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The mathematics behind blockchain – The Mathematical Investor

The mathematics behind blockchain

In a previous Math Investor blog, we described the emerging world of blockchain, emphasizing how it might influence the financial services and investment world. Already numerous firms, including several startup organizations, are pursuing blockchain to facilitate and streamline many types of financial transactions.

It is worth taking a brief look at the mathematics behind blockchain. The following is based in part on an article by Eric Rykwalder, one of the founders of Chain.com, a startup blockchain software hard in San Francisco.

The elliptic curve digital signature algorithm

Blockchain is basically a publicly available ledger where participants come in data and certify their acceptance of the transaction via an elliptic curve digital signature algorithm (ECDSA). An elliptic curve is an equation such as y two = x three + a x + b. In Bitcoin and most other implementations, a = zero and b = 7, so this is simply y two = x three + seven (see graph). Elliptic kinks have numerous interesting properties, such as the fact that a nonvertical line intersecting two nontangent points will always intersect a third point on the curve. Indeed, one can define “addition” on the curve as finding that third point corresponding to two given points. This is basically what is done in ECDSA, except that the operations are performed modulo some large prime number M.

In particular, in ECDSA, addition of two points (p1,p2) and (q1,q2), and the doubling of (p1,p2), are performed as goes after:

Addition of (p1,p2) and (q1,q2):

Doubling of (p1,p2):

c = (Three p1 two ) / (Two p2) mod M

Some readers will note that “division” is indicated in the very first line of each algorithm. What this means is the product, modulo M, of the expression to the left of the slash by the multiplicative inverse of the expression to the right of the slash. Since M is a prime, every nonzero integer from one to M-1 has a multiplicative inverse. For example, the multiplicative inverse of five mod seventeen is 7, because Five*7 = thirty five = one mod 17; in other words, five -1 mod seventeen = 7. In practice, these inverses are rapidly calculated by means of the Euclidean algorithm, where one accumulates the divisors in a particular way. See a note by Nick Korevaar for some examples.

One other preliminary detail is how to “multiply” in this algebraic structure, in particular to calculate an expression such as m * (p1,p2) for some integer m. This can be done by very first doubling the input (p1,p2), and then using the addition algorithm repeatedly until m copies of (p1,p2) have been added, but this of course is not practical when m and M are very large, as they are in real blockchain applications. Instead, such “multiply” operations are typically done using the binary algorithm for multiplication, which we will sketch here for ordinary integers but which can be lightly adapted to ECDSA:

To compute r = n * b mod M: Very first set t to be the largest power of two such that t is less than or equal to n, and set r = 1. Then perform:

A: If n is greater than or equal to t, set r = b + r mod M, and set n = n – t; else set t = t / Two.

B: If t is greater than or equal to one set r = two * r mod M, and go to A (if t seventeen mod ten = ((((Three two mod Ten) two mod Ten) two mod Ten) two mod Ten) * three mod ten = Trio, thus performing the exponentiation in only five multiplications mod ten instead of sixteen or 17.

Algorithm

Now we may state the ECDSA algorithm (except that we omit some relatively minor details that apply mainly to real-world implementations):

Very first, select a modulus M, a “base point” (p1,p2), and a private key k1 (integer inbetween one and M-1). These are typically selected such that the order of the base point (namely the maximum number of times (p1,p2) can be added to itself before the addition formula above fails due to zero divide) is prime and at least as large as M (this is not required but is normally done, and with this assumption the algorithm below is simpler). This often takes some experimentation, albeit practical applications can do this very rapidly.

As a concrete example, let us take M = one hundred ninety nine (which is prime), and the base point (p1,p2) = (Two,24). For this M and (p1,p2), one can calculate that the order n = 211. Then let us select as our private key k1 = 151. We very first need to calculate the public key (r1,r2) corresponding to the private key. This is done by multiplication:

where again the multiplication is done either by repeated summation or by the binary algorithm above. If we do this, we find that the public key (r1,r2) = (64,80).

Now select some data z1, say z1 = 104. We shall construct a digital signature of the data. This is done as goes after:

1. Choose some integer k2 inbetween one and n-1, where n is the order.

Two. Calculate (s1,s2) = k2 * (p1,p2). If s1 = 0, come back to step 1.

Three. Calculate s2 = (z1 + s1 * k1) / k2 mod n. If s2 = 0, come back to step 1.

Then the digital signature is (s1,s2). In our specific case, if we select k2 = 115, we calculate (s1,s2) = (99,52).

Now we can test the digital signature, as a third party might to verify that the transaction (which in this example we presume is coded in the data z1 = 104) is valid. This is done as goes after:

1. Calculate u1 = s2 -1 mod n

Two. Calculate u2 = z1 * u1 mod n

Three. Calculate u3 = s1 * u1 mod n

Four. Calculate (t1,t2) = u2 * (p1,p2) + u3 * (r1,r2)

Five. Verify that t1 = s1.

In our case, we find that the result of step four is (t1,t2) = (99,44). Since t1 = ninety nine = s1 (see above), the validity of the signature is confirmed (it is not necessary for t2 to equal s2).

We should emphasize that our example involves enormously modest-sized integers. In a real Bitcoin or blockchain application, these integers are typically two hundred fifty six bits long, dramatically enhancing the cost of performing the above operations, but, on the other forearm, very dramatically enhancing the cost required for someone to “break” the system, such as by computationally attempting to recover the private key from the public key.

Conclusion

So what conclusions can we draw from this exercise? Very first of all, it should be clear that the mathematics involved is not trivial, and the necessary computations to implement this scheme certainly are not trivial. Nonetheless what we have is an effective one-way function: it is relatively effortless to verify a signature, but it is very difficult to work back from publicly available data, such as the public key, to obtain the critical private key.

ECDSA is the essence of how both Bitcoin and other blockchain applications work. The scheme has resisted some rather extensive testing for weaknesses, both mathematically and computationally. The few failures that have occurred in practice have generally been because users were not careful in protecting their private keys, or else they used a fairly standard pseudorandom number generator to produce the private keys, which attackers then exploited.

As with all the technology we rely on in our digital age, the weakest links are users who are not careful.

Related video:

The $80 billion question: Why are Bitcoin and Ethereum growing so prompt?

Mashable

Business

A little over two months ago, Bitcoin achieved a symbolic milestone: After an intensive period of growth, the price of one Bitcoin surpassed the price of an ounce of gold.

That seems like ancient history. The price of Bitcoin has almost doubled since then and the cryptocurrency is presently trading at about $Two,200. Bitcoin’s cousin Ethereum is trading at about $180, its price enhancing by a cool 1400% in the last three months.

But is the rally over, or has it only just begun? And what has propelled the explosive growth in the very first place? In the world of cryptocurrencies, answering these questions is anything but effortless.

A fresh breed of cryptocurrencies

To embark, it’s significant to understand that Bitcoin, while still the largest cryptocurrency around, is not the only — arguably not even the thickest — driver of growth anymore. According to Coinmarketcap, the total vale of all major cryptocurrencies put together now stands at around $79 billion. Bitcoin accounts for less than half of that, with a $35 billion market cap, while Ethereum and Ripple have grown to $17 and $13 billion, respectively.

A duo of years ago, one Bitcoin was worth a little over a hundred dollars. Now, it broke the $Two,000 barrier and is growing like a weed.

The digital coin market cap is a frequently quoted number that means nothing and everything, depending on your viewpoint. If you believe that Bitcoin will ultimately substitute money, then $35 billion is pocket switch. But it may never happen, and even if it does, Bitcoin might be left behind.

Bitcoin is still by far the most promising as both a digital currency and a payment platform. But the fresh breed of digital coins are very different. Litecoin, an early Bitcoin competitor, has once again taken the spotlight after having recently adopted SegWit, a software update that solves the scaling problem that has been dividing Bitcoin’s community for years. Ethereum is a modern cryptocurrency which promises advanced features such as wise contracts. It wants to become a blockchain-based foundation for what is essentially a fresh type of internet. How’s that for ambition?

The value of (digital) money

When the price of a commodity or a stock rises, you can usually point to some sort of reason. When Apple has a good quarter, its stock price generally goes up. When catastrophe strikes, uncertainty in global markets typically increases request for what are viewed as safer investments such as gold, propelling prices upward.

But in the world of Bitcoin, the digital cryptocurrency that doubles as a decentralized payment system, you’ve got a lot less to go on.

A lot of the latest Bitcoin news wasn’t good. In April, the U.S. Securities and Exchange Commission declined a bid by the Winklevoss brothers to get their Bitcoin ETF listed on the Bats BZX exchange. The stir would have made it far lighter for the average investor to speculate on the future of Bitcoin.

And over the last duo of years, the Bitcoin community has been bitterly divided over a question on whether the size of blocks on the cryptocurrency’s blockchain — the fundamental technology upon which the Bitcoin protocol relies — should be enlargened or not (read a elementary explanation of the block size debate here).

Still, the price of Bitcoin went from toughly $400 to more than $2000 in a year, and other cryptocurrencies followed suit. Why?

So what’s happening?

Cryptocurrency experts we’ve contacted say developments in Japan are the likely cause for this latest price surge.

“The Japanese have given bitcoin the green light as a currency and are looking to increase the rigour that their exchanges are subject to,” said Charles Haytar, CEO of market analysis platform CryptoCompare. On a purely technical level, the current price differences in the Japanese markets and elsewhere suggest the possibility of arbitrage, Hayter claims, but there’s a good deal of plain old greed going on, too.

The price difference in Japan and other markets suggest the possibility of arbitrage, and some traders are taking advantage.

“Lots of inexperienced investors are surging into the market, and it’s causing a bit of a bubble,” said Hayter.

Jörg von Minckwitz, CEO of blockchain-based payment service Bitwala, points out that Ethereum has seen extra growth due to the rise of ICO (initial coin suggesting) based projects.

In other words, to invest in a fresh project, you have to buy into Ethereum.

“Many crypto projects raise money from the community to develop their projects and most of them use ETH to raise money. ETH set a standard, so it is way lighter to commence with ETH. The result is that many people buy ETH to be able to invest in the projects and many of the ICO projects hold the money afterwards in ETH. That drives the price up,” he told Mashable.

None of this, however, explains the fact that a lot of the growth happened before the developments in Japan and the onset of multi-million Ethereum-based projects. It also doesn’t give us a much better idea of realistic value of one Bitcoin or one Ether. Go to any Bitcoin-related community, and you’ll see price predictions ranging from $40,000 to zero.

While that 2nd prediction sounds dramatically pessimistic, consider this: Cryptocurrencies are very volatile. The price of Bitcoin, for example, slumped from more than a $1,100 in Dec. Two thousand thirteen to less than $200 in Jan. 2015. The most latest rise in price is not permamnent.

Most experts agree that cryptocurrencies rely powerfully on user adoption, and however crazy the market may look like now, it’s still early days for cryptocoins. Right now, it’s effortless to raise $Ten million or $20 million for your Ethereum-based business, and more businesses will flock to seize the chance.

Ten years from now, will we be receiving our paychecks in fiat, or Bitcoins?

And while broad adoption of Bitcoin as a payment platform is happening at a relatively slow rhythm, trading cryptocurrencies has gotten a lot lighter in latest years. Exchanges such as Coinbase, Kraken, and BitStamp now let you turn dollars and euros into BTC and ETH. This has certainly propelled some of the market’s growth; when you see something increase in value tenfold within a month, you want to be a part of the activity.

The question is: how far will the price go?

Is it time to dive in, or rush out?

Predicting the price switches in any market is rough; the old advice from the likes of Warren Buffett says you should put your money in a stock index fund and let the experts trade, as the short-term movements of the market are amazingly difficult to predict.

When I commenced writing this article on Friday, the market cap of all cryptocurrencies was $63 billion. It took one weekend for the market to add $16 billion in value.

It’s even tougher to predict a very volatile market such as cryptocurrencies. Add to that the relative youth of all the exchanges you can trade on, and the dangers are even thicker: If the price of Bitcoin starts falling rapidly, don’t count on stop-loss measures to save you from emerging doom.

Both Hayter and von Minckwitz agree that in short-term the prices in the cryptocurrency markets are overvalued, but they are positive about long-term growth. Hayter is a bit more pessimistic, tho’, comparing some of the Ethereum-based ICOs to the South Sea Bubble (referring to the British South Sea Company, whose stock price rose sharply in the early 18th century before it collapsed).

“I would not advise anyone to buy (cryptocoins) right now. I’m worried that the lack of rationality at this point might hurt the market,” said Hayter.

For an illustration of this lack of rationality, consider this: When I embarked writing this article on Friday, the market cap of all cryptocurrencies was $63 billion. It took one weekend for the market to add $16 billion in value. Eat that, Uber.

That said, one way to look at cryptocurrencies is to read up, and make an informed decision on their long-term prospects. Is Bitcoin just a fad? If so, it might already be overrated. But if you think that this technology could switch the way money — or the entire Internet — works, there’s slew room for growth in the future.

DISCLAIMER: The author of this article wields BTC, ETH, and ZEC.

Related video:

Take a closer look at Blockchain technology (Infographic) – Vox Creative

Take a closer look at Blockchain technology (Infographic)

This feature was produced in collaboration inbetween Vox Creative and Pricewaterhouse Coopers. Vox Media editorial staff was not involved in the creation or production of this content.

There’s been a lot of noise recently about bitcoin, blockchain, and cryptocurrency. Some of it is hype, but some of it points to significant compels in the financial services industry. So what does it all mean?

Let’s commence with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption mechanisms to control the creation of monetary units and to verify the transfer of funds.

Blockchain also has potential applications far beyond bitcoin and cryptocurrency. Blockchain is, fairly simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology permits market participants to transfer assets across the Internet without the need for a centralized third party.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the capability to improve the business processes that occur inbetween companies, radically lowering the “cost of trust.” For this reason, it may suggest significantly higher comes back for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.

When a technology moves so quickly, it’s dangerous to sit on the sidelines. We’re watching blockchain stir from a startup idea to an established technology in a little fraction of the time it took for the Internet or even the PC to be accepted as a standard implement. Blockchain technology could result in a radically different competitive future for the financial services industry.

Want to dive a little deeper? Here are four resources to help you better understand these switches and what they mean for both businesses and consumers:

Learn about cryptocurrency — Where it came from, how much consumers know about it and use it, what it will take for the market to grow, and what the regulators think. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected.

Get up to speed on blockchain — See the innovative uses of blockchain already being implemented by financial institutions and find an overview of the challenges and opportunities that blockchain presents for the industry.

Peek into blockchain’s future — Learn about the trends that will form how blockchain technology will be used and developed. From financial institutions needing to think about protecting their intellectual property to a shakeout in venture capital funding.

Consider the business implications — Examine the potential benefits of this significant innovation. Explore how others might attempt to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead.

© two thousand sixteen PwC. All rights reserved. PwC refers to the US member hard or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member rigid is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

This feature was produced in collaboration inbetween Vox Creative and Pricewaterhouse Coopers. Vox Media editorial staff was not involved in the creation or production of this content.

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Storj – Decentralized Cloud Storage

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“As a seed investor, we were more than glad to join the next round for Storj with a excellent line up of co-investors. We want storing files to be cheaper, quicker and more secure and the progress the team has made towards that mission has been phenomenal to see. We are looking forward to putting more and more of our documents on the Blockchain thanks to Storj.”

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Storj – Decentralized Cloud Storage

Distributed Encrypted Open-Source Sustainable The Future of

Blockchain-based, end-to-end encrypted, distributed object storage, where only you have access to your data.

Sign Up Now Get 25GB free for the very first twelve months!

End-to-End Encryption

Blazing Rapid

Higher Availability

How does it work?

Witness this elementary one-minute movie explainer for Storj.

Elementary pricing

Pay only for what you use. No setup fees, no minimum usage.

$0.015 per GB per month

$0.05 per GB downloaded

Free & Open-Source Software

We are sultry about decentralization, and we love free and open-source software. Our mission is to rethink cloud storage, to provide the security, privacy, and transparency it’s missing. That’s why we are building an open-source cloud platform, that aim to fundamentally switch the way people and devices own data. We welcome your feedback, bug reports, and pull requests.

Anand Babu Periasamy

“Storj is like an Internet filesystem. Data blocks are encrypted and distributed across a globally distributed set of storage knots using block-chain algorithm. It is fairly extraordinaire and much needed innovation in the storage space.”

Vitalik Buterin

“Decentralized file storage systems like Storj have the potential to eliminate high markup costs and market inefficiencies and provide a much higher level of privacy, reliability and quality of service than we see today.”

Tyler Scriven

“The power of the Storj platform is its unique capability indiscriminately utilize the free capacity of a storage knot, whether a single end-user PC or a massive data center. Storj is bringing an unprecedented degree of efficiency to globally distributed data storage.”

Pavel Cherkashin

“Storj is a unique market phenomena. It sets fresh standards of unit economics for distributed data storage.”

Simon Dixon

“As a seed investor, we were more than blessed to join the next round for Storj with a good line up of co-investors. We want storing files to be cheaper, swifter and more secure and the progress the team has made towards that mission has been phenomenal to see. We are looking forward to putting more and more of our documents on the Blockchain thanks to Storj.”

Chris Dannen

“I believe that Storj Labs is one of the most established blockchain-based enterprise plays today.”

Get embarked with Storj

Create your very first bucket in less than sixty seconds.

Storj – Decentralized Cloud Storage

Distributed Encrypted Open-Source Sustainable The Future of

Blockchain-based, end-to-end encrypted, distributed object storage, where only you have access to your data.

Sign Up Now Get 25GB free for the very first twelve months!

End-to-End Encryption

Blazing Quick

Higher Availability

How does it work?

Witness this elementary one-minute movie explainer for Storj.

Elementary pricing

Pay only for what you use. No setup fees, no minimum usage.

$0.015 per GB per month

$0.05 per GB downloaded

Free & Open-Source Software

We are sultry about decentralization, and we love free and open-source software. Our mission is to rethink cloud storage, to provide the security, privacy, and transparency it’s missing. That’s why we are building an open-source cloud platform, that aim to fundamentally switch the way people and devices own data. We welcome your feedback, bug reports, and pull requests.

Anand Babu Periasamy

“Storj is like an Internet filesystem. Data blocks are encrypted and distributed across a globally distributed set of storage knots using block-chain algorithm. It is fairly awesome and much needed innovation in the storage space.”

Vitalik Buterin

“Decentralized file storage systems like Storj have the potential to eliminate high markup costs and market inefficiencies and provide a much higher level of privacy, reliability and quality of service than we see today.”

Tyler Scriven

“The power of the Storj platform is its unique capability indiscriminately utilize the free capacity of a storage knot, whether a single end-user PC or a massive data center. Storj is bringing an unprecedented degree of efficiency to globally distributed data storage.”

Pavel Cherkashin

“Storj is a unique market phenomena. It sets fresh standards of unit economics for distributed data storage.”

Simon Dixon

“As a seed investor, we were more than glad to join the next round for Storj with a fine line up of co-investors. We want storing files to be cheaper, quicker and more secure and the progress the team has made towards that mission has been phenomenal to see. We are looking forward to putting more and more of our documents on the Blockchain thanks to Storj.”

Chris Dannen

“I believe that Storj Labs is one of the most established blockchain-based enterprise plays today.”

Get began with Storj

Create your very first bucket in less than sixty seconds.

Storj – Decentralized Cloud Storage

Distributed Encrypted Open-Source Sustainable The Future of

Blockchain-based, end-to-end encrypted, distributed object storage, where only you have access to your data.

Sign Up Now Get 25GB free for the very first twelve months!

End-to-End Encryption

Blazing Quick

Higher Availability

How does it work?

Observe this elementary one-minute movie explainer for Storj.

Ordinary pricing

Pay only for what you use. No setup fees, no minimum usage.

$0.015 per GB per month

$0.05 per GB downloaded

Free & Open-Source Software

We are sultry about decentralization, and we love free and open-source software. Our mission is to rethink cloud storage, to provide the security, privacy, and transparency it’s missing. That’s why we are building an open-source cloud platform, that aim to fundamentally switch the way people and devices own data. We welcome your feedback, bug reports, and pull requests.

Anand Babu Periasamy

“Storj is like an Internet filesystem. Data blocks are encrypted and distributed across a globally distributed set of storage knots using block-chain algorithm. It is fairly extraordinaire and much needed innovation in the storage space.”

Vitalik Buterin

“Decentralized file storage systems like Storj have the potential to eliminate high markup costs and market inefficiencies and provide a much higher level of privacy, reliability and quality of service than we see today.”

Tyler Scriven

“The power of the Storj platform is its unique capability indiscriminately utilize the free capacity of a storage knot, whether a single end-user PC or a massive data center. Storj is bringing an unprecedented degree of efficiency to globally distributed data storage.”

Pavel Cherkashin

“Storj is a unique market phenomena. It sets fresh standards of unit economics for distributed data storage.”

Simon Dixon

“As a seed investor, we were more than blessed to join the next round for Storj with a excellent line up of co-investors. We want storing files to be cheaper, quicker and more secure and the progress the team has made towards that mission has been phenomenal to observe. We are looking forward to putting more and more of our documents on the Blockchain thanks to Storj.”

Chris Dannen

“I believe that Storj Labs is one of the most established blockchain-based enterprise plays today.”

Get commenced with Storj

Create your very first bucket in less than sixty seconds.

Related video:

Simply WOW: $Ten, zero Bitcoin Investment in two thousand ten Now Worth $200 Million, Gold $9, 900

Simply WOW: $Ten,000 Bitcoin Investment in two thousand ten Now Worth $200 Million, Gold $9,900

Over the past seven years, Bitcoin experienced a meteoric rise in terms of market cap, user base and value, while gold failed to live up to the expectations of its investors.

Both Bitcoin and gold are considered prominent stores of value and safe haven assets. However, over the past seven years, one experienced a meteoric rise in terms of market cap, user base and value, while the other failed to live up to the expectations of its investors.

All hail the early Bitcoin investors

On May 13, StockTwits, the world’s largest financial communications platform for the investing community, exposed one of its users’ growth chart comparing various currencies, bonds and assets. In it, a StockTwits user by the name of Charlie Bilello noted that a $Ten,000 investment in Bitcoin made in July two thousand ten would have earned investors a $200 mln come back.

To be exact, a Bitcoin investor who purchased $Ten,000 worth of Bitcoin in two thousand ten would have earned $201.56 mln.

In contrast, an investor who purchased $Ten,000 worth of gold in two thousand ten would have experienced a negative come back of $9,981.

Gold is widely regarded as a safe haven asset, which by definition means an investment that retains or increases its value amidst market turbulence and economic certainty, over time. In the past seven years, gold hasn’t met either of the two descriptions. Gold has failed to sustain its value over a seven-year period and has failed to see an increase in its value. Thus, whether gold can still be considered as a safe haven asset is fairly unclear.

Since July of 2010, Bitcoin has significantly outperformed the Japanese yen, Canadian dollar, Euro, Silver, Gold, US Dollar, bonds, global stocks, US real estate and US stocks. Naturally, its decentralized nature, high liquidity and transportability began to appeal to a broad range of investors seeking for alternative assets to protect their wealth with a long-term investment.

The perks of being Bitcoin

In many ways, Bitcoin can be perceived as Gold Two.0, or digital gold, due to its characteristics. Unlike gold, Bitcoin can sustain its value or even record an increase in its value over time because of its immobile supply of twenty one mln Bitcoins. If a massive gold supply is discovered, then gold could become inflationary in terms of supply and could hinder its mid-term value.

In fact, in late March, China’s largest gold mine to date was discovered by Shangdong Gold Group, a state-owned gold producer in China. At the time, Bloomberg reported:

“The Xiling mine in Shandong province told local authorities it had found 382.58 tons of gold reserves and that the volume could reach more than five hundred fifty tons once exploration is ended in two years.”

More importantly, Bitcoin’s ownership is evidently portrayed with the utilization of cryptography. Hence, Bitcoin can’t be seized by a central entity because the Bitcoin network itself is decentralized and unalterable.

Furthermore, Bitcoin provides an significant component which gold fails to suggest and that is settlement network. Bitcoin as of current is often referred to as digital gold and settlement network. It isn’t necessarily perceived as digital cash as laid out by Bitcoin creator Satoshi Nakamoto because of the lack of scaling and the network’s high transaction fees.

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Securing the future of cryptocurrency – AppsPicket One Step, Two Factor Authentication

Securing the future of cryptocurrency

In June 2016, a puny C$1000 transaction finished in twenty seconds inbetween two petite banks in Canada and Germany promises to switch the world of finance and money. This transaction inbetween Canada’s ATB Financial and Germany’s ReiseBank was the world’s very first international interbank blockchain payment.

And then two separate announcements made a few days apart in Sept two thousand sixteen showcase the promise of further pushing the blockchain technology into mainstream. Fresh York-based CLS Group that lodges the majority of the world’s currency transactions announced a fresh netting service for a set of currencies including Russian rouble and Chinese remninbi.

Also SF based Ripple Corporation along with a set of six founding global banks from US, Europe and Australia announced the world’s very first Interbank Blockchain Group for Global Payments called Global Payments Steering Group (GPSG). GPSG aims to drastically reduce the time and cost of financial settlements and enable instant cross border payments by building a modern payments network built on the blockchain.

Conventional payments systems rely on a central authority to keep track of money transfers; and firms, such as CLS, forming the intermediaries ensuring transaction settlement. The blockchain technology used by cryptocurrencies like Bitcoin and Ether, in contrast, involves sharing of distributed ledgers among all participants of the transaction.

While its still early days for blockchain technology based interbank money transfers, it could pose a meaty challenge to the legacy system called Society for Worldwide Interbank Financial Telecommunication (SWIFT), an interbank messaging and exchange system that has over two hundred nations and eleven thousand financial institutions as its members.

Swift that has already been reeling under a wave of cyber attacks spanning the globe including banks in Vietnam, Ecuador and one in Bangladesh where $81 million were stolen from the country’s central bank.

Payments systems – whether Swift or blockchain based systems- are only as strong as their weakest links and require strong authentication to reliably prove who the the transacting parties are.

Even cryptocurrencies have had their share of trouble with security breaches with a Reuters probe suggesting that one third of all bitcoin exchanges have been hacked. Some prominent breaches include: $65m stolen from Hong Kong-based Bitcoin exchange Bitfinex; a similar amount of ether stolen from Ethereum DAO, and around $350m stolen from Tokyo’s bitcoin exchange Mt Gox.

Authentication remains one of the weakest links for many of these above breaches with stolen credentials through malware or social engineering forming the key source of such attacks. Two factor authentication (2FA) is a must for any sort of payment system- be it a banking system, wallet app or a cryptocurrency exchange. While in banking systems that are well regulated 2FA is mandated by governments around the world, most cryptocurrency wallets and exchanges suggest 2FA as an optional security feature that is not enforced on the end users. At least part of the reason for not enforcing 2FA is the extra inconvenience it adds to the login practice due to which user adoption has stayed low.

AppsPicket 2FA is a disruptive technology that violates the security-convenience tradeoff and offers a frictionless, convenient 2FA that could be lightly integrated with such cryptocurrency wallets and exchanges. AppsPicket 2FA finds its foundation in sophisticated cryptography that checks both factors in unison to authenticate users seamlessly and secure their cryptocurrency accounts. The technology promises to secure the future of cryptocurrency by providing a secure and frictionless access to users of their cryptocurrency accounts.

Securing the future of cryptocurrency – AppsPicket One Step, Two Factor Authentication

Securing the future of cryptocurrency

In June 2016, a petite C$1000 transaction finished in twenty seconds inbetween two puny banks in Canada and Germany promises to switch the world of finance and money. This transaction inbetween Canada’s ATB Financial and Germany’s ReiseBank was the world’s very first international interbank blockchain payment.

And then two separate announcements made a few days apart in Sept two thousand sixteen showcase the promise of further pushing the blockchain technology into mainstream. Fresh York-based CLS Group that lodges the majority of the world’s currency transactions announced a fresh netting service for a set of currencies including Russian rouble and Chinese remninbi.

Also SF based Ripple Corporation along with a set of six founding global banks from US, Europe and Australia announced the world’s very first Interbank Blockchain Group for Global Payments called Global Payments Steering Group (GPSG). GPSG aims to drastically reduce the time and cost of financial settlements and enable instant cross border payments by building a modern payments network built on the blockchain.

Conventional payments systems rely on a central authority to keep track of money transfers; and firms, such as CLS, forming the intermediaries ensuring transaction settlement. The blockchain technology used by cryptocurrencies like Bitcoin and Ether, in contrast, involves sharing of distributed ledgers among all participants of the transaction.

While its still early days for blockchain technology based interbank money transfers, it could pose a massive challenge to the legacy system called Society for Worldwide Interbank Financial Telecommunication (SWIFT), an interbank messaging and exchange system that has over two hundred nations and eleven thousand financial institutions as its members.

Swift that has already been reeling under a wave of cyber attacks spanning the globe including banks in Vietnam, Ecuador and one in Bangladesh where $81 million were stolen from the country’s central bank.

Payments systems – whether Swift or blockchain based systems- are only as strong as their weakest links and require strong authentication to reliably prove who the the transacting parties are.

Even cryptocurrencies have had their share of trouble with security breaches with a Reuters examine suggesting that one third of all bitcoin exchanges have been hacked. Some prominent breaches include: $65m stolen from Hong Kong-based Bitcoin exchange Bitfinex; a similar amount of ether stolen from Ethereum DAO, and around $350m stolen from Tokyo’s bitcoin exchange Mt Gox.

Authentication remains one of the weakest links for many of these above breaches with stolen credentials through malware or social engineering forming the key source of such attacks. Two factor authentication (2FA) is a must for any sort of payment system- be it a banking system, wallet app or a cryptocurrency exchange. While in banking systems that are well regulated 2FA is mandated by governments around the world, most cryptocurrency wallets and exchanges suggest 2FA as an optional security feature that is not enforced on the end users. At least part of the reason for not enforcing 2FA is the extra inconvenience it adds to the login practice due to which user adoption has stayed low.

AppsPicket 2FA is a disruptive technology that cracks the security-convenience tradeoff and offers a frictionless, convenient 2FA that could be lightly integrated with such cryptocurrency wallets and exchanges. AppsPicket 2FA finds its foundation in sophisticated cryptography that checks both factors in unison to authenticate users seamlessly and secure their cryptocurrency accounts. The technology promises to secure the future of cryptocurrency by providing a secure and frictionless access to users of their cryptocurrency accounts.

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Russian Bank Announces Opening of Blockchain Research Center, Finance Magnates

CryptoCurrency

This sensational report aims to serve as a manual, answering all of the questions on the Chinese multi-asset trading industry that you were always afraid to ask.

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NINE OUT OF TEN GOVERNMENT ORGANIZATIONS INVEST IN BLOCKCHAIN BY 2018, OneCoin

blockchain 2018

Disclaimer: You are about to login to the OneCoin backend, dedicated to cryptocurrency transfer and exchange. If you are a OneLife member and need access to your multilevel marketing information too, please login to your OneLife backoffice.

NINE OUT OF TEN GOVERNMENT ORGANIZATIONS INVEST IN BLOCKCHAIN BY two thousand eighteen

In a latest blockchain survey titled “Building Trust in Government – Exploring the Potential of Blockchains” IBM gives an overview of government organizations aiming to adopt the blockchain, because of the positive influence they may have in the management of their jurisdictions.

For the purpose of the research IBM Institute for Business Value with the support of the Economist Intelligence Unit, surveyed two hundred government leaders from sixteen countries who collective their expectations of how blockchain may influence their jurisdictions in the areas of identity management, asset management, regulatory compliance, voting systems, citizen services, contract management, financial transactions and borderless services.

The survey results displayed that government organizations are looking at how the blockchain can positively influence operations in many different areas: “For example, nine in ten government organizations plan to invest in blockchain for use in financial transaction management, asset management, contract management and regulatory compliance by 2018. And seven in ten government executives predict blockchain will significantly disrupt the area of contract management, which is often the intersection of the public and private sectors.”

The key finding of the research focused on a petite group of pioneering governmental organizations in Western Europe and Asia Pacific. Half of the countries of this petite group of very first movers (14% of the surveyed government organizations) are setting the rhythm of blockchain adoption, and while some of them plan to invest in blockchain development by the end of 2016, the others have already invested in it. Their expectation is to have blockchain in production and at scale in 2017.

The aim of quickly adopting the blockchain technology according to the surveyed leaders is to help reduce innovation roadblocks and inaccurate or incomplete information across their organizations. The nosey thing is that North American countries, famous for their innovative private companies, lag behind all regions when it comes to blockchain adoption in the public sector.

Additionally very first movers hope that the blockchain technology will help reduce time, cost and risk. The most significant areas, where it is believed that the blockchain will have the most significant effect are identity management, asset management and regulatory compliance. While identity management will help understand who makes the transfer and who has access to the system, asset management is significant for recording what is being transacted and represents a broad area of enhanced citizen services. Regulatory compliance on the other forearm is a key area, because of its capability to bridge the public and private efforts in embedding rules that automate legal and statutory requirements.

Additionally, they expect blockchains to enable fresh business models, particularly in contract management, financial transaction management and identity management. These findings point out that the adoption of the blockchain technology is quicker than primarily anticipated with government organizations having a good idea which areas and benefits need to be researched and improved.

According to the survey, blockchain technology could release and amplify the power of open government and therefore it could enable more co-created, integrated and self-governed services across agencies and with citizens. These efforts are expected to bring consistency and transparency to decisions and government services.

Most of the governments recognize the regulatory constraints as the largest concern in adopting blockchain technology and to address this issue, government executives acknowledged the need to collaborate across regions and with trading playmates across jurisdictional borders.

Furthermore, there are some technology standards like privacy and security that must be met. These standards are also very significant for bringing more participants into blockchain networks. It is stated that seven out of ten government executives note the need for strong mechanism to establish identity and a high degree of control over access.

The research shows that besides the challenges, most of the government executives expect blockchain will produce the greatest cost, time and risk reduction benefits and therefore plan to make blockchain investments.

Governments can leverage blockchains to explore fresh ways to provide citizen services that extend the thresholds of current technology. They can explore models that help improve the efficiency of current services, as well as expand their capability to access fresh markets.

Related Аrticles

EXPERTS: THE BLOCKCHAIN IS DRIVING THE TECHNOLOGICAL REVOLUTION

One of the best topics in technology and finance at the moment is the Blockchain. Most, if not all leading banks are gravely looking into the opportunities introduced by it, and more and more youthful tech professionals are beginning businesses based on the Blockchain technology.

CRYPTOCURRENCIES – THE FUTURE OF GLOBAL ECONOMICS

The cryptocurrencies are universal digital currencies, which are used primarily outside existing banking and governmental institutions and are exchanged over the internet. It is a medium used to exchange goods or services just like any other currencies – USD, Euro, Yuan, Peso and others, it only happens to be in digital format. In other words, they have no physical value tied to them.

UniCredit: THE BLOCKCHAIN CAN REVOLUTIONIZE FINANCIAL SERVICES

According to the paper, cryptocurrencies can be perceived as a threat from a financial institution’s point of view. However, the underlying blockchain technology has the potential of reshaping the current financial services technical infrastructure

The BLOCKCHAIN: BUILDING TRUST AND REDUCING COST AND COMPLEXITY

Having the potential to disrupt industries, the blockchain is a powerful chance for businesses to explore and build upon

OneCoin RECEIVES WIDESPREAD RECOGNITION AS FASTEST-GROWING CRYPTOCURRENCY

After the separation of the OneCoin cryptocurrency brand and the OneLife Network on June 11th 2016, OneCoin was able to concentrate entirely on it’s core business and target – to become the number one cryptocurrency in terms of market capitalization, usability and number of users.

OneCoin LAUNCHES Fresh AND ENHANCED BLOCKCHAIN

The fresh OneCoin blockchain is a giant step forward in the company’s strategic development. Enhancing the total amount of mineable OneCoins from ten 000 coins per block in the old blockchain to fifty 000 coins per block in the fresh blockchain, adding up to a total of one hundred twenty billion coins, permit OneCoin to expand its user base and turn its plans for creating a strong global merchant network into a reality.

DIGITAL MONEY FOR ALL – IS IT POSSIBLE?

OneCoin, the very first and only cryptocurrency in the world to store KYC documents on its blockchain, has set a challenging purpose – to become the global virtual currency preferred by mainstream users.

BLOCKCHAIN TECHNOLOGY SET TO RESHAPE HEALTHCARE SYSTEM

The blockchain technology has already received recognition as a game-changer in the financial industry. More and more global companies are turning toward the innovative concept for solutions, but a single surprising sector might just turn out to be one of the very first to implement it.

OneCoin ANNUAL REVIEW – 2016

As the end of the year draws closer it is time to look back at the challenges OneCoin met and the achievements we accomplished this year.

INSURANCE COMPANIES SET TO ADOPT BLOCKCHAIN TECH Quicker THAN EXPECTED

According to experts and insurance companies, the blockchain can contribute to a consistent, automatic contract execution environment, where transactions and contracts are stored on a collective ledger. In this manner the administrative workload of numerous stakeholders to ensure contract consistency and execution will be diminished.

A BLOCKCHAIN PILOT FOR PROXY VOTING TESTED SUCCESSFULLY IN ESTONIA THIS WEEK

Nasdaq Inc has successfully finished a test using blockchain technology to run proxy voting on its Estonian exchange and is now assessing whether to implement the fresh system, the company said on Monday this week.

BLOCKCHAIN – THE NEXT BIG THING IN MUSIC INDUSTRY

According to experts, the lack of transparency of ownership data (i.e. metadata) is one of the largest problems the music industry has been facing for a long time.

BLOCKCHAIN COULD IMPROVE GLOBAL FOOD SAFETY

Top talents in transaction security and authentication technology, experts in supply chain, logistics and food safety gather to create a fresh model for food traceability, supply chain transparency and auditability, using IBM Blockchain.

THE NEXT GENERATION OF BLOCKCHAIN PLATFORMS OR JUST A HYPE?

Described as a central component of next generation blockchain platforms by experts, brainy contracts are computerized transaction protocols that aim to execute the terms of agreed upon contractual conditions that can be programmed directly into the blockchain.

HOW THE BLOCKCHAIN CAN CONTRIBUTE TO A GREATER ENVIRONMENTAL SUSTAINABILITY?

Besides financial services, the blockchain technology has useful applications in many other industries, solving a vast area of issues that have not been overcome with conventional methods so far.

THE FUTURE OF ELECTIONS

In a recently published in-depth analysis titled “How blockchain technology could switch our lives”, the European Parliament Research Service (EPRS) concentrates on blockchain-enabled e-voting solutions that can suggest an alternative to conventional paper-based elections and their challenges.

THE FORK

When a problem in the blockchain is noticed by the community of miners and developers, it can be solved by a fork, i.e. by switching the consensus rules in the blockchain. This switch can be done in two ways – soft or hard fork.

ADOPTING THE BLOCKCHAIN IN AFRICA

Cryptocurrencies provide a high level of security, trust and transparency. In much of the developed world, people are progressively using the digital currency as an alternative to traditional centralized banking and payment systems.

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Najbolj izjemna ohišja igričarskih računalnikov

Najbolj izjemna ohišja igričarskih računalnikov

Ohišje računalnika je pri sestavi pravega igričarskega sistema zelo pomemben del, saj med drugim vpliva na temperaturo notranjih komponent. Vendar pa danes ne bomo razpravljali o izbiri najbolj optimalnega ohišja za igričarske mašinice, ampak vam bomo predstavili nekaj najbolj izjemnih ročno izdelanih ohišij igričarskih računalnikov, ki so jih izdelali mojstrski ljubitelji omenjenega hobija iz celega sveta.

Nekaj teh mojstrovin si lahko ogledate v nadaljevanju.

1. Ohišje z motivom Alien, ki ima premikajoče ustnice in jezik.

Avtor: Igor Belov iz Rusije

Notranje komponente sistema

Procesor: AMD FX8320E

Matična plošča: MSI 990FXA Gaming

Grafična kartica: Nvidia GeForce GTX one thousand fifty Ti

Delovni pomnilnik: Fury HyperX 8GB x Two

Shranjevanje podatkov: Kingston one hundred twenty GB (SSD) in one TB Seagate Barracuda (HDD)

Napajalnik: Cooler Master G750M

Two. Ohišje škorpijon, ki je nastalo pod projektom Scorpio, in je izdelano s pomočjo 3D tiskalnika.

Avtor: Alessandro Chiarentin iz Italije

Notranje komponente sistema

Procesor: I5 7600k

Matična plošča: MSI z270i carbon mini itx

Grafična kartica: GTX one thousand seventy MSI AERO

Delovni pomnilnik: G.SKILL sixteen GB DDR4 3200

Shranjevanje podatkov: SAMSUNG eight hundred fifty evo two hundred fifty GB m.Two

Napajalnik: COOLER MASTER V eight hundred fifty total modular

Three. Računalniško ohišje izdelano v stilu dodatnega monitorja.

Avtor: saito_MOD z Japonske

Notranje komponente sistema

Procesor: Intel Corei7-6700K

Matična plošča: ASUS MAXIMUS VIII GENE

Grafična kartica: GIGABYTE GV-N760OC-2GD

Delovni pomnilnik: CORSAIR Dominator Platinum Series CMD16GX4M2B3000C15

Shranjevanje podatkov: Kingston SSDNow UV400 SUV400S37/240G (SSD)

Napajalnik: Corsair SF450 CP-9020104-JP

Four. Elegantno belo ohišje s pozlačenim okrasjem.

Avtor: Craig Ferrie iz Združenega Kraljestva

Notranje komponente sistema

Procesor: Intel core i7 6700k

Matična plošča: ASUS Maximus IX CODE Z270

Grafična kartica: ASUS Strix GTX 1070

Delovni pomnilnik: T-Force XTREEM DDR4 RAM @ three thousand eight hundred MHz OC

Shranjevanje podatkov: Ni informacij

Napajalnik: Cooler Master V1000

Five. Vrteče ohišje v obliki vrtiljaka, poimenovano The Wheel Of Starlet (Zvezdno kolo).

Avtor: Modder CROW iz Tajske

Notranje komponente sistema

Procesor: i7 7700K

Matična plošča: MSI Gaming Pro Carbon

Delovni pomnilnik: G.SKILL TRIDENT Z RGB (8 X Two)

Shranjevanje podatkov: Ni informacij

Napajalnik: Corsair SF600

6. Forest’s Heart (Srce gozda) je ohišje, ki predstavlja kontrast med naravo in elektroniko. Izdelano je iz pravega drevesnega debla.

Avtor: Luca Passante iz Italije

Notranje komponente sistema

Procesor: Intel i7 6700k

Matična plošča: Asus Prime Z270M-Plus

Grafična kartica: Asus Strix Gaming Geforce GTX 150Ti (Nvidia)

Delovni pomnilnik: GEIL Evo X eight GB x two DC kit (3000 MHz)

Shranjevanje podatkov: SSD Kingston uv400 two hundred forty GB

Napajalnik: Cooler Master V550

7. Ohišje The Battleship (Bojna ladja), izdelan po vzoru istoimenskega filma iz leta 2012.

Avtor: Ahmad Syafiq Hamman iz Malezije

Notranje komponente sistema

Procesor: Intel i7 7700k

Matična plošča: Gigabyte Aorus Z270X GAMING K5

Grafična kartica: Integrirana

Delovni pomnilnik: Avexir Blitz DDR4 thirty two GB Quad Channel

Shranjevanje: Adata SSD SX950

Napajalnik: Coolermaster V650 Utter Modular

8. The Old Book (Stara knjiga) je ohišje, izdelano iz pravega usnja.

Pogled s strani

Avtor: Megaskot iz Srbije

Notranje komponente sistema

Procesor: Intel i5 6600k

Matična plošča: Asus Maximus Gene VIII

Grafična kartica: Asus ROG Strix RX four hundred seventy Four GB

Delovni pomnilnik: Avexir four x four GB Blitz Series DDR4 two thousand eight hundred MHz

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Michael Lebowitz Blog, Salt, Wampum, Benjamins – Is Bitcoin Next, Talkmarkets

blockchain your parents could understand

Currency was very first developed about four thousand years ago. Its genius was in the capability to supplant barter thus greatly improving trade and providing a better means for storing value. As illustrated in our title, currency has taken on many different physical forms through the years. Given the latest advances in technology, is it any surprise the latest form of currency resides in the ether-sphere? In this article, we explore the basics of cryptocurrencies and the significant innovation they support, blockchain. We also suggest an idea about whether or not Bitcoin, or another cryptocurrency, can become a true currency worthy of investment.

A Primer on Cryptocurrency and Blockchain

Cryptocurrency is an independent, digital currency that uses cryptology to maintain privacy of transactions and control the creation of the respective currency. While not recognized as legal tender, cryptocurrencies are becoming more popular for legal and illegal transactions alike. Bitcoin (BTC), developed in 2009, is the most popular of the cryptocurrencies. It accounts for over half the value of the more than seven hundred fifty cryptocurrencies outstanding. In this article, we refer to cryptocurrencies generally as BTC, but keep in mind there are differences among the many offerings. Also consider that, while BTC may emerge to be the currency of choice, Netscape and AOL shareholders can tell you that early market leadership does not always translate into future market dominance.

Before explaining how BTC is created, acquired, stored, used and valued, it is vital to understand blockchain technology, the innovation that spawned BTC. As we researched this topic, we read a lot of convoluted descriptions of what blockchain is and the puzzling algorithms that support it. In the following paragraphs, we provide a basic description of blockchain. If you are interested in learning more, we recommend the following two links as they are relatively effortless to understand.

Blockchain is an open database or book of records that can store any kind of data. A blockchain database, unlike all other databases, is stored real time and is accessible for anyone to view its finish history of data.

The term block refers to a grouping of transactions, while chain refers to the linkages of the blocks. When a BTC transaction is ended BTC “miners” work to solve the cryptology algorithm that will enable them to link it to the chain of historical transactions. As a prize for being the very first to solve the calculation, the miner receives “freshly minted” BTC. As the chain grows, the effort needed to solve and verify the algorithms increase in complexity and request greater computing power. As an aside consider the following statement by Bitcoin Witness (courtesy Goldman Sachs): “BTC worldwide computational output is presently over three hundred fifty exaflops – 350,000 petaflops – or more than one thousand four hundred times the combined capacity of the top five hundred supercomputers in the world.” Unnecessary to say, a tremendous amount of computing resources and energy are being used by BTC miners, and it is still in its infancy. Could these resources be better employed in other industries, and if so, how much productivity growth is BTC leeching from the economy?

720 Global is an investment consultant, specializing in macroeconomic research, valuations, asset allocation, and risk management.Our objective is to provide professional investment managers with .

720 Global is an investment consultant, specializing in macroeconomic research, valuations, asset allocation, and risk management.Our objective is to provide professional investment managers with unique and relevant information that can be incorporated into their investment process to enhance spectacle and marketing. We assist our clients in differentiating themselves from the crowd with a concentrate on value, spectacle and a clear, lucid assessment of global market and economic dynamics.

Coming soon seven hundred twenty Global will suggest “The Unseen”, a subscription-based publication similar to what has been suggested at no cost over the past year and a half.In fact, what the subscription offers is precisely what we have delivered in the past, a substance in style and form that provides unique analysis and meaningful value to discerning investors. Those that have read our work understand the comparative advantage they have gained over the vast majority of investors that solely concentrate on the demonstrable. Our readers are ready for what few see.

720 Global research is available for re-branding and customization for distribution to your clients.

For more information about our services, please visit us at www.720global.com or contact us at 301.466.1204 or email [email protected]

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NOTICE AND DISCLAIMER: This material has been ready by seven hundred twenty Global, LLC. Opinions voiced herein are subject to switch without notification. Any prices or quotations contained herein are indicative screen prices and are for reference only. They do not constitute an suggest to buy or sell any securities at any given price. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness, reliability or appropriateness of the information, methodology and any derived price contained within this material. The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.

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