Dec 092014
 

Gems Social Messaging

Gems, the social messaging application that is scheduled to launch at the end of December 2014 with an iOS messaging app, has raised about $500,000 so far in its crowdsale. Over half of all the presale tokens available have been sold out. Gems is using Koinify to raise money, which makes Gems the first application of the Koinify platform.

Koinify itself is built on top of the Counterparty protocol, and all presale tokens are traded on Counterparty. Koinify provides certain investor assurances, such as releasing the amount raised in stages, depending on the progress made by the project (Gems in this case) so far.Counterparty, of course, is built on top of the Bitcoin blockchain (yes, there are too many levels, but I think it’s a good sign – the ecosystem is maturing when the underlying mechanisms are abstracted away. In the future, I want to see the front-end expose just a Bank deposit type of information and the backend to handle everything, so the user doesn’t even need to know that she’s ultimately using the Bitcoin blockchain).

Gems is planning on building an application that is private by default, but users can enable ads and get paid in the Gems token. The servers and information is still centralized though, and it isn’t like some of the other messaging apps that are genuinely built around privacy where even the company cannot intercept users’ communication. How it pans out and performs in the real world is anyone’s guess, but the concept looks promising.

Even though Gems has raised over $500,000, it doesn’t have access to the funds immediately. They need to show progress first before funds are released. In this case, they need to follow the following roadmap:

Gems Roadmap

If this seems fairly subjective, then yes, it is. There is a single judge who will decide whether these milestones have been met. In the case of Gems, it’s Adam Krellenstein, Counterparty’s chief scientist. The project seems promising overall, and there is a good amount of marketing hype surrounding the project already. Let’s hope the Gems team can deliver.

Crowdsales have become increasingly popular in the crypto world, and that has also meant that investors are shying away from it, considering the risks and the number of projects that die a natural death. There are of course some great examples of crowd-funded projects in this space, such as NXT (no matter how controversial the distribution turned out to be initially). There are also projects that are trading above their ‘IPO price’ but are yet to release full working products, such as MaidSafe and Storj. It remains to be seen whether Gems can sell out all of its tokens for the IPO.

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Dec 082014
 
Top Resources to Advertise Bitcoin Site

If you’re looking to advertise a Bitcoin site, you’ll learn soon enough how difficult it can be. One of the main reasons is that it is a small and niche community, and therefore harder to reach via traditional advertising platforms and methods like Google Adsense or Facebook ads. If you’re looking for the most bang […]

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Dec 062014
 
Stellar Becomes Centralized After Ripple- Style Consensus Found Vulnerable

For the time being, the promising new cryptocurrency Stellar has become completely centralized. Completely centralized, as in, there is exactly one validating node for the entire network. In traditional finance, the situation is called ‘becoming a bank’. Hopefully, this would be temporary, and they can find a quick solution to their woes. Even though the […]

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Dec 032014
 
Why Bitshares Price Shot Up: Fairpumps Effect

This is an email that I got from the site Fairpumps. Fairpumps claims to propagate “fair pumps and dumps” on altcoins. They choose one altcoin per week for a pump and dump. This week, it seems like it was Bitshares turn for pump and dump. Quite surprisingly, the group was able to pump and dump […]

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Nov 292014
 
How to Buy Counterparty

Looking for how to buy Counterparty? This guide will walk you through the process you need to get your hands on arguably the most promising Bitcoin 2.0 technology, Counterparty. Unlike many other protocols (Ethereum, BitShares, NXT, etc.) that also categorize in the Bitcoin 2.0 space, Counterparty is built on top of the Bitcoin blockchain itself, […]

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Oct 122014
 
Bitshares Music Can be a Game Changer

Bitshares Music, with the underlying cryptocurrency of ‘Notes’, can be a game changer in the crypto world, and people in this space should pay attention. The main reason is this – it’s the first time that a cryptocurrency is being used on the backend, without the user even knowing about the internal mechanics. Yes, there […]

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Oct 102014
 
Bitshares DNS KeyID Starts Trading

Bitshares DNS, or KeyID, as it has been re-branded to, has started trading already, and each Bitshares DNS is currently priced at around 200 satoshi. Bitshares DNS aims to be a decentralized DNS system, similar to Namecoin (NMC) but with different incentives, following the so called “DAC” model where domain name auction proceeds are distributed […]

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Aug 032014
 
Stellar, a Ripple-Like Coin Launches, Promising Better Distribution

“Stellar is a decentralized protocol for sending and receiving money in any pair of currencies”. Sound familiar? It should, as it’s pretty similar to Ripple, another similar protocol that was heavily criticized for it’s poor distribution strategy (Ripple was 100% pre-mined and then distributed). Stellar might see better reception in the community and succeed where […]

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