What is Opal (OPAL) Crypto Beginner’s Guide
Opal is a cryptocurrency for the Opacity platform – a blockchain platform built for messaging. Users can send anonymous and encrypted messages on the blockchain. Opal is also the digital currency for transactions on the Opacity platform. Users can buy or sell goods and services with it. The transactions are anonymous.
A Digital Wallet for Opal Tokens
A digital wallet is needed to use the OPAL token. It can be downloaded from the Opal website. There is a Windows Basic wallet and a full Windows wallet. Both have Opaque (encrypted messages and opaque addresses) built-in. There’s a version for Mac OSX as well. A mobile wallet is available too. There’s one for Android smartphones. The source code is available at GitHub.
Opal Trading Data
OPAL is traded on a few exchanges including Cryptopia and YoBit. OPAL tokens are paired with BTC tokens. OPAL has a market capitalization of $291,058. Daily trading volume is very low; today it reached $10. 15.1 million OPAL tokens are in circulation.
What is Opal
Recent trading data indicates an erratic digital currency. OPAL plummeted from a high of $2.7 million on December 16, 2017 to $321,000 on March 27, 2018. Over the next two months, OPAL increased in market capitalization, reaching a high of $992,000. Then, it dropped in value over the next three months. Currently, OPAL is ranked 1,171st among cryptocurrencies by market capitalization.
Block Explorer for Blockchain Transactions
There is a block explorer that allows users to view transactions on the blockchain. It is designed well. There’s a table that contains all the transactions. The block height, age, amount of tokens generated, and method of token generation is provided. The difficulty rating for each transaction is provided as well.
There’s a search bar that lets users search for transactions by various factors. Other information is displayed below the search bar including BTC price, USD price, market capitalization, known peers, difficulty rating, and the number of available tokens. There are several tabs across the table with more information including a list of the top earners and their addresses.
OPAL is extracted through the Proof-of-Stake method. This method prevents users from mining a disproportionate amounts of blocks. This method is dependent on the amount of tokens a user holds. They will only be able to mine a certain amount of blocks (verifying transactions). This amount is dependent on the number of tokens they hold. If they hold 2% of available tokens, then they are limited to mining 2% of the blocks on the ledger.
Proof-of-Stake is an energy-efficient method of mining. The alternative verification method, Proof-of-Work, requires a lot of electricity to process a cryptocurrency transaction. This is equivalent to the amount of electricity required to power 1.57 American households for one day.
Proof-of-Stake is a secure mining method as well. Since the user has a stake in the network, it is unlikely that the user would attack the network (51% attack method). Their earnings would decline if that happened.