Cornell University professor Emin Gun Sirer announced a new family of consensus protocols at Token Summit on Thursday.
Archives for May 17, 2018
Messaging apps are dominating the way people communicate these days. Whereas the phone was a revolutionary invention back in the day, it preceded future developments that made it practically obsolete: Internet, SMS, VoIP services, and now messaging apps.
SuchApp is, however, much more than a simple messaging app. It is an entire ecosystem that encompasses real-time and location-based messaging, 4K broadcast video, a radar, granular security and influential community and business communications capabilities.
Monaco’s elite choose SuchApp
Such is the power and influence of its versatile set of features that SuchApp that it recently secured the support of a group of influential businessmen and millionaire society in the Monaco area, one of the most exclusive and exotics places in the world. Those people are excited to contribute to the planet’s first 5G blockchain-based instant messaging app.
After all, the Monaco group is looking to seize in the vast opportunities that the market of social media messaging industry – worth approximately $90 billion – provides. The people, 20 charter members, are very powerful themselves, with a net worth that approaches $90 billion.
The group met in Monaco to get to know SuchApp from a very close look. The app can optimize the way businesses are run. Besides communicating with other people, SuchApp provides the chance to buy, sell and trade goods and services and make payments with an associated digital currency.
For a first time, members of the society choose a blockchain project to invest. SuchApp’s business tools and model, including the design of the instant messaging app, impressed all viewers and observers so much that the Monaco millionaire society will conduct all financial operations via the SuchApp interface.
The CEO of SuchApp, Ronny Shany, welcomed the investment made by the Monaco group and stated that the enterprise as a whole was proud because such as distinguished and savvy businessmen team recognized the potential of this ambitious project.
The group of investors, meanwhile, has said that their intention is to take full advantage of SuchApp’s features and offerings, including connecting and engaging with fellow businessmen and investors in private groups. For now, only members of the billionaire society can access the group, but the plan is to broaden the selection criteria in the future.
The recipe for success
The magic of SuchApp and some of the traits that the billionaire group in question has identified is that it combines many of the most prominent messaging apps and social media outlets traits. It gathers the best of YouTube, Facebook, WhatsApp, and even Instagram, all in one versatile ecosystem.
It is a perfect tool for businesses as well, as it allows them to maximize earnings and investment opportunities by enhancing their online presence and exposure. SuchApp is currently the only platform that uses 5G real-time messaging to allow users to exchange and share multimedia files and take the best out of video, text, and VoIP services.
The biggest difference between SuchApp and the mentioned messaging apps is that it uses cryptocurrency and the blockchain technology to foster and promote transactions within the SuchApp environment, rewarding loyal users with a solid program.
Companies around the world can use SuchApp to manage marketing campaigns, implement geofencing to the messaging tool, create groups or chat rooms for providing customer service or marketing advice, and manage incentive and rewards projects.
To learn more how SuchApp plans to become the next generation in social media and communication, visit the SuchApp website.
The post SuchApp Earns Worldwide Praise and Attracts a Powerful Group of Investors appeared first on NewsBTC.
According to a new study, the Bitcoin network could be consuming as much as 0.5% of the world’s total electricity — a number comparable to the amount of power used by the entire country of Ireland.
Bitcoin and Electricity Usage
That said, determining exactly how much electricity the Bitcoin network uses, necessary for understanding its impact and implementing policy in the future, is not straightforward.
According to blockchain specialist Alex de Vries, who works at the tax advising firm PwC in the Netherlands:
“We’ve seen a lot of back-of-the-envelope calculations, but we need more scientific discussion on where this network is headed. Right now, the information available is pretty poor quality overall, so I’m hoping that people will use this paper as a foundation for more research.”
The estimates, based on de Vries’ background in economics, put the minimum current usage of the Bitcoin network at 2.55 gigawatts — as noted, almost as much electricity as Ireland. Another comparison puts a single transaction as using about as much electricity as an average household in the Netherlands uses in an entire month.
One of the biggest factors that contributes to the coin’s high electricity usage is also an inherent part of its design. Since its inception Bitcoin’s decentralized consensus has been enabled by its proof-of-work (PoW) algorithm, and the mining machines that perform this ‘work’ need tremendous amounts of energy to do so.
According to research published in April by equity analyst Charlie Chan and his team at Morgan Stanley, the key price point for Bitcoin mining profitability is $8,600. As per their simulation, if the coin can’t stay above $8,600, many Bitcoin miners will likely find it unprofitable to keep creating the cryptocurrency.
Bitcoin’s Energy Cost Moving Forward
Moving forward, the electricity needed to operate the Bitcoin network is only going to increase. By the end of 2018, de Vries predicts the network could be using as much as 7.7 gigawatts — as much electricity as the European country of Austria. Looking further ahead, if the price of Bitcoin continues to increase as some experts predict, de Vries believes the network could someday consume as much as 5% of the world’s total electricity, a tenfold increase from today’s 0.5%.
“To me, half a per cent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals,” he said.
Another consideration environmentally is Bitcoin’s carbon footprint. The problem is that much of the coin’s network is fueled by coal-fired power plants in China, where electricity is produced at very low rates, but the impact on the environment is more marked.
Based on ‘conservative’ estimates from the Bitcoin Energy Consumption Index, the carbon footprint for each unique Bitcoin transaction totals almost 450 kilograms of CO2, which translates to 32,898 kilotons annually for the entire network.
Featured image from Shutterstock.
The post The Bitcoin Network Uses as Much Electricity as Ireland: Study appeared first on NewsBTC.
Innosilicon Terminator 2 (T2) Miner is a new SHA256 ASIC miner for mining Bitcoin (BTC) and other crypto currencies using the same algorithm that uses 10nm production process for the computing chips inside the device. It is not the first ASIC miner to use 10nm process, but it seems that is the next step for achieving higher performance without the need for a lot more power. The Innosilicon Terminator 2 ASIC miner should be capable of delivering 17.2 THS at about 1570W of power usage according to the official specifications of the device.
There is no information about pricing and the official website of the company has not yet started accepting orders for the newly announced device. Halong Mining have recently also announced their DragonMint T2 ASIC miner (still not on sale) that delivers 17 THS at similar power usage and is also based on 10nm (this is also the company that was apparently first with 10nm ASIC miner). We are yet to see a new generation of Bitcoin miners using 10nm production process from other larger ASIC manufacturers such as Bitmain and Canaan, but we can surely expect them to join the fun soon too…
Entrepreneur and investor Vladislav Martynov has joined the World Wi-Fi team as a co-founder. His extensive experience and expertise in the blockchain industry will significantly strengthen World Wi-Fi’s position on the global market.
“The sharing economy is growing rapidly, and I believe the implementation of blockchain solutions in this area will accelerate the growth and expansion of the sharing economy market as well as the mass adoption of the blockchain technology. That is why I joined the World Wi-Fi project, “– said Vladislav Martynov.
The World Wi-Fi project is a decentralized free Wi-Fi network that aims to connect at least 20 million Wi-Fi routers to its global platform and reach an annual turnover of $1 billion within three years. The project team has already concluded several preliminary agreements with major advertising agencies and reached a number of agreements on joint testing of the World Wi-Fi platform, including the Saudi-based PolarisNet and the Japanese investment company Atma Inc (crypto media agency CoinTokyo).
World Wi-Fi’s TOKENSALE will end today, 18 May 2018. To date, World Wi-Fi has already raised more than $24 million, which is enough to implement full-scale coverage of all regions in the European Union, Asia, America and Australia, and in the future to deploy the World Wi-Fi network around the world. Vladislav Martynov believes in the future success of the project and contributed in the token sale himself.
Vladislav Martynov is well-known as a successful entrepreneur with 25 years of experience in the field of digital technologies in a variety of technology projects in international markets.
Yota Devices, the developer of YotaPhone (the world’s first phone with two screens) is one of the most famous successful projects that Vladislav realized. Under his management, an international company was created from scratch, developed a unique device and organized mass production and sales in over 20 countries, ensuring its presence in the global smartphone market. Within 5 years the company achieved a capitalization of $154 million.
For the last few years, Vladislav has been actively working with young startups, investing in applied solutions based on breakthrough technologies such as blockchain and artificial intelligence. Among his projects are BlockGeeks (the largest online service for learning blockchain technologies) and Iceberg (the largest online sports analysis service).
As the Head of Ethereum Competence Center, Vladislav is responsible for developing the ecosystem around blockchain technology and providing consulting support to entrepreneurs, large companies and government organizations about why blockchain is needed, how to apply it and what prospects the transition to this technology entails.
In 1997, Vladislav co-founded the Russian branch of Columbus IT. Subsequently, the company became the largest international partner of Microsoft in the market of corporate control systems.
From 2002 to 2005, he worked as a corporate director at the headquarters of Microsoft Corporation (USA).
In 2011, Martynov became co-founder and CEO of Yota Devices. Within five years, an international business with a capitalization of $154 million was built, two versions of YotaPhone were released, and smartphone sales unfolded in twenty countries.
In 2015, Martynov invested in ICEBERG Sports Analytics project – a hockey analytics system based on artificial intelligence, machine learning, and big data analysis.
In 2016, he joined the advisory board of Ethereum Foundation, a nonprofit organization dedicated to establishing a platform for the development of services based on blockchain technology. Later, he became the Head of the Ethereum Competence Center.
In October 2016, Martynov launched BlockGeeks (a platform for online training of professionals in the field of blockchain) as one of the investors and founded a fund that invests in blockchain startups.
The post Head of Ethereum Competence Center Vladislav Martynov Joined World Wi-Fi as a Co-Founder appeared first on NewsBTC.
The bitcoin price is too volatile to make it a useful payment tool for merchants, PayPal CFO John Rainey claimed in a recent interview. Bitcoin Price Too Volatile for Merchants Rainey made this claim during a recent episode of “Mad Money,” explaining that merchant margins are too thin to make bitcoin a viable payment medium.
The post Bitcoin Price Too Volatile for Merchants, Claims PayPal CFO appeared first on CCN
On May 17 the Digital Currency Group initiative and Over-the-Counter (OTC) cryptocurrency service, Genesis Global Trading, announced that Genesis was recently granted the New York state Bitlicense. The company that provides OTC solutions to institutional buyers can now operate freely in New York — A territory that many call, ‘the financial capital of the world,’ as Genesis aims to provide significant BTC, BCH, ETC, LTC, ZEC, XRP, and ETH liquidity in the state.
DCG Backed Genesis Global Trading Granted New York State Bitlicense
Genesis Global Trading has announced the firm has been granted the Bitlicense, and the company will be allowed to operate in New York with other approved businesses such as Coinbase, Circle, and Itbit. The New York Department of Financial Services (DFS) approved the company and provided Genesis with the Bitlicense — which will allow the firm to trade the various digital assets it holds with institutional investors. Before the company was granted the Bitlicense the firm operated under the DFS “safe harbor” provision.
Genesis was launched in 2013 and is backed by the venture capital organization the Digital Currency Group (DCG), a firm founded by Barry Silbert. The company is a regulated cryptocurrency OTC dealer that “provides access to institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies.” Genesis has offered deep pools of liquidity, 24-7 trading, and same-day settlement since the company’s inception.
“We are very pleased that DFS has approved the Genesis Global Trading BitLicense application,” said Michael Moro, CEO, Genesis Global Trading.
Although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner.
Barry Silbert Hopes More Cryptocurrency Businesses Are Approved in NY Barry Silbert.
To use the Genesis platform, traders have a $75,000 USD minimum deposit, and all users are subject to AML and KYC regulatory guidelines. In addition to being an approved brokerage service that can sell Bitcoin Core (BTC), the DFS has also approved to procure Zcash (ZEC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC). Genesis also states the firm is also registered with the Securities Exchange Commission (SEC) and Finra as well.
The Digital Currency Group’s founder Barry Silbert was excited for Genesis commenting on the subject over Twitter.
“Congrats to the team at Genesis Trading on being granted a Bitlicense, joining Coinbase Circle, Ripple, Bitflyer USA, and Itbit,” Silbert states.
Hoping to see the NYDFS ramp up their licensing pace so that NY does not continue to fall behind.
What do you think about Genesis Global Trading receiving the Bitlicense? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, Twitter, and Genesis Global.
Want to see all those Memo posts and OP_Codes in the BCH Chain? Check out Bitcoin.com’s Block Explorer today!
The post Cryptocurrency Brokerage Service Genesis Global Granted Bitlicense appeared first on Bitcoin News.
IT giant Infosys has built a blockchain-based trade finance platform involving seven Indian banks including ICICI and Axis.
Australia’s Digital Transformation Agency (DTA), which works with government agencies, users, and private sector partners to develop public services, has announced it is studying the use of blockchain for welfare payment distribution. A prototype could be in the market come mid-2019.
Australia May Deliver Welfare Payments over Blockchain
The approved Australian 2018-19 Budget last week included a sum of AU$700,000 intended to be used by the DTA to explore distributed ledger technology for efficient government services purposes, according to Randall Brugeaud, acting CEO of the DTA, who made the announcement at the CeBIT Australia conference in Sydney.
“Our plan is to look for use cases across the Commonwealth with an initial focus on the welfare payment delivery system, then working with our digital service standard, we’ll conduct user research with a view to having a prototype by the end of next financial year,” he explained. “The potential of blockchain to securely record transactions will be investigated, drawing on the experience of other public and private sector organisations.”
The DTA is looking to instances across both government and the private sector to determine the best blockchain-based Commonwealth service delivery. The agency is looking at all possibilities, from benefits of employee buy-in to machine-learning, artificial intelligence, and security, to further business goals despite the difficulty of choosing the right fit for each case.
“We’ll also build on work done across government already, such as the CSIRO’s work on distributed ledgers. We’re looking at how these technologies might offer automated service channels that are closer to the human experience; this might include intelligent chatbots, or voice-enabled channels which are proving to be effective in other sectors. We think these have the potential to deliver significant benefits for government service delivery,” Brugeaud said.
Aiming to make its services more ‘consumable’ by other government departments, the DTA is also about to pilot a digital identity system in October 2018 in a bid to tackle the 30 different logins across government platforms and make it easier for end users to deal with public affairs.
There are 750,000 applications for tax file numbers (TFN) each year. Digital identity will shrink to minutes what is currently a month-long process. The DTA will gradually expand digital identity to grants management, business registration, and student services, which should result in around 2.8 million online transactions.
The new digital identity platform comprises of the identity provider and the exchange. The federated model is governed by the trusted digital identity framework (TDIF), which allows users to choose from a range of accredited identity providers. The Department of Human Services will operate the exchange between services and the identity provider.
Regarding digital identity, Microsoft is building its blockchain-based decentralized identity system to provide users with an easy to use self-owned identity to completely control how data is accessed and used. It seems that the team will be using the Bitcoin Lightning Network so that the system is capable of scale and performance on par with traditional systems.
Featured image from Shutterstock.
The post Australia is Exploring the Blockchain for Welfare Payment Distribution appeared first on NewsBTC.
Steem, a blockchain rewards platform that allows content publishers to monetize their work, announced today that the project has reached one million registered accounts. An update from the official Steemit blog confirms the one millionth registration on the blockchain, and shows even more impressive stats on transactions, user activity, and unique visitors. Steem is exploding
The post Major Milestone: Steem Blockchain Hits 1 Million Accounts appeared first on CCN