What blockchain experts are saying about blockchain trends
Lalit Bansal
Advisor | Founder and CEO – EIY SYS | Director – Revinfotech
| Entrepreneur, CEO, Top Advisor, Crypto Enthusiast, Blockchain expert, Investor, and Speaker are the major features that describe my best. As a leading entrepreneur with more than 14 years of experience, my mission is to develop a culture of entrepreneurship, helping start-ups achieve their full potential as well as helping to expand existing companies. |
Microsoft is working on a decentralized open source identity network based on the Bitcoin blockchain. What do you think about it?
The software giant, Microsoft is making a breakthrough with its year-long effort by building a decentralized identity (DID) network atop of Bitcoin Blockchain verification system that will allow users to have secure access to an online persona via an encrypted database hub.
The company said the infrastructure, known as the Identity Overlay Network (ION), is based on an evolving set of open standards developed in conjunction with the Decentralized Identity Foundation.
A Blockchain-based ID system depends upon a digital wallet that serves as a repository for all kinds of personal and financial data – info that can only be shared after a specific request and only with the permission of the owner who holds the public key.
The decentralized identifier network, dabbed ION (Identity Overlay Network), is based on a protocol called Sidetree that can run on any Blockchain. Sidetree is designed to tackle one of the biggest challenges faced by DID networks – Scalability. If running directly on Blockchains, DID networks would not be able to accommodate all transactions because current Blockchains operate at just tens of transactions per second. As Microsoft senior program manager Daniel Buchner wrote in the blog post, this is “nowhere near the volume a world full of DIDs would demand.”
Thus the ION team develops the Sidetree protocol that creates DID networks as the second layer on top of existing Blockchains, similar to the Lightning Network. Buchner noted that they have since observed tens of thousands of DID operations per second on low-powered consumer reference hardware after implementing the second layer architecture.
Do you think it makes sense to have a diverse cryptocurrency portfolio or just bitcoin?
Let’s take away all the noise around Cryptocurrencies and reduce it to a simple definition. In simple words, they are just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but believe it or not, this is exactly how a currency is defined. A Cryptocurrency like Bitcoin consists of a network of peers where every peer has a record of the complete history of all transactions and therefore of the balance of every account.
Once the transaction is done, it is no longer forgeable, it can’t be reversed. It is part of an immutable track record of historical transactions of the so-called Blockchain.
It is not to say that investing in other Cryptocurrencies is bad. Each investor needs to calculate their own risks and rewards to decide whether Altcoin is a good fit for their goals or not. But it is clear that no other currency is a good hedge against Bitcoin. It is possible for other Cryptocurrencies to take over Bitcoin but it would have to show far more utility first and be able to grow itself to be competitive with Bitcoin’s network before the Bitcoin ecosystem has a chance to add the same feature.
Bitcoin owners can expect that its usefulness will only grow over time.
Bitcoin will now move higher over the next few weeks and months, making steady gains for investors. If done correctly, buying and selling Bitcoin can mean big profits. It’s made a lot of money for people in the past and still is today.
Bitcoin is still largely perceived as a speculative tool and is yet to find its competition in the real world.
So, there’s is no need to have a diverse Cryptocurrency portfolio because BTC will emerge as the eventual winner.
Timo Trippler
ICO ADVISOR | ICO FUNDRAISING | CEO | Board Member | Investment Manager | Risk Manager
| Timo Trippler is an ICO Advisor and entrepreneur with FinTech and InsurTech industry background. He is an expert in financial market and risk management with 12 years of experience in financial transactions. He advised various successful ICO projects and manages multiple cryptographic fund portfolios. |
Microsoft is working on a decentralized open source identity network based on the Bitcoin blockchain. What do you think about it?
I welcome any kind of advancement in blockchain technology. We are only at the beginning of a technology that will positively change our daily lives! Any kind of research and development is helpful to make the new technology more effective and to use the new possibilities even earlier. Both the work of big players and the work of start-up companies are enormously important for this. If the big players like Mircosoft work on their own solutions and market them successfully, this will contribute to the faster adaptation of Blockchain solutions on the market.
Do you think it makes sense to have a diverse cryptocurrency portfolio or just bitcoin?
Diversification in the portfolio is essential for risk minimation. It makes sense to spread your money among several TOP cryptocurrencies in the portfolio! The only question is how many of the TOP cryptocurrencies should be in the portfolio. This depends on the investment objective and the investment horizon of the investor. Whole books are written about this topic and a consideration of the investment objective and the expected return of investment is necessary here. The volatility of the individual crypto currencies plays a major role here. The higher the volatility of each cryptocurrency the higher the overall risk of the entire portfolio. In this topic, I advise you to get professional help to assess all risks. Basically you should never invest in just one cryptocurrency, but choosing the right cryptocurrencied is the key to success.
Simon Cocking
Senior Editor at Irish Tech News, Editor in Chief at CryptoCoinNews, business mentor and advisor.
| Simon Cocking is a Senior Editor at Irish Tech News, an Editor in Chief at CryptoCoinNews, and a freelances for Sunday Business Post, Irish Times, Southern Star, IBM, G+D, and other publications. He is also a business mentor and advisor working with 20+ successful ICOs to date. He has also been named on 10 global Twitter influencer lists in the last 12 months. He is an accomplished public speaker at events including TEDx, Web Summit, Dublin Tech Summit, and overseas in Dubai, Singapore, Moscow, Tel Aviv, Madrid, Tbilisi, Riga, Porto, Dublin and Helsinki in the last 12 months. |
Microsoft is working on a decentralized open source identity network based on the Bitcoin blockchain. What do you think about it?
It makes sense, all the major FANG companies + MS are working out how to use blockchain. I imagine they might also be working on non bitcoin blockchains too.
Do you think it makes sense to have a diverse cryptocurrency portfolio or just bitcoin?
Bitcoin has the brand recognition, but with that comes the higher price and smaller margins. Also just buying bitcoin now, would very much be following the herd. It depends why you are investing and what you are looking for. Other coins offer potentially bigger returns, but all come with more question marks attached to them – will they gain a large enough audience and utility? Will they win in their own particular niches, for example privacy coins, stable coins, payments solutions? It’s a more volatile area, but as always, more risk brings potentially more rewards, or losses. Be smart and do you research and due diligence before investing!
Giovanni Casagrande
ICO Advisor, Cryptocurrency Investor & Growth Hacker
| Blockchain and ICO Maestro I’m a believer in the power of decentralization and the remarkable impact it can have on our lives. I’m a writer, public speaker, investor, advisor and connector in the space. Fortuned enough to lived in the transition, I bring two decades of traditional business experience coupled with the new decentralized frontier. |
Microsoft is working on a decentralized open source identity network based on the Bitcoin blockchain. What do you think about it?
I think microsoft could make something very big with a decentralized identifier network, because with ION (identity overlay network), that is based on a protocol called Sidetree, could run on any blockchains, it’s a very imporant thing. i lke to much the idea, their Secure Identificaton Platform will allow users to own their personal data and keep it from the prying eyes of marketers and others.
Also, the Microsot Blockchain team i’m sure will do something incredible, Their Decentralize Identifier (DID) Network will run with Bitcoin Blockchain (i don’t like this blockchain)
Do you think it makes sense to have a diverse cryptocurrency portfolio or just bitcoin?
Yes, it’s always a good idea have different cryptocurrency on your own portfolio, only btc is too restrictive.