BITCOIN'S TRAJECTORY/ S4W5 - Homework Post for @imagen
Bitpanda
Bitcoin has been halved Three (3) times from 2012-2020
Bitcoin halving takes place when a new Bitcoin formation is divided, this means that in every 210,000 blocks mined a new Bitcoin is created. This event occurs in every four years since the creation of Bitcoin on 3, January 2009, and this halving event will continue to take place until all 21 million bitcoins are completely mined.
The first halving occurred on Nov. 28, 2012, Albeit the value of one Bitcoin was as little as $12 – Within the pace of a year, Bitcoin vaulted up to $1,000.
The second halving took place On July 9, 2016– by this time the value of one Bitcoin had decreased to $670, Nevertheless, the price of Bitcoin skyrocketed from $670 to $2,550 by July 2017. Five (5) months later, Bitcoin rose to an all-time high of about $19,700 per coin.
The third halving took place on 18th, May 2020. And Miner's received a block reward of 6.25 BTC during this third halving.
In summary, Bitcoin has been halved thrice so far.
It is observed that approximately 10 minutes that's when new BTC is mined. Hence, we will be expecting the next halving in the year 2024. With this effect, a miners' reward will simultaneously reduce to 3.1.
Several cryptocurrencies, alongside Bitcoin, have an established supply and this helps to minimize the rate of coin distribution in turn making the coin scarce. Good examples of cryptocurrencies that undergo halving are the TOMOCHAIN and the Verge Coin.
TOMOCHAIN HALVING
During TOMOCHAIN HALVING miner's are compensated with a fixed amount of Tomo Coin, Anytime an epoch (every 900 blocks) is made roughly every 30 minutes. The epoch reward is halved and will continue to be halved until the epoch reward is zero.
The next TomoChain Halving ETA date will be on April 24, 2023, 19:50:33 UTC and miner's will be rewarded 125 Tomo Coin.
VERGE HALVING
Every time a new block is produced, miners are rewarded with a particular amount of Verge currencies. Miners receive 50 coins for each block created, which will be halved to 25 coins for the next halving.
VERGE HALVING is coming up pretty soon, we have less than 159.006 days post halving. The event is taking place on Sunday, March 13 at 13:40:58 2022 UTC
Medium
A consensus mechanism is a receptive system used in a blockchain to attain a concession of an individual status in the network among distributed nodes. These protocols ensure that all nodes are in the right proportion with each other and agree on transactions, which are authorized and are joined to the blockchain. Its mission is to make sure that there are valid and authentic transactions within the blockchain. There exist several consensus mechanisms such as;
Proof-of-Work (PoW)
Proof-of-Stake (PoS)
Delegated Proof-of-Stake (DPoS)
Proof-of-Capacity (PoC)
Proof-of-Activity (PoA).
Proof-of-Work is a consensus mechanism designed to solve difficult mathematical problems by means of mining. This mechanism requires the use of plenty of energy to run the sophisticated computers used in the process to calculate many potential solutions and validates transactions on the Blockchain.
Proof-of-Stake on the other hand is a consensus mechanism that chooses miner's to validate transactions based on the number of coins he owns. Miner's are rewarded for the transactions carried out in the block. Proof-of-Stake is more efficient and faster as it does not require the use of sophisticated computers that consumes much energy.
To enter Bitcoin explorer, you are expected to visit https://www.blockchain.com/explorer
Click on the icon at the top at your right-hand side
Then click on explorer
Here you will see all the hash corresponding to transactions carried out on the bitcoin blockchain
Altcoin, in other words, alternative coins are cryptocurrencies that aren't Bitcoin. Remarkably, Altcoin season can be said to be those epochs in the market where most altcoins yield a bountiful profit than Bitcoin. During this interval, there is usually a reduction in Bitcoins dominance ratio. The last Altcoin season occurred last December 2020.
Bitcoins dominance ratio reduced from a ratio of 69.1% in December 2020, to 49% in April 2021 During this season, many Altcoins skyrocketed in price and yielded enough profit for the investors. Most coins perform well over 6000% like Dogecoin.
Other Altcoins likewise made investors rich as they grew significantly, good examples are Free coin, Binance Coin (BNB), Uniswap (UNI), Solana (SOL), Shiba Inu (SHIB) and many others. These bountiful yields also indicate that the season has lasted a long while. We are about to enter another Altcoin season in October 2021, but not sure how long it will last.
UNISWAP
The value of the Uniswap token rose unexpectedly from $3.50 to about $6 for the first time after the launch. By Mid January 2021, UNISWAP surged in price to $10. Subsequently, the Token reach the resistance level of $20. As of the time of writing, Uniswap sits at $25.66 source
DOGECOIN
Dogecoin In January 2021, Dogecoin value increased over 800% within 24 hours, reaching a price of $0.07 per coin, In February 2021, Dogecoin reached an all-time high of $0.08 as a result of Elon Musk, Snoop Dogg and Gene Simmons tweet, which made many followers purchase the coin. In April 2021, Dogecoin price surged from $0.10 on April 14, to a new high of $0.45 on April 16 and performed up to 400% that week alone with a trading volume of nearly $70 billion.
Dogecoin's market capitalization exceeded $50 billion during the Altcoin season, making it the fifth-highest-valued cryptocurrency; in a year, the value of Dogecoin climbed by 20,000 per cent to $0.50, making it the fifth-highest-valued cryptocurrency. The current value of Dogecoin is 0.2532.
Transaction Details
About VET
VET token is a decentralized token with great potential to go bullish with full force probably before next year runs out. so, this is a great time to purchase the coin as it has a Drop-in price.
The Goal behind Vechain Project To provide a sustainable and highly volatile background for businesses in the Blockchain ecosystem, by providing tools essential for quality data supply as well as to manage the supply chain.
The VeChainThor blockchain technology operates on a consensus algorithm in other to achieve mass adoption. Such as the following protocol;
Proof-of-Authority (PoA) consensus algorithm
Meta transaction features
Protocols of transaction fee delegation
On-chain governance mechanism
Operates in smart contracts as well as tools for developers. The smart contract eliminates third parties.
As of 2015, VeChain was realized by Sunny Lu and Jay Zhang. Both was the co-founder of VeChain. However, Sunny Lu himself was a former chief information officer of Louis Vuitton China before the born of VeChain. The Vechain ecosystem is governed by an elected governing body referred to as the Steering Committee, they oversee the day to day running of the Blockchain.
Below are the names of the members of the Steering Committee:
• Renato Grottola
• George Kang
• Antonio Senatore
• Sunny Lu
• Jay Zhang
• Peter Zhou
• Margaret Rui Zhu
Vet analysis according to Coinmarketcap
| VET Price and Market Stats | Value |
|---|---|
| VET Price | $0.110552 |
| VeChain ROI | 1028.2% |
| Market Cap | $7,372,652,325 |
| Market Cap Dominance | 0.33% |
| Trading Volume | $544,186,904 |
| Volume / Market Cap | 0.0737 |
| 24hours Low / 24hours High | $0.108032 / $0.115887 |
| 7days Low / 7days High | $0.082221 / $0.116408 |
| Market Cap Rank | #27 |
| All-Time High | $0.280991 -60.7% Apr 19, 2021 (6 months) |
| All-Time Low | $0.00191713 5665.8% Mar 13, 2020 (over 1 year) |
Bitcoin remains the top leading cryptocurrency in the crypto ecosystem. Generally, based on the look of BTC, I believe it has not reached its climax due to a strong foundation. However, Bitcoin halving takes place every four years since the creation of Bitcoin, this halving event will continue to take place until all 21 million bitcoins are completely mined.
Furthermore, any other coin aside from BTC is referred to as an Alternative coin(Altcoin). Though, Altcoins has shown some strength to overpower BTC like ETH, BNB, etc. which lead to what we called Altcoin season.
Moreover, it is very important to know that the efficiency and effectiveness of all crypto assets depend on the consensus mechanism used on the blockchain.
THANKS FOR READING THROUGH
CC;
@imagen