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      "body": "![Cryptocracy.png](https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png)\n\nMost cryptocurrencies offer their users some degree of privacy and anonymity. While a wallet address can sometimes be tracked, and transactions can be monitored, the user still has to be positively linked to the wallet. Monero avoids all of this by creating a completely private, secure and obfuscated blockchain. One of their main goals is to prevent tracking users through transactions or wallet addresses, and they’ve fairly well accomplished that.\n\n![320px-Monero-Logo.svg.png](https://steemitimages.com/DQmS72Yuj3pwuXwr2krVh6UBAcp548USpu1jLqbN8k2Wr6o/320px-Monero-Logo.svg.png)\n\n# Private and Fungible\n\nMonero is based on an entirely different blockchain than Bitcoin, with a few critical design features that ensure the promised privacy. The first is the use of ring signatures, which effectively removes the end user’s identification from the system. Instead, transactions pass through entire groups of users, using stealth addresses that are created for individual transactions. Single units of Monero are not identified, which prevents their being linked to certain actions and blacklisted by the blockchain. This makes all Monero coins equivalent to each other, and therefore fungible.\n\n# Small Scale Mining\n\nUnlike the processing juggernauts necessary for Bitcoin, Monero is resistant to ASIC mining. As such, the barrier for entry to Monero mining is much lower, allowing smaller miners to compete in the field.  This has added a new level of mining that would not be possible for other coins – allowing users to mine through web applications. While this has some potential downsides, it also allows traditional websites to replace advertising with integrated Monero mining software. So long as the end user has informed consent of this process, it’s an excellent alternative to traditional advertising methods.\n\n# So why Monero?\n\nMonero is private, easily mined and somewhat widely adopted. When someone needs to transfer value in a way that is not as transparent as other cryptocurrencies, the process of converting to Monero is fairly simple and completely secure. Their blockchain is stable and major media websites have started to adopt their mining process as an alternative to advertising – a feather in the cap of Monero, and a means by which their value will increase.\n\n# But why not?\n\nThe privacy inherent in the Monero system is particularly useful for illicit industries. The inability to track funds and the complete obfuscation of actors on the blockchain makes Monero the cryptocurrency of choice for all manner of black market goods. Obviously, this somewhat tarnishes the reputation of the coin. Due to the small scale mining ability, non-consent mining schemes have cropped up on unscrupulous websites, and in the form of malware.  This further degrades perception of Monero, and the coin is known for both of these factors.\n\n*This is part of my ongoing series of basic primers for cryptocurrency. If you found it useful, interesting or just like my style - consider following me! I can also be found on Twitter at [@Decryptios](http://www.twitter.com/decryptios)* \n\n*Previous primers;*\n*[A Dash Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-dash-primer)*\n*[An IOTA Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-iota-primer)*\n*[A NEM Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-nem-primer)*\n*[An EOS Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer)*\n*[A Stellar Lumens Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer)*\n*[A Cardano Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer)*\n*[A Ripple Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer)*\n*[A Bitcoin Cash Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer)*\n*[A Litecoin Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer)*\n*[A NEO Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer)*\n*[An Ethereum Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer)*\n\n[Photo by Spencer Selover from Pexels]( https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/)",
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      "body": "@@ -3878,16 +3878,96 @@\n wing me!\n+ %5BI can also be found on Twitter at @Decryptios%5D(https://twitter.com/decryptios)\n *%0A%0A*Prev\n",
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      "body": "![Cryptocracy.png](https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png)\n\nIn active, real-world usability, one cryptocurrency is queen to Bitcoins king. Dash, previously Darkcoin and XCoin, has integrated their currency with online merchants in a one-by-one crawl towards acceptance. This “Boutique” approach may be a work intensive way of going about usability, but it has some advantages over the lofty universality that other cryptocurrencies are working towards. Namely, Dash can actually be used right now.\n\n![320px-Dash_(cryptocurrency)_logo.svg.png](https://steemitimages.com/DQmRmNNf4N7AcX6szvfCYXPQRsVabNTWPvjPaz4WNjph1vc/320px-Dash_(cryptocurrency)_logo.svg.png)\n\n# Miners and Masternodes\n\nDash effectively uses both Proof of Work and Proof of Stake in their system.  Miners make up the lower level of network transactions, creating new blocks on the chain to generate additional Dash and process transactions. This isn’t abnormal for Proof of Work cryptocurrencies. Things get interesting when you elevate to the second level, where masternodes perform higher level functions. A masternode is created by anyone holding over 1,000 Dash, and grants that user the ability to participate in Dash’s governance system. These masternodes also allow the use of PrivateSend anonymous transactions.\n\n# Dash as a Decentralized Autonomous Organization\n\nDash is a Decentralized Autonomous Organization, or DAO. That means that Dash is governed by the blockchain, without the need for a trusted third party. The system is relatively immutable, requiring masternode consensus before any changes can be made. This limits what the Dash Core Team can do to the code, which is both a security feature and a potential hindrance if issues are discovered.  Proposals can be submitted, after which all masternodes can vote on the issue at hand. If the proposal goes through, the system can be modified.\n\n# PrivateSend\n\nOne of the prominent features of the Dash cryptocoin is the ability to perform transactions in an anonymous, untraceable way. Through the PrivateSend system, someone can choose from a predetermined set of transaction amounts and forward that amount to a masternode. The masternode takes all of the same-sized transactions and shuffles their destination address, so that no individual Dash coin goes directly from sender to receiver. Everyone receives the amount that they are expecting to receive, but from a different source. This adds a considerably level of security to the transaction, as no one but the sender and receiver know where the payment came from.\n\n# So why Dash?\n\nDash has an array of digital merchants that have already signed on to their payment system. 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The only question is whether they will continue to outpace their considerably competition.\n\n*This is part of my ongoing series of basic primers for cryptocurrency. If you found it useful, interesting or just like my style - consider following me!*\n\n*Previous primers;*\n*[An IOTA Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-iota-primer)*\n*[A NEM Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-nem-primer)*\n*[An EOS Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer)*\n*[A Stellar Lumens Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer)*\n*[A Cardano Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer)*\n*[A Ripple Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer)*\n*[A Bitcoin Cash Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer)*\n*[A Litecoin Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer)*\n*[A NEO Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer)*\n*[An Ethereum Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer)*\n\n[Photo by Spencer Selover from Pexels]( https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/)",
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      "body": "@@ -959,24 +959,81 @@\n er Potentiam\n+ (%5Bhttps://www.potentiam.io/%5D(https://www.potentiam.io/))\n  is betting \n@@ -1357,18 +1357,87 @@\n m Core%0A%0A\n-At\n+%5BAs outlined in their Whitepaper,%5D(https://potentiam.io/whitepaper.pdf)\n  Potenti\n@@ -12977,8 +12977,129 @@\n  future.\n+%0A%0A*%5BThis content by Stratafyre, from the Bitcointalk Forums%5D(https://bitcointalk.org/index.php?action=profile;u=1785685)*\n",
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      "title": "Potentiam – Disrupting the Music Industry through Blockchain Integration",
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      "permlink": "potentiam-disrupting-the-music-industry-through-blockchain-integration",
      "title": "Potentiam – Disrupting the Music Industry through Blockchain Integration",
      "body": "![Potentiam.jpg](https://steemitimages.com/DQmSQt1va1rWTGWMRSaWdQSxTQ6SgpEXgQRhXf6wVEMYX3W/Potentiam.jpg)\n\nIt has been a long and bitter fight, wresting control of music creation from draconian music labels and uncaring corporations. The turn of the millennium saw peer to peer networking storm onto the scene, and subsequently get snuffed out by a strong bout of technophobia. It would be years before streaming digital music services became the norm, starting with iTunes before expanding into dozens of platforms. None of these advances have changed the inherent dynamic within music –you needed at least an agent and probably a full label backing your music in order to get listed, noticed and distributed.\n\nThe advent of blockchain technology could be just as much of a shock to the system as the original P2P networks. With the right momentum and leverage, it could even succeed in breaking free from the traditional music model, something that new comer Potentiam is betting on. They're new platform is designed to give the power back to individual artists, harnessing the power of blockchain distribution to seize control from the record labels. Their recent partnership has brought them over 5,000 artists to test the platform, and to seed the start of their social network.\n\n# The Potentiam Core\n\nAt Potentiam’s base is the powerful Core module, upon which everything else is based. Potentiam Core is built from the ground up as a private social network that will allow individuals within the music industry to seek out one another, and to advertise their skill sets for collaboration. Once a team has been assembled, they will then have the ability to use the internal digital production studio for the creation of music itself. The digital production studio portion of the Potentiam Core module is a fully featured audio work suite integrated directly into the blockchain network.\n\nFrom there, they can work together on all aspects of their creation, and ultimately port it directly over to the Potentiam Core catalog management system. This blockchain based database has an array of features that will help artists distribute use licenses to end consumers. It also allows groups to partition out copyrights by formal agreement within the system. From there, the composition is available to the network at large for use in their music creation. Once another user has sampled the original composition and completed their own music, the original producer is prompted for licensing approval and terms. Until a final agreement is decided upon, the derivative work is not published to the artist’s catalog.\n\nNow that the artist has a complete master recording in their catalog, they have a myriad of options available to them for distribution. Outside of the Potentiam Core, there are multiple modules designed around distributing, promoting and funding an artist’s work. Potentiam itself takes only a 10-15% fee on generated revenue through their platform. This is in stark contrast to traditional record labels, which can often take up to 80% of an artist’s revenue. This is good news for both the artist and the fans searching out their work – lower overhead means lower prices, but higher share of the revenue means a net gain for the producers compared to the conventional model.\n\n# The Potentiam Modules\n\n* ## Digital Distribution Module\n\t* The digital distribution module is a gateway to the established internet music marketplace. Users will be able to access traditional digital service providers, such as iTunes and Spotify, through the module’s website. Using this system, Potentiam will make DSP integration seamless and simple, while also managing the digital rights and royalties in a single location.\n\t* Revenue generated from the digital service provider is then routed back through Potentiam’s system and distributed via smart contract to the original artist. This allows the artist to work, create and distribute entirely via Potentiam’s system, while still having access to the user base of the established music marketplaces.\n* ## Physical Distribution Module\n\t* While physical media has been on a downtrend lately, there is still a large demand for real world possession of music. To help facilitate this market, Potentiam will provide manufacturers with access to the music catalog through their own, specific web portal.\n\t* Manufacturers would be able to license music to produce their own physical media, items such as vinyl or CDs. The license would apply to a certain production amount, and revenue generated from this process would be distributed back to the artists through the Potentiam network’s smart contracts.\n\t* Potential clients would be provided with lists of curated content, such as trending or popular songs within the network. They would also be able to search the entire catalog database through a variety of functions including artist and genre.\n* ## Sync Licensing Module\n\t* Accessing a lesser known profit source, the sync licensing module provides artist’s work to other content creators that are in need of a soundtrack. This includes movie production, advertising and even video game soundtracks. Companies looking for sync licensing will place a bid that can then be accepted or rejected by the original artist.\n\t* The sync licensing module will use a proprietary artificial intelligence system to sort, categorize and curate the entire Potentiam catalog. Potential clients can then use this system to find the perfect music for their production, searching by non-traditional categories like mood and tempo.\n* ## Public Performance Licensing Module\n\t* The final licensing module covers public broadcasting use of artist’s work. The public performance licensing module grants access to the entire Potentiam catalog for a flat fee. Music can then be used from within the catalog for public performances that include radio and event music.\n\t* Potentiam will seek out active partnerships with performance rights societies, traditional groups that oversee public performances and ensure that the proper royalties are paid based on the use of the catalog. These societies collect revenue and distribute it to the original artist.\n* ## Booking Agent Module\n\t* One of two modules not designed or direct distribution, the booking agent module is a web portal created to bring together artists with live venues that need talent. These venues can access an additional web portal to browse artists that have made themselves available for public performances. Alternately, the venue itself can advertise dates and times they require live music.\n\t* The booking agent module will have a robust set of features to allow internal agreements over incidental costs like transportation and housing during the event. All payment transactions are handled directly through Potentiam, allowing the artist to continue using a single location for all of their payment needs.\n* ## The Potentiam Artist Crowdfunder\n\t* The final Potentiam module creates a space to help artists reach their goals. Potential artists can set up a campaign within the artist crowdfunding module to help offset the initial cost of bringing their music to market. This can be anything from start-up capital for recording equipment to full-blown, high-concept ideas that require significant funding.\n\t* The artist crowdfunding module links artists from the Potentiam Core to the written content creation Potentiam Classic system. The Core module provides the mechanism for accepting Potentiam tokens, while the Classic system links fans to artists and allows them to contribute the tokens.\n\n# Potentiam Classic\n\nIn addition to the content creation and distribution abilities of Potentiam Core, there will also be a crowd-sourced contribution platform called Potentiam Classic. This platform will serve as the marketing and public relations arm of the more music creation oriented Core platform. On Potentiam Classic, artists and fans alike can come together to discuss upcoming music and trending artists with a fully featured blogging and article hosting service.\n\nMuch as the site Steemit has done for the blockchain space as a whole, Potentiam Classic will provide an outlet for the written word in relation to the music scene. Users are rewarded for good content, creating incentive for them to produce posts that help further Potentiam artists and the Potentiam platform as a whole. Artists can in turn use the Classic platform to help drive users towards their crowdfunding campaigns and music catalogs.\n\n# Potentiam and Clout\n\nThe lifeblood of the Potentiam content creation system is the PTM token. Created using the ERC-20 standard established by the Ethereum Project, the PTM token is a smart contract capable currency that is used for all forms of transactions within the Potentiam platform. All transactions and fees within the system are placed within a centralized Potentiam Pool for distribution in 30 day periods. Every 30 days, the full Potentiam Pool is divided into three portions; content creation rewards, vault node dividends and the development fund.\n\nA secondary token, Clout, is used solely within the Potentiam Classic ecosystem to determine the quality and reach of user content. Clout is curated by the users, with each receiving 100 upon joining for the use of promoting content. Awarded Clout in this manner becomes Article Power, the metric used to determine trending and popular articles, which stays in effect for 30 days. At the end of that 30 day period, the amount is returned to the original curator for further use.\n\nClout and article power also help determine the percentage of PTM reward distribution that is gained by the creator. Their personal article power is compared against the total article power for that 30 day period, and they receive a proportional amount of the monthly content reward total as a result. This process will help drive content creation, while rewarding those that consistently provide high quality content to the platform.\n\n# The Potentiam Vault\n\nThere are several ways that blockchain cryptocurrencies can choose to generate dividends for their investors. Potentiam is considered a Proof of Stake token, which means that investors and holders are rewarded based on the amount of Potentiam that they hold. This is, however, dependent on the somewhat unique Vault system that Potentiam has put into place.\n\nWhile users always have the option of storing their PTM tokens in their platform wallet, or on any ERC-20 compatible exterior wallet, neither of these options count towards their Proof of Stake dividends. Instead, users can choose to place an amount of PTM into their Potentiam Vault, where they will remain for a set period as determine ahead of time by the system. Tokens within the vault are eligible for vault rewards, collected from the transaction fees for that month. There is a minimum of 10,000 PTM to create a single vault node, but users with less than that amount will have the option of joining other users to create a communal vault node. They will then receive a reward that is directly proportional to the amount they contribute towards that vault node.\n\n# Conclusion\n\nAs an emerging technology, blockchain is taking the world by storm. Every industry is, in some way, integrated either the decentralized or distributed ledger aspects of the system – and some conventional businesses have discovered that simply adding “blockchain” to their name is enough to spur growth. In the same way that we saw direct peer to peer networking completely change the face of the music industry, we may soon see blockchain do the same.\n\nPotentiam is placing themselves in a position to provide the first platform for blockchain music creation and distribution. Perhaps more importantly, they are doing so with a fully featured creation suite and catalog database that brings them to the market as a true, instant competitor to some of the more established competitors in the music scene. When the platform is fully launched, we can expect “Potentiam” to join industry leaders like iTunes, Pandora and Spotify in name brand recognition as a distribution method.\n\nHowever, it is the complete vertical integration of all aspects of music creation that will really set the platform apart. Allowing artists to create, collaborate, market and distribute, all in one location, sets Potentiam apart from any of their immediate competitors. The recent addition of 5,000 artists to their alpha test ensures that Potentiam will hit the ground running. That level of engagement, in a platform that has yet to be officially released, suggests a system that is already working well – and that will be polished to a mirror finish before public release. Assuming Potentiam delivers on their promised content, there is no doubt that they will be a music distribution powerhouse in the future.",
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      "title": "Cryptocracy: The Top 10 Cryptocurrencies under Bitcoin",
      "body": "![Cryptocracy.png](https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png)\n\nOver the past few weeks, I’ve been writing up primers for the top 10 cryptocurrencies under Bitcoin, based on market cap. Now that those are finished, I’m putting them together here in a single, easily referenced archive. As always, if you find my information useful – or you just like my style, consider following me. I intend to keep putting these primers out, slowly working down the list of top cryptocurrencies.\n\n# [An Ethereum Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer)\nEthereum is the undisputed #2 in the cryptocurrency field, with some expecting it to overtake Bitcoin in the near future. Their ERC-20 smart contract standard is used by many of top altcoins.\n# [A NEO Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer)\nNEO is a centralized blockchain system designed as a platform for further projects. Their work with the Chinese government and NEO’s generation of the GAS dividend crypto both make this a strong coin. \n# [A Litecoin Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer)\nLitecoin is the primary comptetitor to Bitcoin’s spot as a usable digital currency. It is fast, with cheap transaction fees and a robust, working network of payment options in the real world.\n# [A Bitcoin Cash Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer)\nBitcoin Cash is a hard fork of the original Bitcoin blockchain. They revamped the code base to allow larger blocks and faster transactions, without the decreased security of the Segregated Witness system.\n# [A Ripple Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer)\nRipple is a product aimed at the financial industry, providing a lightning fast backend for bank transfers. Conventional bank transfer systems have been in place for decades and are woefully ill equipped for modern banking needs.\n# [A Cardano Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer)\nCarando is trying to establish their project as a cryptocurrency built from the ground up to be stable and upgrade capable. They’re looking to avoid the pitfalls of previous blockchains that have been bogged down by transaction traffic.\n# [A Stellar Lumens Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer)\nThe Lumen cryptocurrency by Stellar is the non-profit version of Ripple’s corporate banking infrastructure. Rather than high end banking institutions, Stellar wants to provide banking to developing nations, while acting as a bridge currency for foreign exchange.\n# [An EOS Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer)\nEOS is designed as a network for decentralized applications, rather than a digital currency. The EOS.io software allows the creation of applications that can be run directly from the blockchain in a secure environment.\n# [A NEM Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-nem-primer)\nNEM’s XEM cryptocurrency uses a unique Proof of Importance algorithm to pay out dividends. Proof of Work requires expensive hardware, while Proof of Stake requires a large investment and holding of assets. Proof of Importance rewards people who actively engage in the market.\n# [An IOTA Primer](https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-iota-primer)\nIOTA is the only cryptocurrency on this list that does not use blockchain technology. They instead use their own Tangle network that eliminates the inherent traffic jam that comes with a blockchain system. Through parallel processes and point-of-transaction Proof of Work, their network is lightning fast.\n\n[Photo by Spencer Selover from Pexels]( https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/)",
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      "body": "@@ -572,16 +572,136 @@\n isplay.%0A\n+%0A!%5B320px-Iota_logo.png%5D(https://steemitimages.com/DQmbK2MVyWTjKmy5hok468kc53825GGXF5gNn7AWvAHR5tY/320px-Iota_logo.png)%0A%0A\n # The IO\n@@ -714,16 +714,17 @@\n ndation%0A\n+%0A\n IOTA was\n@@ -1322,16 +1322,17 @@\n n IOTA.%0A\n+%0A\n # The Ta\n@@ -1344,16 +1344,17 @@\n Network%0A\n+%0A\n In a typ\n@@ -2280,16 +2280,17 @@\n chains.%0A\n+%0A\n # The IO\n@@ -2307,16 +2307,17 @@\n urrency%0A\n+%0A\n The IOTA\n@@ -2812,16 +2812,17 @@\n ations.%0A\n+%0A\n # So why\n@@ -2828,16 +2828,17 @@\n y IOTA?%0A\n+%0A\n IOTA%E2%80%99s u\n@@ -3334,16 +3334,16 @@\n ition.%0A%0A\n-\n # But wh\n@@ -3349,16 +3349,17 @@\n hy not?%0A\n+%0A\n The IOTA\n",
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      "body": "![Cryptocracy.png](https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png)\n\nFrom the time that the first blockchain was created, it was inevitable that someone would try to create a successor. Easily the most prevalent of the would-be replacements is IOTA’s Tangle network. The IOTA Foundation imagines a world where the entirety of the Internet of Things runs using the using their network. In theory, IoT devices will require a currency for micro-transactions related to data – ‘purchasing’ premium, up to date and relevant data for display.\n# The IOTA Foundation\nIOTA was created by the IOTA Foundation, a German non-profit organization focused solely on forwarding the cause of their cryptocurrency and the software behind it. The foundation was initially provided with about 5% of the total stake of IOTA to fund their mission of developing, maintaining and seeking adoption of the IOTA system. While they are technically the governing body for IOTA, their stated goal is to keep development within the community realm through crowd-sourcing. In the creation of the initial IOTA network, they decided upon a fixed number of IOTA coins – just under 3 quadrillion IOTA.\n# The Tangle Network\nIn a typical blockchain system, all transactions pass through the algorithmic system that generates blocks, which are then placed at the end of a chain. In this way, the entire system can be validated backwards through the continuing chain, the data of which is stored on the entire network. Over time, as the individual blockchain gains more users, and more transactions, the system can get bogged down due to the limited space in any given block.\nTangle solves this problem by running parallel processes, using each transaction to verify two previous transactions. While technically a Proof of Work system, the Tangle avoids a fee structure by forcing each actor to compute directly at the point of transfer, and in a miniscule but scalable amount. As the network does not need to create new blocks, and each transaction is verified by another transaction, they system runs at an exponentially faster speed than generic blockchains.\n# The IOTA Cryptocurrency\nThe IOTA name is both an acronym and a reference. IOTA supposedly stands for Internet of Things Application, but an iota is also a colloquial term for a very small portion. The number of IOTA created is very high, which results in the most often traded variant being the MIOTA, or mega IOTA. The MIOTA cryptocurrency consists of 1 million of the smaller IOTA measurement. As the Internet of Things micro-transaction ecosystem may operate on a small scale, IOTA’s size makes sense given its applications.\n# So why IOTA?\nIOTA’s unique network protocol gives it an innovative position within the top cryptocurrencies. The fact that they are not based on blockchain technology is novel, and their intention towards use as a currency for the Internet of Things puts them in a different competition than the average ‘digital currency’ coins. The IOTA Foundation has recently announced their IOTA Ecosystem project, aimed at funding start-ups within the protocol. If they gain traction, this could bolster IOTA’s market position.\n\n# But why not?\nThe IOTA community has had a few issues, including vulnerabilities in their code base. While they are quick to path problems, their centralized coordination system represents a potential continued security concern.  The centralized “Coordinator” is a stopgap measure until the network grows large enough, but the system creates downtime whenever the coordinator is unavailable. IOTA needs to actively seek adoption by Internet of Things device developers before they can start using the network as intended.\n\n*This is part of my ongoing series of basic primers for cryptocurrency. If you found it useful, interesting or just like my style - consider following me!*\n\n*Previous primers;*\n*[A NEM Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-nem-primer)*\n*[An EOS Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer)*\n*[A Stellar Lumens Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer)*\n*[A Cardano Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer)*\n*[A Ripple Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer)*\n*[A Bitcoin Cash Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer)*\n*[A Litecoin Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer)*\n*[A NEO Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer)*\n*[An Ethereum Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer)*\n\n[Photo by Spencer Selover from Pexels]( https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/)",
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      "parent_permlink": "cryptocurrency",
      "author": "stratafyre",
      "permlink": "cryptocracy-a-nem-primer",
      "title": "Cryptocracy: A NEM Primer",
      "body": "![Cryptocracy.png](https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png)\n\nThere are myriad options for structure in a cryptocurrency’s development team. A few of the previous primers have covered blockchain companies, non-profits and even technocratic councils made up of research scientists. NEM is something of an outlier, coalescing out of the Bitcoin Talk Forums from a grassroots campaign to fork the NXT cryptocurrency. The new team decided against that fork, and instead created the codebase that would eventually become NEM.\n\n![nem.png](https://steemitimages.com/DQmPvy9J6JYu2gFm3afQmYKbxnyZvPfcatzkALE2i5QVi1W/nem.png)\n\n# NEM and Mijin\n\nNEM’s formation was not as a legal entity or business start-up, and they remained something of an oddity in the community throughout their development process. They did attract a slew of investors, but there was an underlying fear that their ad hoc nature would result in abandonment. Luckily, that turned out to not be the case – and they formed a business relationship with the Japanese based Zaif exchange to create a new blockchain using the NEM software.  The new private Mijin blockchain is gaining adoption in the Japanese banking industry.\n\n# Proof of Importance\n\nMost top cryptocurrencies use Proof of Work or Proof of Stake to generate additional coins. NEM instead uses a Proof of Importance algorithm that measures more than just the vested interest in the coin. The POI algorithm requires holding a minimum of the XEM token – 10,000 to have a score greater than zero – but also takes into account the amount of transactions that the node undergoes. Purchased XEM becomes vested over time, providing the basis for the POI score. Transactions beyond this then increase that score, so long as they are net transfers. If users are simply trading coins back and forth in an attempt to game the system, those transfers are ignored.\n\n# Delegated Harvesting\n\nThe Proof of Importance score is used to determine that stake’s chances of harvesting a block within one of the NEM supernodes. This eliminates the need for a costly mining rig, and removes the incentive to hoard a massive amount of coins. Instead, actively using XEM as a currency awards holders a higher POI score and a better chance at harvesting a block within the supernode. When the holder is chosen as the delegated harvester, they are rewarded with the entirety of the transaction fees from that block – computed by the supernode. \n\n# So why NEM?\n\nThe Proof of Importance system is a unique addition to the cryptocurrency ecosystem. It encourages active participation and gives smaller investors a shot at gaining transaction fees within the system – unlike Proof of Work that requires expensive hardware or Proof of Stake that requires a massive investment to achieve dividends. Their encrypted messaging system is a fun addition, and their multi-signature system for transaction confirmation is a theoretically secure way to prevent hacked funds from being transferred.\n\n# But why not?\n\nWhile the technology and invention behind the NEM platform is fascinating, it’s designed as a platform. We’re likely to see more cryptocurrencies using the standard that they’ve created – similar to Ethereum and the ERC-20 token protocol, but XEM itself seems to exist mostly to further itself. That isn’t necessarily a bad thing, and XEM holds value, but it is something to be considered.\n\n*This is part of my ongoing series of basic primers for cryptocurrency. If you found it useful, interesting or just like my style - consider following me!*\n\n*Previous primers;*\n*[An EOS Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer)*\n*[A Stellar Lumens Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer)*\n*[A Cardano Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer)*\n*[A Ripple Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer)*\n*[A Bitcoin Cash Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer)*\n*[A Litecoin Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer)*\n*[A NEO Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer)*\n*[An Ethereum Primer]( https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer)*\n\n[Photo by Spencer Selover from Pexels]( https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/)",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"blockchain\",\"nem\",\"xem\",\"nxt\"],\"image\":[\"https://steemitimages.com/DQmVUxaEV3muFf477ppHdTnfRxidGDWHK3YAhUbBkf3hUqb/Cryptocracy.png\",\"https://steemitimages.com/DQmPvy9J6JYu2gFm3afQmYKbxnyZvPfcatzkALE2i5QVi1W/nem.png\"],\"links\":[\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-eos-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-stellar-lumens-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-cardano-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-ripple-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-bitcoin-cash-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-litecoin-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-a-neo-primer\",\"https://steemit.com/cryptocurrency/@stratafyre/cryptocracy-an-ethereum-primer\",\"https://www.pexels.com/photo/adult-color-palette-colorful-colors-567452/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "author": "stratafyre",
      "permlink": "re-dr-waldo-re-stratafyre-cryptocracy-an-eos-primer-20180207t180319162z",
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      "body": "I'll update it as soon as the platform is launched - for now, I think it's a legitimate consideration.",
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