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An opinion piece was recently published, in which the finance minister of France, Bruno Le Maire exposed that the country is planning to create a legal framework for ICOs (Initial Coin Offerings) in an attempt to become one of the most leading ICO hubs and to attract the crypto startups as well. The opinion piece was published on “Numerama,” which is a French website. In that opinion piece, Le Maire stated that he asked Jean-Pierre Landau (ex-central bank representative), to draft a proposal for a statutory framework on cryptos.

crypto startups

Why was taskforce chosen by Jean-Pierre Landau?

Jean-Pierre Landau is basically known for his fabled nickname “Monsieur Bitcoin,” and was selected to head a cryptocurrency task-force last month in France. The task-force is accountable for recommending guidelines and strategies for the development of regulations, according to a report.

Jean-Pierre Landau said:

“France has every interest in becoming the first major financial centre to propose an ad hoc legislative framework for companies making an initial coin offering.”

Action Plan Revealed

Moreover, Le Maire also revealed that an action plan will be presented to the government of France within few weeks and will intend to see the French market regulator AMF (Autorité des marches financiers) having the opportunity to sanction companies in order to raise funds through ICOs, on condition that they respect the particular standards that are set for protecting stakeholders. So, it’s visible that ICO regulation is current plan of French Minister, Bruno Le Maire.

Le Maire also proclaimed that the startups in the country will be offered opportunities by the blockchain technology, as they will be capable of raising funds just by issuing tokens.

Bruno Le Maire’s Statement:

According to Le Maire:

“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens (…)This promises to create a network of confidence without intermediaries offers increased traceability and will boost economic efficiency.”

France has a tradition of financial novelty, and according to Lee Maire, its new ambition is to enter the 21st century’s finance world by ensuring every participant, the required security for their improvement. Le Maire also wrote in the article that France shouldn’t lose out on the blockchain innovation.

France, along with Germany, remarkably gathered for discussing cryptocurrencies at G20. The summit was held in Buenos Aires, in which Argentina Le Maire highlighted how imperative blockchain technology and cryptocurrencies are. The G20 communique showed a curb on cryptocurrencies, however, regulation proposals are set to be originated within three months.

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The blockchain immutability myth

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The blockchain immutability myth

Immutability…. We use this word in daily routine to signify a thing, which can never change. Whereas, in the blockchain, this word is referring to the worldwide transactions. Which is adjust by the participants. Here, the basic approach is, once the block blockchain transactions are complete, it cannot replace or reverse by other transactions.

So, the theory goes. Because

Saint Augustine states, “The highest good, than which there is no higher, is the blockchain. And consequently it is immutably good, hence truly eternal and truly immortal.”

Two prominent examples are,

  1. Under certain conditions, through some necessary adjustment transactions, history can change itself. Here, the question is arises, it easy to bring new changes in the content of the blockchain? Is it really easy?
  2. According to cryptocurrency advocates, immutability achieves only in case of decentralization of economic mechanism. Which is not proper fall at the private sector of the blockchain. Because, they totally depend on the collective behavior of a known group of validators, who are not trustworthy.

Above two circumstances are totally wrong. Because in blockchain there is no immutability thing exist. The proper question is,

Under which circumstance the blockchain will or will not change? And,

Do those conditions match with the problem, we are trying to solve?

Instead, the chain’s behavior depends on the network of a computer system. Before we get into the detail of how we ‘ll summarize the basics of blockchain first.

Brief discussion on Blockchain  

A blockchain system is running onto the different set of nodes. Which may be in control of different companies. There is no individual node who control the others. While nodes are connecting with each other through a proper network. These nodes generate and propagate transactions and rapidly spread to other nodes via digital operations in some kind of database.

Every new upcoming transaction is verified by an independent node. Following are some terms of verification;

1.it is totally in obedience of blockchain rule and regulations.

2. it is completely a digital structure

3. If any transaction passes the test of nodes. It will enter to the local list of not confirm transactions means directly in the memory pool. While others will enter in the orphan pool. In addition, pass transactions will be forward to its peers.

With some intervals, a node which contains the set of as-yet unconfirmed transactions on the network generates a new block. Each block contains the hash (32-byt). Therefore, by creating a little block chain, each block includes the timestamp. Accordingly, link to the previous block via its hash.

Validation Process

Blocks move and verified by nodes across the network like transactions. For the acceptance by the nodes, a block must contain proper transactions including no conflict with other ones. Whereas, with the confirmation of the test, it is entering into the local blockchain and transactions are confirm. Any transaction which conflict with others will discard immediately. Whether they are in memory pool or orphan pool.

Participation of the chain, make the strategy to ensure the generation of blocks.   This ensures indicates that any kind of node. whether it is an individual or a group has no ability to take hold of the blockchain’s content.

Authentication and testing

Proof-of-work a public blockchain allow its users to generate block who has the ability to solve the tricky and fiendishly mathematical puzzle. Whereas, to prevent minority control in private blockchains, blocks are signed by authorized members. In order to create a lawful chain, a product needs to legalize validator by using mining diversity.

Two different validator nodes can generate conflicting blocks when both have the same previous points. However, fork happens. While different blocks are seen by nodes and leading them to have the different opinion about the chain’s history. These forks are resolved on the arrival of new blocks on branches by a blockchain software.

Shorter branch’s node spool back its last block and replay these two blocks on the longer one. Unfortunately, if you are unlucky and both branches will extend. Then the conflict will be resolved by the third and so on. In addition, with the increase in fork’s length, the probability of a fork persisting drops increases. After a small number of the blocks, it can be reduced to zero in private blockchain.

Here, the most important thing to remember is, each node is controlled by a particular person. Where blockchain has not authority to ask some changes in transactions. The main purpose of the chain is to help in sync. But, if participants want to change the rule, no one has authority to stop them.

That is why we need to stop asking about the immutability of blockchain. Because the answer is “no”. Arguably, we consider the conditions under which it needs changes.

 

 

The blockchain immutability myth

Public chain’s mutability

Let’s start with the above mention two examples. We will take the start with the claim that authorization process. Which used in blockchain cannot bring true immutability by public chains. e.g.

Ethereum blockchain faces a devastating situation in June 2016. “the DAO”, loophole found by someone. In which, $250 million were invested and start draining its speed. Which distract the both investor and creator’s intentions. After few days, the ethereum software updated to prevent from hackers. It was publicly supported by Vitalik Buterin that ethereum users will control their own computer system. As a result, a large number of users, blockchain comes with the new name and rules is ethereum. Whereas, minority reject this idea and keep going with ethereum classic. There were more choices for names like ethereum compromise or ethereum pure. Whatever, democracy is the democracy, and everyone has their own rights voice. In addition, ethereum is ten times more than ethereum classic.

Now, we will take a common way, in which blockchain’s immutability will be dilute. Recall that mining of bitcoin and ethereum uses proof of work scheme. Where you get a reward for solving a tricky puzzle. In addition, this reward increases the potential of the users and they solve the relating issues more efficiently. Network continually adjust the rate of block creation. In addition, 10 minutes in bitcoin or 15 seconds in

Immutability of blockchain

Bitcoin has faced the factor difficulty of 350,000x from last 5 years. Today, bitcoin mining is on hardware devices with cheap electricity and in cold weather. Antminer S9 mines the block 10,000 faster than a desktop system. Which burns 10 times more electricity than a system with cost $1089.

To undermine the immutability of bitcoin blockchain, you need to install more mining capacity, then the other network creating 51% attack first. Secondly, through proper testing and approval, mine your own secret branches. Finally, at desired time, release your secret branch to the network anonymously. Then, the whole process of a transaction will be without any scams or hacking issue. It is not easy to install a huge program. It needs a lot of money and electricity as well. And a common man or country who has the shortage of both. Unfortunately, are not able to adopt this way for immutability of bitcoin blockchain.

Let’s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $1500 and reward of 15 bitcoins (including transaction fees) per 10-minute block. Miners earn around $1.2 billion per year ($1500 × 15 × 6 × 24 × 365). Reasonably, they are not losing money. So, the total expense should be in the same range.

Rewriteable private chains

Now, let’s have a ride to private blockchains. Which was established for the needs of government and well-reputed organizations. According to the organization’s perspective, immutability is the commercial, legal and regulatory non-starter. Because it allows attacking the network anonymously. whereas, immutability can also be ashore in good behavior of other institutions. With whom, they have authority to sue or sign a contract. It is a bonus because private blockchains are less costly to run. Since blocks need just a node’s approval and digital signature. When a number of validators follow the rules. As a result, you get cheaper and stronger immutability than other digital currencies offer. Furthermore, the percentage of immutability may decrease when participants in chain decide to do so together.

Immutability is nuanced

People who don’t like the traditional banking system and government’s currency are perfect to use proof of work blockchain. Whose immutability rely on economic terms instead of participants. It may be an expensive operation. when parties agree to live with government or wealthy actors and bringing down the network. Accordingly, they believe that cryptocurrency technology and its value continue to grow and it will get more secure.

Finally, for most permission blockchain use cases. We probably don’t want validator nodes to be able to easily and cheaply substitute old blocks in the chain. As Dave Birch says “the way to correct a wrong debit is with a correct credit”. Rather than pretending that the debit never took place. Nonetheless, for those cases where we do need the extra flexibility, chameleon hashes help make blockchains a practical choice.

Good luck!

 

 

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Bitcoin who’s who

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A number of individuals are directly involved in the acceptance of the Bitcoin around the world. There is a compiled list of folks, who make sure that Bitcoin is the future of the digital world. They admitted and make investments in the bitcoin.

  1. Satoshi Nakamoto (Father of the bitcoin)

A person anonymously created a worldwide cryptocurrency, and still, it is a mystery that who is Satoshi Nakamoto. A white paper introducing and describing the Bitcoin, published in 2008. Whereas, first Bitcoin software was released in 2009. But at the mid of 2010, Bitcoin software was conferral to the Gavin Andresen. Where the reason behind this act was the contact between Nakamoto and Bitcoin community getting fade. While other domains of the bitcoin were controlled by the other member of the bitcoin community. The rumor about Nakamoto is that he has one million bitcoins, cost over one billion dollars.

According to Bitcoin news, the identity of the real Satoshi Nakamoto is still a mystery. Some think that Satoshi is an individual while other’s think Satoshi Nakamoto is a name of a team.

 

 

Mark Karpelès

Mark Karpelès was basically from France. He was started investment in bitcoin in 2011. When he took the charge of Mt.Gox at 88% from Jed McCaleb. He is one of the founding members of the bitcoin foundation. This foundation was established for the promotion and standardization of the coins.

Unfortunately, in February 2014 Mt. Gox was declared as bankrupt. And, a mark was sentenced to the jail for a year. Whereas Mark declines the claim in front of the public.

Gavin Andresen

One of the successors of the Satoshi Nakamoto. He is the chief scientist of the Bitcoin Foundation. He is the person who holds the alert key which gives him the strength to send an important message to the whole community of bitcoin at once.

 

Roger Ver

Roger Ver is well-known as Bitcoin Jesus. He is an early adopter of this technology and invests millions of dollars into the new startup of the Bitcoin such as blockchain.

Ver is operating an online store to purchase or sell custom discounted transceiver, hardware and memory. In addition, he introduces the different designs module use in mining devices. Which became the mainstream business later.

Ver starts an online store and sells thousands of the product with bitcoin. This was another attempt to introduce bitcoin among the people. And, today there is a number of online and land-base store accept bitcoin as a payment.

Erik Voorhees

Erik is the advocate for bitcoin and move from place to place both in the US and out. Erik keeps all of his money in bitcoin and believer of separation of money and state.

Erik is the Coinapult’s founder. Coinapult is a company who transfer bitcoin through email and text messages process. In 2012, he founded a bitcoin gambling site named SatoshiDice, later this site for over 100,000 bitcoins. In addition, at that time site’s market value was $11.5 million. This was the bitcoin’s big achievement of that time. Whereas, he performed his duties as the director of the marketing at BitInstant.

 

 

Vinny Lingham

Vinny is the early adopter of the bitcoin, CEO, and founder of the Gift, Yola Inc, Silicon Cape.com and NGOs in South Africa. He also served his duties on the board of ChessCube, Yahoo, Personera and SkyRove. And, he was appointed to the board of the Bitcoin in 2014.

 

Ivan Montik

Ivan is the CEO and founder of Casino software provider SoftSwiss. In 2013, Ivan made bitcoin payments into the software and have seen an achievement in creating bitcoin casino.     

Perianne M. Boring

Perianne is the author of the Boring Bitcoin Report and also the president of the digital commerce. She is the first women within bitcoin who’s who. And, we believe that she will generate wonderful changes in bitcoin strategy plan in few parts of US by using her skills.

 

You can also suggest the bitcoin personality.

For further bitcoin information, check back on our blog to learn more. Goodluck!

 

 

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Ethereum Wallets – Top 5 Ethereum Wallets To Store Your Coins

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In the world of digital currency, there are numerous names that claim to be the best of the pack. They will often come up with catchy advertisements to grab the attention of those looking to invest in virtual currency.

However, Most of these so-called cryptocurrencies are scams – working for the sole purpose of stealing your money. If you want to make a safe investment, Bitcoin and Ethereum are the securest options, and to keep your digital assets secure, you will need a digital wallet.

Our previous articles were about Bitcoin and the wallets that store Bitcoin. In this article, we are going to talk about the best wallets to secure Ethereum.

Most Popular Ethereum Wallets:

Our rundown of most popular Ethereum wallets starts with:

CoinBase:

CoinBase is one of the largest and most reliable digital wallets to store digital coins such as Bitcoin, Ethereum, Litecoin, etc.

The wallet was established in 2012 and is available in both app and web versions. One of the primary advantages of CoinBase is that it doesn’t only allow users to store digital assets but also gives the option to buy crypto through bank transfer.

EthereumWallet:

EthereumWallet is a Canadian based wallet which uses a JavaScript design. The wallet collects data at the client side where an address is created to support Ethereum transactions. EthereumWallet is considered one of the safest to secure your Ethereum assets.

MyEtherWallet:

The wallet allows its users to send and receive coins simultaneously with the help of an Ethereum address. Similar to Ethereum wallet, MyEtherWallet uses a JavaScript-based design and collects data on client’s side. Due to the fact that data generation is done in the browser instead of the server, MyEtherWallet enables you to make offline transactions: my personal favorite feature of this wallet.

Exodus Wallet:

Exodus is a desktop wallet with a catchy UI and alluring design. In terms of UI and also the security, Exodus is one of the best if not the best wallet out there.

Exodus is only partially open source and there are many components that are restricted to the third party. In simple words, the Bitcoin community does not get to review the full code of Exodus wallet. But, if you are looking for your Ethereum safety, you can opt for Exodus without a second thought.

ETHADDRESS:

Another Ethereum wallet with a design developed in JavaScript. Similar to EthereumWallet and MyEtherWallet, ETHADDRESS also facilitates data generation at the client side but is different in look; more like a paper wallet to be precise.

Wrap Up:

So, these are some top Ethereum wallets to store your coins. All are pretty safe, secure, and easy to use. If you have any questions regarding these wallets or any other subject related to cryptocurrencies, please drop them in the comment section below.

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Warning Against Investing in Bitcoin – Federal Reserve Official says “Don’t do it!”

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Since 2017, Raphael Bostic is leading the Atlanta branch of the Fed. On Tuesday, a message was delivered by him at the Hope Global Forums annual meeting, promoting entrepreneurship and financial annexation. The president of the Federal Reserve Bank of Atlanta conveyed his opinion on Bitcoin investment and other cryptocurrencies by only using three words, “Don’t do it!”

Federal Reserve Bank of Atlanta

Bloomberg Report

According to a Bloomberg report, Bostic further said:

“They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’

Bostic is the first one from the Federal Reserve Bank of Atlanta, who has issued these bearish remarks on cryptocurrency. Back in December, cryptocurrencies were compared to “Beanie Babies” by Neel Kashkari, who is the president of Minneapolis Federal Reserve.

He said:

“I think of it a little bit like Beanie Babies. If they were jumping in price by 1,000 times, or $10,000 each, what would we make of Beanie Babies being priced where they are?”

Following the statement, he added that he believes the “underlying [blockchain] technology is…more interesting” than the top-cryptocurrency, Bitcoin. Kashkari, also claimed that people who are investing in cryptocurrency are on a great risk and said that they are “swimming with all the sharks in the world because of all the anonymity.”

The Federal Reserve Bank of New York – Report

Recently, a report was released by The Federal Reserve Bank of New York, which shed a little bit positive light on cryptocurrencies, as he kept arguing that they cryptos may be able to enable dubious payments, however, these payments are not really necessary in most advanced economies.

According to the report:

“Cryptocurrencies arguably solve the problem of making payments in a trustless environment, but it is not obvious that this is a problem that needs solving, at least in the United States and other advanced economies.”

Janet Yellen, who is the former Fed Chair, said in her final press conference that the top-cryptocurrency, Bitcoin is a very speculative asset and has a very little role in the payments system. Meanwhile, the present Fed Chair, Jerome Powell said that in the past, he had nothing against the Bitcoin and added, that the organization isn’t conflicted or supportive of substitute currencies.

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