializes in product management and marketing, and has previously been associated with established ventures such as:

  • BrilliantTS (President and CEO)
  • CrucialTec (Vice President and Co-Founder)

Michael Park is the Chief Technical Officer of FuzeX. He describes himself as a crypto enthusiast whose core interest lies in “merging today’s burgeoning IoT sector with the blockchain domain”. Michael is an alumnus of Kwangwoon University and previously served as the Vice President of the IoT/B2B solution team at Samsung for nearly two decades.

Lastly, Daniel Kim is the CBO of this venture. He possesses a BSc degree in Computer Science from Macquarie University and has previously worked for companies such as:

  • Kona Co. Ltd (Global Sales Director)
  • CrucialTec (Director of Sales)

Token Performance Details

FXT tokens have been on the market for a little more than two weeks, and have already experienced some minor price swings.

FXT token lifetime performance chart (courtesy of Coinmarketcap)

As of May 26, FuzeX possesses a market cap of US$26,044,254. In all, a total of 1,087,156,610 FXT have been created, and out of them, 728,910,229 are currently in circulation.

Final Thoughts

With widespread crypto adoption slowly entering the mainstream, FuzeX comes at the perfect time to help everyday people deploy alt-currencies for regular, menial purposes, such as buying groceries, paying for gas, or getting a cup of coffee.

If you would like to start investing in this platform, FXT trading pairs are currently being traded on HitBTC, COSS, IDEX, Coinbe, LiveCoin, and CobinHood.

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