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In the recent time, there is a huge awareness being conveyed to the public regarding the Crypto currency. Crypto currency is the digitalized currency or an alternative currency which doesn’t depend upon the country, its economy and its centralized banking system. Crypto currency represents a digital token which carries some value against itself. The first Crypto currency is bitcoin which is regarded as the new gold in the crypto industry due to its overall minimal value. Crypto currency paved the way for the digital payment. Crypto currency differs from fiat currency in terms of exchange rate and other banking trades.

blockchain technology

Many Countries have allowed the trade in the Crypto currency such as in Taiwan according to the legislator Jason Hsu Yu-Jen the legislators in the country have formed a blockchain alliance to provide parliamentary blockchain group to promote the crypto industry in their region and to define regulations so they can attract global crypto exchanges in Taiwan.

Block Chain

The computer protocol which allows its user to transact their cryptocurrencies is called Blockchain. Basically, blockchain represents the blocks of data which are made secure by using cryptography. It acts as a transacted database which is decentralized and can be stored on many computers at once. It can be accessed by only using the cryptography. This technology confirms the legalizing of the trades in real time using only cryptography. There are three types of blockchains which are mentioned below:

  1. Public Blockchains
  2. Private Blockchains
  3. Consortium Blockchains

Public Blockchains which have no restrictions and anyone can access their data or blocks. Anyone can send transactions and as well as can become an activator of the blockchain.

In the Private blockchain provides security and have some set of rules to follow in order to become the validator of this blockchain. This type of technology considered as the permanent block in the companies regarding the blockchain industry.

Consortium Blockchain is also referred to as the semi-centralized. In this type of blockchain multiples of permission is required from multiples companies instead of a single unit.

Taiwan’s Parliamentary Blockchain Alliance

Crypto currency has started a new revolution in the modern time and many countries are moving towards the crypto industry. In this way, Taiwan has also started to promote crypto industry in their country.

According to Jason Hsu Yu-Jen, a member of Taiwan’s parliament and one of the big supporter of crypto industry in the country has said that the Taiwanese legislators have formed a parliamentary blockchain alliance in order to promote crypto currency in their country. Hsu further said that he hopes that the Taiwanese legislators will decide on a clear regulatory network for the blockchain and Crypto currency for the development of crypto industry in the country. The Taiwanese government should be open-minded towards the new technology and innovation said, Hsu. In this way, Taiwan can attract all big and global crypto exchanges to their country and attract global leaders of digital cryptocurrencies in order to make Taiwan a crypto nation.

In this end, many countries are trying to set up the crypto-industry in their countries and Taiwan is one of them and the actions taken by the Taiwanese legislators to make blockchain alliance in the form of parliamentary blockchain to promote crypto-industry in the country and define set of rules regarding its market.

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Why Bitcoin Puts Governments on Edge | Interview with David Seaman

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Is It A Scam Or Telegram ICO Has Really Hit $1.7 Billion?

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The most hot news circulating at all the major crypto platforms is about Telegram ICO which has hit $1.7 billion according to the public documents shown by the company. It was announced in these documents that the second round of Telegram ICO had just succeeded in raising $850 million. This amount was being attained in a sale that began on March 14.

It was also reported in these documents that a total of 94 investors took part in the above mentioned funding process. Average individual investment was recorded to be $9 million during that funding process. It is also a notable point that the previous funding of Telegram ICO also comprised of $850 million. It had a total number of 81 investors and the average individual investment was $10.5 million at that time. These documents were filed with the US Securities and Exchange Commission.

us securities and exchange commission

Report submitted to SEC

Both the above rounds of investments were being reported to the SEC. The submission of this report took place under Rule 506(c) of Securities Act Regulation D. it must be noted that this rule allows unregistered securities issuers to accumulate an unlimited amount of funds as long as they follow the below mentioned rules:

  • The company raising these funds must file a simple report with the SEC.
  • Such a company must bound its contributions to accredited investors.
  • The investors of such funds must submit a predefined vesting period before they sell their stakes.

Is Telegram ICO Opaque?

Somehow, Telegram ICO has managed to remain transparent during the all that fund raising process and has followed all the rules and regulation. Along with the handling of the ICO, it has also been significantly transparent.

However, it is not clear whether this fundraising success will conclude the firm’s token sale or the company will continue to raise more and more cash for the aforementioned project in the upcoming days.

Aftermaths of Telegraph ICO’s success

No doubt to raise such an amount of funds in such a small span of time is a huge success, it has also scared many big-name investors right away. Even the well known cryptocurrency giant Pantera Capital is among those who are a bit terrified with the success of Telegraph ICO.

It is being expected that Telegram Open Network (TON) will soon be a revolutionary blockchain for the third generation era of crypto investments. The native token of Telegram Open Network is known as the “Gram”. So far TON has a network capacity of processing approximate 1 million transactions per second virtually free of cost.

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PayPal vs Bitcoin: Why has PayPal Filed a Patent?

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On 5th March, it’s been reported that a patent has been filed by PayPal in order to speed up cryptocurrency transactions by eradicating the confirmation period of payments. However, it’s been claimed by many Bitcoin experts that this is already possible through the current technologies in the cryptocurrency industry.

Basically, the main purpose of PayPal patent is to improve the whole procedure of settling cryptocurrency payments between both buyers and traders on retail or e-commerce platforms. To avert each transaction from being broadcasted to the public Blockchain, users’ secondary wallets will let the unique private keys of both buyers and sellers to be transferred privately.

bitcoin patent

The PayPal patent read;

“In order to be sure that the Bitcoin transaction will ultimately result in a transfer of Bitcoins to the payee, the payee must wait until the mining process confirms the transaction before transferring goods and/or services to the payer. In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages.”

What’s Peter Todd’s Response?

According to a Bitcoin developer, Peter Todd, PayPal is attempting to patent a technology that is already present in the cryptocurrency industry. In 2016, Opendime was created by a former Bitcoin marketplace “Coinkite”, and is a hardware Bitcoin wallet with multi-signature bank-grade security. It lets users transfer Bitcoin with inner private keys, allowing them to utilize Bitcoin like fiat money, such as the US dollar.   However, compared to Ledger and Trezor, Opendime structurally differs from other hardware wallets as it cannot be reused. Opendime is basically a USB stick as it can only be used once and has to be destroyed to use the funds that are stored inside, which allows it to be used as cash.

PayPal’s technology encourages its users to transfer the whole wallet or private key linked with a predefined amount of a cryptocurrency and the procedure of transferring bitcoin payments through Opendime, which is just like PayPal.

The patent explains:

“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”

Is It Really Possible for PayPal’s Technology to Improve Cryptocurrency Payments?

PayPal’s technology could let the cryptocurrency payments to be processed between both buyers and traders quickly by eradicating hefty transaction fees only if it’s executed at large commercial scale.

Yeogieottae, which is a major hotel booking platform in South Korea has recently partnered with the country’s largest cryptocurrency exchange, Bithumb, to allow cryptocurrency payments. Even in Japan, the biggest sellers have started to accept Bitcoin payments for a while.

However, on the other hand, a problem could occur while transferring private keys if the settlement occurs in a centralized manner. PayPal patent clearly explained that for carrying out the process of settling payment, it could depend on a payment service provider device as it could lead to a centralized system, managing the transfer of private keys.

Owen Williams revealed the findings of GDPR last week, which disclosed that PayPal shared complex financial information of its consumers with over 600 entities. The centralization of cryptocurrency payments and private keys could direct to susceptibilities and data selling if this technology by PayPal’s can exploit non-custodial wallets and allow both users and traders to endure in full control of their private keys during the whole process.

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Bitcoin exchange, BitPay announces its support for SegWit

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BitPay is an exchange platform, that allows its online traders to accept bitcoins. They just announced on their company blog that it now supports SegWit2x. BitPay is assuming that the block size will increase now that SegWit2x has been activated. This is what the founder Stephen Pair had to say:

“We need one Blockchain to serve as a backbone. That Blockchain must be secure and its asset must be liquid. The backbone network must also be highly available. This high-availability requirement means that we must remain in sync with the hash-rate majority chain. Block production on a minority fork of Bitcoin would be inconsistent, and it may cease to operate without emergency measures. Such a service interruption is unacceptable for us and for our users.”

It has been acknowledged that the Bitcoin Core does not support SegWit2x.

However, Breadwallet has also followed BitPay by showing support to the majority chain and accepting SegWit2x.

News Credits: cointelegraph.com

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A Hard Drive Worth $75 Million That Won’t Recover

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James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.

The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.

Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.

Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.

He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:

https://twitter.com/howelzy/status/405690499593699328

City Council Denies Permission:

A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.

A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.

Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.

 

Story credits: ccn.com

Image: Google images

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