Blockchain Predictions For 2018
Due to the abrupt increase of ICOs, Ethereum and the whole cryptosphere also went high in price exponentially last year. In 2017, there were several projects that got hacked because they had bugs in the code of their smart contract, numerous scams also came out, as well as few startups also showed up, which failed to deliver on their roadmaps.
Telegram is a popular social messaging app and is considering to launch a token sale. It is said that this token sale would become one of the biggest ICO token sales.
- The leaked whitepaper of Telegram explains that it seeks to add a crypto micro-payment functionality to its chat platform.
- Also, it is going to present an innovative and new scalable multi-blockchain network under the name “TON” (Telegram Open Network).
- For accomplishing this, the project will try to raise $1.2 billion through an ICO.
- The Telegram’s whitepaper is potential to resolve all the important issues that Bitcoin and Ethereum are facing at this moment including, scalability and interoperability, and present a network that will handle millions of transactions each-second.
- However, the problem is that the company doesn’t tell precisely how it is going to make this work.
- In the 132 pages of text, specifications regarding how TON will overcome challenges related to building a huge and scalable architecture cannot be found anywhere.
- Although developers are not too much overwhelmed, unprofessional investors might find the notable potentials of TON appealing.
Generally, reasonable regulations are going to serve well for the blockchain space in this long run and lastly, startups will halt taking money recklessly – only because they can and will instead concentrate on developing advanced technology.
Decentralized Exchanges and Scalability Issues
- The adoption and implementation of decentralized exchanges haven’t been elevated until now, though it seems like they’ll turn out to be fairly mainstream in 2018.
- With SEC regulations approaching, this probably also has centralized exchanges rattling.
- To find token liquidity somewhere else, people will have to consult DEXs (Decentralized Exchanges).
- It is expected that projects like EtherDelta will become popular this year as people are slowly repelling from Bittrex, Coinbase, etc.
- At the same time, this doesn’t mean that centralized exchanges will be forgotten instantly – they are still world’s more expedient than any other operating or soon-to-be-launched DEX. However, they are probably going to mislay a huge amount of their market share this year.
It’s believed that payment channels including Lightning Network will also become a trend soon.
- This promising technology allows people to open a bidirectional payment channel and transact through it without paying any fee.
- Fees are required but only for opening or closing a channel and appears to be a potential solution to the scalability problem of Bitcoin.
- It can assist other blockchains, as well.
- Projects like Raiden Network already exist since they seek to achieve chain payment channel functionality to Ethereum.
If we talk about Ethereum and the future of crypto – its future switch to ‘proof of stake’ and after it happens, the user base network will perhaps get divided again. Anyone who owns loads of mining hardware might dislike the idea to drop ‘proof of work’ for clear reasons. On the other hand, there are cryptocurrency enthusiasts who think hard forks have to be avoided, in general. According to them, altering the blockchain in such way is contrary to the main principle of blockchain immutability. Consequently, there’s a chance that we might get a third network by the end of this year – on top of Ethereum and Ethereum Classic.
Adoption of Blockchain Technology
- The blockchain technology can reconsider the supply chains industry.
- One of the largest retail corporations in the world, Walmart, is utilizing a decentralized ledger to improve the traceability of the product.
- Nestlé is intensely using blockchain technology to lessen food contamination, as well.
- Microsoft and IBM are enthusiastically spreading private blockchains for individual and exclusive business use cases.
- Last year, 57% of big corporations were either considering or utilizing blockchain technology.
This year, large organizations and big financial institutions including payment providers and pension funds will also embrace the blockchain technology.
Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.
Follow these simple steps to buy bitcoin locally:
- Find a seller in your area who sell bitcoin for cash
- Select the desired amount of coins
- Place the order and receive seller’s account number
- Deposit your cash in seller’s account
- Upload the receipt as a proof of trade
- Receive bitcoins in your wallet
Buy Bitcoin Online:
The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.
But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.
Buying With PayPal:
Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:
- Visit Virvox
- Deposit money with PayPal to your account
- Buy SLL on the exchange
- Buy bitcoins with your SLL
- Withdraw your bitcoins
These are few of the quickest ways to buy bitcoins. Good luck with your purchase.
It is obviously a good news for the Arizona blockchain dependent corporations. According to the new bill passed by the Arizona Senate recently, the corporations active within Arizona borders can now hold and share data on a blockchain law fully as it has been followed by the signing of a new act of law by the U.S. state’s governor. The bill concerning blockchain usage was first introduced by Jeff Weninger. According to amendments it will be applied to recognize data written and stored on various systems with the help of blockchain technology. As reported by a a legislation tracker, it was being signed by the Governor of state Doug Ducey on April 3.
The Arizona House was quiet efficient to pass that bill within eight days since it was being introduced. Though the senate followed the case roughly a month later. However it was passed by the senate as a result of unanimous voting. It was reported in a blockchain news that only four of the House Representatives voted against the bill or abstained it.
Why was the bill passed?
There were several reasons for that bill, however the main reason being in terms of legal documentations. Need for such a bill was felt more than ever after signatures recorded on a blockchain and smart contracts were considered as legal documentations. It was also mentioned in the bill that the law accepts these signatures as legal electronic signatures. Now it will be possible for concerned individuals to sign digital records or smart contracts on a blockchain with full authority. It has been assumed that this new amendment new legislation will also play an important role in arousing interest in blockchain applications across other parts of the United States of America.
Background of the bill
However Arizona is not the first state of America to pass such a bill. Lawmakers in Delaware have gone through similar legislative bills and law measures in 2017. Thus Delaware has the honour to be the first U.S. state which provided a legal basis for trading blockchain based stocks. Also, it was being reported by the most famous crypto discussion platform CoinDesk last year that four such bills were introduced by a lawmaker in New York. The aim of these bills was to evaluate blockchain applications for various types of storage purposes.
Blockchain Task Force was launched last year by the Finance Minister of Bermuda, David Burt. It encompassed an Authorized and Regulatory Working Group which would make sure that the country is creating a blockchain-friendly environment for concerned startups. After four months, Burt came up with another creative idea, which was to make certain that Bermuda is regulating ICOs for the first time in blockchain history.
David Burt Views About Blockchain-Related Issues
A statement was published on the official website in which talked about the global developments of blockchain-related matters and also the felonious activities that have been recorded in such areas. While discussing this issue, Burt noted that there’s no doubt that these violations have already existed but the technology behind these advances could unsettle traditional methods without any difficulty.
This is the main reason why it has become so essential for the government to deliver an authorized framework because it will make sure that people are not crossing the bounds of the specified regulations while making advancement in their projects. It’s been stated that:
“ICOs have been used to enhance existing product and service offerings and to develop and implement new ones, all without the added costs and burdens of having to hire expensive middlemen to arrange transactions … Bermuda has an opportunity to become a global leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. “
ICOs: Limited Trading
Few adjustments will be made in the current Bermuda Laws and a bill will be drafted after that. The finance minister will concede permission to ICOs, and after that, they will be permitted to work legally. But for passing this step, ICOs must have to provide details about the people who are handling the project, roadmaps, hard cap, soft cap, future product development and information of the digital asset.
What should be the next step of Bermuda?
Even though many countries have imposed strict rules and have banned such activities, Burt still suggests that Bermuda should leave its comfort-zone and accept technological revolution there. The parliament of the country is requested to have a discussion on this subject immediately, though, the statement hasn’t specified any date. Burt also highlighted the opportunities that have been set down by blockchain industry and stated:
“We will not stand in the shadows and watch it pass us by.”
People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store. However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.
Creating low-cost Bitcoin wallet USB
Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.
You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.
Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.
Offline installation of wallet into USB drive
To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.
Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.
A Little Bank or Bearer Bond Instrument
After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.