Cryptocurrency Home | SingularDTV
Within the past several years, blockchain technology has emerged as one of the tech industry’s most exciting prospects. The growth of cryptocurrencies and blockchains in general has led some major firms like Deloitte to publish reports on the progress of the blockchain industry and where they think it’s going in the future.
One report estimates that blockchain will add $176 billion of value to businesses by 2025, a rather remarkable feat if attained. Already, many business are working on their own cryptocurrencies and platforms that attempt to provide real world solutions to real world problems.
One such company, SingularDTV, is a blockchain-powered entertainment studio with the goal of laying the foundation for a decentralized entertainment industry. Their platform is powered by their native SingularDTV coin (SNGLS), which creates a uniform transacting process anywhere in the world.
What is SingularDTV?
SingularDTV is a blockchain powered platform that gives artists and content creators the tools they need to manage their projects from beginning to end. SNGLS coins operate on a blockchain, which is a decentralized ledger or database that stores the history of all transactions that occur on the network. Blockchains can be viewed and validated by all users and are not controlled by a centralized governing entity.
What’s more, SingularDTV coins are the currency for services offered in the SingularDTV ecosystem. They can also be bought and sold like other cryptocurrency assets. Those interested in learning more about the platform can find thorough discussions and explanations for the platform on its reddit page.
How Do I Buy SingularDTV?
SNGLS coins cannot be bought directly with fiat currencies like dollars, Euros, or pounds. Instead, users must register an account with an exchange where SingularDTV coins are traded. Next, users must fund their account with a bank transfer, with cash, or with a credit card. Once the funds are in place, they must buy more popular cryptocurrencies like Bitcoins or Ethereum. The BTC or ETH can then be used to purchase SingularDTV coins.
How Do I Turn SingularDTV into Cash?
To cash out of SingularDTV coins, users must follow the reverse order of the steps listed above. They must first turn their SingularDTV coins into Bitcoins or Ethereum. Then, the BTC or ETH must be exchanged for a fiat currency like USD. Finally, the funds should be transferred to a traditional bank account, then withdrawn from an ATM in cash.
How to Use SingularDTV
SingularDTV’s first use is as an investable asset. Like its cryptocurrency peers, SingularDTV’s value is determined by supply and demand for the coin on cryptocurrency exchanges. One of the most popular strategies for investing in SingularDTV is buy and hold strategy. With this strategy, users SingularDTV and simply holds the coins in their crypto wallet. The objective is to wait for the price to appreciate, hopefully resulting in sizable capital gains. Like many other crypto coins, SingularDTV has performed well in the past, though past performance is no guarantee of future returns.
The second strategy is to buy and sell SingularDTV coins more frequently with the goal of buying low and selling at or near a price peak. This is more involved, but when done correctly, can yield sizeable returns. Investors who trade more actively should be aware that trading costs can eat away at profits, so careful calculations are required.
One advantage of investing in SingularDTV that it is a decentralized cryptocurrency. It isn’t controlled by central bankers or their monetary policy, nor is it as easily affected by exchange rate risk as fiat currencies. Additionally, it isn’t subject to regulatory bodies like FINRA or the SEC, so investors don’t have to worry about overburdening regulations that attempt to help investors but actually harm them.
The second major use for SingularDTV coins is as platform tokens on the SingularDTV entertainment platform. The token can be used by content creators and artists as a way to initiate and develop projects. The SNGLS tokens are to be used in connection with the platform’s CODE Smart Project under Smart Contract System which underpins all of the platform’s utilities.
Singular DTV’s overarching goal is to create multiple platforms and dapps (decentralized apps) for artists to publish their content. They want to transfer the entertainment industry over to a decentralized marketplace so that more people can get involved, not just a handful of elites. Those interested in the prospect of a decentralized entertainment industry should consider SingularDTV coins, as these will be the medium of exchange on the platform’s dapps and subsidiaries.
What is SingularDTV Mining?
Cryptocurrency mining is the process of discovering and verifying the transactions that take place on a given network. Transactions are bundled together into groups called blocks, verified, and then added to other blocks, forming a blockchain.
Those who are tasked with verifying blocks are called miners. Miners are compensated with the blockchain’s coins when they finish mining a block. They can use mining calculators to determine the profitability of a given block. The calculators also help miners determine whether or not it is even possible to solve the block in question.
Miners can either mine solo or in groups called mining pools. Mining solo often results in higher profitability, because the profit isn’t split between the members of a mining pool. However, mining alone usually results in lower computing power. In contrast, mining in pools aggregates total computing power into one pool, but at the cost of profitability. SNGLS coins can’t be mined.
How to Mine SingularDTV
SingularDTV coins, by design, are not mineable. Therefore, in order for the market cap to increase, the coin’s price must rise. Though it is not the same as traditional mining, one unique way for SingularDTV holders to increase their profitability is to use the Tokit dapp, which allows users to create their own tokenized ecosystem.
How will SingularDTV Scale?
The SingularDTV platform is built on the Ethereum network, as are many other blockchain based platforms. Thus SingularDTV’s ability to scale and process more transactions is directly related to Ethereum’s ability to scale. Though a definite solution has yet to be proposed, Ethereum creator Vitalik Buterin wants to use both of sharding and layer-2 protocols. If the Ethereum blockchain is able to solve the scaling problem inherent within blockchains, then the SingularDTV platform will scale in the same manner.