What Value Does the Jupiter (JUP) blockchain offer?
Jupiter (JUP) is trending because it runs counter to most contemporary blockchain projects.
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Many developers try to increase blockchain speed and capacity by offering less encryption. For example, SatoshiVM (SAVM)?uses a ?sidechain and zero-knolwedge (ZK) rollups ?to speed transaction processing.
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Conversely, Jupiter’s builders claim to offer “military-grade encryption” to keep user data private and secure. However, one of Jupiter’s signature solutions, the Gravity decentralized application (DApp) framework, is no longer active.
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How Jupiter (JUP) Encrypts Information
Jupiter’s key features include Fndr. They call Fndr a password manager that offers AES-256 bit encryption.
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Advanced Encryption Software (AES) 256 is a symmetric encryption algorithm that uses a 256-bit key to convert your data and text into ciphers. They claim AES 256 resists cracking because it creates multiple round keys and divides information into blocks.
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Consequently, they claim AES 256 resists cracking by brute force. Moreover, they claim it could take 10 to 18 years to crack AES 256 by brute force. AES 256 uses symmetric-based encryption because that solution is faster, requires less computing power, and can encrypt large volumes of data.
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Some Jupiter (JUP) Features
Jupiter’s LEDA is a nonfungible token (NFT) marketplace. They claim LEDA lets users search rare NFTs world class artists create. Users can also sell NFTs through LEDA.
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Decentralized Git allows users to store GitHub repositories. They claim Decentralized Git reduces the threat of removal, loss, and outages.
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Jupiter-fs is a small file system that supports the seamless the seamless uploading of files to the blockchains. They call Jupiter-fs a “Google Drive for the blockchain.”
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The Jupiter-sdk is a software development kit (SDK) that creates a thin-wrapper over the Jupiter blockchain to help developers build and deploy apps fast. Hence, the Jupiter-sdk creates a layer 2 blockchain. A layer 2 is a less-encrypted blockchain that operates faster to speed up transaction processing.
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Layer 2 blockchains create a security risk because they have less encryption and security.
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What Value Does Jupiter (JUP) offer?
Interest in Jupiter (JUP)?is strong. For instance, Jupiter was CoinMarketCap’s most trending cryptocurrency on 1 February 2024.
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However, Mr. Market has little faith in Jupiter. Jupiter was CoinMarketCap’s 78th?largest cryptocurrency, with a 58.013￠ Coin Price on 1 February 2024. Jupiter also had a $783.36 million Market Capitalization, a $5.82 billion Fully Diluted Market Cap, and a $1.17 billion 24-Hour Market Volume on 1 February 2024. They base those numbers on 1.35 billion JUP Circulating Supply and a 10 billion JUP Total Supply.
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Thus, interest in Jupiter (JUP)?is high, partially because of a $700 million airdrop on Solana (SOL)?on 31 January 2024. CoinDesk reports Jupiter’s market cap soared to over $6 billion because of the airdrop.
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Is there a Market for Jupiter (JUP)?
Interest in Jupiter (JUP)?is high. However, I’m not sure there is a market for Jupiter because I see no decentralized finance (DeFi) uses for it. DeFi is the primary use for blockchains today.
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Singapore was the world’s third largest financial center in March 2023, after New York City and London, Statista estimates. In particular, Singapore has become the primary Asian financial center since the People’s Republic of China Absorbed Hong Kong. However, Hong Kong is still the world’s fourth largest financial?center.
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Hence, they could find a large market for Jupiter in Singapore. My advice for speculators is to watch Jupiter (JUP) and wait until they build DApps that make money on its blockchain before buying it.
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