Bitcoin, Blockchain & Cryptocurrency News
1.2K views | +0 today
Follow
 
Scooped by Jan Miranda
onto Bitcoin, Blockchain & Cryptocurrency News
Scoop.it!

PayPal: Unprecedented Disruption in Payments and Financial Services - Adds Bitcoin Entrepreneur to Board

PayPal: Unprecedented Disruption in Payments and Financial Services - Adds Bitcoin Entrepreneur to Board | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

“In a telling move about the future of money, PayPal has added a Bitcoin entrepreneur to its board of directors,” CNN Money reports. Fintech entrepreneur Wences Casares joined the board on Tuesday, PayPal announced Wednesday. The move has been interpreted as the beginning of a new phase in PayPal’s timid love story with Bitcoin, which could conceivably culminate in open adoption.

Jan Miranda's insight:

One of the clearest indications of PayPal’s interest in Bitcoin is Paypal’s subsidiary Braintree. The company, which was acquired by eBay (the former parent company of PayPal) for $800 million in September 2013 and became part of PayPal after the split, permits merchants to accept Bitcoin payments seamlessly in partnership with Coinbase. The Braintree Bitcoin payment service is currently in public beta.

more...
No comment yet.
Your new post is loading...
Your new post is loading...
Scooped by Jan Miranda
Scoop.it!

The DAO - A Venture Fund With Plenty of Virtual Capital, but No Capitalist

The DAO - A Venture Fund With Plenty of Virtual Capital, but No Capitalist | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
A Venture Fund With Plenty of Virtual Capital, but No Capitalist
Jan Miranda's insight:
Olivier Stern, a 31-year-old French socialist with an appetite for risk, recently invested a third of his life savings — 10,000 euros, about $11,000 — in a cryptocurrency start-up that has no legal standing and runs head-on into regulatory obstacles, yet might very well upend the mysterious world of virtual investing.

The start-up, a sort of venture capital fund that calls itself the Decentralized Autonomous Organization, has essentially come out of nowhere in the last month and attracted about $152 million, at last count, from investors around the world like Mr. Stern — making it the most successful crowdfunded venture ever, by a significant margin.


more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Mycelium Blockchain for Fair Music - Imogen Heap on London Real

Imogen Heap talks Mycelium blockchain technology for fair music. 

Jan Miranda's insight:
Imogen Heap wants to use blockchain technology to revolutionize the music industry with the help of Mycelia.

Mycelia is... A foundation, created for the purpose of building and protecting a verified database for the music community creatives, their work and their collaborators. It's an open database that describes the whole music industry so that everyone involved can be acknowledged and rewarded.

Who is Imogen Heap Imogen Heap is an English singer-songwriter and composer known for her work as part of the musical duo Frou Frou and her solo albums, which she writes, produces, and mixes. She has produced four solo albums and won two Grammy nominations. In 2010 she received the British Academy's Ivor Novello Award for International Achievement.

Heap, who runs her own record label called Megaphonic Records, is in the process of registering Mycelia as a charity and is hosting a hackathon in April to work on the platform. She says she has heard from a range of tech companies interested in building the technology for Mycelia and hopes to launch the platform soon.

Blockchain technology, already in use on other music streaming and download platforms like Bittunes and PeerTracks, has its challenges. It’s not clear who would oversee these blockchain payment systems and there are concerns over how this complex technology would be managed.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

The Tao of “The DAO” or: How the autonomous corporation is already here

The Tao of “The DAO” or: How the autonomous corporation is already here | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

A new paradigm of economic cooperation is underway -- a digital democratization of business. It’s not crowdfunding a product.. It's CROWD-FOUNDING powered by the Blockchain.

Jan Miranda's insight:
A new paradigm of economic cooperation is underway — a digital democratization of business.

"The DAO" is a decentralized autonomous organization. Over the past couple of weeks a project with no mainstream press has become the second biggest crowdfunding project in history. raising more than $115 million, and yet it exists entirely on the Ethereum blockchain.

"This is a corporation whose bylaws are written entirely in code.(a smart-contract)"

The DAO works as a decentralized fund management, investing in blockchain projects related to the new sharing economy.

"The DAO" is one of the first of many more DAOs (decentralized autonomous organization) to come.

Wikipedia defines a corporation as “a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.” 

While The DAO is a group of people authorized to act as a single economic entity, no governmental body recognizes it as such. 

In exchange for supporting The DAO financially (in the form of Ether), backers get DAO tokens, which they can then use to vote on the direction of the organization. They can use their tokens to vote on big governance issues (akin to traditional shareholders) but also on minute details of how The DAO spends its resources. In this way, token holders have total control over The DAO’s assets and its actions.

It is something entirely new. It’s something between a traditional corporation, a VC fund and a Kickstarter — only entirely decentralized, democratic and existing only in code.

The DAO is a paradigm shift in the very idea of economic organization. It offers complete transparency, total shareholder control, unprecedented flexibility and autonomous governance.

DAOs could offer new opportunities to democratize business. Currently only the privileged can found and fund new companies.

By allowing anyone on the Internet to become owners of these organizations, DAOs may allow more people than ever to fully participate in the innovation economy.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Slock.it Announces DAO.LINK, the bridge between blockchain and brick-and-mortar companies

Slock.it Announces DAO.LINK, the bridge between blockchain and brick-and-mortar companies | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Slock.it announced DAO.LINK on Ethereum, an initiative which makes brick-and-mortar business interactions with blockchain-based organizations.

Jan Miranda's insight:
For those unfamiliar with the concept of DAOs, Decentralized Autonomous Organizations are blockchain-based entities driven by immutable computer code as opposed to fragile, complex by-laws. 

Slockit led the development of the Standard DAO Framework to allow anyone to easily deploy their own DAO. Because DAOs consist of computer code, they interact with the physical world through Contractors.

These Contractors are hired based on the terms of irrefutable Proposals describing that relationship in detail including operating parameters, payment terms, milestones and deliverables.

A proper, 100% decentralized DAO such as this is only plausible on the Ethereum network as it’s the only blockchain that supports complex, autonomous smart contracts so far. Therefore, DAOs only speak ETH — the ‘fuel’ that powers the Ethereum network. Many smaller or individual Contractors will see this as an advantage, preferring the nimbleness of direct ETH transactions.

DAO.LINK makes it possible to bridge the divide between the blockchain and existing brick and mortar businesses.

DAO.LINK provides such a process within the confines of the existing legal systems and regulatory frameworks.

DAO.LINK has set up the legal framework to give real world companies the ability to work for DAOs while still being able to fill out the necessary documentation required to stay compliant.

DAO.LINK is built in partnership with BITY.com, an ETH & BTC exchange with many innovative features including allowing their customers to buy and sell 250 USD/EUR/CHF per day only providing a phone number. Bity is operated by Bity SA, a fully-licensed company based in Neuchâtel, Switzerland, audited by KPMG.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ethcore Raises $750,000 to Help Enterprise Firms Leverage Ethereum

Ethcore Raises $750,000 to Help Enterprise Firms Leverage Ethereum | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Ethereum startup Ethcore has raised $750,000 in a preliminary, pre-seed funding round led by Silicon Valley-based Blockchain Capita
Jan Miranda's insight:
Ethcor, founded by former Ethereum CTO Gavin Wood, just rraised $750,000 in a preliminary, pre-seed funding round led by Silicon Valley-based Blockchain Capital and Shanghai-based Fenbushi Capital.

Wood said it raised the funding as part its bid to move toward the 1.0 release of its Ethereum client, called Parity, and to help it create new development libraries that could be useful to the growing number of enterprise firms seeking to leverage the platform for private and consortium-based projects.

"We really wanted to offer a way into for VC firms, the firms that weren’t heavily vested in an Ethereum, to gain more exposure," he said.

The fund, announced last September, was co-founded by Ethereum creator Vitalik Buterin and BitShares co-founder Bo Shen, and has received funding from China-based auto conglomerate Wanxiang Group.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ethereum: Towards A New BitSociety - Forbes

Ethereum: Towards A New BitSociety - Forbes | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Blockchain technology paves the way for new forms of law, new types of democracy, even – perhaps – the redefinition of what we mean by a “nation”

Some are calling the relatively new Blockchain technology Ethereum Bitcoin 2.0.

"The range of potential applications for Ethereum’s smart contracts is staggering" - Frances Coppola (Forbes & Financial Times Writer)
Jan Miranda's insight:
We have been thinking of Bitcoin as a new currency and/or a new class of asset, and its underpinning technology – the blockchain – as a shiny new type of payments system that will eventually eliminate the need for intermediaries such as central banks. But the technology potentially takes us much, much further than that. Recent developments take us towards new forms of law, new types of democracy, even – perhaps – the redefinition of what we mean by a “nation”. It may sound extreme to say this, but some blockchain aficionados are even talking about complete reordering of society. Welcome to the Brave New BitWorld.

The range of potential applications for Ethereum’s smart contracts is staggering:

The first category is financial applications, providing users with more powerful ways of managing and entering into contracts using their money. This includes sub-currencies, financial derivatives, hedging contracts, savings wallets, wills, and ultimately even some classes of full-scale employment contracts. The second category is semi-financial applications, where money is involved but there is also a heavy non-monetary side to what is being done; a perfect example is self-enforcing bounties for solutions to computational problems. Finally, there are applications such as online voting and decentralized governance that are not financial at all.

Ethereum's founder Vitalik Buterin wrote in his White Paper about Ethereum: 
There has been a great amount of interest into the area of using Bitcoin-like blockchains, the mechanism that allows for the entire world to agree on the state of a public ownership database, for more than just money. Commonly cited applications include “colored coins”, the idea of using on-blockchain digital assets to represent custom currencies and financial instruments, “smart property”, physical objects such as cars which track a colored coin on a blockchain to determine their present legitimate owner, as well as more advanced applications such as decentralized exchange, financial derivatives, peer-to-peer gambling and on-blockchain identity and reputation systems. Perhaps the most ambitious of all is the concept of “autonomous agents” or “decentralized autonomous corporations” 

Currently, national (and to some extent international) law protects people’s property rights, and ensures that people contribute through taxation to the society in which they choose to live. But Ethereum’s smart contracts create the possibility that these legal systems could be completely bypassed. What would replace them? Ethereum has the answer. A new, global, virtual legal system. In fact a new, global, virtual country. 

Welcome to the Decentralized Voluntary Borderless Nation!

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ethereum Blockchain Project Launches First Production Release - CoinDesk

Ethereum Blockchain Project Launches First Production Release - CoinDesk | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Next-generation blockchain platform Ethereum has released 'Homestead'; the production release of the first decentralized World computer

Jan Miranda's insight:
Next-generation blockchain platform Ethereum has released 'Homestead' the production release of the first decentralized singleton World computer.

This introduction follows Frontier, Ethereum's developer's release, which was in July 2015. There is building interest in this open, public platform, which is attracting the interest of major financial institutions.

Announced in January 2014 by inventor and project leader Vitalik Buterin, Ethereum raised some $18m in a crowdsale of the tokens that help power its platform later that year. Since then Ethereum has grown the value of its token, ether, which has a valuation in excess of $1 billion, nearly a five-fold annual growth.

"We’ve seen Microsoft and IBM doing projects on Ethereum. There’s a lot of coders. It’s exciting to see something you were in on in the early stages growing and bearing fruit," Anthony DiIorio, one of Ethereum's founders and a Chief Digital Officer at the Toronto Stock Exchange, said in an interview.

The Ethereum network served as the platform for the first major test conducted by blockchain consortium startup R3 in January. R3 has the backing of over 40 international financial institutions; Bank of America, Barclays, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of Scotland, UBS, National Australia Bank, RBC, TD, HSBC, Scotiabank, BMO, Banco Santander, Danske Bank, to name a few.

The test involved 11 of its partner financial institutions. R3 said that the test used a distributed ledger based on the public Ethereum network, that was hosted on a private network using the Microsoft Azure platform (Microsoft's blockchain-as-a-service initiative).

Release Upgrades

Stephan Tual, founder of Slock.it and the former CCO of Ethereum explains that the new upgrades will now allow the network to be competitive among private and public blockchain softwares. 

One of many upgrades is the introduction of new codes in Solidity, the language used to compile for the Ethereum Virtual Machine, the part of the protocol that handles the internal state of the network.

"Being able to hard fork at anytime, and more importantly, getting the support from the miners (who will vote by updating the software or not) is a big, big differentiator from other blockchains, paving the way for major features upgrades in the future," Tual said.

Along with the upgrade to the protocol, the developers introduced a wallet product called Mist, which will allow users to write and deploy smart contracts in addition to serving as a place to hold ethers. 

Dapps

Some of the DApps (decentralized applications) available in Homestead are: a prediction market, a decentralized music platform, a tokenized gold custodian and asset tracking system, and an easy way for users to convert bitcoin to Ether.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

A Guided Tour of the 2mb Bitcoin Code Fork by Gavin Andresen

A Guided Tour of the 2mb Bitcoin Code Fork by Gavin Andresen | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
If you make that one-byte change then recompile and run Bitcoin Core, it will work. You computer will download the blockchain and will interoperate with the other computers on the network with no issues.
Jan Miranda's insight:

If you make that one-byte change then recompile and run Bitcoin Core, it will work. You computer will download the blockchain and will interoperate with the other computers on the network with no issues.

 

Increasing the block size limit from 1 million bytes to 2 million bytes sounds so simple: just change the “1” to a “2” in the source code and we’re done, right?

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

The fintech revolution that promises big changes for the BIG BANKS for good.

The fintech revolution that promises big changes for the BIG BANKS for good. | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
New technologies such as blockchain threaten a veritable revolution in
financial services, breaking the big banks' grip on the payments system
Jan Miranda's insight:

They survived the explosive growth of the capital markets, and ended up harnessing it – disastrously, in some respects - to their own ends; thanks to taxpayers, who bailed them out, they also survived the financial crisis; and so far, they have largely survived the regulatory backlash that followed in its wake. But can the established banking industry outrun “fintech”?

 

All this could be about to change. Under the catch-all heading of the “fintech revolution”, a whole host of technologies are under development that promise a genuine alternative to traditional banking and payments systems. Most people will have heard of crowdfunding, peer to peer lending and robo-financial advice. These are early examples of the rival models that digital technologies make possible. Yet so far, they are also relatively small, and certainly don’t pose any kind of existential threat to the traditional banking cartel.

 

Why has banking remained relatively immune to disruptive technology, when most other service industries are being shaken to their very foundations? From media to retailing, and from hotels to taxi hailing, everything is being turned on its head, with many incumbents in a state of seemingly terminal decline.

 

| Why banks think they are "immune" to disruptive tech?

| The regulatory barriers

 

Asking a senior executive at Google this question: Why in particular had the new generation of tech giants not invaded this notionally lucrative market? Simple, he answered. The regulatory barriers to entry, and the potential for reputational damage, are just too high. There are easier, less troublesome pickings than banking.
 

For incumbent banks, the main worry is blockchain’s potential for changing the nature of the money system in its entirety, leaving the traditional players with costly legacy systems that nobody wants to use.

 

What the latest generation of digital disruption promises is to give depositors, borrowers, investors, and businesses looking for capital, more direct, more immediate and cheaper access to each other. This is not obviously good news for the traditional middle man, the banks, and the “exorbitant privilege” they enjoy at the heart of money creation.

 
It’s never wise to write off the bankers. Down the centuries, they’ve proved among the most durable of trades. Nor are the incumbents asleep to either the dangers or the opportunities. The Australian Stock Exchange last week announced it is developing a blockchain as a replacement for its existing platform for clearing and settlement of trades.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

PayPal: Unprecedented Disruption in Payments and Financial Services - Adds Bitcoin Entrepreneur to Board

PayPal: Unprecedented Disruption in Payments and Financial Services - Adds Bitcoin Entrepreneur to Board | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

“In a telling move about the future of money, PayPal has added a Bitcoin entrepreneur to its board of directors,” CNN Money reports. Fintech entrepreneur Wences Casares joined the board on Tuesday, PayPal announced Wednesday. The move has been interpreted as the beginning of a new phase in PayPal’s timid love story with Bitcoin, which could conceivably culminate in open adoption.

Jan Miranda's insight:

One of the clearest indications of PayPal’s interest in Bitcoin is Paypal’s subsidiary Braintree. The company, which was acquired by eBay (the former parent company of PayPal) for $800 million in September 2013 and became part of PayPal after the split, permits merchants to accept Bitcoin payments seamlessly in partnership with Coinbase. The Braintree Bitcoin payment service is currently in public beta.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

CoinDesk's Most Influential People in Bitcoin and Blockchain 2015

CoinDesk's Most Influential People in Bitcoin and Blockchain 2015 | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Looking back over yet another fascinating year for bitcoin, it's natural to assess the individuals that helped influence the industry.

For this year's top 10 list, CoinDesk took into account the year's biggest events, the nominees' individual contributions to the community and the results of our poll.
 

At #5 is Vitalik Buterin who founded Ethereum, and has built an impressive resume in the digital currency industry, having been involved in several notable projects outside of his initial editorial endeavour, Bitcoin Magazine.


Jan Miranda's insight:

After participating in the creation of Dark Wallet and KryptoKit, Vitalik ( a Toronto native) founded Ethereum – a specialized blockchain network for decentralized applications.

Given his role as figurehead of the project, Buterin also a regular on the conference circuit and was one of the four individuals to appear on last year's Most Influential poll, where he placed sixth.

However, 2015 was arguably more important for the crowdfunded project, which after sky-high expectations was met with delays and consistent rumors of behind-the-scenes difficulties.

Still, Ethereum has persevered, with the project throwing a marquee event in London to showcase the enterprise interest in its now live, though still early-stage tech, and becoming the home to a number of new startups.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ex-@Barclays CEO: #Banks are about to have an '#Uber moment' — and it's going to be painful

Ex-@Barclays CEO: #Banks are about to have an '#Uber moment' — and it's going to be painful | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Antony Jenkins, the former CEO of Barclays, has a nightmare vision for the future of big banks. He says: 'Only a few [incumbent banks] will have the courage and decisiveness to win in this new field.' And a big part of the new wave of disruptive financial technology is Bitcoin Blockchain Technology.

Jan Miranda's insight:

Antony Jenkins, the former CEO of Barclays, has a nightmare vision for the future of big banks.

 

In a speech in London this week he said: "The incumbents risk becoming merely capital-providing utilities that operate in a highly regulated, less profitable environment, a situation unlikely to be tolerated by shareholders."

 

Jenkins says a series of Uber-style disruptions in the industry could shrink headcount at traditional big banks by as much as 50%, while profitability in some areas could collapse by over 60% — huge predictions from a man who, until recently, ran one of Britain's biggest banks.

 

He adds: "In my view only a few [incumbent banks] will have the courage and decisiveness to win in this new field."

 

The problem? Financial technology, better known as fintech.

Jenkins, who was ousted as Barclays CEO in July, says a new wave of tech-savvy startups that can do things better, faster, and cheaper than the big banks will disrupt their traditional businesses like lending, payments, and wealth management.

 

While Jenkins is no longer at the helm, Barclays is going big on technology, sponsoring startups and working with the blockchain — the technology that underpins bitcoin — to try and improve payments.

 

The big question, as Jenkins points out, is whether these huge institutions can move fast enough to get ahead of the wave of change — or at the very least ride it.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Apple Pay Stumbles After Initial Support – Bitcoin A Major Competitor

Apple Pay Stumbles After Initial Support – Bitcoin A Major Competitor | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Apple Pay – Positive Signs But Still Not Lovingly Embraced - Bitcoin A Major Competitor
Jan Miranda's insight:

Apple Pay is proving to be quite an interest spin on mobile payments, as the service has many things going for it. There is a dire need for more competition in the mobile payments ecosystem, and Apple Pay, combined with Android Pay and Samsung Pay, are just a few of the names in the mix. Everyday consumers favour mobile payments as a form of cashless transactions, and Apple Pay has launched at the most opportune time.


One major difference between Apple Pay and Bitcoin payments, is that Bitcoin can be used without investing in additional infrastructure.


Apple Pay is struggling with adoption around the world, whereas Bitcoin can be used as a borderless global digital currency. One thing’s for sure, though: Apple Pay is facing stiff competition, and not just from similar payment methods, but also digital currencies.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

All the cool kids are doing Ethereum now

All the cool kids are doing Ethereum now | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
In the beginning the Prophet Satoshi brought us Bitcoin. And the cryptogeeks and libertarians looked upon it, and said lo, we smile upon this, for it is good, and decentralized, and solves the Byzantine Generals Problem. For a time all was well. But then came wailing and gnashing of teeth and wearing of sackcloth. And then came the Prophet Vitalik, bearing Ethereum; and lo, it was even better.
Jan Miranda's insight:
What is Ethereum?

It’s a combination of a cryptocurrency, like Bitcoin, and a vast decentralized computer. Let me explain. As an above-average TechCrunch reader, you already know Bitcoin is a currency whose transactions are secured by the immense computing power of its distributed network of “miners,” rather than any central entity. But you may not appreciate that every Bitcoin transaction is actually a program written in the Bitcoin scripting language — aka a “smart contract.” 

Bitcoin’s contractual language is quite limited, by design. But it allows for transactions that can be delayed until a particular time; or transactions that occur only if, say, 3 of 5 signatories agree to them; or crowdfunding campaigns that only transfer money if a particular total is attained; and many other possibilities. Importantly, once incorporated into the Bitcoin blockchain, these contracts require no trust and no human intervention. Bitcoin is programmable money … with a highly restrictive programming language.

Ethereum removes those restrictions entirely. The Ethereum scripting language is Turing-complete, meaning it can replicate any program written in any traditional programming language. However, to prevent ill-behaved contracts with infinite loops from running forever, every Ethereum transaction computation must be paid for. Just as Bitcoin miners collect small amounts of bitcoin, known as “fees,” in exchange for mining transactions onto the Bitcoin blockchain, Ethereum miners collect “ether,” the Ethereum currency, for running Ethereum contracts.

You may well be thinking: “Oh come on. Bitcoin was more than abstruse and geeky enough. Now this new made-up-magical-money thing is even more complicated? Why should I care?”

You should care because decentralized cryptocurrencies like Bitcoin and Ethereum are–or at least could be–essentially an Internet for money, securities, and other contractual transactions. Like the Internet, they are permissionless networks that anyone can join and use. Ethereum optimists might analogize Bitcoin as the FTP of this transactional Internet, with Ethereum as its World Wide Web.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Coinbase Exchange Starts Trading Ethereum on May 24

Coinbase Exchange Starts Trading Ethereum on May 24 | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Bitcoin exchange and wallet service Coinbase is adding support for ether, the native cryptocurrency of the Ethereum network.
Jan Miranda's insight:
The addition of Ethereum comes amid rising interest in ETHER among digital currency traders and the technology platform itself among financial institutions and other enterprises worldwide. Trading will begin on 24th May.

Initially, traders on Coinbase's exchange platform will be able to buy and sell ethers. Later this summer, the company will add support for the digital currency to all Coinbase users. An official announcement is expected to be made Tuesday. In interview, White confirmed the added support for ether after details about the integration began circulating on social media.

Coinbase's ether integration was, in some ways, largely expected given recent trends in the exchange space. Since San Francisco-based exchange Kraken announced last August that it would become the first major venture-backed business to offer ether trading pairs, a variety of exchanges worldwide have followed suit in the past few months. More recently, Gemini added ether trading pairs to its exchange.

Last year, employees took part in multiple Ethereum meetups as part of their research into the digital currency. But it wasn’t until Microsoft Azure entered the fray that the startup begin to look more closely.

Interest in other assets:

Coinbase is also paying close attention to The DAO, a decentralized organization built on top of Ethereum that acts as a funding vehicle for related projects.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Winklevoss Bitcoin Exchange Gemini Will Now Include Ethereum

Winklevoss Bitcoin Exchange Gemini Will Now Include Ethereum | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

The Gemini exchange, founded & operated by the Winklevoss twins has gained approval from the State of New York to trade Ethereum's Ether

Jan Miranda's insight:
The Gemini exchange, founded and operated by Tyler and Cameron Winklevoss has gained the approval from the State of New York via the Department of Financial Services to offer trading of Ether, the crypto-asset and token of the Ethereum network.

In an interview with Reuters, Gemini co-founder and president Cameron Winklevoss revealed that the twins’ investment firm Winklevoss Capital began buying ether at the beginning of 2016, noting that the investment arm is now a “significant” holder of the cryptocurrency.

Winklevoss stated: There is a place for ether on our platform. It does what bitcoin doesn’t do.

Gemini customers will be able to store their Ether from Thursday before trading officially begins on Monday, May 9.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ethereum's Vitalik Buterin asks if Google, Apple and Facebook are threatened by blockchains

Ethereum's Vitalik Buterin asks if Google, Apple and Facebook are threatened by blockchains | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

The Gafa companies (Google, Apple, Facebook, Amazon) have been conspicuously silent on blockchain.

Jan Miranda's insight:
Vitalik Buterin, inventor of consensus computing system Ethereum, said a "blockchain blindspot" around the likes of Google, Facebook and Apple could signify the threat this technology poses to those sorts of companies.

The Gafa companies (Google, Apple, Facebook, Amazon) have been conspicuously silent on blockchain, but it could be said a serious advance into some kind of platform banking model from them (as has happened in China with Alipay for instance) is also something the fintech universe awaits. Airbnb made an acquisition of crypto engineers last month and then denied they had any interest in blockchain.

"Why exactly haven't we seen that much from that sector? Is it because there isn't much for them? Is it because they just haven't found the right angle? Or, is it because they feel more threatened by it, whereas other groups see it as an opportunity for them?

"The idea they feel threatened might actually be the correct answer to higher degree than some people appreciate."

As far as embracing blockchain and making itself more technologically progressive, Microsoft seems to have done the best job, noted Buterin.

China
The Ethereum Foundation has announced partnerships with Wanxiang Blockchain Labs to foster education and development of the technology in China. Buterin has visited growing blockchain communities across many of the main cities. 

"In Beijing it's been mostly academics; not even so much academic from a sort of massive cryptography standpoint, but academic from an application standpoint.

Crowdsales and tokens 
The ebullient vitality of the Ethereum community has been on show recently with the advent (and inundation) of crowdfunding token sales, such as DigixGlobal which raised $5.5m in a matter of hours.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

How I Preordered a Tesla Model 3 With Bitcoins - CoinDesk

How I Preordered a Tesla Model 3 With Bitcoins - CoinDesk | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
The recent purchase of a Tesla 3 with bitcoin is the catalyst for this story about how far bitcoin has come since the days of pizzas and Alpaca socks.
Jan Miranda's insight:
"Today, I preordered a Tesla Model 3 with Bitcoin.
..for an electric vehicle to possibly have a 0–60 time that rivals that of the latest model Ferrari."
- Mason Borda (software engineer at BitGo)


more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Opendime: the 'Disposable Hardware Wallet' - Spend #Bitcoin like a dollar bill.

Opendime: the 'Disposable Hardware Wallet' - Spend #Bitcoin like a dollar bill. | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Coinkite has revealed a new project called Opendime a USB stick that acts like paper money and can be passed along to anyone.

Jan Miranda's insight:
Spend Bitcoin like a dollar bill. You can pass it along multiple times using a USB stick. Unseal at any time to spend it online.

Toronto-based company Coinkite introduced a transferable hardware wallet that can be treated as though it was cash. Each Opendime stick holds one user-loaded private key that never reveals the key until the product is “unsealed.” The company says that the devices use “Piggy-Bank Economics” meaning the dime-sized stick must be destroyed to spend the funds. Users can store as little or as much as they want and units can be exchanged freely until they are spent.

"It might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems."
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Japanese mega-corporations complete trial using the bitcoin blockchain » Brave New Coin

Japanese mega-corporations complete trial using the bitcoin blockchain » Brave New Coin | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Japanese mega-corporations complete trial using the bitcoin blockchain
Jan Miranda's insight:
Japan-based mega-corporations Fujitsu Limited, Fujitsu Laboratories Ltd., and Mizuho Bank Ltd., released a joint announcement yesterday, stating that they have completed a blockchain trial to streamline cross-border securities transaction settlements. Their aim is to create a whole new cross-border financial system that minimizes the risk of price fluctuations.

Mizuho Bank is the fourth largest bank in Japan, according to the 2016 Bankers Almanac from global leading data provider Accuity. With total assets of US$1.343 trillion, the Bank ranks 22nd overall, with Industrial & Commercial Bank of China at the top of the list with $3.32 trillion in assets.

The three companies began their joint blockchain trial project in December 2015. Mizuho Bank contributed their expertise with the post-trade securities settlement process while Fujitsu Limited conducted the development, evaluation, and testing of the trial system. Meanwhile, Fujitsu Laboratories was responsible for applying blockchain technology.

The process of cross-border securities transactions is complex, and typically takes three days to complete. The longer the settlement time, the higher the risks faced by asset managers, such as price fluctuations and the possibility of counterparties going bankrupt.

To date, banks have done little to improve the back-end systems and processes involved in cross-border payments. As a result, cross-border payments remain expensive for customers, who also face numerous pain points (e.g., lack of transparency and tracking, slow processing times).

They believe blockchain technology can provide a practical solution for shortening settlement times, from three days to the same day, citing how past attempts to shorten them were impractical due to issues such as the large cost of system operations management.

Using the blockchain Open Assets Protocol, the three companies built a blockchain-forming system in Fujitsu's cloud environment, recording the information from a confirmation (matched trade information: securities name, quantity of securities, currency code, amount, country of settlement, settlement type, settlement date) as one linked block.
more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Blockchain: Catalyst for Massive Change Across Industries

Blockchain: Catalyst for Massive Change Across Industries | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Blockchain, the technology underlying the digital currency Bitcoin, has sparked intense interest across industries from banking and trading to agriculture and music. Health care, food, insurance, luxury goods & other markets also see great potential in blockchain for faster, more secure business but are watching also for signs that the technology may disrupt existing revenue models.

Jan Miranda's insight:

The power of blockchain lies, advocates say, in its inherent security, which can establish trust directly among parties in a transaction, making it possible to remove the middlemen that currently serve that function. Entire industries, such as clearinghouses in financial trading or title-search firms in real estate, conceivably could be displaced, slashing costs and cutting the time required to complete a transaction. The impact, they say, could be massive.

 

The diversity of activity is “a Cambrian explosion,” says David Schatsky, a senior manager at Deloitte LLP who follows emerging technologies. “It’s like the early Internet. There’s an inability to know in advance all the uses it could be put to.”

 

Blockchain areas of disruption:

 

Banks and Financial Services

 

The financial industry is a first mover in blockchain, investing nearly $1 billion in blockchain companies, according to Magister Advisors.The technology could cut $20 billion in annual costs in global banking, the Wall Street Journal reported, citing a Santander InnoVentures analysis.

 

Diamonds, Art, Airplane Parts

 

Expensive goods attract criminals, often violent ones. The Islamic State is selling stolen art and antiquities to finance terrorist activities. In Africa, armed groups fund civil wars through blood diamonds mined and sold illegally, despite years of sanctions, bans and certification attempts by the United Nations and others.

A definitive registry to trace ownership and certify provenance of big-ticket items would root out illegal goods and decrease fraud worldwide.

 

Music, Movies, News

 

Blockchain could shift the dynamics in the media business through so-called smart contracts. These are agreements that nodes automatically execute, with no human intervention, once pre-coded conditions are met. In a simple example, a news website would unlock an article when a reader transfers payment.

In the music business, smart contracts on a blockchain could prevent piracy and give artists their due, says Benji Rogers, a musician and CEO of PledgeMusic, a site for the crowd-funding of albums.

 

Health Records, Personalized Medicine

 

Who doesn’t think the health-care system could be more efficient? What hinders efforts to apply technology to fix it, however, is concern about keeping sensitive data private, says Jonathan Cordwell, senior professional research analyst in health care at Computer Sciences Corp. Blockchain’s constant encryption and permanent transaction histories interest various health care organizations.

Pharmaceutical companies could tag drugs with identification numbers on a blockchain, to track goods through the supply chain and cut theft and counterfeiting.

 

Food and Drink

 

In agriculture, farmers could put sensors in fields to monitor crops through growth, harvest and transport, recording data on a blockchain via wireless network. In a recall, farmers could quickly match tainted product to supply chain records. They could more accurately trace where their food went and assess the size and expense of the recall, says Mr. Schatsky of Deloitte.

 

Insurance Opportunity and Peril

 

Startup Tierion Inc. recently built a blockchain to process insurance claims, working with business and technology experts from Citigroup Inc. and others in a programming contest in September. Blockchain’s encryption and distributed verification can provide an efficient, trusted “proof of work” at each hand-off in claims processing, says Bart Cant, a principal at Capgemini.

Blockchain could facilitate new insurance models and destroy others. Companies could offer “instant” policies good for a few hours

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Eric Lombrozo: Bitcoin Needs Protocol Layers Similar to the Internet - Coinjournal

Eric Lombrozo: Bitcoin Needs Protocol Layers Similar to the Internet - Coinjournal | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Eric Lombrozo is the CEO of Ciphrex & a contributor to Bitcoin Core. At the recent Blockchain Agenda Conference in San Diego, Lombrozo gave a talk on the future of Bitcoin in which he mainly focused on the issue of scalability.

Jan Miranda's insight:

Lombrozo gave a talk on the future of Bitcoin in which he mainly focused on the issue of scalability. He discussed many specific proposals and concepts that could eventually lead to a more scalable Bitcoin network over the long term, but he also covered the idea of designing Bitcoin with a layered approach — similar to the Internet [OSI Model].

 

"[Bitcoin needs to be layered].. for instance, with the Internet you have at the base level [NETWORK LAYER], then on top of that you have a TRANSPORT LAYER (TCP, UDP), on top of that you have an APPLICATION PROTOCAL layer, and then on top of that you have your actual applications."

 

The above observation from Lombrozo gets at the core of a key divide in the Bitcoin community right now. While some agree with the Ciphrex CEO’s approach of building new protocol layers on top of Bitcoin, others believe that most Bitcoin activity needs to take place directly on the blockchain.

 

Bitcoin’s Base Layer is Not a Network Protocol.

 

Bitcoin's Protocol Layers:

 

1. The Bottom level is the CONSENSUS LAYER.
The consensus layer is actually not a network protocol at all. It’s actually a set of cryptographic commitment structures, which allow you to construct proofs that things happened according to certain rules. This is something that allows everyone to eventually come to agreement on what the state of the network is.”

 

2. The P2P Propagation Layer  
“Then above that, you have this peer-to-peer propagation relay network that allows nodes to synchronize with one another, download the blockchain in the first place, and propagate transactions.”

 

3. Off-Chain Protocols for Bitcoin
The third layer in the Bitcoin stack, off-chain transactions, is currently in development. While there are already methods of transferring bitcoin to other parties without touching the blockchain, nearly all of them require a high-level of trust in a third party.
Lombrozo noted off-chain protocols will allow developers to build “higher level applications” on top of the blockchain. Examples of systems found on this layer include Open Transactions and the Lightning Network; although, the argument could be made that Lightning Network transactions still take place on-chain (eventually). 

 

In the Future:

It’s likely that many of the most widely-known Bitcoin companies, such as ChangeTip, will eventually move to this third layer as it matures over time. This would mean there would then be a fourth layer in the Bitcoin stack — the wallets and other applications built on top of the layer for off-chain protocols.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

Ethereum's William Mougayar Announces Business Blockchain Conference in Toronto

Ethereum's William Mougayar Announces Business Blockchain Conference in Toronto | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

William Mougayar, adviser to the board of Ethereum, is announcing a Business Blockchain Conference and a two-book series on blockchain technology.

 

The Business Blockchain Conference will be held in Toronto on 18-20 April.

Jan Miranda's insight:

William Mougayar, founder of Startup Management and adviser to the board of Ethereum, is announcing a two-book series on blockchain technology under the umbrella of The Business Blockchain.

 

Mougayar is also launching The Business Blockchain Conference in Toronto which is focused on implementing cryptography-based blockchains, cryptocurrencies, distributed ledgers, and decentralised applications.

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

A banking dream team is looking at bitcoin blockchain technology that could impact financial services the way the Internet changed media

A banking dream team is looking at bitcoin blockchain technology that could impact financial services the way the Internet changed media | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it

Startup R3 has signed up another 12 banks to its industry-wide consortium on blockchain, bringing the total to 42. R3 has long believed that distributed ledger technology has the potential to impact the financial services sector the way the Internet changed media and entertainment.

Jan Miranda's insight:

The banking dream team looking at blockchain

— the technology that underpins bitcoin — is finally complete.


R3 has long believed that distributed ledger technology has the potential to impact the financial services sector the way the Internet changed media and entertainment. 

 

R3 on Thursday announced that 12 more banks have joined its project, taking the total number of banks signed up to 42. The doors are now closed on the first round of banking membership.

 

Here are the latest inductees:

BMO Financial Group, 

Scotiabank, 

Banco Santander, 

U.S. Bancorp, 
Danske Bank, 

Northern Trust, 

Intesa Sanpaolo, 

Natixis, 

Nomura, 

OP Financial Group, 

Sumitomo Mitsui Banking Corporation, 

and Westpac Banking Corporation.

 

R3 is the startup convening the banking industry to develop sector-wide standards and use cases for the blockchain.

 

What's blockchain?

Blockchain is a name for the software underpinning bitcoin that uses complex cryptography and distributed ledgers — copies of records in multiple places — to regulate, record, and enable transactions using bitcoin.

 

Right now, if you pay someone in pounds, one bank will have to get in touch with the other and tell them to update the balance. Then at the end of the day bulk transactions are moved between banks, via an intermediary, to make sure everyone has the right amount of cash.

With the blockchain, all that hassle is wiped out — you just pay another person directly into a digital wallet. 

 

Banks are hoping they can adapt this technology to let them deal directly with one another, making things faster, cheaper, and easier. This would involve either using bitcoin's blockchain or, more likely, building a replica system — a private blockchain.

 

R3 will now look to sign up non-bank financial institutions in the new years — asset managers and the like.

 

Here's the full list of banks signed up:

 

Banco Santander, Bank of America, Barclays, BBVA, BMO Financial Group, BNP Paribas, BNY Mellon, CIBC, Commonwealth Bank of Australia, Citi, Commerzbank, Credit Suisse, Danske Bank, Deutsche Bank, J.P. Morgan, Goldman Sachs, HSBC, ING Bank, Intesa Sanpaolo, Macquarie Bank, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Morgan Stanley, National Australia Bank, Natixis, Nomura, Nordea, Northern Trust, OP Financial Group, Scotiabank, State Street, Sumitomo Mitsui Banking Corporation, Royal Bank of Canada, Royal Bank of Scotland, SEB, Societe Generale, Toronto-Dominion Bank, UBS, UniCredit, U.S. Bancorp, Wells Fargo and Westpac Banking Corporation.

 

more...
No comment yet.
Scooped by Jan Miranda
Scoop.it!

The SEC Will Allow Stocks to Be Issued And Traded Over the Internet Via Bitcoin's Blockchain

The SEC Will Allow Stocks to Be Issued And Traded Over the Internet Via Bitcoin's Blockchain | Bitcoin, Blockchain & Cryptocurrency News | Scoop.it
Federal regulators, in a significant shift in how financial securities will be distributed and traded, have approved a plan to issue stock via the Internet.
Jan Miranda's insight:

This is another huge step in the tsunami of changes that the financial industry will face due to the disruptive nature of #Bitcoin #Blockchain technology.

 

THE SECURITIES AND Exchange Commission (SEC) has approved a plan from online retailer Overstock.com to issue company stock via the Internet, signaling a significant shift in the way financial securities will be distributed and traded in the years to come.

 

Over the past year, Overstock and its freethinking CEO, Patrick Byrne, have developed technology for issuing financial securities by way of the blockchain, the vast online ledger underpinning the bitcoin digital currency.

 

Patrick Byrne is a protege of Warren Buffet, and he carries a PhD in philosophy, with a focus on economics and jurisprudence. 

 
The blockchain is essentially an enormous database that runs across a global network of independent computers. With bitcoin, this ledger tracks the exchange of money. But it can also track the exchange of anything else that holds value, including stocks, bonds, and other financial securities. Overstock has already used the blockchain to issue private bonds, which did not require explicit regulatory approval. Now, the SEC has told the company it can issue public securities in much the same way.

 

Overstock built its technology under the aegis of a subsidiary called TØ.com, and it plans to offer this “cryptosecurity” tech as a service to other businesses, so that they too can issue stock via the blockchain. Each business would need separate approval from the SEC, but Overstock could use the system to issue stock for a third-party before issuing its own.

 

TØ is now just one of several efforts to reinvent the financial markets via the blockchain. Even Nasdaq is looking at it. Nasdaq OMX, the company behind the Nasdaq stock exchange, is building a system that uses the blockchain to oversee trades in private companies, but the company says it could also apply similar tech to the public stock markets.

 

For Jeffrey Steiner, counsel with the international law firm Gibson Dunn, who specializes in blockchain technology, this project shows what the blockchain can do for so many markets. “It can not only ensure that there’s security in the transaction, but it provides a full record of ownership for things like corporate bonds and stocks,” he says. “It can increase transparency, reduce costs, and remove the middleman—in this case remove a [traditional] exchange or a broker.”

 

The plan is to turn TØ into a business that can help other companies manage financial securities via the blockchain. And this already is happening. Beyond issuing private bonds, TØ offers tools that let companies lend and borrow shares through the blockchain. This is designed to remove the traditional middlemen overseeing the $954 billion stock loan market in the US—and close the kind of stock settlement loophole that allows traders to “naked short sell” shares they hadn’t actually borrowed.

 

In its filing with the SEC, Overstock said it could issue as much as $500 million in stock and other securities via blockchain technology

more...
No comment yet.