Knowledge Base

What Is Bitcoin

What Is Bitcoin?

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Bitcoin is a digital currency or asset invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as a peer-to-peer elctronic payament system where users can transact directly without an intermediary. Transactions accross the network are verified by the network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.

Bitcoin proposes a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.

Useful Links:

Official Website: https://bitcoin.org/en/

Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page

Bitcoin FAQ: https://bitcoin.org/en/faq

Block Explorer: https://blockchain.info/

Bitcoin Forum: https://bitcointalk.org/

Market Capitalizations: https://coinmarketcap.com/

What Is Ethereum

What is Ethereum?

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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk. The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.

The intent of Ethereum is to create an alternative protocol for building decentralized applications, providing a different set of tradeoffs that we believe will be very useful for a large class of decentralized applications, with particular emphasis on situations where rapid development time, security for small and rarely used applications, and the ability of different applications to very efficiently interact, are important. Ethereum does this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats and state transition functions. A bare-bones version of Namecoin can be written in two lines of code, and other protocols like currencies and reputation systems can be built in under twenty. Smart contracts, cryptographic "boxes" that contain value and only unlock it if certain conditions are met, can also be built on top of the platform, with vastly more power than that offered by Bitcoin scripting because of the added powers of Turing-completeness, value-awareness, blockchain-awareness and state.

Useful Links:

Official Website: https://www.ethereum.org/

Block Explorer: https://etherscan.io/

What Is Kemfe Credit

What Is Kemfe Credit?

(KFC) Kemfe CreditBuy Now

Kemfe Credits is the foundamental cryptocurrency of the kemfe network. Kemfe (www.kemfe.com ) is a blockchain based social news aggregator where users earn rewards (KFC) for creating and curating contents on the platform. it is a social utility token that is used as the primary medium of exchanging value within the network . Incentives and rewards encourage users to share their content and be active on the network.Users Who post and interact with contents on kemfe.com are faily rewarded from the pool of daily/hourly grants minted from the network.

Kemfe Credits (KFC) is also used to deliver services on kemfe networks like advertisements, subscribing to exclusive programs, boosting your earning power, tip other users for their quality content, or purchase advertising views from the network or a specific ads space.

The token is built upon the Ethereum ERC-20 standard. Kemfe chose to issue its tokens on the Ethereum network because it is the leading open-source, general-purpose blockchain optimized for smart contracts. It includes sophisticated web tools to develop a user-friendly experience and has established broad credibility through market experience with mobile payments, distributed exchanges, cryptocurrencies, and enterprise blockchain solutions.

Useful Links:

Official Website: https://www.kemfe.com

White Paper: https://kemfe.com/public/images/kemfe-white-paper.pdf

Block Explorer: https://etherscan.io/token/0xb5c8AAF9A988AEBB00D1386B496E2d94BE9e3F15

What is USD Coin

What Is USD Coin?

(USDC) USD CoinBuy Now

USD Coin belong to the class of stable coins that have its value pegged to the US Dollars. 1 USDC Is backed by 1 US Dollar held in a reserve bank account. USD Coin is built on the ethereum network thereby making it a token that is compactible with any ethereum based wallet used for storage.

Stablecoins make for practical usage of cryptocurrencies by allowing for secure, convenient transactions without the high volatility traditional cryptocurrencies Like Bitcoin (BTC), Etheruem (ETH) and Kemfe Credits (KFC) holds. More information can be found on there website : https://www.centre.io/usdc

There Are Many other stable coins that serves the same purpose for which USD coin was created to do. Some of these stable coins includes;

• Tether USD (USDT)

Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.” According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen.

Tether (USDT) is issued on the Omni, TRON, and ETH blockchains. For details on the issuance across the different chains, please refer to: https://wallet.tether.to/transparency

• True USD (TUSD)

TrueUSD is a USD-pegged stablecoin, that provides its users with regular attestations of escrowed balances, full collateral and legal protection against the misappropriation of the underlying USD. TrueUSD is issued by the TrustToken platform, the platform that has partnered with registered fiduciaries and banks that hold the funds backing the TrueUSD tokens. The USD funds are regularly verified in scheduled attestations, and kept in third party escrow accounts such that TrustToken has no direct access to the funds.

Website: : https://www.trusttoken.com/

• Paxos Standard Token (PAX)

Paxos Standard (PAX) is a stablecoin that allows users to exchange US dollars for Paxos Standard Tokens to 'transact at the speed of the internet'. It aims to meld the stability of the dollar with blockchain technology. Paxos, the company behind PAX, has a charter from the New York State Department of Financial Services, which allows it to offer regulated services in the cryptoasset space.

Website: https://paxos.com/standard