We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!
Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.
Back in the days, miners only got a couple of dollars in Bitcoin transaction fees, however, on Wednesday, miners received an enormous $2.3 million.
“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.
Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.
Related: Bitcoin Hard Fork Explained
“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”
News Credit: businessinsider.com
Intel is a multinational corporation and technology company, which is considered as a giant tech, and the company is finally joining the rising list of initiative firms that perceive blockchain tech as a way to reinterpret digital rights management.
On 8th March, U.S. Patent and Trademark Office released a patent application. In that patent, a method was described by the Silicon Valley tech company to use blockchain for downloading the rights to digital images. Intel’s patent proceeds to referenced videos and various other types of content, apart from images and offers a more inclusive rights system with further extra characters.
Let’s take an example! Intel’s system allows its users to uphold everything in progress, which includes unstructured bits like; literature with many editors. This would be the only way in which content can be solely altered according to the copyright policy settings.However, Intel is somehow far away from pursuing the idea all alone.
On the other hand, in addition to the exertion of blockchain industry, such as Berklee’s Open Music Initiative companies, including two of the Chinese companies, in order to make headlines for the same ideas in recent weeks are;
- WENN Digital
In the patent application it is stated as;
“Blockchain technology is used to document and verify attributes of digital content that are relevant to copyright protection. Such attributes may include, for instance, an identifier for the author of the content, a timestamp to indicate when the content was created, and a measurement that can subsequently be used to detect copying or modification of the content.”
As it is already defined, multiple types of software are being used by this proposed platform to evaluate copyright policy settings automatically for every image, it doesn’t matter if the picture has been taken from external sources. After that, a unique identity is formed for both the original content and altered versions (if there are any). The patent has labelled these two identities as shadow-images.
The company also filed a patent, back in 2016, for blockchain-powered software in order to benefit research DNA, genetic sequencing, particularly. The patent is updated as well which makes Intel to go on a hunt to secure its intellectual conceptions, which are related to the industry.
Coincheck is a bitcoin exchange service rather referred to as a digital wallet. Headquarter of Coincheck is situated in Tokyo, Japan. It was founded by Koichiro Wada and Yusuke Otsuka. It operates bitcoin transaction and storage in some countries worldwide.
The hacking incident
In January 2018, Coincheck was hacked of approximately 500 million NEM tokens. As a result of which the Financial Services Agency took notice and ordered Coincheck to improve its security practices. Many people were surprised that why did Financial Service Agency not ordered Coincheck to shut down all its activities until this issue was resolved. Later, Coincheck announced that it would compensate and repay all the users affected by this fraud.
Effects of this fraud on NEM
NEM is considered to be the 7th largest cryptocurrency in the world. It had a market cap of nearly 2 billion in October last year. However, NEM development team refused to conduct a hard check as the above-mentioned fraud was caused due to lack of security measures of Coincheck. Instead, NEM has announced to create an automated tagging system which will follow the money and tag any account that receives infected money of any sort.
Aftermaths of the hacking incident
Japanese crypto exchange Coincheck has announced that it will stop dealing in Monero, Dash, and ZCash as a result of the fraud that took place in January, this year. 534-million-dollar worth of NEM was stolen from the exchange as a result of that fraud. According to a note published in The Japan Times, Coincheck is also considering to accept the transfer of the currencies from verified Coincheck accounts only. That is why the exchange resumed activities of certain currencies on March 12. On the other hand, it also has been reported that the exchange has refunded 260,000 affected customers over 440 million dollars from its own funds.
It was also reported by a Japanese cyber security expert that about half of the NEM stolen in the above-mentioned hack was converted into different cryptocurrencies and was allegedly being used for money laundering purposes. The NEM Foundation had reported that the stolen NEM was traced to be moved to different wallet addresses at the end of January.
Some of the NEM stolen from Coincheck was reported to be been found at a crypto exchange in Canada, as well as some portion of that amount was found at the Japanese NEM exchange Zaif.
The Japan Times also stated that Coincheck’s decision to stop handling the three cryptocurrencies Monero, Dash, and ZCash was due to a response to the FSA’s improvement notice.
In five years’ time, fiat is no longer going to be of any use Bitcoin and other cryptocurrencies replace it. That is according to one of the renowned Bitcoin millionaires and venture capital investor Tim Draper who was talking with Forbes at the WebSummit conference in Lisbon.
Communicating his perspectives on where he sees the crypto market, he stated:
“People will laugh at you if you are still using fiat in 5 years. cryptocurrencies, Bitcoin particularly will become so relevant that fiat will be no longer of any use.”
This is clear by the fact that he acquired 30,000 bitcoins amid a government auction of assets seized from a darknet market Silk Road in 2014. At the time, those coins were worth $20 million. Today, they are esteemed at over $214 million.
Bitcoin has gained unprecedented highs in 2017. Over the last couple of weeks, the money has surged to above $7,000. It was within touching distance of $8,000 at the news that the SegWit2x had been suspended.
Staying positive about the fate of digital money, Draper trusts that the fiat framework will, in the long run, vanish as individuals look toward coins like Bitcoin or Ethereum. As indicated by him, they remain reliable stores of significant worth compared to fiat. His thinking behind this is that fiat monetary standards are bound by national borders. For instance, he refers to the Nigerian Naira, which drops 30 percent when a man crosses the border.
While this might be the situation, there are countless altcoins in the cryptocurrency market. CoinMarketCap puts that figure at 986 which have a market esteem. New ones are continuously being made, which are all claiming to give another answer for out daily life payment solutions. Regardless of this, however, the extensive number of digital money in the market isn’t stressing Draper. Actually, he conceives that they will inevitably all cooperate at some stage.
They’re all going to interrelate … and there will be trade rates for every one of them. My figure is that it will unify around a wallet that you have, and when you pay for that Starbucks, your wallet will advance to whichever cash has the most value.
It remains to be checked whether and when that happens, however from somebody who has been involved in cryptocurrency trading and has led interests in prosperous organizations, for example, Twitter, Skype, and Tesla, Draper might be on to something.
2017 is the big year for Bitcoin. The highest value, disappointment from SEC ‘the Winklevoss twins and the price higher than the gold.
But other digital currencies are also growing in volume. Ethereum is the just like Bitcoin but more complex. Earlier of this month ethereum approaches against the bitcoin in its daily volume.
So, do I know about Ethereum?
A distributed application support to crypto-market same as Bitcoin. You can shop with ethereum anyplace that accept it. Where ethereum is running on a smart contract, named as blockchain. Under the certain conditions, the system allows the trading of ethereum. Bitcoin also runs on the blockchain but don’t have an extra step for the completion of the trading process.
Ethereum can do that Bitcoin can’t????
This cryptocurrency is not an alien’s currency in this digital world. In addition, with little bit difference ether has the same features as the bitcoin has. Smart contract means you are performing something different from the daily routine such as shopping with ethereum. Furthermore, if you want to place a bet, ethereum will pay in case of Patriots wins.
By using ethereum you can arrange the crowdfunding campaign. According to the Huffington post, “Things are possible with Ethereum that aren’t imaginable with any other technology today.” Means your money will be taken over if the project didn’t meet its goals.
The smart contract has the power to replace lawyer, CEOs, and companies as well.
A Ph.D. student Benedikt Bunz says, “You don’t need to have Uber, the company, anymore,” and, “You could have the Uber contract handle the money and do the payouts.”
How use the Ethereum now?
Basically, ethereum is at its early experimental stage. Investors and speculators just keep their focus on building new applications – not working on the ethereum’s ATMs.
How can I buy Ethereum?
Just like bitcoin you need to register yourself with well-reputed company and place order for purchasing of the bitcoin.
What is the value of Ethereum?
March 24, 2017, ethereum’s values was $24 and now today ethereum’s value is $278.48.
What Ethereum already was done?
Ethereum is also used in build apps by taking the advantage of smart contract technology. Few of them use backing microfinance, build a practical world and prevent individuality of theft.
Is Ethereum is only substituted to Bitcoin?
No, there are more than 600 actives cryptocurrencies in the digital market. But, Ethereum comes with the complete different setup of the facilities.
Different risk of Ethereum
If there is something wrong with ethereum’s smart contract, the program will not crash only but it will sweep away all the money with no way to get that money back again. Bunz says, “the command could go through and would be irreversible.” Relax, it is a scary aspect but its chances are low.
How important could Ethereum actually be?
Potential is the main quality of the ethereum. Users of this technology are free to say that; this technology has the ability to replace the Uber including other varieties of service. Bunz says, “There are things that are absolutely possible that aren’t possible with mainstream currency and are not even possible with Bitcoin today,” and, “Things are possible with Ethereum that aren’t imaginable with any other technology today.”