Online multiplayer games are shifting towards blockchain

Online multiplayer games are shifting towards blockchain

As complex and beautifully designed games are, the only part of the entire experience which is truly owned by the gamer is the feeling of achievement. That is as close as gamers ever get to really “owning” anything in the computerized world.

Online games offer avatars for sale, which gamers purchase from a computerized store as a symbol of their entity within the game and then spend hours on end to customize it, to enhance the feeling that it belongs to you, and yet it doesn’t. It can disappear in an instant. An instant in which the entertainment platform and its servers can be shut down. No warning and no explanations.

But good news strike on the horizon of online gaming. The innovation of blockchain technology can change all of that. Using decentralized systems and non-fungible tokens, or NFTs—like the ERC-721-consistent tokens previously made by Aphorism Zen’s CryptoKitties—players can make characters, vehicles, weapons, and other advanced signs that they claim forever, not simply the timeframe of realistic usability of a diversion.

The innovation can be the entryway for a player’s individualized and tokenized manifestations to move consistently on multiple online blockchains.

The potential is huge, and it’s the reason many trust the expanding blockchain gaming industry could deliver the slippery “killer app” that at last conveys this innovation to the majority.

But is the market prepared for such an extreme move in digitized gaming resources? A consortium of eight of the leading enterprises in this space, including Ubisoft,  considers so. Also, their vision for the eventual fate of gaming and the $140 billion computer game industry has the help of a developing number of gamers and diversion engineers alike.

Ubisoft’s Blockchain Initiative Manager Nicolas Pouard believes the goal of this alliance is to rally stakeholders from both the blockchain and gaming industries and work together to develop solutions for the challenges that await these converging fields, according to Ubisoft’s Blockchain Initiative Manager Nicolas Pouard.

And it’s that last piece of the puzzle—the potential for a breakthrough smash hit on the level of an “Assassin’s Creed” franchise—that fuels the vision for gaming as blockchain’s bridge to the mainstream.

“Gaming will allow people to familiarize themselves with blockchain in an interactive environment, which is the first step to mass adoption,”

Nicolas Gilot, a founding member of the Alliance and co-CEO of Ultra—a blockchain-based “next-generation games distribution platform.”

True Ownership

The ownership in the digital world has its complexities. Let’s take iTunes for example. You can buy a song on iTunes, for example, but it isn’t really yours. There are limits to what you can do with that digital file—and you certainly can’t resell it.

Nowadays, in most cases, players that are done with a game in which they invested a lot are not able to pull any value out of the items or achievements they collected with much efforts.

Blockchain’s value proposition for gaming strongly relies on what we call ‘true ownership,’

Ubisoft’s Blockchain Initiative Manager Nicolas Pouard

This also applies to game platforms. Gaming assets are similarly restricted. In conventional games, servers store all the things that players buy.

“If you stop playing, lose your account, or experience technical issues, you lose those digital goods,”

Manon Burgel, B2Expand CEO

As explained in the blockchain games vs crypto games article, the in-game items are tied to the server of the platform, not to the real-life user of the account. Some even specify in the EULA (End User Licence Agreement that players are not allowed to sell or gift items to others.

The perceived unfairness of this among gamers is what’s driving the desire for blockchain to flip it on its head.

“A game that runs completely on the blockchain is an example of a decentralized platform that could be owned by everyone.”

Dan Biton, founder of Gimli

Worldwide Asset eXchange (WAX), a blockchain e-commerce platform for digital assets, released a survey of 1,000 gamers and 500 game developers in the U.S. that shows solid support for the “true ownership” of in-game assets.

The survey states that 68% of the gamers trust they have the right to “truly own” the things they purchase. In addition, 62% would be bound to spend fiat on virtual assets if they could transfer those assets in between games, and near 75% of gamers said they would enjoy to sell or exchange in-game assets regardless of the type of the game.

What’s more, 86% of the game developers believe that in-game assets are on their way to becoming strategic components of future games, and more than 66% agree that the publisher of the game suppresses the advantages of these assets.

By tokenizing these assets, players can choose for themselves how to manage them: give them away, exchange them, or even offer them. It empowers a “digital second-hand market,” Burgel clarifies, and “its decentralized nature ensures that games and items are not held by one company but by the network.”

Of course, this sounds extraordinary for gamers, but publishers must figure out how to profit from this game model.

Nowadays, blockchain’s involvement in gaming is limited to the tokenization of digital assets. Furthermore, given the administrative atmosphere in the Unified States with respect to tokenized resources, this convolutes matters for an expansive, traded on an open market organization like Ubisoft.

Ultra’s CEO demands, in any case, that he sees “no issues with tokenized assets” from a lawful point of view, while organizations cling to set appropriate administrative rules. “The goal of regulatory bodies such as the SEC is to protect the public from being subject to scams,” he says. “The blockchain and crypto industry is continuously evolving, therefore it is important to keep up-to-date with the latest regulatory decisions to avoid slowing down innovation.”

Gilot additionally takes note of that the tokenized assets that will be exchanged on Ultra and all through the blockchain-gaming space. NFTs do not fall under the same rules as tokens sold during an ICO or STO (Security Token Offering), which may incorporate investment contracts and are subject to securities laws and guidelines. In the meantime, an advanced gaming asset, Gilot says, essentially “guarantees ownership, as well as proves the scarcity of an item is created through a publicly available smart contract.”

NFTs, as it were, are computerized portrayals of unique items, which are different from the collectable exchangeable cards of yesteryear. Those collectables work as a tokenized “proof of purchase” for the proprietor. They are the reason for most by far of blockchain-put together computer games at present with respect to the market, for example, Everdreamsoft’s “Spells of Genesis”— a game of collectable card, arcade-fight style game that makes a case for being the first blockchain-based mobile game.

“Spells of Genesis” was launched in April 2017, seven months before CryptoKittis were released on Ethereum. CryptoKitties and its non-fungible cats broadly smashed the Ethereum network in December 2017. CryptoKitties stay in charge of the absolute most costly NFT-based, gaming collectables ever sold—some surpassing the six-figure mark.

When will a major publisher release its first blockchain-based title?

In July 2018, the upstart blockchain gaming protocol MagnaChain announced its partnership with Epic Games, the maker of “Fortnite,” spurring rumours of an inescapable “Fortnite on the blockchain.”  However, MagnaChain hasn’t commented on any details regarding the process.

For Ubisoft, Pouard from Ubisoft is still at a “test-and-learn” stage regarding the blockchain technology, mainly because of their financial obligation to its investors. “True ownership” is an extremely new business model and many tests are still needed to conclude if this is “something publishers can handle long term.”

Burgel’s B2Expand started paying more attention to this use case, having discharged its first game Beyond the Void on Steam. Beyond the Void uses the Ethereum blockchain for its “economic backbone” enabling players to purchase, sell, and exchange “cosmetic in-game items” for the Multiplayer Online Battle Arena and Real-Time Strategy mashup utilizing B2Expand’s local Nexium (NXC) token. Burgel says Beyond the Void would have explored the blockchain technology within the core gameplay if it wasn’t for the early release of the project.

About “true ownership” and the trade made around the exchanging of NFTs, Burgel states that: “the gaming industry has yet to find the right business models fitting these opportunities.” Nevertheless, distributors could, at last, discover an incentive in tools that enable gaming networks to “organically grow and feel involved,” for example, by encouraging the creation and dissemination of user-generated content. That is just “one of many possibilities,” Burgel says, and “many companies are already exploring new ideas.”

Dan Biton, a co-founder of the Gimli platform and a Blockchain Game Alliance board member, says we have to think past the present video-game scene to imagine what these conceivable outcomes may lead to. “A game that runs completely on the blockchain is an example of a decentralized platform that could be owned by everyone, and we could think of something where every player has its share in a voting system to make the game rules evolve,” he says. The game’s logic “or even the game itself” could change as indicated by the wants of its players “in a completely decentralized way.”

It’s a new and unique gaming perspective and one which Ubisoft is now putting its assets and target industry into an investigation. Ubisoft’s Strategic Innovation Lab is an inner research organization gave to analyzing future industry patterns and they are already looking far ahead from the “crypto collectable” use case of the blockchain which is found today in the market.

In recent months, the lab has gone through the process of developing a Minecraft-inspired model, a treasure-chasing and island-investigation game called HashCraft. The game doesn’t utilize NFTs. Indeed, it doesn’t have much to do with tokens. But it joins blockchain and pushes the limits of what was recently thought conceivable in gaming, situating publishers like Ubisoft as basically the makers of the “fantasy”, which are the characters and storylines of the game, and the players as the developers of “experiences” they genuinely possess.

It takes courage to embrace this new trend and Ubisoft is still in its infancy in this journey. “There is still plenty that we need to discover, which can’t be done without continuing our exploration or collaboration within the ecosystem,” says Pouard. Furthermore, cooperation is decisively what the Blockchain Game Alliance looks for. The alliance of game publishers are in the procedure now of formalizing a formal administrative structure for their association. Says Pouard: “This is just the beginning of the adventure.”

Hurdles remain, but much of the promise that this technology brings rests in its ability to redefine antiquated notions of digital rights in a rapidly changing world. We take this as good news, thinking that crypto and decentralized technologies are still in their infancy.

Blockchain Games vs Crypto Games: What is the difference?

Blockchain Games vs Crypto Games: What is the difference?

Blockchain games are surely the future. The main issue is that people today do not understand how this works, perhaps due to the lack of education. Most of the time they believe almost everything they hear or read online. But still, money is made this way, and many startups profit big time from this lack of knowledge.

Note that blockchain technology can be applied to a vast number of industries, not only used in the economic sector for currency transactions. Comparing Blockchain games vs crypto games will hopefully give you a better insight.

Unfortunately, there is a HUGE lack of information and confusion about the difference between blockchain games and crypto games.

Blockchain Games vs Crypto Games: What is a Crypto Game?

The most frequent use for blockchain tech in games so far has been to store your items on the blockchain, tying them to your (Ethereum) wallet and making them permanently your own. Another term for this process is tokenization.

In contrast, in “classic” games, any items that you supposedly own in-game are in fact stored on the game publisher’s servers, as is your whole account. There are many ways for you to lose possession of your assets in this case – server malfunction (failure or attack), halted game development, banned account, etc.

The first generation of blockchain games are actually crypto games or tokenized games. They were solely based on this principle and they focused on collecting unique assets and trading them, for fun, profit, or both. CryptoKitties was the game that started this trend and they’re still quite popular.

The main difference between the two is that a blockchain game has every process in the game recorded on the blockchain as a transaction. No one can change, delete or influence the result of a game, whereas a crypto game has only a token used within the game. 

Even more, crypto games don’t even use their own blockchain. Most, if not all of them, use the Ethereum platform, which requires you to buy another token just to trade the token of the game (Gas on Ethereum).

It’s needless to add that if only 10% of the games which use the Ethereum platform would start trading at once, the network would crash. Therefore, a blockchain game would ideally be a game which uses its own blockchain. Joseph Lubin, the co-founder of Ethereum, acknowledged onstage at Ethereal Tel Aviv 2019 that the network, in its original form, wasn’t built for mass adoption: “We knew it wasn’t going to be scalable for sure,”.

To add to the confusion of this type of games, some projects claim they are developing their blockchain so that others can use it to develop blockchain games. None that we know of, yet.

CryptoKitties has collectable and unique cat cards, which are in fact tokens you can exchange, but the entire game is based on Ethereum. Also, the game is not a blockchain game, only the tokens are on the blockchain. But yes, the tokens/collectable cards can be traded and the prices are in ETH, which can indeed be transferred to a cryptocurrency exchange and be traded for another crypto or fiat.

What is the essence of blockchain games?

Just ask yourself who controls or can check the back processes of those games, and how it is decided who scores more or who gets a better crypto kitty? A blockchain-powered game has all of these processes stored on the blockchain, easy to asses and transparent for all who want to verify it.

The many blockchain game names found on Google, have merely a whitepaper, for a future project, but none of them is functional. The market also exploded after the overnight success of CryptoKitties which was at its best a well-developed marketing plan. CryptoPuppies falls into this category as well as other not-so-famous variations of collectable crypto animals. The developers just stopped replying to their early enthusiasts. And this is not a singular case.

Let’s talk about crypto casinos.

Many believe that gambling and crypto put together in the same sentence give the blockchain technology a bad name. As you can see, there are many ways to utilize blockchain, but most developers seem to be in it for the short run, for the quick win. Ethereum platform has become their home and the network is invaded. Even the developers of Ethereum aren’t happy with this, as another short success of such a game would compromise the network.

Fortunately, crypto enthusiasts now know how to better research a project before investing in it. Just try to remember 2017, when ICOs weren’t regulated and nobody understood what they were, but people were just throwing money at anyone with a whitepaper.

Blockchain Games vs Crypto Games: What is a Blockchain game?

Blockchain games are any games that include blockchain technology in its backend or in its mechanics in general.

Blockchain, by definition, is a public and transparent distributed data ledger. It gives the developers and the users the chance to check and verify every transaction ever made, not leaving any place for interpretation or data manipulation. The blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Nowadays, the blockchain stores not just cryptocurrency and tokens, but also in-game assets and progress. But most processes of the games, remain as they were: clueless of the blockchain technology and nowhere near it.

However, there is hope, as the market is barely starting to understand and embrace this new technology. At the moment there is exactly one cryptocurrency project with the blockchain technology to build a blockchain game, not just for the cryptocurrency inside the game, but for everything that the game implies.

This project which stands out, as a true blockchain game, is one in which not only the cryptocurrency used to develop its in-game economy is stored on the blockchain, but the entire game uses the blockchain technology. FootballCoin is a fantasy football blockchain game. It will probably become known at least for being the first project of its kind.

FootballCoin is the first and so far, the only blockchain game on the market. The rest of them just spend money they don’t have on marketing.

Gaming is evolving and as in any other field, gaming can and probably will adopt the blockchain technology the right way, not just for tokens.

Mining Cryptocurrency: Crypto Mining Business Model Used Worldwide

Mining Cryptocurrency: Crypto Mining Business Model Used Worldwide

The most popular way to get into crypto is to start mining crypto. There are a few other ways in which you can earn crypto without spending any fiat money, but serious money is made by mining cryptocurrency.

Mining cryptocurrency like Bitcoin is an automatic process, a decentralized mechanism that creates Bitcoin out of thin air to provide rewards to miners for processing transactions. The result: a booming business in mining.

All you need to get into the business of mining cryptocurrency is a rack of high-speed computers and access to electricity anywhere in the world and you can essentially create cryptocurrency, simply by running free software.

Crypto Mining Business Model #1: Legal, Competitive Mining

In the early days of crypto, mining was a business for small-time entrepreneurs. The business soon became increasingly competitive, as miners purchased massively powerful computers while scaling up their operations to remain profitable.

Risks seemed low, as the original Bitcoin software was supposed to account for falling prices, making it easier to mine as the number of miners remaining in the game dropped, thus ensuring that there would always be enough miners to process all the transactions.

Then the Bitcoin crash came, severely limiting the ability for miners to churn out crypto while still making a profit. As it turns out, inefficiencies in the mining algorithm, combined with market pressure on the transaction fees that were supposed to partially compensate miners, has led to a squeeze on the ability for anyone to mine at a profit.

Legal crypto mining using electricity at market rates is now becoming increasingly unfeasible, even in places like Iceland, which have exceptionally low electricity rates combined with temperatures conducive for data centres filled with heat-generating computers.

Crypto Mining Business Model #2: Subsidized Electricity Mining

In Washington State, hydroelectric power generates far more juice than locals can consume, thus attracting a booming business in crypto mining.

“The region’s five huge hydroelectric dams, all owned by public utility districts, generate nearly six times as much power as the region’s residents and businesses can use,”

Explains Politico journalist Paul Roberts. “Most of the surplus is exported, at high prices, to markets like Seattle or Los Angeles, which allows the utilities to sell power locally at well below its cost of production.”

By 2015, however, the Washington Bitcoin mining craze had run its course. “Margins grew so thin—and, in fact, occasionally went negative—that miners had to spend their coins as soon as they mined them to pay their power bills,” Roberts adds.

If not Washington, then, what about Iran? “I come across some very interesting cases,” notes Mohsen Rajabi, an Iranian blockchain entrepreneur. “I recently set up a rig for a middle-aged customer who was not tech-savvy at all and had simply heard of mining and its potential profits. He wanted to start with ten devices installed at his factory because it can legally use extremely cheap industrial electricity.”

Crypto Mining Business Model #3: Steal Electricity

The electricity is the greatest cost of the mining business. If you can manage to cut that out, that chances of making a profit increase at once. In the early days of Bitcoin, college kids would use the university electricity to power their rigs from their dorm.

Today, in contrast, stealing electricity is serious business. “A Shanxi Datong [China] man named Xu Xinghua stole power from the poles near the West Second Plant of the Kouquan Railway, which was borrowed from November to December 2017,” reports Liu Yulin, writing in Chinese for The Paper.

“The coin ‘mining machine’ and three electric fans were operated for 24 hours,” she continues. “Xu Xinghua mined a total of 3.2 bitcoins, earning 120,000 yuan [$17,700], and the electricity generated by the stolen electricity was 104,000 [$15,340] yuan.”

What happened to the thief? “Xu Xinghua was sentenced to three years and six months in prison for committing theft and was fined 100,000 yuan [$14,750],” she reports. He also had to reimburse the electric company for the stolen power and forfeit his equipment.

This story is one of many, notable merely for the fact that the perpetrator was caught and the story appeared in the local paper. Many more instances are sure to be out there, as yet unreported.

Another popular, if potentially unintentional, way to steal electricity: set up a mining operation, take the profits, and then go out of business.

This is the story of one of the Washington State mining companies. “U.S.-based bitcoin mining firm Giga Watt has declared bankruptcy with millions still owed to creditors,” writes Yogita Khatri for Coindesk. “Creditors include the utilities provider in its Douglas County [Washington] base, having a claim of over $310,000, and electricity provider Neppel Electric, which is owed almost half a million dollars.”

One silver lining: there may be a possibility these stiffed utilities will eventually get some of their money back, as Giga Watt raised about $22 million in its ICO – and it’s possible the scammers were unable to spend or secret away all of the proceeds before the bankruptcy shut them down.

Crypto Mining Business Model #4: Cryptojacking

Illicit cryptocurrency mining (known as cryptojacking), has surpassed ransomware as the most popular form of cybercrime targeting enterprises.

Cryptojacking means introducing crypto mining software onto a target victim’s computer without their knowledge. The software starts generating crypto for the hacker while stealing processing power and electricity from the victim.

The cryptojacking problem, in fact, is much worse than it was when I wrote my article Top Cyberthreat Of 2018: Illicit Cryptomining in March 2018.

“Despite the volatility in the value of various cryptocurrencies, the trend of illicit cryptocurrency mining activity among cybercriminals shows no signs of abating,” according to David Liebenberg, senior threat analyst at Cisco Talos.

One of the reasons why the cryptojacking problem is getting worse is because the malware is getting better. One such package: Rocke. “Talos assesses with high confidence that Rocke will continue to leverage Git repositories to download and execute illicit mining onto victim machines,” continues Liebenberg.

Git repositories are where most of today’s enterprise software developers store and manage their source code – but such repositories are not Rocke’s creators’ only target. “It is interesting to note that they are expanding their toolset to include browser-based miners, difficult-to-detect trojans, and the Cobalt Strike malware [malware that leverages Cobalt Strike penetration testing software].”

Crypto Mining Business Model #5: Evading Sanctions

Another cryptocurrency mining business model is to evade sanctions.

For example, a pair of Iranian Bitcoin miners tried to take advantage of their local USD exchange rate: “At the time we bought the mining device, the rate of the US dollar in Iran was still quite high, so we figured we would make about $90 to $100 a month,” explains Ali Hosseini, an Iranian miner. “The cost of electricity is relatively low in Iran, so the math seemed viable.”

Hosseini’s cousin also spoke up. “Foreign exchange rates and Bitcoin prices have fallen and our profits have been slashed, but we’re not seeing losses yet,” says Pedram Ghasemi, another Iranian miner. “According to my calculations, the US dollar must drop below 110,000 Rials [about $2.60] and Bitcoin must be down to $2,000 for us to really lose.”

Another example is North Korea. Priscilla Moriuchi, a former top National Security Agency official and now director of strategic threat development at Recorded Future, estimates that North Korea may have earned up to $200 million in 2017 mining crypto.

How, then, would North Korea turn that crypto into hard currency? “North Korea has such extensive criminal networks that have been well-established for decades to facilitate illegal activities,” Moriuchi says. “If Pyongyang were able to cash out into physical currency, it would be relatively easy for them to move that currency back into North Korea and to buy things with the physical currency. I would bet that these coins are being turned into something — currency or physical goods — that are supporting North Korea’s nuclear and ballistic missile program.”

Crypto Mining Business Model #6: Mining at a Loss

This doesn’t come out as a rational business model, unless ensuring that crypto transactions can be completed is your primary motivation.

We know that crypto is (or at least use to be) essential to the operation of the Darknet. Many illegal businesses and organized crime syndicates depend on the successful exchange of crypto to move their contraband.

Should the value of Bitcoin or any other crypto drop to the point that no one could make money mining it, then such syndicates would likely step in to fill the void – mining at a loss to keep the crypto running.

For all the crypto fanatics out there, therefore, there is a reason to take heart – there’s no way crypto values will ever drop far enough for mining to cease. Organized crime wouldn’t let that happen.

Blockchain: How A 51% Attack Works (double spend attack)

Blockchain: How A 51% Attack Works (double spend attack)

Let’s give a simple example to illustrate how a 51% attack works (double spend attack):

You spend 10 Bitcoin on a luxurious car. The car gets delivered a few days later, and the Bitcoins are transferred from you to the car company. By performing a 51% attack on the Bitcoin blockchain, you can now try to reverse this Bitcoin transfer. If you succeed, you will possess both the luxurious car and the Bitcoins, allowing you to spend those Bitcoins again.

Before explaining how this can happen, you should be acquainted with the blockchain mining process and technology.

51% Blockchain Attack (double spend attack) Definition

The ability of someone controlling a majority of network hash rate to revise transaction history and prevent new transactions from confirming.

What does this mean?

A 51% attack or double-spend attack is a miner or group of miners on a blockchain trying to spend their crypto’s on that blockchain twice. They try to ‘double spend’ them, hence the name. The goal of this isn’t always to double spend crypto’s, but more often to cast discredit over a certain crypto or blockchain by affecting its integrity.

Why can a 51% blockchain attack theoretically work?

As we have banks and the states central institution, the blockchain governs using a distributed ledger, where it can store all kind of information, like transactional data, in the case of cryptocurrency. That is why we call blockchains to be decentralised.

The protocol of the Bitcoin blockchain is based on democracy, meaning that the majority of the participants (miners) on the network will get to decide what version of the blockchain represents the truth.

How does a 51% PoW attack work?

Each transaction sent by a bitcoin owner is put into a pool of unconfirmed transactions. The miners select the transactions which will be part of the block. The miners need to find the solution to a very difficult mathematical problem (using computational power) to be able to add this block to the blockchain. This is the process of hashing.

Of course, the bigger the computational power of a miner, the better the chances are for him to be the first to find a solution. When a miner finds a solution, it will be broadcasted (along with their block) to the other miners and they will only verify it if all transactions inside the block are valid according to the existing record of transactions on the blockchain.

Note that even a corrupted miner can never create a transaction for someone else because they would need the digital signature of that person in order to do that (their private key). Sending Bitcoin from someone else’s account is therefore simply impossible without access to the corresponding private key.

How does a 51% blockchain attack start? With a corrupt miner!

A corrupt miner will try to reverse transactions. Why is a miner called malicious? Because when a miner finds a solution, it is supposed to be broadcasted to all other miners so that they can verify it whereafter the block is added to the blockchain (the miners reach consensus). a corrupt miner can create his own version of the blockchain by not broadcasting the solutions of his blocks to the rest of the network. There are now two versions of the blockchain.

The corrupted miner is now working on his own version of that blockchain and is not broadcasting it to the rest of the network. The rest of the network doesn’t pick up on this chain, because it hasn’t been broadcasted. It is isolated of the rest of the network.

The corrupted miner can now spend all his Bitcoins on the truthful version of the blockchain, the one that all the other miners are working on. On the truthful blockchain, his Bitcoins are now spent. Meanwhile, he does not include these transactions on his isolated version of the blockchain. On his isolated version of the blockchain, he still has those Bitcoins.

Meanwhile, he is still picking up blocks and he verifies them all by himself on his isolated version of the blockchain. This is where all trouble starts… The blockchain is programmed to follow a model of democratic governance (the majority).

The blockchain does this by always following the longest chain, after all, the majority of the miners add blocks to their version of the blockchain faster than the rest of the network (longest chain = majority). This is how the blockchain determines which version of its chain is the truth, and in turn what all balances of wallets are based on. A race has now started. Whoever has the most hashing power will add blocks to their version of the chain faster.

The corrupted miner will now try to add blocks to his isolated blockchain faster than the other miners add blocks to their blockchain (the truthful one). As soon as the corrupted miner creates a longer blockchain, he suddenly broadcasts this version of the blockchain to the rest of the network. The rest of the network will now detect that this (corrupt) version of the blockchain is actually longer than the one they were working on, and the protocol forces them to switch to this chain.
The corrupted blockchain is now considered the truthful blockchain, and all transactions that are not included on this chain will be reversed immediately. The attacker has spent his Bitcoins on a Lamborghini before, but this transaction was not included in his stealth chain, the chain that is now in control, and so he is now once again in control of those Bitcoins. He is able to spend them again.

This is a double-spend attack. It is commonly referred to as a 51% attack because the malicious miner will require more hashing power than the rest of the network combined (thus 51% of the hashing power) in order to add blocks to his version of the blockchain faster, eventually allowing him to build a longer chain.

And just for the fun of it, check the cost of the Proof-of-Work 51% Attack for some top cryptocurrencies.

Blockchain technology used in non-cryptocurrency applications

Blockchain technology used in non-cryptocurrency applications

Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance.

What is the blockchain technology? Basically, it’s an encrypted database of agreements.

Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the potential to create massive social change—and greatly protect the human rights of every individual.

Blockchain technology is in its early stages and industry insiders are still mulling over the ways in which it can be merged. The possibilities of blockchain are somewhat similar to that of smartphone applications.

Initially, apps didn’t catch on but developers soon realized that it could be designed to suit all sorts of needs – it was just programming. Thereafter, applications became all but a necessity for a business if it was wished to influence the market on a larger scale. Apps also gave developing power and outreach to the individual developer, allowing to them achieve what was often only accessible to larger development teams and resources.

Blockchain will further establish a sense of democracy and equality through its disruptive power. It can create a more level playing field, where individuals and small businesses will be able to compete with corporate powers that have established their dominance through the advantage of money.

Here are some of the domains in which the blockchain technology is or can be used (in non-cryptocurrency applications).

Financial Services 

Without a doubt, the most popular application and the launchpad for cryptocurrency into the global economy is the financial industry. The issues with today’s banking systems, which lack inclusion and fairness, have crazy interest rates and transactions are always in favour of financial companies. THat’s why one new customer might be more interested in not interacting with a bank, but trading directing in cryptocurrency.

Individuals are forced into unfair deals. Additionally, there are billions in the world who have no access to a bank at all, which is an even worse circumstance to be in.

Cryptocurrencies and blockchain can universally rectify the situation. With a smartphone and an internet connection, both of which are widely available, anyone can bank, start a business and receive payments. With incorruptible ledgers and no centralized authority for oversight, financial services on the blockchain would place power back in the individual’s hands, offering solutions without exorbitant interest rates and middleman fees. The banking industry even suggests that up to $20 billion can be saved by eliminating infrastructure and middleman costs.

Internet of Things

Along with blockchain and artificial intelligence, the Internet of Things is another technological development that is up and coming, with radically transformative effects.

Essentially an internet connecting all devices, we are soon to live in a world where our smartphones can “talk” to our fridges and cars.

With no central system necessary, blockchain would make this heavy processing much easier to handle while also securing data in an encrypted format. Tokenized mechanisms can monetize transactions between different devices and seamlessly integrate different services. Waltonchain and IOTA (which utilizes Directed Acyclic Graphs, not blockchain) are two of the big names in this niche.

IOTA is shaping up to be a practical, feasible way for machines to communicate with each other. The best way to describe the project is through a potential scenario: imagine driving a car registered on the IOTA network through a toll booth. As you pass through the toll, the car communicates with the toll and automatically makes the transfer. We live in a world that is increasingly dependent on machines, so you can imagine the potential of a system that automatically executes those dependencies.

Hurify is another project in the IoT space that aims to accelerate the growth of the industry. The platform allows developers to find IoT development jobs and improve their skill set more easily. Clients can find the right talent for their IoT projects and lower their overall costs.

Samsung and IBM are also working together to this end, on a blockchain initiative called ADEPT.

Digital Identity

Just imagine never having to worry about your digital security ever again.

Which is now estimated to cost the industry about $18.5 billion annually, according to a report released by Distil Networks.

Blockchain technologies makes tracking and managing digital identities both secure and efficient, resulting in seamless sign-ons and reduced fraud.

Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.

The data breach at Target was significantly broader than originally reported: The company said that 70 million customers had information such as their name, address, phone number and e-mail address hacked in the breach.

Events such as hacked databases and breached accounts are shining light on the growing problems of a technologically advanced society, without outpaced identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues, where identity can be uniquely authenticated in an irrefutable, immutable, and secure manner.

Current methods use problematic password-based systems of shared secrets exchanged and stored on insecure systems. Blockchain based authentication systems are based on irrefutable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the owner and the exact identity of the owner is deemed irrelevant.

Blockchain Identity Use Cases

Blockchain technology can be applied to identity applications in the following areas:

  • Digital Identities
  • Passports
  • E-Residency
  • Birth Ceritificates
  • Wedding Certificates
  • IDs
  • Online Account Login

Apartment Rentals/Real Estate

Long-term rental is the norm for the younger generation. Young working adults are in desperate need of a solution that makes housing arrangements simple and as efficient as possible, preferably without any third-party involvement.

The young minds behind Rentberry, a blockchain-based renting solutions platform, have faced the problems themselves: outdated renting platforms, unrecoverable security deposit, bidding wars with other and endless paperwork.

The Rentberry platform employs smart contracts to make finding and renting out a house seamless. Because it directly connects landlords with tenants, it removes brokers and their exorbitant fees from the rental equation. It is also easier for potential tenants and landlords to screen each other, make decisions, establish financial terms and offer payments, because of the auto-enforcing nature of smart contracts.

Like Rentberry, Atlant uses smart contracts to guarantee rental agreements so that neither parties can back out. Atlant turns its focus slightly more towards property purchasing. Sellers can list their property assets on the blockchain and, once verified, tokenizes the property value. It then takes the form of a Property Token Offering, where buyers can buy the property. The tokens of this particular purchase can be traded on a decentralized exchange.

Beetoken is yet another project in the property space. They aim to establish a P2P network of hosts and guests – like Airbnb but on blockchain. Users are assured security through KYC processes. Services like Airbnb do face the problem of fake reviews and such an issue is remedied by blockchain’s immutability and trust.

Healthcare

Healthcare is a pillar of any national economy. In America, it contributes to a fifth of the national economy, which amounts to roughly $3.8 trillion. Unfortunately, the industry is difficult to modernize on a large scale and is hindered by obsolete processes, legacy data management systems and outdated infrastructure.

Patient data is a crucial part of the medical industry. Secure storage and data access, which could protect and make an efficient diagnosis, is possible with blockchain. There are possibilities for the healthcare industry to partner with tangential services of other industries, such as insurance. ICON (ICX) is working on creating an ecosystem where this kind of inter-industry collaboration can exist.

The existence of legacy systems is especially noticeable in developing nations, which are many steps behind their developed counterparts. Blockchain could quickly bring these nations up to speed, rapidly modernizing their healthcare services, which would better patient healthcare and generate revenue.

Patientory, which raised over $7 million in 3 days in their ICO, aims to improve the healthcare space by offering a secure space for stakeholders to store and manage data. Their target audience is patients, providers and healthcare organizations. Patients can easily access their data and hand it over to providers, who may not have a complete history of the patient’s health but will be able to view notes from previous providers and organizations.

DokChain aims to provide cheaper and more efficient solutions to patient data processing. They are operating on a slightly larger scale, developing a platform for a broader range of industries including insurance.

Gem and Tierion are two other blockchain projects working in the healthcare space.

Insurance

Insurance policies are approved through the verification of the insured party’s data. The approval of insurance and payout of claims are still severe pain points for the industry.

InsureX (IXT) markets itself as an alternative marketplace for insurance. The insurance market has several layers of intermediaries, making approval a frustrating chore. InsureX’s goal is to encourage new business models, increase transaction speed and insurance approval, reduce risk through better data access, and improve customer experience.

Etherisc is an insurance platform that puts an emphasis on decentralized applications. They already have a few dapps up and running, including crop insurance, social insurance and flight delay. Crop insurance protects the insured party against drought or flood, social insurance is similar to life insurance and the flight delay dapp issues policies and pay out claims against flight delay delays autonomously. They will host a marketplace for the capitalization of risks and insurance related services. In other words, what other marketplace-based projects are doing for computer resources, dapps and digital identity, Etherisc is doing for insurance.

Machine learning can also be integrated with smart contracts, as it is being done with SafeShare. This project has partnered with Vrumi to protect property owners against damage and theft to their homes caused by tenants registered on the Vrumi platform. SafeShare employs MetroGnoma, an open-source timestamping service, to validate claims in real time.

Publishing

An example of a rather unexpected application of blockchain, the publishing industry too can benefit from decentralization.

Today’s publishing industry is largely in the control of a small group of publishers. It can be difficult for a yet unrecognized writer to break into the industry. Digital publishing and the internet has made it easier for writers but even then, the scale and recognition of traditional publishing is still lacking.

A platform like Authorship is set to overturn the current system, where influence is in the hands of publishers, by using a tokenized system that recognizes the work of any writer. Publishers can choose to digitally publish writers and print their books, should they feel convinced of their quality and should demand exist. The token system ensures that writers get their fair share of pay. Writers can also write and publish without the assistance of publishers. Translators will also receive payment and approval from publishers if they choose to translate a work.

The lesson here is, in whatever industry financial mechanisms favour one party over the other, blockchain can come in to equalize the system and ensure that everyone gets their fair cut.

Music

Like publishing which favours publishing companies, the music industry is also unfairly structured in favour of recording labels.

Musicians have frequently derided streaming services, stating that they have siphoned a lot of earnings away from them. This is sadly true, but we have crossed the point of no return in this matter. Streaming is the way of the future but it behoves us to ensure artists earn their fair share of royalties.

Much of the earnings from music sales go to recording labels. Some musicians have therefore directly released their albums to fans. Thom Yorke and Nine Inch Nails have released their albums on P2P networks, and Bjork has even permitted fans to pay for her album Utopia with cryptocurrency.

Blockchain now allows fans to connect directly with artists in a manner that is efficient and secure.

Two popular blockchain startups operating in this space are Mycelia and Ujo Music.

There are a number of ways in which Mycelia could benefit artists. Imogen Heap, who founded Mycelia, wrote she believes blockchain can help license copyrighted music in an easy manner that suits both the requestor and the artist.

A noteworthy element of Mycelia’s platform is the “creative passport”, which serves as a record of an artist, their works, tour dates – it is very social media-like, all but a necessity for artists today.

Ujo Music has also received the backing of Imogen Heap. With their “Creator’s Portal”, artists can publish, license and be compensated for their work through Ethereum. It will also make it easier for artists to be discovered and supported by the community. Voise, a platform that has a concentrated focus on streaming, operates with similar intentions.

Supply Chain Management

The supply chain industry is one fraught with many challenges, most of which are concerned with curtailing rising costs and efficiently supplying products to retailers and customers. It is valued in the hundreds of billion dollars worldwide and is set to grow as demand increases proportionally with spending power.

However, the industry faces several obstacles. Fuel costs are ever on the rise, overproduction of products wastes precious resources, as well as taking up space and eventually becoming harmful waste. It is an industry whose challenges affect our very planet.

Smart contracts offer a potential solution to this problem. Imagine if an industry as significant as the automobile industry utilized a system in which cars would be manufactured only when a fixed number of requests were received.

With smart contracts, it is possible for funds to be locked into a contract, whereupon manufacturers would begin production only after a certain number has been reached. It would eliminate the worry of overestimating demand and resource consumption, and could also eliminate middlemen by directly connecting consumers with manufacturers.

VeChain and ShipChain are two blockchain projects that want to transform this industry.

VeChain aims to establish a business ecosystem that is autonomous and self-circulating. The use of NFC chips to counter theft and fraud has been popular with markets like liquor and tobacco, and they have partnered with China’s National Research Consulting Center (NRCC) to this end.

ShipChain is also striving for the same goals with its platform, with its solution of “track and trace” being implemented from end to end on shipping and logistics. This will let small carriers operate independently and shift reliance away from larger, better-financed shipping parties. ShipChain is also incentivizing operators by rewarding them for efficient transport routes and timely deliveries.

Government

In many parts of the world and, even in America which has long been held as the gold standard for democracy, voting power is manipulated and contorted to favour parties or even certain individuals. Nowhere is the principle of “one individual, one vote” more desired than in political voting systems.

Democracy Earth has created a peer-to-peer governance protocol for organizations. Budgeting takes place with bitcoins and smart contracts, and only you, the voter, have access to your voter information.

Horizon State is oriented towards actual voting for the purposes of governance. The platform allows for immediate recognition of votes at a fraction of the cost of traditional voting systems. The tokens of the platform are used as the ‘gas’ for voting and other services, which includes funding for campaigns.

Boule is another voting platform that is similar to Democracy Earth and Horizon State in its basic purpose.

Cloud Computing/Distributed Computing

Computing power is quickly becoming a fundamental necessity, like electricity and the internet. Many of the tasks that we do today, and certainly those in the scientific and entertainment industries, require heavy computation.  The trouble is that it requires resources that are currently only accessible to major corporate powers who have the funds to operate powerful systems.

The distributed nature of blockchain changes that, as it lets any user across the world utilize the computing power of ordinary computers to perform computationally-intensive tasks. Golem Network is working on precisely this, letting people rent out idle computing resources like bandwidth and processing power to others who can use it to render CGI and perform scientific calculations.

SONM (Supercomputer Organized by Network Mining) targets similar goals. Distributed computing will let users offer their idle computing resources for general purpose computing. SONM also envisions the use cases of video rendering and scientific processes like DNA analysis.

Elastic is an open-source P2P platform that works on a proprietary language called ElasticPL. The key difference here is that users are able to model their problems with the programming language.

Distributed cloud storage

Blockchain data storage will become a massive disruptor in the near future. (3-5 years)

Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.

On the other hand with the Blockchain, this can become decentralized. For instance, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. Additionally, users can rent out their excess storage capacity, Airbnb-style, creating new marketplaces.

Anyone on the internet can store your data at a pre-agreed price. Hashing and having the data in multiple locations are the keys to securing it.

There are at least 2 start-ups exploring this idea. After encrypting your data, it is sent out to a network with easy to track basic metadata.

Decentralized notary

One interesting feature of the blockchain is its timestamp feature. The whole network essentially validates the state of a wrapped piece of data (called a hash) at a certain specific time.

As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.

Manuel Aráoz, a Buenos Aires, Argentina-based developer, who built Proof of Existence as a decentralized method of verification, a kind of cryptographic notary service explained:

“As the blockchain is a public database, it is a distributed sort of consensus, your document becomes certified in a distributed sort of way.”

Proof of Existence allows users to upload a file and pay a transaction fee to have a cryptographic proof of it included on the bitcoin blockchain. The actual file is not stored online and therefore does not risk unwanted publication of the user’s material.

After anonymously uploading the document and paying the network fee, a hash of the document (or any other type of digital file) is generated as part of the transaction.

The Proof of Existence website shows recently uploaded files that have hashes on the blockchain.

This, in effect, uses the public and ledger-like nature of the blockchain to store the proof of your file, which can later be verified should an issue of authorship or dating arise.

“Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the document’s timestamp,” said Aráoz.

Smart contracts

What if you could cut your mortgage rate, make it easier to update your will?

The world of smart contracts is fast approaching.

These are legally binding programmable digitized contracts entered on the blockchain. They are smart because they are automated and can self-execute. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.

For example, if two people want to exchange $100 at a specific time in future when a set of preconditions are met, the conditions, payout and parties’ details would be programmed into a smart contract. Once the defined conditions are met, funds would be released and sent to the appropriate party as per terms.

By giving computers control over contracts, we can make business more efficient and make the legal system more equitable.

“Smart contracts solve the problem of intermediary trust between parties to an agreement, whether that is between people transferring assets like gold, or executing decisions between two parties in a betting contract,” explained Vitalik Buterin, a founder of Ethereum.

Platforms like Ethereum are bringing smart contracts closer to reality. Additionally, because data stored in the Blockchain cannot be tampered with, basic contracts like marriages have already been recorded in code.

Digital voting

The greatest barrier to getting electoral processes online, according to its detractors, is security. Using blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world.

In 2014, Liberal Alliance, a political party in Denmark, became the first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.

“Many states use voting machines that are over 10 years old that are not only antiquated and failing, they are also becoming increasingly expensive to maintain as parts are no longer manufactured. Election fraud undermines the very fabric of democracy.” -BTC

Last year a team accredited to observe the 2013 municipal elections in Estonia – the only country to run Internet voting on a wide scale – revealed that they observed election officials downloading key software over insecure Internet connections, typing PINs and passwords in view of cameras, and preparing election software on insecure PCs.

Norway also cancelled trials of e-voting systems in local and national elections, concluding that voters’ fears about their votes becoming public could undermine democratic processes. (Source: A security analysis of Estonia’s Internet voting system by international e-voting experts.)

Just imagine a society where your vote is guaranteed from the comfort of your phone.

Can you imagine how the landscape of the political system would change?

Blockchain technologies will become the gold standard for all nations of the world in the near future. It is time for our system and governments to become more transparent.

Charity

Charitable organizations purportedly use the funds they receive to benefit the cause they are supporting. However, in more than a few cases, the money is misspent or outright corruption occurs.

Blockchain’s ability to transparently showcase transactions on its public ledger makes it ideal for use in charities. The public, donating their hard-earned money for a good cause, can see how and where their donations are being spent.

There are several blockchain projects operating in this niche. Alice is a project that aims to help cash-strapped social endeavours through its blockchain-based crowdfunding platform. Giveth is an open-source, Ethereum-based platform that is similar to Alice, but also features a mechanism called LiquidPledging. This is when a donation is made via a delegate. Likewise, AidCoin is another platform that is aiming to make charity donations more transparent and immediate.

Energy

The energy industry is also hampered by middlemen. Blockchain technology could change that by letting individuals buy and sell energy through smart contracts. The energy used by individuals in homes could form a microgrid where communities become resilient to power outages, as well as reduce the drain on the environment.

This is exactly what LO3 Energy has done by establishing the Brooklyn MicrogridThe company itself states it best – they want to reimagine how power can be generated, conserved, traded and shared.

Power Ledger claims to be the world’s first commercially-available energy trading platform of its kind. Users can trade electricity with each other and receive payment in real time. What’s interesting is that users can sell power that they’ve stored on their solar panels. Any excess power that isn’t essential could be sold for money.

Grid+ works with Artificial Intelligence to study your energy consumption pattern and purchase energy accordingly. This platform involves a hardware unit. The AI-based smart energy agent has access to multiple energy markets and can also extra energy generated from solar panels.

Job Marketplaces

For a while now, the systems of employment have been changing. Studies have shown that employees, along with demands for good pay, wish for flexibility with work and the freedom to work from home. Employers have begun to take note that the mindset of employees and their criteria for happiness have changed while other studies have noted that the happiest employees are the ones who perform best.

Freelancing has grown immensely in popularity. While professionalism has grown on both sides, trust always remains an issue because there is currently no way to enforce it.

Blocklancer wants to change that. The platform is essentially a freelance job portal where clients and freelancers can interact. Through the power of smart contracts, both parties are assured of their requested services. It is the freelancing portal freelancers love, but with the assurance of pay and delivery of work.

Are there other use cases of blockchain technology? YES.

Messaging, Blockchain-as-a-Service, Digital Advertising, Credit, Trading, Fishing, Hedge funds, Ridesharing, Crypto exchanges, Human resources, Gaming. There are all fields in which we can use blockchain applications.

As mentioned above, most of these applications are still underdeveloped.  The future potential of the blockchain applications is still unravelling. The next couples of years will be all about experimenting and applying to all aspects of society. Regardless of which application comes first on a global scale. The bottom line is, Blockchain is here to stay and will and is transforming how our society functions. Caught your interest? Then find out right now how you can earn free cryptocurrency.

Learn how to earn free cryptocurrency (without investing or mining)

Learn how to earn free cryptocurrency (without investing or mining)

Yes, you can earn free cryptocurrency and the list of services offering free cryptocurrency is growing. 

Currently, the most popular way for people to get hold of a cryptocurrency (aka electronic money) is to buy it on an exchange with fiat currencies or through mining, but there are other ways you can earn cryptocurrency without getting out your wallet. In this article, you will discover services and platforms to help you earn free cryptocurrency without investing or mining.

How to earn free cryptocurrency?

No matter how you call it, electronic money, cryptocurrency or digital currency is something the entire planet started to be interested in.

While mining cryptocurrency and Bitcoin isn’t the cheapest way to get cryptocurrency, new blockchain platforms have emerged and are ready to help you earn this new electronic money, which is called cryptocurrency.

As Bitcoin makes it more and more on the international news, companies have come up with a different way in which you, can take part in this blockchain world, without investing any fiat money, or mining the cryptocurrency.

Sure, by signing up for any of these apps, you won’t be able to quit your day job anytime soon. But they give you the opportunity to earn money while you practically sleep and they also provide you with valuable experience in the up-and-coming decentralized sharing economy.

Something you shouldn’t miss on is the chance of earning free cryptocurrency! Since you are already online, so why not earn cryptocurrency online?!

Where to find services which help you earn cryptocurrency without investment? Here is what we found so far. (The list of where to get free cryptocurrency is updated regularly).

Crowdholding

A decentralized open innovation platform empowering anyone to earn cryptocurrency,

 Crowdholding is a co-creation platform were you log in, give feedback and earn crypto for it. They have over 70 crypto startups and over 40,000 signups. They have new startups as well as establish coins such as SmartCashDeepOnion and ITF. (All on CoinMarketCap).

It’s free to sign up! How do you earn free crypto? After you sign up, you can give feedback, take part in bounties and airdrops to earn free cryptocurrency without investing.

The stages of Crowdholding, according to their website:

  • Project Creation
    A provider needs feedback to increase their offering so that they establish a project and offers in cryptocurrency.
  • Community Engagement
    The business works directly with the many innovative and enthusiastic stakeholders who are called Crowdholders.
  • Idea Validation
    Important stakeholders, specialists and customers give feedback about the best way best to for development.
  • Reward Distribution
    The audience gets rewarded for their comments together with YUP & ERC20 tokens, while the organization discovers how to improve.

Storm play

Earn anywhere, anytime, from any device

What is Storm?

According to its website, “Storm Token is a premium cryptocurrency reward used to fuel the world’s only blockchain-supported microtask platform.”

Storm Play is an app started in 2017, which pays you Bolt for doing a simple task such as downloading apps, surveys, and quizzes.

Storm (STORM) intends to make a blockchain-based, gamified, micro-task market (Storm Marketplace) that empowers users to earn STORM ERC-20 tokens by completing different tasks.

Micro-tasks in the app have been ‘gamified’ into a reward system that allows you to easily earn tokens for playing games or trying out new products or service.

“Participate in short surveys, try out new products, watch videos, and help finish small tasks to earn rewards in Storm Token, Bitcoin, or Ethereum.”

Some of the tasks, for example, involve achieving goals in games you have to download. Some mobile gamers may find that StormPlay gets them the entertainment factor they need, all while earning cryptocurrency without investment.

Bolt is the in-app currency which you can convert to Bitcoin, Ethereum or Storm coin when you have reached the minimum withdraw limit.

Steemit

Steemit, or as the founders say, ”Come for the rewards. Stay for the community,” is a Reddit-like portal which supports posting content as well as up and down-voting.

Steemit is based on a blockchain that runs on a native coin called STEEM.

Steemit’s developers say that their Blockchain, in contrast to Bitcoin’s proof-of-work, is based upon “proof-of-brain.” That is to say, cryptocurrency is generated by participants creating original content. If you are some sort of content creator, then you definitely have to have an account on Steemit and you can earn cryptocurrency without investing by simply creating the content you are really good at.

This works as follows: A certain pool of STEEM tokens is dedicated to incentivizing content creation and curation. And how exactly these tokens are distributed for specific pieces of content is determined by “crowd wisdom” – the participant community assesses the value of the content and its token reward.

LBRY

LBRY is an open-source and decentralized platform for video content sharing which rewards you for content consumption. Yes, you read that right. Not only are you rewarded for content creation, but for content consumption.

Why is that? Of course, in the long run, the main point of LBRY’s economy will be the remuneration of content creators, namely with tips from content users in the app’s native LBC token (short for LBRY Credit). The app comes with a dedicated LBC wallet. Other ways to obtain LBC’s are contributions to the LBRY project and mining – see here for all the ways of earning LBC.

However, to encourage widespread adoption of the LBRY app, the LBRY team is currently providing in-app rewards for early adopters. They can be earned simply by surfing video channels and watching videos.

SMSChain

SMSChain is a decentralized SMS gateway. It is based upon one of the most classical sharing economy concepts: Take a resource that someone has paid for, but isn’t using, and enable that person to share this resource with others.

These messages mostly consist of standard templates, not individualized content. These templates will be defined in SMSChain nodes, and participants can choose in advance which types of content they wish to permit to go through their SIM card.

SMSChain offers exactly this marketplace, and the marketplace’s currency is their native token SMSTO. You can earn SMSTO simply by signing up for an account on the SMSChain website, and by agreeing to sell your unused SMS capacities.

In the context of SMSChain, you are known as a “miner” – similar to Bitcoin’s concept of mining. However, the mining mechanism in SMSChain is not wasteful proof-of-work, as in other cryptocurrencies, but proof-of-delivery. That means that you do the useful work of delivering SMS in order to earn your SMSTO.

Work/sell items for crypto

The explosion of cryptocurrencies has created a market where you can offer your services and receive remuneration in cryptocurrency.

There are subreddits such as /r/Jobs4Crypto and /r/Jobs4Bitcoins, or you can simply contact ICOs if you have a desirable skill set. Got something to sell? There are also multiple sites where you can sell your unwanted items for cryptocurrency. Some examples are Bitify (a platform similar to eBay) and BazaarBay (a platform that acts like Etsy).

SweatCoin

SweatCoin will help you earn cryptocurrency for simply walking around outside.

SweatCoin might be the app that sounds familiar to you because it’s the easiest to use, and therefore the most popular. SweatCoin pays you in a currency that will eventually be turned into actual cryptocurrency on the blockchain.

Blockchain Games

Blockchain games are taking gaming to a whole new level. And yes, playing games can actually help you earn cryptocurrency without investing. More and more startups and companies are on their way to change their business model and the gaming industry is a big part of it.

You can earn free cryptocurrency by playing arcade games such as Alien Run and collectable fantasy football games like FootballCoin if you are a football enthusiast. Let’s not forget about attention games like Block Stacker. All these games are ready to reward you for your time and attention. And if you get really good at any of them, this could a permanent way of earning free cryptocurrency.

Remember there is an essential difference between blockchain games and crypto games. The two notions mean different things.


These are some of the most in handy and obvious ways in which you too can earn free cryptocurrency without investing. If you have more suggestions, feel free to send them and we will happily add them to the list.

Remember that there is a big cryptocurrency market and it grows at an exponential rate. As always, the firsts ones are the most advantaged players.