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NO2X: Next Week’s Hard Fork Has Been “Suspended” Due to a Lack of Consensus

November 8, 2017 Aaron van Wirdum 0

b2xcancel

There will almost certainly be no Bitcoin hard fork next week: the main organizers behind the SegWit2x project have “suspended” their efforts.

In an email to the SegWit2x mailing list, one of the main organizers behind the project, BitGo CEO Mike Belshe, explained that the proposed hard fork has not been able to gain sufficient consensus to proceed:

“Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.”

The New York Agreement was originally forged between a group of Bitcoin companies in May of this year. An initiative by Digital Currency Group CEO Barry Silbert, the project — later dubbed “SegWit2x” — was to combine activation of the Segregated Witness soft fork with a hard fork to double Bitcoin’s block weight limit. With Segregated Witness activated on the Bitcoin network this past summer, arguably helped by the SegWit2x project, the hard fork was scheduled to take place next week.

However, the hard fork part of the New York Agreement was always controversial for a number of reasons. As a result, a growing number of signatories dropped out of the agreement over the past weeks and months, while developers, user communities, public polls, future markets and more all indicated limited support for the effort. And as the hard fork date drew closer, it become increasingly clear that SegWit2x would in fact spawn a new currency rather than constitute an upgrade of the Bitcoin protocol.

And this was never the plan, Belshe wrote:

“Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

Belshe’s email was also signed on behalf of Xapo CEO Wences Casares, Bitmain CEO Jihan Wu, Bloq CEO Jeff Garzik, Blockchain CEO Peter Smith and ShapeShift CEO Erik Voorhees. In a separate blog post published just before Belshe’s email, BitPay CEO Stephen Pair also called for cancelation of the hard fork.

While the New York Agreement was signed by even more companies (and some individuals), and anyone can still deploy the hard fork, it is unlikely that anyone will proceed with the hard fork in any meaningful way.

Belshe does, however, note that a hard fork to increase Bitcoin’s block weight limit might be needed in the future, writing:

“As fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase.”

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BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia

November 7, 2017 Giulio Prisco 0

Genesis Mining

BTC Inc., parent group of BTC Studios, BTC Labs and BTC Media, and Genesis Mining, a cloud mining service provider, recently announced a partnership to launch Genesis Engineering, a Hong Kong–based joint venture focused on promoting and developing the cryptocurrency mining industry worldwide, with a special focus on emerging and underserved markets.

“We see opportunities in terms of excess capacity worldwide in such regions as the Americas and Eurasia, said David Bailey, CEO of BTC Media. “Centers of mining are often places with excess capacity and relatively cheap electricity rates. As a result, mining operations bring benefits to those areas in terms of both employment and resource allocation.”

“The excess energy supply in certain regions is a big opportunity for mining worldwide,” added Genesis Mining CEO and Co-Founder Marco Streng. “We see the positives of mining ranging from individuals to large organizations. Whether it is a hobby, someone’s way to accumulate a certain cryptocurrency or a business with a profit motive, mining has been a positive endeavor for people all over the world. We look forward to growing the base of miners worldwide through promotion, education and new initiatives.”

“The formation of a partnership between BTC Inc. and Genesis Mining to create Genesis Engineering is important because it combines the leaders in the cryptocurrency information space and the cloud mining space to grow the industry in underserved markets at a time when crypto is in a position to be embraced by and benefit new markets,” John Riggins, Head of Development for Eurasia at Genesis Engineering, told Bitcoin Magazine.

“Genesis Engineering will be positioned as a mining information leader, promoting the industry through workshops and consulting in developing regions. We see an energy landscape that includes excess and unused electricity in markets that could benefit from the introduction of a crypto mining industry in their economy as China has benefited over the last few years.

“The crypto industry is in a growth stage and mining is a cornerstone of the industry that must grow in lock-step,” added Riggins. “Markets with excess energy capacity are in a good position to benefit as the mining industry develops, benefiting local economies through job creation and energy utilization.”

Riggins noted that the market of the post–Soviet Union is especially ripe for this sort of growth; therefore, Genesis Engineering will have a special focus in these countries. According to the company, these countries have the hallmarks of key regions for the development of cryptocurrency mining, including huge excess energy capacity, developed infrastructure and favorable climate conditions. For instance, oil producers in the region face an ecological tax on excess gases produced in oil excavation that is not put to use and is burned; this is gas that can be used to power mining facilities, create local jobs and make these countries regional leaders in the crypto industry.

“On the information and promotion side, we will be opening the first of multiple showrooms and co-working spaces in November,” Riggins said. “This facility will house a mining museum and will be used as a venue to promote the industry through workshops and a speaker series. On the consulting and mining business side, we are in negotiations with the largest electro energy production companies in the region, consulting on the positives of mining and the opportunity to use their spare capacity in these territories.”

Genesis Engineering will support the crypto mining industry broadly, including not only bitcoin but additional coins. It considers mining to be an important feature of the cryptocurrency sector, ensuring security and decentralization through incentives. The target market of Genesis Engineering ranges from hobbyists and small businesses reached by the company’s showrooms, co-working spaces and speaker series, to multinational energy companies and large-scale miners reached by the company’s consultancy and mining projects.

Besides promotion of cryptocurrency mining and related consulting work, Genesis Engineering will offer cloud mining services through Genesis Mining, with an initial focus on markets that have been underserved in Eurasia. The pricing structure will be similar to Genesis Mining’s current offering, but with a focus on making the service and mining equipment attractive in emerging markets, as well as to organizations that are interested in large-scale mining but have not yet entered the industry and will need to be led through that process.

Persuaded that cryptocurrency mining can be a boon to energy suppliers and populations in these regions, “Genesis Engineering will consider partnerships with energy providers and analyze how crypto mining could add value to different markets,” concluded Riggins.


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No Picture

BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia

November 7, 2017 Giulio Prisco 0

Genesis Mining

BTC Inc., parent group of BTC Studios, BTC Labs and BTC Media, and Genesis Mining, a cloud mining service provider, recently announced a partnership to launch Genesis Engineering, a Hong Kong–based joint venture focused on promoting and developing the cryptocurrency mining industry worldwide, with a special focus on emerging and underserved markets.

“We see opportunities in terms of excess capacity worldwide in such regions as the Americas and Eurasia, said David Bailey, CEO of BTC Media. “Centers of mining are often places with excess capacity and relatively cheap electricity rates. As a result, mining operations bring benefits to those areas in terms of both employment and resource allocation.”

“The excess energy supply in certain regions is a big opportunity for mining worldwide,” added Genesis Mining CEO and Co-Founder Marco Streng. “We see the positives of mining ranging from individuals to large organizations. Whether it is a hobby, someone’s way to accumulate a certain cryptocurrency or a business with a profit motive, mining has been a positive endeavor for people all over the world. We look forward to growing the base of miners worldwide through promotion, education and new initiatives.”

“The formation of a partnership between BTC Inc. and Genesis Mining to create Genesis Engineering is important because it combines the leaders in the cryptocurrency information space and the cloud mining space to grow the industry in underserved markets at a time when crypto is in a position to be embraced by and benefit new markets,” John Riggins, Head of Development for Eurasia at Genesis Engineering, told Bitcoin Magazine.

“Genesis Engineering will be positioned as a mining information leader, promoting the industry through workshops and consulting in developing regions. We see an energy landscape that includes excess and unused electricity in markets that could benefit from the introduction of a crypto mining industry in their economy as China has benefited over the last few years.

“The crypto industry is in a growth stage and mining is a cornerstone of the industry that must grow in lock-step,” added Riggins. “Markets with excess energy capacity are in a good position to benefit as the mining industry develops, benefiting local economies through job creation and energy utilization.”

Riggins noted that the market of the post–Soviet Union is especially ripe for this sort of growth; therefore, Genesis Engineering will have a special focus in these countries. According to the company, these countries have the hallmarks of key regions for the development of cryptocurrency mining, including huge excess energy capacity, developed infrastructure and favorable climate conditions. For instance, oil producers in the region face an ecological tax on excess gases produced in oil excavation that is not put to use and is burned; this is gas that can be used to power mining facilities, create local jobs and make these countries regional leaders in the crypto industry.

“On the information and promotion side, we will be opening the first of multiple showrooms and co-working spaces in November,” Riggins said. “This facility will house a mining museum and will be used as a venue to promote the industry through workshops and a speaker series. On the consulting and mining business side, we are in negotiations with the largest electro energy production companies in the region, consulting on the positives of mining and the opportunity to use their spare capacity in these territories.”

Genesis Engineering will support the crypto mining industry broadly, including not only bitcoin but additional coins. It considers mining to be an important feature of the cryptocurrency sector, ensuring security and decentralization through incentives. The target market of Genesis Engineering ranges from hobbyists and small businesses reached by the company’s showrooms, co-working spaces and speaker series, to multinational energy companies and large-scale miners reached by the company’s consultancy and mining projects.

Besides promotion of cryptocurrency mining and related consulting work, Genesis Engineering will offer cloud mining services through Genesis Mining, with an initial focus on markets that have been underserved in Eurasia. The pricing structure will be similar to Genesis Mining’s current offering, but with a focus on making the service and mining equipment attractive in emerging markets, as well as to organizations that are interested in large-scale mining but have not yet entered the industry and will need to be led through that process.

Persuaded that cryptocurrency mining can be a boon to energy suppliers and populations in these regions, “Genesis Engineering will consider partnerships with energy providers and analyze how crypto mining could add value to different markets,” concluded Riggins.


The post BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia appeared first on Bitcoin Magazine.

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No Picture

Bitcoin Price Analysis: Bitcoin’s All-Time High Tests a Historic Reversal Point

November 7, 2017 Bitcoin Schmitcoin 0

Bitcoin Price Analysis

For months on end, BTC-USD had a strong bullish rally that has been well confined between both a linear ascending channel and (on a macro scale) a parabolic curve:

Figure_1 (18).JPGFigure 1: BTC-USD, 1-Day Candles, Linear and Parabolic Trendlines

After a very strong, bullish rally, bitcoin managed to settle on a new all-time high in the $7,500s. This price peak bounced right off the upper linear ascending trendline shown in Figure 1. Historically, every time bitcoin has touched the upper ascending trendline, the market has gone through a corrective phase and entered into a relatively strong bearish reversal. At the time of this article, bitcoin is currently testing key, macro support of the lower $7,000 price range:

Figure_2 (15).JPGFigure 2: BTC-USD, 1-Hour Candles, Macro Support

The 23% Fibonacci support has been a point of interest in the market’s history and will prove to be strong support. BTC-USD has attempted to break this support level a couple of times already and we are currently making a third test. A break below this level of support could send the price down to the 38% retracement values and test the $6,700 prices. However, if we look at the previous price action (the red circle) that brought the price upward, we don’t see any consolidation or support in the market’s history. This tells us that the 38% price level most likely won’t prove to be significant support during a potential move downward and we can expect to find stronger support in lower values around the $6,400–$6,500 prices.

Historically, during correction periods, bitcoin has retraced 50–61% of the initial bull run:

Figure_3 (14).JPGFigure 3: BTC-USD, 12-Hour Candles, Retracement Trend

The 50–61% retracement trend has formed a very nice, consistent ascending trendline for the lower support values. Unfortunately in this case, a retracement to the lower trendline would shove us outside the parabolic envelope described in the last bitcoin market analysis. On a macro level, if we do continue on a macro retracement to the 50–61% retracement values, we will likely find support on the lower parabolic curve in the $5,300s.

Overall, bitcoin appears to be experiencing a slow bleed and will likely continue until some buying pressure picks up on the market. In general, the bullish pressure is somewhat exhausted, and if there is a resumption of an uptrend, we will likely see support and bullish continuation off the 23% retracement and $6,500 values outlined in Figure 3.

Right now, bitcoin is in a precarious situation because it’s sitting just above support at the $7,000 level and doesn’t appear to have any interest in climbing back up just yet. Keep an eye on this support level and watch for a rise in volume on the next test of support. If we break this support level, it’s likely to continue downward for several hundred dollars before finding support once again.

Summary:

  1. Bitcoin topped out its all-time high at the upper boundary of a macro, linear trendline.

  2. Historically, a test of this trendline has prompted a market correction — it is likely that this trend will continue.

  3. We are testing key support at the $7,000 price level and a move below this support will signal a continuation of the down trend.

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 BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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Qchain’s Forward Advancement Amid the Changing World of ICOs

November 7, 2017 BTC STUDIOS 0

Qchain thumbnail

Alongside Bitcoin’s meteoric rise in global interest and price has
been a frenzy of activity around
initial coin offerings (ICO).

According to the online coin offering tracker Coinschedule, in 2017
alone there have been nearly 250 ICOs collectively raising over $3 billion.
This heightened interest combined with the potential for lucrative returns has
prompted fears in some investment circles that we are facing a bubble. Indeed,
the bubble seems to have already popped to some extent, with far fewer ICOs
hitting their target raises than they were a few months ago.

Today’s ICOs are being initiated by funding-hungry startups, often
with a blind eye toward any sort of regulatory due diligence. As a result, this
wild and reckless approach has raised the eyebrows of the U.S. Securities and
Exchange Commission (SEC) among other regulatory bodies worldwide. The SEC, in
fact, has opened a new cyber unit for cryptocurrency violations to address the
proliferation of these campaigns.

What’s problematic here is the lack of compliance guidance with
respect to ICOs relative to crowdfunding regulations or federal securities law.
This prevailing environment has ignited calls for stricter oversights
addressing scams and “pump and dump” schemes that are now infiltrating this
space.

Startups have an enormous amounts of wiggle room when forming an
ICO token. Unfortunately, many of these campaigns are launched with little more
than a hastily constructed website and white paper with the company’s core
product rarely battle-tested by real users. This heightens the notion that reaching
cash rich startup status does not ensure product success.

Once acquired by investors, ICO tokens can then be exchanged in a
secondary market for liquid value. In the meantime, shareholders (mostly
founding members and lead developers) often lay claim to 10 or 20 percent of
the initial tokens tied to a vesting schedule. It’s the outside token investors
that are often at risk as they, at times, find themselves subjected to “pump
and dump” and other nefarious schemes, harming the overall integrity of the
crypto landscape.

Navigating the Ever-Evolving ICO Landscape

Wally Xie, CEO of Qchain, an emerging digital marketing, advertising and
analytics platform seeking to leverage the strengths of both NEM and Ethereum
blockchain protocol, said that that while know-your-customer (KYC) compliance
really hurt his company’s recent ICO, he felt that it was a necessary sacrifice
to make in terms of long-term legitimacy and the safe development of Qchain in
the U.S.

 

“We are finding that we
perhaps made the wrong move by targeting the cryptocurrency community at large,
rather than negotiating with ‘whales’ from the outset,” Xie said. “We’ve also faced
lots of legal challenges, such as having to do stringent KYC to comply with U.S.
regulations, since lots of money laundering is also happening in the space.”

 

Xie noted that similar
issues involving integrity and credibility are plaguing the industry his
company is taking aim at, namely, native advertising. He said that as that
industry’s expansion leads to improved
conversion rates compared to traditional web display ads, that has come at the
cost of trust found in traditional media outlets. This erosion of trust, he added,
has helped drive a flood of people toward “fake news” websites that
make their money in confirmation biases.

 

Xie is
worried that a similar scenario may be emerging in the high stakes game of ICO
funding.

 

“The ICO space is definitely changing as it is becoming more of a
pay-to-play environment,” Xie said. “Successful ICOs now typically already
receive massive pre-ICO investment from folks like Draper, so the feasibility
of an ICO for all parties involved has definitely changed. In some ways, it’s
become a less democratic process. ICOs are becoming less accessible and
stratification is starting to happen in a manner similar to what occurs in any
maturing space.”

 

Jordan Valentine, an expert
specializing in emerging technologies at Spitzberg Partners — a boutique corporate advisory and investment firm
headquartered in New York — believes that
we are fast approaching the
end of the frontier days in the ICO space, if we haven’t gotten there already.
He noted that in 2017, we had seen four nine-digit coin offerings and billions
raised through ICOs. That, he said, is simply too much money changing hands for
regulators to allow this bubble to grow unfettered.

 

“Going forward, government
agencies will certainly look to be more present in the crypto world as they
develop an institutional understanding of the issues at hand,” Valentine said. “My
personal hope is for a regulatory framework that reins in some of the more
reckless activity in crypto without unduly burdening legitimate innovation.”

 

Valentine believes that
this reaction is already in motion in the U.S. In July 2017, the SEC clarified
its stance on ICOs, warning that coin offerings would be subject to U.S.
securities laws. This means that coin offerings will be judged by the Howey
Test — a legal precedent for determining whether a financial instrument is an
investment contract. For U.S. investors, this distinction connotes strict
income or net worth requirements, restricting the pool in the U.S.

 

“Digital coins can be used
to confer a wide range of rights in addition to value, so their application
under securities law isn’t exactly straightforward,” said Valentine. “Interest
in coin offerings will likely be tempered a bit in the short term, as would-be
investors wait for further regulatory clarity and watch as the first penalties
are doled out. However, the allure of finding a big win will be enough to keep
this fundraising mechanism relevant, barring a serious clampdown from
Washington.”

 

When asked about the prevailing
trend toward launching an ICO campaign without a demonstrated product or
service, Valentine is skeptical.

 

 “An ICO backed only
by a white paper and a webpage is, in the best case, an incredibly questionable
gamble; in the worst cases, these raises are outright predatory, with the
organizers bailing as soon as possible,” he said. “Even in the case of a ‘good’
white paper ICO, buyers are taking on huge risk, as they generally do not
acquire any right to information or managerial discretion.”

 

But Valentine offers this
reminder:

 

“While most coin offerings
are very much a long shot bet to the buyer, they’re not all scams. There are a
number of potentially paradigm-changing ideas supported by a token that merit
the attention of the savvy and adventurous.”  


In response to sceptics, Xie said that Qchain made sure to have a fully-tested,
ready-to-employ platform in advance of launching its ICO campaign to avoid
giving the crypto industry a bad name.

 

In terms of our product, we didn’t want to espouse a ‘break first/fix
later’ ethos that has come to dominate Silicon Valley, made infamous by such
companies as Uber and Zenefits,” he said. “Funding is critical, but the quality
of what we are delivering will always come first.” 

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NextBlock CEO Alex Tapscott Cancels Plans to Go Public and Will Return Money to Investors

November 6, 2017 Jessie Willms 0

Tapscott

Alex Tapscott, CEO of NextBlock Global, a venture capital company investing in blockchain technologies, announced in a press release yesterday that he is canceling their plans to go public through a reverse takeover (RTO) of Nobelium Tech Corp., a company listed on the Toronto Stock Exchange (TSX).

Tapscott said the young company had “stumbled” in falsely listing some crypto and blockchain experts as members of the firm’s advisory board. He is currently talking to NextBlock investors to work out how to return their original investments and to “rebuild the trust of those [they] have disappointed.”

NextBlock Global raised $20 million in their initial oversubscribed fundraising in July 2017 and had hoped to raise $100 million in the public offering. They planned to invest in digital currencies, blockchain hosting platforms and blockchain-based applications.

CIBC and investment bank Canaccord Genuity (a former employer of Tapscott’s) were underwriters on the deal, but CIBC pulled its support from the young venture capital firm amid the allegations.

According to BNN, clients of CIBC received an email saying, “CIBC has withdrawn as an agent from the NextBlock Global Limited private placement.” CIBC was not available for comment.

Sources have told BNN that Canaccord Genuity remained in the deal.

An article in Forbes last week detailed complaints from Kathryn Haun, Vinny Lingham, Dmitry Buterin and Karen Gifford that Tapscott had circulated an investor deck that incorrectly listed them as members of the NextBlock advisory board.

Dmitry Buterin, co-founder of Blockgeeks and father of Ethereum co-founder Vitalik Buterin, was included in at least one draft of the investor deck. He told Bitcoin Magazine in a recent interview what had happened. He recounted:

“It’s pretty simple. Alex asked me to be an advisor, I declined. Then I got a deck forwarded to me which listed me as an advisor. It was forwarded to me by investors who received it from Alex.”

Buterin said he had met with Tapscott to let him know he wouldn’t be on the advisory board:

“We had a meeting and I was not convinced that they have the right resources to pull this off.”

When Is an Advisory Board Not an Advisory Board?

A thread on Twitter about NextBlock recently included some comments about how advisory boards have become routine and are often used as window dressing for making ICO pitches and, therefore, they aren’t really “advising” as such.

One user commented that likely only 50 to 60 percent of advisory boards are legitimate anymore, and put the NextBlock situation in a different light, implying that it’s become common practice to dress up a proposal with photos of known experts.

Amber D. Scott, CEO of Outlier Solutions, told Bitcoin Magazine that she gets several requests a week to sit on ICO advisory boards. Scott explained that the conversation often goes like this:

ICO rep: “We saw you speak at an event and would love to add you as an advisor.”

Scott: “I’ve looked at your website/white paper and I’m not sure where you need compliance advice. Could you please elaborate on that?”


ICO rep: “You don’t actually have to do anything. We’ll just put your picture and bio on the website. You have a great name in the community.”


Andreas Antonopoulos, well-known author of “Mastering Bitcoin,” says on his website that he does not accept invitations to sit on advisory boards and that he will not discuss projects publicly if he does work as an advisor.


Vitalik Buterin has also had to make it clear several times on Twitter that he is not an advisor for a number of firms that have touted his advice.


What could have been a major scandal for both the Tapscotts (father Don and son Alex) has been averted by this move, but how much long-term damage both NextBlock and the Blockchain Research Institute will sustain to their reputation remains to be seen.


The father-son Tapscott team co-founded the Toronto-based think tank Blockchain Research Institute, and co-authored the book “Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business and the World,” which has been translated into more than 20 languages.

The Blockchain Research Institute is holding a Members Summit this week in Toronto. Members of the think tank include CIBC, Microsoft, IBM, Fujitsu, Accenture, Tencent, Bell, Nasdaq, FedEx, Interac and the Governments of Canada and Ontario.

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Introducing a Programming Language so Simple, It “Fits on a T-shirt”

November 3, 2017 Giulio Prisco 0

http://plas2017.cse.buffalo.edu/

Blockstream is introducing Simplicity, a new programming language for blockchain-based smart contracts, intended for inclusion in Blockstream’s sidechains and eventually in Bitcoin. The new language was presented by its creator, Russell O’Connor, Infrastructure Tech Developer at Blockstream, at the ACM SIGSAC Workshop on Programming Languages and Analysis for Security (PLAS 2017).

“Simplicity is a blockchain programming language that is so simple, it fits on a t-shirt,” O’Connor told Bitcoin Magazine. “It is critical that smart contracts behave in ways that all participants expect, and applying formal verification to Simplicity allows us to achieve that.”

Simplicity is still a Blockstream Research & Development project, but there’s potential for its use in Blockstream products in the future, according to the company’s announcement.

“Simplicity is flexible enough that I anticipate many new, domain-specific, languages will generate Simplicity, and this will give users the freedom to generate smart contracts using the tools that most suit their needs,” added O’Connor.

O’Connor’s paper, titled “Simplicity: A New Language for Blockchains,” presents Simplicity as “a new programming language, designed to be used for cryptocurrencies and blockchain applications, which aims to improve upon existing cryptocurrency languages, such as Bitcoin Script and Ethereum’s EVM [virtual machine], while avoiding some of the problems they face.”

Bitcoin script is limited by design and unsuitable for complex smart contracts that need more than a small set of simple templates to perform tasks like digital signature verification. Ethereum, on the other hand, includes a more expressive and flexible, Turing-complete programming language, which allows for arbitrarily complex smart-contracts in principle.

But, in practice, Ethereum doesn’t support static analysis to pre-determine the computing resources that a program will require and, thus, filter out too costly contracts and infinite loops. Therefore, pre-paid “gas” fees are lost when an Ethereum program “runs out of gas.” The simpler Bitcoin scripting, which supports static analysis, doesn’t present similar issues.

In a post to the bitcoin-dev mailing list, O’Connor proposed Simplicity as an alternative to Bitcoin Script, noting that static analysis is important for both node operators and for Simplicity program designers.

“Static analysis is a technique that provides a universal algorithm to determine how much any Simplicity program will cost to run before you stake your money on it,” O’Connor told Bitcoin Magazine.

Simplicity can be seen as a more flexible alternative to Bitcoin scripting, not Turing-complete but expressive enough to build useful smart contracts for blockchain applications, or as an alternative to Ethereum, which will support static analysis and other desirable features including improved safety, formal semantics, and Merkelized Abstract Syntax Trees (MASTs).

While Simplicity is intended as a low-level language for smart contracts, O’Connor envisages the possibility of compiling programs written in higher-level languages (like Ethereum’s Solidity) to Simplicity.

“Ivy and the Σ-State Authentication Language are existing programming language development efforts that may be suitable for being compiled to Simplicity,” notes O’Connor in the paper. “For the time being, generating Simplicity with our [Haskell] and [Coq] libraries is possible.”

The next step in Simplicity’s development will be a bare-bones SDK (Software Developer Kit) that will include formal semantics and correctness proofs in Coq, a Haskell implementation for constructing Simplicity programs and a C interpreter for Simplicity. Then, the new language will be ready for initial deployment in the Elements project, Blockstream’s open-source codebase for sidechains, so that developers can start experimenting with the code.

But, as O’Connor stated on bitcoin-dev, “Only after extensive vetting would it be suitable to consider Simplicity for inclusion in Bitcoin.”

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The Tatiana Show – Scott Horton & Agnieszka Pilat

Tatiana interviews antiwar radio host Scott Horton & artist Agnieszka Pilat.

Topics include:

–“Poland as a Liberty Hotbed”

–“Deskilling in Art and Instagram”

–“The Reality of the War in Afghanistan”

–“American World Empire”

About the Guests:

-Polish born artist, Agnieszka Pilat studied painting and illustration at the Academy of Art University in San Francisco, CA. She is an award-winning artist and her works can be found in public and private collections in United States, Poland, Canada and China. Pilat currently lives and maintains a full time studio in San Francisco and is represented by numerous galleries throughout United States

-Scott Horton is the author of Fool’s Errand: Time to End the War in Afghanistan, FoolsErrand.us, managing director of the Libertarian Institute at LibertarianInstitute.org, host of Antiwar Radio on Pacifica, 90.7 FM KPFK in Los Angeles and KUCR 88.3 in Riverside, California and podcasts the Scott Horton Show

More Info:

https://www.TatianaMoroz.com

https://www.CryptoMediaHub.com

https://www.Vaultoro.com/?a=100068

https://twitter.com/scotthortonshow

Fool’s Errand book: http://amzn.to/2zvvM2d

https://www.libertarianinstitute.org

https://twitter.com/agnieszka_pilat

https://www.instagram.com/agnieszka_pilat/

Friends and Sponsors of the Show:

https://www.TheBitcoinCPA.com/

https://www.CryptoCompare.com/

https://www.FreeRoss.org

https://www.ThirdKey.Solutions/

http://www.SovrynTech.com

http://www.SexAndScienceHour.com

https://www.Netki.com

https://www.Vaultoro.com

http://www.CryptoMediaHub.com

http://www.Beautycounter.com/TatianaMoroz

https://www.LibertyCraze.com

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Funding the Blockchain Future of the Digital Media Industry

November 2, 2017 Benjamin Vitaris 0

Funding the Blockchain Future of the Digital Media Industry

BTC Media, the largest media group in the blockchain and cryptocurrency space, announced the launch of BTC Labs, a venture studio focusing on launching and incubating blockchain applications for the digital media industry on September 25, 2017.  

BTC Labs, in turn, introduced Storyboard Ventures, a venture financing arm of the organization, seeded with $2 million to fund forward-thinking and promising media projects. According to BTC Media, Storyboard Ventures will be vigorously searching for those entrepreneurs who are “building use cases that leverage decentralization to disrupt longstanding inefficiencies” within the digital media industry.

“The internet drastically altered how we consume and distribute information, but the media industry has failed to adapt its underlying business model,” Jeremy Kandah, Storyboard Venture’s Portfolio Manager, said in a statement.

“Blockchain technology is revolutionizing the way that digital information is transacted, creating a host of new monetization models and connecting content creators directly with consumers. Storyboard Ventures will support the projects and pioneers shaping this media landscape of the future.”

On November 1, 2017, BTC Labs announced their second project, the MAD Network, a decentralized ecosystem for the ad tech industry designed to return lost value to advertisers and publishers. The MAD Network will become the programmatic advertising platform within BTC Labs’ decentralized media suite, a collection of blockchain-based tools for the media industry.

BTC Labs is working closely with the MAD Network to develop its technical architecture, as well as advising them on their upcoming token sale, which will take place on November 30th, 2017.

“The MAD Network is one example of the suite of decentralized media applications that BTC Labs will support through research, development and funding,” Tyler Evans, CEO of BTC Labs, said to Bitcoin Magazine. “It is a perfect use case for distributed ledger technology because it takes the value that is traditionally captured by middlemen and brokers in the digital advertising ecosystem and instead, redistributes that value to the stakeholders in the network.”

“BTC Labs has been instrumental in the development of the MAD Network,” Adam Helfgott, Project Lead at the MAD Network, said. “We’ve been able to leverage their breadth of expertise and knowledge in the blockchain space to help formulate our development plan and go-to-market strategy.”

The first project backed by the venture studio was Po.et, a protocol utilizing and implementing blockchain technology and timestamped metadata to accelerate solutions for the publishing industry. BTC Labs developed the core architecture behind Po.et and helped guide the organization through a successful token sale process. As Bitcoin Magazine is a brand of BTC Media, all content of the publication is verified via Po.et.

Blockchain technology has allowed for increased innovation, resulting in more equitable ways of sharing data and exchangin value. These new benefits of blockchain technology can be also implemented within the media industry to tackle numerous issues, including intellectual property registration, content monetization, licensing, ticketing and ad-tech.

BTC Labs will focus on both the blockchain and media industries with an aim to support disruptive, open-sourced and decentralized networks. It recognizes that, in a decentralized network, every stakeholder can retain the fair value of their work. Thus, the innovation studio will develop decentralized networks to empower not just content creators but also brands and consumers.

Disclaimer: BTC Inc. is the parent company of BTC Media and Bitcoin Magazine.

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