Dr. Craig Wright: Inclusion is the real purpose of tokenization

Dr. Craig Wright: Inclusion is the real purpose of tokenization

Created to solve real world needs, blockchain’s goal has been to bring equality and inclusion—and then consumerism came into the picture.

In his speech at the recently held TOKEN2049 event in Hong Kong, Dr. Craig Wright pointed out how HODLing became the new form of hoarding. According to the nChain chief scientist, a huge number of blockchain and cryptocurrency startups have been taking advantage of the hype and value spikes caused by HODLers.

“HODLing is probably the most despicable, evil thing to do with Bitcoin. It is not saving, it is hoarding. Bitcoin is a payment system. It is cash. It is to be used to help people spend money,” he said. “People can actually spend and use, not hoard so that in ten years, they can go, ‘look! I’ve got more of something than I can hold.’”

Contrary to what ICOs would have you believe, Wright said tokenization is supposed to be a medium through which the world can create an “on-demand economy,” essentially an Uber for everything that you need—even luxury items. Tokenization, he explained, should be used for the efficient, high-speed production of supplies made on demand with a traceable and verifiable supply chain on the blockchain.

“Everything that is common now used to be a luxury—toilets were a luxury 100 years ago. Victorian England—if you had a flush toilet, you were rich. Now no one would buy a house in the West without a toilet,” Wright said.

If done right, tokenization could herald a new revolution that would open the floodgates to inclusion and global interaction.

“This is a world that is becoming more and more global—that is a good thing,” Wright said. “As we start trading with people, we start building relationships and having to understand them.”

Watch Dr. Craig Wright’s speech at TOKEN2049 here:

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Yet another crypto pyramid scam reaped $20B in South Korea: report

Yet another crypto pyramid scam reaped $20B in South Korea: report

The crackdown on cryptocurrency-related pyramid scams continues, this time featuring alleged swindlers from South Korea.

On Thursday, an Incheon District Court judge has fined two men accused of using a pyramid scheme involving fake virtual currencies to reap $20 billion from South Korean investors, Yonhap reported.

The two men, which initially received KRW26 billion ($24 million) from investors, built an illegal multi-level company that promised high returns for those who would invest in SegWit-Coin BTC (also referred to as Bitcoin legacy or Core).

One of the suspects is a 51-year-old man based in the Philippines, according to the report. That man, who served as head of the multi-level company, is allegedly in the Interpol watch list. In South Korea, he is facing a fine of $15 million for the alleged pyramid scheme, while his 62-year-old cohort is ordered to pay $8 million in fine.

“The multi-level transaction is a risk to the socioeconomic order with mass production of many victims,” said Judge Hwang Jin-jin, of the Incheon District Court 14.

Authorities across Asia have been beefing up their efforts in clamping down multi-level marketing schemes that bank on the surge of popularity of cryptocurrencies like SegWit-Coin BTC. This week, police in China arrested four people in the city of Xi’an who were accused of conning some 13,000 individuals out of $13 million in supposed investments. Investigators said the scam, which started in October 2017, revolved around the Da Tang Coin (DTC), an altcoin linked to a company called DTC Holding.

In the Philippines, a couple was charged with scamming 50 people into investing in SegWit-Coin BTC in 2017. Police said the husband-and-wife team convinced their victims to invest in a company called “NewG,” promising a 30% return on their investments every 15 days. The couple amassed an estimated $17 million from this scheme.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
nChain Nakasendo steers Bitcoin BCH devs through ‘mountains of blockchain work’

nChain Nakasendo steers Bitcoin BCH devs through ‘mountains of blockchain work’

In a bid to help application developers navigate the complexities of blockchain development, nChain—one of the influential tech groups leading the development of Bitcoin Cash (BCH)—has rolled out version 1.0 of its new Nakasendo software development kit (SDK).

Through Nakasendo, which literally means “central mountain route,” nChain will provide software libraries that will help speed up developers’ work to make blockchain technologies that can be used by major enterprises around the world.

Version 1.0 provides a cryptographic library, paving the way for more flexible key generation and sharing. The library incorporates nChain’s two patent-pending assets: deterministic key generation, which employs a more complex “shuffling” of both the private and public keys of the users involved in a transaction; and secure split key technique, a mechanism that uses “Shamir’s secret sharing scheme,” in which a key is divided into parts and distributed to different parties—and will not work unless combined.

Combined, these two assets will help ensure the security of private keys and digital wallets as a whole, protecting users and businesses from being “Goxxed” again.

The Nakasendo SDK can be used on any blockchain—or even any type of digital wallet, product, application, where access to a digital asset, resource or communication is needed, according to nChain Group CEO Jimmy Nguyen.

The SDK is available for use under the newly-created nChain Open Bitcoin Cash License, but only for users to create software or applications that operate on the Bitcoin Cash blockchain.

The nChain Open Bitcoin Cash License, modelled after the Microsoft Limited Public License, allows royalty-free usage of copyrights to software in the SDK libraries, and any associated patents that read directly on such software. Just like Microsoft’s Limited Public License has a platform limitation for free usage, nChain said its Open Bitcoin Cash License limits free usage to the Bitcoin Cash blockchain.

“We are making it available for free usage only on the BCH blockchain specifically to help the growth of Bitcoin Cash,” said Nguyen. “Although the SDK libraries will be useful for developers on any blockchain or digital platform, we want to use key elements of nChain’s patent portfolio to help benefit the Bitcoin Cash ecosystem. That is why we are providing the SDK for free usage only for applications and products that operate on the Bitcoin Cash (BCH) blockchain.  The SDK is one of many tools nChain will use to ignite the BCH blockchain, and help re-invent the business world.”

The Nakasendo SDK is currently available to selected partners in an initial testing pool, and will be rolled out “more publicly” at a later time.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Dr. Craig Wright: With Bitcoin

Dr. Craig Wright: With Bitcoin, the power is within

Sorry Raspberry Pi users, your tiny computers aren’t enough to handle a full Bitcoin node.

At the recently held Satoshi’s Vision conference in Tokyo, Japan, Dr. Craig Wright explained how network topology works, and, in the process, debunked the notion that an outfitted Raspberry Pi can be used as a full Bitcoin node.

The nChain chief scientist prefaced his presentation, “Bitcoin network topology: Small world vs mesh,” by saying that the key to understanding connectivity and Bitcoin is to bear in mind that Bitcoin is incentivized. Bitcoin, he said, is “actually very close to a biological system,” where nodes aren’t the important part—the connections are.

“With Bitcoin, the power is within. The code is rich enough. The network is strong enough. We don’t need to do half the things people tell us we need to do. We don’t need to rebuild it, we don’t need to change it, we don’t need to bastardize it. Bitcoin is powerful right now,” Wright said.

So where do the Raspberry Pis fit in? Nowhere. Miners, after all, are incentivized to process a transaction on the network, and a Raspberry Pi does not have enough processing power, memory and network bandwidth to maintain it all, according to Wright.

“If you have to open up many, many connections, your machine grinds to a halt and it becomes slower. So all those Raspberry Pis out there end up slower, they take 30 seconds, 40 seconds to transmit a transaction. And as you send that transaction, it hits all the miners, and all the miners have that transaction in 1-3 seconds, and it can get faster than that as well. By the time any Raspberry Pi decides that’s a valid transaction, the miners have either accepted or rejected it,” Wright said, “because miners are incentivized to connect to miners. Every second matters to a miner. Every second, if you can mine one second faster, verify one second faster, get a block out one second faster, you make money. Making money makes people want to do this. We use greed for good. This is what Bitcoin does. Bitcoin is not a system of cryptographic protocols, it uses them. It is an incentive system. You can’t cheat the system because if you do, you lose money. That’s what it’s about.”

Watch Dr. Craig Wright’s “Bitcoin network topology: Small world vs mesh” presentation here:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-bitcoin-power-within-video/

Roger Ver at Satoshi Vision

Bitcoin Cash will usher global economic freedom, Roger Ver says

Economic freedom is defined as the ability of people in a society or a country to take economic actions. It’s the measure of how easy it is for members of a society to participate in the economy, where freedom exists for everybody from free markets to free trade and free enterprise.

Digital currencies like Bitcoin have been touted as the best tools the world has ever seen that will bring economic freedom to the world—until the governments stepped in.

In his presentation at the recently held Satoshi’s Vision conference in Tokyo, Japan, Bitcoin.com owner Roger Ver explained how he thinks the world governments have been encroaching upon the economic freedom of the people. It’s simple, Ver said. They did it by advocating for 1MB blocks to intentionally create high fees, less privacy, slow confirmations, and unreliable transactions, and that would end up resulting in fewer users, fewer nodes, lower adoption, less privacy, a lower Bitcoin market cap, a lower Bitcoin market share, and less censorship resistance.

“I’m not saying that Blockstream and Core are intentionally in the government attack on the adoption of cryptocurrencies around the world, but if you stop and think about it, I can’t really think of a more effective way to do it—they literally shattered what used to be this unified Bitcoin ecosystem, they’ve now shattered it into a thousand and one altcoins around the world with in-fighting within the communities and people competing on this and that, and all sorts of hostilities, and get it through primarily censorship and propaganda and lies,” Ver said. “If you’re in favor of a censorship resistant currency for the entire world to use to gain more economic freedom, you shouldn’t be using censorship to promote it, and that’s exactly what the Bitcoin Core supporters have been doing which should be condemned by anybody who supports free speech.”

This is reason why the market has moved to alt coins, particularly Bitcoin Cash, which continues to stay true to the spirit of Bitcoin. But Ver said there’s “a thousand and one” competitors out there, so the community needs to step up and make Bitcoin Cash the most useful digital currency in the world, with fast, cheap, reliable transactions for everybody, permissionless innovations, censorship resistance, private transactions.

“This is why I’m here, supporting Bitcoin Cash before you because I want to use it to bring more economic freedom to the world, and whatever tool does it, I’m on board with that,” Ver said. “I think Bitcoin Cash has the biggest chance of doing that because it has the Bitcoin name, it has almost all the early adopters of Bitcoin, all the people that made Bitcoin useful as currency around the world are supporting it.”

Watch Roger Ver talk about Bitcoin Cash and economic freedom here:

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/bitcoin-cash-will-usher-global-economic-freedom-roger-ver-says-video/

Dr. Craig Wright exposes Blockstream’s false narrative

Dr. Craig Wright exposes Blockstream’s false narrative

Don’t believe the lies, according to Dr. Craig Wright. Bitcoin is incentive-compatible.

On Tuesday, the nChain chief scientist took the stage at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea, to debunk the myths perpetuated by Blockstream, which were designed to take away the power of Bitcoin and basically tell everyone that it needed to be fixed.

“One of the issues you are told is you need to run a full node and verify everything,” Wright said. “No, you don’t. No, you can’t. You can sit there and verify things if you want, but you don’t actually do anything as a node unless you are a full node, and a full node, if you read the white paper, mines. You vote with CPU power.”

The people behind Lightning Network think Bitcoin works as a mesh, according to Wright. In actuality, Bitcoin is an overlay network that pulls everything into a tight ball as it forms, with every machine connecting to everything it can—or what is also referred to as near-complete.

“You connect as much as possible as a miner because you’re incentivized to,” he said. “What this actually means is we start connecting all over the place, so we are resilient because we connect everywhere.”

Wright also debunked the notion that an outfitted Raspberry Pi can be used as a full Bitcoin node, saying that there is not a single piece of data on the Bitcoin network that has ever been verified by a non-miner.

“By the time any Raspberry Pi ever existed on the network has verified a packet, every single miner has decided whether to mine it or not,” he said. “You’re not helping because there’s nothing altruistic in Bitcoin. Nothing. Bitcoin is money. It is working because it is competitive. It is working because people fight to get their transactions on the blockchain fast.”

Watch Dr. Craig Wright’s presentation here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/dr-craig-wright-exposes-blockstreams-false-narrative-video/

Let’s call a 0-conf transaction ‘verified’ instead?

Let’s call a 0-conf transaction ‘verified’ instead?

If you haven’t heard already, the term zero-confirmation (0-conf) has been buzzing around the Bitcoin community lately. 0-conf, however, is more than just a buzzword. It’s the future of cryptocurrency-related transactions, Bitcoin Cash (BCH) in particular.

Six confirmations have been the accepted standard safeguard against double spending for years, but with the improvements in transaction technology, zero-confirmation transactions are quickly gaining favor—especially among development groups and tech-savvy entrepreneurs.

But what about the smaller merchants, who don’t know much about Bitcoin and might think that 0-conf simply means “nothing” has been verified? Does the term 0-confirmation inspire trust?

Verified is not confirmed

To put it simply, zero-confirmation means that the transaction has been broadcasted to the network, but it still needs to be confirmed and written to the blockchain—a process that could take as long as 10 minutes on the Bitcoin BCH network.

This doesn’t instill confidence among users, particularly merchants who, upon seeing 0-conf on their screen, could take it to mean that the transaction hasn’t been processed. The dilemma prompted Yours.org user Slowsynapse to come up with a reasonable suggestion: Instead of calling it a 0-confirmation transaction, why not use the term “verified”?

In this case, “verified” means the transaction is still being validated, which could take 2 seconds or less. The “confirmed” status follows after a 10-minute settlement time, in which the validity of the transaction has been established or when merchants detects a double spend and moves to blacklist the customer.

In his Yours.org post, Slowsynapse wrote, “So imagine if you were showing off Bitcoin Cash, and the moment you hit send, a green ‘verified’ 0/3 confirmations showed up. I know it’s stupid, but I’m pretty sure people will go ‘wow that’s really fast and awesome’ instead of ‘why is it taking 10 minutes?’”

The idea is sheer brilliance in its simplicity. Using “verified” lets merchants know that their transaction has received its first confirmation on the network, and that the second confirmation—when the transaction gets written on the blockchain—is coming right up.

This process is safe for low ticket services and as easy as 1-2-3, which in this case stand for unverified>verified>confirmed.

What do you think about Slowsynapse suggestion? Share your thoughts in the comments section below.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/lets-call-0-conf-transaction-verified-instead/

Roger Ver

Roger Ver, Samson Mow Deconomy 2018 debate goes off the rails

The war of the words continues this week at the inaugural Deconomy 2018 blockchain forum in Seoul, South Korea.

On Tuesday, Bitcoin.com owner Roger Ver was pitted against Blockstream Chief Strategy Officer Samson Mow in a panel discussion that tackled the controversial question, “Can Bitcoin Scale?”

As expected, the debate on Bitcoin’s scaling issues as well as Satoshi Nakamoto’s vision for Bitcoin—as a peer-to-peer electronic cash system—turned into a tension-filled exchange between the two panelists. Mow pointed out that the computer science behind scaling Bitcoin needs to be taken into consideration, which means looking at the code and following the consensus rule.

“I think the scaling that works is to take an engineering standpoint to look at the code and to follow consensus rules and build layer 2 solutions,” Mow said. “I think scaling Bitcoin, we have to take into consideration the computer science aspect of it. We can’t just make things up. We actually have to look at the code and we have to follow the consensus rule, so if you look at what Bitcoin Core has been doing, is they’ve been scaling all along so that everything is backwards compatible.”

The intention might be good, Ver responded, but the effect was damaging—Bitcoin lost its first-mover advantage, the market cap of altcoins skyrocketed, and the number of transactions on the Bitcoin Core (BTC) network today was only half of what it was in December 2017.

Bitcoin Core is having negative merchant adoption around the world. Bitcoin Cash is having positive merchant adoption around the world,” Ver said.“So even if Samson and Blockstream and Bitcoin Core supporters have the absolute best intentions in their heart, we have the empirical evidence to show that the effects were negative and incredibly damaging to Bitcoin. Let’s judge things by their effect and their results, not the intent of the people that were putting it together.”

And that’s just the first 10 minutes of the debate, ladies and gentlemen.

Watch how it all went down here:

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/roger-ver-samson-mow-deconomy-2018-debate-goes-off-rail-video/

Over 50 teams sign up to put tokenization on Bitcoin BCH chain

Over 50 teams sign up to put tokenization on Bitcoin BCH chain

More than 50 teams are taking on CoinGeek.com’s tokenization challenge, which will shape the next evolution of the Bitcoin Cash (BCH) blockchain.

After demonstrating that the vision contained in the original Satoshi Nakamoto white paper can be realized on the network, the next step for Bitcoin Cash is to move from being a simple cryptocurrency solution and become the cornerstone of a globally distributed economy. Tokenization is one of the key elements for opening up the Bitcoin Cash chain to support a broader range of transactions than simply payments in the native cryptocurrency. Digital tokens, typically executed with smart contracts, allow real-world assets to be represented within a blockchain transaction.

To achieve this, CoinGeek.com—along with blockchain technology research and development firm nChain Group—recently announced a design contest for a tokenization solution that runs on the Bitcoin BCH blockchain as well as its associated test networks. The available prize is £5 million worth of Bitcoin Cash.

“While it is our firm belief that BCH is the one true blockchain that will emerge out of all the FUD around cryptocurrencies right now we want to also ensure BCH has all the tools necessary to make that claim and more. Tokenization is another step on that journey as we create a ‘best of breed’ coin that has all the components of the original Satoshi white paper but also has the additional features that enhance BCH further still,” said CoinGeek.com owner Calvin Ayre.

The challenge requires participants to design a generic system, or suite of interacting systems that deliver: an issuer solution that permits an entity to securely create tokens, issue tokens to user’s wallets, redeem tokens from users, and securely destroy tokens back into the originating cryptocurrency at the end of that token’s life cycle; a user solution that either plugs into their existing cryptocurrency wallet or sits alongside the wallet, allowing the user to view, trade and redeem their holding; and an audit solution that allows a third party to securely and independently validate the status of all issued tokens on the blockchain.

All submissions need to include supporting design documentations, as well as a working code with the source codes. The solution is not required to involve the execution of a smart contract on the blockchain, but participants must demonstrate real-world use cases—such as in gaming and casino, company stocks, and even tickets—that manage a token from issuance to final destruction.

CoinGeek will provide access and licenses to use certain assets from nChain Group’s patent portfolio. The assets are limited for use on the Bitcoin Cash blockchain and participants can only use them for their design proposals. The solutions will be evaluated on how well their solution meets the objectives as well as their effectiveness in using nChain’s intellectual property assets. Participants, however, are not limited or required to use nChain’s assets as CoinGeek encourages creativity and new ideas.

Learn more and register to CoinGeek.com’s tokenization contest here.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/50-teams-sign-put-tokenization-bitcoin-bch-chain/

Demystifying the crypto space: From a platform perspective

Demystifying the crypto space: From a platform perspective, only 4 cryptocurrencies exist

As you may have probably noticed, cryptocurrencies have been causing quite an uproar all over the world. Over the past year, cryptocurrencies—and its many jargons—have been dominating news, social media platforms, and yes, even dinnertime conversations.

Despite the buzz, there’s no denying that there’s still some confusion as to what some of these terms mean, so here at CoinGeek.com, we’re breaking down the cryptocurrency space for everyone.

Demystifying the crypto space: From a platform perspective, only 4 cryptocurrencies exist
Click image to enlarge

 

Crypto space explained for the rest of us

Forget all the nonsense coins and look at the cryptocurrency space from a platform perspective. Essentially, there are only four cryptocurrencies in existence, and these are the four with the largest market capitalization: Bitcoin (also called Bitcoin Cash and BCH); Segwit (also inaccurately called Bitcoin and BTC); Ethereum; and Ripple. 

Bitcoin BCH can do everything all the other platforms can do and more. The only coin that follows the original Satoshi Nakamoto white paper, Bitcoin BCH has the best scaling and security features. It reverted to the unadulterated form of the blockchain to stay as true to Satoshi’s vision: replace-by-fee was removed, the signatures are preserved, transactions are kept irreversible, fees are kept low, and the block size is increased to accommodate more users and keep transaction processes fast.  

Ethereum is basically smart contracts, a feature that will be rolled out on Bitcoin BCH later this year. Not only does it not scale and does not work as a cryptocurrency, Ethereum also has numerous security issues—from IoT malwares to “accidental” kill commands and eclipse attacks, as well as vulnerable smart contracts. In fact, Ethereum devs have been pleading for a hard fork so they can recover funds in special cases such as hacks, exploits, and loss of funds due to bugs in smart contracts.

Like Ethereum, Ripple is also not a cryptocurrency but a blockchain that is designed to replace SWIFT (incidentally, Bitcoin BCH can do this, too).

Finally, we have SegWit, otherwise known as Bitcoin BTC. Despite inheriting the name “BTC” largely due to history, SegWit is no longer Bitcoin. It forked off of Bitcoin to SegWit technology, and, in doing so, removed many of its original abilities, including shutting off its Bitcoin powers in order to try to transfer value to side chains and away from miners. To put it simply, BTC is no longer a cryptocurrency as it does not scale and is expensive to transact in. Sidechains do not work and many current tech thought leaders believe it is impossible to get it to work.

All the rest of the “coins” are on the Ethereum platform and add nothing new so are all essentially worthless.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/demystifying-the-crypto-space-from-a-platform-perspective-only-4-cryptocurrencies-exist/