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TOP STRATEGIST: Bitcoin will soar to over $20,000 by cannibalizing gold

Business Insider, 1/1/0001 12:00 AM PST

Business Insider executive editor Sara Silverstein discusses a recent research note from Fundstrat's Tom Lee says bitcoin could be a true substitute for gold and cannibalize some of the $7.5 trillion market. Lee  estimates the cryptocurrency could be worth $20,300 by 2022. This estimate is based largely on the assumption that bitcoin can increase its share of the "alternative currency" market, which is mostly gold, from 0.7% to 5%.

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Mt. Gox chief claims innocence ahead of Bitcoin trial

Engadget, 1/1/0001 12:00 AM PST

At one point, the Mt. Gox exchange facilitated 80 percent of the world's Bitcoin transactions. That was, at least, until 2014 when someone absconded with hundreds of millions of dollars worth of the digital currency -- as well as an additional $28 mi...

BITCOIN MINER: The rise of Ethereum could help some bitcoin miners

Business Insider, 1/1/0001 12:00 AM PST

China coal miners rescue

  • Bitcoin mining gets more difficult over time, and so it now takes more electricity and money to mine for the cryptocurrency than ever before.
  • The rise of ether, another cryptocurrency, and the appreciation of bitcoin could help maintain the profitability of bitcoin mining, despite increasing cost and difficulty.

It's getting more difficult to mine bitcoins, but that doesn't mean miners are packing up their servers and seeking greener pastures. 

The number of bitcoins available for mining has decreased from 50 BTC per bitcoin "block" when the cryptocurrency first came onto the scene to 12.5 BTC per block, according to Autonomous NEXT, a financial technology analytics service. It is set to decrease to 6 BTC on June 19 2020, according to bitcoinblockhalf.com, a bitcoin countdown site. 

Bitcoin mining is the process by which bitcoin "blocks" are unlocked. Miners are rewarded with blocks when they successfully solve complex algorithmic math problems using computer software. Bitcoin's underpinning technology was designed so that those math problems would get more difficult overtime as a means to control the supply.

In the early days of the technology, people with a few computers were able to mine hundreds of coins in three to four days. That's not what the landscape looks like today, according to Sebastian Quinn-Watson, a consultant with Blockchain Global, a bitcoin mining firm.

"Today, about 1,700 bitcoins are generated a day," he said. "Basically, we are all fighting over one coin every 10 minutes."

"Since mining has become so much more difficult, it requires more electricity, and as a result, more money," Quinn-Watson said. His firm halted expansion of its Chinese bitcoin mining facilities eight months ago. 

But Quinn-Watson thinks two factors could make up for a spike in cost and difficulty and sustain bitcoin miners moving forward.

"Ironically, the rise of ether is one trend that could help bitcoin miners," he said. 

Ether, the bitcoin rival, which is powered by Ethereum blockchain, is up over 2,000% since last year. Up until June, the cryptocurrency was on track to surpass bitcoin as the world's largest cryptocurrency by market cap, according to Coindesk, but its share of the market has since pulled back. 

"Many miners without the wherewithal to compete may completely shift over to mining ether tokens," Quinn-Watson said."Less participants means better economies of scale for firms which stay in."

Miners could also benefit from future appreciation in bitcoin's price, according to Quinn-Watson. If bitcoin's appreciation were to outpace the rise in the cost of mining, then the profitability of the business would be unaffected. 

To be sure, bitcoin is up about 250% since last year, but it has recently experienced extreme swings in its price. Some miners have attributed this volatility to ongoing civil war between crypto-power brokers over the future structure of the cryptocurrency.

This, however, doesn't bother Quinn-Watson. He told Business Insider volatility is exciting.

"It will make the system stronger and drive more growth," he said. "So we welcome the uncertainty and see this as necessary aftershock of the Cambrian explosion that is Blockchain."

SEE ALSO: Bitcoin is embroiled in a civil war — here's one way it can unfold

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NOW WATCH: HENRY BLODGET: Tech market is nowhere near the dotcom days

Report: Indian Government Considers Tax on Bitcoin Purchases

CoinDesk, 1/1/0001 12:00 AM PST

Local reports indicate that India may put in place a goods-and-services tax on bitcoin purchases.

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THE BOTTOM LINE: Historical crashes and where the market stands today

Business Insider, 1/1/0001 12:00 AM PST

This week:

  • A rough week for Blue Apron and Snap both of which went public in 2017. Blue Apron went public at the end of June, at $10 a share, and has been slowly declining since. This week, Northcoast Research published the first Wall Street price target for the stock at $2 a share. Snap gained 44% on its first day of trading in March but has since been coming down and closed below its $17 IPO price for the first time on Monday. Morgan Stanley analyst Brian Nowak downgraded the stock on Tuesday from overweight to equal weight and cut his price target from $28 to $16 a share.
  • Business Insider executive editor Sara Silverstein discusses a recent research note from Fundstrat's Tom Lee says bitcoin could be a true substitute for gold and cannibalize some of the $7.5 trillion market. Lee  estimates the cryptocurrency could be worth $20,300 by 2022. This estimate is based largely on the assumption that bitcoin can increase its share of the "alternative currency" market, which is mostly gold, from 0.7% to 5%.
  • Scott Nations, chief investment officer of NationsShares and author of "A History of the United States in Five Crashes" discusses lessons from history. Nations says the all of the modern-day crashes have some sort of a financial contraption and an external catalyst that often has nothing to do with the markets. He discusses some of the financial contraptions today that could pose a risk in the future. Nations also talks about the current low level of volatility in the market and what to do in the event of a crash.
  • John Manley, chief US equity strategist for Wells Fargo Funds, spoke to Business Insider senior markets reporter Joe Ciolli and discussed the potential side effects of the Federal Reserve unwinding its unprecedented monetary stimulus. He shared his thoughts on how to play a market top and stressed the importance of investor flexibility. Manley explained why a healthy dose of pessimism is always good for an investor and discussed the dynamic of rapidly growing, technically advanced companies like Amazon shaking up various industries.

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Ether Price Analysis: Double Bottom Fake-out Leaves Bulls Trapped

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Ether Price Analysis

After what seemed like a reversal from the strong bear market for the entire crypto-market, many bullish investors found themselves initially taking profit from what appeared to be another Double Bottom Reversal. However, when it came time to re-test the neckline, the ETH-USD market decided to continue its move down. So why did the Double Bottom Reversal, outlined in a previous BTC-USD analysis, not yield the results during yesterday’s rally?

ETHUSD_Fake_DB_jpeg.jpgFigure 1:  ETH-USD, 1-hr Candles, GDAX, Fake Double Bottom

In the article referenced above, several criteria outline the price projections one can expect from a Double Bottom Reversal pattern. One of the most crucial aspect of a Double Bottom Reversal is the volume supported on the two lower peaks of the pattern. In the figure shown above, the left example of the Double Bottom pattern is support with obvious spikes in volume where the market attempted to make a new low. However, in our case, we see a pattern that looks like a Double Bottom, but lacks the required volume to really send the reversal pattern in a significant bullish rally.

So, now that we’ve failed to reverse this bear trend once again, where does this leave us in the grand scheme of things?  To put this market into perspective, it is often useful to zoom out and view it on a high timescale:

ETHUSD_macro_bear_jpeg.jpgFigure 2:  ETH-USD, 12-hr Candles, Gemini, Macro Bear Trend

One of the most notable things about this bear trend is the failure to make a new high, time and time again. Each failure to make a new high has been coupled with an increase in overall market volume, which acts an initial indicator that the market still has more bearish pressure on it. Next, if we move on to the MACD (an indicator of market momentum), we can see two things:

  1. The current bearish period is showing no sign of divergence — each relative low made in the market is coupled with a low on the MACD histogram.

  2. Most important, the macro bear trend shows maintained downward momentum by the way the signal line / moving average have made a new low (see the orange, dashed line).

At the time of this article, the market is finding major support and resistance levels along the Fibonacci Retracement values of the macro Bear trend (see pink notation in the image above). The fake Double Bottom Reversal propelled the market back up enough to test the 23 percent retracement value before ultimately pivoting with relative ease. On the macro scale, the next major line of support lies at our previous low: $175. It will be a hard-fought battle as this is a line of historic interest within the lifetime of the market.

As the market proceeds its march toward the bottom, the various lines of the Fibonacci Retracements will play a key role for entering and exiting positions. Most commonly, before progressing to the next Fibonacci Retracement line, the market will make a test of the resisting line above it before continuing the downward trend. The figure below outlines the recurring theme of this macro bear trend’s Fibonacci Retracement tests:

ETHUSD_ABCDE.jpgFigure 3:  ETH-USD, 6-hr Candles, Gemini, Fibonacci Retracement Trend

It’s entirely possible that the market won’t make it back down to to the 0 percent Fibonacci Retracement values, but, given the downward momentum outlined on several market indicators, it seems far more likely than not. With the massive Head and Shoulders (outlined earlier this week) on the BTC-USD markets looming in the background and testing key support levels, one can only speculate just how far the crypto-market will continue its downward move.

Summary:

  1. A fake Double Bottom Reversal formed on the smaller timescales, trapping many people in a bullish position.

  2. On a macro scale, the ETH-USD is maintaining its downward momentum and continues to test Fibonacci Retracement values.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Ether Price Analysis: Double Bottom Fake-out Leaves Bulls Trapped appeared first on Bitcoin Magazine.

Bitcoin Scaling Watch: News & Guides to Navigate the Coming Clash of Code

CoinDesk, 1/1/0001 12:00 AM PST

CoinDesk compiles the news, guides, explainers and real-time updates to keep you up-to-date on everything bitcoin scaling.

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Swiss "Crypto Valley" to Create Digital Identities for Its Citizens on the Ethereum Blockchain

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Swiss Crypto Hub to Create Digital Identities for Its Citizens on the Ethereum Blockchain

As of September 2017, the Swiss town of Zug will offer all of its citizens a digital identity on the Ethereum blockchain.

Zug, a Swiss town with the population of nearly 30,000 citizens, has been famous for its dedication to cryptocurrencies. Zug has been called the “Crypto Valley” of the financial world since many of its citizens are entrepreneurs who specialize in digital currencies. Numerous Bitcoin and blockchain enthusiasts have flocked to the town to take advantage of the entrepreneurial environment and the crypto-awareness of the citizens. Last year, the town even began accepting bitcoin payments for government services on a trial basis. In addition, one of the 10 bitcoin ATMs in Switzerland is in Zug, which is operated by the Zug-based Bitcoin Suisse.

On July 7, Zug published a press release on its official website stating its plans to offer digital identities for its citizens. According to the press release, the digital identities will be based on an app that “secures personal information using blockchain technology and associates it with a crypto address.” The system is completely decentralized, thus the citizens will register their identities on the app independently, which will be verified by the town’s own “identity control” procedures.

The Swiss government, in cooperation with external partners, is currently focusing on a centralized solution to create its own digital ID service. However, according to Zug’s press release, the government’s efforts have failed since the application of a centralized digital system is complicated and such systems are “technically considered obsolete today.”

"We want a single electronic identity — a kind of digital passport — for all possible applications. In our city, we do not want this digital ID to be centralized but on the blockchain. We only verify and confirm the identity of a person,” Dolfi Müller, the mayor of Zug, said in a statement.

According to the mayor, blockchain-based identity applications should not be limited to urban services, fee collection or room rentals. In the first phase of the digital ID, a consultative “e-vote” will be held to determine the usage of the innovative system. The voting is expected to take place in the spring of 2018.

The Ethereum-based digital identity application is being developed by the Institute for Financial Services Zug (IFZ) of the Lucerne University, Zug-based ConsenSys  and the Zürich-based ti&m.

"Today, our digital identity still lies with major search engines and social networks that profit from it. A self-managed, secure and certified identity is indispensable for the functioning of an increasingly digital society. For the Crypto Valley Zug, we believe in a research collaboration with the financial sector and government agencies,” Mathias Bucher, lecturer at the IFZ, said.

"This pioneering project is technically highly interesting and fits perfectly with the competencies of our company: digitize with the greatest possible security and great user-friendliness,” Mr. Bucher added.

Both ConsenSys and ti&m expressed their excitement about Zug’s digital identity project. Rouven Heck, Product Lead at ConsenSys, was delighted that the small town chose the ConsenSys web-based wallet and identity management system  uPort  to handle the project.

“By registering on the public, global Ethereum blockchain, the city of Zug offers its citizens an innovative access for both local and international services," said Heck.

Thomas Wüst, Founder and CEO of ti&m, emphasized the high security of the new system.

"This solution provides tremendous added value for enhanced security, as private data remains under the full control of individuals while providing a much more streamlined use of digital services,” Wüst said.

The post Swiss "Crypto Valley" to Create Digital Identities for Its Citizens on the Ethereum Blockchain appeared first on Bitcoin Magazine.

'Bitcoin Sign Guy' Nets Almost $15,000 After Fed Chair Appearance Goes Viral

CoinDesk, 1/1/0001 12:00 AM PST

Blockchain data reveals that it pays to be the Bitcoin Sign Guy.

Source

Some Small Movement in Regulatory Challenges This Week

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Some Small Movement in U.S. Regulatory Challenges This Week

Theo Chino, a bitcoin advocate who has been fighting regulations in the U.S. for over two years, requested the withdrawal of the proposed “Uniform Regulation of Virtual Currency Businesses Act.”

Only July 7, 2017, Chino asked the Uniform Law Commission (ULC) to withdraw the proposed regulation on cryptocurrencies in the United States. The bitcoin advocate submitted a letter to the ULC asking to abandon the proposed statute. Chino argued that many of the states have “significant disagreements and approaches as to how to classify or regulate bitcoin.” In addition, there is a high level of legal uncertainty surrounding the proposed statute due to a legal challenge against the New York BitLicense — also known as the Virtual Currency Regulation — before the New York courts.

The legal challenge, which Chino cited in his letter to the ULC, is a lawsuit he initiated against the New York State Department of Financial Services (“NYDFS”). In October 2015, Chino started an action against the NYDFS regarding BitLicense arguing that the agency “exceeded its regulatory mandate, and that regulating Bitcoin lies with the legislature, not NYDFS.”

“This proposed model statute, which is inspired by the New York BitLicense, will not only make it impossible for a small Bitcoin business to survive, but also will discourage the public to use Bitcoin. One does not have to look very far to understand why Bitcoin’s adoption is so low and so poor. This kind of arbitrary and negative intervention must stop,” said Chino.

In a post on Reddit, Chino stated he spoke twice with the chair of the Virtual Currency Committee. The chair of the committee told Chino he should take the case to a legal level if he disagrees with the proposed statute.

“This last conversation led me to believe that he [the chair of the committee] did not care about the academic search on the true nature of Bitcoin but is more interested in his personal notoriety as the chair of the committee. He really did not know how the technology really worked and why that act is bad,” Chino wrote on Reddit.
“He did admit that he represented the industry and not the individual small business.”

Coinbase

Coinbase, a digital currency exchange complying with the New York BitLicense, is currently under investigation by the Internal Revenue Service. However, this week it was reported that the IRS is scaling back the investigation. The IRS is now only seeking information on Coinbase users who were engaged in transactions of $20,000 or more. This means that the agency will exempt all the users who did not buy, sell, send or receive "at least the equivalent of $20,000 in any one transaction type in any one year during the 2013-15 period."

Bobby Lee on Need for Regulation

Earlier this year, the People’s Bank of China (PBOC) halted the withdrawals of bitcoin at Chinese cryptocurrency exchanges, which also affected Bobby Lee’s company, BTCC. In an attempt to regulate the market, the PBOC created a task force for inspecting the trade of digital currencies. The goal of the task force is to ensure that cryptocurrency exchanges had implemented anti-money laundering systems. In the same month, the PBOC announced it had met with nine virtual currency exchanges to warn them about the consequences of violating the rules.

This move by the PBOC has been perceived as an attempt to crack down on the bitcoin trade, but Bobby Lee, the CEO of the Chinese bitcoin exchange BTCC, does not seem to share that view.

In contrast to what is coming out of the U.S., Lee said in a CNBC interview this week that cryptocurrencies are in need of more regulations. According to him, if there are no regulations, digital currencies can suffer high volatility.

"It's not really a crackdown," Lee said. "The central bank previously was not very aware of the details of how bitcoin is utilized, how bitcoin is traded."

However, Lee added that it is essential for regulators to take the time to come up with the “appropriate rules and laws to govern companies, how we do business, to govern individuals [and] how people conduct business online.”

"I think regulation is much needed for this new asset class because otherwise it'll run amok from society. But the challenge is how to craft the rules around this new technology.”



The post Some Small Movement in Regulatory Challenges This Week appeared first on Bitcoin Magazine.

Latest Cryptocurrency Exchange Hack Highlights Need for Better Security Protocols

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Latest Exchange Hack Warns of Cryptocurrency Dangers

It comes with the territory that digital currency will be susceptible to digital threats. Hacking and theft have almost grown up side by side with things like Bitcoin, and, as the popularity and value of the digital currency rises, its attraction to thieves also grows.

The most recent major hack has seen one of the top five biggest Bitcoin and Ethereum exchanges, Bithumb in South Korea, fall prey to hackers. The hack was confirmed July 5 when information, as well as hundreds of millions of South Korean won, were been made off with in an attack with a difference.

Most exchanges know they are susceptible to network intrusion via their internal systems, but the entry point in this instance was through the personal computer of one of the exchange's employees. Thus it was not the standard network compromise, rather a more sophisticated phishing attack that led to the information heist.

It was personal information, such as names, email address and phone numbers of clients that were predominantly taken — luckily no passwords — but this was enough for the hackers to target customers and drain their accounts of their cryptocurrency.

Since the highly publicized Mt. Gox hack in 2014, in which 800,000 bitcoins were stolen, exchanges have boosted their security astronomically. Mt. Gox almost spelled the end of Bitcoin as people lost a lot of faith — as well as a lot of money — in the security systems of cryptocurrencies.

While security has been boosted in recent times, and thievery and hacking is far less common, it is still a threat that is ongoing and sometimes hidden.

In fact, Bithumb customers had forwarded complaints on a Korean social media site about threats of attacks, yet not much extra was done on the part of the exchange to try and quell these worries or protect clients.

The exact figure stolen is still unknown as Bithumb is trying to play it off as less of a hack and more of a phishing attack for information. However, despite what they are trying to convey, Bithumb has to admit that the 30,000 customers whose information was compromised were victims of a dangerous cryptocurrency attack.

The Korean exchange has come forward and said it will be compensating those whose data was compromised. Even those customers who would have lost nothing other than data will be getting paid 100,000 Korean Won, which is equivalent to around $86.50 USD for the inconvenience. The hope for Bithumb is that they will be able to retain some of these clients who surely will be feeling much more vulnerable and less trusting.

Bithumb's transactions with bitcoin make up almost 3 percent of the entire market, but it is its share of ether transactions that’s its major claim to fame: 13.5 percent of the total ether market goes through Bithumb’s exchange.

It is a major blow for a big player in the exchange game, and it is a blow that will be felt in the global digital currency sphere. Trust has slowly been rebuilt for those who have lived through the teething stages of Bitcoin security, and, as the door opens on new and mainstream markets, hacks like this can cause adopters to have second thoughts.

However, one aspect of digital security that has changed since bitcoin has been accepted by a much wider audience is that governmental agencies are taking it under their wing.

There are differing stages of regulation for digital currencies, but these arguably bring with them added security. In the case of Bithumb, Korea’s Internet and Security Agency has plans to initiate a probe into this cyber attack with a full investigation to follow.


The post Latest Cryptocurrency Exchange Hack Highlights Need for Better Security Protocols appeared first on Bitcoin Magazine.

Beyond Segwit2x: Paul Sztorc Thinks Bitcoin Needs a New Scaling Roadmap

CoinDesk, 1/1/0001 12:00 AM PST

While current scaling proposals near collision, Paul Sztorc details his vision of bitcoin's future, including Lightening Network and Drivechain.

Source

Op Ed: The Value of Sidechains and Leveraging Their Potential

Bitcoin Magazine, 1/1/0001 12:00 AM PST

Op Ed: The Value of Sidechains and Leveraging Their Potential

Since Bitcoin’s launch in 2009, there has been a growing interest in tapping the potential of decentralized cryptocurrencies. However, any modifications to the consensus layer, the critical part of any cryptocurrency, must be handled with caution. Compared to other internet protocols, this makes it harder for Bitcoin to adopt new features and meet new demands. This is why sidechain technology has been proposed: It allows for the transfer of digital assets, including bitcoin, across different blockchains.

While most cryptocurrencies are incompatible, assets are not interchangeable; “fusion” lets sidechains build the financial ecosystem of cryptocurrencies. Using sidechains, we can easily create smart contract-based stocks, futures and other derivatives; there could be thousands of sidechains pegged to Bitcoin, all serving different purposes and having different features. Meanwhile, all of these sidechains benefit from the robustness, and maintain the coin scarcity, of the main chain.

So far, some of the sidechain solutions on the market include BTC Relay by ConsenSys, Rootstock by RSK, Elements by Blockstream and non-Bitcoin sidechains like Lisk.

BTC Relay

BTC Relay, born from the Ethereum Foundation and developed by ConsenSys, is believed to be the first functional sidechain project — although it’s technically perhaps better described as an “atomic swap.” The main principle of BTC Relay is that it connects the Ethereum network with the Bitcoin network in a safe and decentralized way.

BTC Relay allows users to verify Bitcoin transactions through smart contracts deployed on the Ethereum blockchain. As such, the sidechain mechanism allows user to send transactions, not only to another address or account, but also to other blockchains.

Specifically, BTC Relay uses Bitcoin’s block header to create a tiny version of the Bitcoin blockchain. Ethereum Dapp developers can then verify the Bitcoin network activity by connecting to the BTC Relay smart contract. (It does so through a dedicated API.)

As a result, a typical use case of BTC Relay could look like this:

1. Alice and Bob agree to use the BTCSwap contract (user contract) to trade. Alice wants to buy ETH from Bob. Bob sends his ETH to the BTCSwap contract and the ETH will be locked.

2. Alice then sends BTC to Bob, and — importantly — she wants the BTCSwap contract to be informed so that the BTCSwap contract can release Bob's ETH deposit to her.

3. Alice calls the BTC Relay function using the Bitcoin transaction and the BTCSwap contract address. After the BTCRelay function has confirmed that the bitcoin transaction is valid, the BTCSwap contract will be triggered and will verify the Bitcoin transaction.

4. After the BTCSwap confirms the legitimacy of the BTC Relay address, Bob’s ETH will be released to Alice and the transaction is completed.

Rootstock

Rootstock (or RSK) is the first universal smart contract platform secured by the Bitcoin blockchain. Its goal is to implement complex smart contracts on a sidechain, adding value and functionality to the Bitcoin network.

The way this works is that when a Bitcoin user wants to use two-way anchors, he sends a transaction to a multi-signature address. The key holders of this wallet, the “federation,” can (for example) consist of several well-known companies.

The RSK blockchain uses the public key associated with the funding transaction to store the smart bitcoin (SBTC). This means that the private key that controls the bitcoins in this transaction can be used to control a corresponding amount on the RSK blockchain.

Although the public key and the private keys are similar, each blockchain uses a different format to encode addresses. This means that the addresses on the two blockchains are different.

Elements

The Elements sidechain is an open-source sidechain project developed by Blockstream. Like Rootstock, the project adopts two-way pegging to Bitcoin. In addition to smart contracts, the project also introduces many other innovative features, including private transactions, Segregated Witness and new instruction code to support more functions, among others.

Lisk

Lisk is a new generation of blockchain platform that adds each application to a separate sidechain of Lisk.

Users who have experienced Bitcoin and Ethereum are probably aware that features and data are added to the main blockchain, which leads to rapid blockchain bloat. Extra large block sizes require a long time to synchronize, which is a painful experience.

Lisk's sidechain model instead provides a way to solve the problem of network congestion under high transaction volume. Users just need to download the corresponding sidechain for a specific use case when using the relevant application. This greatly reduces the sync time for downloading unnecessary data and facilitates the efficient operation of the entire Lisk network. Also, the speed of the Lisk network promises to continue to accelerate over time, which ought to give it a special advantage.

A Model of the Bytom Sidechain

Bytom is an inter-operational protocol for multiple “byte assets.”

In order to operate different on-chain assets running on Bytom, developers can create a tiny version of a sidechain. Let’s use, for example, one version called “XRelay,” which functions similar to BTC Relay. Dapp developers can then connect to the API of XRelay via a smart contract to verify the network activities of “X Chain,” the alternative blockchain XRelay connects with. In this way, cross-chain communication can complete transactional and dividend distribution contained within the contract.

Bytom will support multiple types of digital assets (for example, gold, silver, etc). Each asset will be identified by an asset ID, which will be based on the “ODIN” protocol. With various asset IDs, we can confirm the categories of that asset.

The Bytom chain sorts all assets into two categories: the Bytom token (BTM) and all other digital assets. BTM is the native currency of the Bytom blockchain, which is a special token distributed to miners and other participants in the ecosystem. BTM is based on a Proof-of-Work mechanism to encourage miners to join in the system in a random and anonymous way.

The BTM could be used for

  1. Costs of asset transactions, including the cost of running the smart contract;

  2. Dividends of income assets; and

  3. Deposits for asset issuance.

If the asset issuer, for example, decides to use BTC as dividends, he can lock in the corresponding amount of BTC via a sidechain and convert it into BTM at market rate. This process is executed by the type of Relay contract described through a cross-chain operation.

For example, if we want to swap BTM with Bitcoin, we can do it using a Bytom chain contract like this:

bytomchart

Sidechain technology is appropriate for the mission of Bytom: to build a market where “byte assets” and assets on different blockchains can interact and be exchanged freely. Bytom will facilitate the exchange, interoperation and flow of byte information and byte assets that are stores of value.

Jeason Yi, author of this guest post, is senior engineer of Bytom.io. He has been in blockchain development since 2013. The views expressed are those of Mr. YI and do not necessarily reflect those of Bitcoin Magazine or BTC Media.

The post Op Ed: The Value of Sidechains and Leveraging Their Potential appeared first on Bitcoin Magazine.

Postal Service Customers in Austria Can Now Buy Bitcoin, Ether and More

CoinDesk, 1/1/0001 12:00 AM PST

Österreichische Post is now offering its Austrian customers a creative way to buy cryptocurrencies including bitcoin, ether and litecoin.

Source

Postal Service Customers in Austria Can Now Buy Bitcoin, Ether and More

CoinDesk, 1/1/0001 12:00 AM PST

Österreichische Post is now offering its Austrian customers a creative way to buy cryptocurrencies including bitcoin, ether and litecoin.

Source

Ethereum is on a wild ride

Business Insider, 1/1/0001 12:00 AM PST

LONDON — Digital currency Ethereum's volatility continues.

The cryptocurrency, the second most popular after bitcoin, fell 25% against the dollar across Monday and Tuesday. The price stabilised in early trade on Wednesday before rallying above $200 again.

Ethereum is dipping again on Thursday morning, down almost 5% to $212.22 at 7.57 a.m. BST (2.57 a.m. ET):ethereum

The choppy trade follows a 5,000% price rise for the digital currency since the start of the year. Mati Greenspan, an analysts with trading platform eToro, told Business Insider earlier this week recent falls are a price correction that has been "a long time coming."

Meanwhile, bitcoin, which has also fallen over the past week, is stable. The digital currency is up 0.01% against the dollar at 8.07 a.m. BST (3.07 a.m. ET).

bitcoin

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NOW WATCH: Tesla’s Model 3 is coming on Friday and it’s going to be the ‘largest consumer-product launch ever’

Behind the scenes with Tezos, a new blockchain upstart

TechCrunch, 1/1/0001 12:00 AM PST

 With a whopping $200m raised (at current btc and eth prices) Tezos breaks all Initial Coin Offering records to date. That’s saying something given over $1 billion dollars has gone into ICOs (Kickstarters on steroids) in 2017. Exuberance, of the irrational variety, perhaps–but that doesn’t mean there is no real value underpinning some of the projects raising funds, or in… Read More

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