Were you planning on taking part in FirstBlood’s crowdsale today? Too late, the funding round was completed just moments after it began. Within seconds the decentralized eSports platform raised just over $6 million in Ethereum (ETH 465,312.999), in what seems like a new record for speedy funding time in the blockchain assets ecosystem. Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here! By harnessing Ethereum smart contracts, FirstBlood allows people to fund eSports matches without trusting a central party. It relies on a decentralized witness and jury system to determine match outcomes. The platform incentivizes members of the jury pool with a percentage of the revenue from every match using its native cryptocurrency – FirstBlood Token. It enables players of popular online PvP games like League of Legends, Counter Strike: Global Offensive, and Hearthstone to challenge each other with money on the line. This infusion of capital, as well as show of resounding community support, will help FirstBlood take a leading position in the heated race to become the cryptocurrency of choice for gamers. Earlier this month the International eBoost Society has announced a new cryptocurrency – the eBoost software token – which will initially be used by the eSports site Mockit, which has received more than five million replays on Amazon.com’s Twitch.tv. In July Breakout Coin ended its first public crowdsale, collecting a total of 851 bitcoins which is worth approximately $560,000 at relevant price levels. A total of 4,357,800 BRK were distributed, and a further 2,269,694 were ‘burned’ and permanently removed from the market.
The recent bitcoin exchange hack underscores the vulnerability of bitcoin exchanges, an issue that needs to be addressed if bitcoin is to gain a larger following, according to Megan McArdle, a Bloomberg columnist. (McArdle most likely referred to Bitfinex .)
Safeguards have been considered, such as a virtual “exploding dye pack”, but it remains to be seen if such safeguards will be accepted.
It took banks many years to develop safeguards that ultimately made bank robbery undesirable to criminals. Bitcoin Theft Is Profitable
McArdle noted that bitcoins are comparatively profitable for hackers to steal.
Since the early 20th Century, bank robbing has become a less attractive option for criminals because of the safeguards banks have developed, McArdle noted. Banks have used bills marked with exploding dye, armed guards, and silent alarms to discourage robberies. Also, most businesses today follow security practices when accepting large amounts of cash so that if the money has been stolen, it will be easy to find the rightful owner.
Banks have also established systems to protect digital payments that ensure that digital funds are only in one place at a time, removing the potential for double spending.
When a hacker ordered a billion dollars from a Bangladesh central bank earlier this year, the bank was able to cancel the transactions before they completed. Bank Cyber Theft Thwarted
Cyber criminals tried to steal nearly $1 billion from Bangladesh Bank’s account at the Federal Reserve Bank of New York in February and succeeded in transferring $81 million to four accounts at Manila’s Rizal Commercial Banking Corp, according to Reuters . The money was then laundered through the city’s casinos, according to investigators. Bitcoin , by contrast, is still in the “Wild West” stage, McArdle noted. Bitcoin needs to develop safeguards; otherwise, bitcoin is not likely to attract as many legitimate […]
International Businesses Machines (IBM), an employer of half a million with a yearly revenue of more than $80 billion, has shared an infographic which states that the industrial internet of things is the next economic revolution.
According to the IoT infographic , low-cost sensors, and long range wireless technology have combined to give rise to intelligent machines which will add $20,000 to average U.S. incomes and an estimated gigantic sum of $15 trillion to the world’s economy by 2030.
IBM said in a blog that: These advances go beyond just manufacturing and will spread into farming, city planning, energy management, and more… It is predicted that this growth will be comparable to the industrial revolution. Microsoft, Cisco, and other tech giants have likewise announced a raft of new IoT initiatives this year, opening numerous research centers in partnership with world-renown academic institutions as the focus seems to be shifting to what may be the world’s growth engine. Public Blockchains and IoT
Smart contracts and digital currencies like ethereum may play a key role or at least be a significant subset of IoT depending on how these public blockchains develop. They add a third dimension, combining sensors, wireless tech, cloud computing, data analytics, smart contracts and digital currency, allowing machines to autonomously hold and trade value for the first time in history.
Currently, ethereum especially, is experiencing an incredible amount of activity and interest from developers who are partaking in numerous hackETHons to implement useful smart contracts ranging from the mundane replication of current services and experimentation with adding efficiency to financial applications to the more unique industrial use implementations.
Chronicled , a Silicon Valley startup, is an example of the latter. They have given smart tags, and by association, sneakers, what we can call a highly primitive level of intelligence in […]
What started as an attempt to rescue investor funds in a high-profile project has resulted in a schism that has effectively split the community on the second-largest public blockchain. The split is not only psychological. Thanks to the design of public blockchain systems, it is also technical, with competing visions manifesting in two very real blockchains, or versions of the project’s transaction history.
As of this weekend, there are now two groups working on two competing versions of a project called ethereum , a blockchain-based platform designed to enable decentralized application development.
If bitcoin envisioned how a distributed group of users could create and manage a currency, ethereum sought to allow a distributed group of users to create and manage a decentralized, uncensorable app store. (You can learn more in our latest CoinDesk Research report).
However, there are now two slightly different versions of this platform available to users – ethereum, the ‘official’ version of the blockchain maintained by its original developers, and ethereum classic, an ‘alternative’ blockchain maintained by a wholly new team .
Both offer the same technology platforms, and according to developers, they’re in agreement on a formal roadmap for steps forward. But, the small differences have created two markets, both with a combined value of roughly $1.2bn . How did we get here?
Let’s start with The DAO .
Long the most notable ethereum project, The DAO, short for distributed autonomous organization, raised $150m in ether – the cryptocurrency of the ethereum network – earlier this year during a public crowdsale. Held online, anyone who had ether could participate. The idea was simple, in theory. Investors would send money to The DAO and receive voting tokens, and then those who invested (and voted) would decide democratically how The DAO should disperse those funds.
Just as votes were starting to be held, […]
The foundation has committed to support the community consensus on the admittedly difficult hard fork decision. Seeing the results of various metrics, including carbonvote, dapp and ecosystem infrastructure adoption, this means that we will focus our resources and attention on the chain which is now called ETH (ie. the fork chain). That said, we recognize that the Ethereum code can be used to instantiate other blockchains with the same consensus rules, including testnets, consortium and private chains, clones and spinoffs, and have never been opposed to such instantiations.
All users who had ETH before block 1920000 now have both ETH (the fork chain) and ETC (the community effort to continue the no-fork chain). Users are generally advised that most Ethereum client defaults, including clients developed by the Foundation and by third parties (eg. Parity), will select the ETH chain; if you are offered a choice on a fork in the Mist interface, then selecting “Yes” on this choice will direct you to this chain.
Users who are interested in taking any actions with their ETC, including creating and participating in applications, converting to another asset, etc are advised to use the splitter contract at address 0xaa1a6e3e6ef20068f7f8d8c835d2d22fd5116444 to move their ETC to a separate newly created account so as to avoid replay attacks; we also encourage the ETC community to consider adopting a secondary hard fork to change transaction formats to make further replay attacks impossible. Until and unless that happens, once ETH and ETC are “split” they should be managed via separate wallets.
To use the splitter contract from inside of the Ethereum Wallet, click on Contracts -> Watch Contract, copy the address and ABI from the above linked etherscan page, and click “OK”; then, click on the contract in the Contracts tab, select “Write to Contract”, and select the “Split” function. […]
Rootstock is a Bitcoin sidechain currently in development by RSK Labs. It is a platform for distributed smart contracts , much like Ethereum , but the fact that it’s a Bitcoin sidechain means that it will use the bitcoin currency by default.
Although the sidechain idea has mainly been developed by Blockstream over the past few years, Rootstock has decided to put their own spin on the concept. During a recent interview with Epicenter Bitcoin , RSK Labs Chief Scientist Sergio Lerner explained how the two-way peg, which allows users to transfer bitcoins between blockchains, will work with Bitcoin and Rootstock. Rootstock’s Hybrid System for a Two-Way Peg
In addition to the original version of sidechains that was originally announced back in April 2014 by Blockstream’s Adam Back and Austin Hill , there are also a few other, unique ways to enable a two-way peg between Bitcoin and another blockchain.
“There are several ways to implement a two-way peg,” Lerner told Epicenter Bitcoin. “One is the sidechain concept that was developed by Blockstream, and the other is the drivechain concept that was developed by [ Bloq Economist] Paul Sztorc . The third one is basically have a set of notaries that have custody of the funds that are transferred to the Rootstock platform.”
Rootstock has created a hybrid system that combines all three of the mechanisms for a two-way peg mentioned by Lerner. “On the Rootstock side, we have a sidechain; on the Bitcoin side, we have a mixture of federation and a drivechain, which allows miners and a set of renowned parties to have custody of the bitcoins that are transferred to the Rootstock platform.”
Lerner is the author of a Bitcoin improvement proposal ( BIP ) that would add a new opcode to enable drivechain capabilities. Progressive Decentralization
One of the […]
7 / 2016 Ethereum is more than a crypto coin, it is more like a global computer while part of its traffic is also transacting currency between different accounts. Sometimes it seems that DAO affairs are all that is going on inside Ethereum, but that is not the case. To understand globally what is going on , and what trends are bumping around you need a strong tool for traffic examination. Today we are happy to release for you a transactions traffic analysis screen.
Try it now !!!
Here is some examples:
Total Traffic For June:
All the transactions from June , and the classification of them: Exchanges:
Some of the most popular Exchanges to trade Ethereum, cold wallet transactions are specified. Top Miners:
Ten of the most active mining pools , the payout for the members is the traffic we analyze here: Early Partners:
Here is another interesting group of accounts to analyze: based on early payouts by the foundation https://live.ether.camp/account/b2d7e6cd1b25f591e2e630ba65dac638e6cd4c8e Your are welcome to analyze Ethereum traffic yourself: https://live.ether.camp/stat/transactions * *For any idea or feature request please comment on Reddit thread * *
June 17, 2016 was an important day for the small but dedicated community that has formed around the nascent decentralized technology known as Ethereum, and for the blockchain community more generally. It was the day in which it became apparent (although not to everyone) that social organizations cannot be ruled only and exclusively by code.
The story begins on April 30, 2016 with the launch of TheDAO . TheDAO, which stands for Decentralized Autonomous Organization, is a leaderless collective of investors who vote on what to fund.
TheDAO runs on the Ethereum blockchain, a distributed ledger inspired by the Bitcoin blockchain. Ethereum has its own digital currency, known as Ether. It also features an internal Turing-complete scripting language, enabling people to deploy decentralized applications—also called smart contracts—on top of its blockchain.
In other words, TheDAO is a piece of code, or smart contract, running on the Ethereum blockchain. Anyone who invested Ether into the fund received a particular number of DAO tokens, which enable them to vote on the projects that TheDAO will fund. By the end of May, TheDAO had raised more than $150 million worth of Ether from investors.
On June 17, just a few weeks after its launch, TheDAO was hacked. The attacker exploited a bug in the code, draining it of 3.6 million Ether, worth over $50 million of at the time of the attack.
In the traditional financial system, financial intermediaries have the power to unilaterally revert illegitimate transactions. On a blockchain network, however, after a transaction has been made, it can (theoretically) not be reversed—unless all active nodes of the network agree otherwise.
Given the extent of the attack, some influential members of the Ethereum community, including its inventor Vitalik Buterin, suggested two possible ways of resolving the issue, which both require the cooperation of the Ethereum community: updating […]
One day after $53 million abruptly disappeared from an experimental cryptocurrency project, a note appearing to be from the attacker has surfaced on PasteBin, claiming that the money drained from the system is now legally his. The attacker withdrew the money by exploiting a contract bug in the code of the DAO (or Decentralized Autonomous Organization), a collective investment fund that uses the Ethereum cryptocurrency. The DAO had raised well over $100 million from Ethereum users at the time of the attack.
"I have carefully examined the code of The DAO and decided to participate after finding the feature where splitting is rewarded with additional ether," the note reads. "I have made use of this feature and have rightfully claimed 3,641,694 ether, and would like to thank the DAO for this reward." The note concludes with an identifying signature and hash, although The Verge was unable to independently verify their authenticity. The attacker’s legal name is still unknown.
"I… would like to thank the DAO for this reward."
"I am disappointed by those who are characterizing the use of this intentional feature as ‘theft,’" the note continues. "My law firm has advised me that my action is fully compliant with United States criminal and tort law."
It’s unclear whether this legal reasoning holds up, but it’s not entirely unprecedented. The DAO is structured like a legal contract, and while the attack certainly wasn’t an intended use of that contract, it proceeded according to the contract’s pre-established rules. Cornell cryptographer Emil Gün Sirer wrote yesterday that draining the funds may not even qualify as a hack.
"Had the attacker lost money by mistake," Sirer wrote, "I am sure the devs would have had no difficulty appropriating his funds and saying ‘this is what happens in the brave new world of programmatic money flows.’ When he […]
This morning, users of the Ethereum cryptocurrency woke up to some very alarming news . Someone was trying out a new attack on one of the currency’s biggest and richest institutions, the Decentralized Autonomous Organization or DAO. The DAO holds immense cash reserves, and someone had figured out a way to drain out $53 million.
Because of the nature of Ethereum, developers could still see where the money was and how much had been taken, and it would be impossible to spend for at least 27 days. But the massive and sudden theft created an unprecedented crisis for a project that was once hailed as the future of the blockchain, and a mad dash to keep tens of millions of dollars from slipping permanently out of reach.
To understand how this could have happened, it’s necessary to know a little bit about how Ethereum works. The system is built on the same blockchain that powers Bitcoin, a system for holding and spending money based on cryptography rather than traditional intermediaries like banks and credit card companies. Applying that logic to finance has made for a powerful and controversial currency system, but Ethereum pushes it even further. Instead of limiting the blockchain to transactions, Ethereum lets developers build any kind of code on top of a blockchain ledger — that could mean blockchain-based contracts, blockchain-based businesses, or even wilder systems that haven’t been created yet. Like most blockchain proposals, it’s still experimental and more than a little starry-eyed, but it’s managed to raise $15 million and catch the attention of some of the industry’s biggest investors.
The DAO is one of the most ambitious systems built on top of Ethereum. It’s designed to function as a kind of decentralized venture capital fund. Ethereum users can purchase tokens that work like stock, entitling them […]
Well, it’s never a dull day in crypto-land as yesterday’s overnight was pretty eventful. Bitcoin took quite a hit in value, but the talk amongst most of the community is the coordinated attack against the DAO. The DAO Hub project which had raised close to $160 million USD had caused quite a bit of attention towards this experimental project, as it was exposed for being very vulnerable last night. “The leaked ether is in a child DAO at https://etherchain.org/account/0x304a554a310c7e546dfe434669c62820b7d83490; even if no action is taken, the attacker will not be able to withdraw any ether at least for another ~27 days (the creation window for the child DAO). This is an issue that affects the DAO specifically; Ethereum itself is perfectly safe.” — Statement from Vitalik Buterin Inventor of Ethereum Last night an individual or a team of hackers managed to drain the DAO for 3.53 million Ether (roughly $50 million USD) which was routed to an unknown address. A vulnerability was found within the code which allowed the severe leaking of the autonomous organizations ship. There have been attempts to fix the situation with a counter spam attack, and there have been talks of a hard fork as well. Following the attack, a significant dive in the Ether exchange rate had taken place as well resulting in the token valuing at $15 USD per ETH. At the time of this writing, the price has rebounded to $17.75 for one Ether. The Slock.it team leader Stephan Tual had this to say in the event: “A community driven solution minimizing damage looks within our grasp.—The Ethereum Foundation has published its statement and a description of the solution. In summary, a hardfork will retrieve all stolen funds from the attacker. If you have purchased DAO tokens, you will be transferred to […]
Counterparty , the technology for decentralized financial tools on the Bitcoin blockchain, has started running Ethereum smart contracts by porting the Ethereum Virtual Machine (EVM) to its codebase.
In late 2014, Counterparty added their support to execute the Ethereum smart contracts platform on Bitcoin; however, at that time, Ethereum was in its pre-alpha stage of development, with its first major release, Frontier, not yet being announced. Of course, with both Frontier, and later, the release of Homestead in late February, the developers at Counterparty have witnessed the EVM growing nicely. The end result was to create a contract that would work with Ethereum, Counterparty, and Bitcoin, which they seem to have achieved, according to Counterparty Core Developer, Ruben de Vries. He stated: It is not possible to start running a contract on Counterparty testnet with the current code. Speaking to CCN , director of the Counterparty Foundation, Trevor Altpeter, said that Ethereum’s added functionality on the Bitcoin blockchain means that Counterparty’s EVM can do everything that Ethereum is able to do except it occurs on the Bitcoin blockchain instead. The only differences are Bitcoin specific such as longer block times compared to Ethereum,” he said. “Counterparty’s EVM port will allow users to create and deploy decentralized autonomous organizations (DAOs), DAPPS, and smart contracts on the Bitcoin blockchain. Since its introduction in 2009, Bitcoin has been the most widely used digital currency, the most valuable digital currency, and the most secure blockchain. Naturally, then, Ethereum’s added functionality on the blockchain means that the security provided by the digital currency is one of the largest benefits relative to any other existing blockchains.
Another benefit is the fact that Counterparty uses Bitcoin addresses directly, which is “the logical progression given Bitcoin’s currency dominance in cryptocurrency,” said Altpeter. “It has the added benefit of […]
SingularDTV (S-DTV), the newly launched Blockchain entertainment studio, has just unveiled production of its first original television series ‘Singular’ – an epic science fiction adventure about the human race’s journey into a theoretical technological Singularity .
Evotion Media Producer, Kim Jackson ( Blue Caprice, Inside Man, Munich ), has been appointed Chief Creative Officer of ‘Singular’ and will lead Season 1 into production October 3, 2016. Principal photography will commence in New York City, Puerto Rico and Panama. The television series will serve as the use case to build-out S-DTV’s recently announced rights management platform.
Zach LeBeau, CEO of S-DTV noted, “‘Singular’ is an international television series which will be produced and distributed worldwide through the S-DTV portal. It’s a multi-lingual series featuring a cast from the United States, Russia, China, and several other countries. ‘Singular’ strives to bring cultures closer together through great science fiction that inspires the imagination. The ‘Singular’ multiverse depicts a positive future of possibilities and discovery.” Taking place between the years 2021 – 2045, ‘ Singular ’ follows an international cast of unlikely characters as decentralization scales and artificial intelligence becomes conscious, ultimately leading the world into a technological Singularity – a theoretical advancement in technology that creates a human/machine super intelligence.
Futurist Ray Kurzweil, known for popularizing the term “Technological Singularity”, describes it as an exponential increase in the advancement of various technologies that transform people as they augment their minds and bodies with genetic alterations, nanotechnology and artificial intelligence, leading to a human/machine intelligence of infinite power that radiates outward from the planet until it saturates the Universe.
S-DTV is a film and television entertainment studio focused on the production and distribution of original science fiction content, as well as educational documentaries about Blockchain technology, decentralization and Ethereum. Through developing applications on Ethereum’s Blockchain, S-DTV […]
Anchoring data to the Bitcoin blockchain is an emerging trend these days. Stampery is one o the companies active in this space, and they have launched a new API for industrial users. Moreover, the certification service has been improved, allowing for a faster and slicker user experience. Stampery Targets A Bigger Crowd
Most people know Stampery as a new notarization solution using the blockchain to anchor data. Using this technology allows for proof of ownership and proof of existence, both of which are invaluable to notary services. Moreover, Stumpery also generates a proof of receipt, which is timestamped and a valid proof that someone received your communication in time.
Several new updates have been made to the platform, starting with a more powerful API. Such an API allows developers to use this blockchain-based notary service in an industrial manner. For example, it is now possible to execute Ethereum settlement, and all of the Stumpery records are embedded in the Ethereum blockchain as well. Bitcoin and Ethereum are two open blockchains, and it is positive to see companies use both solutions at their disposal.
But there is more, as the new Stumpery API will bring far better scalability than ever before. Given the sheer number of data transactions generated around the world every second, a scalable solution on the blockchain is direly needed. Albeit there is still a long way to go, the new API offers 100x the capability compared to its previous version.
On the consumer side of things, the interface of the Stampery service has received an overhaul as well. Making these solutions convenient and easy to use are two of the top priorities for the company. On that same topic, the new Stamp.io platform, which also serves as the new interface, has removed some of the lesser-used functions. Dropbox, […]
A startup seeking to use the Ethereum blockchain and artificial intelligence to create an identity authentication system has been accepted into REach, an incubator backed by the investment arm of the National Association of Realtors (NAR).
Founded in 2015, Trust Stamp is now emerging from stealth mode, revealing $400,000 in funding for what it calls its FICO-like trust scoring system, with part of its funding coming from the REach incubator. The incubator is operated by Second Century Ventures, which is 100% owned by the NAR and conducts investments on behalf of the not-for-profit trade association.
Trust Stamp is one of seven companies that entered the REach incubator in April, alongside others that seek to serve different stakeholders in the real estate industry.
In interview, Trust Stamp founders Gareth Genner and Andrew Gowasack framed their product as one that could have a wide variety of applications in everything from real estate to online dating websites by allowing individuals to easily share aspects of their identity.
Genner told CoinDesk: "This is the basic concept of the Trust Stamp engine. We create an Ethereum contract which is unique to you, which becomes your identity. We hash the data to your private key, which unlocks the information of your data. Users can provide the legal verification of their identity, their photo, name and any other verified data." Mark Birschbach, managing director of REach, said that the incubator sees potential for blockchain technologies to ease frictions in the real estate industry. Still, Birschbach said that REach perhaps maintains a more conservative investment philosophy in line with its membership and industry interests.
"We’re looking at technologies that can aid our members rather than replace them," Birschbach said in an interview. "We saw right away that this is a tool that could do well in the industry, but obviously there’s underlying […]
As stakeholders in the world’s largest decentralized autonomous organization (DAO) descend into forums to debate its future, concerns are emerging about what the success or failure of The DAO could mean for Ethereum, the blockchain platform that enabled its creation.
Front and center for those invested is the idea that the fate of one of the technology’s most visible projects could create a lasting impression among potential users and the public, and the fears are not without precedent.
While bitcoin continues to face difficulty with regulators and banks, Ethereum has so far been able to build public bridges with the mainstream financial world. Tests were run by 11 banks on a private version of the network in January, and invitations for its creator to help inform the work ongoing at Hyperledger and R3CEV have so far followed suit.
In contrast, bitcoin’s network has secured billions of dollars in funds for years, but its reputation was shaped early on by events like the shutdown of online black market Silk Road , the rapid price fluctuations of its token and the collapse of its once-largest exchange, Mt Gox .
Against this backdrop, those close to the project are beginning to see The DAO as Ethereum’s "flagship application", one that they believe could hold the key to ensuring a lasting, favorable impression for Ethereum’s technology, or scar its reputation.
Stephan Tual founder of Ethereum startup Slock.it which created the code on which The DAO is built told CoinDesk: "You don’t want a bad story about Ethereum. If [The DAO] were to crash, people would compare it to Mt Gox." Reality check
But why is so much riding on The DAO?
A decentralized autonomous organization that lets its members vote on how to fund projects and direct operations, The DAO has so far amassed $160m in consumer funds […]
Blockchain app development startup BlockCypher has expanded its platform to include support for Ethereum, a move the company says will see professional services firm Deloitte among its first users.
BlockCypher CEO and co-founder Catheryne Nicholson says the addition of Ethereum was in response to an increased demand from more than half of the startup’s client base, which also counts remittance app startup Abra among those using the new toolset.
Speaking with CoinDesk at the Exponential Finance Conference in New York, Nicholson estimated that more than half the company’s developers have asked for an Ethereum integration.
Nicholson said in an interview: "Our bread and butter is developers. What they ask us for is what we implement. The number one ask was Ethereum, so we had to bring to life our APIs on the Ethereum blockchain." Launched in 2014 to provide app-building services for blockchain developers, the company last year raised $3m in a seed funding round from Tim Draper and Yahoo co-founder Jerry Yang’s AME Cloud Ventures, among others. Deloitte and Ethereum
The beta release launched today includes APIs for hosting Ethereum accounts, tracking balances and facilitating transactions.
Nicholson says the platform’s Turing-complete programming language has driven interest among the startup’s customer base.
"It’s a much more robust scripting language," she said. "It’s easier. It’s in standard programming language user interfaces, it’s not a machine language."
According to Deloitte principal Eric Piscini, his team of 12 US-based blockchain specialists have been working with the startup to develop two prototypes built on the bitcoin blockchain.What attracted Piscini to the Ethereum integration, he said, is that the blockchain team won’t have to learn any new skills to start building with the new offerings. Deloitte announced that it was first working with BlockCypher earlier this year.Piscini told CoinDesk: "If you need smart contracts you will mostly go to […]
Microsoft has announced that it is collaborating with Blockstack Labs , ConsenSys and developers across the globe on an open source, self-sovereign, blockchain-based identity system that allows people, products, apps and services to interoperate across blockchains, cloud providers and organizations.
The United Nation’s Sustainable Development Goals include giving everyone a legal identity by 2030. As a first step, the U.N. wants to develop scalable identity systems by 2020. The inaugural " ID2020 Summit ‒ Harnessing Digital Identity for the Global Community," held at the United Nations headquarters in New York on May 20, brought together policymakers and technology companies to develop an action plan.
“While we don’t profess to have solutions to these overwhelming problems today, we can start where the open source community is best: collaboration,” said Yorke Rhodes III , blockchain business strategist at Microsoft. “To progress toward these goals, we have been working with partners to address identity using the self-owned or self-sovereign qualities of blockchain technology.”
The Microsoft strategist said that the Redmond, Washington, giant is working with Blockstack Labs and ConsenSys to leverage their current Bitcoin and Ethereum-based identity solutions, Blockstack and uPort . Through this open source collaboration, Microsoft and its partners intend to produce a cross-chain identity solution that can be extended to any future blockchains or new kinds of decentralized, distributed systems. In the coming weeks an open-source framework for developers will be made available on Azure.
Blockstack ‒ an open source blockchain application stack ‒ permits building decentralized, serverless apps by plugging into Blockstack’s services for identity, naming, storage and authentication.
According to the Blockstack team , Blockstack is the largest, most popular blockchain identity system, with 50,000 registered identities that come with profiles and globally unique names. Identities can be registered for people, companies, websites, software packages and more. Profiles can contain both […]
Vitalik Buterin has set the next Ethereum’s milestones for 2017 and 2018. According to his paper ‘Opportunities and Challenges for Private and Consortium Blockchains’, Ethereum 3.0 with ‘unlimited’ scalability will be released in late 2018. Ethereum’s success brought smart contracts in focus
The Ethereum platform has generated much furore of late particularly after the crowdfunding of The DAO – or the Decentralized Autonomous Organization – and the subsequent spike in the price of the currency of the platform, Ether , from less than a dollar to $15 in six months .
A sane level of clarity has also been achieved on the differences between Ethereum and the Bitcoin platform. This understanding, though still sinking, has enabled the two leading cryptocurrency platforms in the world to maintain their operating focus in specialized areas of interest. It also provided enthusiasts a clear view to make the best investment choices.
Ethereum has been appreciated more for the popularity it has brought to smart contracts whose programming it’s made a basic tenet of Blockchain’s power. Future Ethereum’s milestones
However, despite the rave, the comparison with Bitcoin and the great expectation of the optimistic ETH ecosystem, the Ethereum projects’ currently expected future milestones are still set for between 2017 and 2018, according to Vitalik Buterin, a co-founder of Ethereum, in his paper ‘Opportunities and Challenges for Private and Consortium Blockchains released by the R3 Consortium.’ Metropolis: release of the Mist browser, expected summer/fall 2016
Serenity (‘ Ethereum 1.5 ’): release of the proof of stake (Casper) version of the Blockchain, also including Ethereum Improvement Proposals (EIPs) 101 and 105. Expected early 2017.
WebAssembly release (‘Ethereum 1.75’): faster virtual machine. Expected 2017.
Ethereum 2.0 (yet unnamed): initial scalability release. Expected late 2017. Ethereum 3.0 (yet unnamed): ‘unlimited’ scalability release. Expected late 2018. If these milestones are anything […]
Cointelegraph spoke with Sirus Knight, one of the experts at the core of Social Kapital, a decentralized VC fund and business idea marketplace similar to The DAO. On June 20th it launches a crowdsale campaign.
Whilst The DAO wants to achieve the complete automation of the Blockchain, Social Kapital places more emphasis on using the Ethereum to power its community and governance committees.
Here is what Sirus Knight had to say about their project, The DAO, and the nascent industry of decentralized organizations. Business processes important
CT: Do you think some other company can reach similar results to those of The DAO?
Sirus Knight: The DAO was the first to the market and that fact has provided them with certain advantages. However how much you raise is not a predictor for success. You need to have the right processes to harness the wisdom, talent and connections of your organisation for the purpose of building profitable companies. I think we have the right business processes for an investment fund. That is one of the key factors for success. New types of attacks
CT: Why have the developers of The DAO permitted alleged security flaws in their concept? What did you do to avoid repeating the same mistakes?
SK: In my view, putting an investment fund on autopilot is bound to be very challenging. Five months ago when we started iterating the Social Kapital business model we realised that building an organisation on the Blockchain presented new security challenges. It will not just be your code that will come under attack but your business logic, which is what you are encoding in smart contracts, will also be attacked. We have invested a lot of time in testing our assumptions and hardening our business logic.
CT: What if there are more loopholes, […]
June 20th, Social Kapital , a decentralized VC fund and business idea marketplace, is to launch its crowdsale campaign. The news comes after the immense success of The DAO , a similar company, that has just closed the largest recorded crowdfunding campaign in history.
Whilst The DAO pursues the holy grail of complete automation on the Blockchain, Social Kapital places more emphasis on using the Ethereum Blockchain to power its community and governance committees. DAO success encourages followers
The DAO, a fintech industry phenomenon, has recently managed to secure more than $132 million in what was the largest recorded crowdfunding event in history. Such an outstanding result was not achieved due to some unbelievable product or service – in fact, the company does not offer either, as of yet. The DAO’s main virtue lies in the innovative way of its organization, enabled by its underlying technology – the Ethereum Blockchain.
The DAO is a decentralised investment fund whose shareholding and business processes are codified as Ethereum smart contracts. Any project contractor may submit a proposal to The DAO for funding. The so-called curators (software experts) inspect the smart contract accompanying the proposal to check for possible attacks. If the proposal code is given a clean bill of health by the curators, token holders can then vote on whether to finance the proposal. If a funded proposal turns profit later down the line, they are eligible to receive revenue from its operation.
All The DAO’s decision making going forward is automated and autonomous. Ether is disbursed to contractors, and revenue is received from them entirely via smart contracts. Security concerns higher on agenda
However, such a revolutionary concept, potentially capable of changing the entire way business is done in the coming decades, does not come without its own flaws. Several independent experts, such […]
Ethereum and Litecoin trends remain as they were. DASHBTC has reached the bottom limit of the long-term flat, from which it may rebound up. ETH/USD
Ethereum’s price has formed a wave of an upward trend. The choice of direction has happened at the $12.2 resistance line. The following direction was decided at a level that we found earlier. A fortification and a turn have formed at that mark, during the fulfillment of the continued upward trend scenario. ETH/USD price chart 1 Ethereum’s price is fortifying at a key resistance line of $13.4. The future direction is most likely to be decided at that level. If the upward wave, which has started at $11, is just a wave of a flat, the structure of the upward trend will become the most likely to be disrupted at the level of $13.4. For the upward movement to continue, the structure has to remain intact. In that case, the odds will be on the side of a weekly upward trend. ETH/USD price chart 2 LTC/USD
Litecoin’s price is continuing its upward trend. Without forming a turn at the level of $4.5, Litecoin’s price has managed to form another upward wave within the trend. LTH/USD price chart 1 In case of the structure of the upward trend remaining intact, there will be a higher chance for the current trend to continue. The past week’s dynamics indicate that the bulls are keeping hold of the advantage. If the structure is disrupted, there will be a chance for a turn. That could happen at the point of the highest activity of the bulls – at the intersection point for several key instruments, at the level of $4.7. LTH/USD price chart 2 DASH/BTC
Dash’s price is approaching the bottom limit of the long-term flat. The structure of […]
The world of blockchain technology and cryptocurrency is spawning many new projects which deserve some attention. The DAO, which is now the largest crowdfunding campaign in history, is looking to invest in some of these projects. Peerplays is one of the projects under consideration Peerplays Considered By The DAO For Investment
Using open-source blockchain technology to ensure casino card games are provably fair is an attractive business model. Peerplays is a company providing exactly that service, as they want to eliminate fraud in the gambling industry. According to the information we have received, this industry sees players lose close to US$100m per year due to cheaters.
What makes Peerplays even more interesting is how the company labels itself as a DAC, rather than a DAO . This is due to Peerplays being a decentralized autonomous Co-op. By offering both stakeholder voting and distributing fees through an automated profit-sharing program, the company is making a name for itself.
But there is more, as the blockchain solutions consultant for Peerplays – called BunkerChain Labs – recently launched their public crowdfunding campaign. Moreover, they are offering 5% of their entire Peerplays stake to the DAO in exchange for investment.
BunkerChain Labs President Jonathan Baha’i told the media: “Peerplays is a cousin to the DAO and has many shared interests. And since the DAO is built on Ethereum, and Peerplays will support Ethereum as a wagering instrument, it made a lot of sense for us to offer The DAO a stake in Peerplays.” It is well worth nothing Peerplays developers have been working together with other DAOs in the past. Now that The DAO has concluded its crowdsale, the goal is to start funding other companies, whether they are now or established. Peerplays makes a compelling case for itself, and their full DAO proposal […]
Photo: Finance Magnates A decentralized applications and custom blockchain platform , Lisk has added two American early backers of Ethereum, Charles Hoskinson and Steven Nerayoff, as senior advisers. Max Kordek Lisk CEO Max Kordek announced: “We are extremely pleased to announce Charles Hoskinson and Steven Nerayoff as our senior advisors, which accelerates Lisk product growth by giving valuable input on the technology and startup methodology,” said Kordek. “Charles and Steven were two of the most prominent individuals responsible for the phenomenal success of Ethereum. There is no one else in the world like Charles who has the vision to build a successful cryptography project and Steven, who has an invaluable entrepreneur insight after founding six companies and being a venture capitalist. Steven knows exactly what a startup needs to become a success. With their advice, we are dedicated to creating a blockchain application juggernaut.”
Hoskinson founded Invictus Innovations and created BitShares a cryptocurrency utilizing Delegated Proof of Stake, a consensus algorithm also used by Lisk. He is a founder of Ethereum and served as its initial CEO from December, 2013, until June, 2014. Hoskinson’s contributions to smart contract platform are said to include designing the legal structure, crowdsale model, and building a global network of supporters. Hoskinson is currently the CEO of the Hong Kong based Input Output HK.
“Whether it be Bitshares, Ethereum or Cardano, I only work with projects that satisfy three criteria.” said Hoskinson. “First, they have to promote a cascading disruption in an industry. Second, the technology has to be interesting. Third, the team has to be honest and hardworking. Lisk satisfies all three of these criteria and I’m glad to be advising the team as they develop a vision and execute on a roadmap throughout the coming months and years.”
Steven Nerayoff, Esq. LL.M. founded six companies […]
Decentralized organizations have a tendency to require much input from very few people, with the vast majority relying on their free and voluntary work. However, as they provide their input due to simple interest, they may be unwilling to take a fully comprehensive and professional approach.
The volunteers eventually take a semi-leadership position, but lacking a paid incentive, seemingly simple things are not done, what is done may be sub-par with accountability nowhere to be found because they are, after all, just volunteers with no responsibility to anyone.
In responding to criticisms that the DAO attack vectors, which were published just a day before the crowdsale ended, should have been addressed before the crowdsale, rather than freezing activity while the smart contract holds some $170 million at current valuation, Vlad Zamfir, one of the 12 DAO curators and author of the DAO attack vectors report , stated that he did not expect the DAO to grow to such a huge project and, in a response, seemingly admitted that he had not quite looked at the code nor was aware of his role: “After the DAO’s crowd funding event became unexpectedly large and I could no longer ignore it, I started doing due diligence. I found that the community expects the curators to defend the DAO against majority takeover attacks.” The curators are coding volunteers with limited time. Most of them are working on many other projects, Zamfir included, who is focused on developing Casper to move Ethereum to Proof of Stake. If he provides any assistance, the DAO token holders should be thankful. If he doesn’t, that is his full right as he is under no obligation, but that of reputation. The DAO Needs Professionals
A capitalistic, self-interested, project, the most well-funded in the blockchain space, should not have to […]
Gatecoin , the regulated bitcoin and digital currency exchange, recently distributed an email to its customers, disclosing news regarding the company’s attempt to secure funding to cover the losses it suffered after a cyber attack on its hot wallets.
The Hong-Kong based company issued the statement at 12:00 p.m. HKT detailing its efforts to reimburse its clients after it lost over 185,000 ether and 250 bitcoins , worth around $2 million during the sale of assets related to Ethereum-based decentralized autonomous organizations (DAOs) in May.
The email detailed three funding channels: Equity Investment, Debenture investment, and profits from block trades.
Despite confirming their first major commitment from Equity Investment, Gatecoin is still working to close the deal while several other potential investors are taking longer than expected due to the fact that they need to conduct additional due diligence.
Conversely, Debenture investment has not turned to be a major source of funding for Gatecoin after the company only received small investment offers from them; however, they are still open to any interest in future participation.
Gatecoin went on to state that they are also working on closing several block trade deals, which are privately negotiated transactions between interested parties, that will allow a reimbursement of a sizeable share of the stolen funds.
Right now, Gatecoin’s only objective is to ensure that all of their clients can withdraw the funds they held Bitcoin Exchange Gatecoin Delays Relaunch, Affirms Refunds to Hot Wallet Breachon the exchange prior to the hot wallet breach. While the digital exchange doesn’t have a date yet for their relaunch, the company developers are working on rebuilding the platform from scratch with the intention of relaunching the exchange with new features on a secure infrastructure.
Aurélien Menant, Gatecoin’s CEO said: We appreciate the concerns from our clients and the community about the status […]
Augur, the Ethereum-based prediction market platform, has selected Airbitz for accounts services, bringing Edge Security to Ethereum.
It will enable a highly secure and user-friendly account creation process, along with automatic encryption, backup and synchronization that will make Augur feel like a traditional website for the end-user.
This solution could be the world’s first for interacting with blockchains.
Joey Krug, Core Developer at Augur, says: "One of the biggest usability issues with decentralized apps at the moment is that there’s no good way to store private keys and account data without resorting to a centralized server: Airbitz solves this problem for Augur.” Teaming up with blockchain security experts Airbitz Augur has raised over $5.3 million in crowdfunding to date for its decentralized prediction market which allows trading virtual shares for the outcome of events happening in the real world to win real money in the event of a correct outcome. The price of shares fluctuates over time as more people buy into the outcome.
Airbitz plans to bring Edge Security to many more apps for Bitcoin, Ethereum, and beyond. It’s been developing its Edge Security Platform since it was founded in 2014.
Many Bitcoin users are familiar with its mobile app. Its focus is on consumer and enterprise apps that face data security and consumer protection challenges, as Edge Security helps to reduce the liability of storing sensitive user data to nearly zero while simultaneously improving the user experience of account security for end users. Enhancing security and accessibility of decentralized apps
The partnership between Airbitz and Augur will lead to the deployment of the Airbitz Edge Security Platform.
This will enable Augur to have a highly secure and user-friendly account creation process, automatic encryption, backup, and synchronization to make end users feel like they are using a traditional website.Paul Puey, Airbitz Cofounder/CEO, says […]