Finding work in Blockchain Space

As Blockchain technology is evolving while infiltrating various sectors to optimise business processes, the career prospects in the Blockchain sphere are excellent. Demand for certified individuals in Blockchain has continued to grow exponentially. The Blockchain related skills are second fastest growing skill out of more than 5000 skills in today’s labour market. On an average Blockchain Developer in the US makes around $158,000 per year compared to general software developers who make $105,000 per year.

Job posts in Blockchain sphere have increased by four times on LinkedIn in 2018, and vacancies are being filled in no time. As great as that sounds for the industry, there are not enough qualified individuals in Blockchain sphere to fill the positions. As far as certified individuals are concerned, currently there is a supply and demand gap in the Blockchain domain. In fact, in the US, a recent study showed that there is only one Blockchain Developer for every 14 jobs advertised.

There are various job roles in Blockchain Technology which are in high demand. Individuals can aim for positions as:

Blockchain Developer

It requires individuals to be good at server side programming and have excellent analytical skills. Understanding the end to end system of a Blockchain application is required. Requires in-depth knowledge of setting up nodes, submitting a Blockchain transaction and triggering Smart Contract functions from a web page.

Blockchain Expert

Blockchain Experts have an in-depth understanding of the Blockchain Technology. It requires knowledge as well as the ability to code for a  Blockchain like Bitcoin, Ethereum networks. As a Blockchain Expert individuals are required to build blockchain-based applications for businesses. Being a Blockchain Expert individuals should have exposure of all the various aspects of Blockchain Technology.

Blockchain Generalist

Individuals are required to have the understanding of the basic concepts and capability to understand, discuss and analyse its use-cases and applications in their ecosystem.

Smart Contract Developer

It requires the understanding of smart contract and excellent programming skills to write code for smart contracts.

A career in Blockchain is quite rewarding for various reasons such as:

Ample opportunities across top MNCs

Top Multinational companies across the globe such as IBM, Microsoft, Intel, JP Morgan Chase are exploring various applications of Blockchain Technology based on the impressive features of this breakthrough technology. These MNCs are recruiting certified Blockchain Developers in large numbers. It is expected that these corporations will require Blockchain professionals in bulk in coming years.

The Hype of Cryptocurrency

Cryptocurrency is quickly gaining acceptance throughout the world. This acceptance of cryptocurrency has led to Bitcoin exchanges and wallets to crop up. The demand for certified individuals in cryptocurrency such as ethereum and bitcoin is soaring.

There are certain prerequisites to start a career in the Blockchain sphere such as :

Get Certified

Getting certified in the Blockchain sphere gives you a competitive edge and wins the trust of companies in your credibility for the job. There are excellent certifications on various specific job roles of Blockchain available online.

Master the platforms, languages and principles of Blockchain systems

For a successful career in Blockchain, one needs to understand technology inside out. Professionals aspiring to work in the Blockchain sphere should gain a deep understanding of Ethereum, Hyperledger, Ripple,  R3 Corda, and hands On experience in the Blockchain programming language. Solidity is also a prerequisite for most of the job roles in the Blockchain sphere.

Develop your skills by taking parts in various Hackathons

Individuals need to develop their skills in Blockchain to be able to have a successful career in Blockchain. Individuals should do projects and contribute to open-sourced Blockchains (Bitcoin) to refine their skills and at the same time showing their competence. Being proactive by Joining discussions within forums and online platforms, sharing code and building on what you already know in development goes a long way when it comes to preparing for a rewarding career in the Blockchain. Individuals should never stop learning and exploring new ideas and implementing them whenever they get a chance.

Conclusion

Blockchain sphere is full of opportunities at this point and the requirement for skilled individuals will only keep on growing. The key to a successful career in Blockchain domain lies in sharpening your skills and updating your knowledge with time. With the right skill set sky’s the limit for you.

Digital Identity Platform on RecordsKeeper

In today’s digital world, where our everyday tasks like shopping, banking, ticket bookings etc. are done online, we all leave digital footprints whenever we perform any such transactions on the internet. As we are moving towards complete digitalization of the world around us, comprehensive digital traces are left everywhere.  A user has to disclose sensitive personal and financial data to avail services such as Paypal, credit card processing, direct banking, Google Wallet, Apple Pay, Amazon Pay, and cryptocurrencies.

As a result, the user’s personal information is often stored across various databases, generated at different times. With time, users identity information might change such as last name etc. this information does not get updated equally across various databases resulting in multiple ‘digital clones’ of an individual existing across different databases.

Today there is much risk involved related to identity theft. Apart from the identity theft, other issues need consideration. As users enter their data to register on several online platforms and, the user is required to create and remember multiple passwords which are a tedious task and is neither secure nor convenient.

RecordsKeeper Digital Identity Platform as a Solution

Considering the issues users face online, regarding storing, updating and securing their personal data, RecordsKeeper offers an exceptional blockchain based solution.

RecordsKeeper leverages the features of blockchain to store digital identity data in a distributed, secured and immutable manner. RecordsKeeper public blockchain ensures that a user’s single digital identity is stored in a secure manner that can never be manipulated. This unique digital identity can be updated by the user with the latest user information.

As the future of blockchain based digital identity storing platform looks bright, companies are showing deep interest in RecordsKeeper digital identity platform for digital identity management and authentication.

Let us take an example of KYC verification by multiple banks. KYC is mandatory process needless to say time-consuming and expensive as well. RecordsKeeper digital identity platform can prove to be a saviour for both, the customers and the banks. The customer has to upload their KYC information once on RecordsKeeper platform and the information gets available to all the banks and other institutions offering financial or professional services anytime anywhere. This eradicates the need for third-party verification and the authenticity of the information is assured. Implementing a blockchain based digital identity platform for KYC will result in saving a great deal of time and cost for both the parties.

Features of Digital Identity Platform

  • No costly Infrastructure required

    – RecordsKeeper uses its own public blockchain saving enormous costs for identity requesters that would otherwise spend a lot to set up the infrastructure to support any identity platform solution.

  • Ease of updating

    – Identity data is updated by the authenticating authority. If a user changes their residential address, in this case,  the new one will get updated by the authenticating authority.

  • RecordsKeeper Never Stores User Data

    – User Identity data is stored in encrypted form in the RecordsKeeper App on members mobile devices.

  • Globally Protected

    – Blockchain Technology features make the user identification data stored on RecordsKeeper globally protected.

  • Global Compatibility

    – User identity data is globally compatible as information is stored in JSON format. Users can store and share their own identity anywhere in the world. The user identity data is accessible anywhere in the US, Europe, Africa, or Asia.

  • Next-Generation Security

    – RecordsKeeper uses the power of the public blockchain, the privacy and security of user data is ensured.

Conclusion

Digital identity platform on RecordsKeeper is one solution to many problems people face today regarding storing, updating, managing data. It is one of the best application of blockchain technology so far.

Modernizing eCommerce with Blockchain

Today world is witnessing the advent of blockchain technology for providing solutions to many of the problems faced by individuals in various sectors. Blockchain technology has proved to be a boon in optimising processes in industries such as insurance, finance, healthcare, telecom and many more. Due to the potential to streamline business process, providing data security, transparency and fraud elimination, this breakthrough technology can prove to be the technological backbone of the e-commerce industry.

The e-commerce industry is growing at a massive scale and so does the issues related to it. Since its inception, the e-commerce industry has faced issues related to secure financial transactions, customer data security, supply chain management, transparency etc. RecordsKeeper Blockchain can undoubtedly be seen as a one fix solution to all these issues E-commerce industry is facing today.

Payments

The most Important challenge today encountered by e-commerce industry is payment related issues. Payment solutions for international e-commerce certainly need improvements as current payment methods to include payment of high payment processing fees. Along with payment processing fee, a high fee that is usually 2-3% of the total purchase price of any transaction is charged by e-commerce platforms on any sales made by retailers using their platform. RecordsKeeper can eliminate the high payment processing fee. RecordsKeeper blockchain can create a blockchain based marketplace with low-cost financial transactions and high-security standards.

 

Supply Chain Management

Friction in the supply chain is a huge pain for the e-commerce industry. Payment delays between a manufacturer and a supplier, or a customer and a vendor, contracts handled by lawyers and bankers aiding to the cost and delay, hard to trace shipments, all add to the complexity. RecordsKeeper blockchain can eliminate these issues by providing incorruptible visualisation of the supply chain process. An incorruptible blockchain such as RecordsKeeper network can provide a transparent supply chain enabling consumers to see the order flow of the purchased products. Thus, enhancing customer satisfaction. Self-implementing smart contracts can be developed over RecordsKeeper defining terms of the agreement between the buyer, without the hassle of lawyers and banks. RecordsKeeper provides instant, secure financial transactions with the minimal transaction fee. Real-time visibility into supply chain results in quick and intelligent decision making about procurement, inventory, and investments.

Data Security

Data security is a rising concern for e-commerce platforms as these platforms are home to a humongous amount of data gathered from customers and retailers. This data is enormous as well as sensitive. In the past, there have been instances where e-commerce platforms were attacked by cybercriminals resulting in loss of the substantial amount of sensitive data. That led to the mistrust of customers resulting in the overall decline of business.

RecordsKeeper is the outright solution to this problem. RecordsKeeper provides the highest level of security by using distributed ledgers for managing the e-commerce database management systems. It is virtually impossible to hack all the nodes of a blockchain platform. Therefore RecordsKeeper provides data security. RecordsKeeper eliminates the need for providing personal and financially sensitive information to a third party such as PayPal or other intermediates.

Management Systems

RecordsKeeper blockchain creates a secure, robust and fraud-proof backup system for any company. Blockchain applications can optimise business processes while ensuring seamless operation for processes such as accounting, inventory control, budgeting, payroll system as well.

RecordsKeeper is going to revolutionise the e-commerce industry. With the kind of features RecordsKeeper is offering, B2B  and B2C sales are expected to skyrocket.

 

RecordsKeeper – A Global Distributed Storage System

RecordsKeeper is an open-source, public database leveraging Blockchain Technology. It is a platform offering record keeping with impressive features such as data immutability, data integrity, data authenticity, and data verifiability. RecordsKeeper stores information in the form of key-value pairs in a very structured manner with query-able storage over the Blockchain network. Inheriting the core features of Blockchain Technology. RecordsKeeper provides secure transfer, authorisation, integrity, and authenticity of data.

RecordsKeeper an immutable, integrated global data repository.

RecordsKeeper was developed with a vision to create a robust and secure ecosystem for data sharing and verification, accessible to anyone globally.

RecordsKeeper provides many open-source libraries and APIs for publishing the records on RecordsKeeper blockchain through programming, backend services, mobile, desktop apps and many other. Once a record is uploaded, a condensed hash of records with metadata is pushed into the RecordsKeeper ledger whereas the actual data can be pushed to the encrypted storage layer. After the initial storage of data, any alteration results in a different hash with its immutable traces stored in the blockchain. Thus making it a fraud-proof recordkeeping system. With SHA-256 a hashing client can verify the authenticity of the data any time he wants.

Why should you consider RecordsKeeper?

  • RecordsKeeper serves as an excellent platform for storing, updating and verifying records securely. It provides a fraud-free and robust system while eliminating the third party role for any verification purpose. The data stored can be shared with other parties with the help of transactions.

  • RecordsKeeper lets you push 10MB of immutable data per transaction using XRK tokens.

  • It is a highly secure and completely open source system and lets you focus on your application without any need to understand internal architecture.

  • RecordsKeeper fixes you up with a running application within a day. You can always integrate it with other businesses for external use.

  • Several outstanding features of Recordskeeper makes it idle for data storage and sharing. It allows anyone to verify the records by entitling the person with read-only access without involving you.

XRK tokens-RecordsKeeper’s very own cryptocurrency

XRK tokens act as fuel for RecordsKeeper network. XRK token is charged to users as an upload fee that inturns miners earn from the recordskeeper network, resulting in a win-win situation for everyone including the XRK holder, user and miner. Currently, the upload fees are 0.1 XRK/KB. If you require to load 1MB of data, you will be required to pay 100 XRK tokens.

Miners are added only by the admin to the community. After the initial setup phase until block number 4204800, the mining community is open for everyone. However, the mining diversity is kept under control to the factor 0.2. Mining factor 0.2 means that if there are 100 miners in the community and a miner mines a new block, he/she will have to wait for 20 blocks to be mined before he/she can mine another one. Therefore miners can not mine continuous series of blocks, and thus they are kept under controlled to overpower the blockchain system and performing any fraudulent activity.

At the time of joining miners get rewarded 10000 XRK coins additional annual rewards are given for supporting and promoting the community. RecordsKeeper Blockchain is adding 10 XRK every 15 seconds through token mining. RecordsKeeper ecosystem currently has over 300 million premined XRK tokens, and the count is rising expeditiously.

XRK Light Wallet

RecordsKeeper offers an XRK light wallet enabling users to create, store and receive records on the RecordsKeeper Blockchain. Some of the Incredible features that are incorporated in XRK wallet are the data that can be retrieved when required as transactions and are stored in memory on disk in a suitable format. No full wallet scan are needed as transactions are indexed by specific criteria and transaction bigger than the size of  256 bytes are not stored in the wallet, instead, the wallet a pointer to the metadata stored in the recordkeeper blockchain.

What clients say about RecordsKeeper

Mark Dorsey from Austin, Texas says “Recordskeeper has made our lives easier. Now with one shared permanent record on the blockchain, there is no need of duplication elsewhere. It has also accelerated the regulatory review as reconciliation is no longer needed. It is really easy to update, share and verify records without worrying about any Fraud. Kudos to Recordskeeper for providing such a reliable platform for our regulatory compliances application. ”

Also, Samantha Pritchett says “ RecordsKeeper has proved to be a boon for monitoring, updating and storing the data of the supply chain for our company. It is quite reliable and has lifted the burden of such huge recordkeeping tasks from our shoulders. It seamlessly records the quantity and transfer of assets as they move between supply chain nodes, Tracks purchase orders, changes orders, receipts, shipment notifications, or other trade-related documents. Choosing RecordsKeeper is one of the best decision taken so far. Thanks!”

Scams on Blockchain and How to Outsmart Them

Last year, Blockchain came into the spotlight. The potential of the blockchain investor excited a general investor about the future. Unfortunately, every time something pathbreaking (like blockchain) comes into the picture, there are always con artists waiting for their next opportunity to scam the innocents.

Understanding the most common types of scam on Blockchain is essential to ensure that consumers don’t fall prey to tricksters. Most scams have clear warning signs, and just by being aware investments can be protected.

Below we talk about some of the common scams plaguing the blockchain, and ways to outsmart them.

Is your Hardware Wallet safe?

Most people agree that hardware wallet for storing cryptocurrency is enhanced security and privacy. However, if a consumer is not careful about purchasing the wallet from a trusted source — there can be potential vulnerabilities. Hackers can pre-built specific hacking algorithms into the hardware wallet. This opens up the wallet to hackers, and they can easily steal the cryptocurrencies. This type of scam is becoming more and more common. However, you can avoid it by purchasing a wallet from only a trusted and verifiable source.

Scams on Exchanges

Ironically, despite cryptocurrencies inbuilt decentralized nature, most of them are traded over exchanges. Most exchanges make lives of consumers easy by giving access to multiple cryptocurrencies at one place. The fact of the matter is also that governments do not govern most of these exchanges in most countries. Thus, the potential for scam multiplies if the consumer is not careful. It takes no complex algorithms to spot exchange scams. However, if you overlook the visible red flags — then you’re in for big trouble. The most common way to spot a scam is when an exchange is offering a massive discount on one or more than one cryptocurrency. This technique is usually a trap to lure everyday investor. Another way to confirm whether an exchange is authentic or not is by looking at its URLs certification and undertaking research.

Scams through ICO’s

Along with the word ‘Bitcoin’ and ‘Blockchain’, investors have also been hearing the term ‘ICO’. ICO stands for the initial coin offering. Through ICO,  companies can raise capital for their unique ideas and projects. The popularity, however, also gives rise to people and organizations looking to cheat first-time investors. One way in which ICO scams take place is through the creation of fake websites for users to deposit coins. The bigger scams under ICO, however, take place when a group of people come together to create an organization to scam. There have been several cases like that in 2017 and before. As a rule of thumb, you should not invest in an ICO until you’ve done significant research about the organization. Don’t forget to give a thorough read to their white paper along with reading up on their team and other investors.

Fake Schemes Concerning Cloud Mining

A lot of companies these days are coming up with schemes that give outstanding returns once you rent a server to mine any cryptocurrency. Since the mining activity is unique and is known to be resource-intensive, the difficulty of mining cryptocurrency is significantly high. Most of these companies make fake bold claims about returns to scam the general public. Some even operate as a ponzi scheme right from the start. Before associating with mining cryptocurrency as an activity, it’s paramount to do intensive research.

Conclusion:

Blockchain and cryptocurrencies have a long way to go, and their potential is just being realized. As the days pass, both transparency and security in Blockchain are bound to be better. All investors should be aware of the common scams on the blockchain and the ways to avoid them.

RecordsKeeper Technology Comparison

In this article, we are comparing RecordsKeeper blockchain with other blockchains, by some general parameters which are shown in the table. With the help of this, users can quickly identify which blockchain is more suitable and useful for them. For this comparison, we have considered some basic blockchain parameters like max block size, transaction size, max transaction per second, etc. The detailed analysis is given in the following table:

 

Features

Public RecordsKeeper

Private RecordsKeeper Bitcoin Ethereum Neo EOS
Max Block Size 10 MB Up to 1 GB 1 MB Doesn’t have Block size but works on Gas Limits. Currently 2 MB. But it can be extended. Doesn’t has Block size but works on Gas Limits.
Max Transaction Size 8 MB Up to 1GB 1 MB 780kB (Because of the Gas Limit) Currently 1 MB. But it can be extended. 780kB (Because of the Gas Limit).
Max transactions per seconds 3000 transactions per seconds. 3000 transactions per seconds. 5 transactions per seconds. 15 transactions per seconds. Currently 1000 transactions per second extends upto 10000. 1000 transactions per seconds extended upto 1000000.
Avg. Block time 15 seconds 15 seconds 10 minutes 15 seconds 15 seconds 0.5 seconds.
Max Data Size 4 MB Up to 1 GB 1 MB 780kB (Because of the Gas Limit) Currently 1 MB. But it can be extended. 780kB (Because of the Gas Limit)
Data Retrieval Key based retrieval Key based retrieval Need to transverse Blockchain to get the transaction with data. Need to transverse Blockchain to get the transaction with data. Contract-based retrieval. Need to transverse Blockchain to get the transaction with data.
Mining Algorithm POW POW POW POW dBFT DPOS+BFT
Mining Consensus Feature implementation with Mining Diversity Feature implementation with Mining Diversity No Mining Consensus Present No Mining Consensus Present 66% consensus rule. No Mining Consensus Present.
Permissions Control who can connect, send and receive transactions, create assets, streams, and blocks. Control who can connect, send and receive transactions, create assets, streams, and blocks. Bitcoin is a permissionless blockchain. You have to adapt and change Ethereum Blockchain to run a permissions Blockchain. Neo is a public blockchain, so anybody can connect and mine. EOS is a public blockchain, so anybody can connect and mine.
Assets/Cryptocurrency Use XRK to upload data over the Blockchain. You can issue millions of your own assets on a blockchain. Bitcoin available as Cryptocurrency. You can create tokens over the Ethereum Blockchain. You can create custom tokens on NEO, NEO available as cryptocurrency and GAS used as a transaction fee. Uses Ethereum ERC20 token but, after June 1st, the new eos.io system will instead offer its own blockchain, separate from Ethereum, with its own native coin.
Security Provides flexible security with multi signatures, external private keys, cold nodes, and consensus. For initial 2 years, admin holds the security. You can define and provide your own security with multi signatures, external private keys, cold nodes, and consensus. Bitcoin does not support advanced authentication mechanism. Although it provides with Data Sanitization, Key storage and Audit logs. You can define and provide your own security with multi signatures etc. with the help of smart contracts. You can define and provide your own security with multi signatures etc. with the help of smart contracts. You can define and provide your own security with multi signatures etc. with the help of smart contracts.
Multisig support Yes Yes No Yes Yes Yes
Hashing algorithm SHA256, RIPMEND 160 SHA256, RIPMEND 160 SHA256, RIPMEND 160 Ethhash(“sha3_256” and “sha3_512” hashes) SHA256 KECCAK 256
Programming languages used for development All All No smart contracts support. Solidity C#, Java, Python(currently) Javascript, C, C++(in future) WebAssembly languages(C++,C, Rust)
Programming language used for build C, C++ C, C++ C, C++ C++ C# C++

Trusting Blockchain exchange

With every passing week, the world’s interest in Cryptocurrencies is multiplying at a staggering rate. Whether it’s bitcoin, ether, or any any other cryptocurrency on the block – people around the world own and trade cryptocurrencies. To make the trading accessible to the general public, we’ve several cryptocurrency exchanges on the world wide web. Through these exchanges, anyone can buy, sell, or exchange cryptocurrencies either with other digital-based currencies or with traditional currency such as rupee or US dollar.

Types of Exchanges

There are three categories of cryptocurrency exchanges. They’re as follows:

Brokers – Through these brokers, anyone can go and buy the desired cryptocurrency at a preset price. Most of these cryptocurrency brokers are similar in function as foreign currency exchanges.

Platforms for Trading – These platforms specialize in connecting buyers and sellers. For every transaction that takes place through the platform, they charge a fee — which is also how they make money.

Direct Trading – The way direct trading differs from the other two is that there’s no fixed price. The seller decides the amount, and the buyers have to determine if they want to buy or negotiate for any particular cryptocurrency. Direct trading is usually peer-to-peer.

What are the key attributes to look at while deciding to Trust a blockchain exchange?

The meteoric rise of bitcoin has also contributed to a significant increase in con-artists and exchanges which are mostly scams. So, before you decide to put your hard-earned money to buy cryptocurrencies — it is crucial to do your research. Below are the three things to know about an exchange before trusting them.

Reputation: In the age of the Internet, it’s not too hard to find reputable reviews about anything — including blockchain exchanges. Right from forums to commercially reviewed websites, you’ll find loads of information that’ll make it easier for you to decide whether an exchange is a right fit for you or not.

Fees: Before you even think about joining an exchange, do make sure you’re well-aware of all forms of costs that the exchange charges. The fee-model should include comprehensive details regarding withdrawal, deposit, as well as transactional fees. Compare it with other exchanges and then make an informed decision.

Verification systems: Any exchange worth its salt will have strong fortification in the form user verifications and securities. While the exhaustiveness of the verification might seem annoying while registering, it’ll protect your cryptocurrency and money from all sorts of scams.

Some well-known and reputable exchanges

We’ll make it even easier for you. Based on our research and user reviews, we’re going to tell you our favorite two blockchain exchanges that you can trust without worry.

Coinsquare: The first thing you should know about coinsquare is that it’s built on the same technology as the New York Stock Exchange. Yes, that’s right. According to their website, they manage their ledger at least 2346 times in a single day to ensure security. Reputable and secured, Coinsquare is a popular choice for both crypto-veterans and beginners alike.

Coinbase: Not only is Coinbase backed by some of the world’s best investors, but it’s also trusted as an exchange by millions already. One of the key features of coinbase is that coinbase insurance covers the stored currency. So, there’s that added layer of security. There’s a digital wallet also available as a mobile platform through which users purchase bitcoin, ether, and even litecoin.

Discovering Blockchain Loopholes

There’s no doubt on the potential that the blockchain technology has to offer. The world has accepted it at large. Blockchain developers are solving multiple problems across industries with this technology.

But there’s another side to the story wherein the hype is shadowing real implementation issues with the blockchain. These issues hinder the mass-adoption of this world-changing technology.

There’s no doubt that we’ll eventually get to the point wherein we’ve explored this great technology. However, to be able to that it’s essential to face realities both as developers and enthusiasts of the blockchain.  

Below we’ll be mentioning four implementation issues that plague blockchain as of today.

Limited Scalability –

One of the key advantages of the blockchain technology is decentralization. However, it comes at the cost scalability. As the number of transactions increase (and since every transaction passes through each block), the requirement increases too. Eventually, it’s not possible for every node to participate and the resources to process each block then rests with a limited few. However, that potentially compromises on the decentralization aspect of the blockchain. Scalability is probably the number one barrier when it comes to blockchain adaptability.


Storage Constraints –

Almost every application that’s built on the blockchain will require some form of storage. It can be either to store user identities, or it can be to record specific financial as well legal data. However, by property traits, every node stores the data. Along with it, no data will be able to be removed regardless of whether it’s needed or not. The above two cases put a considerable cost to the storage operation when it comes to the blockchain. Thus, storage constraint is a massive hurdle for any application to be able to build on the blockchain.


Lack of standards and governance –

No central authority governs public blockchain. While that’s great to build a trustless and open, it has its disadvantages. First, one is that there’s no who’s responsible for maintaining and upgrading the systems most efficiently. Even if some developers band up to create an organization, it leads to some form of centralization (take the instance of the Ethereum foundation.) However, we can’t even leave it completely open as over the years it’s proven ineffective on multiple levels.


Poverty in Available Tooling –

For any developer to work effectively and efficiently, the first requirement is adequate tooling. If inadequate, the developers can’t do much even with the best of the intentions. As a matter of factor, the currently available pool of tooling is not good enough, even for the most seasoned of the developers. Right from good testing frameworks to security auditing and even right blockchain analytical tool — the available tooling to a blockchain developer is severely limited. Along with hindering the potential of the technology, it also demotivates enthusiasts.

Conclusion:

Unfortunately, the hype makes blockchain appear invincible when the fact is that there’s a lot of work left. So, instead of making the technology glamorous, we need to focus on how to solve core implementation issues with the blockchain.

There’s not even an iota of doubt that blockchain is here to stay. However, the issues mentioned above and many more are not letting the technology become mainstream. It’s on us now — the developers, the investors, the blockchain enthusiasts — to work towards a unified vision.

Storage Price Comparison of RecordsKeeper (XRK) with other major Blockchains

Blockchain Databases are the completely different models from the cloud storages like AWS S3, Dropbox etc. or Blockchain Storages like Storj, Filecoin etc. The cloud storages require you to pay a certain amount of payment on a monthly basis and if you don’t pay the fees, your data is not retained over the vendor end. The Blockchain storages are based on one-time payment where you can store your data for the indefinite amount of time. The storage costs over the Blockchain has to be paid upfront and should be available for years to come. Please note that such Blockchain storages are not query-able without the transaction id. On the other hand, Blockchain Databases are the databases which may behave like a storage as well as data objects remain query-able using some formats like the key or other similar formats.

RecordsKeeper has developed an efficient and sustainable data storage (aka key-value pair based database) over Blockchain for a long period of time. RecordsKeeper Blockchain-centric solution is built to store, share and manage your information or data objects in the safest fashion. Once your data is over the RecordsKeeper Blockchain, it cannot be deleted, tampered or modified even by the data owner. On top of that RecordsKeeper provide data storage with as minute cost as possible as compared to other Blockchains available in the market.

Let’s look into the cost estimates of different Blockchains and how RecordsKeeper is fair against them in terms of price:

RecordsKeeper

Data Upload on RecordsKeeper is established through XRK tokens. Currently, the price of XRK tokens is 1 Ether = 5,000 XRK tokens. With the current price of BTC that comes out to be:

1 XRK =$ 0.0894 USD

1024 bytes/1 KiloByte of data requires 0.1 XRK as fees, converting the same to USD 1 KiloByte of data requires $ 0.00894 USD

Bitcoin

Bitcoin Blockchain was not designed to store data but still many corporations and users have utilised the Bitcoin Blockchain to store permanent records. To store permanent records over Bitcoin you need to use OP_RETURN transactions which in turns specifies that you cannot spend the transaction once it’s OP_RETURN. As per the Bitcoin specifications, OP_RETURN is of size 80 bytes. Thus to store 1 KiloByte of data you require:

1024/80 = 12.9 ~~ 13 transactions

To be a valid transaction in the Bitcoin Blockchain a transaction requires a dust fee which is approximately 546 satoshis, with the current price of the Bitcoin($ 7997) the dust fees would be around:

0.00000546*7,977 = $ 0.044

On top of the dust fees Bitcoin also has transaction fees. As per 15th April, 2018 median Bitcoin transaction fees is $ 0.251

So the cost for uploading 1 KB over the Bitcoin Blockchain would be:

13.(0.044 + 0.251) = $ 3.835 USD

Ethereum

Ethereum Blockchain works differently from the Bitcoin Blockchain. You need to specify gas to send and store transactions over the Ethereum Blockchain. The minimum gas required for a transaction to broadcast over the Ethereum network is 21,000. As per the Ethereum whitepaper to send the data in 32 bytes chunk it requires gas. If the data is all zeros then it requires 4 gas for 32 bytes and if the data contains some text or string then it requires 68 gas for 32 bytes of data. Let’s look into the very basic and minimum data with all zeros. As per the whitepaper it requires 4 gas for 32 bytes for zeroed data.

For 1024 bytes of data it was 32 chunks of 32 bytes. So we require in total gas:

32*4 = 128 gas

Now storing the sent data over Ethereum Blockchain requires 20,000 gas for every 32-byte word. To store 1 KiloByte/1024 bytes of data it will require:

32*20000 = 640000 gas

Adding both the gas. In total to store and send 1 KiloByte of zeroed data we require:

640000+128 = 640128 gas

Taking into the account the current average gas price (11.89 Gwei) and the current rate of 1 ether ($ 507.386997). The transaction will cost you:

640128 * 0.00000001189 * 507.386997 = $ 3.86 USD

This value is only for sending and storing over the Ethereum Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.

Neo

Neo Blockchain has a complete different mechanism for storing the data over the Blockchain. Currently for Neo, there is no transaction fees required for sending but user can opt to pay the transaction fees for priority in Blockchain, we will take up the minimum cost, such that no transaction fees is provided in sending the data over Neo Blockchain but for storing the data it requires 1 gas for 1 KiloByte of data.

The current price for gas is $19.38 USD, thus 1 KiloByte of data will require:

1*19.38 = $ 19.38 USD

This value is only for sending and storing over the Neo Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.

EOS

As per the EOS white paper, EOS works with state storage capacity so if you own 1% of the tokens then the software will allocate 1% of the available storage capacity of the blockchain to you. For example If there are 1 billion tokens and 1 terabyte (TB) of storage then each kilobyte (1024 bytes) of storage would cost about 1 token. At a $3 billion dollar market cap that would be around $3 per kilobyte. If the tokens reach the market cap of Ethereum then it would could be $30 per kilobyte.

Price Chart for storing data over different Blockchains*:

Size RecordsKeeper Bitcoin Ethereum Neo EOS
1 KiloByte $ 0.00894 USD $ 3.835 USD $ 3.86 USD $ 19.38 USD $3 USD
1 MegaByte $ 8.94 USD $ 3866.86 USD $ 3954.49 USD $ 19742.72 USD $ 3072 USD

* Based on USD price on 15 April, 2018

How to use XRK Wallet?

RecordsKeeper wallet is used to check your XRK balance, send and receive XRK to other XRK wallets. RecordsKeeper wallet has a toggle on top right corner through which you can switch to Testnet and Mainnet of the RecordsKeeper Blockchain. This wallet supports both networks so you can check your balance, send and receive transaction on both these networks.

After Creating a new wallet or Restoring your XRK Wallet you can follow the steps below to get familiar with the environment for XRK wallet.

Step 1: To access the RecordsKeeper wallet follow this link: https://wallet.recordskeeper.co/. You will see a window like this:

Step 2: If you already have XRK wallet, please enter your wallet address in the text area and then press the submit button. If you don’t have a valid address then follow the How to create and restore XRK Wallet? (link to the blog) to generate or restore your Public Address. You will see the wallet interface like this:

Here you can see three tabs on the top of the wallet which are Transactions, Receive and Send tabs. Transactions tab is the default one which will show your XRK balance on the top and transactions history below this with the details like Transaction id, time, transaction amount and a label which shows if the transaction is incoming or outcoming. If they are incoming transactions then they are shown in green and if they are outgoing transactions then they are shown in red.

Step 3: The next is the Receive tab which shows your XRK public address, use this address to receive payments. A similar window will be shown to you:

Step 4: The next is the Send tab which is used for sending XRK to other XRK wallets on the same network. A similar window will be shown to you:

Sender’s XRK address is shown at the top which is your XRK public address and now enter Recipient’s Address and the XRK amount you want to send to the receiver. You can also fill the optional data fields given at the bottom which are Record identifier key and optional data with the send transaction. Then click on the Send transaction button to push the transaction on the RecordsKeeper Blockchain.

Step 5: After you click the send transaction button a window will appear which is used to authorize the transaction. An approximate fee gets reflected in this window this is the fee that gets credited to the miner who confirms the transaction. Enter the private key of your XRK address here and click on “Send”, your transaction gets confirmed and broadcasted on the RecordsKeeper Blockchain.

A confirmation screen is shown as below, you can click on the transaction link to view the transaction in the RecordsKeeper Blockchain Explorer:

You can also view all your transactions in the transaction tab of the wallet. This wallet is designed with top performance and security, where we always ask for your Private Key and never store at our end.