Day: January 28, 2018

At the beginning of 2018, I wrote an article outlining a New Year’s resolution that I thought could help boost cryptocurrency adoption and awareness in 2018. Last week was the third installment of my Year of Cryptocurrency Challenge. Since I was at a conference last week, this week I tried to talk to people outside of work who knew relatively little about cryptocurrency. Remember, it’s not too late to start this challenge yourself.

TRY TO SPEAK TO AS MANY PEOPLE ABOUT CRYPTOCURRENCY AS YOU POSSIBLY CAN

This is way easier than it would have been even a year ago. At that time, everyone still thought that cryptocurrency was for the fringe of society, but now it’s becoming more mainstream. Amid the cries of “I could have gotten in before, but didn’t” and similar bemoaning, here is the best, new conversation I had this week.

While attending a friend’s birthday get-together, I was speaking with his older brother. He’s a tech geek, tinkers around with his Raspberry Pi almost constantly, and is usually pretty in the know. I’m not sure I can take credit for this one, because he approached me to talk about cryptocurrency, but let’s pretend I can. My friend’s brother works in media and has noted how digital property and IP rights can be tricky, and had heard vaguely that blockchain could potentially serve as a remedy to that. I brought up what Kodak was hoping to do with KodakOne and we talked about how cryptographic hashes on a public blockchain provide an immutable record of IP and DP data. He was quite impressed. I even convinced him that trying to spin up a Bitcoin or Dogecoin node on his Raspberry Pi might be a fun idea.

While I spoke to many more people, I don’t want to bore our readers with too much redundancy. I endeavor to keep our content fresh.

LEARN SOMETHING NEW ABOUT CRYPTO

I decided I wanted to learn more about alternative consensus algorithms this week. I decided to focus on “Proof of burn.” Proof of burn is an alternative to the previous two consensus algos. In PoB, miners send an amount of coins to a verifiable, unspendable address, “burning” them by making them irretrievable. This is often used to bootstrap new cryptocurrencies off other cryptocurrencies (or to reduce unsold supply in ICOs). Proof of burn doesn’t use up that many resources other than the underlying “fuel” that is “burned” to make transactions successful. It’s hard to burn money for an individual, so the miners still do something that is difficult, but do not consume the same amount of resources that PoW would. Computers still need to be built and electricity must power them, but they can be used for their intended purpose without advanced hardware decay.

I am not sure how effective this consensus algo would be for most projects, but it is a really interesting concept and I enjoyed diving into it further.

BE GENEROUS – GIVE AND USE YOUR COINS

This week I gave my friend a little crypto-drop for his birthday. I gave him some Dogecoin and a little bit of Bitcoin. He seemed to appreciate it, and hopefully it will help him learn a bit more about how to use cryptocurrency and the utility of the blockchain itself.

SGPay, the Southeast Asia-based blockchain and cryptocurrency wallet platform, is evolving into an Android Pay-like system for cryptocurrencies, credit cards, and digital tokens.

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Regions like South Korea and China have become completely cashless over the past few years. With near field communication (NFC)-enabled mobile devices, the vast majority of individuals in China, Japan, and South Korea have stopped using cash and credit cards, and started to utilize mobile wallets to purchase goods, services, and products.

Last month, Brad Jones of Futurism reported that cash is merely obsolete in China as the country’s people migrated over to mobile payments from traditional forms of payment processing platforms. In 2016, the mobile payment volume in China reached $5 trillion and Hong Kong-based research firm CLSA revealed that mobile payments in China are expected to reach $45 trillion within the next three years.

Mobile payment networks like Alipay have appealed to general consumers in Southeast Asia because of their convenience and low fees. Users no longer are required to carry a chunk of credit cards and stacks of cash. One mobile wallet and users can purchase anything from a cup of coffee to a ticket to the movies.

Essentially, SGPay, a blockchain-based wallet platform, is striving to become the Alipay of cryptocurrencies with a major difference: by supporting cryptocurrencies, credit cards, and digital tokens in one wallet platform. To put it simply, SGPay is Alipay with cryptocurrencies and digital tokens support, which are decentralized and exists on a peer-to-peer protocol.

The total addressable market of SGPay is in the $12 billion range, and with utilization of blockchain technology, cryptocurrencies, and digital tokens, SGPay aims to appeal to millennials and the current user base of fintech applications. This figure only includes the South East Asia Market and does not include the Asia Pacific Region SGPay is planning to expand into.

By the second half of 2018, the development team behind SGPay will list SGPay tokens on major exchanges, launch its e-wallet, e-payments function, secure strategic partnerships, and drive mainstream adoption. The listing of SGPay tokens on large-scale cryptocurrency exchanges will further increase the liquidity of SGPay tokens, improving its efficiency and accessibility.

Given that no mobile payment platform has integrated support for both cryptocurrencies and traditional means of payment like credit cards, SGPay will be the first mobile payment network that processes cryptocurrency and credit card payments on the same platform. It will also feature integration with traditional industries such as banking, insurance and travel – as well as newer ones like the bike and car sharing economy.

The crowdsale of SGPay tokens, or the initial coin offering (ICO) of SGPay begins on March 1, lasting until March 31. The project will also hold a pre-sale from February 1 to February 14, at US$0.4 per token. In total, 10 million tokens will be sold during the ICO – 2 million during the pre-sale and 8 million during the main ICO. The price for the tokens during the main ICO would be US$0.5.

A major point of criticism since the inception of cryptocurrency has involved the community surrounding and promoting the technology. From the original anarcho-capitalists of Bitcoin, to the elitist fan groups of individual altcoins, crypto enthusiasts have, in the eyes of many, contributed to an uninviting environment for the potential new recruit.

Perhaps the most prominent shortcoming of the general cryptocurrency population is the tribalistic nature surrounding certain altcoins. A number of coins embody an environment unwelcoming of, and even hostile towards, other coins and communities. While these sentiments are promoted by supporters of the coin, they are often perpetuated and rewarded by the often ill-intentioned developer team, who craft a perpetually loyal, cult-like following that is unwavering in its support for the project.

Bitcoin Cash (BCH) is an obvious example of such an environment. Across crypto and non-crypto social media circles alike, Bitcoin Cash supporters are often seen promoting their beloved currency and denouncing competing coins, primarily Bitcoin. These sentiments are promoted and perpetuated by the head of the coin, Roger Ver, through his passionate rage on social media, in interviews, and in other appearances.

However, even more striking examples can be seen across various cryptocurrency niches. Major gaming cryptocurrency communities, for example, hold distinct, polarized approaches towards one another.

The community behind EnjinCoin (ENJ) constitutes the most vengeful of all game coin communities and one of the most scathing communities overall. Talk of other gaming cryptos among ENJ supporters consists entirely of bashing and cursing, mainly focused on their primary competitor, GameCredits (GAME). Neutral and positive comments about alternative game coins, if caught by moderators, will result in a ban from community channels. Non-positive comments about ENJ itself, regardless of the intent, will similarly result in a ban. Observers of the community may suggest that the nature of the website’s user base and target market (gamers, and specifically, Minecraft players, who are primarily children and teens) support the tribalistic nature of the community.

In contrast, the GameCredits community has a much different approach towards other gaming coins. The GAME community recognizes that the focuses of their coin – e-sports, mobile gaming, and developer incentives – do not interfere with the focuses of ENJ – Minecraft and gaming communities. While this community does not endorse other coins, or encourage members to support these coins, there is no hatred towards other projects, as those other projects have different approaches and target different areas of the video game industry.

Lastly, a polar opposite approach to the EnjinCoin community can be seen in that of Chimaera (CHI). Chimaera and its community recognize the harmonious nature of different gaming cryptocurrencies, and supporters believe that in a widely adopted blockchain gaming future, these coins will coexist and even support one another in their success. For example, the NEVERDIECOIN (NDC) CEO is often found in the Chimaera Telegram channel, communicating and collaborating to aid in the success of both projects.

It would potentially be very beneficial for all cryptocurrency communities to adopt an approach similar to that of Chimaera. All communities strive to achieve the same goal, mass adoption, and through the help and support of one another, this goal can be achieved quicker and more effectively. In an ideal future of worldwide, meaningful, and daily integration of cryptocurrency, different functions and aspects of daily life will be supported by different cryptocurrencies. This can be achieved much sooner and more meaningfully through universal support fostered by the overall crypto community.

A bright future looms ahead for all cryptocurrencies in the coming years. Especially Ethereum seems to be having a pretty good day today. With the price up by over 14%, it is evident the community anticipates some big changes. With sharding and Casper on the horizon, this sentiment is more than warranted. It is still up to the developers to deliver on their initial promises. That may prove to be rather difficult, although things are progressing nicely on the testnet.

The year 2017 has been pretty solid for Ethereum. More specifically the price surpassed $1,000 for the first time last year. Ensuring this momentum carries over into the future will be rather challenging. Like any other cryptocurrency in the world, Ethereum needs to keep evolving over time. New features will be introduced in the near future. Two of the biggest developments are known as sharding and Casper.

Big Changes are Coming to Ethereum

More specifically, the deployment of sharding seems to be near. Splitting the Ethereum blockchain data into smaller parts will introduce some interesting changes. This new feature will roll out across four different stages. The first of these stages is almost complete, with stage two scheduled to finalize in early March 2018. Once that is completed, the team will effectively perform real-life tests of this technology. The community will keep a very close eye on these proceedings moving forward, for obvious reasons.

Additionally, Ethereum developers make some good progress on Casper, To most people, this concept is known as the impending switch to proof-of-stake. It is also a brand new consensus algorithm which is currently undergoing severe stress testing. Vitalik Buterin seems quite pleased with how things are progressing in this regard. The work is far from done, though, but the initial results seem rather promising. Casper will not be deployed anytime soon though, which is only normal.

As a result of these positive changes, the Ethereum price is on the rise again. With a strong 14% gain over the past few hours, there’s a genuine interest in this altcoin. Once all the changes have been adapted properly things will get very interesting. For now, the testing phase will continue until further notice. There are no hard deadlines to adhere to as of right now, which isn’t a bad thing. Everyone wants a properly vetted and working solution, even if it takes a bit longer to be implemented.

The post Ethereum Price Rises by 15% Amid Anticipation of Major Scaling Solutions appeared first on NewsBTC.

Zcash’s latest private Powers of Tau ceremony used nuclear waste in a small aircraft to generate random code, helping to ensure the network’s privacy.

The modern problem in the Blockchain industry seems to be the shortage of specialists. Thus there is room for a new niche- this time it’s for smart contract generation platforms. #SPONSORED

The number of use cases for blockchain is quite substantial. It is evident there are a lot of opportunities waiting to be explored. Amalto SA and ConsenSys are teaming up for a new joint venture. The goal is to use the Ethereum blockchain to automate ticket-based processes of oil and gas. It is a pretty interesting concept well worth looking into. This new venture will be known as Ondiflo and aims to revolutionize the energy industry as a whole.

Using the Ethereum blockchain for oil and gas-related services makes a lot of sense. Both Amalto SA and ConsenSys are confident this venture will be successful. As of right now, the ticketing-based processes in these industries are time-consuming and cumbersome. A more streamlined and simplified solution is of great interest to all parties involved. Ondiflo, as this venture will be called, will leverage pre-existing products developed by both companies.

Ondiflo Will Make use of Ethereum’s Blockchain

Building this new venture on the of the Ethereum blockchain will serve many purposes. It automated all steps of the order-to-cash process associated with field services. Additionally, it helps further validate the Ethereum blockchain as a powerful and scalable technology stack. It is good to see more use cases outside of the traditional financial industry in this regard. The oil and gas supply chain industry can benefit from innovative ideas like this one.

ConsenSys Founder Joe Lubin comments as follows:

“As one of our first ventures into the oil and gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation and the seamless exchange of data and immutability of their records, made possible by the Ethereum platform. Ondiflo will deliver efficiency to processes, which today are still largely manual and paper-based, like field ticketing or bill of lading, and are ready for the blockchain.”

This blockchain-based initiative provides visibility and efficiency not found in other solutions. The use of smart contracts will create a low-cost payment and supplier financing solution. Ondiflo is launched as a consortium where industry leaders can push the initial adoption forward. Key stakeholders will come together for the first meeting on February 15. From that point forward, we will know what the future will hold for this new consortium and the technology it provides.

The post Major Oil Company is Using Ethereum Blockchain to Process Gas appeared first on NewsBTC.

The U.S. National Institute of Standards and Technology has issued a blockchain report aimed to assist businesses considering adopting the technology.

Japan’s largest consumer electronics retailer Yamada Denki has partnered with the country’s largest cryptocurrency exchange Bitflyer to trial bitcoin payments. Initially, bitcoin will be accepted at two of Yamada Denki Labi stores in Tokyo, but the company plans to roll out the digital currency payment option nationwide in the future.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Yamada Denki Stores Accept Bitcoin

Japan’s largest consumer electronics retailer, Yamada Denki, has announced that it has begun trialling bitcoin payments starting on January 27. This is in partnership with Bitflyer, Japan’s largest bitcoin exchange by trading volume.

According to a guide published by Japanese mobile phone operator NTT Docomo and an independent research by a Japanese investment research service, Kenkyo Investing, “Yamada Denki is the largest home appliance and electronics chain in all of Japan.”

Yabai’s guide to Japan’s biggest electronics stores describes, “Yamada Denki is known to be Japan’s biggest electronics store that carries a large selection of products sold at reasonable prices,” adding that:

Some of their products include computers, tablets, massage chairs, cell phones, air conditioners, kitchen appliances, cameras, and home remodeling items…Most of their displayed items and old models are offered at discounted prices, making Yamada Denki one of the best places tourists can get more bang for their bucks.

For the trial, two directly operated stores have started accepting bitcoin: Yamada Denki Labi Shinjuku east exit pavilion and Concept Labi Tokyo.

The company says that these locations have many foreign visitors, making them good test locations for the digital currency integration. There is a limit of 300,000 yen (~USD$2,760) for using this payment option. To commemorate the event, Bitflyer is giving away 500 yen to the first 500 customers paying with the digital currency using Bitflyer wallet at each store.

After the two test stores, Yamada Denki aims to deploy bitcoin payments nationwide, according to Bitflyer. “Through collaboration with Yamaka Denki, we are contributing to improving the convenience of more customers in Japan and overseas,” Bitflyer commented. The exchange has recently launched in Europe.

In addition to providing an additional payment method, Yamada Denki wrote:

We will implement initiatives to improve bitcoin recognition and usage promotion.
With the introduction of bitcoin payment service, we respond to the diverse needs of our customers both in Japan and overseas. We believe that we can provide improved service and convenience.

Future Stores Could Accept Bitcoin

Yamada Denki operates stores under a few brands including Tecc Land stores, Labi stores, Yamada Mobile, and Yamada Outlet.

Tecc Land stores are often found as standalone shops across Japan. Labi stores are large-scale outlets often found in front of train stations in city centers. Yamada Mobile specializes in mobile phones and computing. According to the company’s latest statistics, there are 956 directly-operated stores as of March 2017.

In April of last year, another major electronics chain partnered with Bitflyer to accept bitcoin payments. Bic Camera also trialed the bitcoin payment method at two of its stores initially. Then in July of last year, the company announced that it was rolling out the bitcoin payment options to all of its stores. There are approximately 40 Bic Camera stores across Japan.

What do you think of Yamada Denki stores accepting bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock, Wikipedia, Touch J, Nikkei, Yamada Denki, and Bitflyer.

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The post Japan’s Largest Consumer Electronics Chain Trials Bitcoin Payments appeared first on Bitcoin News.

Defining criteria for digital asset will move forward the whole industry and simplify the jobs of investors and regulators, says Pavel Kravchenko.  

Bitcoin futures have not made an immediate impact on the market as of yet. That situation may come to change a lot sooner than people realize. Multiple hedge funds are currently looking at these futures contracts in a positive light. More specifically, new figures indicate we will see some bullish momentum affecting the market very soon. That is a more than welcome change from the current bearish sentiment haunting the market.

According to the CFTC, a shift in sentiment regarding Bitcoin futures is coming. More and more hedge funds are turning bullish on Bitcoin as we speak. This is somewhat of a surprise, as the overall market sentiment was bearish for several weeks now. Given the current Bitcoin price lull, it is evident some sort of a reprieve is needed. With hedge funds potentially providing exactly that, things will get rather interesting. A positive outlook on the Bitcoin price will have a big impact on the market over time.

Hedge Funds Turn Bullish on Bitcoin Futures

The new data paints an interesting picture for Bitcoin futures. There are still 528 short positions for CBOE’s product. However, there are 1,142 long positions in the futures market right now. This is a very powerful momentum swing no one really expected at this point in time. If these numbers are any indication, the Bitcoin price will appreciate in value over the next few weeks. Until last week, short positions outnumbered long positions by over four to one.

It is a bit unclear where this sudden change of sentiment comes from. Hedge funds have been bearish on Bitcoin for some time now. Then again, no valuable asset can be kept down in price indefinitely either. We are a long way away from Bitcoin’s current all-time high. Ever since, the market has become very volatile, leading to a near 50% price retrace. It is not unlikely the positive momentum will eventually carry Bitcoin back to that all-time high. With most regulatory developments not hindering the ecosystem in any way, the future is looking bright, for the time being.

Even so, the Bitcoin futures market is still incredibly small. The major interest enthusiasts had expected has not materialized as of today. With more long positions compared to shorts, that may change for the better as well. CBoE is only one of the multiple futures service providers on the market right now. It is unclear if the current futures-related sentiment will impact the Bitcoin price at all. Only time will tell what the future holds for the world’s leading cryptocurrency.

The post CFTC Indicates Hedge Funds Expect Bullish Bitcoin Price Momentum appeared first on NewsBTC.