InfiniGold is collaborating with the Perth Mint, the world’s largest refiner of newly minted gold, to release the digital token Perth Mint Gold Token (PMGT), which is backed 1:1 by GoldPass certificates issued by the Perth Mint. It could be an alternative to current stablecoins, especially Tether, which is backed by the US dollar. PMGT gives users ownership of government-guaranteed gold stored at The Perth Mint. The Mint touts benefits like real-time trading and settlement thanks to blockchain. Read More
Western Union shares declined Tuesday amid the Facebook announcement of its new cryptocurrency, Libra, which is supposed to be integrated with Facebook, and its subsidiary apps Instagram, WhatsApp, and more. Western Union, a legacy consumer-to-consumer money sending platform was among the worst performers on the S&P Index on Tuesday, as it fell 2.4%. It closed at $19.57 a share.
Facebook’s cryptocurrency Libra is supported by a legion of well-known companies from both within the crypto industry and outside of it, including payment companies like Visa, Mastercard and PayPal. Blockchain companies involve Coinbase, Xapo and others. The cryptocurrency is expected to launch in the first half of 2020. Read More
Jim Rogers believes governments will interfere with the rise of bitcoin and cryptocurrency, but not blockchain.
“The blockchain has a great future,” the famous investor told BBLOKK OFFICIAL. “Blockchain is changing everything we know, and it’s going to change even more. A lot of people are going to lose their job because of blockchain, but a lot of people lost jobs because of electricity, and electricity turned out to be a good thing for all of us; likewise with blockchain.” Read More
Hurricane Maria had a disastrous effect on Puerto Rico, and even though the one-year anniversary of the natural disaster is on September 20th, the island has yet to fully recover.
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Usually, when people think about cryptocurrency, it’s on hard drives, cell phones or third-party exchanges. But, cryptocurrency debit cards have long been an exciting frontier for crypto-enthusiasts.
The large San Francisco-based exchange, Coinbase, has offered a debit card, the Shift Payment Card, which allows users to gain access to their cryptocurrency just like their bank accounts. But, the largest cryptocurrency exchange is hardly alone in offering such a service. Read More
(GoldSilverBitcoin) – Everex, formerly Midas Reserv, is making waves in the crypto-cash industry thanks to its contributions in cash-transfer technologies. Based on the Ethereum blockchain, Everex’s central product, Cryptocash, allows individuals to transfer cash across borders instantly in form of national currency on a blockchain. Applicable to remittance and cash transfers, Cryptocash is a digitized form of cash backed by national currencies thanks to Everex’s partner institutions. Read More
(Gold Silver Bitcoin) – $450 million RMB on a blockchain. That’s what VeChain brings to the table in the world of blockchain. It’s really the most promising blockchain use case out of China – and there are many. Read More
When two senior blockchain leaders left JP Morgan’s Juno project last month to start the firm Kadena.io, as reported by Quartz, it was on amicable terms.
Related: JPMorgan Publishes Code for Permissioned Blockchain
JPMorgan & Kadena Partnership In The Works?
In fact, former executive director Stuart Popejoy and JP Morgan head engineer Will Martino – who use South Park caricatures on the website in their biographies – are currently exploring a partnership with their former employer, the largest bank in the United States with total assets of $2.35 trillion.
Kadena’s conversations with JP Morgan revolve around both the initial pilot of the Kadena self-titled blockchain and other use-cases, and a relationship with the bank could be formalized in the next few months with Kadena either as a vendor or partner. Spinning off from JP Morgan was “definitely” a professional decision for Popejoy and Martino.
“Our decision was based on the belief that the true potential of the Juno pilot would be best-served by an independent effort,” Martino told Motherboard, referring to JP Morgan’s blockchain project.
DAO Hack Foreseen By JPMorgan
Martino’s and Popejoy believe their work serves as an improvement over Ethereum. Martino and Popejoy say Kadena’s technology would avoid blockchain crises such as the June $56 million DAO hack of Ethereum’s token, ether.
Like Ethereum, Kadena’s blockchain technology can handle payment clearing use-cases, but that’s just an “added bonus of private utility-like blockchain technology,” as Martino says. He believes blockchain technology can standardize business logic for inter-organizational relationships. This, he suggests, “could provide for terrific business acceleration.” At the time of the DAO hack, Kadena was preparing Pact, a safe, declarative smart-contract language.
“While bugs aren’t impossible in Pact, it represents the same sober, disciplined approach found in database engineering and Bitcoin: safety is absolutely paramount in transactional computing,” Martino said. The Ethereum hack, ultimately, confirmed a longstanding hypothesis of the Kadena founders – one they had since their JP Morgan days.
“That Ethereum’s Solidity, and indeed the EVM bytecode environment itself, is fundamentally unable to provide a safe environment for blockchain transaction execution,” Popejoy expressed.
Martino and Popejoy noticed Ethereum’s shortcomings as blockchain technology researchers in the Emerging Technologies Group at JP Morgan, which is tasked with fostering innovation within the bank. Ethereum’s design presented “a significant barrier to industry adoption of private blockchain in a multi-organizational setting.”
Is the Kadena blockchain a Bitcoin and Ethereum killer app? Popejoy and Martino believe so. Kadena can, after all, process upwards of 7,000 transactions per second. Bitcoin is currently stuck at seven transactions per second a la the “Bitcoin block size debate.” Kadena also claims their blockchain sacrifices none of the cryptographic robustness expected from a blockchain, proving full durable security. Overall, the Kadena founders foresee a paradigm shift away from public blockchains like Ethereum.
“Private blockchain solves a raft of issues for transaction processing that normally require extensive operational and engineering expertise, including database replication, reliable and performant messaging, service discovery, high-availability, and disaster-recovery,” Popejoy said. “Remarkably, blockchain solves all of these problems in a single stroke, letting IT focus efforts on solving business problems by coding transactional logic into smart-contracts.”
“To the BU folks threatening a 51% attack: Imagine a decentralized identity client, running an SPV that blocks BU, shipping to 1 billion PCs,” tweeted Daniel B, Microsoft Head of Decentralized Identity, essentially representing a weighing in on the block size debate.
Related: Bitcoin Mining isn’t totally unheard of on Global US Armed Force Bases
He then continued: “BU degrades security and decentralization – if decentralized identity takes off, implementing UAs will be responsible for protecting users.”
BU degrades security and decentralization – if decentralized identity takes off, implementing UAs will be responsible for protecting users.
— Daniel Ƀ (@csuwildcat) March 26, 2017
He championed increased distribution. “Decentralization is the most critical attribute of decentralized identity, thus *any* mod that degrades it (BU or otherwise) is unacceptable,” he tweeted.
Decentralization is the most critical attribute of decentralized identity, thus *any* mod that degrades it (BU or otherwise) is unacceptable
— Daniel Ƀ (@csuwildcat) March 26, 2017
He does believe that there should be nothing stopping BU from developing. “Devs are free to produce harmful plugins & browsers are free to block them – same goes for chain protocol mods & decentralized identity UAs,” he opined on the popular social media platform which boasts more than 300 million accounts.
Devs are free to produce harmful plugins & browsers are free to block them – same goes for chain protocol mods & decentralized identity UAs.
— Daniel Ƀ (@csuwildcat) March 26, 2017
He added: You have every right to develop any code you wish, but you have no right to force customers to use it or their User Agents to accept it.
You have every right to develop any code you wish, but you have no right to force customers to use it or their User Agents to accept it.
— Daniel Ƀ (@csuwildcat) March 26, 2017
In a blog post entitled, “The Web Beyond: How blockchain identity will transform our world,”
He wrote: “With a global blockchain of identity, we can dramatically transform almost every product or service that relies on interactions between living, non-living, and intangible things.”
Donald J Trump tweeted Tuesday that SoftBank of Japan agreed to invest $50 billion in the US towards businesses and 50,000 new jobs. The tweet comes on the even of Pearl Harbor, a scar on the memory of both nations. In announcing the deal, Mr. Trump makes good on a campaign promise to improve international relations.
The Royal Mint partnered with markets operator CME Group to build a gold market with blockchain technology as a means of broadening London’s hip-factor when buying and selling gold bullion.
The Roya Mint, owned by taxpayers, plans to accept trades from the middle of next year on the Royal Mint Gold platform, intended to log each transaction using blockchain. Read More
Steemit, which gained popularity in the Bitcoin community after it introduced the first blockchain-based website, announced a December 6 hard fork this morning. The fork, which had been discussed in Steemit forums in recent months, is designed to change the platform’s economic model and to benefit the social platform’s community. This will be done, according to Steemit CEO Ned Scott, by onboarding more short to medium term investors.
Before the change is made, “witnesses”, who help to govern the experimental blockchain system, will have to agree to the change through a voting process. The main change will be to the Steem currency’s inflation rate. Read More
Bitcoin and banks were never supposed to go hand-in-hand. So, in 2015, when the world’s largest financial institutions began investigation the technology behind Bitcoin, blockchain, it took many people by surprise. Now, approximately two years after those efforts began in earnest, it seems there’s somewhat of a clash taking place between Bitcoin and the consortium through which the world’s largest banks investigate blockchain technology, R3. Read More
JPMorgan has uploaded the code for its private, Ethereum-inspired blockchain code to popular code repository Github. Quorum, which JPMorgan calls a “permissioned implementation of Ethereum supporting data privacy,” is essentially a blockchain focused for enterprise use.
JPMorgan promises “high speed and high throughput” processing of private transactions. “Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.” Read More
“It seems to me that simple altruism can suffice to keep the > network running properly.” – Satoshi Nakamoto
This section gets a bit technical. Few truly understand how bitcoin functions, but by coming into contact, if even briefly, with the degrees of technology that go into powering a p2p network like bitcoin, one can have their mind expanded. To paraphrase Karl Marx, “the masses must live through the revolution in order to understand the revolution.”
“Preliminary research” suggests that bitcoin is an autonomous thing. In other words, the bitcoin open-source community acts as one united soul – an institutional-entrepreneur – in which countless actions of individual agents converge over time to create the bitcoin hologram. The collective and not the individual, nor a single organization, resolve the future of bitcoin. But, this collective is comprised of diverse individuals: of communists, of libertarians, of anarchists, of speculators and of the a-political. What inspired these individuals to create this community? Bitcoin.
Bitcoins are computer files, so they behave similarly to a music or a text file, and can be destroyed or lost like any computer file. Many say bitcoin is digital cash. To be sure, bitcoin is not exactly like physical cash. When you lose cash, someone else can theoretically find it.
If you lose bitcoins, they are not readily available to another person unless you were hacked. Lost bitcoins are not just found in cyberspace by web-surfers. Also, your brain does not store a trail as to where your cash was last. If a $100 bill falls out of your pocket, you might not have access to any data whatsoever as to what-in-the-world happened. Potentially, when you lose bitcoins, a computer security expert can do research into the issue.
As Trace Mayer puts it, “Bitcoin is like a gold coin that you can e-mail.” As we’ve covered, the central aspect of bitcoin is that it is an open-source software and community, and open-source communities are strangers, from anywhere in the world with Internet access, coming together and self-organizing around a shared interest so as to create value through sharing knowledge and innovation.
Undoubtedly, the community has not been able to tame the tide of misconceptions about bitcoin. Such as that bitcoin’s are backed by nothing. Therefore, bitcoin is not a virtual gold. But, the value of gold is largely reflected in the amount of energy consumed in mining and refining the metal, which contributes just as much to gold’s value as does its suitability as money. As one individual once put it, “a gold coin represents a large amount of land, highly refined, with the input of a great deal of energy, labor and capital.”
In a similar manner, bitcoins represent the computing power, energy and capital required to create them. It takes specialized technology running for sometimes many days to create a bitcoin. This was even true many years ago. Like mining for precious metals, it is not easy to mine bitcoins profitably. Bitcoin mining is extremely competitive, as we will detail later, and it’s rarely a profitable venture unless higher future prices in bitcoin are assumed. A main advantage of bitcoin is its peer-to-peer nature. This means there is no “issuing authority” for bitcoin, no central depository or central bank.