Is ABC’s end game plan to help China sideline Bitcoin?

Is ABC’s end game plan to help China sideline Bitcoin?

Much has been said about the recent Bitcoin Cash (BCH) hash war, and its conclusion—with the ABC camp declaring premature victory thanks to an artificial burst from “rented” hash power—has brought forth even more questions like, why did ABC and its supporters wasted millions of dollars of their money and tens of millions of other people’s money in the fight? What’s in it for them?

Far from creating a state of anarchy, it appears that the ABC faction may have been working for the Chinese government after all.

In early December, a lawsuit launched by Florida-based blockchain company United American Corp. (UAC) accused Bitmain, its co-founder Jihan Wu, along with his “team of conspirators” composed of Bitcoin.com CEO Roger Ver, ABC developers Amaury Sechet, Shammah Chancellor and Jason B. Cox, as well as Kraken and its CEO, Jesse Powell, of working “with the knowledge and support of the Chinese government to stage a premeditated hostile takeover” of the BCH network.

The Chinese government is known for its hardline approach towards cryptocurrency-related activities, banning cryptocurrency exchanges and initial coin offerings (ICOs) last year. But the country’s central bank, the People’s Bank of China (PBOC), is also planning its own digital currency—the central bank digital currency (CBDC)—as part of the government’s bid to have more control over the country’s financial system.

The CBDC project was the brainchild of former PBOC Governor Zhou Xiaochuan, who has made it his goal to protect the country from technologies that are “designed and controlled by others,” like Bitcoin.

To date, the Chinese central bank has registered 78 digital currency patents, Bloomberg reported. PBOC also ranks fifth in the world when it comes to blockchain-related patents, with 44 as of August, according to China’s IPRdaily. One of its more recent patents, filed in June, is for a digital wallet that will allow users and business to trade their yuan for digital currency, which can be used for payments. Users can also track their transactions using the wallet, which will be built in coordination with a centralized digital currency issuance registration agency. In short, the PBOC will be able to track all transactions too.

In comparison, nChain has been making an effort to patent new ideas and technology in a bid to protect the technology rather than stifle development. With nChain’s protective patents, the technology can be used by people developing on the SV chain, but not by malicious actors such as the Chinese government.

ABC’s end game plan

So how does the ABC faction fit in all of this?

It would be recalled that on the November 15 network upgrade, a sudden huge wave of hash magically came to support ABC. This is all thanks to Bitcoin.com’s pool, which boosted its BCH for only 24 hours by moving customer hash from the BTC chain. ABC also received more support from “rented” hash from BTC mining pools controlled or friendly to Bitmain. In exchange, Bitmain must pay to subsidize the difference in lower revenue miners receive on the BCH chain when total hash rate grows, compared to mining on the more profitable BTC network, which BTC.top CEO Jiang Zhuoer estimated can cost over 100 million yuan ($14 million) per day.

The rented hash supporting ABC is temporary, which means the endeavor was a losing proposition for Bitmain and the rest of the group. Now, the ABC camp is also being accused of being backed by the Chinese government, all in an effort “to centralize the Bitcoin Cash network resulting in Chinese entities now having established dominance over this important segment of the cryptocurrency market with proprietary software checkpoints and instituting other means of control over the system,” according to the UAC lawsuit.

The hash war may have ended, but it’s clear that the fight to bring the truth to light has just begun. It’s also clear that the attacks on the original Bitcoin, first with Bitcoin Core (BTC) and more recently with ABC, have cost the ecosystem a lot of time—in development and in pushing for adoption.

But with everybody coming together on Bitcoin SV, the only cryptocurrency the only coin that can massively scale on chain and also provides for fast transactions at low fees, it’s only a matter of time before we achieve the original Satoshi Vision for Bitcoin—that of a “peer-to-peer electronic cash system.”

We’re inviting everyone—from exchanges to payment processors, miners, merchants, app developers and others—to work with us and make Bitcoin SV global money today.

Cisco targets cryptocurrency mining with new patent

Cisco targets cryptocurrency mining with new patent

California-based IT and networking company Cisco has been granted a patent for a crowd-sourced cloud computing application, which the company claimed could be used for cryptocurrency mining.

On Tuesday, the U.S. Patent and Trademark Office awarded the patent for a Cisco-developed system that allows customers to divide their excess processing power and create a cloud application, which can be used for different purposes such as cryptocurrency mining. The processing power can be shared with Internet Service Providers (ISPs), application providers, peers or even third parties, according to the company.

In its patent filing, Cisco said the crowd-sourced cloud computing model “is suitable for, among other things, offering distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance—for example, distributed neighborhood theft protection systems, or cluster, city or municipality county relevant services.”

“One such case involves Bitcoin mining, which may be very computational intensive and is typically more convenient for every participant when done in ‘mining pools,’” according to the company.

Cryptocurrency mining requires processing power, which can be very costly. By providing crowd-sourced cloud mining, Cisco said it aims to help cut down on the cost needed to mine cryptocurencies like BTC.

According to the filing, the easily-scaled system is suitable for offering distributed processing and services to neighborhoods and business entities given its resiliency to certain attacks. In addition, service providers can also “use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity.”

The network company has created numerous blockchain-based systems. Last month, Cisco was granted a patent for a blockchain-based confidential group messaging system. This system ensures secure communication when sending group messages or any other confidential information. They also received a blockchain-based patent for Internet of Things (IoT) devices. The technology identifies different connected devices, monitors their activities and evaluates their trustworthiness when connected to a particular network.

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.
Walmart punts on blockchain tech to secure payment data

Walmart punts on blockchain tech to secure payment data

The U.S Patent and Trademark Office (USPTO) published two patent filings by Walmart describing blockchain-based applications that will help secure payments and protect private information from third parties.

The first patent filing is for a vendor payment sharing system that will help customers order items online and still have the wide selections of in-store shopping. The proposed vendor payment system will have a network that can automatically conduct transactions on a customer’s behalf.

The system will have a computer device, which customers can use to access and received data, and a server, which is programmed to receive information from the customer computer device including “an acceptance indication of the products delivered from a courier service.”

“The server is also programmed to automatically process payment for a total amount due for the products and services related to obtaining and delivering the products and to automatically divide the payment between parties that provided services related to obtaining and delivering the products. The system further may be programmed to encrypt the payment and the division of the payment with a blockchain,” according to the filing

The second patent is for a courier shopping system that will use a blockchain to encrypt payment information. In this system, courier orders are automatically generated after a customer completes and sends his or her shopping list. The system can select a substitute for the item depending on the customer’s preference data in cases where the item is not available in the marketplace. It will also provide information on payments between the vendor and the customer.

The decentralized nature of the blockchain technology and its ability to keep records secured has made various institution seek to use it to make better systems for their operations. PayPal filed a patent for a blockchain-based transaction system to be used when making payments in their platform.

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.
Amazon wins patent for cryptocurrency data marketplace

Amazon wins patent for cryptocurrency data marketplace

Amazon Technology Inc., a subsidiary of e-commerce and cloud computing giant Amazon, has been granted a patent for a streaming data service that could allow its subscribers to receive real-time cryptocurrency transactions data.

The patent is for a computing technology that facilitates streaming of data. The companies or organizations may provide data to a particular marketplace where the customers can subscribe to receive the streaming data.

The system allows developers to get information from different sources and combine the data to give better information on variables. Once the data is combined, the developers can then publish the combined stream data in the marketplace for use by the customers. Customers can make optional changes to the desired data to suit their needs. The technology will use cryptographic tokens to help in validating data from the different sources before combing the data stream.

Customers can browse and buy streaming data from developers and others sellers at the marketplace that have been created using this technology. The customer can buy the streaming data either by the amount (megabytes, gigabytes or more) or time depending on their need.

The technology will enable provision of enhanced data in low latency fashion, according to the patent filing. By combining raw data and data from multiple other sources, the technology adds value to the information being presented to customers and other relevant individuals. For instance, global cryptocurrency transactions, which are completely visible to all participants in the network, many have little meaning to customers unless one has means of correlating elements of the stream with other useful information. Using this marketplace, in the instance where cryptocurrency transactions have been fed into the marketplace, governments can easily work with telecommunications providers to track the IP addresses of transactions that may have been fed into the marketplace.

The technology also allows developers to use this application to create real-life processing applications that can handle large amounts of data. This is applicable especially to marketing and financial institutions. According to the patent filing, the streaming analytics service may also pave way for real-time dashboards, capture exceptions and generate alerts, drive recommendations, and make other real-time business or operational decisions.

Many blockchain-based technologies are developed and patented. In the last few years, there have been over 500 published patents from both big and small companies. Last week, a patent was issued to Bank of American for a blockchain-based storage system.

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.
nChain obtains patent to enable video

nChain obtains patent to enable video, music streaming services, smart contracts on blockchain

CEO Jimmy Nguyen says the key IP assets invented by nChain will be free for use within the Bitcoin Cash community.

nChain, one of the leading development teams for Bitcoin Cash, has secured its first approved patent granted by the European Patent Office (EPO) today. The invention, led by nChain chief scientist Dr. Craig S. Wright, will enable the deployment of mainstream services and applications on blockchains—video and music streaming services, and other applications requiring data transfer.

The method, “Registry and Automated Management Method for Blockchain-Enforced Smart Contracts,” as its title implies, comes in very handy for digital rights management and auto-renewing contracts on any blockchain. nChain CEO Jimmy Nguyen says the patent approval is a historical moment for the company, one that will be followed by many more.

“This first patent grant by the European Patent Office marks a major milestone in nChain’s ambitious research and patent program, which started approximately two years ago.  We expect this will be the first of many more patents to come, as our portfolio of blockchain patent applications is among the largest – if not the largest – in the world.”

This isn’t the first and only patent nChain has filed within the past year. The company has been continuously building up its arsenal of tools to accelerate development and adoption for blockchain technology. Just last year, they released a set of “anti-Goxxing” mechanisms called deterministic key generation and the secure split key technique, which would enforce a higher level of security for any digital data and ultimately help blockchain technology gain business and consumer confidence.

Nguyen says they are determined to deliver the benefits of blockchain technology through Bitcoin Cash, and to do so, he says the company’s key inventions will be open for all to use and develop within the Bitcoin Cash community, facilitating rapid, massive merchant adoption for the Bitcoin Cash blockchain.

“While we are building enterprise value through our patent portfolio, nChain is committed to using our intellectual property to benefit the Bitcoin Cash community.  We intend to make key IP assets available for free usage only on the Bitcoin Cash blockchain – through our new ‘nChain Open Bitcoin Cash License.’  This will give Bitcoin Cash significant advantages over other blockchains, and will incentivize businesses to operate on the BCH blockchain, which represents the original vision of Bitcoin,” Nguyen said.

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.
Ford files patent for car-to-car cryptocurrency technology

Ford files patent for car-to-car cryptocurrency technology

US automotive giant Ford has become the latest major player to file for a patent relating to cryptocurrency and blockchain technology, according to reports.

Published on Tuesday, the Ford patent is designed to protect a system of “vehicle-to-vehicle cooperation to marshal traffic,” a model that looks at ways of allowing cars to communicate with one another to ease traffic flows and improve congestion.

The technology will allow different vehicles to communicate and coordinate their respective speeds, allowing for the most efficient allocation of travel according to current levels of congestion, according to the carmaker.

As opposed to the current system, where individual drivers focus on their own preferred timescales and speeds when driving, the Ford model could allow different vehicles to establish the most efficient speeds between them, for more efficient transport overall.

The patent application documents a so-called “Cooperatively Managed Merge and Pass (CMMP) system,” which would collect real-time data about different vehicles and driving behaviour, before allowing for algorithmic analysis of the most effective variables for efficient transport.

“This system would temporarily allow for particular cooperative vehicles (sometimes referred to as ‘consumer vehicles’) to drive at higher speeds in less-occupied lanes of traffic and also to merge and pass freely when needed. Other participating cooperative vehicles (sometimes referred to as ‘merchant vehicles’) voluntarily occupy slower lanes of traffic to [allow] the consumer vehicle to merge into their lanes and pass as needed,” the patent application stated.

The application goes on to describe how a new currency, referred to as CMMP tokens, could be used to carry messages between vehicles, and to establish the most efficient traffic priorities: “The CMMP system operates with individual token-based transactions, where the merchant vehicles and the consumers’ vehicles agree to trade units of cryptocurrency.” The CMMP tokens can be used to validate and authorize a transaction, such as occupying slower lanes of traffic, or merging into another lane and pass as necessary.

“For example, a driver of a consumer vehicle which is running late for an appointment may request to pass any participating merchant vehicles for a duration of 10 minutes on a particular road or highway for 60 CMMP tokens, at a rate of 10 seconds preferential access per token,” according to Ford.
how you can make it work later on,” he asserted.

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/ford-files-patent-car-car-cryptocurrency-technology/

Royal Bank of Canada files patent for blockchain-based credit score system

The new system would supposedly automate credit ratings, and would enable people to see how they were rated.

A patent application has been filed in the US by the Royal Bank of Canada (RBC) yesterday for an automated credit scoring system that is built on a blockchain. The system would supposedly be able to factor in more data than traditional credit rating systems to offer better loans based on a more comprehensive background check of a borrower. Additionally, borrowers will no longer be in the dark when it comes to understanding how their credits scores were determined under the proposed system.

The “system for credit and digital identity records” would supposedly also include a digital identity system where each individual is registered with a set of identifiers, and can also assign a universal identifier which can be combined with blocks to generate a digital identity for the individual.

The platform would record events in every individual’s credit history, which the patent application says would be verified each time before adding them to the blockchain. From here, they can automatically recalculate a debtor’s credit score based on updates made to the ledger. The patent also includes the integration of smart contracts for significant parts of the system, such as requiring electronic signatures and the terms of every transaction. The patent application includes a lot of potential uses; whether they will succeed at implementation or not is yet to be seen.

It can be noted that RBC has been experimenting on blockchain technology since last year, despite Canada’s central bank opting out due to several hurdles. In September, RBC’s executive vice president for innovation and technology, Martin Wildberger, announced that they are using a blockchain software created by open-source blockchain development company Hyperledger to send payments between the US and Canada. Wildberger said that while they are forward-thinking in terms of technology, they are also ensuring a safe transition in the still-early stage technology.

“Everybody recognizes blockchain will be transformative and critical,” said Wildberger. “At the same point in time, I think everybody recognizes these are early days.”

“We wanted to set it up as a shadow ledger so that we can demonstrate our leadership in exploiting that technology while at the same time recognizing that the technology is still early in its adoption phase,” he added.

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.
PayPal files cryptocurrency transactions patent

PayPal files cryptocurrency transactions patent

Online payments giant PayPal has filed a patent in the United States for a cryptocurrency transactions system, becoming the latest company to explore the cryptocurrency ecosystem for digital payments.

The patent, filed with the U.S. Patent and Trademark Office, is the first to be presented by the company in relation to cryptocurrencies since 2016, and marks a new direction for how PayPal might integrate cryptocurrency’s technology in future.

According to the details of the filing, the PayPal system would create a secondary cryptocurrency wallet with a secondary private key. Transactions would be facilitated by the primary key, with amounts distributed between subsets of the secondary keys, allowing for more seamless transaction times.

The system is designed to solve the issues around the disparity between transaction initiation and execution, according to PayPal, which cited the example for a 10-minute wait for a SegWit (BTC) transaction.

“In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages. Thus, there is a need for an expedited virtual currency transaction system,” according to PayPal.

The patent follows on from the last filing, which described a modular payment system compatible with transactions in BTC, Litecoin, and Dogecoin, fuelling rumours at the time of PayPal planning support for cryptocurrency transactions.

However, at present, details of PayPal’s plans for the technology remain largely unknown, and the latest patent application is unlikely to offer clarification on how PayPal intends to deploy its cryptocurrency patents.

The filing becomes the latest in a series of patents filed for cryptocurrency and blockchain systems by major corporations in recent months, with many on their second or subsequent patents for the technology.

Last week, it was revealed that Walmart had filed a patent for a delivery system based on blockchain technology, with Lenovo, General Electric and Mastercard amongst those to have released details of their plans for the technology in recent weeks.

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.