Day: July 8, 2017

The distributed ledger technology knows no boundaries. Starting with Bitcoin, the cryptocurrency technology is making a place for itself in every aspect of our lives. While the implications of Blockchain adoption in the commercial sector is endless, the same can be said about its impact in the social good segment. In order to encourage the … Continue reading ConsenSys Sets Up Blockchain for Social Impact Coalition, 22 Members Onboard

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Bitcoin has recently seen greater exploration and adoption from the art industries. In recent weeks, a high-profile UK art gallery has announced that it will accept cryptocurrencies, a painting has been purchased by a Hong Kong collector using bitcoin, and multiple art exhibits have sought to visually represent virtual currency.

Also Read: Poland’s Largest Food Delivery with 5000+ Restaurants Starts Accepting Bitcoin

Dadiani Fine Art, a Contemporary Art Gallery Located in the UK, Will Offer Buyers the Opportunity to Purchase Art Using Bitcoin

Bitcoin has been making headlines in the arts industries in recent weeks, with many high profile representatives of the arts either accepting bitcoin as a means of payment or producing works that explore cryptocurrency conceptually.

Dadiani Fine Art, a contemporary art gallery located in the UK, announced this week that it will offer buyers the opportunity to purchase art using bitcoin, ethereum, ethereum classic, ripple, litecoin, or dash. Cryptocurrency payments will be accepted at the upcoming Dandiani exhibition, ‘The Noise’, which will showcase sculptures made from racing memorabilia.

The gallery’s owner, Eleesa Dadiani, hopes that accepting cryptocurrency payments will open up the arts industry to “a new type of buyer”, stating that “Cryptocurrencies will provide a bridge from the elitist, centralist fine art market to a decentralised open-source world where many more will be able to become a part of this exhilarating market.” Dadiani also believes that greater adoption of bitcoin within the creative industries comprises a significant step towards mainstream adoption of cryptocurrency. “This could be a turning point for the crypto-currency market. For many years, it has been ridiculed but when traditional businesses, such as galleries, take it seriously it is a sure sign that this is a very important technology.”

June Saw a Number of Artistic Representations of Cryptocurrency Make Headlines

A Hong Kong art collector is also reported to have used bitcoin to purchase a painting recently. In late June, Romanian artist Stefania Nistoreanu sold the painting for two bitcoins, which at the time equated to roughly $4,500 USD. The painting, titled ‘Cryptsy’, is an oil and gold leaf on canvas piece that the artist says incorporates mathematical elements derived from cryptocurrency, and was listed alongside another of Nistoreanu’s works on Bitpremier.

June saw a number of artistic representations of cryptocurrency make headlines, with Los Angeles-based artist Matthias Dorfelt’s ‘Block Bills’ also enjoying coverage from both arts and cryptocurrency media outlets. Block Bills comprises a visual depiction of 64 randomly chosen blocks from the bitcoin blockchain.

Mexican artist, Antonio Vega Macotela, has also recently explored cryptocurrency through art, with his installation ‘Mill of Blood‘ currently being hosted at Germany’s largest art fair, Documenta 14. Reuters reports that Mill of Blood seeks to examine “the global economy and humanity”, and encourages audience members to “push a wheel on the ‘Mill of Blood’ that produces a metallic coin and a digital bitcoin.” Macotela has described the piece as being “reminiscent of mills used in Mexico and Bolivia to mint coins, using the labor of animals and slaves.”

What do you think of artists’ attempts to represent cryptocurrency? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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Key Highlights ETH price after moving above the $310 level faced sellers and started a downside move. There are two major bearish trend lines forming with resistances as $252 and $288 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair is likely to extend its decline below the $229 low and trade … Continue reading Ethereum Price Weekly Analysis – ETH/USD Breakdown Looks Real

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First, many schools decided to stop teaching cursive since digital devices text presents in print. Now, some parents are campaigning to end handwriting lessons entirely in favor of earlier typing education. Soon enough, kids might not learn any form of writing; they’ll just speak, instead.

This might seem like a regression – after all, written language is largely believed to be what catapulted the human race forward into civilization. However, thanks to advancements in speech recognition software, returning to spoken communication only may be the next big step into the future.

The History of Speech Recognition

As is always the case with technology, the first speech recognition machines were extremely limited in what they could understand. In 1952, “Audrey” – the first ancestor to today’s “Siri” and “Alexa” – could recognize numbers when they were spoken by a single, familiar voice. Ten years later, “Shoebox” could pick out a total of 16 English words. More than 10 years after that, DARPA built “Harpy,” which had roughly the vocabulary of a 3-year-old – but could search faster and more efficiently than any system before it.

Indeed, advancements in speech recognition have largely been associated with advances in search technology and methods because speech recognition machines must be able to match perceived sounds with possible meanings exceedingly quickly. Google has excelled at producing speech recognition software for mobile devices because its core product is a powerful web search that can discern meaning regardless of spelling or ambiguous phrasing.

During the 1970s and 1980s, technological innovation in the field of speech recognition came fast and heavy. Bell Laboratories developed a system that could interpret multiple voices, and mathematicians developed a new search structure called the hidden Markov model which relied on probability of sound patterns rather than word templates. With this innovation, speech recognition machines began entering the consumer marketplace, as dictation aids (for adults) or responsive toys (for kids).

However, the systems were significantly hampered by one serious flaw in most people’s speech: poor enunciation. For machines to understand sounds, speakers had to talk unbearably slowly, which made manual writing or human-to-human dictation more practical. This slightly improved over time: In the ‘90s, “NaturallySpeaking” dictation software allowed speakers to talk at a rate of 100 words per minute. Yet, by the mid-‘00s, there was not much progress, and the demand for speech-to-text programs was low.

Until the smartphone. One of the primary restraints on the development of speech recognition technology was the availability of speech data, so machines had little information to help them learn what speakers were probably saying. With smartphones, Google and other speech recognition developers gained an overabundance of data; soon, the addition of voice search on computers added to the wealth of sound files computers could analyze and use. Today, advanced voice-to-text software knows more than 230 billion words – a massive jump from the original 16.

Voice Tech of the Future

Speech recognition has improved enough to make it a useful technology for everyday life, and the masses are now clamoring for more voice-controlled options on every device. It seems that developers are complying with enthusiasm. Samsung, Apple, Google, and other smartphone and mobile device manufacturers are racing to produce the smoothest speech recognition apps on the market to help users avoid the labor of typing once and for all.

If voice technology isn’t already ubiquitous, it will be fairly soon. Speech recognition software is becoming exceedingly natural and intelligent, able to function in noisy settings, comprehending multiple languages, discerning different speakers, and responding with lifelike (and customizable) speech of its own. Alongside the development of speech recognition, engineers have worked diligently to build smart networks. Therefore, voice will be the primary means users soon use to interact and change their physical environments: close the blinds, raise the temperature, play a new song, lock the doors, etc. As processors shrink, powerful wearable tech will begin recognizing and reacting to speech. Even cars, which will soon be autonomous anyway, will likely respond to voice commands rather than diligent mechanical handling.

Voice is the oldest of humankind’s myriad tools – and it is arguably the most influential. It should come as no surprise that after centuries of emphasizing the written word, we are now returning to a natural and easy means of communicating and impacting the world around us.  

While some continue to praise Bitcoin and other cryptocurrencies as the beginning of the new world order, there are some who believe that the very digital currencies might spell doom by accelerating global warming. The dissent against Bitcoin and other PoW based cryptocurrencies is fueled by the extent of mining operations. As the mining hardware … Continue reading Cryptocurrency Electricity Requirements Surpasses Annual Energy Consumption of Few Nations

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Polish authorities, regulators, and banks issued a sweeping statement warning of the risk of bitcoin, ethereum, and other cryptocurrencies. They said these currencies are not national or legal tender and cannot be used to pay taxes. They do not fall within the guidelines provided by Polish Financial Supervision Authority. Businesses, especially, should be wary about adopting or trying to use “virtual currencies.” 

Also read: Breadwallet Boots Up The Bitcoin Therapy Hotline

The authority’s warning read, “Polish National Bank and Financial Supervision Commission report that “virtual currencies” are not issued or guaranteed by the central bank of the state, not money, ie. They are not legal tender, or currency, can not be used to pay off tax liabilities and do not meet the criterion of general acceptance in retail outlets”

The article, however, did mention that “virtual currencies” currently do not violate EU or national law. They just allegedly harbor a laundry list of risks, and people should recognize these risks before getting involved in the digital currency landscape.

Polish Authorities Outline Risks Involved with use of “Virtual Currencies”

The Polish authorities said that risk of theft is a huge problem in the space. This is especially the cause when an exchange is used to facilitate trade. “Virtual currencies” are not guaranteed by the bank either, since they are not bank deposits. The Polish authorities also said the currency is not “universally accepted” at retail outlets, and this makes it challenging to use and provides opportunities for being defrauded.

Lastly, the article said that these types of money may be nothing more than a “pyramid scheme.” In this regard, if an investor fell prey to this kind of scheme, the only kind of “protection would be criminal,” read the article. There is allegedly no legal institution that has an obligation to protect investors from this kind of dupe.

Authorities: Do Not Invest in Cryptocurrencies; Polish Bitcoin Usage

The Polish authorities say it would not be a wise investment to purchase these assets given their risk assessment. They are against using exchanges to purchase, manage, or otherwise be involved in bitcoin and other cryptocurrencies. The site even said it would be risky if investors were regulated and added:

The Polish National Bank and Financial Supervision Commission considers that buying, owning and selling “currency” of virtual entities supervised by the financial Supervision Commission would be high risk and would not provide a stable and prudent management of the financial institution.

This warning comes as more Polish restaurants and eateries have begun to accept bitcoin as a method of payment. Poland’s largest food delivery service, with 5000+ restaurants, recently started accepting the digital currency. It will be interesting to see how the general public and investors react to recent condemnations of bitcoin and other digital currencies.

What do you think about this statement from Polish regulators and bankers?  Let us know in the comments below.

Images via Shutterstock 

Bitcoin is cool, and you know everyone wants in – even the ones who say they don’t. Show the world how cutting-edge you are with a bitcoin T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow!”

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The widespread adoption of Bitcoin among the masses has made it part of the global economic system. While the number of Bitcoin users continue to grow, there is still a lack of clarity about the cryptocurrency’s status in the financial system. Countries like Japan have already assigned a legal position to Bitcoin as a currency, … Continue reading Bitcoin Can’t Be Considered as Money, Says PBOC Adviser

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Many different cryptocurrencies exist. Some of them offer solutions more innovative than others. Unfortunately, there are also a lot of copy-paste cryptocurrency projects which have little to no inherent value. Decred is one of the projects making a lot of waves lately. It is a good time to check out what Decred has to offer.

A Quick Look at Decred Under the Hood

Decred revolves around building an open and progressive cryptocurrency. Its main objective is to use a community-based governance model which is built on blockchain technology. It is also a cryptocurrency making use of a proof-of-work model, and many actively mine Decred.

The project uses a unique hybrid system, since it uses proof-of-work and proof-of-stake. Striking a consensus balance between miners and the rest of the community is not easy. Mixing PoW with PoS helps to create a robust currency. Allowing anyone in the world to participate in the project, regardless of owning expensive mining hardware makes Decred very attractive.

Decred first launched in September of 2015, and the project has built up a strong reputation within the world of cryptocurrency. This is due to its clever technical features. The internal voting system, for instance, is a big benefit for Decred users. It is a democratic way to solve any future issues on the Decred blockchain, should any arise.

Additionally, Decred provides immutable transaction hashes by separating transaction signatures from the rest of the transaction data itself. This is somewhat similar to what SegWit attempts to achieve in Bitcoin. Decred is also using Schnorr signatures, as well as the ability to sign transactions off-chain. This is where Decred has a leg up on Bitcoin, since the implementation of these kinds of features on the Bitcoin blockchain are unlikely to happen any time soon.

An incredibly useful feature is Decred’s ability to make transactions “expire” after a certain amount of time. Transactions come with their own expiration field which, if filled in, will prevent them from being included in the blockchain after a certain block height has been reached. This ensures transactions are automatically canceled if the network were to deal with confirmation delays, for example. That is a feature most Bitcoin and even Ethereum users would appreciate on their own blockchains.

Upcoming features for Decred include a stakeholder-directed DAO, decentralized control of development funds, Lightning Network support, and enhanced privacy, among other things. It is good to see the developers and community focus on new features they want implemented. All of those planned features sound exacting, and will help put Decred on the cryptocurrency map. It is a project worth following.

Cryptocurrency enthusiasts often like to compare Bitcoin and Ethereum. These are the two most popular cryptocurrencies and Ethereum is even attempting to take Bitcoin’s place as top cryptocurrency. Comparing some aspects show the strengths and weaknesses of either asset. A few of these are network transaction fees and associated transaction throughput. Currently, Ethereum processes more transactions at lower fees than Bitcoin.

Ethereum Beats Bitcoin In Transaction Throughput

Ethereum is younger than Bitcoin, so looking at things such as the total of network transactions may seem inconclusive. After all, one may assume Ethereum has far fewer transactions compared to Bitcoin. That is no longer the case and it appears the tide is shifting in favor of Ethereum.

The statistics seem to indicate the Ethereum network processed close to three times the number of transactions compared to Bitcoin on July 4th. A total of 15.16 million gas units have been processed on the network. Keep in mind the average transaction – when related to Bitcoin – would use about 21,000 gas units. Quick calculations – which need to be taken with a grain of salt – show us July 4th saw 720,000 Bitcoin-sized transactions on the Ethereum blockchain. That is a substantial amount.  

The Bitcoin network processed a total of 255,483 transactions on the same day. That puts the Ethereum network well ahead of Bitcoin. This is an interesting turn of events, but does not necessarily mean anything monumental is taking place. Fluctuations are bound to happen in any market. Some days different coins will outperform another one.

The average network transaction fee for Bitcoin on July 4th was higher compared to Ethereum’s transaction fee. This shows the Ethereum network – in its current form and on this particular day – successfully processed more Bitcoin-sized transactions than the Bitcoin network itself. Additionally, the Ethereum network processed that higher number of transactions at lower fees than Bitcoin could. Although the difference is not as big as some people would like it to be, Ethereum was a more efficient network solution than Bitcoin.

It is important to keep in mind this is only one day of comparing both ecosystems and their transaction throughput. Ethereum has seen a lot more transactions lately. This is mainly due to cryptocurrency ICOs becoming more popular. The Bitcoin network probably processes more “payment” transactions instead of ICO transactions. It appears this may give Ethereum a slight edge over Bitcoin.

This ecosystem may evolve over the coming months. Ethereum gas prices are on the rise, whereas the Bitcoin network fees are slowly coming down. If these trends continue over the next few months then Bitcoin may consolidate its foothold as top cryptocurrency for a while longer. However, both blockchains suffer from bloat and “miner spam.” Whichever of the two can scale properly first will have a competitive edge.

Lieferando, the largest food delivery platform in Germany, officially integrated Bitcoin. Users on the platform will be able to pay for food deliveries using Bitcoin.