Posted In:Bitcoin Archives - AppFerret
Cryptocurrencies like Bitcoin can be analysed because every transaction is traceable. This means that they are an attractive system for physicists to study.
In a paper published in The European Physical Journal B, Leonardo Ermann from the National Commission for Atomic Energy in Buenos Aires, Argentina, and colleagues from the University of Toulouse, France, have examined the structure of the Bitcoin-owner community by looking at the transactions of this cryptocurrency between 2009 and 2013. The team’s findings reveal that Bitcoin owners are close to an oligarchy with hidden communities whose members are highly interconnected. This research has implications for our understanding of these emerging cryptocurrency communities in our society—as usual bank transactions are typically deeply hidden from the public eye. They could also be helpful to computer scientists, economists and politicians who could better understand handle them.
As part of their study, the authors construct a blueprint of this network—the so-called Google matrix. It helps them calculate key characteristics of the network, such as PageRank—known for underlining the Google search engine—which highlights the influence of ingoing transactions between individual Bitcoin owners. The author also rely on CheiRank, which highlights the influence of outgoing transactions between owners.
Based on such data, they identify an unusual circle-type structure within the range of transactions between Bitcoins owners. Until now, such a structure has never been reported for real networks. This means that there are hidden communities of nodes linking the currency owners through a long series of transactions.
Based on another characteristic of the network of transactions, the authors have also found that the main portion of the network’s wealth is distributed between a small fraction of users.
Original article here.
It’s quickly becoming apparent that blockchain technology is about far more that just Bitcoin. Across finance, healthcare, media, government and other sectors, innovative uses are appearing every day.
Here is a list of 35 which I have come across. While some may fail to live up to their promises, others could go on to become household names if blockchain proves itself to be as revolutionary as many are predicting.
Guardtime – This company is creating “keyless” signature systems using blockchain which is currently used to secure the health records of one million Estonian citizens.
REMME is a decetralized authentication system which aims to replace logins and passwords with SSL certificates stored on a blockchain.
Gem – This startup is working with the Centre for Disease Control to put disease outbreak data onto a blockchain which it says will increase effectiveness of disaster relief and response.
SimplyVital Health – Has two health-related blockchain products in development, ConnectingCare which tracks the progress of patients after they leave hospital, and Health Nexus, which aims to provide decentralized blockchain patient records.
MedRec – An MIT project involving blockchain electronic medical records designed to manage authentication, confidentiality and data sharing.
ABRA – A cryptocurrency wallet which uses the Bitcoin blockchain to hold and track balances stored in different currencies.
Bank Hapoalim – A collaboration between the Israeli bank and Microsoft to create a blockchain system for managing bank guarantees.
Barclays – Barclays has launched a number of blockchain initiatives involving tracking financial transactions, compliance and combating fraud. It states that “Our belief …is that blockchain is a fundamental part of the new operating system for the planet.”
Maersk – The shipping and transport consortium has unveiled plans for a blockchain solution for streamlining marine insurance.
Aeternity – Allows the creation of smart contracts which become active when network consensus agrees that conditions have been met – allowing for automated payments to be made when parties agree that conditions have been met, for example.
Augur – Allows the creation of blockchain-based predictions markets for trading of derivatives and other financial instruments in a decetralized ecosystem
Manufacturing and industrial
Provenance – This project aims to provide a blockchain-based provenance record of transparency within supply chains.
Jiocoin – India’s biggest conglomerate, Reliance Industries, has said that it is developing a blockchain-based supply chain logistics platform along with its own cryptocurrency, Jiocoin.
Hijro – Previously known as Fluent, aims to create a blockchain framework for collaborating on prototyping and proof-of-concept.
SKUChain – Another blockchain system for allowing tracking and tracing of goods as they pass through a supply chain.
Blockverify – A blockchain platform which focuses on anti-counterfeit measures, with initial use cases in the diamond, pharmaceuticals and luxury goods markets.
Transactivgrid – A business-led community project based in Brooklyn allowing members to locally produce and cell energy, with the goal of reducing costs involved in energy distribution.
STORJ.io – Distributed and encrypted cloud storage, which allows users to share unused hard drive space.
Dubai – Dubai has set sights on becoming the world’s first blockchain-powered state. In 2016 representatives of 30 government departments formed a committee dedicated to investigating opportunities across health records, shipping, business registration and preventing the spread of conflict diamonds.
Estonia – The Estonian government has partnered with Ericsson on an initiative involving creating a new data center to move public records onto the blockchain. 20
South Korea – Samsung is creating blockchain solutions for the South Korean government which will be put to use in public safety and transport applications.
Govcoin – The UK Department of Work and Pensions is investigating using blockchain technology to record and administer benefit payments.
Democracy.earth – This is an open-source project aiming to enable the creation of democratically structured organizations, and potentially even states or nations, using blockchain tools.
Followmyvote.com – Allows the creation of secure, transparent voting systems, reducing opportunities for voter fraud and increasing turnout through improved accessibility to democracy.
Bitgive – This service aims to provide greater transparency to charity donations, and clearer links between giving and project outcomes. It is working with established charities including Save The Children, The Water Project and Medic Mobile.
OpenBazaar – OpenBazaar is an attempt to build a decentralized market where goods and services can be traded with no middle-man.
Loyyal – This is a blockchain-based universal loyalty framework, which aims to allow consumers to combine and trade loyalty rewards in new ways, and retailers to offer more sophisticated loyalty packages.
Blockpoint.io – Allows retailers to build payment systems around blockchain currencies such as Bitcoin, as well as blockchain derived gift cards and loyalty schemes.
Ubiquity – This startup is creating a blockchain-driven system for tracking the complicated legal process which creates friction and expense in real estate transfer.
Transport and Tourism
IBM Blockchain Solutions – IBM has said it will go public with a number of non-finance related blockchain initiatives with global partners in 2018. This video envisages how efficiencies could be driven in the vehicle leasing industry.
Arcade City – An application which aims to beat Uber at their own game by moving ride sharing and car hiring onto the blockchain.
La’Zooz – A community-owned platform for synchronizing empty seats with passengers in need of a lift in real-time.
Webjet – The online travel portal is developing a blockchain solution to allow stock of empty hotel rooms to be efficiently tracked and traded , with payment fairly routed to the network of middle-men sites involved in filling last-minute vacancies.
Kodak – Kodak recently sent its stock soaring after announcing that it is developing a blockchain system for tracking intellectual property rights and payments to photographers.
Ujomusic – Founded by singer songwriter Imogen Heap to record and track royalties for musicians, as well as allowing them to create a record of ownership of their work.
It is exiting to see all these developments. I am sure not all of these will make it into successful long-term ventures but if they indicate one thing, then it is the vast potential the blockchain technology is offering.
Original article here.
2017 saw cryptocurrencies take us by storm; bitcoin’s meteoric rise woke the world up to the possibilities of distributed ledgers and their potential impact. It sent investors into a flurry of speculation and FOMO. At one point the digital currency surged more than 1,900%. All the talk has even got Wall Street dipping their toes in. It seems crypto is no longer considered an ephemeral rush and the technology behind it, blockchain, is proving as profoundly revolutionary as the internet was and is.
Every successful technology navigates a Cambrian era of growth before it figures out what it’s best used for. Blockchain and cryptocurrencies are arguably in their one-size fits all stage. The issue being one-size never fits all. What of the sceptic, the technically unsophisticated, the conservative, the one sitting on the fence? How do we get crypto to them? People love crypto because it’s a decentralised trust-less system that needs no middleman — it allows digital exchange of value using existing computing power. That’s great! But managing private keys and buying and selling crypto is complex; you need to open an account on an exchange, get a wallet, manage keys and passwords. In most countries you need to pass lengthly and complex Know Your Customer hurdles. There’s just so much friction involved; a transaction takes a long time, uses a lot of energy and involves a lot of risk (bitcoin is very easy to lose). The sceptic or the average Joe just isn’t going to bother. Would not something tangible, accessible, easy to grasp and less of an illusion be so much easier? Like a physical crypto bank note? Why not allow the masses to skip this digital cash metaphor and revert to something simpler, almost reminiscent of China’s easily receivable Hong Bao (红包). Here I chat with Andrew Pantyukhin, Co-Founder at Tangem, who is changing this paradigm and bringing physical crypto to the masses.
What does Tangem do?
Tangem is the first physical manifestation of digital assets. We are the first real physical bitcoin — the first tangible bitcoin. Tangem notes are smart banknotes with a special chip that carries cryptocurrencies or any other digital assets. With these banknotes you can conduct physical crypto transactions by just handing them over or receiving them. Unlike using crypto currency online, physical transactions are immediate, free, anonymous and there are no fees. They are truly decentralized, meaning it will never be restricted by technological limitations.
Where can you get them?
You will be able to get them all over the world, from corner stores, retail chains, special ATMs, or people that already have them. You use them exactly like cash, but it’s not fiat currency backed by a government, it’s crypto!
Why did you create Tangem?
It’s like champagne — it was a bit of an accident! We have one of the most unique microelectronics teams in the world that can program secure elements natively — it’s a very rare set of skills. When cryptocurrencies started gaining traction around 2014— 2015, we started researching what we could do in this field and how we could apply ourselves. We thought about smart cards that would carry value but it was impractical at the time. The chips were too slow, lacked elliptic cryptography support, were too insecure, or too power hungry, or prohibitively bulky and expensive.
Because of our microelectronics exposure we had good working relationships with all major chipset vendors in the world like NXP, Samsung and Infineon. At one point when we were talking to one of them, trying to implement cryptocurrencies on smart cards, they told us that they had on their unannounced roadmap a chip family that would do everything we needed at a great yield and price point. We got relevant information and specs of the chip, and samples months before anyone else in the market. Now there are several such chips in the market and we became the first major client and use case for them in the world.
Why is it possible now?
In 2017 we saw a minor breakthrough in chip technology. Historically we had two directions in embedded chips: one that was super secure, designed to be «unhackable» — the so called «Secure Element», and the other that was powerful and versatile enough to handle elliptic curve cryptography and complex calculations. Last year certain types of secure elements gained support for advanced cryptography, embedded flash memory, while achieving even higher levels of security certifications, lower power consumption and incredible affordability. Even the 65 nanometer variants are extremely thin, small and physically resilient.
Why are these smart banknotes considered unhackable?
It makes the cost of hacking a single banknote uneconomical that it’s not worth doing it. Moreover, hacking a single banknote doesn’t give you access to other banknotes.
The tamper-proof chip technology has been developed and continuously improved for decades for military and government applications — like identification and access control, or for the financial services and telecom industry, recent credit cards and SIM cards. The technology addresses all known attack vectors on hardware and software levels.
Why does the world need a smart banknote when everything is digital?
It’s really very simple. Crypto is still very difficult to use; it requires a steep learning curve. The users have to go through so many steps that are complex and tiresome. With a physical bank note all you need is the bank note and there is no need to learn or know anything about crypto currency. Everyone knows how cash works. We don’t need to teach you anything. Plus everyone knows how to keep things physically safe — you don’t need highly sophisticated digital skills.
What’s the market size?
Today we believe there are only around five million people actively trading and using cryptocurrencies, i.e. having over 100 dollars in crypto and most likely 20 million wallets. The global awareness of cryptocurrencies is about a billion people today. We believe the demand will come from that one billion and that’s the market we are going after. That’s the current demand and it will grow quickly to seven billion once we remove the barriers to use.
Besides cryptocurrencies what are the other applications?
We are still treating cryptocurrencies with our perception of fiat currencies; controlled, centralised and tied to GDP. What we don’t yet appreciate is what happens when anyone can release their own private, regional, industrial, corporate currencies at almost no cost and circulate them infinitely throughout their employees, partners, customers — that would qualitatively change everything we know about currencies, economics and monetary mechanics. I think that’s the most interesting effect we are going to see.
So it’s not just about existing money, the whole definition and perception of cash is going to change once we drop the cost of introducing a new currency to almost zero.
Of course, we are also thinking about going after other segments. These chips are super secure, they can be used for government identification or commercially issued identification. They could be used for loyalty cards, gift cards, ticketing, any applications that require digital proof of something physical, or physical proof of digital assets. We are a new way of tying the physical and digital together, which has never been done before. Inherently we treat digital as easily copiable and this technology guarantees it cannot be copied. That again has never been possible or practical before.
On that note, is there anyone else that is doing what you are doing or similar to what you are doing?
The set of technologies we use is emerging and will be available to everyone in the coming years. We were very lucky to have most of the required software stack and talent even before the latest advances became available. So we could just divert our engineering resources to the new project. That was extremely lucky. It took us altogether about three years to develop that software stack and expertise — it would take a minimum of one to two years for a competitor with unlimited funds to get to the same level of functionality and security. Obviously, by the time they get there we hope to be light years ahead.
How expensive is it?
Current production cost for us is under $2 per item — we’re making millions of units now. When scaling it to billions of units it will be in the same ballpark as modern paper bank notes. It’s a no brainer for most governments to switch their legal tenders to this tech in the future. One of our long term goals is to extend the national blockchains that certain governments are developing to their physical currencies.
Finally, what’s the next goal for Tangem? We’ve developed the technology to grow cryptocurrencies to the first billion people, now it’s also up to us to develop distribution and commercial partnerships to physically get this technology in the hands of billions of people around the world.
Original article here.
This list describes cryptocurrencies. Each gets four words. There are many.
Some are landmarks. Some are scams.
Hopefully this provides orientation.
Coin ranking from coinmarketcap.com.
Inspired by Greg Wilson.
Original article here.
We have all heard of Bitcoin. This video gives a more technical explanation of how Bitcoin works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most exciting projects coming out (Ethereum, etc): https://app.pluralsight.com/library/c…
Shorter 5 min introduction: https://www.youtube.com/watch?v=t5JGQ…
Written version: http://www.imponderablethings.com/201…
My Bitcoin address: 13v8NB9ScRa21JDi86GmnZ5d8Z4CjhZMEd
Arabic translation by Ahmad Alloush
Spanish caption translation by Borja Rodrigo, firstname.lastname@example.org, DFJWgXdBCoQqo4noF4fyVhVp8R6V62XdJx
Russian caption translation by Alexandra Miklyukova
.Original video here.