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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

JPMorgan Integrates Zcash Privacy Tech Into Quorum Blockchain

The developer of zcash has announced the first integration of its zero-knowledge privacy tech into JPMorgan's enterprise grade Quorum blockchain.

Posted on 17 October 2017 | 7:00 am

Data Sheet—How Top VCs Are Betting on Blockchain - Fortune


Fortune

Data Sheet—How Top VCs Are Betting on Blockchain
Fortune
Venture capital firms have been plunking down millions of dollars in funding on startups pitching blockchain tech, the innovative accounting ledgers that underpin cryptocurrencies like bitcoin and also power nifty, distributed databases. As interest in ...

and more »

Posted on 17 October 2017 | 6:27 am

Top Secret? Microsoft Opens Door to Government Blockchain Use

Government secrets on a blockchain? Following recent security upgrades, Microsoft has launched a platform specifically for that purpose.

Posted on 17 October 2017 | 6:00 am

Downplaying 'Digital Assets': Blockchain Reigns at Ripple's Swell Event

An upstart financial conference yesterday saw discussion of digital assets – though so-called "unregulated" cryptocurrencies were the butt of barbs.

Posted on 17 October 2017 | 5:30 am

Bitcoin is a 'speculative bubble' and unlikely to become a real currency, UBS says - CNBC


CNBC

Bitcoin is a 'speculative bubble' and unlikely to become a real currency, UBS says
CNBC
Cryptocurrencies like bitcoin are in a "speculative bubble" and are unlikely to become mainstream currencies, according to UBS. There are over 1,000 cryptocurrencies, bitcoin being the biggest by market capitalization, and many have seen huge rises in ...
Wall Street's dismissal of bitcoin becoming harderFinancial Times
What If You Could Have Bitcoin Without The Problems Of A Blockchain? IOTA May Be The Solution.Forbes
Fraud Isn't Among the 'Real Concerns' RBC Chief Has With BitcoinBloomberg
CoinTelegraph -Bitcoin News (press release) -Deutsche Welle -The Independent
all 78 news articles »

Posted on 17 October 2017 | 5:08 am

Standard Chartered Joins EquiChain's Capital Markets Blockchain Pilot

Standard Chartered is partnering with fintech startup EquiChain to assist its blockchain pilot focused on bringing efficiencies to capital markets.

Posted on 17 October 2017 | 4:00 am

Former Bitmain Chip Designer Seeks to Revoke Mining Giant's Patent

A former employee is engaged in a tit-for-tat battle with mining giant Bitmain over the alleged misuse of intellectual property.

Posted on 17 October 2017 | 3:00 am

Photos: The secret Swiss mountain bunker where millionaires stash their bitcoins - Quartz


Quartz

Photos: The secret Swiss mountain bunker where millionaires stash their bitcoins
Quartz
Kon won't tell me how much bitcoin is stored in the vault, but he says he sometimes takes customers with “millions” of dollars worth of the cryptocurrency stored with Xapo to tour the vault. It's odd to think of a virtual currency needing physical ...

Posted on 17 October 2017 | 2:02 am

The New Classic? Protesters Are Already Plotting Alternative Ethereums

An Ethereum hard fork wouldn't be complete without a protest movement or two. But what do the latest rebels want?

Posted on 17 October 2017 | 2:00 am

Bitcoin ETF Could Actually Be on Horizon Says Prominent Investing Firm - CoinTelegraph


CoinTelegraph

Bitcoin ETF Could Actually Be on Horizon Says Prominent Investing Firm
CoinTelegraph
Bitcoin users had lost hope of having an Bitcoin ETF when the Winklevoss twins' application was rejected. However, the CEO of ARK Investment Management feels that a Bitcoin ETF may only be a year or two away.
Investor Says a Bitcoin Fund May Be Just a Year AwayBloomberg

all 6 news articles »

Posted on 16 October 2017 | 7:56 pm

Sibos Highlights Swift's Complicated Relationship With Blockchain

Day one of Swift's annual Sibos conference found the interbank messaging platform under pressure from the rising tide of cryptocurrencies.

Posted on 16 October 2017 | 4:10 pm

Bernanke Thinks Bitcoin Will Fail (But He Likes Blockchain) - Fortune


Fortune

Bernanke Thinks Bitcoin Will Fail (But He Likes Blockchain)
Fortune
What does the former head of the Federal Reserve think of a digital currency that operates outside the control of central banks? The answer, unsurprisingly, is not much. “Bitcoin is an attempt to replace fiat currency and evade regulation and ...
TD Bank Prevents Customers From Buying Bitcoin and Other CryptocurrenciesThe Merkle

all 10 news articles »

Posted on 16 October 2017 | 4:00 pm

Nobel-winning economist Shiller calls bitcoin a fad - CNBC


CNBC

Nobel-winning economist Shiller calls bitcoin a fad
CNBC
Economist Robert Shiller thinks bitcoin is a fad, like bimetallism was in the 19th century. Bitcoin hit a record high of $5,856.10 on Friday, according to data from industry website CoinDesk. On the markets front, the economist noted that he's seeing ...
Robert Shiller: “Bitcoin is a Fad” but “I'll take BitcoinnewsBTC
Nobel-winning economist Robert Shiller calls bitcoin 'a fad'RT

all 5 news articles »

Posted on 16 October 2017 | 2:52 pm

An Australian University Is Giving Out Ether to Students

The University of New South Wales' consumer loyalty research effort will pay students in ether for making purchases at on-campus retailers.

Posted on 16 October 2017 | 2:45 pm

Bank of America Report: Bitcoin's True Value 'Impossible to Assess'

A new research note from Bank of America explores the investment implications of cryptocurrencies.

Posted on 16 October 2017 | 1:30 pm

Bernanke at Ripple Event: Blockchain Has 'Obvious' Benefits in Payments

Former Fed chairman Ben Bernanke said blockchain technology has the opportunity to innovate in payments during Ripple's Swell conference.

Posted on 16 October 2017 | 12:30 pm

Ethereum's Gavin Wood Is Calling for More 'Conservative' Hard Forks

One of the founders of ethereum is calling for the network to learn its lesson from Monday's fork, arguing better upgrade processes are needed.

Posted on 16 October 2017 | 10:45 am

Gates Foundation to Use Ripple Interledger Tech in Mobile Payments Push

DLT startup Ripple is one of several firms to contribute to a new payments services app from the Gates Foundation.

Posted on 16 October 2017 | 10:00 am

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6000 - CoinDesk


CoinDesk

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6000
CoinDesk
While bitcoin has been on a tear of late, rising from a Sept. 29 low of $2,980 to new highs above $5,800 last week, the bitcoin-US dollar (BTC/USD) exchange rate failed to capitalize on this upward movement over the weekend's trading sessions. At press ...

Posted on 16 October 2017 | 9:36 am

JPMorgan Launches Interbank Payments Platform on Quorum Blockchain

JPMorgan Chase is backing a new blockchain-based platform for interbank payments, the firm announced today.

Posted on 16 October 2017 | 9:00 am

$40 Million: Digital Asset Holdings Closes Series B Fundraising

The enterprise blockchain startup has raised another $40 million in funding and hired a former Microsoft executive.

Posted on 16 October 2017 | 8:42 am

Bitcoin is finally buying into US real estate - CNBC


CNBC

Bitcoin is finally buying into US real estate
CNBC
Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to ...

and more »

Posted on 16 October 2017 | 8:23 am

China Could Take Bitcoin Prices Below $5000 This Week, Again - Forbes


Forbes

China Could Take Bitcoin Prices Below $5000 This Week, Again
Forbes
China killed Bitcoin's buzz before, and it may kill it again this week. That's why Bitcoin traders should keep a close eye on Beijing this week, where China's top officials are gathering for the opening of the 19th national congress of the Communist ...
China Could Make Bitcoin Buzz Again as National Congress LoomsCoinTelegraph

all 621 news articles »

Posted on 16 October 2017 | 8:03 am

BNP, Tata Tap Blockchain for Event Announcements Platform

BNP Paribas has partnered with Indian IT firm Tata Consultancy Services to bring blockchain's reliability to corporate event announcements.

Posted on 16 October 2017 | 8:00 am

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Julian Assange Says He's Made a 50000% Return on Bitcoin - Fortune


Fortune

Julian Assange Says He's Made a 50000% Return on Bitcoin
Fortune
Assuming Wikileaks invested in bitcoin and did indeed receive over 50,000% returns, Assange would have received about $500 for each dollar invested. So had he put that entire 800,000 euros into the cryptocurrency, it would be the equivalent of about ...
WikiLeak's Founder Thanks US Government for 50000% Bitcoin ROICryptoCoinsNews
WikiLeaks Notes a 50000% ROI From Bitcoin Over Seven YearsThe Merkle
WikiLeaks founder Assange claims he made 50000% return on bitcoin thanks to the US governmentCNBC
CoinTelegraph -Bitcoinist
all 15 news articles »

Posted on 16 October 2017 | 6:48 am

Swift Startup Winner Demos Smart Contract Trade with 5 Financial Firms

Blockchain startup SmartContract has today unveiled a new a proof-of-concept built with assistance from five major financial institutions.

Posted on 16 October 2017 | 6:30 am

Priced In? Ether Sees Cautious Boost as Blockchain Upgrade Underway

Despite an apparently smooth technical upgrade, the price of ether is flat at press time, continuing to trade in the $350 range.

Posted on 16 October 2017 | 6:15 am

Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp

Scaling Bitcoin Just Released This Year’s Program and a New Developer Bootcamp

Today, Scaling Bitcoin, the international engineering conference focused on Bitcoin and blockchain research, released its program for the 2017 edition. The conference, to be held in Stanford, California, in the first weekend of November, will also introduce a new side event this year: Bitcoin Edge, a bootcamp for starting Bitcoin developers.

“The program is extremely interesting because it delivers cutting edge research on different blockchain scalability approaches, fungibility, consensus, data propagation, alternative techniques for handling blockchains and many other topics,” said Anton Yemelyanov, chair of the Scaling Bitcoin Planning Committee.

Scaling Bitcoin Stanford

After events in Montreal, Hong Kong and Milan, the fourth edition of the Scaling Bitcoin conference is taking place at Stanford University on November 4 and 5 of this year.

Where the first two editions of Scaling Bitcoin were mainly focused on scaling and scalability, the third edition broadened the scope of the conference to include a more diverse set of topics. This trend will continue in Stanford, where talks will range from highly technical topics concerning privacy and fungibility, to fee markets and fee estimation, censorship resistance and more.

“Bitcoin is the origin of all distributed ledger technology,” said Yemelyanov. “Scaling Bitcoin has been fortunate to act as a vehicle for bringing the audience technologies such as Segregated Witness and MimbleWimble, all of which have been adopted or incorporated into various blockchain projects. We hope that other material presented by our participants will be of similar value and help the industry advance the research and development of blockchains.”

Yemelyanov added that another key goal for Scaling Bitcoin conferences is to bring engineers and other technical minds together in a physical space where they can discuss their work in person.

“It is through collaboration where a lot of ideas are born and have potential of becoming reality,” he said.

Bitcoin Edge Dev++

In addition to the conference itself, Scaling Bitcoin is also introducing a two-day technical bootcamp for experienced developers getting into Bitcoin: Bitcoin Edge.

This nonprofit initiative is an effort to help scale the development capacity of the industry, Yemelyanov explained:

“One of the approaches of helping the industry scale is to scale the much needed development capacity of the industry. There is a clear talent deficit and we are trying to help all industry participants by running a nonprofit workshop that will allow developers to gain complete understanding of primitives that comprise Bitcoin and blockchains in general and be able to start working in this field.”

Bitcoin Edge will be led by well-known Bitcoin developers and academics Anditto Heristyo, Ethan Heilman, John Newbery, Karl-Johan Alm, Nicolas Dorier, Thaddeus Dryja and Jimmy Song. They’ll introduce participants to a range of technical Bitcoin-related topics, including Elliptic Curve cryptography, transaction structures, difficulty calculation and adjustments, and much more.

This workshop will take place on the November 2 and 3. For more information on the Bitcoin Edge initiative, visit bitcoinedge.org.

See here for the full Scaling Bitcoin Stanford program.

The post Scaling Bitcoin Announces This Year’s Program and a New Developer Bootcamp appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 2:46 pm

Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How

Particl Thumb 3

The Bitcoin blockchain is not known for its ability to enable smart contracts. In fact, most developers creating smart contracts use a different blockchain, like Ethereum.

 

But the truth is that the Bitcoin protocol can be used to create smart contracts. Particl.io, the blockchain eCommerce platform, is doing just that by using Bitcoin-based smart contracts to manage funds in their trustless escrow: Mutually Assured Destruction (MAD) escrow.

 

For Particl, Bitcoin provides the ideal mix of smart contract functionality — enough to make smart contracts easy to implement but without the security and privacy risks of a more complicated platform like Ethereum.

Smart Contracts Overview

A smart contract is an agreement that can be enforced through a blockchain. Rather than relying on trust or a legal framework to ensure that each party that enters into a contract will adhere to its terms, you can use the blockchain to create a contract that is automatically enforced, between two people, in a decentralized fashion.

 

Ethereum has become the most popular blockchain for creating smart contracts. One of the major design goals of the Ethereum platform was to support smart contracts. From the start, this set Ethereum apart from Bitcoin, which was created first and foremost as a digital currency platform.

Smart Contracts on Bitcoin Codebase

As the Bitcoin protocol has evolved, it has gained support for smart contracts. Smart contract functionality is not as programmable and extensible on Bitcoin as it is on Ethereum. However, using features added to Bitcoin through improvement proposals, certain smart contract functionality can be achieved through Bitcoin scripting.

 

For Particl, the most important smart contract feature in Bitcoin is the OP_CHECKLOCKTIMEVERIFY opcode, which was introduced by Peter Todd as Bitcoin Improvement Proposal (BIP) 65. The opcode makes it possible to write scripts that prevent funds in a multi-signature wallet from being spent until a certain signature pattern is implemented or a certain amount of time passes.

Particl, Smart Contracts and MAD Escrow

MAD escrow is a technique that effectively prevents fraud in a transaction without requiring the oversight of a third party. In a MAD escrow contract, a buyer and seller both place funds into escrow. The seller starts by depositing an amount they want the buyer to match to symbolize a virtual handshake. This could be between 0 and 100 percent of the item’s purchase price. The buyer then deposits an amount equal to the handshake amount plus the price of the item they are buying. The escrowed funds are not released to anyone until both parties confirm that the transaction has been completed satisfactorily. The technique prevents either party from profiting through cheating in a transaction.

 

Particl uses the BIP 65 opcode to enable MAD escrow contracts by locking funds in a multi-signature wallet until all of the parties sign off on the transaction. With this approach, buyers and sellers on Particl’s ecommerce platform can operate without worrying about fraud or paying unnecessary fees.

 

They also don’t have to sacrifice privacy because no third party is involved in the transaction. Furthermore, and perhaps most significantly, because there is only basic scripting involved, security concerns are minimal.

 

Particl’s approach to MAD escrow smart contracts is arguably better than building smart contracts on a platform like Ethereum. While Ethereum provides more extensible support for smart contracts, that flexibility comes with a higher risk of security and privacy threats. The more code that goes into a smart contract, the greater the risk of introducing a vulnerability that could enable an intrusion.

 

Ethereum might be a strong foundation for writing very complex smart contracts, or ones in which security and privacy are not priorities, but Bitcoin provides a simpler and more reliable scripting framework for the private escrows that Particl requires.

Contributing to Bitcoin’s Future

 

Particl’s choice of Bitcoin as the backbone for its smart contracts is also a reflection of the team’s efforts to build a completely private platform on top of the Bitcoin codebase, arguably the most secure, battle tested and contributed to protocol on the market.

 

There are many dozens of Bitcoin-based blockchain projects out there, but most are simply building cryptocurrencies forked from Bitcoin. They’re not taking advantage of Bitcoin’s potential to create the foundation for a completely decentralized platform that supports a multitude of DApps and programmable functionality.

 

In this sense, Particl is helping to ensure that Bitcoin’s future will evolve more than just creating another cryptocurrency. Privacy enhancements Particl has already implemented onto the latest Bitcoin codebase such as Confidential Transactions and RingCT can just as easily be one day adopted upstream to further harden Bitcoin.

 

The post Yes, Bitcoin Can Do Smart Contracts and Particl Demonstrates How appeared first on Bitcoin Magazine.

Posted on 13 October 2017 | 9:18 am

Bitcoin Price Analysis: Bitcoin Rally Shows Strength for Continued Growth

Bitcoin Price Analysis

Today, bitcoin reached a new all time high as it rose by $500 in just a few short hours. At the time of this article, bitcoin is sitting in the $5300s as it looks ready, once again, to spring for a new all time high:

Figure_1 (14).JPGFigure 1: BTC-USD, 4-Hour Candles, GDAX, Macro Trend

On a macro level, BTC is showing signs of upward strength as the RSI and MACD are showing bullish strength. There are no clear signs of bearish divergence yet and the market is starting to pick up in volume as the price climbs, thus indicating that a healthy bullish continuation is likely. Looking at the 50 and 200 EMAs, we can see the slope is pointing upward and the market is trending well above both EMAs, showing us that the market is pushing upward in a sustainable manner.

On a micro level, there are slight signs of bullish exhaustion that may indicate the need to either consolidate sideways or pull back slightly before continuing upward:

Figure_2 (11).JPGFigure 2: BTC-USD, 30-Minute Candles, GDAX, Micro Trend

The MACD and RSI are showing clear signs of bearish divergence on the smaller timescales (shown via the red arrows on the indicators). Also, the current growth is decreasing in volume which usually indicates a lack of buyer interest at the current price levels as the trend continues upward. It’s important to note that the trend can remain healthy on a macro scale, while simultaneously remaining divergent on a smaller timescale. The divergence doesn’t imply a macro reversal — it simply means the current trend is lacking momentum to continue upward in the immediate future and likely needs to cool off before continuing any further.

On the higher timescales, bitcoin appears to be adhering to the ascending channel shown below:

Figure_3 (11).JPGFigure 3: BTC-USD, 1 Day Candles, GDAX, Ascending Channel

Since the beginning of the year, bitcoin has adhered to very nicely to this channel where it routinely tests the top, then tests the bottom, then tests the top, and so on and so forth. If we continue this pattern we can expect to see bitcoin test the $6000s before we see any major correction. However, it is important to note that, compared to Bitcoin’s last bull run to the $5000s, the volume is considerably lower. This may affect bitcoin’s ability to push toward the upper bounds of the channel. On the other hand, the indicators discussed in Figure 1 are showing healthy bullish signals, so we will have to see how the market responds to tests of new highs.

Summary:

  1. Bitcoin found new all time highs in the $5300s after having a sudden $500 rally.

  2. The macro momentum indicators are showing signs of bullish continuation which may push further new all time highs.

  3. The smaller time frames are showing signs of bullish exhaustion so we may see some consolidation before any bullish continuation is seen.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Bitcoin Rally Shows Strength for Continued Growth appeared first on Bitcoin Magazine.

Posted on 12 October 2017 | 4:09 pm

Op Ed: European Blockchain Business is Booming, Even Among Regulatory Concerns

gpEuropeCrypto.jpg

As cryptocurrencies become increasingly mainstream, governments worldwide are exploring methods for regulating blockchain projects and their methods of funding. While China and South Korea have recently cracked down on ICOs and cryptocurrency exchanges, some nations in the European Economic Area (EEA) have become among the world’s most progressive in embracing this nascent technology. Still, the lack of standards in regulation will prove to be a challenge as blockchain startups seek to develop and mature.Since consensus is easier to realize with a smaller representative body, smaller autonomous territories are more fit to effect rapid change in promoting the establishment of crypto and blockchain companies in their legal jurisdictions. For example, the cantonal laws in Switzerland allow for increased agility when introducing amendments, disclosure and transparency.

Switzerland has emerged as a European hub for cryptocurrency and blockchain development. These efforts have been led by the Crypto Valley Association, a nonprofit dedicated to the research and development of blockchain technologies, has also started to develop an ICO Code of Conduct in light of China’s recent ban. This would establish a clear set of guidelines for companies planning token crowdsales and provide clear, yet versatile, rules surrounding their legality. Anchored by the city of Zug, which has been nicknamed “Crypto Valley” after the numerous blockchain startups based there, Switzerland has remained a friendly environment for burgeoning blockchain and digital currency companies.

Estonia has also proven to be open to blockchain development; it recently expressed interest in creating a national cryptocurrency to be used within its borders. If this materialized, it would rank among the most significant milestones for cryptocurrency to date. In addition, members of Finland’s central bank wrote a paper discussing the outstanding characteristics of Bitcoin.

While Bitcoin is the largest cryptocurrency by trading volume, its leading position among digital currencies does not behave like a traditional monopoly in economic terms. In fact, these economists argue that there’s no need for governments to regulate Bitcoin due to its decentralized infrastructure. This is an interesting stance in comparison to other European nations that have expressed their support for the development of government policies surrounding digital currencies.

In contrast, other countries may either feel that the blockchain space is still too underdeveloped to regulate in earnest or that an appropriate level of research has not been provided on the topic. Despite this, blockchain adoption will continue to become more mainstream than one might expect. Deloitte has reported more than 90 central banks are engaged in discussions about blockchain technology, and that 80 percent of those banks are expected to commence digital ledger projects by the end of the year. The International Monetary Fund has even expressed positive sentiment about the potential applications of blockchain and cryptocurrencies. Their willingness to explore this technology means that regulations in the jurisdictions they serve are likely in the near future.

The EEA’s interest in considering blockchain regulation promises that the future will be bright for startups hoping to do business in these countries. However, gathering consensus around a technology that’s still not widely used or applied will prove difficult. It will require these nations to adopt policies that feature the needed flexibility for the long term. Despite these challenges, the countries that are able to do so will reap significant economic rewards.

This is a guest post by David Henderson. The views expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.

The post Op Ed: European Blockchain Business is Booming, Even Among Regulatory Concerns appeared first on Bitcoin Magazine.

Posted on 12 October 2017 | 1:46 pm

Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork

Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork

It’s forking season.

After Bitcoin Cash (Bcash) forked from the Bitcoin blockchain to create a new cryptocurrency (BCH), and ahead of the SegWit2X fork that may do the same thing, a third Bitcoin fork is in the making: Bitcoin Gold (Bgold; BTG). But where Bcash and SegWit2X are scaling-related forks — both mainly increase Bitcoin's block size limit — Bgold wants to re-decentralize mining by implementing a new proof-of-work algorithm.

“What was born as decentralized is now centralized,” Bitcoin Gold contributor J. Alejandro Regojo told Bitcoin Magazine, referring to the current state of Bitcoin mining. “With this fork, we want to show how Bitcoin can be as ‘Satoshi’ as possible, as social as possible, and as decentralized as possible.”

Mining Centralization

Bitcoin Gold was initiated by Jack Liao, CEO of Hong Kong–based mining hardware producer LightningASIC, and was first announced in late August. The open project has been gaining traction and support in the wider cryptocurrency space since, with a dedicated Slack as a main hub for discussion and organization. Bgold is currently being developed by the pseudonymous developer “h4x3rotab” along with a small group of volunteers contributing to the project in other ways.

The attention Bgold has attracted is probably in part because anyone who owns bitcoin (BTC) on October 25th will receive the equivalent amount of BTG. While this model has been criticized, particularly because it presents a burden on service providers and users, it has also proven successful. With the launch of Bitcoin Cash in particular, users eagerly accepted their batch of “free money,” while exchanges, wallets and other service providers proved relatively willing to integrate the new coin.

Further, the Bgold team believes that this distribution method should also benefit Bitcoin over altcoins as it provides an extra incentive to hold BTC on particular dates.

“But the key goal that we are trying to achieve with this fork is to build a perpetually ASIC-resistant version of Bitcoin,” said Robert Kuhne, another Bitcoin Gold contributor, in explaining the purpose of the project to Bitcoin Magazine.

Bgold contributors like Regojo and Kuhne think that Bitcoin’s proof-of-work hashing algorithm was essentially broken by the introduction of specialized ASIC (application-specific integrated circuit) mining hardware. In the early years of Bitcoin’s existence, individual users were often also miners; this has since become concentrated into relatively centralized data centers operated by professionals.

“And we’re now in a situation where 65 percent of hash power comes from a country that doesn’t like Bitcoin,” Regojo noted, referring to China’s recent clamp down on cryptocurrencies.

An Uneven Playing Field

And while mining is centralized, ASIC production is even more centralized, the Bgold contributors pointed out. Only a handful of companies currently produce such specialized chips.

This means that anyone who wants to be a miner in any meaningful way is beholden to these companies, Kuhne argued.

“The way the monopoly manufacturer currently operates is abusive to its customers — individual miners — and the industry at large,” he said, referring to major Chinese ASIC producer Bitmain. “Manufacturers can produce ASICs at a tiny cost, but miners have to buy at a high price. This violates the one-CPU-one-vote ethos as described in the Bitcoin white paper, because while everyone can buy CPU at the same price, the same is not true for ASIC hardware.”

Regojo and Kuhne see this as a fundamental problem — not something that free market dynamics can realistically resolve. They suggest that the barrier of entry to the ASIC market to compete with existing manufacturers is fundamentally too high to allow for open competition.

“You can't build a factory without approval from the government and banking system. So there are really only a handful of entities in the world that have total authority over who can and can't manufacture ASIC machines. And all this could potentially get much worse if and when those institution really start feeling the disruption from Bitcoin, which hasn't begun in earnest yet,” Kuhne said.

Bitcoin Gold

As opposed to the Bitcoin Cash and (especially) the upcoming SegWit2X forks, Bitcoin Gold very specifically does not make a claim to be the “real” Bitcoin. Instead, the Bgold project hopes it can prove a valuable exercise for Bitcoin; a sort of test case for a hard fork that Bitcoin itself may one day require.

Concretely, Bitcoin Gold is now implementing the Equihash proof-of-work algorithm. This is already used by Zcash and is relatively ASIC-resistant.

Full ASIC-resistance, however, is thought to be impossible: Any mining algorithm could be subject to specialized chips. Like Vertcoin, the Bgold community therefore plans to re-deploy a new proof-of-work algorithm hard fork if it is found out that ASIC-chips for Equihash are being produced. (This plan alone, of course, could be a deterrent for any potential ASIC-producer.)

For security, the project plans to implement strong replay protection to avoid loss of funds for unsuspecting or non-technical users. It will also adopt a new difficulty re-target algorithm to prevent the blockchain from stalling: Difficulty is re-adjusted at every block instead of once every two weeks.

While the coin is set to launch two weeks from now, the Bgold codebase is not yet fully developed and ready to be deployed. Implementation of the new proof-of-work algorithm and replay protection, as well as the new difficulty re-adjustment scheme, are yet to be finished.

Nor are all the details for the project even ironed out.

Early announcements indicated that Bitcoin Gold would have a closed launch and a presale of coins. A new batch of BTG was to be mined in the first week after the fork and subsequently distributed to designated investors, not unlike an ICO. Proceeds of this “ICO” were then to be used for development and other Bgold-related purposes.

However, as interest in the project grew, this idea became more controversial. Not everyone involved with Bitcoin Gold likes the idea of an additional founders reward — something Bcash, for example, did not have.

Kuhne addressed the issue by stating: “We have heard a lot of feedback from the community, so this proposal will be replaced with an updated and improved plan. But we will not completely rule out the possibility of a modest pre-mine to provide a basic level of funding for the project.”

Disclaimer: The author of this article holds BTC and will therefore also own BTG at launch.


The post Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork appeared first on Bitcoin Magazine.

Posted on 11 October 2017 | 12:20 pm

Op Ed: Is There a Future for Banking in a Cryptocurrency-Dominated World?

Op Ed: Is There a Future for Banking in a Cryptocurrency-Dominated World?

What is the future of banking, central banking and financial intermediation in a world in which cryptocurrency is dominant? Let’s speculate a bit, with the proviso that no one can fully anticipate how these markets will evolve.

We can find hints in the speech by IMF head Christine Lagarde at a Bank of England conference in September 2017. She dropped some words that likely sent some chills down a few spines in the audience. She explained that cryptocurrency is not a passing fad but a genuine innovation in money. The only remaining barriers to widespread adoption are technical, fixable and likely to be overcome as the sector develops. This, she argued, has profound implications for the future of financial intermediation and central banks.

“In the future,” she explained, “we might keep minimal balances for payment services on electronic wallets. The remaining balances may be kept in mutual funds, or invested in peer-to-peer lending platforms with an edge in big data and artificial intelligence for automatic credit scoring … Some would argue that this puts a question mark on the fractional banking model we know today, if there are fewer bank deposits and money flows into the economy through new channels.”

She continued to press the point, as it relates directly to the Bank of England and the Federal Reserve.

“How would monetary policy be set in this context? Today’s central banks typically affect asset prices through primary dealers, or big banks, to which they provide liquidity at fixed prices — so-called open-market operations. But if these banks were to become less relevant in the new financial world, and demand for central bank balances were to diminish, could monetary policy transmission remain as effective?”

She put a question mark after that last sentence, but she might as well have made the statement: Monetary policy cannot be effective in this world. In fact, it is worse. It might not matter at all.

It’s an astonishing thing to consider. For more than a century, academics, regulators, captains of finance and high-level government officials have worked to find the perfect monetary policy to stabilize the macroeconomy, provide liquidity for growth without inflation and otherwise become masters of economic planning.

But this entire machinery is premised on two important conditions. First, the government must have the monopoly on money. It has held this for more than a century. Government prints the money, controls its supply, imposes legal tender and regulates against the enforcement of contracts denominated in unofficial currency. And second, most of this money has to be held in some way in the banking system. If you take away both of those, the cause of central banking has a serious problem pursuing any form of monetary planning at all.

That is indeed a very different world. And it is no wonder that the ruling class is concerned.

Today, banks like JPMorgan and Goldman Sachs are experimenting with blockchain technology and cryptoassets. And Lagarde’s own statement might be seen to portend the issuance of a new global cryptocurrency to replace the Special Drawing Right. The core problem of these large-scale attempts to reproduce the power of the distributed ledger is that it might be too little, too late. The model of a new world of banking and credit is already revealing itself.

Would Banks Exist?

How is conventional banking affected by cryptocurrency? Lagarde offers that it raises questions about fractional-reserve banking, the practice of keeping fewer deposits on hand than can be immediately paid out to customers at any one time. The practice has been well established for hundreds of years, and yet it can lead to unwarranted expansions of credit and fuel system-wide instability.

Consider the history of banking. What was the purpose of the bank? There have been traditionally three primary functions that banks have provided since the ancient world.

The first has been to provide safe storage for money itself. This is the warehousing function. It is essential and worth paying for. People need a safe place to store their money.

The second is the loan function. The more credible the warehousing function becomes, the more the bank is in the position to leverage its specie holdings for its credit-granting functions. This is the origin of fractional-reserve banking. The bank cannot pay all depositors on demand. Instead, it relies on its financial soundness and a rate of return for depositors who entrust the bank with the responsibility of maintaining its balance sheet.

The third is the clearing system. Because there is always counterparty risk in such transactions — the bank and the depositor must trust each other to tell the truth and make good on promises — the system settles transactions and certifies that all promises to pay have been kept. In the period between the transaction and the clearing, money becomes a credit issued and accepted based on trust.

What happens to these three functions in a crypto-based monetary economy? Let’s go through them.

Warehousing

That money needed a warehouse has always been taken for granted. This was a technological limitation of salt, gold, silver and so on. Specie takes up space. You need a secure space for it. It is also weighty and impractical for moving from space to space by a single individual. Murray Rothbard, in his book “Mystery of Banking,” regrets that these factors even exist and pointedly says that if people had carried coins rather than relying on paper money from banks, we could have avoided a century of financial panic and inflation. That’s a theoretically sound point that runs into practical limitations. The reason for notes to represent specie is to facilitate trade in a way that meets the needs of consumers.

However, thanks to Bitcoin, we can now see that this warehousing service was in demand due to physical factors and not fundamental ones. Bitcoin has all the attributes of traditional money but adds two advantages: it is weightless and takes up no physical space.

The money is “stored” in the cloud on the blockchain. The personal wallet serves the function of providing access via double-key cryptography. If you have your private key — and this can be on physical paper or on a device not even connected to the internet — you have all you need to set up your own private banking empire. Anyone in the world can do it without trust relationships, personal identification or credit history. The institutions that seem like banks — services like Coinbase that hold your key for you — maintain a full-reserve policy or risk losing the trust of their customers.

It is impossible to anticipate what kinds of crypto-derivatives will end up being securitized and traded in the future. Surely, the last nine years of the previously impossible should cause everyone to be humble in their predictive outlook. That said, there is good reason to believe that the diminution of counterparty risk inherent in every non-cash transaction will drive markets toward greater accountability in every sense. And this alone might solve the age-old debate about fractional versus full reserves with the best possible resolution.

The question does not have to be resolved by intellectuals and policies. It is settled by the market, so long as technology permits people to pay for goods and services with a spaceless and weightless money that requires no warehousing.

Clearing

As for clearing, the single most difficult-to-grasp feature of Bitcoin is the manner in which it reduces or eliminates counterparty risk associated with monetary exchange. Transactions are cleared as they are made. This has never before been possible in the history of money and finance on a geographically noncontiguous basis. With traditional money, for clearing to occur instantly, you have to actually be there, trading physical dollars for goods and services.

Cryptocurrency reproduces this exact financial arrangement on a peer-to-peer basis between any two individuals anywhere in the world. You are literally trading your stuff for his or her stuff. Ownership titles are rearranged when the transaction is confirmed in the ledger.

What role is then here for traditional banks to be the guardians of settlement? When it comes to clearing services, so far as I can tell, that role is eliminated for all transactions that are settled in the instant of their confirmation (the time delay involved in moving crypto is nothing more than a delay; it creates no credits).

What About Credit?

We are habituated into thinking that the whole world runs on credit. That’s because it does. This isn’t because we are financially irresponsible, are unable to say no, absolutely adore large financial institutions or are willing to pay high rates of interest. It’s because the sophistication of modern financial technology has been hobbled by old-fashioned payment technology that still operates today the way it did in the time of the Medicis.

In any case, the fundamentals are the same in conventional finance today as compared with the Medicis. It still relies on trust relationships, credit instruments that represent property but do not embody it, and a time delay for transactions to clear. As a result, every transaction that is not conducted in person via cash depends on some extension of credit and thus involves intermediating third parties, and that in turn necessarily involves some counterparty risk.

It is fascinating how little we understand this today, but the truth becomes obvious on close examination: Every transaction today is either based on cash (instant title exchange and clearing) or credit (which involves trust relationships and counterparty risk). Services like Venmo, Google Payments, PayPal or dozens of others are no different in this respect from Visa, Mastercard or American Express. They can be more or less expensive, charge different user fees, and employ different interfaces and security protocols. But in the end, these services all rely on credit terms and do not offer instant clearing. They simply cannot because the decrepit technology of national monies does not allow it.

Cryptocurrency as a means of facilitating exchange is different in another respect. Its value is not tied to a nationalized currency at all. Not only that, it has no value as a commodity or asset at all. Its value is based on the use value of services provided by the cloud-based distributed ledger.

The massive use of credit-based exchanges as we see in national monies would not exist in Bitcoin precisely because the technology disintermediates the financial industry, removing both the need for trust relationships as well as clearing services. Might there emerge a market for crypto-substitute monetary derivatives? Only the evolution of these markets can reveal this for sure, but this much remains true. It will not be about creating new money being allowed by the protocol. The distinction between money and money substitutes will be clear and not obscured by retrograde documentation technology.

At the same time, the scaling problem of prevailing blockchain solutions will likely necessitate a convention of using off-chain platforms for smaller transactions, as Nick Szabo has suggested. Such transactions do involve counterparty risk but not credit creation as such; such networks operate more like debit cards. The main blockchains will likely be used for final settlements while “lightning networks” become trust-based credit tools (money substitutes) — by choice but not by necessity.

Additionally, the massive industry associated with credit-based transactions includes a vast machinery of fraud prevention and prevention of identity theft. This is also made unnecessary because identity is cryptographic and not personal.

Credit Markets

All this said, there is still a role for credit markets in cryptocurrency. They emerge precisely as they would in a purely specie-based monetary regime in which everyone carried around their own coins or stored them in the home. If you have excess monetary reserves in your own possession, you may be willing to loan them for others to use and do so at a profit. In order to reduce the risk of default and guarantee your investment, you need collateral; this can take any form. You also need to establish a trust relationship, same as with any other loan market.  

The difference is subtle but foundational. When you loan virtual money, you lose title to that money, just as if you had transferred physical property. Contractual terms would specify the ways in which a later exchange would occur in accordance with the terms of use. Again, the way to think about this is how it works in a cash economy: You loan a friend $20 and hand him cash. You cannot get it back by force. As the lender you rely on establishing a contractual relationship that creates expectations for future payment, along with some measure of risk.

These markets have already developed. Companies like Bitbond and BTCPOP offer services both for lending money and borrowing money, with the terms of exchange favoring both parties. For now, such standalone services are risky simply because the upstart sector is replete with sketchy schemes and fraud (“Lend your BTC to me and I will pay you back, I promise.”).

Much more promising is a simple margin lender service provided by dollar/Bitcoin exchanges themselves. The borrower does not take direct possession of the coins but is rather extended by the exchange at the behest of the customer who wants to earn a regular rate of return. An example is the lending service provided by Poloniex. The trouble these markets have so far encountered is that holding crypto is more profitable than lending it at prevailing rates. This might not always be true.

As these markets develop, it would not be a surprise to discover that the rate of return for the lender would be above the rate one would earn from nationalized money. The risk of default would not be guaranteed in any way as with government-backed financial institutions, much less a central bank that is capable of printing unlimited amounts of money. On the other hand, this would also eliminate the moral hazard of making unwise loans or securitizing debt obligations without proper documentation, such as happened during the housing bubble.

In the century of central banking, we’ve seen interest rates decline inexorably and the terms of credit issuance shifting dramatically to favor longer terms, ever less collateral and ever more confusing titles for ownership. In cryptocurrency-based credit markets, we are likely to see the opposite trend: shorter terms, higher collateral requirements, very clear titles demarcating indisputable rights of ownership and enforcement of terms built into lending protocols.

The Future of Sound Money

Christine Lagarde is right: There are dramatic challenges to the status quo that are being offered up by the advent of cryptocurrency. Monetary exchange will operate the same as cash exchange, and the sophistication of our payment and settlement technologies will sync up with the sophistication of our financial tools.

In some respects, cryptocurrency might appear to be more stingy than our current highly leveraged, unstable and centrally regulated systems. In contrast, the new world will be financially sound, stable, radically disintermediated, decentralized and democratized because anyone, of any financial means and access to financial institutions, can participate within it.

We’ve only begun to think about what a radical change it would be if our money actually gained value over time (as crypto has for nine years, and the dollar did in the late 19th century), so that you actually grow more wealthy merely by not spending. Such a change would be huge, not only for finance but also for the culture at large.

For more than a century, the banking system has been used to fund the state, destabilize the economy, loot private savings, exclude people who don’t have access, promote financial dependency and even make violence possible on an unprecedented scale, all because we didn’t have a different technology for making possible monetary exchange. That monopoly is now being shattered. Sound money is born. The panic of the ruling class has just begun.

This is a guest post by Jeffrey Tucker. Opinions expressed are his own and do not necessarily reflect those of BTC Media or Bitcoin Magazine.

The post Op Ed: Is There a Future for Banking in a Cryptocurrency-Dominated World? appeared first on Bitcoin Magazine.

Posted on 11 October 2017 | 7:42 am

Hyperledger and Linux to Offer a Massive Open Online Blockchain Course

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Hyperledger, the international blockchain collaboration of corporate giants and young startups in partnership with the Linux Foundation, is launching a new free Massive Open Online Course (MOOC) to meet the rapidly accelerating worldwide demand for blockchain education.

The pace at which the “red hot” blockchain technology market is evolving and increasing in popularity makes it difficult for the established education system to keep up with the demand.

In an announcement, Brian Behlendorf, Executive Director of Hyperledger said:

"Interest in blockchain technology is exploding. Software developers, product teams, and business managers are all desperately eager to figure out how this technology can solve real-world problems.

"This first introductory-level course is carefully designed for both non-technical and technical audiences, to bring everyone further up the learning curve and get started with it on their own business needs.”

The Linux Foundation, responsible for training and certifying more developers in open source software than any organization in the world, together with the worldwide open source community, is aiming to solve the hardest technology problems by creating the largest shared technology community in history.  

The MOOC will be on the edX.org website, a free online education platform started by MIT and Harvard University in 2012. The site is now a collaborative effort of more than 50 top-rated universities and colleges including Cornell, University of California Berkeley, the Sorbonne, McGill, Juilliard, the University of Hong Kong, Oxford, Notre Dame, the University of Tokyo and the University of Toronto.

MOOC is Designed for Technical and Non-Technical Audiences

Some universities, like the University of Edinburgh, MIT, Stanford, University of California Berkeley and Princeton University, have already begun to offer courses in blockchain technology and cryptocurrencies at the college level, while a new Blockchain University is tailoring its courses to professionals looking to upgrade their knowledge. The University of Nicosia in Cyprus offers the world’s first MSc in Digital Currency. But these courses are designed for the post-secondary and graduate knowledge level markets.

In contrast, Hyperledger’s MOOC is set up for both beginners and trained developers, and includes an introduction to the Hyperledger organization and its key business blockchain platforms, including Hyperledger Fabric and Sawtooth.

It covers key features of blockchain and distributed ledger technologies, current Hyperledger projects and common use cases, and the differences between various types of Hyperledger projects in the fields of finance, banking, Internet of Things, supply chains and manufacturing technologies.

The course includes how to install Hyperledger Fabric and Sawtooth frameworks and how to build simple applications on top of the Fabric and Sawtooth frameworks.

In a statement, edX CEO and MIT professor Anant Agarwal noted:

“Hyperledger and blockchain are two key skillsets that are increasingly in demand in today’s digital world. Our global community of learners have told us that they are seeking courses to help them gain the career-relevant skills they need for the modern workplace. We are thrilled to once again partner with the Linux Foundation to offer a course on this popular, in-demand subject that will provide the building blocks needed for success within the exciting and rapidly expanding field of blockchain technologies.”

Recent job numbers show that the demand for cryptocurrency jobs has doubled in the past six months and are soon to triple from 2016. The job board AngelList reports that cryptocurrency job postings remain one of the largest non-corporate startup opportunities..

Pre-registration is now open. The free Hyperledger course will become fully available on October 25, 2017 (with the option to add a verified certificate of completion for $99).

The post Hyperledger and Linux to Offer a Massive Open Online Blockchain Course appeared first on Bitcoin Magazine.

Posted on 10 October 2017 | 1:35 pm

India Trials a Power Grid on the Blockchain to Incentivize Sustainable Energy

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Access to reliable energy is the foundation of economic development and human society. Yet reliable energy can come at a steep environmental cost.

Today’s energy systems are being rapidly reexamined and transformed by both private businesses and public organizations. Innovation coupled with changing policy and consumer demands has prompted The World Economic Forum’s System Initiative On Shaping the Future of Energy. The WEF noted that four out of five of the Initiative's goals can be addressed in some way through the application of blockchain technology:

  1. Enable innovation to accelerate opportunities towards smarter and more efficient energy use;

  2. Enable the cost-effective reduction of energy’s environmental footprint;

  3. Enable universal access to affordable reliable energy; and

  4. Improve system resilience and security.

One area of application that has been of interest for its utility, efficiency and sustainability is the blockchain application to microgrids.

MaaS in India

Multinational IT provider, Tech Mahindra, and the peer-to-peer based energy trading platform, Power Ledger, have created a new service for clientele specifically interested in microgrids. Microgrids are distributed energy systems that act as a single controllable entity with respect to a larger energy grid network.

A microgrid’s key feature is that it can connect and disconnect from a larger grid network, enabling it to operate both as a part of a larger grid or in “islandmode” as its own grid. The new service offering includes a package of technical services and a platform for customers to set up and operate their own microgrid called “Microgrid-as-a-Service” (MaaS).

The MaaS platform integrates multiple energy assets such as solar, battery storage, electric vehicle chargers and analytics to measure energy efficiency. MaaS is intended to offer resilient and reliable electricity that is also local and less carbon reliant.

While the MaaS product provides technical control over a microgrid, Power Ledger’s blockchain-based platform acts as an added transactional layer that reimburses users for excess clean energy produced by allowing peers to store and trade it at a local level. The blockchain also manages all energy debits and credits of accounts, automates trading and measures each participant’s ongoing financial statements. The blockchain does this by tracking the data flow from smart electricity meters — an Internet of Things application for the energy sector.

The Power Ledger blockchain-based software platform will begin in late 2017 as a virtual trial run on those Tech Mahindra campuses in India that are already hooked up to microgrids.  

Location proves to be a key factor for the project’s success based on two reasons. Data from urban microgrids are typically more complex due to population density; they can, therefore, better demonstrate the strengths of using a blockchain-based platform for microgrids. Also, urban microgrids are much more common in India as opposed to OCED countries where they are mostly employed in rural settings.

“Trialing in India is a major opportunity to change the way communities source the energy required to take part in a modern global economy,” said Power Ledger’s Managing Director, David Martin.

An Economic Environment Ready for Disruption

The fact that India’s economy has been declining since the beginning of 2017 enhances the project’s case for using a blockchain to improve the country’s bottom line. In the first six months of 2017, the country’s gross domestic product fell from 7 percent to 5.7 percent. This may be due in part to reform efforts by Prime Minister Narendra Modi in the last year.

In June, Modi announced a complete overhaul of India’s tax system. Back in November 2016, he banned the 500 rupee ($7.50) and 1,000 rupee ($15) paper notes, calling them “worthless pieces of paper,” as a way to limit fraud and corruption. These banned notes were said to make up about 86 percent of all cash in circulation, according to CNN Money.

Opportunities for digitization using blockchain technology, and especially for cryptocurrencies like bitcoin, are a much needed alternative to several of their systems that do not already have effective nodes of trust built in.

Power Ledger has already proved that its platform can work for both homeowners and businesses. In Busselton, Australia, their peer-to-peer trial showed households can save about $470 ($600 AUD) per year on electricity bills. The forward vision for using blockchain-based platforms to trade energy within microgrids is to enable building owners, campuses, and even “smart cities” and other communities to produce and manage their own affordable electricity and then trade any excess generation.


The post India Trials a Power Grid on the Blockchain to Incentivize Sustainable Energy appeared first on Bitcoin Magazine.

Posted on 10 October 2017 | 1:27 pm

GoldMint Brings the Blockchain to Global Gold Markets

GoldMint Header

Buying, selling and trading gold is about to become easier, safer and more efficient than ever thanks to GoldMint’s innovative new blockchain models.

Gold has a long history with investors as a revered store of value. As an asset, it provides a reputable alternative amid the instability of fiat money and can serve as a safe haven during a global financial crisis. More recently, gold has served as a viable hedge for the growing markets of cryptocurrencies and their tendency toward hyper-volatility.

GoldMint aims to make a mark in today’s evolving markets by backing its virtual token, GOLD, with actual gold from prevailing precious metals ecosystems. The company’s goal is to drive the future of gold markets using an automated vending machine model — one where individuals can purchase, sell and trade gold with ease and efficiency using the GOLD crypto asset.

The company aims to make its native GOLD tokens the unit of trade for these transactions, exchangeable for real gold via a process that verifies the quality of the metal traded by small sellers using the blockchain. Because of the importance of ensuring that gold on exchanges be of a certain quality, GoldMint has rated its crypto assets against the London Bullion market (LBMA). In other words, one GOLD crypto asset equates to one ounce of gold on the LBMA, which is rated 999 in purity. Therefore, any gold that becomes a part of GoldMint’s ecosystem must possess that pure or derived level of gold content from weight.

Of practical significance is the company’s comprehensive peer-to-peer (P2P) solution that allows businesses such as pawnshops to raise credit. Moreover, GoldMint seeks to deliver on a feature called “vending gold,” introducing something it calls the “Custody Bot.”

When asked about the roadmap ahead, founder and CEO Dmitry Pluschevsky had this to say:

“We plan to build a global P2P system of crediting secured by gold so that some people would be able to help others regardless of politics and without risk for both sides.”

Custody Bot and the Future of Gold Vending

Gold vending reflects a new approach to an old concept: The Custody Bot buys gold and then a person can purchase the GOLD crypto asset, which is equivalent to a given amount of physical gold. 

Custody Bot is the solution that GoldMint utilizes to ensure that the collateral offered by a business such as a pawnshop can be audited and verified. It provides a means of offering a temporary hold, purity inspection and long-term storage vessel of physical gold on the GoldMint blockchain. Once the Custody Bot has completed the assessment process for the gold, it can be safely stored until it is retrieved via a special code unique to each item stored. This process not only affords a higher level of verifiability, but facilitates the trustworthy delivery of information to the blockchain.

Using this innovative approach, lenders profit when the owner reclaims the stored gold in Custody Bot, or in the case of an unclaimed pledge, when it is sold off by the pawnshop. GoldMint thus serves as a valuable tool for investors seeking to add gold to the blockchain for speed and security, with the added benefit that they can independently verify the purity of their gold.

“One of the next generations of Custody Bot will operate in retail, on the street,” said Pluschevsky. “A new generation of pawnshops in the form of vending machines will appear at each gas station. And the next step will be the home Custody Bot, which will allow you to evaluate the gold items while storing them at home.

GoldMint Crowdsale Ongoing Now

GoldMint’s crowdsale, which commenced on September 20, allows participants the opportunity to purchase MNTP token. This token will eventually migrate over to the blockchain under the name MNT, and will be used to verify the GOLD transactions on GoldMint’s blockchain.

Note: Trading and investing in digital assets is speculative. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.

The post GoldMint Brings the Blockchain to Global Gold Markets appeared first on Bitcoin Magazine.

Posted on 10 October 2017 | 8:16 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $ 3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

airBaltic - World’s First Airline To Accept Bitcoin

Posted on 22 July 2014 | 11:03 am

Expedia to accept Bitcoin payments for hotel bookings

Posted on 12 June 2014 | 12:41 pm

October 17, 2017 -
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