The Weekly Decrypt No. 14: April 4-8, 2016

The Daily Decrypt is a daily weekday video broadcast covering a wide variety of cryptocurrency and blockchain technology topics and news stories. At CORE Media we’ve found the broadcast to be an invaluable and entertaining resource in cryptocurrency news and provide a weekly summary of The Daily Decrypt episodes. Welcome to the Weekly Decrypt!

MONDAY

DASH’s block reward is not 100% allocated towards its miners as is the case with most cryptocurrencies. A portion of the block reward is directed towards those operating nodes sustaining DASH’s second tier, known as masternodes. Masternodes host a full copy of the blockchain, perform coin mixing operations and facilitate instant transactions.

Masternodes receive a payment of approximately 2 DASH once roughly every 5 days. At the time of this episode, that amount of DASH was equivalent to $84 per month. For many people, this is a lucrative opportunity for earning cryptocurrency around the clock.

There is a 1,000 DASH collateral requirement in order to operate a masternode. At the time of this episode, that amount of DASH was worth $7,000 USD. Due to the large up-front costs associated with operating a masternode, it has become a popular option for DASH owners to pool their DASH together for the sake of running a masternode, much like what a mining pool does with hash power.

Two popular services that help connect DASH owners interested in pooling DASH together for running a masternode and then host that masternode include Splawik’s SuperShares & Hosting Service and Masternode.me. Because the 1,000 DASH need to be in a single address with a single private key in order to run a masternode, these services function trustworthy and reputable third parties for holding pool contributors’ DASH and hosting their masternodes. Shares in these services cost a few dollars per month.

Those who would prefer to purchase 1,000 DASH and run a masternode on their own could do so from home using something like a RaspberryPi, from a standard VPS, or from a specialized VPS service just for DASH masternodes.

 

 

TUESDAY

Because many popular retailers do not yet accept our beloved cryptocurrencies as payment for goods or services, converting cryptocurrency to gift cards is the most feasible option for spending cryptocurrency at most of the retailers you patronize, especially for those who are without a bank account.

eGifter accepts bitcoin for hundreds of gift cards to major retailers and restaurants. They have an iOS and Android app and all bitcoin purchases receive 3% points back to put towards future purchases. eGifter also offers a loyalty program that at the time of this episode was being offered for free.

GiftOff accepts 40+ different cryptocurrencies through a ShapeShift integration and offers 2% points back towards future purchases on bitcoin purchases. GiftOff offers a wide variety of gift cards to major retailers and restaurants as well as gift cards for popular digital goods and services like Skype and Google Play.

Gyft has both Android and iOS mobile apps and accepts bitcoin for hundreds of popular gift cards. Gyft also offers deals on purchasing gift cards in bulk.

LocalBitcoins hosts ads from people looking to sell gift cards in exchange for bitcoin. Because LocalBitcoins simply hosts ads posted by other users, it is not uncommon to find a seller willing to sell gift cards for a large discount you won’t find anywhere else.

Using these services should allow you to purchase almost anything your heart desires with cryptocurrency.

 

 

WEDNESDAY

For today’s episode, Amanda sat down for an interview with Halsey Minor, founder of UpHold and virtual reality (VR) software store Voxelus, and Jim Blasko, lead developer for the store’s only accepted cryptocurrency – the Voxel.

Minor had been working on developing his VR software store and somewhere along that it occurred to him that the future of currency is in specialization – unique currencies for niche applications. The Voxel was then created by Blasko to function as the only currency accepted as payment for VR goods at Voxelus.

Voxelus will serve as a marketplace for people creating VR content where they can upload their content, sell their content, and be paid in Voxels for their content at the price they set. The Voxel will be able to be converted using UpHold to bitcoin, precious metals, or most of the world’s major fiat currencies. The goal is to have Voxelus and UpHold working together to allow content creators to conveniently generate a nice income stream from their content and at the same time make it easy for customers to purchase that content.

At the moment while UpHold prepares its integration, the Voxel is only available for purchase with bitcoin via the popular online exchange Bittrex.

 

 

THURSDAY

Considering that even I had not once read Satoshi Nakamoto’s whitepaper on Bitcoin prior to watching this episode, chances are that a great number of you haven’t read it either. If we are going to be active participants in determining the future of Bitcoin and cryptocurrency, and we sure should be, understanding Satoshi’s original vision for a peer-to-peer electronic cash system is absolutely necessary. So don’t wait any longer! Sit back, relax, and allow Amanda to read the whitepaper to you in this episode!

 

 

FRIDAY

For today’s episode Amanda sat down for an interview with OpenBazaar project manager Brian Hoffman. OpenBazaar is a peer-to-peer protocol, somewhat like BitTorrent, that allows peers in its decentralized network to run its app and host marketplaces where bitcoin is the accepted currency. The network moved from testnet to mainnet just last Monday and already over seven thousand peers are running the app and hundreds of marketplaces have been created.

Hoffman provides an overview of the current status of OpenBazaar and its features as well as its roadmap for the future which includes among other features privacy enhancements.

 

 

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