Xsolus is an IT solutions company specializing in blockchain technology applications and web and
Comprised of software developers, UI/UX designers, and cryptocurrency enthusiasts, Xsolus is headquartered in Panama with a global presence spanning across Hong Kong, Singapore, Philippines, and Canada.
Our founders have a wide range of industry experience including
Xsolus seeks to contribute to the blockchain-cryptocurrency community by growing a global team of like-minded individuals to innovate, build, and evolve
Xsolus aspires to be a leader in blockchain-related technology.
Flexible and scalable platform for decentralized applications.
One of the fastest exchanges with extremely low fees.
A configurable platform for fundraising and crowdfunding.
Allows vendors and users to send and receive cryptocurrency at POS, through the internet, and worldwide.
Our founders have nearly 50 years of combined experience in building IT solutions. Together with an enthusiastic team of on-site offshore developers,
Application development for Desktop, Web & Mobile
Mobile App Development for both iOS & Android
UI/UX Design, Brand Identity, Web Design & Graphic Design
Xsolus is working with new and existing partners worldwide to enable
Allowing citizens to participate in democracy and hold their representatives accountable.
Providing a platform for businesses, entrepreneurs, and professionals to network for the empowerment of all.
Bringing stability to cryptocurrencies using innovative processes.
A global tool to provide assistance locally and globally in real-time with full auditability and transparency.
Bringing together course material creators, trainers, and learners in an ecosystem powered by its own coin.
A platform for posting your viewpoints and engaging in a fun and social video debate on any topic.
Incentivizing content stream creators and curators for captivating channels.
Manage tasks for yourself, your team, and your organization in innovative ways.
Comprised of software developers, UI/UX designers, and cryptocurrency enthusiasts, Xsolus is determined to bring innovation to the blockchain.
Want to learn more about blockchain technology or cryptocurrencies?
Read more about these technologies in our blog posts.
The creation of the web completely shook up the world. Everything has gone digital, like how we communicate, share media, and even the way we send and receive money. Fiat currency is going away and bills and coins have evolved into what is called cryptocurrency, and the future of financing is now here.
So what are cryptocurrencies and how are they different from fiat money? What are the pros and cons, and how and where can you spend them? Like most of the non-technical majority, you might have a lot of questions. Here we’ll go over all you need to know about cryptocurrencies without the technical jargon.
What are cryptocurrencies?
Cryptocurrencies are virtual money that exist online on blockchains or other platforms. The term is used interchangeably with virtual currency, digital currency, or digital money, although there is a subtle distinction between them. For this post, we’ll use the term cryptocurrency for consistency.
Cryptocurrencies work on an open-source, decentralized peer-to-peer electronic cash system. Like paper money and coins before them, cryptocurrencies allow two or more parties to exchange tokens for goods or services. Cryptocurrencies are basically bits and pieces of computer code that represent monetary units.
How did cryptocurrencies come into existence?
One of the most prominent cryptocurrencies in existence is Bitcoin. In fact, all cryptocurrencies began with Bitcoin which was first introduced to the world in January of 2009. The idea of a cryptocurrency came from a programmer, or a group of programmers, with the pseudonym Satoshi Nakamoto. The programmer(s) created the initial framework of the blockchain database used to create or mine new Bitcoins. As the years progressed, more cryptocurrencies sprung up, and the rest is history.
What are examples of cryptocurrencies?
While Bitcoin remains to be the most popularly used cryptocurrency worldwide, there are also top contenders like Ethereum, Litecoin, Ripple, Dash, and Monero. All of these are based on similar frameworks but have a few subtle differences. Ethereum, in particular, features a unique smart contract functionality that serves as an added protection when you transact business.
How do cryptocurrencies differ from fiat money?
The main difference between cryptocurrencies and fiat money is that the former is decentralized. This means that cryptocurrencies are not controlled by a bank or central government authority.
Another difference is that cryptocurrencies are yet to be recognized as legal tender. There are issues whether cryptocurrencies can be considered as a commodity or whether they have real-world value. Some countries like the US recognize Bitcoin and other cryptocurrencies as a commodity covered by the commodity exchange act.
What are the advantages and disadvantages of cryptocurrencies?
Like everything digital, cryptocurrencies are all about speed and convenience. Cryptocurrencies essentially make it easier for you to make transactions wherever you are across the globe. Since there are no intermediaries, transactions are simplified and are much quicker, with lower transaction fees to handle.
However, since cryptocurrencies are decentralized, the value of cryptocurrencies are vulnerable to wild fluctuations depending on the supply and demand. Cryptocurrencies are also susceptible to manipulation and theft.
How do cryptocurrencies work?
While there are many cryptocurrencies available in the market, the mechanism of how they work are more or less the same.
Mining: The Creation of Cryptocurrencies
The basic framework of most cryptocurrencies begin with mining. Mining is the creation of cryptocurrency, much like how new coins and paper money are minted. Cryptocurrency can be created or mined by using computers that run mining software. The goal of mining is to find a certain sequence of data called a “block” using a series of complex mathematical algorithms. Programmers who manage to find a block are rewarded with cryptocurrency.
Blockchains: A Public Online Ledger
Each transaction is verified and logged in an online network-wide ledger called a “blockchain.” The blockchain serves as the master record of all cryptocurrencies ever produced and all the transactions that have occurred worldwide. The blockchain is open to the public, and it essentially prevents people from spending the same cryptocurrencies more than once.
Although the blockchain is accessible to everyone online, it doesn’t record any personal details such as names or ID numbers — only digital wallet addresses of anonymous users and where and when the transactions occurred.
Digital Wallets: Where Users Securely Store Cryptocurrency
Just like their traditional counterparts, cryptocurrencies are stored in virtual wallets or eWallets. eWallets, such as Bitcoin Wallet or Ethereum Wallet, allow you to store, send, and receive by using an app on your mobile phone or desktop. There are also hardware wallets which look similar to a USB flash drive device. Examples of hardware wallets are Trezor and Ledger Wallet.
How do you use and spend cryptocurrencies?
Once you’ve acquired an eWallet, you can use your cryptocurrency. Cryptocurrencies can be used and spent just the same as you would with fiat money.
To begin a transaction, you need to establish a unique digital currency address. The address functions like a traditional bank account number, which enables you to send and receive cryptocurrencies. Just like its predecessor, you can own more than one digital currency address.
Nowadays, there are several reputable eCommerce sites that accept cryptocurrency as payment, such as WordPress, Etsy, Overstock, and Amazon. Some brick-and-mortar businesses also support cryptocurrency payments, such as CVS, Sears, K-Mart, and Home Depot. You can also use cryptocurrency to transact in file sharing sites like Mega and domain hosting sites like Bit Domain.
To own more cryptocurrencies, you can either buy, share, exchange, or mine. Cryptocurrencies can be bought or sold with fiat money from private sellers, local traders, or exchanges like Coinbase, Kraken, Poloniex, and Bitfinex. Mining new cryptocurrency can be quite costly considering the amount of energy a computer would need to consume to do so; however, this option is typically reserved for those in countries with lower electricity costs.
Wrapping it up
As cryptocurrencies gain more popularity year by year, several formal entities and a few government authorities have warmed up to the idea of using blockchain technology. In this era of innovation, there’s no saying how far cryptocurrencies will go. It’s an exciting time for the financial sector, and the emergence of cryptocurrencies is just the beginning.
- Article written by Tinny X
Cryptocurrencies like Bitcoin, Ethereum, and Litecoin have already been making their way around the past few years. While most of the resources you find online focus on what digital currencies are, not a lot of people understand the mechanisms behind cryptocurrencies. Just like how we’re aware of electricity but may have very little knowledge of how it actually works.
Blockchain technology is what fuels how cryptocurrencies are transferred and exchanged all over the world. Here we’ll discuss what blockchain technology is, how it works, and how it ensures security, all in simple terms.
What is blockchain technology?
A blockchain is a public ledger that contains a master record of all cryptocurrency transactions, which is accessible by a network of users. The blockchain is like the full history of a bank’s transactions since the beginning of time, with each block serving as an individual bank statement.
Usually, we use trusted intermediaries such as banks to make a financial transaction, authenticate it, and keep records of the transaction. Through blockchain technology, you remove the need for a third-party to do all of these things. A blockchain essentially allows consumers and suppliers to transact directly, all while keeping the transaction safe and secure.
How does blockchain technology work?
– First a transaction is requested
Someone requests a transaction, such as when someone wants to buy something online and pay through Bitcoins. The transaction is represented digitally as a block. The block records your digital wallet addresses (though you’re represented as an anonymous user), and where and when the transaction occurred.
– Then the transaction is broadcasted to a P2P network
Once the system is prompted of a new transaction, the requested transaction is then broadcasted to a peer-to-peer network consisting of computers, called nodes. These nodes are manned by people, typically programmers, called miners.
– And then the transaction is validated
The network of nodes validates the transaction using a complex mathematical algorithm, a process called mining. Miners use powerful and specialized software to collect information and verify transactions. Basically, validation of a transaction is done through a consensus system of miners at even time intervals. Miners who manage to find a block, and in the process validate a transaction, are rewarded with cryptocurrency.
– A new block is then created and added to the blockchain
Once verified, the transaction is combined with other recently verified transactions to create a new block of data. Each block contains a timestamp of each transaction and a reference to the previous block in the chain. Once data is written to a block, the data becomes virtually permanent. The new block is then linked to the previous block through cryptography, creating a blockchain.
– Finally, the transaction is completed
The completed transaction is then publicly recorded on the blockchain, and the chain is replicated across the entire network of nodes.
How secure is blockchain technology?
The transparency of the blockchain and the immutability of data recorded in a block come into play when it comes to security.
Blockchain technology works on a distributed and decentralized network. The distribution of data across the entire network of nodes makes the system secure against fraud. If a block is falsified, such in the case of counterfeiting fiat money, and the forged block is added to the chain, other nodes will find the data to be untrue.
Although the blockchain is open to the public, the information in each block is hashed and encrypted, and does not hold any personal information.
It’s also nearly impossible to hack the blockchain system. To do so would require significant computational power, even possibly higher than the amount of power it takes to mine a single block.
Wrapping it up
Blockchain technology is revolutionizing the concept of cybersecurity. Today, the application of blockchains are expanding to other online assets other than cryptocurrencies—such as insurance, property titles, music, and taxes. Although blockchain technology is still quite new, it holds vast amounts of possibilities on how we transact and exchange value in the very near future.
- Article written by Tinny X
Unless you’ve been living under a rock for the past decades, you’ve probably heard about Artificial Intelligence, Machine Learning, and the Internet of Things before. These three are the next big thing in technology, but they’re often misunderstood as interchangeable terms. It’s worth noting that these three are unique in each of their own ways, though the distinction between them can also be quite confusing.
What is the difference between Artificial Intelligence, Machine Learning, and the Internet of Things? How do they relate to one another? Here’s a quick and dirty guide for beginners on the delineation of the said terms.
What is Artificial Intelligence?
Artificial Intelligence (AI) is an umbrella term for machines that are able to carry out tasks by themselves with human-level intelligence. AI is designed to mimic human-like behavior and to automate routine processes. The concept has been in use for quite a while now, starting with the early machines such as calculators and cash registers.
Put simply, machines or computers with AI capabilities are explicitly taught what to do and how to do them, just like how dogs are trained to sit and heel by command. Some notable examples of AI in today’s world are smart cars, chatbots, smart home devices, and digital personal assistants like Siri and Cortana.
As more and more technological advancements are introduced, and with the advent of the Internet, the idea of teaching machines to learn for themselves emerged; hence, the birth of Machine Learning.
What is Machine Learning?
Machine Learning (ML) is a subset of AI that provides machines and computers the ability to learn by itself without being explicitly programmed. Rather than teaching a machine exactly what to do, ML allows a machine to think for itself and have a judgement call on its actions based on sample data provided to it via the Internet.
ML essentially works on a system of probability, paired with feedback loops, to enable the learning mechanism. When data is fed to an ML-capable device through the Internet, the device classifies the information based on a series of algorithms in order to carry out a task or predict actions.
In simple terms, ML allows a machine to make subjective and intelligent human-like decisions based on the information it gathers from a data source, or Big Data. Think of the difference between commanding a dog to eat at a certain time of the day, and with allowing a dog to eat when he or she is hungry regardless of what time it is. Examples of ML in our everyday lives include stock market predictor apps, ridesharing apps like Uber, and the spam filters in our email.
Machine Learning is the mechanism behind most of the exciting advances in technology nowadays, and this was all made possible through the Internet.
What is the Internet of Things?
The Internet of Things (IoT) is the interconnection of devices through the Internet. It is the technology that enables smart devices to communicate with one another by sending and receiving data. The IoT does not limit itself to smart devices as well; it also connects individual components of a machine, such as the ink level indicator of a printer and the jet engine of a plane.
IoT is the string that connects AI and ML together, in that it serves as a treasure trove of data with which AI and ML can use in order for their program to work. AI, ML, and IoT thrives in a symbiotic relationship wherein one cannot properly work without the other.
Wrapping it up
To wrap things up, Artificial Intelligence is the broader term of the three, where Machine Learning is a subset. Hence, all types of ML are considered AI, but not all AI is considered ML. The Internet provides the data for ML to work, while the Internet of Things is a network of physical smart devices that contain embedded technology (that is, AI and ML) which enables smart devices to communicate with one another.
- Article written by Tinny X