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Each week we select the 3 news items that matter and explain why and link to one expert opinion. For the intro to this weekly series, please go here. Cyber attack mars launch of rival cryptocurrency. When Bitcoin started out, anyone with a computer could mine for Bitcoin, today, mining is the hands of a few large companies with thousands of computers and hash power.
Soon after the Bitcoin Gold fork launch, its website came under a massive distributed denial-of-service attack. Also, investors have been skeptical. His financial partner in the endeavor is known simply as Wubi, a Chinese mining tycoon and owner of Chinese Bitcoin news portal Jinse. The fact the the project appeared out of thin air, and many people worried about its transparency and trustworthiness.
There were lots of questions like: Who is developing it? Why the main developer is anonymous? But the biggest criticism Bitcoin Gold is faced with, is its developers decision to mine the new blockchain themselves for some time after the fork, keeping all the mining rewards.
The community is concerned this will result in an unknown amount of Bitcoin Gold being mined. When looking at the cached data from the Bitcoin Gold website, it is clear that the company tried to do an ICO in the past.
It is unclear why the ICO never happened. Others are keeping a cautious eye on developments. One wallet service, Uphold, said it would conduct an operational and security review of the new coin, once the code is out. A day after the Bitcoin Gold hard fork, another hard fork was announced, Bitcoin Silver.
I am starting to get dizzy with all these Bitcoin forks. While hard forks cannot kill Bitcoin, maybe only affect its price, the real issue with hard forks is the community divide they create. Hard forks are about people. The real threat of a hard fork is not a drop in price, but the loss of innovation, that different people and organizations bring to an ecosystem.
Time will tell what will happen with Bitcoin Gold and if it has the potential to turn into a significant player in the market. For now, if you have Bitcoin, there may be some free money in it for you. Blockchain for energy is gaining traction, and a lot of money is flowing into the space. Energy experts believe that blockchain technology can solve a maze of red tape and data management problems. A growing number of startups are building on blockchain trying to revolutionize the sector, making it decentralized and connected.
Electricity is one of the cornerstones for a modern society. Households, hospitals, traffic systems, computers, communication and the Internet are all dependent on electricity. The renewable energy market is developing fast, due to increasing energy demands and greater awareness of climate changes. This consequently opens new and interesting opportunities. This is a significant increase of investments into the renewable energy sector,.
But for a long time, the energy market has been heavily centralized and regulated, leaving consumers with few or no options, when it comes to choosing an energy provider.
Usually, we use a central grid, we pay the prices set by energy corporations, without the ability to choose the type of electricity we want to consume. Energy companies are incentivized to sell more energy and at the highest possible price. But the market is facing challenges because of centralized conventional power stations, that often require high costs to transmit energy over long distances. In its current state, the energy market will not be able to cope with the increasing demand for electricity, which is expected to more than double by The existing model in the energy marketplace, has four main challenges:.
In a recent report , Lux Research tried to give an answer:. For example, Brooklyn Microgrid is developing an app that enables energy trading between consumers in a neighborhood. Even large energy firms are jumping into the action. But the utility of blockchain can go far beyond payments. Electricity prices are currently traded via exchanges or over the counter OTC.
Visibility and transparency is one of the major features lacking in the current market. The use of blockchain could trigger some important changes in the electricity sector, the same way that mobile networks enabled emerging economies to leap-frog dominant markets.
Given the fact that 1. The rise of smart meters, smart homes and smart grids is the perfect environment for blockchain to potentially thrive in.
Imaging a world where generators sell electricity directly to the consumers. For the past few weeks, the Blockchain community has been abuzz with the news of Ethereum Metropolis upgrade. Byzantium is the first of the two Metropolis updates. The second, Constantinople will follow. Historically, Ethereum hard forks have been positively adopted by community, because the Ethereum Foundation and its open-source development community perceives hard forks as an efficient way to update the protocol.
Despite the growth of investment that Ethereum has witnessed this year, Byzantium is part of a series of improvements to the protocol that has been in development since This stage includes two hard forks: Byzantium is occurring at block number 4.
Constantinople does not currently have a release date, but is expected in The Byzantium hard fork provides significant improvements to the Ethereum blockchain network, in terms of privacy, scalability, and smart contracts efficiency. There are two types of accounts in Ethereum. First, there are external accounts which are controlled by private keys, like the accounts in a wallet.
Then there are contract accounts, which are controlled by the code deployed to the blockchain. Account Abstraction is an improvement to make these two types of accounts more similar, and make the logic controlling external accounts as flexible as contract accounts. Account Abstraction opens up all kinds of other transaction permission management as well.
For instance, right now the sender of a transaction needs to pay for it. This is not ideal for all use cases. It is proposed that with abstraction there will be systems where contracts can pay the miners, instead of the transaction sender. This feature will be a big push towards global adoption of Ethereum.
It makes a complex technology accessible to the masses, removing the complexities and making it user friendly. This will help to significantly decrease the consumption of electricity when mining. But, the reason those forks split the chain, was because the changes they proposed were controversial and not everyone was on board. However, these upgrades have been unanimously agreed upon for a long time. This, is not the first time Ethereum has upgraded and it certainly will not be the last time.
Ethereum was not designed to be, just a mode of currency. It was designed to be a platform for decentralized applications. Byzantium has brought so many changes to Ethereum that it will be fascinating to see how things turn out. The upcoming year could be absolutely revolutionary for Ethereum and its dream of a decentralized future. Bitcoin was born in , the year after the last big financial crisis of During its existence, Bitcoin has enjoyed a low interest rate environment, with many investors seeing it as an opportunity, similar to other assets, like bonds.
But in December the Fed will probably raise interest rates and then again, three or four times over the course of next year. When interest rates go up, there are real effects on the way consumers and businesses access credit, to make purchases and plan their finances. Usually, some things go up credit card rates, savings , some stay the same more or less auto loans rates, mortgage rates , while others go down business profits, consumer spending, real estate purchases.
Possible interest rate hikes has led to widespread speculation, about what will happen to Bitcoin and the price of other cryptocurrencies. Many have been the voice of doom and gloom for Bitcoin and cryptocurrencies.
When we look at Bitcoin versus the US. When the Fed decides to raise interest rates, the USD will benefit greatly with more investment inflow, as strong interests rates indicate a strong economy. This led to some countries banning it or making it illegal, others remaining observant and several working out ways to tax and regulate it.
There is always the possibility that interest rates may remain unchanged. There are several reasons that could keep them unchanged, and these include European, Japanese, and Chinese economies and low inflation. In , I lost some money in the market, and ever since my strategy has been pretty simple. I put my time and money in things that I think are doing something interesting or will have a significant impact in the future.
They may be right. But, here we are in , and the predictions about the Internet have come true. IMHO, the same goes for cryptocurrencies and blockchain. They are going to change the world just like the Internet did. Get fresh daily insights from an amazing team of Fintech thought leaders around the world. Ride the Fintech wave by reading us daily in your email. I really appereciate your work, its really good. Nowadays, the internet is one of the most convenient ways of transacting money. It helps use to make quick online purchase and trade securities.
However, the issue with the current system is that it sometimes takes many days for funds to reach an account to settle.