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Welcome to another post in the series, ‘Coin of The Day’ where we look at those virtual currencies and criticize everything about them to no end.
Time to start up the random number generator!
As you can all see in the video above at time 0:16, today’s number is 538 (at the time of this writing). The coin holding that place on CoinmarketCap is Breakout Stake.
I think this cryptocurrency is for those who do not know what potential they hold. They just need that little nudge to break out of their complacency. (Please, do not prove me wrong)
Oh, Crap!
Breakout Stake (BRX), from my limited understanding (and journey into the unknown jungle), is a cryptocurrency for gambling like First Blood and FunFair but with a twist. It is a part of a multi-currency group of coins under the Breakout Chain organization in Costa Rica. The other coins are SisterCoin, Atomic, Breakout Coin and Deck. Each of these coins have different properties that influences how each are spent. Blah blah blah. Technical stuff… has low transaction fees. Done.
It crash-landed on CoinMarketCap in July, 2016, unfortunately. If you are wondering, I am born in July and 2016 was a shitty year for me. But less about me ad more about this cryptocurrency. As far as I can see, there is 1 member from their team (named James Stroud) on their team as a developer who was once a Research Assistant Professor. There are no advisers, web designer or anyone to manage the coin distribution (not that I know of).
Breakout Stake is both a Proof-Of-Stake and Proof-Of-Work token so it is mineable.
For more information on this cryptocurrency, you can watch their introductory video below:
Now, let’s get on to their features:
-Multicurrency- the form of Breakout Coin (BRK), Breakout Stake (BRX) and Sistercoin (SIS).
-Multicurrency Hybrid POW/POS- where currency A is rewarded to secure a chain using POW and currency B is rewarded to secure another chain using POS.
-Gravity Well- algorithm used as difficulty readjustment mechanism to limit block creation (compared to Bitcoin’s halving).
-Delegated fees- ability to send currency in one form but pay for the transaction in another form.
-Fee Scavenging- ability for transaction fee collection to be deferred until P.O.W claims the fee.
-Colored Coin- a proof of concept for which has been incorporated into Breakout Chain in the form of a deck of cards.
-Full featured graphical wallet
-Circulating supply and Maximum supply is 6,268,082 (it was 12.5 million but after the ICO, Breakout Chain decided to burn 6.23 million)
-All Time High (ATH): $3.06 (0.00018868 BTC) on January 7, 2018. The reason for this pump, perhaps being the announcement of a Hold’em Invitational where the winner will be awarded $28,000. At today's value (time of writing), 18868 satoshis would come out to $1.29.
My Critique
Website and Source Code
I have to admit that their website looks awesome. At first glance, you would know that it is an online poker site with the blues, chips and graphics plastered all over the page. There is no sign of someone using it or how their product looks like. Everything is a prop even their unsecured domain.
Tabs are in the right place. Then I decided to click on the Whitepaper and then those mofos just download a file on my computer without my permission. They should not do that. People will think it is a malware and delete the document before opening it.
My advise to you: Do not read the Whitepaper. It is just about Blockchain, Smart Contract and how they work. There is very little information about the coin itself. So spare yourself the two hour read.
There is no Road Map or information about their campaign on their web-page. There are no team members apart from some poker ambassadors who seemed to be shillers rather than die-hard investors.
As for the source code, BRX has 5 repositories with very few commits (last update was in August of 2017 since then no activity). Disappointing.
Social and Popularity
Facebook- Directs to Breakout Gaming which has 52,100+ followers with over 52,000 likes. There is no engagement between team and fans. However, they are active on this page.
Bitcointalk- 220+ pages. Breakout Stake mostly hype their tokens on here.
Twitter- More than 4000 followers. Post regularly on there but participation from their followers are low.
Reddit- 225 readers. There is not much individual participation in this space but the Breakout Stake team is active on here.
Discord- Some 400 followers. Like the other social media, there is not much activity from the people on here.
Exchange
The Breakout Stake can be traded on the following exchanges:
Bittrex
LiteBit.eu
No announcement to be added to more exchanges on the future.
Conclusion
Not interested in this one. I do not see any real world implementation for Breakout Stake and its multiple coins. I do support gaming Dapps on Blockchain but why do you need them in the first place? The centralized version of online poker, for instance, does not have any issue. They have reward programs, fast transactions and are secured (although some of them do sell our information to third parties but- who cares?- as long as we enjoy ourselves). What I am saying is that cryptocurrency and poker is a bad idea. We can just use the first generation cryptocurrencies like Bitcoin, Ethereum and Litecoin to these transactions instead of relying on a platform with different coins following different characteristics.
The second reason is that this token is in a niche of the cryptocurrency market I find over-saturated. I can name seven other altcoins with the same features that are higher up on the CoinMarketCap page who are frankly doing a lot better than them.
And lastly, adding more coins on a platform, makes BRX more complicated to use and liable for the user to make mistakes. One coin should be enough for everything. Simplicity is the best way to garner the attention of potential investors.
That’s my critique on Breakout Stake.
I hope you guys are having a wonderful Easter. Remember to pay your taxes and keep safe.
Later.
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