Over 50 of the world’s biggest banks are currently studying one of Bitcoin’s key components – the Blockchain. But it’s becoming increasingly evident that the idea of banks building their own blockchains is like the futile attempt of building your own internet. [Note: This is an Op-Ed] ‘Can’t We Be in the Headlines on Blockchain?’ When a bank says they’re working on their own blockchain platform are they actually saying “let’s build our own internet?” And
MobileGo will be the first dual-blockchain token issued, allowing mobile gamers to compete against each other in a decentralized environment. GameCredits Announces MobileGO GameCredits Inc has recently announced the launch of MobileGo, a dual-blockchain token created to gamify the GameCredits Mobile Store. While GameCredits has been providing game developers with the means to monetize their games and built an in-game economy, the creation of the MobileGo token will allow users to actively compete against each
If something works, why change it? PayPal’s Harper Reed has dismissed “boring” Blockchain technology, choosing to stick to the traditional databases. ‘Why Don’t We Just Use a Database?’ In the midst of the “chainwashing” trend, some companies seem to be taking the high road and staying clear of Bitcoin’s underlying Blockchain technology. This is the case with PayPal which, despite its ambitions to become the dominant global online payments platform, has distanced itself from this prospect. When asked about the
As Bitcoin hits all-time highs, the infinite wisdom of CNBC and the mainstream press surfaces again as a bizarre news piece suggests the start of an “inflationary period.” Bitcoin Surge ‘Might Not Mean What You Think’ – CNBC The segment from the network’s Trading Nation, which aired Thursday, also included commentators describing Bitcoin as a currency for “buying kidneys.” “Bitcoin is surging – but that might not mean what you think,” an accompanying article reads.
Northern Trust and IBM have released what is being called the first commercially deployed blockchain-based solution for finance. But is blockchain the right word for this platform? ‘First Commercially Deployed Blockchain’ The trend towards “chainwashing” is growing with companies using the Blockchain buzzword as a means to get attention and funding. Although companies are attempting to build functional applications using distributed ledger technology, they often come as solutions to nonexistent problems. Such might be the
Andrew Zimine, Founding Partner and CEO of Exscudo, spoke with Bitcoinist in detail explaining his view of the cryptocurrency industry and how blockchain platform Exscudo is aiming to bridge traditional finance with the cryptocurrency market his blockchain platform. Bitcoinist: Can you describe the current cryptocurrency market? Andrew Zimine (AZ): The evolution of the cryptocurrency market makes this sphere less chaotic and more regulated each year. This is a natural process of any nascent market. The most progress
Edgeless.io is a new blockchain-based casino that’s planning to improve transparency and fix the problem of online casinos cheating against their own players. [Note: This is a press release] Casinos Often Rigged for Huge House Edge The fast-growing ($46B in 2016) online gambling industry has a problem: TRANSPARENCY. In 2017 all online casinos have full power to cheat against their own players. They can do it easily, without being spotted. It is also difficult for the
Chainwashing is the perfect term, coined by R3’s Tim Swanson to describe the current “Blockchain, not Bitcoin” hype that is hopefully nearing its peak. Peak Blockchain Hype? There is a lot of hype around Blockchain or Distributed Ledger Technology (DLT) today. According to a new survey by Synechron among 200 financial services business and IT decision-makers across the US, UK and Europe, over two-thirds (67%) of companies in the industry are actively pursuing blockchain initiatives. Moreover, 94%, believe that key leaders
Bitcoin supporter Mark Calabria from the Cato Institute has been selected to serve as Chief Economist for Vice President Mike Pence. Bitcoin-Supporter to Advise Mike Pence The Vice President of the United States, Mike Pence, has selected a well-known libertarian and Bitcoin advocate, Mark Calabria, as his chief economist. Having also previously worked for the Senate Banking Committee, Calabria is best known as the former director of financial regulation studies at the Cato Institute. He is also an
What is constantly an issue, both now and in the future, is the concept of regulating and understanding blockchain and digital currency technology at a government level. The U.S. Government is taking steps to better understand this industry with their new Congressional Blockchain Caucus. Blockchain Caucus Will Educate Lawmakers Spearheaded by Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.), this will create a soundboard for future policy creation dealing with blockchain technology and the growing world
Italian academics have released research warning about the growing use of non-monetary use cases for the Bitcoin blockchain. ‘Negative Effects’ on Bitcoin Network The research, authored by Massimo Bartoletti and Livio Pompianu from the University of Cagliari, Italy, focuses on the multiple use cases for Bitcoin that extend beyond its most basic function, the transfer of value. Dubbed “An analysis of Bitcoin OP RETURN metadata,” it investigates the use of one of Bitcoin’s transaction fields, the OP_RETURN metadata feature.
The Russian enclave of Kaliningrad could become the first area in the country to enshrine cryptocurrency legalization into law. Kaliningrad Could Host First Crypto Exchange Quoted by Interfax, the area’s business ombudsman Boris Titov said that regardless of what is decided about crypto at state level, Kaliningrad could become a testbed where Bitcoin and its ilk are legal and regulated. “Cryptocurrency circulation is not prohibited in the Russian Federation at present, although discussions about a
Two Hawaii politicians have submitted a bill calling for a dedicated Blockchain research group and “an educated and measured approach” to regulation. Blockchain to ‘Benefit Local Businesses and Residents’ in Hawaii House Bill 1481, sponsored by democrats Chris Lee and Mark Nakashima, is currently awaiting approval by state legislators after submission January 25. State committee members considering it have already suggested it should be passed, subject to certain amendments which have yet to be made
One more nation, South Africa, is making the first step of migration to a fully digital economy, speaking about offering their own national digital currency based on blockchain technology. South Africa Looks to Digital Currency There are many advantages to nation-states, both stated and unspoken, to head in the direction of a national digital currency. The chief executive of the South African Reserve Bank (SARB) said that this would include more inclusion and economic reach,
Colu’s updated focus on local digital currency is getting results in the UK as its Local Liverpool Pound (LLP) attracts 3,000 users in a month. Colu: Liverpool Not Like Other Local Currencies The Israeli startup, which is also set to launch a local currency in East London next month, benefitted from a $9.6 million USD investment round in June 2016. Its entry into the UK local currency arena was marked by the LLP becoming the first
United Arab Emirates’ National Bank of Abu Dhabi (NBD) has unveiled a partnership with Ripple to begin cross-border remittances via blockchain technology. UAE Taps Bank-Blockchain Pioneer The move, announced Wednesday, means NBD is the first Middle East and North Africa sector bank to commence operations with the technology. “Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency,” CPI Financial quotes Ramana Kumar, Managing Director
After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin. China: ‘YuanCoin’ Trial a Success Following the rise in popularity of the first blockchain-based currency in the world, i.e. Bitcoin, the People’s Bank of China (PBOC) is getting closer to issuing its own, albeit centralized, government-backed sovereign digital
2017 may be a year of many firsts. The first Bitcoin ETF. The first Bitcoin file sharing program. The Rock and Roll Hall of Fame also has announced the first-ever blockchain-based public ‘Fan Vote’ for their list of 2017 inductees, and it was a huge success. World’s Largest Public Blockchain Vote Held The ‘Fan Vote’ through blockchain technology was conducted by Votem, who builds mobile voting platforms to enable people around the world to easily
In its Internet Health Report 2017, the Mozilla Foundation points towards a more transparent and decentralized internet, in which the Bitcoin’s underlying technology the Blockchain will play a significant part. What Makes a Healthy Internet? Although we usually think of the internet as a global network that is open and equal to all, this is often not the case. Different countries apply different rules and restrictions, some of them enforcing them with methods like the ones
HashCash founder and Bitcoin pioneer Adam Back along with others have praised entrepreneur Andreas Antonopoulos for his explanation of the benefits of Segregated Witness (SegWit) technology. Back: Antonopoulos ‘Best I’ve Seen’ On SegWit Antonopoulos, known for his advocacy of the tool as a solution to Bitcoin’s blockchain capacity issue, released the explainer in a Medium post back in August. Last week on Twitter, he reiterated support for Segregated Witness for the reasons he originally highlighted. @theonevortex I'm
Blockstream has released a whitepaper detailing the Strong Federations system, the foundation for the Liquid sidechain project to improve privacy, costs, speed of value transfers and settlement among exchanges and brokerages. ‘An Interoperable Blockchain Solution’ Under the leadership of Adam Back, Blockstream has released a whitepaper dubbed “Strong Federations: An Interoperable Blockchain Solution to Centralized Third Party Risks.” The whitepaper delves into the intricacies of the federated pegs system that can be used to attach sidechains to Bitcoin.
Block number 448064 on the Bitcoin blockchain contains a cryptic and romantic love letter written in the form of transactions. You + Me = ฿ The Bitcoin blockchain is known for its immutable and transparent nature, which makes Bitcoin the perfect protocol for the decentralized transfer of value. Transactions are permanent and can not be changed or erased. They are also public for the whole world to see. These same characteristics also make it the
Pantera Capital’s new $25 million USD fund will invest in Brave Browser and Abra, two innovative Bitcoin-based apps. Pantera Capital’s New $25 Fund Dan Morehead, founder and CEO of Pantera Capital, recently revealed details regarding their new investment fund in an interview with TechCrunch. While Bitcoin was the main focus of the interview, Morehead disclosed information regarding two of the companies that will receive new funding from Pantera Capital. Following the closure of the first fund,