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How to Earn Passive Income by Staking PIVX

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PoS Staking PIVX

In this guide, you will discover how you can earn passive income by staking PIVX, the popular privacy-centric cryptocurrency.

What is PIVX?

Staking PIVXPIVX, which stands for Private Instant Verified Transaction, is a fork of the digital currency Dash (DASH). However, unlike Dash, which uses a Proof-of-Work (PoW) consensus mechanism, PIVX uses Proof-of-Stake (PoS). That means that new PIVX coins are not mined using mining hardware or CPUs. Instead, new PIVX coins are earned as a reward for staking your PIVX holdings using the official PIVX wallet. As this does not require any additional computing power, proof-of-stake is considered to be the more environmentally-friendly alternative to proof-of-work cryptocurrencies such as bitcoin (BTC) or litecoin (LTC).

Furthermore, PIVX’s core focus is on privacy. In November 2017, PIVX announced the implementation of the privacy-enhancing Zerocoin protocol, which makes PIVX the first proof-of-stake coin to do so. PIVX users are now able to send and receive anonymous financial transactions. Further items in PIVX’s roadmap include I2P Network integration, an iOS mobile wallet, a decentralized exchange, elastic block sizes, in-wallet voting, and more.

What is Proof-of-Stake?

Proof-of-Stake is a consensus mechanism that is used to secure a blockchain network. The most popular consensus mechanism is known as proof-of-work, which requires network participants to contribute computing power to secure the network by verifying and processing transactions. Bitcoin, for example, uses proof-of-work to keep its network running. However, as proof-of-work requires a substantial amount of computing power, it is not a very environmentally-friendly.

Proof-of-stake cryptocurrencies, on the other hand, do not require a high amount of computing power to secure its blockchain network. Instead, those who hold the most cryptocurrency and are staking it will play the largest roles in securing the network. For this, they are rewarded with new cryptocurrency that is minted. Hence, those who have the highest stakes in a blockchain network also have the greatest incentive to ensure that the blockchain runs smoothly.

How to Earn New Coins by Staking PIVX

Since PIVX employs a proof-of-stake mechanism, anyone who holds PIVX in the official desktop wallet is able to earn new PIVX by staking their existing PIVX holdings. To receive a rough estimate of how many new PIVX coins you will earn for the amount of PIVX you hold, you can use the PIVX Staking Rewards Calculator.

To stake PIVX, you first need to download the official desktop wallet and then install it. Once installed, you will have to download the PIVX blockchain, which will take you several hours. Next, you can purchase PIVX on online exchanges such as Bittrex, Binance, and Upbit.

Upon purchasing your PIVX coins, you need to transfer them to your PIVX wallet. Next you need to encrypt your wallet using a password. (Remember this password as you will need it to access your coins!)

Staking PIVX

Once you have encrypted your wallet with your password, unlock your wallet using your password and tick the box that says “For anonymization and staking”.

PIVX Wallet

Now, you should see a little green arrow pointing up at the bottom right of your wallet. That means you are now successfully staking!

PIVX Wallet

To receive the full reward for staking, you will need to have your wallet running constantly. If you only have it running for half a day, you will only receive half the reward.

According to the PIVX Rewards Calculator, if you hold 1000 PIVX (at a current value of around $5,000), you will receive around 4.31 PIVX (worth around $21.60) roughly every 15 days.

More About PIVX

PIVX currently has a market capitalisation of $300 million and continues to gain momentum. Averaging 1.5-2 million per day in volume, it is now used in over 174 countries, with over 9000 members. If you want to learn more about this community-driven privacy-centric cryptocurrency, join the PIVX Discord channel.

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REVEALED: 10 Biggest ICO Scams Swindled $687.4 million

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biggest ICO scams

Initial Coin Offerings are one of the most tempting investment options for those hoping to profit from the ever-evolving world of cryptocurrency. However, the lack of regulation has allowed ICO investors to become targets of sneaky schemes.

Though ICOs have snowballed, with more than 750 being invested in during 2018 alone, the number of scams has also steadily risen, with more victims of fraud falling prey to cryptocurrency criminals.

Following Satis Group’s revelation that approximately 80 percent of 2017 ICOs were identified scams, new data from Fortune Jack has found that just ten of the most high-profile ICO scams have swindled $687.4 million from unsuspecting investors.

In fact, Pincoin and iFan scam stole $660 million, with an estimated 32,000 investors falling prey to the money-making plot from Modern Tech.

As cryptocurrency continues to dominate headlines, more investors are pouring cash into ICO schemes in the hope of turning a quick profit. And with more than 150 scams listed on popular website Deadcoins, it’s easy to see how inexperienced ISO investors are being suckered.

The losses have become so prevalent that the US Securities and Exchange Commission (SEC) launched its own ISO scam in a bid to show investors how easy it is to set up such schemes.

The top ten most notorious ICO scams to date

Scam name Amount of money scammed ($)
Pincoin and iFan 660,000,000
Plexcoin 15,000,000
Bitcard 5,000,000
Opair and Ebitz 2,900,000
Benebit 2,700,000
Bitconnect 700,000
Confido 375,000
REcoin and DRC 300,000
Ponzicoin 250,000
Karbon 200,000

 

Despite the SEC warning that ICOs “bring an increased risk of fraud and manipulation” due to the lack of regulation, the number of ICOs, as well as the amount invested, has increased over the past year.

biggest ICO scams

In 2017 $6,240,046,555 was raised across 371 ICOs. However, in 2018 a staggering $20,074,423,238 has been raised across 789 ICOs to date.

This reveals a 222% increase in the amount raised in 2018 so far, compared to the full year of 2017. Additionally, there is a 113% increase in the number of ICOs in 2018 so far compared to 2017.

If Satis Group’s suggestion that almost 80% of 2017’s ICOs were identified scams is correct, 297 ICOs in 2017 may have been fraudulent. If this trend was to continue in 2018, 631 ICOs could be fraudulent.

Despite such shocking statistics, ICOs remain a relatively popular investment in 2018, with $20.1 billion being invested into ICOs so far.

The amount invested in ICOs in 2018 to date

Month Money invested ($)
January 1,985,750,821
February 1,660,013,613
March 4,173,112,271
April 1,268,948,460
May 1,985,596,961
June 5,778,213,703
July 809,577,207
August 989,375,043
September 1,423,835,159

 

So, what are the red flags that may alert you to an ISO scam? The following were present in the most high-profile incidents:

  • Silence from companies when contacted by investors
  • Lack of a whitepaper and inconsistencies on the ISO website
  • Fake Linkedin Profiles of “the team” with stock images or stolen photos
  • Any text humourous or otherwise outlining a scam
  • Promise of fixed profit or guaranteed ROI

This guest contribution was provided by Fortune Jack

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Wala is Financing a Ugandan Solar Power Program Using Cryptocurrency

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Wala

South Africa’s Wala and CleanPath Emerging Markets (CP-EM) Uganda are collaborating to develop a solar programme that uses the cryptocurrency Dala as its main transactional currency to build a blockchain-enabled clean energy economy.

80 Percent of Ugandans Without Electricity

The CP-EM programme is said to cost about $1.5 billion. According to Tricia Martinez, the founder and CEO of Wala, it will provide 25 percent of Ugandans with clean energy.

According to Power Africa Energy 2018 Report, Uganda’s current overall access rate is at 22 percent; with rural access at twelve percent and urban access at 52 percent. Uganda has one of the lowest electrification rates in Africa.

With the partnership employing Dala as its principle transactional currency, Ugandan consumers and vendors that are building up the ecosystem will get paid in Dala ($DALA)While CP-EM’s solar programme aims to create utility-scale grid-connected renewable power systems to generate critical clean energy for commercial, industrial and residential consumers across Uganda

Ugandans Ready to use Cryptocurrencies

Wala Launches Zero-Fee Money Transfer AppMartinez said: “The numbers we’ve seen since the launch of Dala have been staggering, and a large portion of our current users are Ugandan, so this partnership is a natural next step to allow users the opportunity to further benefit from using Dala. The high level of user traffic also shows us that Ugandans are ready to use crypto assets in day-to-day transactions,”

Prince Kudra Kalema of the Buganda Kingdom, managing partner and co-founder at CP-EM, was excited about the partnership. Kalema said: “By providing Ugandans with an opportunity to access clean energy through $DALA, we’re fostering a more inclusive decentralised financial system not possible with legacy technologies.”

The Ugandan Government is increasing support to the off-grid solar industry and adding strategies into the electrification plans and developing regulation to support private sector companies in this space.

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RightMesh Partners with Golix Exchange to Improve Internet Connectivity in Uganda

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RightMesh

RightMesh, a connectivity company currently developing a decentralised mobile mesh network, announced that their RMESH tokens will now be listed on Golix in Uganda.

RightMeshGolix, founded in 2014, is one of Africa’s leading cryptocurrency exchanges with its headquarters in Zimbabwe. Golix joins RightMesh’s mission of bringing online connectivity to the people of the African continent. This will be done by harnessing the combined power of a mobile mesh network, blockchain, and its own RMESH tokens within a self-forming, self-healing mesh network.

The integration of Rightmesh’s software is easy in any application without additional hardware. The hardware infrastructure powering this initially is the individual users of Android phones.

In May this year, RightMesh announced the successful completion of a $30 million token sale.

“It’s important for us to partner with like-minded companies focused on connecting the next billion users,” said John Lyotier, RightMesh’s co-founder.

In order for us to start bridging the digital divide, we need people living in areas with poor infrastructure to have access to RMESH tokens so they can start connecting with each other using their smartphones,” he added.

Lyotier said that Golix makes it easy for Ugandans to buy and sell cryptocurrencies. He also looks forward to working with them to have a real and lasting impact for people in the region.

Under the agreement, Golix users living in Uganda have access to the tokens, made available on September 10, 2018.

Uganda’s Oppressive Social Media Tax

Since July 2018, Ugandans have had to pay a daily tax on social media apps due to an oppressive taxation law passed by parliament. These high costs of taxation have played a crucial role in limiting access to these important applications for many Ugandans. However, introducing a mobile mesh networking could avoid those high fees because data does not go through a central ISP. 

Golix CEO, Tawanda Kembo, said: “Internet connectivity in Africa has an interesting juxtaposition. The many that cannot afford internet connectivity mostly jump through hoops to get connections that are slow and have restrictions as to what content can be accessed.”

“In Africa, it’s very expensive to be poor. On the other hand, the privileged few who can afford good subscriptions mostly underutilise their internet subscriptions and pay for more than they actually use. By reducing the cost for the former to get connectivity, and providing a benefit for the latter for sharing their connection, RightMesh solves this problem for both demographics. We have needed a solution like this in Africa for years,” added Kembo.

Purchasing mobile data from others once the protocol goes live, will be done using RMESH tokens. They are planning to launch RightMesh Soft Mainnet and release its first commercially available app in Q1 of 2019.

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