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Thread: Crypto

  1. #21
    SWIFT announces it’s going all-in on blockchain and open finance

    One of the most striking revelations of Facebook's Libra blockchain reveal was the fact that Facebook and a very tech-oriented conglomeration that includes some of the world's biggest names, announced that they were going all in on blockchain for payments.

    And now today, less than a week later, SWIFT has released a new paper, Payments: Looking into the future, written by outgoing CEO Gottfried Leibbrant and CMO Luc Meurant, which is just as significant.

    It announces in no uncertain terms that SWIFT will be pulling all the world's banks onto a blockchain network, for third party businesses to develop their own financial services and apps within the ecosystem.

    This is the big one.

  2. #22
    Consensus Algorithm in Blockchain

    Blockchain is decentralized ledger that is used to record transactions across many computers(nodes) on a network.

    Blockchain ledgers are immutable, tamper proof and append only which means that its transaction cannot be edited or deleted.

    How It Works

    Users of blockchain network sends requests which are known as transaction to the network. This transaction is then broadcasted to other nodes and each nodes will store the broadcasted transaction into their transaction pool, also known as mempool.

    A miner collects these transaction and put them in a container called blocks which will then be added to the chain on the network.

    A block on the chain extends a previous block and they are connected together using a property called previous Block hash which is the hash of the previous block.

    Tampering with a block in a single node will require re-calculation of the cryptographic hash of the remaining blocks in the chain and those block must be broadcasted to the other nodes before the next block is being generated, else the computation is wasted.

    State Machine Replication (Consensus)

    Consensus is the ability for nodes in a distributed systems to collectively agree on a decision to perform an action on the network.

    Problem Statement

    Back in the early days of distributed computing, there exist a problem called Byzantine General problem which simply means the process of executing a particular operations at the same time to get same output in a distributed system.

    How do an army general pass messages to all other army generals to attack the castle at the same time knowing fully that if some generals didn't get the message and fails to attack at the said time will result into loss of battle.

    The above problem in blockchain simply means that how do we pass a message to all the node to update the copy of the ledger on their node at a given time so that all the node on the network will have an up to date ledger.


    Byzantine Fault Tolerance

    Byzantine Fault Tolerance is the feature of distributed system for nodes to reach consensus even when some nodes in the network fails to respond, faulty or act maliciously.

    There has been different solution designed to tackle this issue which has all work well based on what you are trying to implement.

    Look into some of those consensus mechanism to see how they works:

    Proof Of Work (PoW)

    Proof of work is one of the oldest algorithm built originally to deter denial of service attack, spamming and other malicious activities.

    It requires the user to find a nonce by continuously using cryptographic hash function to hash a piece of data until a result that match a target is found.

    Nodes on the network search for this nonce and immediately it is found, the proposed block will be sent to other nodes on the network to validate and the blocks get added to the chain. The miner gets the block reward and the transaction fees for the block.

    • It offers full Decentralization.
    • Finality is low to achieve because there is a probability of forks and re-org.
    • There is 100% liveliness, which means your network will not halt at any given time.
    • Requires 51% of the network hashrate to launch an attach which is hard to achieve.

    • It requires a lot of electricity to run a mining machine.
    • Miners becomes too powerful and they can censor a particular transaction from entering a block.
    • Doesn’t offer inclusiveness.
    • Low throughput.

    Few chain implementing this consensus are: Bitcoin, Ethereum, ZCash, LiteCoin

    Proof of Stake (PoS)

    Proof of stake is a consensus mechanism which requires a miner(forger) to stake a some amount of native token which will be locked for a number of period. If the forger get selected for that epoch, he gets to create block which will be broadcasted to other validator nodes for validation.

    • Low energy consumption.
    • Requires 51% of the total token staked to launch an attack which will be very hard to come by.

    • Network will halt if there are not enough validators.
    • Makes forger more richer and allow easier censorship of a transaction.
    • Doesn’t offer inclusiveness.
    • Increase risk of fork.
    • Low throughput

    Example of chains implementing Proof of stake are: ReddCoin, Ethereum(casper), NavCoin

    Hybrid Pow/Pos

    Hybrid consensus is a type of consensus that allow both proof of work and proof of stake nodes to work hand in hand to create and validate blocks respectively before adding them to the chain.

    PoW miners uses their hardware to create the block while the PoS miner uses their stake to validate the blocks and profit for the blocks are shared in between them.

    • Provide Inclusiveness
    • Guarantee High finality of transaction
    • Fork resistance.
    • Makes censorship harder in the network.
    • Requires 51% each of the total staked token & hash power to launch an attack

    • Low throughput
    • Waste of electricity from the pow miners

    Examples of chain implementing hybrid consensus are: MemCoin2, Decred, Gulden

    Dedicated Proof Of Stake (DPoS)

    DPoS is similar to Proof of stake with its major different being the fact that there are fix number of block producer which are elected by all token holders.

    Those block producer handles block creation and also store the full state of the block chain.

    • There is higher throughput because it requires lesser validators
    • Less energy use.
    • High finality

    • It is also seen as some sort of centralization by limiting the number of people who can act as a validator.
    • Required voting participation from token holders by making sure that token holder voted for the right and stable node to become delegates so that it wont cause harm the network.

    Pratical Byzantine Fault tolerance (pBFT)

    Nodes in the pBFT network are in orderly sequence and one node acts as the leader for the specific epoch

    PBFT models goals is to make sure that at least 66% of all the nodes in the network are good nodes and less than 1/3 nodes are malicious.

    The higher number of nodes joining a pbft network, the lesser the chance of malicious node rising up to 1/3 percent

    • Instant finality.
    • Fork Resistance.
    • Less energy consumption

    • Works well in a small grouped sized due to the number of communications going back and forth between the nodes.

    Example of chains using this consensus are: Hyperledger, Zilliqa

    Delegated Byzantine Fault Tolerance (dBFT)

    dBFT is a similar consensus mechanism with the pBFT and also the implementation of dBFT is based on pBFT with its only different being that there are elected delegates to participate in block creation and validation just like as it is in DPoS.

    • Instant finality.
    • Fork Resistance.
    • Less energy consumption.
    • High throughput.

    • Less Decentralized because there are limited number of nodes that can become a delegates.

    Example of chains using this consensus are: NEO, Binance.

    There are others consensus mechanism such as:

    Proof of Capacity (PoC)
    Proof of Elapsed Time (PoET)
    Proof of Activity (PoA)
    Proof of Authority (PoA)
    Proof of Importance (PoI)
    Proof of Person (PoP)

  3. #23
    BitTorrent, Tron Launch Crypto-Powered 'Speed’ Downloading Software

    Peer-to-peer torrent client BitTorrent has launched its downloads optimization software, BitTorrent Speed, with native token functionality.

    As per the press release, the Bittorrent Speed software will now be integrated into all new downloads of the company’s µTorrent Classic Windows client.

    The BitTorrent Speed website reveals that users will be rewarded with BTT in exchange for seeding and bandwidth — earning more tokens the longer they seed files, and attaining faster downloads the more BTT they are willing to spend. An integrated wallet has been launched to enable users to manage their token earnings.

    uTorrent Now Includes Tokenized BitTorrent Speed

  4. #24
    10 Things to Track With Blockchain

    After struggling to receive recognition of legitimacy within the mainstream zeitgeist during its sophomoric years, distributed ledger technology (DLT) now comprises the driving force behind a new wave of technological creative destruction. Today, we are going to take a look at some of the industries and processes that are most dramatically undergoing a transformation in response to the advent of blockchain technology.

    Real estate
    Land registries
    Election technology
    Public investment
    Financial aid
    Cross-border settlements

  5. #25
    Exclusive: IBM Blockchain’s Todd Scott on Maersk, World Wire and Food Trust

    Todd Scott, vice president of IBM Blockchain Global Trade spoke about blockchain projects IBM is engaged in as well as IBM’s cooperation with Stellar. He also said that Wold Wire will enable the use of stablecoins, and much more.

    “With the addition of CMA CGM, Hapag-Lloyd, MSC and Ocean Network Express (ONE), data for nearly half of the world’s ocean container cargo will be traced on TradeLens. TradeLens entered production and is now operating with more than 100 participants who have tracked and shared over 500 million shipping events and documents.

    The platform is in use across six continents, with data from 600 ports and terminals captured on the system by its members.”
    “It has processed more than 12 million transactions representing more than 8,000 products. Carrefour recently announced that it is using the blockchain network to allow consumers to trace its Mousseline brand mashed potatoes on the blockchain via a mobile app. It previously announced an app to trace organic chicken.”
    “World Wire enables messaging between participants using an ISO 20022 standards-based API that allows payments to be sent and tracked in real time with no additional software.

    Financial institutions can seamlessly connect their existing payment systems to World Wire’s APIs. Exchange rate quotes between currency pairs are provided in real time through participants on the World Wire network. All transaction details are recorded onto an immutable blockchain for clearing.

    World Wire uses Stellar Lumens as an optional digital asset to transact on the blockchain network and will also enable the use of stable coins, which are asset-backed at one-to-one U.S. dollars per coin. IBM is not the issuer of any assets on the network.”
    Talking about some eventual progress in IBM-Stellar work on stablecoins (let’s just mention that there are 26 stellar-based stablecoins to be launched in cooperation with Wirex), Scott said that they have several organizations exploring the use of fiat-backed stable coins on World Wire and they too are working through regulatory feedback as their respective countries explore and create guidance on how stable coins will be regulated.

  6. #26
    Opera’s Android Built-In Crypto Wallet Now Supports Bitcoin, Tron

    In an official blog post published July 10, the internet browser developer revealed that users of Opera for Android can now send and receive BTC, TRX and TRC-10 standard tokens and that webpages can also request and receive addresses for users to complete transactions with BTC.

    Opera characterizes this second functionality as “an experimental integration of Web 3” — a term that was initially coined to refer to the ambition to develop a semantic internet, and is increasingly used to refer to the evolution of a more intelligent, open and distributed web, involving the use of blockchain, decentralized computing and cryptocurrencies.

    Ahead of the Android launch, Opera had initially launched TRX and TRC-standard token support for its built-in crypto wallet this May.

    As Cointelegraph has reported, Opera has incrementally rolled out multiple developments of Web 3.0, wallet and decentralized application (DApps) interactions for its suite of browsers.

    In parallel, the firm has continued to explore the development of future blockchain applications within its other products and ecosystem, notably via a partnership with blockchain advisory and financial services firm Ledger Capital.

    Other major players in the blockchain-powered smartphone sphere notably include electronics supplier Sirin Labs — which launched its first blockchain-based smartphone last winter, offering a cold-storage crypto wallet and support for encrypted communications.

    This spring, consumer electronics giant HTC also rolled out in-wallet cryptocurrency trading for users of its blockchain-powered Exodus 1 smartphone as well as its Exodus 1S smartphone with Bitcoin full node capability.

    Just yesterday, South Korean technology giant Samsung — whose new smartphone, the Galaxy S10, includes storage for private cryptocurrency keys — announced the release of its blockchain and DApp Software Development Kit.

  7. #27
    Cryptocurrency Analytics Tools that Helped me Weather Crypto Winter

    With the arrival of institutional investors, a lot of cryptocurrency analytics instruments were created. Today I would like to tell you the most popular ones that are used by both professionals and newcomers.

  8. #28
    ‘Bitcoin Billionaires’ Author Will Write Crypto for Showtime Hit Drama ‘Billions’

    “Bitcoin Billionaires” author Ben Mezrich has joined the hit Showtime TV series “Billions” as a consulting producer. The move will ensure that more crypto story lines will bubble up in forthcoming episodes of the finance-centered show.

    Mezrich shared the news on Twitter, where he joked that he’s “taking the Acela straight to Hollywood, baby!”

  9. #29
    Mercedes Parent Firm is Building a Crypto Hardware Wallet for Cars

    Daimler, the German multinational corporation behind the Mercedes-Benz brand, partnered with European blockchain interface solutions startup Riddle & Code to provide an open car hardware wallet solution, the startup announced in a press release published on July 22.

    Per the release, car wallets have a wide variety of use cases, such as car-sharing, autonomous vehicles, real-time exchange of secure traffic data and with smart city environments to reduce congestion and lower insurance premiums.

    The wallet in question is reportedly built around the startup’s own secure data storage solution Secure Element 2.0, and allegedly provides a secure blockchain-based identity to vehicles. According to the release’s author, merging this kind of identity with a state-issued vehicle identity (registration) would enable unique and secure ledger transactions.

  10. #30
    Behavioral vs. Mechanical: Lenses to Evaluate Cryptocurrencies

    It's easy to fall into the trap of seeing the crypto space within a mechanical framework. After all, Bitcoin and blockchain is just an amalgam of code, maintained on a decentralized network, and supported through a literal army of machines permeating across the globe. The architecture and design of crypto and blockchain matter a lot.

    However, it is easy to get lost in the engineering of this nascent technology and lose out on the bigger picture of actual utility and function. It doesn't matter if this peer to peer cash system is seen as a currency by some or as a store of value by others, one thing is evident: people buy, sell, and use Bitcoin for different reasons.

  11. #31
    Tether to Issue Stablecoin Backed by Yuan in Belgian Bank: Insider

    Tether is planning to issue a stablecoin pegged to the Chinese renminbi, according to a trader with ties to the company.

    Tether, best known for issuing the U.S. dollar-pegged USDT, did not respond to requests for comment.

    Zhao told CoinDesk that he believes the new stablecoin will be “launched very soon, possibly within weeks.” He said the stablecoin’s reserve is expected to be held in a bank in Belgium.

    In his view, the token would have two main benefits: it would make Tether less dependent on the U.S. dollar for its stablecoin business while boosting the circulation of renminbi held offshore.

    Zhao said he did not know if Tether has buyers lined up for the new stablecoin.

    It is unclear which blockchain the CNHT would be built on top of. Tether’s USDT has been issued on top of the bitcoin blockchain, as well as the ethereum and tron networks.

  12. #32
    Bitcoin banks: Hal Finney’s prediction for the “ultimate fate” of BTC

    “I believe this will be the ultimate fate of Bitcoin, to be the ‘high-powered money’ that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as… well, as Bitcoin-based purchases are today.”
    But perhaps the most potent development of all since Finney’s departure has been decentralized finance (DeFi). The development has the potential to transform his envisioned Bitcoin banks to operate with the full transparency and censorship-resistance of blockchain technology, smart contracts, and DAOs.

  13. #33
    Decentralized Web Hosting: Can You Really Earn Money Renting Your Disk Space?

    In this post, we’ll take an unbiased look at decentralized hosting. Is it really a faster, cheaper, more secure alternative to traditional web hosting? Or a futile exercise in decentralization?

  14. #34
    Retailers Around the World That Accept Crypto, From Pizza to Travel

    Earlier on, when Bitcoin (BTC) arrived on the scene, most cryptocurrency enthusiasts held on to their coins, as there were only so many places they could be spent. Nowadays, the list of marketplaces and retailers accepting Bitcoin and other cryptocurrencies is significantly larger, providing crypto enthusiasts with more options for making real-world purchases.

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