Showing posts with label blockchain. Show all posts
Showing posts with label blockchain. Show all posts

Wednesday, March 11, 2015

Bitcoin: The Benevolent Virus (Op-Ed)

By Travis Patron

BitcoinBitcoin is a virus spreading with no cure. It transmits itself through the ideas of others and travels via digital networks of information. Eating up the processing power of computer systems and decaying the roots of analog money, Bitcoin is the spread of a benevolent virus.
The ALS ice-bucket challenge is a prime example how an idea can spread virally, and enabled by digital information. Every participant becomes involved by being referred by a previous one, and they themselves refer two more in turn, creating viral growth of the idea. The driving factor behind this viral growth is the implanting of an idea of the host, from there it can often come to consume the participant.
A cancer which develops in the body grows by way of turning existing cells into deadly cancer cells. Every patient who has ever dealt with cancer before knows that once that growth of cancer reaches a particular point, there is no hope of a recovery. The cancer will take its course and there is very little the host can do to combat it. Eventually, this cancer grows so large that it self-destructs as it effectively kills the very environment, which had allowed it to thrive.

Saturday, February 7, 2015

How the Blockchain Could Stop Firms Cooking the Books

By 

Block chain-based auditing could reduce fraudEnron, WorldCom, Lehman Brothers and Saytam are all dark moments in corporate history. One way or another, they all cooked the books to hide their true financial position, at the expense of investors, customers, and sometimes, the tax payer. Could the blockchain be used to stop corporate fraud?
It’s unlikely that large organizations would begin trading entirely in bitcoin, but some believe that distributed ledgers could be used to 'bake' verified transactions directly into a company’s accounts, even if those transactions are conducted in fiat currency.
Charles Hoskinson, former CEO of Ethereum, believes that accounting is one of the next big opportunities for the blockchain.
Hoskinson said:

Click here to read more

Tuesday, February 3, 2015

'The Age of Cryptocurrency' Recorded on Blockchain

By 


cryptobook hash

The Age of CryptoCurrency, the recently released book by Wall Street Journal reporter Paul Vigna and senior columnist Michael J Casey, has been permanently recorded on bitcoin's public ledger, the blockchain.
The book is the first by a major publisher with its exposure and interest to have a time-stamped digest recorded in the blockchain, actively demonstrating the technology beyond just the subject of the book.
Digital Currency Council (DCC) director of curriculum Dan McArdle copied the book into Block 341705 using the firm’s Blockchain Recordation Toolbox, which allows DCC professionals access to blockchain recordkeeping for clients. The process used open source platform Proof of Existence.
McArdle said:

Wednesday, January 28, 2015

THE FEDERAL RESERVE BITCOIN STRATEGY

By Alex Gorale

fishThis morning The Federal Reserve Bitcoin Strategy was released in a paper outlining multiple options for improving the U.S. payment system.
In the past, Digital currency had been deemed too immature. Now, after pressure from private sector interests, the Fed is seriously analyzing the benefit of incorporating Bitcoin code in the U.S. fiat system.
“A U.S. payment system that is safe, efficient and broadly accessible is vital to the U.S. economy… the Federal Reserve plays an important role in promoting these qualities as a leader, catalyst for change and provider of payment services…”

Wednesday, January 21, 2015

A brief attempt at explaining the madness of cryptocurrency

By Mariella Moon

Utah Software Engineer Mints Physical BitcoinsCryptocurrency may as well be called "cryptic currency," because it's nowhere near as easy to figure out as typical money. For one, while most of them (and yes, there's more than one) have names that end with "-coin," they don't usually come in physical form. Yes, they do represent money in digital form, but using them is a bit more complicated than digital payment services like, say, PayPal or Google Wallet. Also, unlike banks and online services, they're decentralized, with no single governing body overseeing and verifying transactions -- there's a reason why bitcoin was (is?) the currency of choice for black market regulars.
Bitcoin ("BTC") isn't only recognized as the first cryptocurrency; it's also the basis for every other crypto-coin that's popped up since it was formally introduced in 2009. "Satoshi Nakamoto" (the pseudonym used by the person or the group of people who created bitcoin) designed it as a peer-to-peer system that relies on users to keep working. Also, all transactions are recorded on a public ledger (called "block chain"), so even though no name or email address is associated with an account, the system's not entirely anonymous.




Tuesday, January 20, 2015

How The Cryptoconomy Will Be Created

By William Mougayar

What Bitcoin started is metamorphosing into something bigger: a “crypto-tech” driven economy with its own value creation, not unlike the Web’s own economy. Welcome to the cryptoconomy.

Contrary to what appears today, this cryptoconomy will not be born by attempting to take over the current financial services system, nor by waiting for consumers to transfer fiat money into cryptocurrency wallets; rather it will emerge by creating its own wealth, via new types of services and businesses that extend beyond money transactions.
The cryptoconomy is a serious event. It is the next phase of the Internet’s evolution – the decentralization era. Its genesis is Bitcoin’s backbone technology: the “blockchain”, a new term with applicability outside of just Bitcoin. The blockchain is like a new type of database ledger whose data is stored via a cryptographically secured, semi-public, semi-private way. That kind of openness ushers a path for point-to-point value exchanges, without trusted intermediaries or central parties.

Sunday, January 4, 2015

6 (More) Bitcoin Myths Debunked

We've all heard them before.
As a groundbreaking innovation, bitcoin naturally attracts skeptics just as strongly as it attracts supporters, and the technical and theoretical complexity of the digital currency can cause a considerable amount of confusion with those who are not 'in the know'.
The result is that critics of bitcoin oftentimes fall back on one or two euphemisms to express why they think it will never succeed – simplified statements like "bitcoin is a ponzi scheme" that higlight often misunderstood characteristics of the digital currency but rarely fully address the situation.
One of the first articles published on CoinDesk was dedicated to debunking these "bitcoin myths", and because they still pervade the industry, we're revisiting the topic.
Here are six (more) bitcoin myths, debunked.

Friday, January 2, 2015

Study: How Bitcoin Could Transform Personal Insurance

By Alyssa Hertig

A new paper explores how Bitcoin could transform the way we manage personal life insurance. Namely, the blockchain could provide a global, secure and public record of personal health information.
In a 51-page report, the research group Long Finance described a range of potential areas where the blockchain could come in handy in the insurance sector. The London-based initiative “holds hope” that these applications could aid consumers.
From August to November, the Z/Yen Group asked financial service professionals, cryptography experts, and regulators about the blockchain's “potential relevance” to insurance. Their insights fill the report. The paper was co-authored by Professor Michael Mainelli and Chiara von Gunten, project manager of Long Finance. If you're short on time, a summary of the report is available as well.

Tuesday, December 23, 2014

The Theory Behind Bitcoin in a Nutshell: Based on Satoshi Nakamoto's White Paper

Bitcoin is a Peer-to-Peer Electronic Cash System.

What does a peer-to-peer electronic cash system allow?   A peer-to-peer version of electronic cash would allow online payments to be sent directly from one person to another without going through financial institutions. (ex. banks).

A digital signature provides a solution to online payments, but the benefits would be lost if a trusted third party is needed to prevent double-spending.  A solution to this double-spending is a peer-to-peer network.

The network timestamps the transactions by hashing them into an ongoing chain of hash-based proof of work, which forms a record that cannot be changed without redoing the initial proof of work. 

What exactly is hashing?  It is the transformation of a string of characters into a usually shorter fixed-length value or key that represents the original string. It is used to index and retrieve items in a database because it is faster to find the item using the shorter hashed key than to find it using the original value.

The longest chain serves as proof of the sequence of events shown on the chain, it shows that it came from the largest pool of CPU power.  The CPU power controlled by the nodes (miners); not attacking the network, generate the longest chain and outruns any potential attackers to the chain.

The peer-to-peer network does not require a lot of structure.

Work done by the nodes (miners) are broadcasted on the chain.  Nodes join and leave the network at will.  The hash they leave behind is proof of their work.

Based on my interpretation of Satoshi Nakamoto's White Paper.






Monday, December 22, 2014

Crowdsales Funding Innovation By Bitcoin And Its Community

By  

Bitcoin as an industry is becoming segregated by ideology, technology and application. There are different groups that argue for differing directions and methods of growing adoption. Within bitcoin today there are three distinct groups with their own definitions of what Bitcoin is.
For example, bitcoin miners argue that bitcoin is a payment system where adoption is driven by bitcoin transactions reflecting its use as a digital currency. This is largely based on their function in the ecosystem, as miners serve as a distribution mechanism for introducing new bitcoins into the network, while also being responsible for managing the bitcoin transaction records that make up the blockchain.
Conversely, those involved with bitcoin 2.0 like Counterparty and Mastercoin, whose interests involve developing protocols and use cases on the blockchain itself argue that bitcoin is a platform for decentralized development. To their point, we have seen several implementations of the bitcoin blockchain successfully used in this manner.

The Startup Meant to Reinvent What Bitcoin Can Do

By  Tom Simonite 

A company given $21 million by leading Silicon Valley investors aims to extend Bitcoin’s functionality so it can power much more than just payments.

LinkedIn founder Reid Hoffman announced an unusual new investment late last month. He and other Silicon Valley luminaries, including Sun Microsystems founder Vinod Khosla, sunk $21 million into a company that may never have to make a profit to be successful.

That company is called Blockstream. Hoffman and others backed it in an effort to give a technological shot in the arm to Bitcoin, a digital currency built upon software that uses cryptographic transactions to prevent counterfeiting without the need for any central authority (see “What Bitcoin Is and Why it Matters”).

Click here to read more

Saturday, December 20, 2014

Why Bitcoin Apps and Bitcoin Speculators Need Each Other

By 

Adam Ludwin co-founded Chain.com, a bitcoin developer platform. Prior to Chain, Adam was a venture investor in companies including Vine, Slack, Kik and Paperless Post. He holds a B.S. from UC Berkeley and an MBA from Harvard.

Here’s one way of looking at the bitcoin market:
  • Miners mint new bitcoins
  • Speculators buy/sell them
  • The price of bitcoin is affected
  • Miners with a marginal cost lower than the price of bitcoin keep mining
Here’s a visual representation of that story:

Friday, December 19, 2014

Smart Property in Action

By  

Smart property is to deeds as Bitcoin is to money. In the same way that Bitcoin revolutionized the concept of currency, smart property revolutionizes the concept of ownership, removing the need for a central authority to say who owns what. Our system of ownership is just one in a growing line of things to be decentralized, but will inevitably be among the most important. The question is, how can we enforce such a system without the firepower backing modern courts?
For those of you still trying to grasp this idea, it’s helpful to remember that bitcoins are not actually things: Bitcoin is a decentralized system for deciding who has how much money, and bitcoins are the unit of measurement it uses–they reside nowhere except the imagination of Bitcoin’s users. Just like traditional ledgers of account, however, the blockchain can be adapted to track who has what assets and property. This is being done by Bitcoin “2.0” platforms like Mastercoin andCounterparty, and some platforms like Ethereum are building new blockchains altogether.

Thursday, December 18, 2014

Microsoft Planning Aggressive Global Implementation; Thinking Long Term on Bitcoin

By Clay Michael Gillespie

Microsoft BitcoinistRecently the technology giant Microsoft made bitcoin payments an option for all of their United States customers on everything from tablets and phones to services like Xbox Live. Their plans aren’t just for the basics though.
BitPay, the payment processor Microsoft partnered with to begin accepting bitcoins, recently spoke out about Microsoft’s vision into the future. Sonny Singh, BitPay’s chief commercial officer, said the following in an interview with CoinDesk:  
“Microsoft has a long-term vision for bitcoin, BitPay and the blockchain. Starting with digital goods in the US is the logical first step, however, they want to expand to Europe and globally and add support for other products as part of that rollout.”
Microsoft is able to ease into bitcoin by using BitPay. The payment processing company exchanges USD for bitcoins in real time, allowing companies to pick and choose how much traditional currency they keep in relation to digital. BitPay gives Microsoft the freedom to let their customers pay for goods and services how they want to, while Microsoft avoids any market volatility.

Wednesday, December 17, 2014

WATCH A BLOCKCHAIN COMPANY SAVE BANK OF AMERICA $17 BILLION (HYPOTHETICALLY)

By  Clay Michael Gillespie

One of the cool things about the bitcoin blockchain is the amount of possibilities it entails. Bitcoin isn’t just a financial asset; it’s a piece of technology that changes everything. One company is building a business on record keeping by utilizing the blockchain.
The company of focus is called Factom. Factom is am open-source Bitcoin 2.0 blockchain based company 
using the technology for non-monetary purposes.

Factom and the Future of Blockchain Technology

There are so many possible problems with centralized record-keeping that could be solved through the decentralized blockchain method. For example, multiple mortgage companies, such as CitiBank, were fined billions of dollars due to a mishandling of records. One of these companies was Bank of America who fell victim to a $17 billion fine, also known as the largest fine in history.
In response, Factom made the video below to showcase how they could utilize the bitcoin blockchain to keep Bank of America’s records permanently engrained in the distributed public ledger.

Blockchain.info Asking for User Passwords

by Carlo Caraluzzo

Whenever we do any type of business on the internet we receive a warning that our passwords will never be requested in an email. The reason for this is simple: Scammers often pose as legitimate businesses in phishing scams. While requests for passwords are unusual, they are not unknown and sometimes are necessary. Blockchain.info is an excellent example of this and the company has recently requested account passwords from many of its users.
Blockchain.info has been exposed on two different occasions by the white hat hacker Johoe for having abysmal security.  After running scripts that he created, Johoe was able to exploit the systems weaknesses and skim off several hundred BTC. Johoe has since reimbursed Blockchain.info and the company is reimbursing the assets to users that have been affected but apparently because of the company´s policies these reimbursements are running into a snag.

Saturday, December 6, 2014

'Professor bitcoin' and the rise of crypto-currencies

By John Shinal


SAN FRANCISCO —Gregory Maxwell, a co-founder of the digital currency startup Blockstream, sat in front of a crowded room of Bitcoin experts and investors in a conference room of San Francisco's Kabuki Hotel this week and answered a question that many came to hear:
AP Bitcoin-Majority ThreatShould development of "blockchains"—the globally-distributed encryption technology at the core of the Bitcoin currency—remain united?

A Bitcoin Battle Is Brewing

Did you know the Bitcoin community is riven by tension, drama, competing agendas, and at least two starkly different visions of our economic future? That even as major banks who thought of Bitcoin as snake oil re-assess its blockchain technology as a major breakthrough, and smart money pours into blockchain startups, the few at its cutting edge are increasingly divided against themselves?
This is no bad thing. Bitcoin believers–and I’ve come to number myself among them– believe that, one way or another, it will usher in a new era of frictionless commerce and programmable money. 
Bitcoin true believers think it will ultimately do to Wall Street what the Internet did to fax machines, while also decentralizing much of the Internet. Bitcoin extremists believe it will replace “fiat currency” like the US dollar or the euro (in the Bitcoin world, “fiat” is a four-letter word) and bring on the Libertarian Rapture. If those are the stakes, then obviously we want competition.

COUNTERPARTY IMPLEMENTS MULTISIGNATURE ADDRESSES AND FREE NUMERIC TOKENS

Counterparty, the open source, community-driven, peer-to-peer financial platform built on top of the Bitcoin blockchain, announced that its developers have successfully implemented Bitcoin multisignature address handling.
Multisignature addresses are addresses associated with more than one private key and require m of n keys in order to spend funds. This enables enhanced security, since private keys can be stored on separate machines, as well as advanced features, such as sharing an address and its funds with team members, family or company management.

BLOCKSTRAP STACK CAN EASILY BITCOIN-ENABLE APPS

By ProgrammableWeb PR

This article is a company-provided press release and ProgrammableWeb cannot vouch for the accuracy of the statements within. If you have questions regarding the information below, please contact the company that issued the press release.
The blockchain was first developed in 2009 with the launch of Bitcoin, and for the first few years it was the territory of only the tech-savvy individual.
But when the price began its swift rise in 2013, more and more people began getting involved and new business startups appeared. These expansions, though, will eventually require new, more developer-friendly, interfaces to allow more developers to get involved and extend their own work to the various blockchains.