Posts tagged with "tokens"

Cryptocurrency illustration by Heather Skovlund for 360 Magazine

Cryptocurrency × NTFs

By: Heather Skovlund-Reibsamen

Cryptocurrency × NTFs

In recent news, Tautachrome Inc. has announced its patent attorney’s opinion on the early applicability of its KlickZie patents. The KickZie application will enable users to capture images that are invisibly marked and verified as the original. The owner of the image or video will have the ability to use, sell, and monetize their images. A simple tap on the image will allow users to communicate with the image’s author or others currently viewing the image. The patent is among many in the market of NFTs (Non-Fungible Tokens).

Cryptocurrency Breakdown:

Understanding cryptocurrency can be a headache! It is best to research thoroughly before investing your hard-earned money into just any digital asset. Let’s start with the basics: what is cryptocurrency?  Crypto, crypto currency, or cryptocurrency is a digital asset designed to work as a medium of exchange where individual coin ownership records are stored in a ledger existing in a form of computerized databases using strong cryptography to secure transaction records, control the creation of additional coins, and to verify the transfer of coin ownership. Now, cryptocurrency does not exist in a physical form, like your wallet filled with dollar bills.

Crypto Coins – Altcoins: Tokens, cryptocurrencies, and other forms of digital assets that are NOT bitcoin are known as alternative cryptocurrencies.

A few examples:

  • Peercoin
  • Litecoin
  • Dogecoin
  • Auroracoin
  • Namecoin

Tokens: Created and given out through an Initial Coin Offering, or ICO – much like a stock offering. Crypto tokens are a blockchain account that can provide functions other than making payments. Tokens are usually issued within a smart contract running on top of a blockchain.

  • Value tokens (Bitcoins)
  • Security tokens (to protect your account(s))
  • Utility tokens (designated for specific uses)

What does it mean when a cryptocurrency forks?

Sometimes a cryptocurrency will ‘fork’ and yes, that does sound confusing. It can be broken down into Forks, Hard Forks, or Soft Forks. Forks can be classified as accidental or intentional. An accidental fork happens when two or more miners find a block at the same, or almost same, time. The fork is then resolved when subsequent blocks are added and one of the chains becomes longer than the alternative. The network then abandons the blocks that are not in the longer chain, then referred to as orphaned blocks.

Hard Fork: A hard fork happens if a protocol or rule is changed so that the old protocol version is no longer valid.

Soft Fork: A soft fork occurs when a protocol or rule is changed, and the old version accepts the new version; enabling it to continue working.

What exactly are NTFs?

 A non-fungible token is a unit of data within a digital ledger called a blockchain. This is where each NFT can represent a unique digital item and are not interchangeable. A blockchain is a growing list of records (blocks), that are linked using cryptography. Each block has a cryptographic hash (a mathematical algorithm that maps data), a timestamp, and transaction data.

NFTs can be used to represent digital files such as audios, art, collectibles, sports, pornography, video games, and other forms of creative work. While copies can be made of these creative means, the NFTs representing the original are tracked on their underlying blockchains; therefore, providing the buyers with proof of originality and ownership.

In order to create an NFT, a file is uploaded to an NFT auction market. This creates a copy of the file recorded on the digital ledger as an NFT. This enables it to be bought with cryptocurrency and then resold. The artist can sell an NFT representing the work and still retain the copyright to the work as well as create more NFTs of the same file.

In addition, the buyer of the file does not gain exclusive access to the work or the original digital file. Unfortunately, a seller does not have to prove that they are the original artist either. There have been many cases where are was used for NFTs without the true artist’s permission.

Most Common Types of Cryptocurrency

Bitcoin: Invented in 2008 by a person or group using the name Satoshi Nakamoto. The currency began being used in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency leading the way for many others in the years to come. Bitcoins were created as a reward for a process known as mining (record-keeping service done electronically). Bitcoins can be exchanged for other currencies, products, and services.

Bitcoin Cash: A spin-off or altcoin of Bitcoin that was created in 2017 eventually splitting into two cryptocurrencies – Bitcoin Cash and Bitcoin SV. Bitcoin Cash is one of the most popular types of cryptocurrency on the market and holds a block size of 8MB. To compare, Bitcoin’s block size is just a mere 1MB. This means Bitcoin Cash processes at faster speeds for its users.

Litecoin: A peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin is nearly identical to Bitcoin. Created by Charlie Lee to improve on Bitcoin technology, with shorter transaction times, lower fees, and more concentrated miners. In May 2017, Litecoin became the first of the top 5 cryptocurrencies to adopt Segregated Witness – a soft fork implementation change in the transaction format of Bitcoin.

Ethereum: A decentralized, open-source blockchain with smart contract functionality developed by Vitalik Buterin. Ether (ETH) is the native cryptocurrency of the Ethereum platform. It is the second-largest cryptocurrency by market capitalization. Ethereum is also the most actively used blockchain. It focuses on decentralized applications (phone apps) – almost like an app store. Ethereum looks to return control of apps to its original creators instead of the middlemen (like Apple, for instance). The token name is Ether, which is used as currency by app developers and users.

Ripple: A real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc.  Ripple was released in 2012 upon a distributed open-source protocol that supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value (frequent flier miles, for example). Ripple is geared more towards large companies and corporations than it is for individual users. Ripple is well known for its digital protocol because it allows large amounts of money in any form to be transferred.

Mark Cuban x Dallas Mavericks x Lympo

Mark Cuban, owner of the Dallas Mavericks, together with Tony G., co-founder of Lympo, have announced the official launch of Lympo, the nation’’s first blockchain fitness app, that rewards users with crypto tokens holding real monetary value that can be exchanged for premium products within its own in-app Lympo Shop. The free application pioneers a revolutionary new concept in wellness and personal technology.

Speaking today from the Lympo Practice Facility for the Dallas Mavericks, the heads of both partnering organizations introduced the newly launched app, as the first of its kind to use blockchain technology combined with fitness gamification to reward users for walking and running towards a healthier way of life. Those who subscribe to an active lifestyle and are ready to Walk. Run. Earn with Lympo, are invited to download the free app and learn more at http://Lympo.com.

With the help of blockchain technology and fitness gamification, users are rewarded with LYMcrypto tokens through the Lympo app for completing simple walking and running challenges. These tokens have monetary value and can be used to purchase sports and fitness products by today’s leading brands in the Lympo Shop – the first online store to accept fitness token payments. Lympo is developing the option to sync data with various fitness and health tracking apps and wearables to help analyze and evaluate activities while offering personalized health and fitness advice and bespoke services to the user.

Lympo is a seamless tool for motivating people to become healthy and adopt an active lifestyle,” says Tony G., co-founder  of Lympo. “By improving the well-being of people around the world and providing tangible incentives through our unique technology, we aim to unite fitness and wellness communities everywhere. Lympo will utilize the data we track on our phones and wearables to reward users for the lifestyle goals they achieve.  We are very excited to debut Lympo in partnership with the Dallas Mavericks, a true custodian in the health and fitness arena.”

The Lympo app offers challenges both by Lympo and its partners – coaches, wellness brands, various health, sports and fitness industry associations or influencers for example. Users can join these challenges, track their walking or running activities and get rewarded with LYM tokens upon completion. A challenge is completed when the required distance is covered. Users can also see the amount of LYM they have in their in-app wallet, including all transactions and the monetary LYM equivalent in dollars or euros. After saving a certain amount of LYM, the user is able to purchase exclusive sporting goods in the in-app store, providing an incentive to complete additional challenges. 

“Lympo is all about making positive changes by taking small steps towards a more active lifestyle,” says Dallas Mavericks owner Mark Cuban. “Lympo doesn’t require you to drastically change your daily habits, but it’s a great incentive to gain real rewards, like Mavs tickets and gear, for fitness efforts. Lympo offers a great opportunity for partnering businesses by increasing brand awareness through sponsored challenges, while opening a direct channel of communication with niche sports, health and fitness enthusiasts.” The Dallas Mavericks are Lympo’s founding U.S. partner and will engage fans through unique challenges and rewards through the app.

While the compelling benefits of Lympo’s reward-based platform are self-evident for the user, the application also presents a unique appeal for small, medium and large corporations that are looking to improve customer loyalty. Lympo brand partners are able to attract new and existing customers through the ownership of specific challenges; tailor rewards to encourage specific behavior; access tech-savvy health and fitness enthusiasts within Lympo’s user base, or interact directly with Lympo’s clientele by hosting a series of community-based events, using Lympo as a launchpad.

LYM is a crypto (utility) token, a central part of the Lympo ecosystem, used to reward users for their fitness efforts. The LYM token is also a revolutionary means of payment, allowing its users to monetize their fitness efforts and data. LYM is based on the Ethereum blockchain platform, which ensures the security and the technical stability of the token. Within the Lympo environment, LYM acts as any other traditional currency. The price of LYM is determined by market forces and is constantly changing in relation to other crypto and traditional currencies. LYM tokens currently serve as utility tokens on the platform to buy products on the in-app store. A broader range of healthy lifestyle products and services from Lympo partners will become available, such as personal training sessions or gym memberships, diet and exercise plans and the latest workout accessories. User-generated and user-controlled data will be the driver for the app’s functionality.

Lympo has been actively forming partnerships with elite athletes, including current World Champion discus thrower, Andrius Gudžius, as well as with the top-ranked female tennis player, Caroline Wozniacki, both of whom are Lympo brand ambassadors.

Download the app, select your challenge, and start being rewarded for your fitness goals at http://Lympo.com.