Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Bitcoin Cash (BCH) platform and protocol development have seen a lot of delivered code and projects over the last two years. The upgrades will help Bitcoin Cash scale to the masses, and many of the added features are protocol developments that are unique to BCH. Also read: Indian Government Breaks Silence on Crypto Regulation BCH Infrastructure and Blockchain Development In less than two weeks, BCH fans around the world will be celebrating the anniversary of the blockchain split that occurred on August 1, 2017. Since then there’s been a lot of Bitcoin Cash development and a total of four BCH upgrades. In the following report, news.Bitcoin.com summarizes a list of completed BCH developments that reveal how much has been accomplished in two years. All of the completed BCH features can be seen on the analytics website Coin Dance, alongside other developments in the works. BCH developers also have plans to upgrade the chain this November and the specifications in regard to the consensus rule changes are being reviewed before the feature freeze on August 15, 2019. A statement about Bitcoin Cash according to Ethereum cofounder Vitalik Buterin’s recent interview with the publication Coinspice.io.Re-enabled Satoshi Opcodes Back in the early days of Bitcoin, Satoshi Nakamoto added operation codes to the protocol that could push data or perform certain functions via the Bitcoin Script language. Not long after, the opcodes were disabled after developers found a bug in a specific opcode called OP_LShift. In May 2018, Bitcoin Cash developers re-enabled the Satoshi operation codes (opcodes) that can allow for a variety of decision-based transactions, compilers, and other functions depending on the opcode used. A long list of Bitcoin opcodes.OP_Checkdatasig Implementation The opcode OP_Checkdatasig is a Script operation that checks the validity of a signature using a message and public key. Essentially the operation calculates the hash within a transaction in order to validate signatures in an automated way. OP_Checkdatasig allows for data to be imported that can be validated through the use of an oracle. The opcode has facilitated some very cool concepts like a noncustodial escrow system, an onchain SLP token auction console, a BCH recurring payment system, an endowment platform, and an onchain game of chess. 32MB Block Size Increase The Bitcoin Cash chain implemented…

KPGM to Work With Microsoft, Tomia and R3 on Blockchain Telecom Solutions

KPGM to Work With Microsoft, Tomia and R3 on Blockchain Telecom Solutions

Business advisory firm KPGM has partnered with tech companies Tomia, Microsoft and R3 to create a blockchain-based settlements solution for the telecom industry, in anticipation of 5G network services. KPMG announced the partnership and product plans in an official blog post on July 16. As per the report, the planned blockchain solution intends to make use of smart contracts in order to reduce disputes between carriers and mobile operators. Such smart contracts would reportedly include critical information for this purpose, by providing details such as correct rates, destination and bilateral deal information. The upshot, KPMG hopes, is that settlements will become faster and cheaper than they are right now, by eliminating the need for telecom companies to outsource settlements. At present, cross-border and cross-carrier settlements are reportedly a complicated and lengthy process. These settlements can purportedly take weeks to resolve, and are frequently outsourced to third parties due to their complexity.  This outsourcing results in a sizeable cost to customers. The cost of international mobile data roaming fees alone are projected to reach $31 billion in 2022, as per the report. Moreover, these settlement processes are predicted to get more complex with the advent of 5G mobile services, as there will be even more data transmitted by users. As previously reported by Cointelegraph, the South Korean telecom organization KT Corporation has already launched a blockchain-based solution on the 5G network. The solution, called “GiGA Chain,” reportedly acts as a security feature for Internet-of-Things devices by safeguarding the devices against cyberattacks.

7 Unorthodox Ways to Mine Bitcoin

7 Unorthodox Ways to Mine Bitcoin

Bitcoin isn’t crazy – in fact it might just be the soundest monetary system this generation has ever known. Some of the techniques miners have devised to extract it, however, are extremely unorthodox, ranging from the ingenious to the downright crazy. Here are seven of the strangest attempts at extracting bitcoin ever conjured. Also read: Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint Bitcoin Mining Takes Many Forms The process of adding bitcoin transactions to a newly created block and propagating it to the network is known as mining. To create the next block, miners must solve a mathematical puzzle whose answer is a number ranging anywhere from 0 to 4,294,967,296. In exchange for performing this task, miners are rewarded the transaction fees included in that block, plus a reward that currently stands at 12.5 BTC, dropping to 6.25 BTC in 2020. That, in a nutshell, is bitcoin mining. Given the lucrative rewards at stake – the block reward alone is worth $130,000 at current prices – it is no surprise that there are so many miners clamoring to solve the math problem that grants them authority to publish the next block. Bitcoin mining is an arms race, math the process as rationally as possible, seeking to maximize your hashrate (the number of computations your miners can perform per second) while minimizing your fixed costs such as electricity. As the following examples show, however, not all miners are in it for monetary gain; some are more interested in pushing the limits of what is physically and practically possible. Method 1: With Waste Gas “Stop burning, start earning” is the slogan of Upstream Data, which provides mobile mining datacenters that can be installed at oil company facilities that need to vent gas. As news.Bitcoin.com reported, they “can bring in over 15 times more revenue than the market price of the fuel, while limiting carbon footprint.” Ignore the screeching environmentalists – Bitcoin is greener and cleaner than mainstream media will ever acknowledge. Introducing our newest #bitcoin mining product, the Ohmm® Mini! This datacenter was designed to be stackable in a 4′ cube and is perfectly suited for any oil and gas wellsite. In the background you can see a flare stack that will soon be removed.😎 /1…

Hayek’s 1984: Rediscovered Footage Shows Austrian Economist Predicting Bitcoin

Hayek’s 1984: Rediscovered Footage Shows Austrian Economist Predicting Bitcoin

Born in 1899 in Vienna, Nobel Prize-winning economist F.A. Hayek is a legend of sorts in voluntaryist, libertarian, and crypto-economic circles. Freshly rediscovered video footage of the Austrian School philosopher and social theorist from 1984 is now making the rounds on crypto Twitter. In a stunning soundbite of an already well-known quote, Hayek declares that the only way to return to sound money is to take it out of the hands of government. He goes on to describe in spine-chillingly fortuitous fashion a money that requires no permission, and no central “authority.” Also read: Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels The Prescience of Hayek “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop.” So spoke Friedrich Hayek in 1984. Reevaluating those words 35 years hence and it is hard not to interpret them in the context of Bitcoin. Hayek was not alone in predicting the coming phenomenon of crypto in the 1980s. The Crypto Anarchist Manifesto of 1988 also called it way beforehand. As did American economist Milton Friedman in 1999: The one thing that’s missing, but that will soon be developed, it’s a reliable e-cash. A method where buying on the Internet you can transfer funds from A to B, without A knowing B or B knowing A. The way in which I can take a 20 dollar bill and hand it over to you and there’s no record of where it came from. And you may get that without knowing who I am. That kind of thing will develop on the Internet. The common thread among these striking predictions is, of course, the internet. Many thought it was crazy back in the early and mid-90s to talk of “working online” or “online shopping.” To try and imagine a permissionless future currency not regulated by the government would have been beyond the pale for most. And yet, bitcoin is here. They were right. The Keynesian/Austrian Clash Hayek was a key thinker and innovator of the Austrian school…

Ethereum’s Wrapped Bitcoin Set to Eclipse Lightning Network Capacity

Ethereum’s Wrapped Bitcoin Set to Eclipse Lightning Network Capacity

Since the project launched a little over six months ago, Wrapped Bitcoin (WBTC) has roughly $5.9 million or 558 BTC locked into the system. At the rate WBTC’s token contract is climbing, the project is close to surpassing the Lightning Network’s capacity in the near future. Also read: The ”Wrapped Bitcoin” Project Has Now Officially Launched on Ethereum Wrapped Bitcoin Contract Captures 558 BTC In January, Bitgo, Kyber Network, and Ren (formerly Republic Protocol) revealed the creation of a new ERC20 token project called Wrapped Bitcoin, a token created on the Ethereum network that’s been gathering a bunch of growth recently. Essentially WBTC is an ERC20 token backed by bitcoin core (BTC) at a 1:1 ratio. The creators of WBTC explained during the token’s launch that the system was designed to bring more liquidity into the crypto ecosystem. At the moment, the token contract’s locked BTC has climbed significantly in value, gathering 558 BTC with roughly $5.9 million in value. The numbers have been impressive since the project started in January and reached a million dollars by the first week of May. Since April 16, the amount of BTC added to the WBTC contract has grown by 272%. WBTC statistics according to Defi Pulse. In comparison to the Lightning Network’s growth, the WBTC contract is growing much faster and they both provide similar functionality. Since February 2018, the Lightning Network capacity has held around 5.5 BTC or roughly $46,000 and it’s taken more than a year to climb past $10 million and reached an all-time high of $12 million last month. At the time of writing, the Lighting Network’s current capacity is $9.5 million or 911 BTC. While the Lightning Network’s capacity has been dwindling, there’s been a lot more demand for WBTC tokens. WBTC can be obtained from a number of exchanges like Airswap, Hitbtc, Kyber, Radarrelay, Uniswap, and Imtoken. The project now has a slew of merchants like Grapefruit Trading and the San Francisco-based security platform Bitgo has been acting as the custodian for the WBTC project’s reserves as well. Lightning Network statistics according to Defi Pulse.WBTC’s recent popularity is also due in part to the cryptocurrency infrastructure providers giving the asset support. On July 16, the Compound protocol, an open source lending…

Chiliz to Provide Official Crypto of Football Club AS Rome via Socios

Chiliz to Provide Official Crypto of Football Club AS Rome via Socios

Italian football club AS Roma will join blockchain-based voting platform Socios through a partnership with sports and entertainment blockchain firm Chiliz. In an official announcement published on July 19, Chiliz revealed that AS Roma is joining Socios, a sports platform powered by Chiliz, in order to launch an AS Roma fan token. The dedicated tokens are set to provide fans with the right to vote in certain club-delegated decisions. The post further explains that “the more fans vote and interact with the club through the app, the more rewards they can earn, competing for once-in-a-lifetime experiences, and gaining access to exclusive merchandise, games and leaderboards.” The voting options are set to include naming a club facility, a voice in warm-up activities at the Stadio Olimpico, among others. The tokens will be tradeable against Socios’ native token, dubbed $CHZ. Alexandre Dreyfus, CEO & Founder of Socios, commented on the partnership: “This partnership gives us the opportunity to educate a huge audience of mainstream consumers to the benefits of blockchain and cryptocurrencies, across Europe as well as Asia and Latin America. If you add up all the fan bases of our current partners, we’re already looking at a potential audience of hundreds of millions of sports fans and users for both $CHZ and Socios.com.” In mid-May, Chiliz announced a strategic partnership with Binance Chain, the mainnet of major cryptocurrency exchange Binance. At the time, Dreyfus underscored that the new integration with the Binance Chain mainnet would increase Socios’ access to the liquidity pool of the worldwide Binance community. The sports industry has been gradually embracing blockchain technology and digital currencies. Recently, major Portuguese sports club SL Benfica revealed it now accepts cryptocurrency for merchandise and tickets.

Indian Minister: No Official Ban on Cryptocurrencies in India Yet

Indian Minister: No Official Ban on Cryptocurrencies in India Yet

India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19,  The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the “Council of States” or upper house of Indian legislature. MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement, asking: “Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?” Thakur reportedly replied in the negative.  Elaborating on the country’s position, Thakur said that there is no law specific to crypto to refer to. Cryptocurrency activities are reportedly only actionable offenses if they violate preexisting laws, which can be enforced by entities including the RBI, enforcement directorate, and income tax authorities. As previously reported by Cointelegraph, an unverified, leaked bill draft entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” would ban all “non-official” cryptocurrencies. It defines cryptocurrencies as:  “Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”   However, this definition leaves India the option of issuing a digital Rupee, which the bill also proposes.

Energy Company E.ON Files Blockchain Patent for Data Analytics Device

Energy Company E.ON Files Blockchain Patent for Data Analytics Device

Energy network company E.ON has filed a patent application for a blockchain-based data collector with the European Patent Office.  E.ON announced the patent filing on the company’s website on July 19. As per the announcement, the device in question makes use of sensors to collect user data, which the user can then choose to sell as data analytics. According to the announcement, users supply data from smart home applications.  E.ON claims that the customer has sole control over who accesses any given portion of their data. This includes E.ON itself, who cannot access customer data without explicit consent. Regarding the role of blockchain technology in this new device — which is reportedly shaped like a small box roughly the size of a €5 bill — is to safeguard data privacy, alongside “highly secure encryption.” Chief digital and technology officer Matthew Timms said that a solution for customers to pick and sell their data for analytics is a new innovation: “Our Future Lab team has managed to combine blockchain and big data with a simple hardware solution. We want our customers to have absolute control over the analysis of their data. The ability to sell parts of these analyses within a more secure, traceable framework is completely new.” According to the announcement, a prototype of the device has passed international safety tests and receiving certification from German testing laboratory SGS. Additionally, the current roadmap for the product includes customer testing by the year’s end, and an official launch as early as next year. As previously reported by Cointelegraph, Napster creator Shawn Fanning’s new company Helium has begun testing a blockchain-based wireless hotspot initiative. These devices, called Helium Hotspots, are intended to form the backbone of a decentralized internet service. In addition, these hotspots contain sensors that can track information like location and heat, which have potential in use cases like wildfire prevention and even tracking pets.

Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

Natural gas acquired as a byproduct of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies are unable to find a profitable market for the excess fuel. It’s often vented into the atmosphere. Startups are now offering on-site systems that utilize the surplus to mine cryptocurrencies. This new business is growing in regions where shale oil and gas extraction are major industries. Also read: Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status Fossil Fuels Aren’t Going Anywhere At least for the foreseeable future, traditional energy sources such as oil and gas are here to stay. Their abundance and relatively low price compared to some renewables, their utility, mobility and well developed supporting infrastructure are hard to beat. However, despite these obvious advantages, getting them out of the ground can sometimes be a wasteful process. Electricity is the primary cost of bitcoin mining and while coin minting is often powered by renewables like hydro, energy from traditional sources is widely used as well. Cryptocurrency mining can utilize the surplus fuel that would otherwise be wasted, and the oil and gas industry is a good example of this. With the spread of alternative methods of extraction to even remote, hard-to-access places, the need for on-site consumers grows. New shale oil wells have been popping up across North America and other parts of the world in the past few years. They are often located far from potential markets, and the transportation of certain byproducts such as methane and other compounds forming natural gas is not always economically viable, because grid prices are too low or because expensive additional infrastructure is needed to transport the fuel. Associated gas, or flare gas, is a liability for oil companies and they have several options for dealing with it. If a well is close to a market, producers can pipe it to end consumers. Alternatively, they can flare it or vent it into the atmosphere. However, authorities in the U.S. and Canada impose restrictions on the amount of gas that can be released or burned. Exceeding these limits usually leads to costly production stoppages. Crypto Mining Makes Excess Gas Profitable Installing bitcoin mining equipment at oil production sites provides a solution…

Bitcoin Dominance Growing — What It Could Mean for Altcoins

Bitcoin Dominance Growing — What It Could Mean for Altcoins

Bitcoin (BTC) has more than tripled in 2019, moving from under $4,000 at the start of the year and then topping out at a little under $14,000 in June. In the earlier part of 2019, altcoins seemed to be performing strongly, with many calling the trend “altseason.” However, since Bitcoin began its 2019 charge starting with the “April Fool’s day rally,” most altcoins seem to be slipping when compared to the top-ranked cryptocurrency. There is now a growing debate about whether the altcoin market will experience the same massive price gains seen in Bitcoin during this current bullish cycle. Within this expanding debate, there are several viewpoints. Some say Bitcoin’s dominance will continue to increase while altcoins continually lose ground. Others posit that previous cycles have seen altcoin rallies coming after bullish fatigue sets in for Bitcoin. Bitcoin dominance chart as percentage of total market capitalization Whether altseason returns or not, the only point for consonance appears to be the idea that the current bull cycle could have profound ramifications for the still infant market. Several commentators say cryptos are becoming a more mature asset class, which could lead to wider adoption. Bitcoin vs. altcoins: The altcoin bubble argument In late 2017, the cryptocurrency market arguably captured attention in the financial sector and beyond. Bitcoin rose to almost eclipse the $20,000 price mark while altcoins also posted all-time highs. The following year, many cryptocurrencies saw these gains virtually wiped out as the market endured a prolonged bear decline. The average price dip across the board was more than 80%. Many analytical autopsies of the 2017 bull run converge at the conclusion that the sharp price gains were likely fuelled by hype-driven mania for cryptos as a new asset class. Retail investors struck with a fear of missing out (FOMO) rushed to put money into any and all crypto tokens in the hopes of becoming early backers of the “next Bitcoin.” This FOMO-driven hype occasioned by the initial coin offering (ICO) boom also generated sufficient tailwind for Bitcoin to reach its all-time price high in mid-December 2017. ICO tokens generated a lot of buzz for the altcoin market as well. While the 2018 bear market did not discriminate in its wipeout of the 2017 price gains,…