On a blockchain platform, all the participants are free to check the transactions. This transparency level provides the much security to the users. Basically, it is a public verification process, where the cheating percentage is fall to its minimum level or zero. Unfortunately, it is not also good in privacy matters.
To improve the privacy terms, confidential transactions are its potential solution. Whereas, these transactions hide the transacted bitcoin which is using in test environment and academia.
A number of bitcoin core developers discover the confidential assets. These transactions are categorically designed for the bitcoin. Confidential assets carry a level to any blockchain asset such as ownership paper, stock etc.
Blockstream engineer Gregory Sander says, “With Confidential Assets, we can generate multi-asset transactions where both the amount and the asset type itself are encrypted”.
Basically, confidential assets are not a new born concept in the technology world. It is increasing in two ways.
The first part of this puzzle is planted on confidential transactions, which was introduced by the current Blockstream CEO Dr. Adam back. Blockstream developers Gregory Maxwell, Dr. PIETER Wuille and mathematician Andrew Poelstra further work on this and expand it to blockchain’s alpha sidechain.
According to these transactions, only receiver and sender will come to know the transacted amount. A public verification process, that is the rest of the world-where the transactions were created between the sender and the receiver. But the transacted amount is masked.
Whereas, in confidential transactions are masked in a programmed way that public verifier will able to perform a certain type of math on them. If they cancel out the transaction, anyone is capable to add up the committed amount on the sending end. And, add up all amounts on receiving end. In addition, if they don’t cancel, means no amount was created out. In that way, a public verifier will fail to know how much was transacted. They have the idea that system wasn’t cheated.
The second part of the puzzle is quite new, which boost up the masking to assets themselves. Confidential assets include blockchain based assets not only bitcoin.
Sanders says, “While the sender and receiver would know that, say, a gold certificate was transacted, a public verifier would only know that ‘some asset’ was transacted — in ‘some amount”. “And if multiple assets are transacted at once, the public verifier would see that multiple types of ‘some assets’ changed hands, and he can verify that no ‘some assets’ were created out of thin air. But he would still not know what was transacted exactly, or how much of each ‘some asset”.
Confidential assets advanced in two different projects.
For one, it may be associated with the existing sidechain such as a liquid. This is an organize blockchain fix to the bitcoin. Where the blocks confirm by the service provider. which permits the transactions at little cost without troubling the main blockchain. Exchanges use this to let the customers move the bitcoins among different accounts without confirmation from the blockchain. Confidential assets allow to move the fiat currency as well.
In addition, Blockstream start a teamwork with Japanese IT company Digital Garage.
Sanders explains, “Digital Garage is working on a loyalty points blockchain” and “This means that all types of companies can issue their loyalty points, and customers can use them or trade them atomically for other assets using market makers. Privacy is huge here because you do not want to be showing the whole world how many points are outstanding on your books”.
Furthermore, confidential assets sidechain is a private decentralize exchange. This elementary setup can expand to mediators that act. Sanders says, “For the Digital Garage demo we have implemented a trustless, blinded swap of multiple assets through peers already. If we can deploy fiat currency on the blockchain, we can make similar arrangements between Bitcoin and U.S. dollar, euro or yen”. Blockchain use case complexity matrix
Ethereum’s price made the headlines on Tuesday as news of it hitting a new all-time high circulated the web. On the other hand, Bitcoin’s market share dropped below 50 percent for the first time in over a month.
From $19,130 on Monday to $18,191 on Tuesday morning, bitcoin’s price declined by nearly $1000. A 5 percent decline was observed within 24 hours which reduced bitcoin’s market cap to $304.7 billion. While the reason is still unsure, it is observed that the global average bitcoin price has hit $20,000 in several instances unlike the BTC/USD in major exchanges such as Bitfinex and Bitstamp.
Ethereum Takes the Crypto-Verse by A Storm:
As for Ethereum, it had been hovering around $300 for quite some time while Bitcoin was surging. But, the cryptocurrency took December by a storm and ripped the charts by surpassing $800, first touching at $882 then finally settling at $824. Showing a 24-hour gain of 12 percent, with a market cap of $79.5 billion.
Bitcoin Cash Following Closely Behind at $2,500:
Ethereum was not the only altcoin to shine at bitcoin’s fall-out, bitcoin cash price showed an impressive rally of 21 percent. Enabling the altcoin market to rise by $25 million and making their combined valuation to touchdown at $300 billion for the very first time.
By Tuesday morning, bitcoin cash’s price had settled down to $2292 and a $38.7 billion market cap.
In addition, Ripple and Litecoin were also one of the lucky altcoins to benefit from bitcoin’s expense by experiencing an increase of four percent and seven percent respectively. Ripple’s market share now lying at $30.5 billion and Litecoin’s at $18.7 billion.
Surprisingly, besides Bitcoin, the rest of these altcoins had experienced a great rally on Tuesday. While none of them have actually been successful enough to throw off the biggest cryptocurrency, they’re set out to be great competitors.
Bitcoin Price Analysis:
Bitcoin reaches the heights of its value. Because its value is zooming up to $1700. The price of coins may vary from time to time. At this time, bitcoin is enjoying the rise of its value.
Over the past week, block size and scalability debate were taking back seat and have a look to value’s variation. According to the users perspective, the rise in value is due to the heavy traffic of transactions and busy network.
On 5 may 2017, a number of unconfirmed transactions hit the ATH at 140,000. Actually, this is not the right way you are analyzing the values. No doubt, there may be a large number of scams behind transactions. Prices and premiums between the various USD exchanges have been fluctuating wildly, with GDAX and Bitfinex often leading in price.
Bitcoin Price History:
GBTC, an over-the-counter, an American financial market is using a BTC plagiaristic to the public. Yesterday, which hit the ATH of $2,000 We expect the premium if COIN FTE gets approved.
In price estimation mode, it is really hard to estimate targets and true resistance in price. Accordingly, the price target of $4000 isn’t impossible. A few weeks ago, it hits the measuring target of $1575.
A slightly modified pitchfork yields targets around $1,800–2,000, with price recently breaking the resistance diagonal rather cleanly.
Similar to the structure of January 2017 and November 2015, the Heikin-Ashi chart represents the price fluctuations of bitcoin.
The transaction will continue to plague bitcoin when mostly new users and traders join the bitcoin network. By using suitable fee, avoid from the stock transactions. Trading and investing in a digital world is much risky. This above analysis of price is for information and for advice as well. Therefore, these data or figure can be different on other sites. The reason is, the price fluctuates.
Tags: Bitcoin technical analysis.
Late 19th century, a majority of the people did not use the internet. Whereas, next 20th century comes with new technologies, innovations. Which totally change the nature of the environment. As barter system introduce the transactions process. Afterward, leather money uses for transactions, which later turn to metal, then gold asserts itself in trading. In addition, with the passage of time transaction process introduce paper money.
Finally, technology introduces the digital money for the transaction in all over the world. Which is most flexible and convenient. while, In the general discussion of the technology, blockchain is at the top of the list. Now, the question is, what is blockchain? how does it work? And many more discussion will be available in this article.
What is blockchain?
The blockchain is a technology to verify and record the digital made transactions. It is directly underlying technology to the bitcoin. This technology has the ability to transfer, inform and secure the money. Basically, it is a term which describes the distributed network database technology underwrite once and read the only system. Here, we can observe the one thing,
Bitcoin = blockchain
Ethereum = blockchain
Other crypto-currencies = blockchain
Smart contrast = blockchain
Distributed ledger technology = blockchain
Blockchain technology has the four major components. Are given below;
- Privacy: System provides the complete security to its followers regarding their transactions and its recordings.
- Smart contracts: This system is enabled to add in and being able to execute on individual chain codes.
- Establish consensus: If you have a strong distributed ledger then participants and a network will agree to the transactions happen. Which need to be a means of establishing consensus between two or more parties.
- Control: A database which easily shares by different organizations. Whereas, no one authority has full control over it. Which differentiate it from other traditional database platforms. Where multiple people are using this database, there is always one party to write read and connect it to others.
Why blockchain seeks the other’s attentions???
People who don’t like traditional transactions system and bored up because of a time-taking process of payments. Accordingly, interested to adopt a new, secure and fast system of transactions. They tend toward the blockchain technology.
Founder and CEO of multichain Dr. Gideon Greenspan say, “People are interested in Bitcoin because of, first of all, it’s technologically interesting. It’s a combination of ideas that’s may have been used before but the way they’re put together and the end result is smart and unique. The second reason is because it enables censorship free digital finance: That is a goal that has never been achieved before. The idea that you can transact digitally with who you want, without there being any central place that can be pressured or switched off is new. The third is the endless speculation in the price, as it goes up and down. It’s an endless story in itself which keeps people interested”. In addition, “People are interested in private and permission blockchain because they offer the possibility of making certain types of IT systems more efficient. This effects IT systems of multiple organizations where companies need to communicate with each other.
Basically, it is a recode of what you have. As blockchain is completely different from traditional database technology. in addition, with no central storage and no central administrator of a ledger.
Accordingly, it is an asset and can share across the world. However, this technology id so-called blockchain. people create it and tend to digital cash of the bitcoin. Bitcoin and other cryptocurrencies are accumulating in blocks. And, then by using the cryptographic signature, the blocks are add to the chain.
Benefits of blockchain
- Secure way of transactions and crystal clear process.
- Miners authorize the transactions. Transactions become immutable and secure from hacking.
- blockchain technology minimizes the existence of the third party in transactions.
- decentralization of the technology.
Whereas, Banks and other organizations are going to invest in this space. Following are some banks and other FIs on the blockchain.
In addition, some of the use cases and non-financial use cases of blockchain are as follows,
Non-financial use cases
Owning Bitcoin is the new cool! Those who own Bitcoin have 125% more chance of stealing your girl! Had you bought Bitcoin a couple years ago, you’d be a millionaire by now! This and many other things you’ll get to hear during a Bitcoin discussion. Despite all its cool features, Bitcoin is not a currency that comes from heaven and has its pros and cons.
In this post, we are going to discuss three reasons to buy and three reasons not buy Bitcoin investment.
Get, set, go!
3 Reasons To Buy Bitcoin:
Increased Attention From Major Investors:
Ever since Bitcoin was created, its biggest boosters have been computer geeks. However, the trend is starting to shift as the major investors and financial industry has turned its eye to Bitcoin. A growing number of investors and entrepreneurs have recently joined Bitcoin as they consider it a legitimate asset class such as commodities, bonds, and stocks.
The Number Of Bitcoins Is Limited:
Bitcoin is limited. Yes, it is not your traditional currency which exists in billions or trillions – it’s limited in nature and only 21 million of it will ever come into this world. This is the very reason why Bitcoin is so valuable and has a single BTC being traded at $3456.00 at the time of writing. To your surprise, it’s expected to go even higher.
Some Term Bitcoin As The New Gold:
Those who own and invest in gold do so because it’s an asset whose price is not determined by government. Regardless of the fact that a country is ravaged by war or its improvident national bank keeps on printing excessive cash, the value of gold will remain. Bitcoin has a whole lot of similar qualities. It exists on a decentralized computer network that rises above national fringes, and there is no Federal Reserve-like authority that can downgrade it.
3 Reasons Not Buy Bitcoin:
Core Users Of Bitcoin Are Still Fringe Figures:
Because of obstacles like high transaction fees, slow transaction confirmation, and restrictions on payments through credit/debit cards, Bitcoin’s primary use remains what it has always been: buying drugs and other illicit activities.
The ordinary consumer is still not using it as a payment method, and this is the main reason why Bitcoin is far too less useful than gold in the real world.
Bitcoin Is Highly Volatile:
Bitcoin is highly volatile and has experienced some spectacular crashes over the years. In 2013, for instance, the currency went on to hit $1100 only to fall back to $700 a few months later, and then to $200 in 2015.
While Bitcoin is currently over $3000/BTC, there is no guarantee that it won’t tumble back t0 $2000 or below.
Bitcoin Only Exists On Computers:
This may sound obvious but, Bitcoin is the most intangible form of money in the history of money. It’s basically just a piece of code stored somewhere on the internet and there is no authority in the world you can ask to honor it.