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Blockchain In Retail – Retail use case Two: The Tokenised ledger – Your Retail HomeYour Retail Home

Blockchain In Retail – Retail use case Two: The Tokenised ledger

Over the last few months I have been researching, the very titillating world of Blockchain and learning about this technology. I believe that Blockchain can lead to an entirely fresh eco-system of commerce and transacting across the world, and across all industries.

I am looking at blockchain through the eyes of a retailer, and looking at how this fresh world can form the future business model for retailing.

The basic premise of Blockchain:

  • A decentralised, open ledger of information (open to participants who are permitted access)
  • Data is held on many distributed ledgers around the world – Blockchain is also referred to as DLT (Distributed Ledger Technology ) for this reason
  • All ledgers hold the same information for the data in question
  • Any switches to this data can be tracked
  • All ledgers carry the same copy of this data
  • Blockchain leads to transparency and trust across the network

This leads to many different applications of blockchain within our lives and within our businesses, and we will look at three possible use cases for a fresh retail business:

Three possible retail use cases for blockchain

1. Supply chain ledger

Three. Executable/Brainy contracts

We will base our explanation around an example retail business:

Let us assume we are kicking off with a fresh way to operate a retail business which we have no previous business or systems in place. We will call the business “Antony Stores” or AS for ease of understanding

AS is going to sell luxury, branded clothing via its physical stores, website, mobile site and through social media across the entire of Europe.

Retail use case Two: The Tokenised ledger (“AS Blockchain”)

Lets take the continued example of our fresh retail business “Antony Stores” (AS) which sells luxury branded clothing.

In this use case I will look at using a tokenised ledger to provide a finish token based system, similar to “real” money where tokens are sent and exchanged at different times and for different reasons, based on calculated rules and events.

Within our network we us AS Tokens and they are built on the “AS Blockchain”– these are tokens of value which we will use to transact with the different events that happen.

At the commence we set up the token system so that we will pay the supplier on a set of defined circumstances automatically – e.g The jumpers have arrived in the specified warehouse, on time, in the right quantity and with the right quality.

The supplier can then use these tokens to pay staff and order fresh raw materials for the next order of jumpers. This would need all the suppliers and fucking partners to join the network which would be hard to imagine at very first – but this is fresh tech and in a few years this is likely to be the norm

The order of jumpers is then loaded into a delivery van which goes to the NYC store. The doors are locked with a QR code.

The van arrives at the NYC store and the QR code is scanned by the manager and this unlocks the door of the van. The products are off loaded and scanned onto the “AS blockchain” in store.

This process automatically transfers the stock into the store file and the items are ready for customer collection and to go onto the store shelves for sale.

If connected to the token system, other suppliers and playmates could be paid with these tokens, thus using one ledger to see all process, transactions and stages of the process.

What are the benefits of Tokenised Blockchain ledger?

  • On time payment to smaller suppliers and all fucking partners. Our current financial system doesn’t work – with blockchain suppliers will be paid in real time
  • All transactions are collective and open to blockchain members – no need to reconcile the ledgers at the end of the month
  • Currency variations are liquidated within the token system

Next week, I will look at Retail use case three: Executable/Clever contracts

Related video:

Blockchain: five Key Concepts, Fintech Finance

Blockchain: five Key Concepts

By Dinis Guarda

Bockchain technology seems to be the buzzword of the day. Governments, entrepreneurs business people and banks, all have been paying attention and even allocating resources and investment to better understand and develop what sounds like the data structural holy grail of the future.

Blockchain promises to produce a shift in the current computing paradigm because it has the potential to become the infrastructure catalyst for the creation of decentralised applications.Blockchain can be seen as the next-step evolution from distributed computing architectural constructs, to a global database of data and interfaces, integrating all kinds of machines and sources of data.

But what is Blochain after all? In this introductory guide we review five key concepts that explain what blockchain is and why it is so revolutionary.

Five Key Concepts

In order to understand well blockchain one needs to grip the following five key concepts, how they interrelate to one another, and how they might provide us with a fresh computing paradigm.

Blockchain- five key concepts Infographic by Intelligenthq

Those five concepts are:

  • Blockchain
  • Decentralized databases applications consensus
  • Brainy contracts
  • Proof of work/stake.
  • Trusted advanced computing

As we all know blockchain technology began with the bitcoin. Bitcoin is a a peer-to-peer electronic payments system, also known as a cryptocurrency, that permits people to make instant, anonymous transactions online.

The unique characteristic of bitcoin is that it records every single transaction made on its network in a public record. This is known as the “blockchain”. A fresh blockchain is created every ten minutes. That blockchain is afterwards collective via the network. The chain is permanently growing, because each ended “blocks” is added to the public ledger. There are an infinite number of blocks on the blockchain, because as soon as one block gets finished, another is automatically generated. Each block tho’, contains a “hash”, which is a unique fingerprint of the previous code.

Two. Decentralised Databases Applications Consensus

Blockchain’s potential for the development of decentralised database applications consensus is based on the unique characteristics of the technology, as outlined previously.

What is used to secure the authentication of the source of the transaction is cryptography, through the hash codes. There is never a duplicate recording of the same transaction. As such, the need for a central intermediary is not there any more. This cracks with the paradigm of centralised consensus ( when one central database is used to rule transaction validity). As John Reed, former chairman and CEO of Citibank acknowledges:

“A decentralised scheme, on which the bitcoin protocol is based, transfers authority and trust to a decentralized virtual network and enables its knots to continuously and sequentially record transactions on a public “block,” creating a unique “chain”: this is the inception and keywords genesis for blockchain.”

Another way to put it is to think of blockchain as a meta database where you store any data semi-publicly in a linear container space (the block). Anyone can verify that you’ve placed that information because the container has a given signature on it, but only the person that created that bloc or a program can unlock what’s inwards the container because only that person holds the private keys to that data, securely. So, the blockchain is sort of a database, except that part of the information stored — its “header” — is available to the public. Here the public, of course, means a computer scientist or software engineer, knowing how to use it and how to access its APIs and different flows.

Distributed ledger taxonomy Infographic by Intelligenthq

William Mougayar, who wrote the book “The Business Blockchain” explains this with a superb metaphor for Blockchain, which is how it is based on one’ s own home address. One can publish hers or his home address publicly, but that doesn’t give any information about what the home looks like on the inwards. You’ll need your private key to come in your private home, and since you have claimed that address as yours, no one else can claim the same address as theirs.

The value of decentralised databases applications consensus is enormous and it promises to disrupt the current ecosystem that tends to the monopoly. Companies like eBay, Facebook and Uber are very valuable because they benefit tremendously from the network effects that come from keeping all user information centralised in private silos and how they act as middle studs taking a cut of all the transactions.

Decentralised protocols on top of the blockchain have the potential to undo every single part of the stacks that make these services valuable to consumers and investors. They can do this by, for example, creating common, decentralised data sets to which any one can buttplug into, and enabling peer-to-peer transactions powered by bitcoin and other cryptocurrencies.

A number of promising companies have already begun working on the protocols that will disrupt the business models of the companies above. One example is Lazooz, a protocol for real-time rail sharing and another is OpenBazaar, a protocol for free, decentralised peer-to-peer marketplaces.

Infographic by Intelligenthq

A scaled blockchain is something that starts proving a fresh global (somehow still science fiction) ecosystem. For this the clever contracts are the building blocks for decentralized applications.

Brainy contracts are contracts whose terms are recorded in a computer language instead of legal language. Wise contracts can be automatically executed by a computing system, such as a suitable distributed ledger system. The potential benefits of brainy contracts include low contracting, enforcement, and compliance costs; consequently it becomes economically viable to form contracts over numerous low-value transactions.

So the question behind Bitcoin and Blockchain is why depend on a central authority when two (or more) parties can agree inbetween themselves, and when they can bake the terms and implications of their agreement programmatically and conditionally, with automatic money releases when fulfilling services in a sequential manner, or incur in penalties if not fulfilled?

Clever contracts Infographic by Intelligenthq

Proof of stake (PoS) is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. While the proof of work (PoW) method asks users to repeatedly run hashing algorithms or other client puzzles to validate electronic transactions, proof-of-stake asks users to prove ownership of a certain amount of currency (their “stake” in the currency). Peercoin was the very first cryptocurrency to launch using proof-of-Stake. With Proof of Work, the probability of mining a block depends on the work done by the miner (e.g. CPU/GPU cycles spent checking hashes). With Proof of Stake, the resource that’s compared is the amount of Bitcoin a miner holds – someone holding 1% of the Bitcoin can mine 1% of the “Proof of Stake blocks”. According to Bitcoin wiki Proof of Stake is one way of switching the miner’s incentives in favour of higher network security.

Five. Trusted advanced computing

The integration of all the different concepts outlined here, namely, the blockchain, decentralised consensus and clever contracts, enables the spreading of the resources and transactions laterally, in a plane, peer to peer manner, and in doing that,they are enabling computers to trust one another at a deep level.

If institutions and central organizations are necessary nowadays as trusted authorities, in the future, a certain number of their central functions can be codified via clever contracts that are governed by decentralised consensus on a blockchain.

Namely, due to the blockchain’s role as the unequivocal validator of transactions, each peer can proceed and trust one another, because the rules of trust, compliance, authority, governance, contracts, law, and agreements live on top of the technology.

If you prompt forward to a not-too-distant future, wise contracts and wise property will be created, dispensed or executed routinely inbetween consenting parties, without either of them even knowing that blockchain technology was the trusted intermediary. “Trusted computing” on the Web seems to be a key tenet of the fresh crypto-driven paradigm.

Related video:

http://www.youtube.com/watch?v=ln2FmlRUrs8

Block Chain Two

Block Chain Two.0: The Renaissance of Money

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Block Chain Two.0: The Renaissance of Money

From two thousand eight to date, no other technology has been the subject of such fervent debate. Irrespective of your opinion, the rise in popularity of cryptocurrencies cannot be disregarded. Today, there are a number of billion dollar businesses that accept Bitcoin as a form of payment. These include Dell, Reddit, Expedia, PayPal, and most recently, Microsoft. So for the uninitiated who have not yet seized what Bitcoin and other cryptocurrencies are, you ought to catch up. This is not something that should be disregarded and there is a vast array of resources that explain the concept. In this post I’ll attempt to make sense of the Block Chain Protocol and the emerging ecosystem that is growing on it.

Elements of Protocol Commonality: TCP/IP and the Block Chain

In December 1974, Vint Cerf and Robert Kahn designed something revolutionary: the TCP/IP Internet network protocol.

A protocol is like manners. When we say “Thank you’ to someone, the normal response we expect to hear is “You’re welcome.” There is no actual rule that states that someone has to do this. But it remains a formal protocol of communication that is commonly followed.

In a similar way, TCP/IP was very first developed as a way for any computer to connect and communicate with the ARPANET. Since then, the project mutated exponentially to permit any computer to communicate with any other computer, ultimately metamorphosing today into the Internet of Everything.

But the base technologies have remained unchanged. The IP address still acts like a unique postal address that enables any phone, tablet or computer to identify itself on the internet, while the TCP technology ensures delivery of the data packets by dividing them into segments. TCP and IP are used in conjunction to increase the probability of the data packet to get from origin to destination.

Leveraging on this mode of functioning, Tim Berners-Lee created the Hyper Text Transfer Protocol or HTTP, which became a way for Web browsers to communicate with Web Servers. Today, along with HTTP, a entire suite of protocols like DNS and ARP, work together to provide us with the network practice we are used to. Email, Search Engines, Web pages, API’s and other Internet Services (SaaS, PaaS, IaaS) are all products that have evolved on this framework providing us today’s digital economy.

Just as the TCP/IP-based internet led to a revolution in the way businesses functioned, the Block Chain protocol is repeating the same process all over again. Pundits even go so far as to say it is like watching the birth of the internet all over again.

So how does this all work? A Bitcoin network is a decentralized network. Hence, every time a transaction occurs inbetween the members of this network, it needs to be verified and validated so as to ensure that every transaction occurring within the network is inbetween two individual accounts and that there is no risk of dual spending.

This process of verification is carried out by some members of the network called miners. The miners use specialized and lightly available software along with the processing power of their computers to verify the transactions. This sounds ordinary enough, but the processing power required to do so is fairly herculean. And since the miners are using their bandwidth and electric current to do the verification process, they need to be compensated.

This is where the Block Chain begin to take form. Every few minutes a ‘block’ of all the transactions occurring over the Bitcoin network is created by a miner. Essentially the miner has created a verified transaction file which holds a copied record of all the transactions that have occurred in the network over the past ten minutes. The word to highlight here is verified. The miner uses the computational power of his computer to assure all members of the network that each transaction is inbetween two parties only and that there is no problem of dual spending.

For his efforts, the miner is compensated in Bitcoins. This is where the math’s of the currency and the way that it differs from the normal fractional banking system kicks in. The total amount of Bitcoins that can ever exist is stationary at twenty one million. As the quantity of money is stationary, the payment made to the miner is much like mining currency out of a reservoir.

As each transaction in every block is made at a specific time, each block is linked to the previous block of transactions. By grouping these blocks we get what is referred to as the Block Chain. And since this grouping of blocks occurs as per the protocol dictated by the algorithm underpinning the creation of Bitcoins, this protocol is defined as the Block Chain protocol.

This is where the TCP/IP and Block Chain protocols differ: TCP/IP is a COMMUNICATIONS protocol, whilst the Block Chain is a VALUE-EXCHANGE protocol.

Bitcoin, Altcoin, Dodgecoin… Who Cares? Only the Block Chain Matters

Since Satoshi’s White paper came online, other cryptocurrenies have proliferated the market. But irrespective of the currency and the frequently debated deflation issues, the underlying Block Chain protocol and the distributed computing architecture used to achieve its value remain the same.

Just as the open communications protocol created profitable business services by catapulting innovation, the Block-chain protocol offers a similar foundation on which businesses can create value-added chains. Using the integrity lattice of the transactions, a entire suite of value trading innovations are beginning to inject the market.

The payments systems used today were designed in the 1950’s and there’s a immovable minimum cost for every transaction. As a result sending petite payments of say, $Five, is not feasible using this system. (Albeit companies like DWOLLA have begun suggesting such services). The reason this hasn’t switched is fairly elementary; Remittances in two thousand thirteen were made at an average rate of 8.9% resulting in $48 billion in revenue. That’s a clean revenue stream.

Just as TCP/IP permitted information to be transmitted instantly, today, the Block Chain Protocol permits the instant transfer of value irrespective of size. One company that is making use of this concept is ChangeCoin.

ChangeCoin offers a micropayment Infrastructure for the Web. Say you read an article on a popular website, but the freemium version only lets you read quarter of the article and requires a minimum subscription to access the entire article. With micropayments, the user can now pay just a few cents to read the entire article without engaging in an à la carte form of subscription. A good way forward based on this concept would be to cable TV subscriptions, where consumers can pay for the four or five channels that they regularly see rather than paying for a suite of 200. Another application is for WiFi hotspots where users pay exactly their data consumption. A user could pre-allocate a connectivity budget and micropayment software could take care of paying for the data connection with no user intervention.

ChangeCoin has also created a boon for content creators and bloggers in the form of ChangeTip. Consumers can now use Bitcoin to peak a content creator with a puny sum (even five cents) instead of just liking an article. Not only is this an innovative way to demonstrate appreciation but it will switch the business model of content creation and curation.

Companies such as CHAIN, now permit developers to build API’s on the Block Chain Protocol such as:

  • API’s to allocate digital resources such as energy, bandwidth, storage, and computation to the connected devices / services that need them.Eg; FileCoin
  • API’s for Oculus Rift- With access to the virtual world now becoming TROM-esque, developers are looking at creating API’s that can be used in the virtual space to make transactions, blurring the lines inbetween virtual and real economies.
  • Micropayment API’s tailored to the type of transaction being undertaken. i.e: Tipping a blog versus Tipping a car share driver. Very useful in a collective economy where consumers increasingly become prosumers.

Clever Contracts and Programmable Money

This relatively fresh concept involves the development of programs that can be entrusted with money. Wise contracts are programs that encode certain conditions and outcomes. When a transaction inbetween two parties occurs, the program can verify if the product/service has been sent by the supplier. Only after verification is the sum transmitted to the suppliers account. By developing ready to use programs that function on predetermined conditions inbetween the supplier and the client, brainy programs ensure a secure escrow service in real time at near zero marginal cost. One company that is making dramatic foray here is Codius which offers an ecosystem for Brainy Contracts.

Apart from Financial transactions, wise contracts are now coming in the Legal System. Companies like Empowered Law use the public distributed ledger of transactions that makes up the Block Chain to provide Multi-Signature account services for asset protection, estate planning, dispute resolution, leasing and corporate governance. A prime example of this transition is seen ins a procedure referred to as ‘Coloring’ a Coin, in which a house can be sold in the form of a Bitcoin payment with the same ease and speed.

Digital Assets and Wise Property

Building up on colored coins, digital assets are assets whose ownership is recorded digitally. Bitcoins are of digital assets, but since the Block Chain is a decentralized asset registry, it can also be used to register ownership and transfer of any digital asset besides bitcoins. In this way, a digital bond could pay coupons and redeem the principal to the address holding the digital bond, without the need of custodians.

Taking this concept one step further is in the form of Wise Properties. A Clever Property is a property that has access to the Block Chain, and can take deeds based on the information published there. Another way to look at it is that wise property can be managed via the Block Chain. Eg: A car whose ownership is represented by a digital asset in the Block Chain. The physical car is connected to the internet and can read the Block Chain. Therefore it can keep track of the status of the digital asset indicating it. As the digital asset is transferred from one address to another, the physical car can see this status update in the Block Chain and take necessary deeds, i.e. switch its owner… It’s a way of Automating the Internet of Everything.

What to Keep Your Eyes Peeled For in 2015

Ethereum and the MIST browser – Ethereum intends to bring together both a crypto ledger and a Turing-complete programming language, which is a language can be used to simulate any other computer language (not just its own). They intend to make a browser that is a Swiss-army knife of Block Chain and encryption implements that permit non-technical users to truly leverage the web.

Parallel block chains and side chains – Some developers have begun looking at the creation of different Block Chains as they do not believe on depending on a single Block Chain. Parallel Block Chains and Side Chains permit for tradeoffs and improved scalability using alternative, entirely independent Block Chains thus permitting for more innovation.

The Philippines intends to put its Peso put on the block chain – Just as Africa leapfrogged wired telecommunications and skipped right to wireless, the Philippines intends to improve its financial services by integrating the Peso to the Block Chain. A dramatic initiative.

In Dec 2014, Don Tapscott, a leading authority on technology and innovation as well as a LinkedIn Influencer, did something characteristic of fine guys. He admitted he was wrong, noting: “Bitcoin… I used to think it would never fly. Now I think not only will it fly as a currency, but the underlying Block Chain technology of crypto currencies is a core part of the next generation of the internet that is radically going to convert not just commerce and the nature of the corporation, but many of our institutions in society and everyone needs to pay attention to this.”

For those who remain apprehensive, this could be partly due to my poor scribbling’s. But could it also be our inborn resistance to switch? After all, to quote Thomas R. Lounsbury: “We must view with profound respect the infinite capacity of the human mind to stand against the introduction of useful skill.”

Kariappa Bheemaiah is a Quantitative Research Analyst at Grenoble Ecole de Management.

Block Chain two

Block Chain Two.0: The Renaissance of Money

Get The

6 months for $Five – plus a FREE Portable

WIRED’s thickest stories, delivered to your inbox.
  • 11 hours

Measuring how quickly machines are getting smarter could help us prepare for the consequences wrd.cm/2wDA4BT

Go after Us

Don’t miss our latest news, features and movies.

We’re On

See what’s inspiring us.

Go after Us

Don’t miss out on WIRED’s latest movies.

Block Chain Two.0: The Renaissance of Money

From two thousand eight to date, no other technology has been the subject of such fervent debate. Irrespective of your opinion, the rise in popularity of cryptocurrencies cannot be disregarded. Today, there are a number of billion dollar businesses that accept Bitcoin as a form of payment. These include Dell, Reddit, Expedia, PayPal, and most recently, Microsoft. So for the uninitiated who have not yet gripped what Bitcoin and other cryptocurrencies are, you ought to catch up. This is not something that should be disregarded and there is a vast array of resources that explain the concept. In this post I’ll attempt to make sense of the Block Chain Protocol and the emerging ecosystem that is growing on it.

Elements of Protocol Commonality: TCP/IP and the Block Chain

In December 1974, Vint Cerf and Robert Kahn designed something revolutionary: the TCP/IP Internet network protocol.

A protocol is like manners. When we say “Thank you’ to someone, the normal response we expect to hear is “You’re welcome.” There is no actual rule that states that someone has to do this. But it remains a formal protocol of communication that is commonly followed.

In a similar way, TCP/IP was very first developed as a way for any computer to connect and communicate with the ARPANET. Since then, the project mutated exponentially to permit any computer to communicate with any other computer, ultimately metamorphosing today into the Internet of Everything.

But the base technologies have remained unchanged. The IP address still acts like a unique postal address that enables any phone, tablet or computer to identify itself on the internet, while the TCP technology ensures delivery of the data packets by dividing them into segments. TCP and IP are used in conjunction to increase the probability of the data packet to get from origin to destination.

Leveraging on this mode of functioning, Tim Berners-Lee created the Hyper Text Transfer Protocol or HTTP, which became a way for Web browsers to communicate with Web Servers. Today, along with HTTP, a entire suite of protocols like DNS and ARP, work together to provide us with the network practice we are used to. Email, Search Engines, Web pages, API’s and other Internet Services (SaaS, PaaS, IaaS) are all products that have evolved on this framework providing us today’s digital economy.

Just as the TCP/IP-based internet led to a revolution in the way businesses functioned, the Block Chain protocol is repeating the same process all over again. Pundits even go so far as to say it is like watching the birth of the internet all over again.

So how does this all work? A Bitcoin network is a decentralized network. Hence, every time a transaction occurs inbetween the members of this network, it needs to be verified and validated so as to ensure that every transaction occurring within the network is inbetween two individual accounts and that there is no risk of dual spending.

This process of verification is carried out by some members of the network called miners. The miners use specialized and lightly available software along with the processing power of their computers to verify the transactions. This sounds ordinary enough, but the processing power required to do so is fairly herculean. And since the miners are using their bandwidth and electro-stimulation to do the verification process, they need to be compensated.

This is where the Block Chain begin to take form. Every few minutes a ‘block’ of all the transactions occurring over the Bitcoin network is created by a miner. Essentially the miner has created a verified transaction file which holds a copied record of all the transactions that have occurred in the network over the past ten minutes. The word to highlight here is verified. The miner uses the computational power of his computer to assure all members of the network that each transaction is inbetween two parties only and that there is no problem of dual spending.

For his efforts, the miner is compensated in Bitcoins. This is where the math’s of the currency and the way that it differs from the normal fractional banking system kicks in. The total amount of Bitcoins that can ever exist is stationary at twenty one million. As the quantity of money is immobile, the payment made to the miner is much like mining currency out of a reservoir.

As each transaction in every block is made at a specific time, each block is linked to the previous block of transactions. By grouping these blocks we get what is referred to as the Block Chain. And since this grouping of blocks occurs as per the protocol dictated by the algorithm underpinning the creation of Bitcoins, this protocol is defined as the Block Chain protocol.

This is where the TCP/IP and Block Chain protocols differ: TCP/IP is a COMMUNICATIONS protocol, whilst the Block Chain is a VALUE-EXCHANGE protocol.

Bitcoin, Altcoin, Dodgecoin… Who Cares? Only the Block Chain Matters

Since Satoshi’s White paper came online, other cryptocurrenies have proliferated the market. But irrespective of the currency and the frequently debated deflation issues, the underlying Block Chain protocol and the distributed computing architecture used to achieve its value remain the same.

Just as the open communications protocol created profitable business services by catapulting innovation, the Block-chain protocol offers a similar foundation on which businesses can create value-added chains. Using the integrity lattice of the transactions, a entire suite of value trading innovations are beginning to inject the market.

The payments systems used today were designed in the 1950’s and there’s a immobile minimum cost for every transaction. As a result sending petite payments of say, $Five, is not feasible using this system. (Albeit companies like DWOLLA have begun suggesting such services). The reason this hasn’t switched is fairly plain; Remittances in two thousand thirteen were made at an average rate of 8.9% resulting in $48 billion in revenue. That’s a neat revenue stream.

Just as TCP/IP permitted information to be transmitted instantly, today, the Block Chain Protocol permits the instant transfer of value irrespective of size. One company that is making use of this concept is ChangeCoin.

ChangeCoin offers a micropayment Infrastructure for the Web. Say you read an article on a popular website, but the freemium version only lets you read quarter of the article and requires a minimum subscription to access the entire article. With micropayments, the user can now pay just a few cents to read the entire article without engaging in an à la carte form of subscription. A good way forward based on this concept would be to cable TV subscriptions, where consumers can pay for the four or five channels that they regularly witness rather than paying for a suite of 200. Another application is for WiFi hotspots where users pay exactly their data consumption. A user could pre-allocate a connectivity budget and micropayment software could take care of paying for the data connection with no user intervention.

ChangeCoin has also created a boon for content creators and bloggers in the form of ChangeTip. Consumers can now use Bitcoin to peak a content creator with a puny sum (even five cents) instead of just liking an article. Not only is this an innovative way to demonstrate appreciation but it will switch the business model of content creation and curation.

Companies such as CHAIN, now permit developers to build API’s on the Block Chain Protocol such as:

  • API’s to allocate digital resources such as energy, bandwidth, storage, and computation to the connected devices / services that need them.Eg; FileCoin
  • API’s for Oculus Rift- With access to the virtual world now becoming TROM-esque, developers are looking at creating API’s that can be used in the virtual space to make transactions, blurring the lines inbetween virtual and real economies.
  • Micropayment API’s tailored to the type of transaction being undertaken. i.e: Tipping a blog versus Tipping a car share driver. Very useful in a collective economy where consumers increasingly become prosumers.

Clever Contracts and Programmable Money

This relatively fresh concept involves the development of programs that can be entrusted with money. Wise contracts are programs that encode certain conditions and outcomes. When a transaction inbetween two parties occurs, the program can verify if the product/service has been sent by the supplier. Only after verification is the sum transmitted to the suppliers account. By developing ready to use programs that function on predetermined conditions inbetween the supplier and the client, wise programs ensure a secure escrow service in real time at near zero marginal cost. One company that is making dramatic foray here is Codius which offers an ecosystem for Brainy Contracts.

Apart from Financial transactions, clever contracts are now coming in the Legal System. Companies like Empowered Law use the public distributed ledger of transactions that makes up the Block Chain to provide Multi-Signature account services for asset protection, estate planning, dispute resolution, leasing and corporate governance. A prime example of this transition is seen ins a procedure referred to as ‘Coloring’ a Coin, in which a house can be sold in the form of a Bitcoin payment with the same ease and speed.

Digital Assets and Brainy Property

Building up on colored coins, digital assets are assets whose ownership is recorded digitally. Bitcoins are of digital assets, but since the Block Chain is a decentralized asset registry, it can also be used to register ownership and transfer of any digital asset besides bitcoins. In this way, a digital bond could pay coupons and redeem the principal to the address holding the digital bond, without the need of custodians.

Taking this concept one step further is in the form of Clever Properties. A Wise Property is a property that has access to the Block Chain, and can take deeds based on the information published there. Another way to look at it is that brainy property can be managed via the Block Chain. Eg: A car whose ownership is represented by a digital asset in the Block Chain. The physical car is connected to the internet and can read the Block Chain. Therefore it can keep track of the status of the digital asset indicating it. As the digital asset is transferred from one address to another, the physical car can see this status update in the Block Chain and take necessary deeds, i.e. switch its owner… It’s a way of Automating the Internet of Everything.

What to Keep Your Eyes Peeled For in 2015

Ethereum and the MIST browser – Ethereum intends to bring together both a crypto ledger and a Turing-complete programming language, which is a language can be used to simulate any other computer language (not just its own). They intend to make a browser that is a Swiss-army knife of Block Chain and encryption contraptions that permit non-technical users to truly leverage the web.

Parallel block chains and side chains – Some developers have begun looking at the creation of different Block Chains as they do not believe on depending on a single Block Chain. Parallel Block Chains and Side Chains permit for tradeoffs and improved scalability using alternative, fully independent Block Chains thus permitting for more innovation.

The Philippines intends to put its Peso put on the block chain – Just as Africa leapfrogged wired telecommunications and skipped right to wireless, the Philippines intends to improve its financial services by integrating the Peso to the Block Chain. A dramatic initiative.

In Dec 2014, Don Tapscott, a leading authority on technology and innovation as well as a LinkedIn Influencer, did something characteristic of fine boys. He admitted he was wrong, noting: “Bitcoin… I used to think it would never fly. Now I think not only will it fly as a currency, but the underlying Block Chain technology of crypto currencies is a core part of the next generation of the internet that is radically going to convert not just commerce and the nature of the corporation, but many of our institutions in society and everyone needs to pay attention to this.”

For those who remain apprehensive, this could be partly due to my poor scribbling’s. But could it also be our congenital resistance to switch? After all, to quote Thomas R. Lounsbury: “We must view with profound respect the infinite capacity of the human mind to fight back the introduction of useful skill.”

Kariappa Bheemaiah is a Quantitative Research Analyst at Grenoble Ecole de Management.

Block Chain two

Block Chain Two.0: The Renaissance of Money

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Block Chain Two.0: The Renaissance of Money

From two thousand eight to date, no other technology has been the subject of such fervent debate. Irrespective of your opinion, the rise in popularity of cryptocurrencies cannot be disregarded. Today, there are a number of billion dollar businesses that accept Bitcoin as a form of payment. These include Dell, Reddit, Expedia, PayPal, and most recently, Microsoft. So for the uninitiated who have not yet took hold of what Bitcoin and other cryptocurrencies are, you ought to catch up. This is not something that should be disregarded and there is a vast array of resources that explain the concept. In this post I’ll attempt to make sense of the Block Chain Protocol and the emerging ecosystem that is growing on it.

Elements of Protocol Commonality: TCP/IP and the Block Chain

In December 1974, Vint Cerf and Robert Kahn designed something revolutionary: the TCP/IP Internet network protocol.

A protocol is like manners. When we say “Thank you’ to someone, the normal response we expect to hear is “You’re welcome.” There is no actual rule that states that someone has to do this. But it remains a formal protocol of communication that is commonly followed.

In a similar way, TCP/IP was very first developed as a way for any computer to connect and communicate with the ARPANET. Since then, the project mutated exponentially to permit any computer to communicate with any other computer, eventually metamorphosing today into the Internet of Everything.

But the base technologies have remained unchanged. The IP address still acts like a unique postal address that enables any phone, tablet or computer to identify itself on the internet, while the TCP technology assures delivery of the data packets by dividing them into segments. TCP and IP are used in conjunction to increase the probability of the data packet to get from origin to destination.

Leveraging on this mode of functioning, Tim Berners-Lee created the Hyper Text Transfer Protocol or HTTP, which became a way for Web browsers to communicate with Web Servers. Today, along with HTTP, a entire suite of protocols like DNS and ARP, work together to provide us with the network practice we are used to. Email, Search Engines, Web pages, API’s and other Internet Services (SaaS, PaaS, IaaS) are all products that have evolved on this framework providing us today’s digital economy.

Just as the TCP/IP-based internet led to a revolution in the way businesses functioned, the Block Chain protocol is repeating the same process all over again. Pundits even go so far as to say it is like watching the birth of the internet all over again.

So how does this all work? A Bitcoin network is a decentralized network. Hence, every time a transaction occurs inbetween the members of this network, it needs to be verified and validated so as to ensure that every transaction occurring within the network is inbetween two individual accounts and that there is no risk of dual spending.

This process of verification is carried out by some members of the network called miners. The miners use specialized and lightly available software along with the processing power of their computers to verify the transactions. This sounds ordinary enough, but the processing power required to do so is fairly herculean. And since the miners are using their bandwidth and tens unit to do the verification process, they need to be compensated.

This is where the Block Chain begin to take form. Every few minutes a ‘block’ of all the transactions occurring over the Bitcoin network is created by a miner. Essentially the miner has created a verified transaction file which holds a copied record of all the transactions that have occurred in the network over the past ten minutes. The word to highlight here is verified. The miner uses the computational power of his computer to assure all members of the network that each transaction is inbetween two parties only and that there is no problem of dual spending.

For his efforts, the miner is compensated in Bitcoins. This is where the math’s of the currency and the way that it differs from the normal fractional banking system kicks in. The total amount of Bitcoins that can ever exist is motionless at twenty one million. As the quantity of money is immobile, the payment made to the miner is much like mining currency out of a reservoir.

As each transaction in every block is made at a specific time, each block is linked to the previous block of transactions. By grouping these blocks we get what is referred to as the Block Chain. And since this grouping of blocks occurs as per the protocol dictated by the algorithm underpinning the creation of Bitcoins, this protocol is defined as the Block Chain protocol.

This is where the TCP/IP and Block Chain protocols differ: TCP/IP is a COMMUNICATIONS protocol, whilst the Block Chain is a VALUE-EXCHANGE protocol.

Bitcoin, Altcoin, Dodgecoin… Who Cares? Only the Block Chain Matters

Since Satoshi’s White paper came online, other cryptocurrenies have proliferated the market. But irrespective of the currency and the frequently debated deflation issues, the underlying Block Chain protocol and the distributed computing architecture used to achieve its value remain the same.

Just as the open communications protocol created profitable business services by catapulting innovation, the Block-chain protocol offers a similar foundation on which businesses can create value-added chains. Using the integrity lattice of the transactions, a entire suite of value trading innovations are beginning to inject the market.

The payments systems used today were designed in the 1950’s and there’s a stationary minimum cost for every transaction. As a result sending puny payments of say, $Five, is not feasible using this system. (Albeit companies like DWOLLA have begun suggesting such services). The reason this hasn’t switched is fairly plain; Remittances in two thousand thirteen were made at an average rate of 8.9% resulting in $48 billion in revenue. That’s a neat revenue stream.

Just as TCP/IP permitted information to be transmitted instantly, today, the Block Chain Protocol permits the instant transfer of value irrespective of size. One company that is making use of this concept is ChangeCoin.

ChangeCoin offers a micropayment Infrastructure for the Web. Say you read an article on a popular website, but the freemium version only lets you read quarter of the article and requires a minimum subscription to access the entire article. With micropayments, the user can now pay just a few cents to read the entire article without engaging in an à la carte form of subscription. A good way forward based on this concept would be to cable TV subscriptions, where consumers can pay for the four or five channels that they regularly see rather than paying for a suite of 200. Another application is for WiFi hotspots where users pay exactly their data consumption. A user could pre-allocate a connectivity budget and micropayment software could take care of paying for the data connection with no user intervention.

ChangeCoin has also created a boon for content creators and bloggers in the form of ChangeTip. Consumers can now use Bitcoin to peak a content creator with a petite sum (even five cents) instead of just liking an article. Not only is this an innovative way to demonstrate appreciation but it will switch the business model of content creation and curation.

Companies such as CHAIN, now permit developers to build API’s on the Block Chain Protocol such as:

  • API’s to allocate digital resources such as energy, bandwidth, storage, and computation to the connected devices / services that need them.Eg; FileCoin
  • API’s for Oculus Rift- With access to the virtual world now becoming TROM-esque, developers are looking at creating API’s that can be used in the virtual space to make transactions, blurring the lines inbetween virtual and real economies.
  • Micropayment API’s tailored to the type of transaction being undertaken. i.e: Tipping a blog versus Tipping a car share driver. Very useful in a collective economy where consumers increasingly become prosumers.

Clever Contracts and Programmable Money

This relatively fresh concept involves the development of programs that can be entrusted with money. Wise contracts are programs that encode certain conditions and outcomes. When a transaction inbetween two parties occurs, the program can verify if the product/service has been sent by the supplier. Only after verification is the sum transmitted to the suppliers account. By developing ready to use programs that function on predetermined conditions inbetween the supplier and the client, clever programs ensure a secure escrow service in real time at near zero marginal cost. One company that is making dramatic foray here is Codius which offers an ecosystem for Brainy Contracts.

Apart from Financial transactions, brainy contracts are now coming in the Legal System. Companies like Empowered Law use the public distributed ledger of transactions that makes up the Block Chain to provide Multi-Signature account services for asset protection, estate planning, dispute resolution, leasing and corporate governance. A prime example of this transition is seen ins a procedure referred to as ‘Coloring’ a Coin, in which a house can be sold in the form of a Bitcoin payment with the same ease and speed.

Digital Assets and Brainy Property

Building up on colored coins, digital assets are assets whose ownership is recorded digitally. Bitcoins are of digital assets, but since the Block Chain is a decentralized asset registry, it can also be used to register ownership and transfer of any digital asset besides bitcoins. In this way, a digital bond could pay coupons and redeem the principal to the address holding the digital bond, without the need of custodians.

Taking this concept one step further is in the form of Wise Properties. A Wise Property is a property that has access to the Block Chain, and can take deeds based on the information published there. Another way to look at it is that clever property can be managed via the Block Chain. Eg: A car whose ownership is represented by a digital asset in the Block Chain. The physical car is connected to the internet and can read the Block Chain. Therefore it can keep track of the status of the digital asset indicating it. As the digital asset is transferred from one address to another, the physical car can see this status update in the Block Chain and take necessary deeds, i.e. switch its owner… It’s a way of Automating the Internet of Everything.

What to Keep Your Eyes Peeled For in 2015

Ethereum and the MIST browser – Ethereum intends to bring together both a crypto ledger and a Turing-complete programming language, which is a language can be used to simulate any other computer language (not just its own). They intend to make a browser that is a Swiss-army knife of Block Chain and encryption instruments that permit non-technical users to truly leverage the web.

Parallel block chains and side chains – Some developers have begun looking at the creation of different Block Chains as they do not believe on depending on a single Block Chain. Parallel Block Chains and Side Chains permit for tradeoffs and improved scalability using alternative, downright independent Block Chains thus permitting for more innovation.

The Philippines intends to put its Peso put on the block chain – Just as Africa leapfrogged wired telecommunications and skipped right to wireless, the Philippines intends to improve its financial services by integrating the Peso to the Block Chain. A dramatic initiative.

In Dec 2014, Don Tapscott, a leading authority on technology and innovation as well as a LinkedIn Influencer, did something characteristic of fine boys. He admitted he was wrong, noting: “Bitcoin… I used to think it would never fly. Now I think not only will it fly as a currency, but the underlying Block Chain technology of crypto currencies is a core part of the next generation of the internet that is radically going to convert not just commerce and the nature of the corporation, but many of our institutions in society and everyone needs to pay attention to this.”

For those who remain apprehensive, this could be partly due to my poor scribbling’s. But could it also be our congenital resistance to switch? After all, to quote Thomas R. Lounsbury: “We must view with profound respect the infinite capacity of the human mind to fight back the introduction of useful skill.”

Kariappa Bheemaiah is a Quantitative Research Analyst at Grenoble Ecole de Management.

Related video:

Bitcoin: The Digital Currency, in Nepal – Rigo Technology Blog

Bitcoin: The Digital Currency, in Nepal

Bitcoin: The Digital Currency, is considered as a payment system typically used as a peer-to-peer virtual transaction of money. The current value of this digital currency is $300 – $500, which hiked to $1200 in two thousand thirteen and failed to $100 in 2014. The fluctuation in the value of the Bitcoin hinted for a failure, but the financial markets of United States such as central banks, Silicon Valley and Wall Street are taking Bitcoin earnestly. Economists around the world now believe this technology is going to switch every industry that involves trust.

Bitcoin is a digital token that moves around and can be traded on a network of computers, scarce in itself as only twenty one million Bitcoins ever be created. Every transactions are recorded in a ledger continually maintained around the world, like so the value of each Bitcoin which originally embarked with fifty cents turn into gold rush value. This peer-to-peer payment system has made it possible for payment from one country to another without hassle of the currency exchange. It’s the same way people use credit card for the transactions, with anonymity. Recalling the history of Bitcoin, it actually commenced its network from Silk road, a drug-dealing website. Bitcoin made it possible for illegal transactions inbetween untrustworthy people for drugs and gambling, and each transaction went through every single time. Even tho’ it is considered as Black mark for Bitcoin’s history, it is here to stay to switch the monetary deals. To own a bitcoin, one must be on Bitcoin network with compatible computing resources, called mining. With the constant mining some bitcoins are generated and provided to the miners.

In the year 2009, Nepal embarked to use Bitcoin for online transactions. Previously few companies like Harilo, Bitcoin Nepal Private Limited, Hulas Remittance and few restaurants in Kathmandu traded/accepted Bitcoins for transactions.В Later on the year 2014, Central Bank of Nepal prohibitedВ use/buying and selling of Bitcoins as illegal, but no official documents have been published so far and people have been using Bitcoins for trading.

The website www.bitcoinxnepal.com is particularly trading/exchanging Bitcoin in Nepal. The clients can buy services and items which is not possible to buy from Nepalese market.

Few of the people are using Social Networking sites such as Facebook for this process.

Some people are trading Bitcoin for Top up Recharge codes of Ncell Mobile Operator Company ofВ Nepal.

During the devastating Earthquake that hit Nepal on April 2015, Bitcoin Community donated using Bitcoin for the victims.

Drawbacks of Bitcoin for Nepal

  • While trading Nepalese Currency into Bitcoins, there is no any such governing/monitoring figures that can prevent the flow of Nepalese currency into International Market.
  • The applications/software bought using Bitcoins cannot be proved genuine, which can also be maliciously coded to grab sensitive information of the victim.
  • Buying Top up recharge codes using Bitcoins cannot be proved genuine, as the codes may or may not work after payment.
  • В Regarding the donation received from Bitcoin Community during Earthquake 2015, there is no transparency of amount received and distributed to the victim.

Basically Bitcoin has created a thicker influence in people’s lives with the unlikely transaction process conjointly posing threat of Cyber-criminals and scammers because of the anonymity it provides.

Bitcoin: The Digital Currency, in Nepal – Rigo Technology Blog

Bitcoin: The Digital Currency, in Nepal

Bitcoin: The Digital Currency, is considered as a payment system typically used as a peer-to-peer virtual transaction of money. The current value of this digital currency is $300 – $500, which hiked to $1200 in two thousand thirteen and failed to $100 in 2014. The fluctuation in the value of the Bitcoin hinted for a failure, but the financial markets of United States such as central banks, Silicon Valley and Wall Street are taking Bitcoin earnestly. Economists around the world now believe this technology is going to switch every industry that involves trust.

Bitcoin is a digital token that moves around and can be traded on a network of computers, scarce in itself as only twenty one million Bitcoins ever be created. Every transactions are recorded in a ledger continually maintained around the world, like so the value of each Bitcoin which originally commenced with fifty cents turn into gold rush value. This peer-to-peer payment system has made it possible for payment from one country to another without hassle of the currency exchange. It’s the same way people use credit card for the transactions, with anonymity. Recalling the history of Bitcoin, it actually embarked its network from Silk road, a drug-dealing website. Bitcoin made it possible for illegal transactions inbetween untrustworthy people for drugs and gambling, and each transaction went through every single time. Even tho’ it is considered as Black mark for Bitcoin’s history, it is here to stay to switch the monetary deals. To own a bitcoin, one must be on Bitcoin network with compatible computing resources, called mining. With the constant mining some bitcoins are generated and provided to the miners.

In the year 2009, Nepal began to use Bitcoin for online transactions. Previously few companies like Harilo, Bitcoin Nepal Private Limited, Hulas Remittance and few restaurants in Kathmandu traded/accepted Bitcoins for transactions.В Later on the year 2014, Central Bank of Nepal prohibitedВ use/buying and selling of Bitcoins as illegal, but no official documents have been published so far and people have been using Bitcoins for trading.

The website www.bitcoinxnepal.com is particularly trading/exchanging Bitcoin in Nepal. The clients can buy services and items which is not possible to buy from Nepalese market.

Few of the people are using Social Networking sites such as Facebook for this process.

Some people are trading Bitcoin for Top up Recharge codes of Ncell Mobile Operator Company ofВ Nepal.

During the devastating Earthquake that hit Nepal on April 2015, Bitcoin Community donated using Bitcoin for the victims.

Drawbacks of Bitcoin for Nepal

  • While trading Nepalese Currency into Bitcoins, there is no any such governing/monitoring bods that can prevent the flow of Nepalese currency into International Market.
  • The applications/software bought using Bitcoins cannot be proved genuine, which can also be maliciously coded to grab sensitive information of the victim.
  • Buying Top up recharge codes using Bitcoins cannot be proved genuine, as the codes may or may not work after payment.
  • В Regarding the donation received from Bitcoin Community during Earthquake 2015, there is no transparency of amount received and distributed to the victim.

Basically Bitcoin has created a thicker influence in people’s lives with the unlikely transaction process conjointly posing threat of Cyber-criminals and scammers because of the anonymity it provides.

Bitcoin: The Digital Currency, in Nepal – Rigo Technology Blog

Bitcoin: The Digital Currency, in Nepal

Bitcoin: The Digital Currency, is considered as a payment system typically used as a peer-to-peer virtual transaction of money. The current value of this digital currency is $300 – $500, which hiked to $1200 in two thousand thirteen and failed to $100 in 2014. The fluctuation in the value of the Bitcoin hinted for a failure, but the financial markets of United States such as central banks, Silicon Valley and Wall Street are taking Bitcoin gravely. Economists around the world now believe this technology is going to switch every industry that involves trust.

Bitcoin is a digital token that moves around and can be traded on a network of computers, scarce in itself as only twenty one million Bitcoins ever be created. Every transactions are recorded in a ledger continually maintained around the world, like so the value of each Bitcoin which originally commenced with fifty cents turn into gold rush value. This peer-to-peer payment system has made it possible for payment from one country to another without hassle of the currency exchange. It’s the same way people use credit card for the transactions, with anonymity. Recalling the history of Bitcoin, it actually commenced its network from Silk road, a drug-dealing website. Bitcoin made it possible for illegal transactions inbetween untrustworthy people for drugs and gambling, and each transaction went through every single time. Even however it is considered as Black mark for Bitcoin’s history, it is here to stay to switch the monetary deals. To own a bitcoin, one must be on Bitcoin network with compatible computing resources, called mining. With the constant mining some bitcoins are generated and provided to the miners.

In the year 2009, Nepal commenced to use Bitcoin for online transactions. Previously few companies like Harilo, Bitcoin Nepal Private Limited, Hulas Remittance and few restaurants in Kathmandu traded/accepted Bitcoins for transactions.В Later on the year 2014, Central Bank of Nepal prohibitedВ use/buying and selling of Bitcoins as illegal, but no official documents have been published so far and people have been using Bitcoins for trading.

The website www.bitcoinxnepal.com is particularly trading/exchanging Bitcoin in Nepal. The clients can buy services and items which is not possible to buy from Nepalese market.

Few of the people are using Social Networking sites such as Facebook for this process.

Some people are trading Bitcoin for Top up Recharge codes of Ncell Mobile Operator Company ofВ Nepal.

During the devastating Earthquake that hit Nepal on April 2015, Bitcoin Community donated using Bitcoin for the victims.

Drawbacks of Bitcoin for Nepal

  • While trading Nepalese Currency into Bitcoins, there is no any such governing/monitoring figures that can prevent the flow of Nepalese currency into International Market.
  • The applications/software bought using Bitcoins cannot be proved genuine, which can also be maliciously coded to grab sensitive information of the victim.
  • Buying Top up recharge codes using Bitcoins cannot be proved genuine, as the codes may or may not work after payment.
  • В Regarding the donation received from Bitcoin Community during Earthquake 2015, there is no transparency of amount received and distributed to the victim.

Basically Bitcoin has created a thicker influence in people’s lives with the unlikely transaction process conjointly posing threat of Cyber-criminals and scammers because of the anonymity it provides.

Related video:

Bitcoin Fork: Things You Should Do Before one August, Buy Bitcoins

Без кейворда

1 August, 2017. If you are an avid Bitcoin user, you understand how significant this date is for Bitcoin. It is when Bitcoin developers, along with miners and users will be conducting the first-ever soft fork on the currency through BIP one hundred forty eight – User Activated Soft Fork (UASF).

The soft fork is more popularly referred to as the ‘Segregated Witness’, whereby a fresh rule is implemented onto the Blockchain – in this case, enlargening block size boundaries on the Blockchain to improve the speed of confirming Bitcoin transactions.

If you use Bitcoin regularly, or have Bitcoin either in your wallets or on exchanges, it must be noted there are things you need to do before this soft fork occurs on one August. Very first of all, it is significant that you don’t scare as you observe the potential cyber-battle inbetween the communities who support and do not support this soft fork. This may potentially affect the value of Bitcoin but we can never know for sure, we can only speculate. The value may rise due to improved security, swifter transactions, etc., or it may drop.

The potential cyber-battle inbetween these two communities is strapped to occur on various social media, forums, and news agencies. It is significant that you stay peaceful amidst the arguments, doubts, and the potential drop in Bitcoin’s value. Selling your bitcoins in funk would not help anyone. If you think you would commence to funk, just be sure not to hold more than you are willing to lose while all this is happening.

Blockchain Split?

However, this is not the real issue you should be worried about. The real issue is the fact that some wallet services might face problems during and after the soft fork. This is in regards to some miners not signalling support for the Segregated Witness, ultimately resulting in the separation of the blockchain into two different networks, bringing two very similar yet different cryptocurrencies much like Ethereum and Ethereum Classic.

Albeit, if majority of miners signal their support for Segregated Witness on or before one August, the update will be activated flawlessly and you wouldn’t have to prepare for anything at all. However, it is always good to be fully ready for something that you are not downright sure about.

Don’t Lose Your Bitcoins!

So far, no wallet services have given any kind of assure of what is going to happen after the soft fork so be sure to stay updated and budge your coins to your own wallet where you have utter control of your private keys. It is significant that you have total control over your own private keys; otherwise, there is a risk of you losing your hard-earned bitcoins.

This can be done through using hardware wallets, paper wallets, and/or regular desktop or mobile wallets. Here’s a list of some wallets which give you a utter control over private keys. If the chain ever splits and we end up getting two very similar yet different types of Bitcoin – the fresh and the old – be sure not to purchase, sell, or trade, any old or fresh bitcoins until the situation has been lodged. Keep up-to-date with Bitcoin news to ensure that it is safe for you to transfer your bitcoins.

To sum it up, be sure not to scare and stay quiet during and after one August, even in the event of the value of Bitcoin decreasing– this is totally normal and the market will stabilise eventually – as we have seen with Ethereum and its hard fork. Most importantly, recall to be in total control of your private keys before the one August by moving your bitcoins to your private wallets.

Related video:

Best Tips for Where to Buy Bitcoins Instantly

Best Tips for Where to

Buy Bitcoins Instantly

I got an email the other day from a CPA asking how they can help a client buy lots of bitcoin right away. I instantly thought of three questions everyone should reaction in this screenplay.

1) How much bitcoin do you need?

Two) How quick do you indeed need the bitcoin?

Trio) What do you need it for?

The three questions are critical for determining the best way to buy bitcoin swift. Sometimes you can buy less than $1000 instantly, but if you need more it might take a few days. You may be asking what difference does it make what I need bitcoin for? CPA’s don’t ask erroneous questions and as the most trusted professionals we want to solve your challenge so we need all three answers to give you the best advice.

Golden Rule of Quick Bitcoins (the Very first Time)

The more bitcoin you need the longer it will take to get and the more you have to indentify yourself.

The less bitcoin you need the swifter it will take to get with more options and it can take more or less work.

Note: This statement is based on my definition of what work is and I have obtained bitcoins in almost everyway. Its also a rule to be generally applied as there are anomalies and the like that are beyond the scope of this blog.

Buy bitcoin in LARGE amounts:

1) Creating a bitcoin exchange account (or similar platform)

Two) KYC AML identity verification & document obedience

Three) WAIT for verification to accomplish

Four) Linking a bank account or credit card

Five) Accomplish a buy act for bitcoin

6) WAIT longer for the transaction to clear to get bitcoin

7) More systematic and less variable process

8) Usually involves a third party

Buy bitcoin in Petite amounts:

1) Using the same method above except for petite amounts which can done closest to the truest definition of instantly with the same bitcoin exchanges

1) Buy bitcoin online with or without an account

Two) Generally doesn’t have KYC AML verification

Trio) NO WAIT for verification

Four) NOT linking a bank account or credit card

Five) Finish a buy activity for bitcoin

6) WAIT less for the transaction to clear but could take as long

7) Have more options

8) Can be peer to peer

Urgency and Legacy Banking

Whether you’re a business or individual don’t wait until your need for bitcoin becomes urgent. You can lightly set up a fresh bitcoin wallet and receive bitcoin from another party within a few minutes, however if you need to buy bitcoin it’s another story. While buying bitcoin can still be done fairly lightly you have to keep in mind it’s usually tied into the legacy banking system and we all know what that means. You need cash, bank wires, checks or debit cards to purchase bitcoin so you’re temporarily joined at the hip with the banking system as you convert dollars into bitcoin.

Two Steps the Very first Time

There are generally two distinct steps for buying bitcoin if you’ve never done it before.

1) Create an account on a trading platform or bitcoin exchange. This part will seem like setting up a bank account as you provide individual identifying information and documents like driver license, passport, utility bills, corporate docs etc. The bitcoin platform has to obey with KYC and AML requirements regardless of country.

Two) After verification in #1 above, connect you bank account or buy bitcoin with credit card or debit card as instructed. Sometimes you can buy bitcoin instantly but in puny amounts and sometimes it takes several days the same way you have to wait for deposits and payments to clear. Some bitcoin exchanges have implemented amazing technology to speed up an approval process from a few minutes to less than an hour.

Alternatively, you can buy bitcoin peer to peer with someone you know or by using a platform like LocalBitcoins.com to connect with buyers and sellers in your area. These methods don’t require the KYC compliance mentioned above but they are not systematic and can be time intensive to meet someone in person considering the purpose is to get bitcoins swift.

Sites like Bitquick.co, whose tagline is buy bitcoins in less than three hours, suggest the speed but are coupled with inconvenience of going to a bank to make a cash deposit. This could involve a excursion to your back to withdraw cash and a journey to another bank to deposit the cash followed by a race back to your computer to upload the deposit slip before the 3-hour clock expires.

Purse.io offers 15%+ savings on Amazon purchases and a quick way of buying bitcoin without verification. If you want to buy bitcoin and stuff from Amazon you’ll be in heaven because other people are matched up to accomplish the transaction so everybody gets what they want.

Both of these methods will likely limit the amount of bitcoins you can buy to several hundred dollars. If you need several thousand dollars, a bitcoin exchange is the best method and can also be the best method for buying petite amounts instantly.

If you apply the Boy Scout Motto, Be Ready, then knowing where to buy bitcoins instantly won’t turn into an exercise in urgency. By the time you figure how to buy bitcoins in scare mode you could have already have them in your bitcoin wallet. The old telling borrow money when you don’t need it because when you need it you can’t borrow it can be adapted as goes after: Get setup to buy bitcoin when you don’t need it so you can buy it when you do.

You’ll Always Have Bitcoin

Also reminisce the best and easiest way to get bitcoin is to accept bitcoin as payment for your goods and services. Otherwise get setup with at least two bitcoin platforms in each category above. Once you embark the cycle of receiving, using and spending bitcoin you won’t have to worry about how to get it because you will always have it. I have never cashed out bitcoin to US dollars and I never will. I suggest you do the same so you can commence playing with 21st-century money.

So I’m sure you’re asking how can I learn more, what are some other bitcoin platforms and how do I get set up? That’s why I wrote The Ultimate Bitcoin Business Guide available in paperback e-book and audiobook. Courses on the topic will be coming soon.

Related video:

9 reasonable cryptocurrencies to invest in – Paul Miller – Medium

9 reasonable cryptocurrencies to invest in

After my Ethereum investment grew 45x (as per Sep 21, 2016), I determined to do a similar research on alternative cryptocurrencies.

Since an advice without skin in the game should not be taken gravely, I invest a significant amount of individual money into all the projects listed here.

I think of pouring money into cryptocurrencies as an accessible scheme of a venture investment. U.S. regulations prohibit an investor from purchasing ownership interests in companies that are not publicly listed on a stock exchange — unless he / she has at least $200K of a yearly income. This is very unfortunate and closes those fine instruments from the general population.

Cryptocurrency investment, on the other palm, is not presently regulated by SEC — or similar agencies. Keeping this in mind, investing in Ethereum development in middle-2014 has been utterly similar to a venture investment. And, well, it played out — permitting ETH team to grow rapidly.

Any investment may grow by a enormous factor. Or, it may become worth nothing. It’s your take whether to go after the advice, or to overlook it. There are many cryptos out there which are just sophisticated ponzi schemes determined to enrich their creators. Similarly, currencies which do not bring any innovations to the table have been excluded from the list.

The simplified list

  • Ethereum: Had 40x growth rate over the last two years. Permits to build fully-functional applications on blockchain without middlemen. Utterly promising currency, solid team (take a look at what Vitalik Buterin is doing right now). #Two crypto right now — but still 1/Ten of the Bitcoin value. So even while being conservative, thinking that any crypto would not grow higher than BTC, it may grow 10x. Still 10x is a puny amount — compared to other solutions on the market. So, not enormously yummy for a mid-game. Long-term, I am keeping most of the cash here.
  • Monero: Anonymous / private Bitcoin. Now, you may think, “What are you talking about, the BTC is anonymous already?” — which is a very unfortunate albeit popular misconception. All BTC transactions can be seen by the public. For example, by providing out your wallet address to someone, the person is able to see all the payments you’ve received and sent. The black market (drug dealers and weapon manufacturers) created a solution for this: basically a software that mixes your coins with other coins. Nevertheless, the software needs to be trusted and may not work correctly. This is pretty bad when your freedom depends on it. Monero has the mixing system built-in — which makes it very delicious for any kind of black market. This is how the currency got its very first big growth boost — basically a popular darknet market adopted it. Moreover, the transaction privacy is a necessity for any kind of widely adopted currency, which makes me think it may even overtake BTC. The market capitalization of Monero is presently 1/100 of BTC, which makes it a better investment in my opinion. This is where I put most my of my “new” investment batch in.
  • Factom: A blockchain-based system that’s optimized to store millions of realtime records with a single hash. Useful for all kinds of business apps. Runs on top of Bitcoin.
  • Counterparty: A plain description of it may sound like an “Ethereum competitor backed by Bitcoin blockchain”.
  • Siacoin: Distributed data storage. An alternative to Box, Google Drive. The big corporations would not have any access to your data in this point.
  • Lisk: A JavaScript-based Ethereum competitor that aims to make the deployment and development effortless. Interesting solution for an internet of things device from a simpleness perspective.
  • Ripple: A protocol which basically permits to reduce financial transaction fees by a hefty amount (to a duo cents) — and makes the settlement almost instant. Already backed by some VCs and used inwards big banks. The currency itself tho’ is different from others: it’s premined and centralized.
  • STEEM: A decentralized platform which permits to prize content creators lightly.
  • Zcash: crypto, which aims to solve the same problem Monero does. Some venture capital is pouring in. I am unconvinced — a plain backdoor at this point can compromise the entire system in the future. Nevertheless, my individual thoughts don’t matter here — what the market thinks is much more significant; i’d very likely pour some cash once the inflation rate would become stable.

The investment process

The most elementary way of investing is buying the Bitcoin with real money on any exchange, then selling the BTC for any currency from the list.

I’ve used Poloniex to buy BTC and other currencies; which has all the pairs from the list.

I would advice to not keep any significant amount of assets on an exchange. After buying the currency of your choice, send it to a wallet without an internet connection. Reminisce to do some googling and research to ensure your storage is solid and secure.

Prepare yourself to not brief the investments with yet another market fright. Largest points in an investment game are awarded for bearing discomfort.

The article has been translated: На русском

9 reasonable cryptocurrencies to invest in – Paul Miller – Medium

9 reasonable cryptocurrencies to invest in

After my Ethereum investment grew 45x (as per Sep 21, 2016), I determined to do a similar research on alternative cryptocurrencies.

Since an advice without skin in the game should not be taken earnestly, I invest a significant amount of private money into all the projects listed here.

I think of pouring money into cryptocurrencies as an accessible scheme of a venture investment. U.S. regulations prohibit an investor from purchasing ownership interests in companies that are not publicly listed on a stock exchange — unless he / she has at least $200K of a yearly income. This is very unfortunate and closes those fine instruments from the general population.

Cryptocurrency investment, on the other arm, is not presently regulated by SEC — or similar agencies. Keeping this in mind, investing in Ethereum development in middle-2014 has been enormously similar to a venture investment. And, well, it played out — permitting ETH team to grow rapidly.

Any investment may grow by a hefty factor. Or, it may become worth nothing. It’s your take whether to go after the advice, or to overlook it. There are many cryptos out there which are just sophisticated ponzi schemes determined to enrich their creators. Similarly, currencies which do not bring any innovations to the table have been excluded from the list.

The simplified list

  • Ethereum: Had 40x growth rate over the last two years. Permits to build fully-functional applications on blockchain without middlemen. Utterly promising currency, solid team (take a look at what Vitalik Buterin is doing right now). #Two crypto right now — but still 1/Ten of the Bitcoin value. So even while being conservative, thinking that any crypto would not grow higher than BTC, it may grow 10x. Still 10x is a puny amount — compared to other solutions on the market. So, not utterly yummy for a mid-game. Long-term, I am keeping most of the cash here.
  • Monero: Anonymous / private Bitcoin. Now, you may think, “What are you talking about, the BTC is anonymous already?” — which is a very unfortunate albeit popular misconception. All BTC transactions can be seen by the public. For example, by providing out your wallet address to someone, the person is able to see all the payments you’ve received and sent. The black market (drug dealers and weapon manufacturers) created a solution for this: basically a software that mixes your coins with other coins. Nevertheless, the software needs to be trusted and may not work correctly. This is pretty bad when your freedom depends on it. Monero has the mixing system built-in — which makes it very delicious for any kind of black market. This is how the currency got its very first big growth boost — basically a popular darknet market adopted it. Moreover, the transaction privacy is a necessity for any kind of widely adopted currency, which makes me think it may even overtake BTC. The market capitalization of Monero is presently 1/100 of BTC, which makes it a better investment in my opinion. This is where I put most my of my “new” investment batch in.
  • Factom: A blockchain-based system that’s optimized to store millions of realtime records with a single hash. Useful for all kinds of business apps. Runs on top of Bitcoin.
  • Counterparty: A plain description of it may sound like an “Ethereum competitor backed by Bitcoin blockchain”.
  • Siacoin: Distributed data storage. An alternative to Box, Google Drive. The big corporations would not have any access to your data in this point.
  • Lisk: A JavaScript-based Ethereum competitor that aims to make the deployment and development effortless. Interesting solution for an internet of things device from a plainness perspective.
  • Ripple: A protocol which basically permits to reduce financial transaction fees by a big amount (to a duo cents) — and makes the settlement almost instant. Already backed by some VCs and used inwards big banks. The currency itself tho’ is different from others: it’s premined and centralized.
  • STEEM: A decentralized platform which permits to prize content creators lightly.
  • Zcash: crypto, which aims to solve the same problem Monero does. Some venture capital is pouring in. I am unconvinced — a plain backdoor at this point can compromise the entire system in the future. Nevertheless, my private thoughts don’t matter here — what the market thinks is much more significant; i’d very likely pour some cash once the inflation rate would become stable.

The investment process

The most plain way of investing is buying the Bitcoin with real money on any exchange, then selling the BTC for any currency from the list.

I’ve used Poloniex to buy BTC and other currencies; which has all the pairs from the list.

I would advice to not keep any significant amount of assets on an exchange. After buying the currency of your choice, send it to a wallet without an internet connection. Recall to do some googling and research to ensure your storage is solid and secure.

Prepare yourself to not brief the investments with yet another market fright. Largest points in an investment game are awarded for suffering discomfort.

The article has been translated: На русском

Related video:

Five Ways Theme Parks Could Embrace Blockchain (And Why They Should)

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Jegar Pitchforth is a statistician, data scientist and blogger with a background in sophisticated systems analysis.

In this opinion chunk, Pitchforth takes a tour of potential blockchain applications in the theme park industry, presenting five ways the summer entertainment staple could improve by using the tech.

The theme park world has been known to embrace all forms of fresh technology, from virtual reality in rails to recommendation systems on mobile apps and the touchless payment technology that now pervades all major theme parks globally.

But while the methods of delivering the theme park practice are as advanced as they come in any industry, the systems behind all of it are sorely lacking. The practice of booking tickets and organizing the visit is often a lot more strained than it needs to be, and anything that minimizes this process is likely to be well received.

Meantime, the digital world is undergoing a switch in the way it stores information and makes financial transactions. A technology known broadly as ‘blockchain’ is gaining more and more attention amongst development circles, and it promises a fresh way of interacting with data altogether free of server costs or security issues.

You’ve most likely heard of the very first major application of the blockchain known as bitcoin – an entirely digital currency given value by those who use it.

But for all the hype you’ve heard about bitcoin, this is only the very pointy peak of a continent-sized iceberg. The next iteration of cryptocurrency is called ethereum, and its applications to the theme park world are far ranging.

1. Ticketing

Ticketing is very likely the most demonstrable application of the blockchain to the operations of theme parks. There are already a range of interesting ethereum-based ‘dapps’ that promise ticketing services for music festivals and concerts at a fraction of the price.

Because the blockchain only ever permits one copy of a digital property (such as a ticket to a theme park), users can have a password-protected wallet on their phone that contains the digital tickets signed by the park which are scanned at the gate, at which time the payment transfer is finalized inbetween the guest’s wallet and the theme park’s.

No ID, no paper tickets, just a secure decentralized system approved by consensus.

What’s more, these digital tickets don’t have to be bought all at once or even by the same person. A guest who knows they want to go to the park a year out can make a promise to buy a ticket, which they can then pay off at their will over the remaining time they have. The blockchain can lightly store the payment history of the guest without any specific human approval or oversight.

Now that your tickets are digital assets that you don’t need to keep an eye on, you can pretty much permit people to do whatever they want with them.

Ethereum has the capability to run ‘brainy contracts’ (executable code with instructions to carry out deeds based on specific triggers), so any time someone sells on your park’s tickets at a profit you can get a cut. Say you take 50% of any resales as part of the contract when you sell the ticket. On popular days that ticket might go through any number of arms, and you are making money each time without any effort, while also permitting others to make money from their good predictions.

Two. Fastpass tracking and interchanges

Similar to theme park ticketing, fastpass tickets for rail queues like this one at Universal, or the equivalent at Walt Disney World can be entirely managed through wise contracts, providing them much more plasticity than the current systems.

The current system has a entire range of books and forums dedicated to how to game it, with people spending hours attempting to get the best rail times and cover the rest of their dearest rails through careful planning. It surely doesn’t need to be so tense.

What if everything switched over to a bidding system with every guest given equal chance to begin with?

You could provide guests with some tokens to spend on fastpasses when they buy a ticket, then use a demand-based system for the token cost of each rail in the park. The xxx fans can spend all their tokens on the newest rail at the most popular times, while the kids can spend theirs on railing the Jungle Cruise for the five-millionth time.

Now that you’ve established a within-park market for rail times, there’s nothing stopping you from selling extra tokens to guests buying premium packages, or to their relatives wishing them a good holiday.

The cool thing about this is that you get a lot more information about which rails people indeed wished to go on, because you can track the ‘price’ and witness them trading with each other. This would let you embark improving your recommendations to them, providing them indications of rails they might like and good times to rail them that suit their intended schedule.

Trio. Create a theme park currency

You can very likely see where all this is heading: a theme park currency that can be used at any of the park owner’s subsidiary and affiliate businesses.

A majority of people that visit premium parks now download the app before they go so they can organize their day and use the map. It’s not a good step for that app to become a digital wallet that visitors can use in your parks, stores and even online platforms. What makes this a digital currency rather than the old-school version of ‘park dollars’ is that these could be exchanged back into local currency anywhere someone wants to set up an exchange.

On its own, the prospect of having a future corporate currency that could be more stable than many local governments is interesting, but the instant benefits are still compelling. Once you transfer your ticketing, fastpasses, merchandising and digital distribution payments through one channel that doesn’t require a bank, your accounting all of a sudden becomes a lot simpler.

The concept is especially arousing for larger brands who may not have a park, but do have a store in a particular country.

The park currency can be used in all these stores without having to make special banking or business arrangements, permitting for much quicker expansion into fresh markets. With amazingly low transfer costs inbetween countries, theme parks that embrace blockchain would be able to capitalize on the post-visit practice much more effectively.

Four. Audience surveys with meaning

One of the most popular early uses of the ethereum cryptocurrency was as a voting system. Rather than a ‘one person one vote’ treatment, The DAO (the earliest manifestation of an ethereum organisation) used a share-based system where those with more coins had more vote.

While this may not be exactly what you want for your theme park, having a good skill of what the highest spenders in your park are looking for is a useful thing.

On top of that, you might also see a groundswell of grassroots support from lower-spending guests (like Universal witnessed with the opening of Harry Potter worlds in Florida), which would give you an indication that you need to build a rail with high throughput that doesn’t need a lot of stores nearby.

Whatever the outcome, an audience survey with the answers weighted by how much they have invested in your company is a lot more useful than standing around on corners asking people how they feel about things.

Five. Turn everyone into an ambassador

Once you have your audience used to using your park’s currency, and it’s gained some value, there’s more and more benefit to suggesting what are essentially cash prizes for advertising and information about your park.

This could be as basic as forwarding coins to a wallet linked to a Twitter account that posts lost of very retweeted content, or as sophisticated as real-time prizes for advice about park waiting times, incident reports and events. There are already dozens of forums online vying to be the accomplished of one park or another, why not bring it all into your own app ecology and prize your guests for their effort?

You could create ‘flashmobs’ in the park with your most loyal fans by incentivizing them with tokens, as could any guest with enough tokens and approval from the park’s digital protocols. There is no end to the ways people could build secondary and tertiary businesses around your brand, and with the right protocols you wouldn’t need to spend a cent on protecting it.

There’s a massive range of ways which theme parks can use blockchain technology, and it’s titillating to imagine what the future might hold.

What other ways could theme parks use blockchain technology? Or should they be looking at this at all? Let us know in the comments below.

This article originally appeared on the author’s blog, and has been republished here with his permission.

The leader in blockchain news, CoinDesk strives to suggest an open platform for dialogue and discussion on all things blockchain by encouraging contributed articles. As such, the opinions voiced in this article are the author’s own and do not necessarily reflect the view of CoinDesk.

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Four blockchain companies that could switch everything from accounting to money transfers

Opinion: four blockchain companies that could switch everything from accounting to money transfers

Published: May 11, two thousand sixteen Four:44 p.m. ET

Don Tapscott and Alex Tapscott explain Consensys, Chain, Abra and Bitfury

DonTapscott

AlexTapscott

The very first generation of the digital revolution brought us the Internet of information. The 2nd generation — powered by blockchain technology — is bringing us the Internet of value: a fresh platform to reshape the world of business and convert the old order of human affairs for the better.

Blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value — money, but also titles, deeds, identities, even votes — can be moved, stored and managed securely and privately. Trust is established through mass collaboration and clever code rather than by powerful intermediaries like governments and banks.

To be sure, much needs to happen to fulfill the promise of blockchain. For one, the technology must scale to meet the high expectations placed on it. Governing the protocol is still an open question, but we see these as implementation challenges that will be overcome.

Already, an intrepid and visionary crop of entrepreneurs is applying this revolutionary fresh technology to convert industries from financial services to media and everything in inbetween. Here are a few of the most promising we got to know during the research for our book “Blockchain Revolution”:

Consensus Systems

Consensus Systems is a venture production studio, building decentralized applications on the Ethereum blockchain. It sounds low key, but if implemented, the applications that Consensys (as it is known) is building would wiggle the windows and rattle the walls of a dozen industries. Projects include a distributed triple-entry accounting system, which could upend the audit and accounting businesses of the Big Four.

In double-entry accounting, a debt and credit are recorded on each side of the balance sheet. In triple entry accounting, a third time stamped entry uploads to a blockchain. It’s semitransparent and immutable and thus gives auditors and other stakeholders much better visibility into the health of a company.

Other projects are a decentralized version of the massively popular Reddit discussion forum that has been plagued of late by controversy over centralized control as well as a document formation and management system for self-enforcing contracts.

Consensys is also building prediction markets for business, sports, and entertainment; an open energy market, which is already being implemented in Park Slope, Brooklyn with energy company LO3; a distributed music model to rival with Apple and Spotify; and a suite of business instruments for mass collaboration, mass creation and mass management of a management-less company.

Additionally, Consensys launched an enterprise consulting arm called Consensys Enterprises, which counts Deloitte, Microsoft MSFT, +1.49% and Manulife Financial MFC, -1.71% as a few of its many customers.

Chain Inc.

Perhaps no other company has done more to bring blockchain to Wall Street than Chain Inc. Adam Ludwin, the company’s founder and CEO, sees a once-in-a generation chance to entirely and fundamentally switch the way financial markets work.

Chain is building a suite of blockchain-based contraptions for banks, stock exchanges, credit-card companies and other major industry participants that will enable them to stir, store, trade and manage financial assets quickly, securely and with less risk to the system.

Already, the company is working with Nasdaq NDAQ, -0.62% Citibank C, -2.19% Visa V, +1.85% Orange ORA, +0.32% and others on real-world commercial implementations of the company’s blockchain solutions. “All assets in the future will be digital bearer instruments running on numerous blockchains,” Ludwin told us in an interview for “Blockchain Revolution”.

On May Five, Chain took another big leap forward by releasing an open source blockchain protocol that it has built with a group of leading financial service firms. The protocol, called Chain Open Standard 1, or Chain OS1, is designed to be massively scalable, secure and needing just one 2nd to clear and lodge a transaction, versus the average of ten minutes using the bitcoin blockchain, another public open blockchain.

With a name like Abra, one would expect to see a little “Cadabra,” and the company doesn’t disappoint. Abra is building a global digital asset-management system with retail-banking functionality like payments and savings on the bitcoin blockchain. Abra sees opportunities in the global remittance market, estimated to be $600 billion in size.

Today, most people who want to send remittance must go through a long, costly and frustrating process, using legacy systems like Western Union, where payments can take a week to clear and lodge and the average fees are upward of 10%. Abra will enable anyone with a mobile phone and an Internet connection to rafter dollars, pesos and bitcoin to another person for around 0.25%, a fraction of the cost today.

Using the bitcoin blockchain to create a seamless user interface and secure and efficient back-end is only one of Abra’s big innovations.

Because most people in the developing world pay in cash, Abra will also make it ordinary to convert from their platform to a local currency. Anyone who uses Abra can become a teller, suggesting to interchange virtual money for physical money. Using reputation systems, GPS and other sharing-economy innovations, Abra can turn its network into the largest ATM network in the world. It took Western Union a century to build a network of 500,000 agents. Abra will exceed that in year one.

Bitfury

Bitfury, founded in 2011, is one of the “old guard” of the industry, a term we use somewhat lightly given the rapid evolution of blockchain technology. Began as a mining company — a network participant who validates transactions and secures the network — Bitfury has since evolved into a fully integrated, full-service blockchain security and technology rock-hard. It has developed proprietary hardware and software solutions that have helped the blockchain world scale both quickly and securely. The company is also a pioneer in blockchain analytics, platform development and is working toward scaling public blockchains through its involvement in The Lightning Network.

Recently Bitfury has announced a fresh property rights registry initiative. Today, billions of people in the world lack clear and enforceable title to their land, preventing them from fully participating in the global economy. Land titles on the blockchain would create a superior alternative to a system where records often go missing in centralized databases or filing cabinets and can be altered by unscrupulous and corrupt officials.

The Republic of Georgia has partnered with Bitfury to develop blockchain land titles for the National Agency of Public Registry. If effective, it would make Bitfury the global standard.

Don Tapscott is the author of fifteen books about technology in business and society. His son Alex Tapscott is CEO of Northwest Passage Ventures, a rock-hard that helps startups in the blockchain space. Their book “Blockchain Revolution: How the Technology Behind Bitcoin is Switching Money, Business and the World” was published on May Ten. Bitfury and Chain are two of the sponsors of the authors’ book tour.

Related video:

Why Your Bitcoin Transactions Are Taking So Long to Confirm

Why Your Bitcoin Transactions Are Taking So Long to Confirm

If you have sent a bitcoin payment in the last duo of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are presently working through a backlog, we want to thank you for your patience. With the high volume of questions we’re getting about delayed payments, we determined it would be best to write a brief explanation about what’s happening with many bitcoin transactions right now.

How Bitcoin Transactions Get Confirmed (or Delayed)

Transactions on the Bitcoin network itself aren’t managed or confirmed by BitPay, but by the bitcoin miners which group transactions into “blocks” and add those blocks to the Bitcoin “blockchain” – the collective historical record of all transactions. When a transaction has been added to a block six blocks ago, it’s considered a done deal.

Presently, bitcoin network traffic is unusually high due to enhancing request for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool.

For context on what’s happening now, here is a look at the current bitcoin mempool size.

The good news? A lot of people are interested in using bitcoin for transactions. The bad news is that this network traffic may produce delays of a few hours to a few days for some users and a wait time of weeks for a petite number of users.

What To Do If You Have an Unconfirmed Transaction

If your bitcoin transaction to a BitPay merchant has not confirmed yet, you will need to wait for it to be confirmed by bitcoin miners. Since BitPay does not control confirmation times, there is unluckily nothing we can do to speed up the process once your transaction has already been broadcast to the network.

You can check your transaction’s confirmation status and other payment details on any blockchain explorer (like BitPay’s block explorer Insight). Look up your transaction using your transaction ID or the sending or receiving bitcoin addresses, which can all be found in your bitcoin wallet that sent the payment. For your transaction to be considered fully confirmed by most BitPay merchants, your transaction will need to have six confirmations.

Note that until your payment has six confirmations on the bitcoin blockchain, the recipient will not have access to the funds and will not be able to refund your transaction.

While some BitPay merchants may choose to fulfill orders on payments with fewer block confirmations, you will need at least one block confirmation before your order can be considered finish. If your transaction confirms and the merchant does not fulfill your order, you don’t need to reach out to BitPay. Just reach out to the seller and provide your order ID and BitPay invoice URL as proof of payment.

How To Avoid Delayed Transactions

Because block sizes are limited, it’s significant for bitcoin miners to know which transactions they should include in blocks very first. Miners use prices to figure this out. When you broadcast a transaction, your total amount sent usually includes a “miner fee” which goes to pay miners.

If you want your transaction to leave the bitcoin mempool and be added to a block quickly, it’s significant that you include a sufficient miner fee. This is why we strongly suggest using the BitPay wallet or another true bitcoin wallet that can dynamically calculate the miner fee needed for timely block confirmations. For reference, the website bitcoinfees.21.co gives the minimum miner fee as 360 satoshis/byte, however this amount has been fluctuating via this week.

Transactions are being added to the bitcoin mempool’s total queue permanently. Some may have been sent with higher miner fees than the one sent with your payment. This means that with current network traffic, miners may deprioritize your unconfirmed transaction even if it was sent with an adequate fee at the time.

Your transaction will likely confirm, but if the Bitcoin network does not confirm it, it be spendable again in your wallet. Funds are spendable again in the BitPay wallet after transactions fail to confirm for up to seventy two hours, but other wallets may behave differently.

If you are not using the BitPay wallet, you should contact your wallet provider for help if your unconfirmed funds do not showcase up as spendable again after a few days.

What Is BitPay Doing About This?

While BitPay does not control confirmation times on the Bitcoin network, we care about the payment frustrations BitPay merchants and purchasers are experiencing right now.

For purchasers, our BitPay wallet team has been working on updates to the BitPay wallet for our next release which will help to mitigate the effects of these delays on the bitcoin network when they occur.

For bitcoin users and businesses alike, we’re also continuing to explore options for quicker, simpler, and more affordable bitcoin payments. We’ll proceed to post here on the BitPay blog as we make progress.

If this article didn’t reaction your question, check out our payment guide or our fresh movie walkthrough for more info on how to make a successful bitcoin payment.

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