As the maxim goes, bear markets are good for building out cryptocurrency infrastructure – or “buidling” as the meme of the meme goes. Thursday’s installment of The Daily is rich in examples of the sort of development work being undertaken across the industry. From dapp trackers to virtual worlds, there’s a little bit of everything in today’s news roundup.
Also read: Bitpay Reports Processing Over $1 Billion Transactions in 2018
Blockchain VR World Beachhead Enters the Fray
The blockchain-based virtual reality realm is getting crowded. Decentraland, which resides in the virtual metropolis of Genesis City, has got itself a competitor in the form of Beachhead City. BH2020VR, as it’s also known, aims to blur the line between gaming and roaming a virtual world of commerce and adventure. Income can be earned in-game through protecting the city or supplying defense weapons and other resources.
Just as video games like Grand Theft Auto have a main storyline complemented by side missions and mini-games, Beachhead has a primary narrative running through it, but participants are at liberty to interact with the world in a multitude of ways. This includes participating in the cryptoconomy within BH2020VR, purchasing real estate, and upgrading virtual turf by incorporating theaters, shops, and cars including user-generated content. Virtual assets will be tradable within Beachhead as non-fungible tokens, with a tokenized rewards system making BH2020VR feel like the crypto world’s equivalent to The Sims.
Dappradar Adds Crosschain Metrics
Virtual worlds such as Decentraland and the forthcoming Beachhead are the sort of decentralized applications (dapps) that can be monitored at Dappradar.com. The popular Ethereum dapp tracker has just had an upgrade, allowing it to track onchain activity on the Tron and EOS protocols too. The site now boasts of having stats on 1,700 dapps including decentralized exchanges, crypto collectible marketplaces, and gambling dapps.
According to Dappradar’s statistics, the top Tron and EOS dapps are seeing significantly more usage than their Ethereum counterparts in terms of the number of reported daily users. Predictably, betting dapps seem to be faring the best across all blockchains featured on Dappradar.
Cryptohound Follows the Money Trail
ORS Cryptohound, a blockchain analytics firm, has been sniffing around in the Ethereum network in a bid to identify the source of six “highly unusual transactions” that were spotted in December, comprising approximately 5 percent of the ETH supply. “We discovered that over 5.5m ETH were sent to 39 wallets after 313 transactions,” they explain. “All six wallets have the same portfolio which consists of more than 92% share of OMG tokens” plus 150,000 ETH each. Cryptohound’s investigative report then goes on to speculate over the identity of the entity behind the $500 million move.
Demonstrating a practical application for blockchain forensics, a number of leading cryptocurrency exchanges have vowed to freeze funds stolen from Cryptopia. The hackers who infiltrated the New Zealand-based exchange earlier this week, before making off with several million dollars’ worth of ETH and tokens, have attempted to send their ill-gotten gains to Binance and Kucoin, prompting both platforms to freeze the accounts of the suspects.
For anyone who cares about the Cryptopia hack, KuCoin will freeze any funds from Cryptopia. Please rest assured.
— Michael Gan (@gan_chun) January 17, 2019
What are your thoughts on the stories in today’s news roundup? Let us know in the comments section below.
Images courtesy of Shutterstock and Dappradar.
Need to calculate your bitcoin holdings? Check our tools section.
Bitcoin’s 10th anniversary will fall on Jan. 3. As a decentralized currency that belongs to everyone and no one, there is no official way to commemorate its 10th birthday. From wallet manufacturers to developers, every ecosystem participant will have their own suggestions as to how bitcoiners should mark the historic occasion.
Also read: Support Grows for Bitcoin Proof of Keys on Jan. 3
Unofficial Ways to Celebrate Bitcoin’s Unofficial Birthday
It’s human nature to see significance in numbers. That’s why the crypto community lost its mind over a block hash containing 18 consecutive zeros earlier this year, and it’s also why there will be great fanfare over Bitcoin’s 10th birthday, despite the fact that numerically speaking, 10 is no more significant than any other integer.
It’s fitting that the cryptosphere can’t even agree on the official date of Bitcoin’s birthday, which could fall on Jan. 3, when Satoshi mined the genesis block, or on Oct. 31, when he published his whitepaper. For those who believe it to be the former (or simply want an excuse to celebrate Bitcoin’s birthday twice a year), there’s no shortage of ways to mark Jan. 3. Here’s how various ecosystem participants will be celebrating the event.
Merchants and Manufacturers
Vendors would predictably like you to celebrate Bitcoin’s 10th by buying memorabilia. We’ve covered much of this stuff already, including an expensive watch, an expensive clock, and a reasonably priced hardware wallet. For those too penurious or too cynical to rinse $4,000 on a Bitcoin timepiece, there are more affordable souvenirs available; a t-shirt or framed print should suffice.
Mainstream media have gotten cryptocurrency wrong for a decade, and they’re not going to break the habit of Bitcoin’s lifetime on its 10th. Expect buttloads of verbose hit pieces masquerading as thought pieces pondering “What has Bitcoin actually achieved?” By the time they finally get it, it’ll be too late. Meanwhile, don’t give the media the rage clicks they crave. If you really want to read about Bitcoin’s decade in review, there’ll be plenty of cryptocurrency publications, news.Bitcoin.com included, on hand to do the honors.
Mainstream media: still struggling to understand Bitcoin
On Jan. 3, a significant number of bitcoin users will be busy withdrawing their cryptocurrency from exchanges and storing it on non-custodial wallets. The move will be initiated as part of Proof of Keys, a scheme designed to return ownership of bitcoin from third parties to individuals, where the digital coins were always meant to reside.
Expect to see plenty of geeky tweets from prominent Bitcoin developers on Jan. 3 that draw upon the rich trove of data at their disposal. A handful of devs have been working on the cryptocurrency’s code since the early days, and thus Bitcoin’s 10th will also be an opportunity for self-reflection. There are no longer service medals to be earned for making code commits to Bitcoin Core or Bitcoin Cash — merely the satisfaction that comes from knowing you’ve played a small part in optimizing Satoshi’s creation for the next wave of users.
Exchanges, wallet developers, P2P platforms and other crypto businesses will be celebrating Bitcoin’s 10th in their own way; expect to see discounts, zero-fee trading and other offers to mark the occasion, plus a whole lot of Bitcoin trivia shared on social media.
While there’s no obligation to celebrate Bitcoin’s birthday (as a permissionless creation, that’s one of its charms), many of those who’ve come to know and love the cryptocurrency over the last 10 years will take a moment to toast this milestone. Whether that means raising a glass, buying bitcoin, or withdrawing coins to a non-custodial wallet, there are numerous ways to observe Bitcoin’s most symbolically significant birthday yet. The next time an anniversary as widely celebrated arrives will likely fall on Jan. 3, 2059, when Bitcoin turns 50. Here’s to the next 40 years.
How will you celebrate Bitcoin’s 10th birthday? Let us know in the comments section below.
Images courtesy of Shutterstock and Google Inc.
Need to calculate your bitcoin holdings? Check our tools section.
The highly anticipated crypto-collectibles dApp, World of Ether (WoE), has officially launched its mainnet!
World of Ether is LIVE!! Start exploring at https://t.co/gzqosL76JV pic.twitter.com/cxM9p7ZYyN
— World of Ether (@WorldofEther) November 24, 2018
World of Ether
World of Ether is a blockchain-based game that is centered around collecting, breeding, fighting, and selling monsters. The developers behind the game have created a multi-level rich, interactive world, held entirely on the Ethereum blockchain. WoE is very similar to that of Pokemon, where there are five different ‘types’ of monsters. Each type holds its own advantages and strategies. As well as types, these monsters hold four grades of rarity: common, uncommon, rare, and legendary.
Legendary monsters are extremely difficult to obtain but are extremely valuable and powerful. Few players in the game will ever encounter them. However, battling your monsters gives you higher experience in the game and increases your chances of breeding rare monsters. Unlike Pokemon, the monsters in the game don’t level up, the players do. That’s the main difference.Each monster in World of Ether was hand-drawn and created by the game’s artist, Cynthia Williams. This is another feature that makes the game stand out among the rest. Initially, there will be 200 different species of Etherian available for players to obtain.
There are two types of ways to earn ETH on World of Ether—siring and selling. Players can sire their male Etherians for ETH or pay to have another player’s male sire with their female. Selling your Etherians is another way to earn ETH in the game. Supply and demand dynamics are the pure judge of price and value in the game’s marketplace.
>> Cryptocurrency Downturn: A Tough December All Around
Battling is what fans of the game seem most excited about. Battling in World of Ether is how players gain experience and level up.
The battles in WoE are very similar to that of Pokemon. You can attack, heal, or place a counter move to make your opponent miss. Each Etherian monster has a varying range of possible battle points, and even if one has more battle points than the other, the weaker monster still has a chance of winning.
To play World of Ether, you will need a MetaMask account and ETH.
Check out the first reveal of World of Ether back in May and the team behind World of Ether in the video below.
Featured Image: worldofether.com
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A startup says the tokenization of assets represents the next big milestone for blockchain technology – and is creating a platform that’s going to enable individuals and businesses to digitize real-world items.According to IDA, its infrastructure helps to solve a dilemma facing the world today: an effective link between physical and digital economies. The company says digitizing assets can help strengthen rights of ownership, allow everyone to track resources and prevent waste, and create a tamperproof record of transactions.In its white paper, the company has set out why this evolution matters. IDA claims that digitized assets are going to become “the new driver” of growth in the global economy – making it easier for goods to circulate and enabling small and medium-sized firms to receive the financing they need.IDA’s data-driven ecosystem is going to bring together several emerging technologies on to its digitized asset blockchain – including artificial intelligence (AI) and the Internet of Things (IoT), which is “advancing new applications of using sensors to track and gather information from real objects.”The benefitsThe startup says the advantages for asset digitization are far reaching. For industries, this could unlock new business models and drive innovation by enabling production processes to be automated. The fields of transportation and autonomous vehicles can benefit, as well as academia and education, where IDA says “digitizing intellectual assets has created a strong network effect for knowledge sharing.” It can also have a positive effect at the dinner table, as the digitization of agricultural products – a process already under way – has been seen to improve food safety and enhance the freshness of the produce we buy in supermarkets.In explaining why it has chosen blockchain technology to pursue asset digitization, IDA says it lowers barriers to entry for businesses and consumers – driving down costs and ensuring the learning curve for ecosystem users isn’t too steep. Blockchain also means assets are easier to identify and track, and removes geographical boundaries.Two-tiered tokensIDA has unveiled a two-tiered structure for its ecosystem’s tokens. While the primary IDA token “functions as the common platform currency and a bridge with the real world,” secondary MRT tokens represent the digital asset anchored to physical goods, where the exchange of these tokens is tantamount to a change in ownership for the tangible assets they represent.The startup has already provided an illustration of MRT token in action. Imagine that an investment company owns the timber rights for a section of forest. The corporation would be able to issue MRT tokens for the timber – and the recipients of these tokens would then have ownership rights over a set quantity of timber.Over time, IDA expects the volume and variety of assets being transacted as MRTs to grow. The company has drawn comparisons between this token and the US dollar, as both are designed to be insulated against direct market volatility – making them “an excellent safe haven for assets and equities.”To prevent fraud, IDA says it performs due diligence investigations on asset holders who want to have their assets converted into MRT tokens. This involves ensuring that the number of tokens issued reflects the quantity of assets or equities they have. MRT tokens are destroyed whenever tokens are redeemed for the assets they represent.In October, IDA unveiled an important partnership with Sigfox – enabling the startup to use its IoT applications, which are “easy to use and have global coverage.” The company says the technical support of Sigfox makes IDA unique and more powerful than other asset digitization platforms.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
On Oct. 8, a new application was introduced to the Bitcoin Cash (BCH) community called Craft.cash, a BCH-powered onchain platform that’s similar to the popular block building game Minecraft. According to the development team called Blockparty, the Craft.cash game allows anyone to encode colorful voxel data into the three-dimensional world using op-return outputs stemming from BCH transactions.
Also read: Latest Release of Badger Wallet Supports SLP and Wormhole Tokens
Craft.cash: An Artistic Voxel Block World Stored Within the Bitcoin Cash Blockchain
There’s a new voxel-playground available for Bitcoin Cash users called Craft.cash that allows people to create an “immutable decentralized voxel world,” according to the creators. Essentially the platform is a virtual world where users can build environments using different color blocks and onchain transactions. When you first enter the website the platform gives you a Blockparty wallet mnemonic phrase and a text file that also contains the private key.
The open source application does not work for mobile phones, so users have to play with Craft.cash using a desktop browser. In order to build an immutable pattern of blocks in the world, you need to deposit funds into the wallet. The developers say that every transaction costs roughly 1,000 satoshis for network fees and there’s a maximum of 51 voxels (blocks) per transaction.
“This encodes voxel data in a binary format using op-return outputs of bitcoin transactions. With this design we can then look back into time to construct a world up until any Bitcoin block,” explained the Blockparty developer on Reddit.
Meet https://t.co/rXDr3cv3zt – a “Minecraft on the blockchain”, stored 100% on Bitcoin Cash blockchain and served with Bitdb and Bitsocket.
Created by a developer named “Jt” (He’s not on social media but you can find him in our telegram chatroom) pic.twitter.com/uQULLVb1SE
— _unwriter (@_unwriter) November 8, 2018
Bright, Colorful, and Possibly ‘Four Dimensional’
It takes some time to get used to the controls that allow you to travel around the virtual world and view the onchain art space without spending any money. A lot of BCH users have been using the application since it was launched and there are various structures, bitcoin cash symbols, and messages written throughout the landscape. There is a large number of colors available to choose from when designing various patterns and structures with the blocks. The creator has said there is no “pure black and white” in Craft.cash and everything in the world has a bit of color.
“This was done to give more room for color scales at expense of missing some things — Perhaps in future, I’ll do something to add more, but for now it’s bright and colorful,” Blockparty detailed. The creator emphasized he is open to ideas and pull requests concerning adding voxel shadows. “I’d like to actually make it possible to have a little graphics config to enable/disable different things at some point,” the creator adds.
Even with all the current participants playing around and decorating the Craft.cash world, there is still lots of room to design and participate. Moreover, it is possible to delete the blocks that others have built by paying to remove them, the developer has explained. The well-known BCH developer Unwriter also enjoyed the fact the application uses Bitdb 2.0 and Bitsocket. When BCH proponents discussed the project on Reddit forums, many people complimented it for creating a 3D block placement system. Unwriter responded to the project’s announcement on Reddit and explained that Craft.cash is actually four-dimensional as opposed to three.
“[It’s] even cooler, actually it’s 4D — With an additional axis of “time” — Because everything is stored on the blockchain, they are all time-stamped by block so you can display a snapshot of the universe at a specific point in time,” the developer explained.
What do you think about Craft.cash? Let us know what you think about this voxel universe powered by bitcoin cash in the comments section below.
Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images via Craft.cash, Jamie Redman, Shutterstock, and Twitter.
Need to calculate your bitcoin holdings? Check our tools section.
Major global tech giant IBM has applied for another blockchain patent, this time aiming to deter augmented reality (AR) game players from intruding on undesirable locations. The tech firm’s latest patent document was released by the U.S. Patent and Trademark Office (USPTO) on Thursday, Nov. 1.In the patent, IBM, also known as Big Blue, describes a blockchain-based method and system of interactions between a AR-running mobile device and locational database in order to set and maintain safe boundaries between AR objects and real-world physical locations. According to the document, a distributed ledger is set to continuously maintain a growing list of data records protected from forgery and alterations.Based on a blockchain-powered location database, the “exemplary method” AR-game allows mobile devices to obtain a signal about whether a certain location on AR is undesirable. Moreover, the described system is able to modify certain AR objects that are indicated as undesirable, also displaying them on mobile devices.In the patent, IBM provides a brief description of augmented reality, stating that such a form of gaming is tied to a location that is overlaid by images of more game items such as characters, resources, or internal game locations. By applying the new blockchain patent, IBM can provide a guarantee of “trust” between real world locations and location-based AR games.International Business Machines Corporation, or IBM, is one of the biggest providers of blockchain-related patent technologies in the world in terms of the number of applied patents. Having filed a total of 89 blockchain patent by Aug. 31, the tech giant took second place after China’s Alibaba with 90 patent applications.In mid-October, Cointelegraph released an analysis devoted to the history of IBM blockchain patents in a number of industries, such as logistics, Internet of Things (IoT), blockchain hardware, and others. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
A new mobile “multi-blockchain” game, supporting a whole range of different cryptocurrencies, is ready to be launched in late November 2018. Estonian game-developer Ether Dale, created Glitch Goons, a player versus player (PvP) automatic fighting game where users can buy special items during their presale to customize and upgrade their characters.Features of the gameEther Dale describes Glitch Goons’ universe as a futuristic post-apocalyptic world where cybernetic animal-humanoids fight with each other. There is also an advanced character management system which allows players to modify and upgrade their fighters with special stats and abilities.Players can also take part in tournaments and get real prizes. The company says the prize pool will be taken from revenue gained during the presale which also gives players a chance to get advantages in the game before it launches. The presale begins on October 22, 2018, and for the following three weeks, future players can buy two types of packages: exclusive item chests and GameCoin (GC) tokens.GC tokens are valued as follows: 1 GC = $1 ≈ 0.005 ETH.Each item package includes five random unique gear items, like armor, weapons, modifications (chips), necklaces, boots, gloves, and helmets. There are four different level of rarity for those pieces: they can be common, rare, epic, or legendary. The company says the items won’t be duplicated or sold again in the in-game shop. The packages are available with a 50 to 90 percent discount and cost from 0.5 to 10 ETH.GC is an ERC-20 based token issued by the game developer. These coins will be used as a hard currency in Glitch Goons. Currently, users have the option to buy a gamer pack, containing 4,000 GC or an investor pack, which contains 1 million GC. There are 50 packs for sale in total which have been issued by the developer.The first tryEther Dale initially attracted attention because of its first product, blockchain fantasy RPG game Ether Quest, which contained its own collectible warriors. It was the first attempt by the company to introduce blockchain technology as a useful financial tool. Smart contract technology was used to guarantee ownership of the unique characters which players can collect, sell, or trade. Apart from purchasing, users can also obtain a warrior by mining, referred to as a “summoning ritual” in the game. For the first six months after the game was released in February 2018, there were 20,000 transactions between more than 1,500 players.The features that are common for both of Ether Dale’s games are the range of rarity. Ether Quest contains levels, ranging from common to legendary, which have their own unique stats and bonuses. The second thing to keep in mind is the real-money profit that players can also win in arena battles or tournaments. Ether Dale also developed a mobile version of Ether Quest, which was released in June 2018.Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. window.fbAsyncInit = function() FB.init( appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ ); FB.AppEvents.logPageView(); ; (function(d, s, id) var js, fjs = d.getElementsByTagName(s); if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = “//connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); (document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=;t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e); s.parentNode.insertBefore(t,s)(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);
Mike Belshe is co-founder and CEO of BitGo.
This exclusive comment is part of CoinDesk's "Bitcoin at 10: Satoshi White Paper" series.
Ten years after the bitcoin white paper was published, our understanding of the world around us has changed.
The introduction of global digital currencies, which can exist without central authority, has opened up the possibility of money. It may be different from what we know. As a community, we have found out what it means to be smart about opportunities in the digital economy and acting as your own bank. It's incredibly free.
It is amazing that this change took place in just 10 years.
I will admit it when I first read the white paper I was skeptical of. Some of the issues mentioned are not registered as issues that need to be addressed previously, such as double spending. Complex mazes of miners, nodes, block compensation, and proof of work seemed credible to the network.
The second time I read it I was intrigued. Can this complex network actually handle world transactions?
Third, I found that bit coin is worth pursuing for the following reasons:
1. Bitcoin has opened our eyes to the fact that we can change money.
Most people do not think "What is money?" Or "What can make good money?" We have taught at school that the monetary system evolved from a kind of basic barter, but why? Way? Can I use money in digital format better?
Like many others, I first looked at these questions after reading about bit coins. The answer is absolutely yes. We can create better forms of money.
2. The first significant digital cash
The white paper marked the introduction of autonomy and freedom of control over one's assets. With a bit coin, your money is truly your money.
3. Time stamp digital data
Bitcoin's solution to the double spending problem has surpassed the network. This solves the virtual world problem by ensuring unique ownership of every piece of data. If you publish a verified transaction timestamp to a public book, you will not be able to copy the money. The same technology is expected in many other applications.
4. Excellent key and lock
With encryption keys and locks, you get the best personal security measures for your digital assets.
A 256-bit random number (aka "private key") is superior to all physical keys. In fact, these keys are so strong that you no longer need strong keys or locks. The problem is how to provide users with enough interfaces to easily and securely manage their keys.
The thoughtful UI / UX will be vital when moving forward, while the multi-signature key introduced by BitGo will help solve this problem.
5. PKI 2.0
Bitcoin demonstrated one of the first significant and widely publicized applications for PKI (Public Key Infrastructure) to facilitate user identification and transaction promotion. PKI has been around since the 1970s, but before bitcoin, the only notable application was to protect domain names with HTTPS (aka SSL or TLS).
6. No requirements for third parties
History shows that third-party systems often fail.
Satoshi has developed a consensus protocol that recognizes this and removes problematic and expensive third parties from the digital money system. So-called trusted intermediary institutions pose a risk to their counterparties. It relies on transaction completion, but it provides the possibility of failure.
Credit cards are an example. We charge a transaction fee to take the risk and cover the risk. Bitcoin has eliminated the need for these organizations.
7. Artificial Inflation Elimination
Inflation is mainly caused by overprinting money. Bitcoin's fixed supply eliminates the central authority's print function and provides the same features as a computer's metronome, so you can no longer control or dilute money.
Humans have historically been able to break through all the economies we have devised, but can you give them good rules to stop them? I think so.
8. Money for the World Economy
Cryptocurrency is a new type of commerce. We never had the form of money that could easily move between borders.
Bitcoin has opened up a new economy by providing a new way to connect jurisdictions. This has a significant place in BitGo, where BitGo serves customers in more than 50 countries.
9. Rights to individuals
Bitcoin offers you complete freedom of choice. Access and use are democratized so anyone can participate anywhere.
By introducing a better money system, Bitcoin has highlighted the problems of the existing banking system. The global movement, the identification of identity, the substitution of money is now a matter of the past.
10. Computers follow the rules.
The white paper showed that Bitcoin has the ability to save us in the long run. Humans make mistakes and we can not prepare for a period of time. While we are also consistently poor to follow the rules, computers outweigh this. The public rules managed by the computer create a stable economic system that is not vulnerable to human error.
~ * ~
This innovative new money required safe and secure storage. That's how it became BitGo. I kept Bitcoin for my friends on a public laptop kept under the living room sofa. However, we realized that the more Bitcoins, the more sophisticated solutions needed to maintain security. This has resulted in BitGo's multi-signature protocols, advanced multi-user protocols, and advanced security policies.
When you first read a white paper in 2012, storing millions of dollars of bitcoins around the world on laptops will lead to security solutions for billions of dollars worth of digital assets around the world. I do not know if I could imagine.
Our world has changed inconspicuously for ten years since the launch of Bitcoin white paper. But this is just the beginning.
Image of sunrise via Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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Welcome to the World Crypto Con Spotlight series. Today’s guest: Joseph Ciccolo.
World Crypto Con
World Crypto Con (WCC) is a platform for industry leaders to share their knowledge of the cryptocurrency and blockchain space, as well as introduce their projects to the world. WCC welcomes both experts and novices to attend; there’s something for everyone.
Our World Crypto Con Spotlight series will be focusing on moments from the conference, speaking to headliners about their experience with WCC.
Thanks to World Crypto Con, we at CryptoCurrencyNews.com had the pleasure of interviewing Joseph Ciccolo, Founder and President of BitAML.
Today, Joseph tells us a little bit about how he found his way into crypto and gives us a sneak peek at his AML panel discussion.
World Crypto Con Spotlight: Joseph Ciccolo
Q: Just to give our readers some background, can you tell us a little about yourself, such as your schooling and professional background?
A: I went to college at Northeastern University where I remain an active alum, consulting and funding research into cryptocurrency. After graduation, I built a career in traditional bank compliance where I spent ten years in AML leadership positions at some of the top financial institutions in the US prior to launching BitAML.Q: What year did you get into the cryptocurrency/blockchain space and what drew you to it?
A: I heard about cryptocurrency for the first time at a banking conference in 2014. The other attendees had a markedly negative view of this new tech, but it piqued my interest. At the time, I remember thinking that this innovation was long overdue in banking. I started doing some independent research into crypto, and by late 2014 and early 2015, I was attending meetups and giving some off-the-cuff compliance advice to the attendees there and online. I was having a lot of fun and decided to turn it into a full-time business. I left traditional banking and went all-in on crypto. The rest is history.
Q: You’re the founder of BitAML. What made you start a company on your own rather than just working as an exec position within the space?
A: While I was making the rounds at meetups, it struck me that the people there were some of the best and brightest I’d ever met; incredibly smart, innovative, and passionate. However, they seemed to be a little stuck when it came to compliance and money transmission laws and such. It became very clear that they weren’t just under-served, they were un-served. Once I put that together, I knew I could help these innovators and that I wanted to be along for the ride.
Q: You’re holding a panel at World Crypto Con surrounding AML and compliance. What do you want crypto enthusiasts to get out of this discussion?
A: The cryptocurrency space has matured and is ready for the next level of AML and compliance. Regulators have taken notice and examined the industry, and while there were some bright spots, it’s clear that we have a lot of work to do when it comes to our compliance. Cryptocurrency enthusiasts can look forward to learning about some of the recent developments and expectations in crypto AML and compliance, some regulatory trends to keep an eye on, and what businesses and entrepreneurs can expect in the next several months and throughout 2019.
Q: Since AML is the biggest issue for most government bodies when it comes to cryptocurrency around the world, do you see the framework of AML shifting in the crypto space with trying to comply with these new government regulations?
A: When it comes to AML, cryptocurrency is a bit of a round peg in a square hole. Governments have adapted and will continue to adapt existing regulatory frameworks in light of new technology, and this is especially true in the US. Internationally, it appears that the EU and other jurisdictions are taking proactive steps to create AML guidelines more specific to cryptocurrency.
Q: Data protection and cybersecurity are also huge points of interest for large companies looking at blockchain technology. Do you see anything new emerging in cybersecurity?
A: Absolutely. Expectations are rising. Regulators are beginning to demand stronger cybersecurity controls, documentation, data protection, and recovery. This is a regulatory compliance vertical on the rise in crypto, and we expect to see it ramp up even more in 2019.
Q: What or who are you most excited to see at World Crypto Con?
A: I’m eager to learn about the practical applications proposed for serving the unbanked and underbanked. On a personal note, as a dad, I’m interested in learning more about how blockchain can disrupt and innovate education and systems of learning.
Thanks again to World Crypto Con for the opportunity and to Joseph Ciccolo for taking the time to speak with us.
Joseph Ciccolo will be a panelist in ‘Regulation in a Decentralized World’ on November 2nd.
>> Check out more interviews from World Crypto Con!
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