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No one can deny the cryptocurrency is thriving right now. Some people want to see more money flow to bitcoin and other currencies at a quicker pace, though. One interesting trend is how bitcoin’s percentage of the total cryptocurrency market cap is going downhill. Right now, that percentage sits close to 81%, whereas it used to be over 95% in January of 2014.

For the longest time, bitcoin has been the dominant cryptocurrency. That is only normal, as it is the only one to gain some market traction. However, several altcoins have proven to be a favorite among speculators and traders as well. Albeit very few of these currencies have use cases, they are perfect vehicles for value speculation. As a result, some money is flowing from bitcoin into the altcoin sector on a regular basis.

Bitcoin’s Market Cap Percentage Continues To Drop
This trend is not alarmed by any means. In fact, diversification of a cryptocurrency portfolio is a good thing. While bitcoin still represents the vast majority of total market capitalization of all cryptocurrencies, its “share” is dropped. In fact, it has been dropping for quite some time now. Back in January of 2014, bitcoin represented 96% of the total cryptocurrency market cap. Fast forward that day, and that number has shrunk to just 84%. Not a big change according to some people, yet it goes to show something is changing behind the scenes.

Looking at the charts, bitcoin has gone through this cycle before. Its market cap percentage dropped below 80% in January of 2015, June of 2016 and Late 2016 as well. Bitcoin rebounds successfully every time, though, and it is expected this pattern will repeat itself once again. After all, there is no reason to ditch bitcoin holdings In favor of any altcoin right now, even though some investments may look appealing.

One contributing factor to the “demise” of bitcoin is the high transaction fee problem. With fees increasing rapidly, altcoins are becoming more popular due to lower costs. Then again, none of these networks have been tested to handle the transaction volume bitcoin processes every day. Until that happens, it is impossible to tell which currency can keep the costs down in the end. Reducing bitcoin’s fees would be a good start, though, that much is certain.

Moreover, people need to keep in mind not every altcoin is a bitcoin competitor. Ethereum, for example, is not positioned to be a “currency” like bitcoin. Neither is Ripple, as it is a competing technology that appeals to banks. Dash and Monero can compete with bitcoin, although the anonymity features may put off some people. Only time will tell how these percentages evolve over the next few months, though.

Read More Read More, Posted by: rosecoin
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Clif High’s estimation that three ounces of gold would be equal to a Bitcoin in price by this time next year remains a bizarre proposition that is not impossible to achieve.

In a way, a predicted Bitcoin price rise from a meager $1180 to more than $13,000 seems attractive and the technicality of how that would be the case defies common understanding of the law of demand and supply. It could be a repeat of the 1979/1980 scenario.

This link to a historical event particularly fits in with the fact that High’s data sets have been proven accurate in other instances and his latest estimate show that Bitcoin price would be hinged on the rising price of gold - from $1206 today to about $4,800 by March next year, about a 300 percent increase.

Working it out
Between 1978 and 1979, the price of gold recorded more than 120 percent growth from $207 to $455, the highest in its history, due to high inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution, which prompted investors to move into the metal.

By January 1980, gold hits record high at $850 per ounce though for a while as investors seek safe haven - that’s a 310 percent increase between 1978 and January 1980.

Figuring out the total amount of gold that has ever been produced is hard. However, going by rough estimates, there are approximately six bln ounces of gold available - that is 375 ounces of gold to one Bitcoin in terms of production if we are to go by the fact that about 16 mln Bitcoins have been mined so far.

Its production rate does not necessarily translate to a higher price for either even though the number of ounces to be extracted later are unknown and it is certain that there could only be a finite 4.8 mln Bitcoins more to be mined in the next 123 years according to its whitepaper.

Other strengthening factors
One Bitcoin would be harder to get than an ounce of gold even as interest in the pricing arrangement of both commodities is increasing. Though they both show the potential to become more valuable with time, the catch-up Bitcoin played recently has cast doubt on the outlook for gold as the future’s main store of value. More so, until last year, the price of gold slide for the previous three years.

Somehow, the argument that either gold is overpriced or Bitcoin is undervalued is already adding a twist to the discussion. Different opinions are being formed as the common knowledge that Bitcoin’s value has been growing as well as the understanding of its usefulness has been improving among more people from various sectors.

Coupled with its thinning supply which has been influencing its price and the fact that it could be considered advantageous over gold in several ways including cutting out shady bank practices - though its reliance on electricity and the Internet is still a key argument that has been made against it, a sudden surge could not be overruled.

More of the growing millennials who choose to look in its direction are finding Bitcoin handy and easier to relate with more than gold despite its intrinsic value, its tangibility and its record centuries of existence.

Bitcoin is decentralized, easily moved, harder to counterfeit and gets increasingly difficult to mine over time. These basic features which have been spreading more, stand to favor Bitcoin even to make its price climb far above High’s estimate of $13,000 and its market cap correlatively increase to as much as $40 bln or more in a 12-month period.

Read More Read More, Posted by: rosecoin
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TumbleBit, one of the most promising privacy advancements built on top of Bitcoin, will be implemented in the upcoming Breeze Wallet.

The Breeze Wallet is a bitcoin wallet in development by blockchain startup Stratis, scheduled for release in one or two months. It will serve as a typical bitcoin wallet for desktop computers, but with an added tumbling option. Connected through a TumbleBit tumbler, Breeze Wallet users can mix their coins without needing to trust each other or the tumbler with their coins or their privacy.

“We are integrating TumbleBit because it’s a trustless and secure solution that works with Bitcoin without any forks,” Stratis Founder and CEO Chris Trew told Bitcoin Magazine.


Stratis is a U.K.-based startup that offers end-to-end solutions for development, testing and deployment of blockchain applications. The company will maintain its own blockchain (the Stratis blockchain), which includes a native token (the Stratis token). Additionally, the company builds tools for existing blockchains, including Bitcoin, Ethereum and BitShares. Stratis projects include a Bitcoin full node in the programming language C#, a Bitcoin software development kit and, indeed, the Breeze wallet, which will hold both bitcoins and the Stratis tokens.

TumbleBit was first proposed by academic researchers Ethan Heilman, Leen AlShenibr, Foteini Baldimtsi, Alessandra Scafuro and Sharon Goldberg. Inspired by its potential, “Programming The Blockchain in C#” author and Stratis team member Nicolas Dorierstarted working on an implementation of TumbleBit in C#. He was joined by the co-author of his book, Ficsór Ádám, who focused on Tor integration.[/url]

Now, with the help of Ádám, Stratis is making the solution available in a convenient and easy-to-use wallet. It is a natural match not only because Stratis’s and Dorier’s implementations of TumbleBit share the same programming language, but also because Stratis has a strong focus on privacy on their own platform, Trew explained.

“Regulation is one of the main hurdles for blockchain [technology] and Bitcoin adoption among the financial services industry,” he said. “The first step of regulatory compliance is privacy of their sensitive financial data. This is one of the reasons for the rise of the private chain and distributed ledger technologies. Our goal is to provide open and public blockchain solutions for the enterprise; to deliver this we must provide transaction privacy on a public blockchain.”


Full nodes download and verify each block on the blockchain, which can be quite resource intensive. Most light clients therefore only download the specific data that’s relevant to them: mostly relating to their Bitcoin addresses. But to do this, they need to share all their addresses with a server or a node on the Bitcoin network.

This server or node — and anyone spying on the communication with this server or node — learns all addresses that are in the wallet. This makes tumbling coins from one address in a wallet to another address in the same wallet rather pointless.

Instead, Ádám is currently implementing a type of light client that will download full blocks but immediately discard any data it doesn’t need. This requires the wallet to download more data than typical light clients, which is why Breeze Wallet won’t be very suitable for mobile wallets anytime soon. But it will be less resource intensive than running a full node and, therefore, easier to use for regular users.

Lastly, one hurdle remains: someone, somewhere, needs to host the tumbler. While this can be done as a hidden service, the TumbleBit developers have been hesitant to do this themselves so far. Such a service may not exactly please regulators and anti-money laundering agencies.

Stratis is now working through the legal and regulatory issues involved with deploying a solution of this type. “The ultimate goal is to have a decentralized network of TumbleBit servers. We are working on delivering end-to-end solutions; then we will further develop some of the core components,” Trew said.

Read More Read More, Posted by: rosecoin
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In 2010, a Florida programmer called Laszlo Hanyecz convinced someone to accept 10,000 Bitcoins he’d mined on his computer in exchange for two pizzas. Back then, when the currency was still in its infancy, that amounted to around $25. On today’s exchange rate those pizzas would be worth an eye-watering $12,046,100.

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz said in an interview with the New York Times. “No one knew it was going to get so big.”

The unprecedented success of Bitcoin
Fast-forward to 2017 and times have changed for Bitcoin, so much so that major banks, venture capitalists and forward-thinking individuals have shown a growing interest in the currency. At the last count, around 150,000 merchants now accept Bitcoin with the number of daily confirmed Bitcoin transactions at just under 300,000.

Unlike 2010, the cost of one Bitcoin is now trading at $1,252 despite a slight drop from a March high of just under $1,300. Recent developments such as the Bitcoin ETF's pending SEC approval indicate that the currency has reached a tipping point.

Speaking to Cointelegraph, David Farmer from Coinbase said the company believes it is increasingly likely that a Bitcoin ETF will be approved at some point this year.

“Our professional trading exchange GDAX has received a lot of inbound interest from Wall Street firms,” Farmer said. “If an ETF is approved, this large institutional volume will enter the ETF and spot markets and trusted and regulated exchanges like GDAX will play an important role in creating a well-functioning asset-based ETF.”

So, with the digital currency steadily rising over the last six years, is this the last chance to buy Bitcoin?

Are the days of making big money from Bitcoin really over?
In an article from The Motley Fool, it says: “The days of making big money from Bitcoin are almost certainly over, while the risks are as high as they ever were.” While there are some who will disagree, there is some truth in what’s being said.

At the rate the currency is trading at, it is becoming increasingly difficult for people to invest in the currency. Not only that, but Bitcoin remains volatile. Its price slumped after the collapse of Mt. Gox in 2013 and more recently in January as China attempted to bolster the yuan. If its price were to drastically collapse, no central bank would rush to help with compensation.

And yet, while it may be difficult for people to invest in the currency, this could be the last opportunity to do so.

Diversification is key to an investment portfolio
According to analyst Adam Davies, who recently spoke to CNBC, the price of Bitcoin could hit $3,000 by the end of the year, representing a near 150 percent increase from its current price, at the time of publication. Additionally, as the supply of Bitcoin is limited, its price is expected to increase over time.

Speaking to Cointelegraph, David Motta, business financial consultant, marketer and investor, said that he thinks the coin will continue to go up.

“[However], I think it’s wiser to invest $10,000 in something that I can purchase for .04 cents that can eventually reach $1 per coin, instead of investing $10,000 in Bitcoin and [waiting] for it to go up another $1,200 to double my investment,” he said.

He adds, though, that people should expand their portfolio and diversify with other coins in the market to lower risks and to make big money over the long-term.

Diversification is key to an investment portfolio and will do well to have some Bitcoin attached to it, so if you buy Bitcoin now, you may do well over time with them. As with all investments, though, there will be ups and downs to it.

Read More Read More, Posted by: rosecoin
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By Crystal Kim
The Securities and Exchange Commission denied the proposed Winklevoss Bitcoin Trust ETF on Friday at around the market’s close. Basically more than three years of waiting and prodding have resulted in absolutely nothing. The untraceable cryptocurrency was down 4.7% to $1,100.44 at the market’s close.

Here’s the SEC’s ruling in full. The ETF was disapproved, because the proposed rule change to the BATS Exchange was “not consistent with these legal requirements.” Here’s an excerpt:

As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.

The Commission takes issue with the unregulated markets for bitcoin. I suppose investors will now fixate on whether SolidX or Greyscale will get approval. This decision doesn’t look good for them.

MarketWatch’s Ryan Vlastelica reported that Winklevoss Capital remained “optimistic and committed” to making COIN — the symbol it would’ve traded under — happen.

Read More Read More, Posted by: rosecoin
(09-03-2017, 11:05 AM)Admin Wrote:
(06-03-2017, 02:40 AM)wansyahid Wrote: i have installes centaurus wallet on my android..
my problem is how to link my wallet from centaurus and my stellar addres..

may i installed centaurus on another android and same account so i can get 50 XLM x 2
Thanks Before
sure, you can, aslong as it has different wallet address
Problem fixed..
I have get reward

I have different stellar wallet address, but i want reward from stellar promotion,
Question is may i use same nickname but different wallet address?
Or i must register again and use another nick name...
Thanks before

Sent from my vivo Y28 using Tapatalk

Read More Read More, Posted by: wansyahid
How can FinTech be leveraged to help the financially underserved across the savings space?

Money is a peculiar thing. Unlike other forms of wealth like farmland and livestock that require continuous engagement with the natural environment and living creatures as well as the help of other people, money can sit in a bank and grow on its own. A FinTech solution trying to upend traditional methods of saving has to answer two basic questions: Can it gain the trust of individual users? Does the service offer attractive enough returns compared to other assets?

It is said that nearly a third of today’s global population remains unbanked.[1] Some of the population in Pakistan “hand over savings to their trusted social contacts such as a family member or friend and request money whenever they needed.”[2] In Zimbabwe, the asset of a traditional farmer is stored in his livestock. Moreover, the returns from livestock within six months to two years are higher than interest income, and livestock can provide the farmer with milk, manure and the power to plough the land, which money in a bank cannot.[3]

FinTech Revolutionising Savings in Kenya, India and Colombia

Different organisations around the world, from telecom companies through banks to FinTechs, have tried to address these needs.

In Kenya, over a third of people prefer to save their money in a secret place due to ease of access to funds in emergencies, the
most preferred method by far at 43.3% is to save on mobile platform.[4]  Part of the reason for this high preference towards mobile is Safaricom, the company behind the mobile remittance platform M-Pesa which is used by 97% of Kenyan households.[5] The company has been involved in a series of ventures when it comes to innovating savings. In 2010, they partnered with Equity Bank to launch “M-Kesho,” a solution enabling anyone with a cell phone to earn interest on savings.[6] In 2012, they worked with Commercial Bank of Africa (CBA) to launch “M-Shwari,” a similar mobile-based savings and loans product, which signed up 10 million users.[7] In 2015, they partnered with Kenya Commercial Bank (KCB) to launch yet another similar product called “KCB M-Pesa Account,” which offers interest on deposits.[8]  In addition to making savings accounts no longer a privilege of the wealthy or the middle-class, Safaricom also manages non-profit campaigns such as helping expectant mothers to save a small amount for health insurance which allows them to give birth in a hospital rather than at home.[9] In subtle ways, and enabled by the use of simple mobile phones (and not smartphones), Safaricom is transforming the financial behaviour of many Kenyans.

In India, ICICI Bank’s “Money Multiplier” is a sweep account solution that helps depositors to achieve higher returns on idle savings. Money Multiplier automatically “sweeps” one’s savings balance over 10,000 Rupees (US$150) into a higher interest bearing fixed-term account. It also has an automatic “sweep back” function when the main account balance falls below 10,000 Rupees, so that one will not be out of cash for their day-to-day expenses.[10] Other Indian banks such as HDFC Bank and Axis Bank have also launched similar products. Both ICICI Bank and Axis Bank have lower minimum deposit requirements, which enables users to maximize savings on surplus money.[11]

Also in India, Syndicate Bank’s “Pigmy Savings Scheme” employs authorised agents to collect money deposits from users on a daily basis. [12]  It is a recurring deposits scheme in which small amounts can be saved on each day. It is meant to help wage earners, housewives, small traders and farmers save more to fund their bigger expenses, such as a wedding. Other banks in India have also launched similar schemes.[13] The role of the authorised agent is instrumental in educating people in rural communities lacking ready access to a bank branch – they bring financial knowledge and advice to the users

One of the major reasons for saving is to have emergency funds for unforeseen circumstances, such as a major illness. In Colombia, Bancolombia’s “Ahorro a la Mano” offers medical insurance if the depositor’s average balance of the previous month was US$135 or more. The insurance plan pays US$9.80 per day of hospital treatment and US$17.50 per day for women giving birth.[14] By saving money in a bank account, the user gains insurance coverage for medical needs. Not only does this approach target users who may be reluctant to buy insurance and would have preferred to save their own money, but it also appeals to users who may not have been motivated enough to save money to begin with.

It is apparent from these examples that FinTech is offering creative solutions to accumulate wealth. Through innovative solutions, these companies are positioning themselves as a helping hand to the hitherto financially excluded. To return to the two questions at the beginning of the post: whether investment returns are satisfactory may depend on subjective expectations, but it is clear that these companies are increasingly gaining the trust of their users.

In our next blog post in the KAE Financial Inclusion series, we will explore what FinTech is doing to reduce the difficulties that the financially underserved have to overcome to make payments.


Read More Read More, Posted by: Rufus
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On day one of the 2017 MIT Bitcoin ExpoSia Co-Founder David Vorick, who has contributed to Bitcoin Core, gave a presentation on the important role played by full nodes in digital currency networks. In his view, economically relevant full nodes are the ones that have “voting” power (for lack of a better term) in attempted hard-forking changes to the rules of Bitcoin.

What Is the Role of the Full Node?

Early in his talk, Vorick focused on the general role played by full nodes on the network. “Full nodes validate transactions on the Bitcoin network,” he stated. “Bitcoin has this longest-chain rule where the chain with the most work in it is the one that everybody follows, except this chain also has to follow all of the rules that the network has. The full nodes are the ones [that] check that the chain follows the rules, and if a chain doesn’t follow the rules, it doesn’t matter how much hashrate is behind it, that chain is ignored.”

According to Vorick, of all the different types of Bitcoin users, full nodes are the only ones that check that the rules are followed. Those who run an SPV node or use some sort of web wallet are putting their trust in others to verify that certain rules are being followed correctly on the most-work chain.

“They’re faster,” Vorick said in terms of SPV nodes. “They download all the headers. They make sure that they are on the chain with the most work, but they don’t actually check that the chain with the most work is legal or is valid.”

Vorick went on to state that SPV nodes are essentially betting that the rest of the network will sufficiently handle the validation process for them.

“SPV nodes just blindly have faith in the broader network to do this process that makes sure that the longest chain is always valid,” Vorick continued. “They don’t actually know. They’re just assuming that the broader network is going to keep them safe.”

Without full nodes, Vorick says, miners are given the ability to do whatever they want. “If people can spend each other’s money [or] if miners can [produce] money out of nowhere, you have a useless system,” he added.

Upgrades in Bitcoin
Vorick also talked about how upgrades are made to the Bitcoin network. When talking about upgrades, he was referring to hard forks specifically. He also referred to soft forks as patches.

“Soft forks don’t actually change the rules; they just are more creative about how they use the rules,” Vorick explained.

In terms of attempted hard forks, Vorick claimed there are three potential outcomes. In one, the hard fork could fail and everyone may decide to ignore the failed chain. Vorick pointed to the recent block larger than 1 million bytes accidentally mined by Bitcoin.comas an example of a failed upgrade.

Another possible outcome from an attempted hard fork is that economic activity continues to take place on both chains. Vorick referred to this as a “partially successful upgrade,” and he used the split between Ethereum and Ethereum Classic as an example of this outcome.

The third possible outcome mentioned by Vorick is a successful hard fork with new rules where the new chain becomes the only chain people use and everyone ignores the old chain. Besides the hard fork that resulted in the split between Ethereum and Ethereum Classic, the Ethereum chain has also had multiple successful hard forks.

Economically Relevant Full Nodes Have the Power
When determining the level of success achieved by an attempted upgrade, Vorick claimed that it ultimately comes down to the desires of the full nodes. “If you’re not running a full node, sort of your opinion on whether or not you like a hard fork is less relevant because, ultimately, if you’re not validating the rules and someone gives you a transaction following a different rule set, you don’t have a way to detect that,” he explained. “So you can’t actually weigh in on an attempted hard fork, an attempted upgrade.”

Vorick then compared full nodes to representatives in a democracy; however, he also pointed out that some full nodes are much more economically relevant than others. BitPay, for example, has a bigger say in what happens than a full node sending and receiving one small payment per month.

According to Vorick, users can be dragged along with miners and large businesses if the cost of running a full node is too high. “If full nodes are expensive to run, only people who are capable of running nodes really have any say in what happens in a contentious upgrade,” he added.

As an example, Vorick pointed out that Ethereum Classic may not have ever existed if it cost too much for the original Ethereum chain’s early supporters to run full nodes.

“I would advocate that, right now, full [Bitcoin] nodes are too expensive,” Vorick concluded.

Read More Read More, Posted by: rosecoin
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Barely a few days before the expected resumption of withdrawals by the big Chinese exchanges, a statement by OKCoin indicated an imminent extension of the suspension. In a statement to users on Wednesday, OKCoin said: “Once the regulatory authorities have given their approval, you may withdraw currency.”

A lot of Bitcoin users now think that the decision concerning the resumption of withdrawals is dependent upon the timing and decision of the PBoC.

Contrary to this assumption, active participants in the Chinese Bitcoin community, as well as BitLox Director Dana Coe, tell Cointelegraph that the present “suspension” may have been misunderstood by a lot of people as most users in China have carried on with their normal businesses.

Coe says:
“I don’t really see a huge disruption for the majority of the users. The selling of Bitcoins and withdrawal of RMB is not impeded at all.”

According to Coe, most Chinese participants in the Bitcoin community are interested in Bitcoin for its value in trading and arbitrage. Most users of the Chinese exchanges deposit RMB so that they may purchase Bitcoins and take advantage of market movements, as any gains are normally converted back to RMB or held on the exchange as Bitcoins.

However, Coe notes that even though it may be an inconvenience for users to not take their profits in Bitcoins, it is only appropriate to wait and see what sort of a plan the Chinese regulators and exchanges will come up with:

“It appears they are negotiating for a plan, but it is difficult to say what such a plan will look like as the motives of the regulators is somewhat unclear.”

Chinese regulation is good for Bitcoin
Coe continues by telling Cointelegraph of his suspicion that regulators in China may want to reduce overleveraging and what they call “excess” speculation.

The rationale behind this is that they do not want to be blamed and/or asked to reimburse losses from risky trades or system failures. Regulators want a reduction of such “horror stories” where people lose their shirts from 20x leveraging or not being able to get onto a website so as to sell in a stop-loss capacity. 

This development in Coe’s opinion is, in the long run, a good thing for Bitcoin in China as stories about sensational losses always scare people.

Another aspect that Coe observes is the regulation of exchanges in that they must have transparent volume reporting. This he says is healthy for the whole Bitcoin system, as a more accurate picture can be drawn of volumes and transactions.

Coe concludes by saying:

“When the exchanges resume withdrawals of Bitcoin, I expect it will be heavily encumbered with some sort of a quota or reporting system, as China has rather strict controls on the amount of currency that may be taken out of the country. But as noted, on the whole, I do not believe this will actually have a great effect on the market or exchanges. The market and Bitcoin community as a whole will probably breathe a sigh of relief and rally once the decisions come out, whatever they are. Markets hate uncertainty.”

Read More Read More, Posted by: rosecoin
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Bitcoin hardware wallet maker CoolBitX has raised $500,000 as part of its push into the broader blockchain security industry.

The Taiwan-based firm plans to use the money to create new implementations of the security in its wallet for implementation in Internet-of-Things (IoT) devices, the medical industry and other blockchain sectors where identity is paramount.

The founder and CEO of lead investor Kyber Capital positioned CoolBitX's Coolwallet technology as a more broadly applicable “decentralized security protocol”.

In conversation with CoinDesk, Thomas Hu said:
"You can imagine this as an omnipotent hotel key card that can back up not only your personal credentials, but can serve as a payment token."
CoolBitX secures its wallets with an embedded security device for securing private keys, as well as a complete signature authorization and verification mechanism that can synchronized with a smartphone and CoolWallet’s own backup facility.

Offline pass phrases can also be used to recover lost or stolen hardware devices.

As possible evidence of industry interest in non-cryptocurrency related applications of CoolBitX’s security tech, Taiwan-based medical devices firm iMediPlus also participated in the round.

In a statement sent exclusively to CoinDesk, iMediPlus’s chief legal officer and intellectual property counsel, Matthew Lee, positioned the technology as a possible means to help prevent insurance fraud, among other broader applications in the healthcare industry.

“We are working with CoolBitX to turn CoolWallet into a secure passport for personal healthcare information and medical data backup storage,” Lee said in the statement.

Other investors include bitcoin mining firm Bitmain and Asia Pacific venture capital firm Midana Capital.

This is the most recent blockchain investment by Kyber Capital, which now boasts a portfolio of eight blockchain companies including Taiwan-base Amis, which is a founding member of the Enterprise Ethereum Alliance.

The growth of hardware
With part of the new investment, CoolBitX plans to develop a secure communication system that encrypts files on a smartphone, as well as implementing a decentralized bitcoin exchange.

But the investment is also part of a larger push in the blockchain industry by a number of companies looking to secure blockchain systems with hardware.

Last month, consultancy giant Accenture partnered with security firm Thales to reveal a hardware security module designed to give enterprises more confidence in securing access to their blockchain solutions. IBM also produces a similar hardware security module.

A business development plan for CoolBitX shown to CoinDesk reveals plans to issue co-branded wallets with 10 enterprise clients in Q2 of this year, followed by the development of a "blockchain medical record" using Coolwallet.

"CoolWallet in this system encrypts medical data with its private keys," said Hu, "and uses its HD [hierarchical deterministic] wallet architecture to offer different levels of accessibility to different institutions and staff."

In conclusion, he said the expansion was actually part of an even broader play:
"We see this as an extension to a more decentralized security protocol in various applications, whether its in medical, data security, and identity management."

Read More Read More, Posted by: rosecoin
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Google’s AI-powered health tech subsidiary, DeepMind Health, is planning to use a new technology loosely based on bitcoin to let hospitals, the NHS and eventually even patients track what happens to personal data in real-time.

Dubbed “Verifiable Data Audit”, the plan is to create a special digital ledger that automatically records every interaction with patient data in a cryptographically verifiable manner. This means any changes to, or access of, the data would be visible.

DeepMind has been working in partnership with London’s Royal Free Hospital to develop kidney monitoring software called Streams and has faced criticism from patient groups for what they claim are overly broad data sharing agreements. Critics fear that the data sharing has the potential to give DeepMind, and thus Google, too much power over the NHS.

In a blogpost, DeepMind co-founder, Mustafa Suleyman, and head of security and transparency, Ben Laurie, use an example relating to the Royal Free Hospital partnership to explain how the system will work. “[An] entry will record the fact that a particular piece of data has been used, and also the reason why, for example, that blood test data was checked against the NHS national algorithm to detect possible acute kidney injury,” they write.

Suleyman says that development on the data audit proposal began long before the launch of Streams, when Laurie, the co-creator of the widely-used Apache server software, was hired by DeepMind. “This project has been brewing since before we started DeepMind Health,” he told the Guardian, “but it does add another layer of transparency.

“Our mission is absolutely central, and a core part of that is figuring out how we can do a better job of building trust. Transparency and better control of data is what will build trust in the long term.” Suleyman pointed to a number of efforts DeepMind has already undertaken in an attempt to build that trust, from its founding membership of the industry group Partnership on AI to its creation of a board of independent reviewers for DeepMind Health, but argued the technical methods being proposed by the firm provide the “other half” of the equation.

Nicola Perrin, the head of the Wellcome Trust’s “Understanding Patient Data” taskforce, welcomed the verifiable data audit concept. “There are a lot of calls for a robust audit trail to be able to track exactly what happens to personal data, and particularly to be able to check how data is used once it leaves a hospital or NHS Digital. DeepMind are suggesting using technology to help deliver that audit trail, in a way that should be much more secure than anything we have seen before.”

Perrin said the approach could help address DeepMind’s challenge of winning over the public. “One of the main criticisms about DeepMind’s collaboration with the Royal Free was the difficulty of distinguishing between uses of data for care and for research. This type of approach could help address that challenge, and suggests they are trying to respond to the concerns.

“Technological solutions won’t be the only answer, but I think will form an important part of developing trustworthy systems that give people more confidence about how data is used.”

The systems at work are loosely related to the cryptocurrency bitcoin, and the blockchain technology that underpins it. DeepMind says: “Like blockchain, the ledger will be append-only, so once a record of data use is added, it can’t later be erased. And like blockchain, the ledger will make it possible for third parties to verify that nobody has tampered with any of the entries.”

Laurie downplays the similarities. “I can’t stop people from calling it blockchain related,” he said, but he described blockchains in general as “incredibly wasteful” in the way they go about ensuring data integrity: the technology involves blockchain participants burning astronomical amounts of energy – by some estimates as much as the nation of Cyprus – in an effort to ensure that a decentralised ledger can’t be monopolised by any one group.

DeepMind argues that health data, unlike a cryptocurrency, doesn’t need to be decentralised – Laurie says at most it needs to be “federated” between a small group of healthcare providers and data processors – so the wasteful elements of blockchain technology need not be imported over. Instead, the data audit system uses a mathematical function called a Merkle tree, which allows the entire history of the data to be represented by a relatively small record, yet one which instantly shows any attempt to rewrite history.

Although not technologically complete yet, DeepMind already has high hopes for the proposal, which it would like to see form the basis of a new model for data storage and logging in the NHS overall, and potentially even outside healthcare altogether. Right now, says Suleyman, “It’s really difficult for people to know where data has moved, when, and under which authorised policy. Introducing a light of transparency under this process I think will be very useful to data controllers, so they can verify where their processes have used or moved or accessed data.

“That’s going to add technical proof to the governance transparency that’s already in place. The point is to turn that regulation into a technical proof.”

In the long-run, Suleyman says, the audit system could be expanded so that patients can have direct oversight over how and where their data has been used. But such a system would come a long time in the future, once concerns over how to secure access have been solved.

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[Image: 725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdl...5qcGc=.jpg]

The call to raise a bounty for the development of a code that would enable a safe User-Activated Soft Fork (UASF) has raised the issue of a likely lapse in the exchange traded fund arrangement.

Following news that Antpool mined a Bitcoin Unlimited block and several how-to-manage double Bitcoin wallets tutorials burst online, some Bitcoin users have joined the call to raise a bounty that was initiated by Samson Mow, an entrepreneur who has committed to offering one Bitcoin for the bounty.

Damage control
The call is to foster the deployment of a safe UASF to “control the damage BU will do to the Bitcoin economy.”

Several others have since joined the call with the offer to commit financially. So far on Mow’s page, about six Bitcoins have been raised as at the time of this writing. This amount is still below the amount a known voice in the Bitcoin Unlimited camp stated his team would offer to “control the damage” UASF will do to exchanges.

Earlier, Jihan Wu had offered a 10 Bitcoin bounty for whoever produces a guiding document for exchanges in the event of a split, which he had stated will occur if UASF is implemented. His tweet says the Blockchain is likely to split and create two or three kinds of Bitcoin if the majority of miners vote against the activation of SegWit.

There are suggestions that Coinbase/GDAX and Bitfinex will list the BU chain as a new altcoin in the event of a chain fork.

It is worth noting that although the two sides are expressing different views, this does not necessarily mean one is right while the other is 
wrong but rather that it is a representation of the shared views by sections of a large group.

What is also clear is the understanding that Bitcoin momentum is growing and the network effect it is presently creating will be a great opportunity for its advancement.

ETF’s possible lapse
While Bitcoin Core’s Peter Todd warns that it is not clear yet how safe UASFs actually are or the best way to deploy them, with some suggesting that the bounty raised could be used to push research and development forward in that regard, the question of what happens to an approved ETF in the event of a split in Bitcoin surfaced.

This is a key lapse in the ETF arrangement that hasn’t been fully discussed and factored into the filing request. Many in the Bitcoin ecosystem have been anticipating the approval of the first Bitcoin ETF this weekend, but as others in the community have raised, the ongoing block size saga with a possibility of a split could be a cog in its wheel. Day traders/speculators would have had a field day if a situation like this had happened with an ETF in operation. Todd added that the ETF hasn't hired competent Bitcoin experts to evaluate their plans.

Meanwhile, the unfolding situation continues to be a testament of what Bitcoin was created to withstand - contention and disagreement.

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[Image: Runner.jpg]

The world's bitcoin traders are getting ready for this week's decision by the US Securities and Exchange Commission on an exchange-traded fund (ETF) tied to the digital currency.

The agency is expected to make its decision by Friday. Specifically, the SEC is considering a proposed rule change by the Bats Global Exchange that would clear the way for it to list the bitcoin ETF sought by investors Tyler and Cameron Winklevoss.

In the meantime, traders are preparing for what's to come – a process that, according to some in the market, means gearing up for the expected volatility that might follow, regardless of the SEC's choice.

Joe Lee, co-founder of leveraged bitcoin trading platform Magnr, told CoinDesk:
"We're anticipating a lot of volatility and trading activity around the time of the ETF announcement."
Investor and entrepreneur Vinny Lingham argued that while there's little indication as to which direction the agency go, the potential for volatility is virtually guaranteed.

"Volatility is coming back after the decision is made," said Lingham.

Preparing for the storm
Lingham certainly wasn't alone in articulating this point of view.

CryptoCompare founder Charles Hayter told CoinDesk that, from his perspective, overall volume should climb as well.

"We expect volatility to increase and volumes too across all markets," he said.

Magnr's Lee similarly speculated that volumes could climb. He said that trading platform employees are doing what they can on their side to prepare for the decision's impact. Specifically, he said that staff will be on-hand to resolve any potential issues that may result in the expected increase in trade activity.

"It's mostly business as usual, but with more hands on deck to ensure all of our trades go through as expected," he said. "We'll be monitoring the situation closely either way to ensure our clients get a smooth trading experience."

Many market analysts have asserted that traders have already priced in the ETF's chance of receiving approval, a development that has coincided with bitcoin's price repeatedly nearing $1,300 in recent sessions. After reaching these lofty levels, some have warned that prices could potentially suffer a pullback if the agency opts to reject this proposed fund.

Prepare for the worst?
While many traders indicated that they have braced themselves for volatility, some revealed they have specific plans in case bitcoin prices plunge following the SEC's decision.

At least one market trader has suggested that they are getting ready for the worst-case scenario: a "no" decision, followed by a sharp drop.

Tim Enneking, chairman of Crypto Asset Management, told CoinDesk that his team is planning to react accordingly should the situation play out in that way.

"We're going to position ourselves to go short, perhaps massively so, if the market looks as if it's going to drop significantly based on a negative SEC decision," he explained.

Cryptocurrency fund manager Jacob Eliosoff took a somewhat different point of view, suggesting that he would look for opportunities amidst any possible price decline.

"I'm waiting to do some buying on any major dip – I don't think we've seen the last of $1,000," said Eliosoff.

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  • leo 
    a day ago

    [Image: vUpFlh5.png]

    New Features
    • bumped the protocol version

  • Fixes
    • fixed issue with qsets falling out of cache that was leading to random delays in ledger closes
    • fixed manage data issue

  • Download

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The blockchain is a revolution that builds on another technical revolution so old that only the more experienced among us remember it: the invention of the database. First created at IBM in 1970, the importance of these relational databases to our everyday lives today cannot be overstated. Literally every aspect of our civilization is now dependent on this abstraction for storing and retrieving data. And now the blockchain is about to revolutionize databases, which will in turn revolutionize literally every aspect of our civilization.

IBM’s database model stood unchanged until about 10 years ago, when the blockchain came into this conservative space with a radical new proposition: What if your database worked like a network — a network that’s shared with everybody in the world, where anyone and anything can connect to it?

Blockchain experts call this “decentralization.” Decentralization offers the promise of nearly friction-free cooperation between members of complex networks that can add value to each other by enabling collaboration without central authorities and middle men.

Let’s start by examining the potential effects of this on an industry that touches all of our lives – banking. The banking industry is filled with shared resources. Consider ATM machines: each machine is owned by a single institution, but accepts cards from a huge network. This sharing requires a complicated management apparatusmostly provided by VISA. That central entity owns the database and transaction processing layer, which makes everything else possible. If the process of using an ATM had been invented today, with the blockchain as a state-of-the-art database technology as an option, we would most likely not need an administrative entity like VISA to manage the process. Instead, the technology itself would do the heavy lifting of uniting the interests and business processes of the member banks. One can easily imagine a single global blockchain network for managing the interoperability of bank cards. Rather than creating hub-and-spoke methods for organizing our shared resources for mutual advantage, this new technology would provide solutions without any central oversight.

In a world without middle men, things get more efficient in unexpected ways. A 1% transaction fee may not seem like much, but down a 15-step supply chain, it adds up. These kinds of little frictions add just enough drag on the global economy that we’re forced to stick with short supply chains and deals done by the container load, because it’s simply too inefficient to have more links in the supply chain and to work with smaller transactions. The decentralization that blockchain provides would change that, which could have huge possible impacts for economies in the developing world. Any transformation which helps small businesses compete with giants will have major global effects.

Blockchains support the formation of more complex value networks than can otherwise be supported. Normally, transaction costs and other sources of friction associated with having more vendors keeps the number of partners in a value network small. But if locating and locking in partners becomes easier, more comprehensive value networks can become profitable, even for quite small transactions.

Consider the problem that small manufacturers have dealing with giants like Wal-Mart. To keep transaction costs and the costs of carrying each product line down, large companies generally only buy from companies that can service a substantial percentage of their customers. But if the cost of carrying a new product was tiny, a much larger number of small manufacturers might be included in the value network. Amazon carries this approach a long way, with enormous numbers of small vendors selling through the same platform, but the idea carried to its limit is eBay and Craigslist, which bring business right down to the individual level. While it’s hard to imagine a Wal-Mart with the diversity of products offered by Amazon or even eBay, that is the kind of future we are moving into.

As we outline in “The Internet of Agreements,” our paper for the World Government Summit in Dubai, “the incidental complexity involved in business operations could go down by a very large factor, into a domain where a much more complex, contingent and interwoven business environment will emerge. Such an environment might be as different from today’s business environment as container shipping is superior to packing boats by hand.” (Disclosure: I’m the founder of Hexayurt.Capital, a fund which invests in creating the Internet of Agreements.)

For example, imagine the overhead involved in renting temporary furnishings for a house. Right now, this is not a very common practice (particularly for short stays) because of the overhead involved — insurance of each rented item, dozens of vendors, coordination costs getting everything in and out and so on. But if those transactions came down in cost by 90%, it is easy to imagine sites like AirBnB starting to offer custom furniture options in the spaces people are renting. Add robot delivery trucks to that future, and even short stay homes might have custom furnishing options. Making the kind of logistical complexity that is common to (say) theatre productions or aircraft maintenance accessible for smaller events like weddings is just one area where falling transaction costs open up new kinds of business as complex value networks integrate to offer services that simple value networks cannot.

We’re going to see the potential for a trajectory of radical change in all industries. As a society, we’re experiencing a time of unprecedented technological change. It can feel like an insurmountable challenge for leaders to stay on course in such rapidly changing tides.  And yet, with each passing generation, we are acquiring more skill and expertise in navigating a high rate of change, and it is to that expertise that we must now look as the blockchain space unfolds, blossoms, and changes our world.


Vinay Gupta is the founder of Hexayurt.Capital, a fund which invests in creating the Internet of Agreements™. He was instrumental in creating the Dubai Blockchain Strategy, project managed the Ethereum blockchain platform release, and invented the hexayurt refugee shelter. His areas of expertise include disaster management, energy policy, and computer graphics.

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