Thursday, May 21, 2015
Elliptic Teams Up with Gem to ‘Decentralize’ Private Key Storage for Multisig Wallets
Coinapult Finds Solution to Crypto Regulation and Reopens Services to US
Wednesday, May 20, 2015
Bitcoin Microfinancing Can ‘Reach Anyone with a Cell Phone Who Wants a Friggin’ Loan’
Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months of Development
Bitcoin Press Release: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt’s blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more.
Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility, its developers have created a plug-in system that allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in, an e-commerce plug-in and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure.
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
The Nxt Foundation is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today atinfo@nxtfoundation.org.
For more information please go to: www.nxt.org
To trade Nxt with Bitcoin please go to: http://ift.tt/1PGzKBD
Media Contact:
Name: Bas Wisselink, Nxt Foundation Director
Email: bas@nxtfoundation.org
Phone: +31 (0)6 13937762
About Bitcoin PR Buzz:
Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.
Gaming Bitcoin Alternatives HYPER and GoldPieces Sponsor Digital Currency Crowdfunding Project PICISI And Launch Worldwide Crypto Gaming Network
Bitcoin Press Release: Gaming cryptocurrencies HYPER and GoldPieces (GP) are pleased to announce sponsorship of digital currency crowdfunding platform PICISI, many new cryptocurrency game servers, an exciting partnership with Coin2, and the launch of a worldwide crypto gaming network.
Almost a year old, gaming digital currency HYPER continues to grow in the number of ways people can win HYPER playing games like Counter-Strike, and in the strength of the overall ecosystem.
The HYPER head developer is excited to be involved in a community takeover of gaming cryptocurrency GoldPieces (GP), with plans to bring online many web based RPGs that support GP as the in-game currency in future. Currently, gamers can earn GoldPieces playing online RPG Dragon Knight, and fragging bots and opponents in Counter-Strike: Global Offensive. GoldPieces had no premine and a fair distribution at launch. To learn more about GoldPieces please go to: http://ift.tt/1JtVjn8
PICISI is a new digital currency crowdfunding platform conceived as a competitor to KickStarter and is launching soon. Both HYPER and GoldPieces are proud to be official sponsors of this project. After launch, anyone will be able to crowdfund to raise funds to develop HYPER and GP supported games. When HYPER or GP is the host currency, all other digital currencies will be converted into HYPER and GP; potentially raising the exchange rate as well as expanding the HYPER and GP ecosystems and community.
HYPER also has a new twitch.tv livestream – where anyone can be tipped some free HYPER just for watching the live gaming action on the HYPER CSGO server.
HYPER is also pleased to announce that gamers worldwide are now able to earn HYPER playing Counter-Strike, CSGO, Minecraft and many more games on over 10 game servers. Beyond this, HYPER has also launched a Worldwide Crypto Gaming Network; enabling other cryptocurrencies to be integrated into HYPER’s in-house custom developed digital currency implementations of CSGO and Counter-Strike 1.6 hosted in both EU and US.
Currently supported cryptocurrencies include HYPER, Coin2, GoldPieces, iCash and BURST. Other digital currencies wishing to be integrated into HYPER’s Worldwide Crypto Gaming Network are invited to contact HYPERfuture on the bitcointalk forums.
The Coin2 and HYPER communities recently formed a strategic partnership – HYPER is now fully integrated into the web wallet at http://ift.tt/1xHGxYU. The wallet is designed with online game developers in mind and has a full API for developers to integrate Coin2 and HYPER with ease into their projects. Coin2 is also coding an original FPS game Chain of Conflict that will have full Coin2 and HYPER integration at launch. For more information please see the Coin2 thread on bitcointalk:http://ift.tt/1JtVjna
With a number of strategic partnerships and initiatives in the digital currency space, HYPER continues to cement its position as the leading gaming Bitcoin alternative.
Visit HYPER on bitcointalk at: http://ift.tt/13MSdMa
To trade GoldPieces with Bitcoin please go to: http://ift.tt/1JtVleU
To trade HYPER with Bitcoin please go to: http://ift.tt/1sgQGbG
Follow HYPER on twitter at: https://twitter.com/HyperCrypto
Visit GoldPieces on bitcointalk at: http://ift.tt/1JtVjn8
To learn more about HYPER please go to: http://hypercrypto.com
About Bitcoin PR Buzz:
Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.
International Money Transfer Conference to Hold Blockchain and Remittance Day
An annual international remittance conference will hold a day dedicated to the blockchain and teach attendees about the technology that could potentially disrupt their industry. The International Money Transfer Conference (IMTC) will hold the Blockchain and Remittance Day during their event in Istanbul on May 25th.
The one-day event will be part of a larger conference about remittances in the Middle East, Africa and Europe. Attendees range from executives of large remittance companies to industry analysts to founders of money transfer startups. The special blockchain event is meant to introduce a “range of practical subjects” about new money transfer systems built on top of Ripple and Bitcoin that could be used for remittances.
Much talk has surrounded the enormous potential of blockchain protocols as money transfer and remittances tools even though there were no concrete examples to show, the conference’s website notes. “That has changed in 2015. Companies are being built and will sooner or later become a vital part of new international money transfer systems that can include the traditional remittance companies if they learn, adapt, innovate partner and evolve.”
‘Rebittances’
The conference will feature several Bitcoin speakers, including venture capitalist Eddy Travia, BitOasis co-founder Ola Doudin and YellowPay co-founder David El Achkar. Bitcoin entrepreneur Aaron Koenig will also have a screening of his movie, “Satoshi’s Last Will” and discuss his book, “Bitcoin: Money Without Government.”
IMTC attendees will also be able to pay their fees in bitcoin.
According to the event’s program coordinator Hugo Cuevas-Mohr, the purpose of the event is to educate the attendees about how the blockchain could massively change remittances, a disruption Cuevas-Mohr thinks is not far off.
“The blockchain technology behind bitcoin and other cryptocurrencies can be a secure & cost-efficient digital money system that will undoubtedly bring a number of changes to the way we transfer value internationally,” reads the event’s webpage. “Rebittance Companies are moving remittance in a number of corridors. The Ripple Network has already being implemented by Banks & Forex companies in different geographies, and even Western Union is looking at it.
“All these innovations will become a reality in a not-so-distant future,” the website says. “Regulation is slowly making the ecosystem more dependable and safer. Compliance and KYC will be even easier than is today. That is why we at IMTC think that it is important to learn, to listen, to analyze and to create partnerships between the old and the new to find better ways to move forward as an industry. That’s why we developed MTBIT.”
The event is open only to a select group of people, and attendees must be invited.
Open Bitcoin Privacy Project Ranks Winners and Losers for Wallet Privacy
The Open Bitcoin Privacy Project (OBPP), has released a report on 10 leading Bitcoin wallets, setting standards for privacy that they argue are much needed in the space. The Bitcoin wallets in the report include Coinbase, Blockchain.info, Mycelium, Darkwallet, Airbitz, Armory, Electrum, Bitcoin Wallet and Multibit Classic.
According to the report, Darkwallet is the most privacy-concerned wallet, while Coinbase falls on the other end of the spectrum.
OBPP is a Bitcoin privacy research organization lead by prominent figures in the Bitcoin community, including Kristov Atlas, a well-known privacy researcher; software designer Justus Ranvier; engineer Daniel Krawisz at Monetas; technical illustrator Samuel Peterson, and others.
The researchers looked at various aspects of wallet software, including where public addresses are generated, whether clients (such as light wallets) need to ask trusted servers for the balance of their accounts, whether users are protected from blockchain observers through the use of coin mixers or stealth addresses.
All off the test results added up to three categories of testing: usability, quality and feedback. These three add up for a total privacy score of up to 100 points. All wallet providers were sent a questionnaire and given a chance to review the research results before publishing. Almost half of the wallet developers did not respond to the questionnaire.
The three lowest ranked wallets for privacy: Coinbase, Multibit, Blockchain.info,
Coinbase is a leading U.S. Bitcoin company that provides exchange and payment processing services as well as wallet services. Both of these wallets provide custodial services to users and keep control over their private keys, with the exception of Coinbase Vault’s support for multi-signature wallets. OBPP focused on the classic version, which keeps full control over their user’s private keys. It did not fare well under their tests.
“Because of the custodial nature of Coinbase’s wallet, users are afforded low privacy. Private keys are generated and held server-side, and the service retains detailed information about incoming and outgoing transactions. Customers must undergo a stringent identification process in order to use the service. The wallet generates new Bitcoin addresses for change, but employs few other basic controls to protect privacy on the blockchain,” said the authors of the OBPP report.
The authors also point out that Coinbase can improve these privacy vulnerabilities and remain compliant with anti-money-laundering and know-your-customer rules by discouraging address reuse and providing better feedback to users about actions that will degrade their privacy.
The Coinbase wallet scored only 11 out of 100 possible points for privacy. Only a few points above Coinbase was the Blockchain.info wallet. Blockchain.info is one of the oldest companies in the Bitcoin wallet space and were the first to advocate full user control over private keys, a standard that set the bar for all wallet providers.
As early leaders in the Bitcoin wallet race, their web and mobile wallets quickly became the most widely used, with nearly 3.4 million wallets in existence, according to OBPP.
While Blockchain.info has made efforts toward improving user privacy, including the launch of their CoinJoin bitcoin mixing technology, they have fallen behind by not implementing hierarchical deterministic (HD) wallets. This generally means that users must manually create new addresses for each transaction for maximum privacy and continuously update their backups, instead of new addresses being automatically generate for each transaction from a common seed.
According to the OBPP report, Blockchain.info’s web and mobile wallets function so differently that they analyzed each individually, and they received scores of 22 and 14 out of 100 respectively, leaving them at above only Coinbase in the rankings.
Kristov Atlas told Bitcoin Magazine that “The single biggest differentiator for the spring 2015 rankings was whether the wallet was [hierarchical deterministic]”
First place: Darkwallet
At the top of the rankings is Darkwallet, a Google Chrome extension wallet. Darkwallet made international headlines over the past two years as an anonymity and anti-surveillance software initiative founded by activists Amir Taaki and Cody Wilson. Its objective is to make Bitcoin finance “go dark.”
The Darkwallet project has been noticeably absent from the media in the past months but the development build of the wallet put it at the lead as far as total privacy with a score of 54.
“Darkwallet in the only wallet we’ve considered so far which includes automatic CoinJoin mixing and ECDH stealth addresses. Another notable feature in Darkwallet is an automatic P2P network for messaging between users,” according to the OBPP report.
Darkwallet is indeed the only major Bitcoin wallet with stealth addresses (SA) natively supported for recipients and senders. Some wallets, such as Electrum, support sending, but not receiving, SA transactions. Because of the nature of SA, it is essential that other wallets support the technology to enhance its utility and standardization.
Two of the weaknesses of Darkwallet were its dependence on “Obelisk servers which have the ability to de-anonymize users,” coupled with low user activity, which makes it much harder to find others to mix up your transactions with, particularly with significant amounts of bitcoin.
Since Darkwallet is still in alpha development, future growth of the user base could alleviate the liquidity problems of their mixing process. Nevertheless, the OBPP researchers expressed uncertainty about the future of the project given that has not released a stable build yet and no development activity has occurred since February 2015. The Darkwallet developers did not respond to the OBPP questionnaire.
Desktop wallets: Armory, Electrum, Multibit
Taking second-place in overall privacy ranking is Armory, the full-node Bitcoin vault that provides wallet security software for the intermediate and advanced Bitcoin users and enterprise customers. Armory is available for Linux, Windows and OSX and is among the more resource-intensive wallets, in part because it’s designed to run a full bitcoin node. It had a total privacy score of 54, tying it for first place with Darkwallet.
Armory was praised for supporting with hierarchical deterministic (HD) address generation and not reusing addresses by default, as well as supporting TOR connections with minimal configuration.
The researchers suggest that Armory can improve privacy protections for users by supporting a mixing protocol such as CoinJoin as well as by informing users when they are making choices that compromise their privacy, a common criticism leveled at most the wallets included in the report.
Electrum followed the desktop wallets with a score of 46, tying it for fifth place with the mobile Bitcoin Wallet. It earned that ranking for its support of HD addresses, using a 12-word seed for a one-time backup, as well as its default generation of new addresses per transaction. But most noticeably, Electrum was praised for being included in the privacy-centric Tails operating system, as well as its easy compatibility with TOR connections.
Electrum’s largest weakness, according to OBPP, was its reliance in a federated network of Electrum servers which connect it to the Bitcoin network. The researcher suggest Electrum could improve its score by adding support for stealth addresses and CoinJoin.
The most private mobile wallets: Mycelium, Bitcoin Wallet, Electrum, AirBitz
Taking third place with a score of 50 was Mycelium, the Android and iOS Bitcoin wallet which regularly earns praise for its privacy features. Mycelium ranked highly for its use of HD wallets and its easy support for TOR connections.
However, it was criticized for relying on the Mycelium servers rather than Bitcoin peers to connect to the Bitcoin network. This weakness, they argue, allows the company to gather information on users. This weakness was common among most Bitcoin wallets, except those running a full node, such as Armory.
Following Mycelium were Bitcoin Wallet, Electrum and Airbitz, all with scores of 45 or 46 out of 100.
These mid-ranked wallets generally suffered from the same weaknesses: reliance on central servers to connect to the Bitcoin network, no support of stealth addresses, and no graphic user interface warnings informing users about choices that compromise their privacy. Among the four mobile wallets, only Mycelium and Airbitz responded to the questionnaire provided by the OBPP.
Interested parties can read the full report here and contribute to the OBPP efforts at their website.
Overstock Buys Stake in Trading Firm, Reducing Regulation Red Tape for Medici
Why Governments Will Create Their Own Cryptocurrencies (Op-Ed)
Overstock Purchases Stake in Stock Brokerage Firm for Upcoming Blockchain-based Securities Exchange
The Salt Lake City-based online retailer Overstock is working on a revolutionary new development: a new independent stock exchange dubbed Medici, powered by Bitcoin technology. The new stock exchange could sidestep traditional stock exchanges such as NYSE and NASDAQ and issue corporate stock directly over the Internet.
In a prospectus filed with the Securities and Exchange Commission on April 24, Overstock indicated that it may issue up to $500 million in stock or other securities through an alternative trading system built upon blockchain technology that powers bitcoin. Overstock’s CEO Patrick Byrne is confident that the SEC will approve the filing eventually: “I wouldn’t have taken all the time and trouble and expense to do this if I didn’t plan on using it someday soon,” he told Wired.
Now Wired reveals that last fall Overstock purchased a 25 percent stake in government-regulated trading company PRO Securities. The firm, formed in California in 2002 and now based in New Jersey, manages the buying and selling of securities on behalf of its clients, acting as a registered agent between traders and exchanges. In a government filing earlier this year, PRO Securities amended its charter to say it may handle trades in digital securities overseen by technology related to the “blockchain,” the online public ledger that tracks the movement of bitcoin.
According Byrne, his company has built blockchain-related technology atop the electronic system operated by PRO Securities and is ready to demonstrate this technology to regulators.
“The prospect of using a blockchain-like public ledger to hold securities or other assets is quite exciting and one that should be explored,” said Georgetown University professor of finance James Angel. He thinks investors will not immediately adopt new blockchain-based trading systems, preferring instead to continue operating with the traditional systems they are familiar with. However, the inevitable inertia may be overcome if Overstock’s and other similar initiatives gain sufficient momentum.
In fact, momentum is building. On May 11, Nasdaq announced that it would begin to leverage the colored coin protocol Open Assets to expand and enhance the equity management capabilities offered by its Nasdaq Private Market platform.
“Utilizing the blockchain is a natural digital evolution for managing physical securities,” said Nasdaq CEO Bob Greifeld. “Our initial application of Nasdaq’s blockchain technology-enabled offering will modernize, streamline and secure typically cumbersome administrative functions, and will simplify the overwhelming challenges private companies face with manual ledger record-keeping.”
This vote of confidence by Nasdaq, a prestigious stock exchange and leading financial institution, is bound to have a deep impact on the acceptance of blockchain-based technologies by the financial mainstream. According to Overstock’s Director of Communications Judd Bagley, the Nasdaq initiative will help in overcoming the hurdle of market acceptance of Medici.
Other companies expected to play a leading role in developing and deploying blockchain-based security exchanges are Digital Asset Holdings, headed by former JPMorgan superstar Blythe Masters, and Symbiont, a new digital fintech company focused on fostering the symbiotic relationship between traditional financial markets and cryptographic blockchain technology.
Symbiont was co-founded by the founders of Counterparty, whose technology was initially selected by Overstock as the main software backbone of Medici.
Bitnation Pangea Releases Alpha of Governance System Based on the Blockchain
Bitnation, the blockchain-based Governance 2.0 initiative led by charismatic founder Susanne Tarkowski Tempelhof, released a first alpha of its Bitnation Pangea collaborative platform for DIY Governance. The release is tagged alpha 0.1.0, which makes it clear that it isn’t yet stable or full-featured. However, the roadmap is nothing short of revolutionary and could have a significant impact.
“Bitnation is a Governance 2.0 Operating System, designed to disrupt the nation-state oligopoly through offering more convenient, secure and cost-efficient governance services,” Tarkowski Tempelhof, a Swedish thinker and activist who spent years working as a contractor in various conflict zones , told Bitcoin Magazine. “As the world progressively moves away from the current geographical nation state paradigm due to globalization, it leaves room for a brand new solution to rise from its ashes, one where governance service providers compete through offering better services, rather than through maintaining a geographical monopoly using violence.”
Bitnation Pangea wants to be the world’s first blockchain powered Virtual Nation, able to provide all services that traditional governments provide and replace the nation state system with a voluntary form of governance. Bitnation’s ultimate aim is to create a new world where everyone can choose the nation they prefer, several nations, or none at all, and even create their own nation on the Bitnation platform.
“The alternative the world is currently pivoting towards is U.N.-style global organizations, which would be an even worse ‘one-fit-all’ type governance model than what we currently have,” says Tarkowski Tempelhof. “Bitnation aims to prevent that, through setting a precedent for voluntary competing service providers, powered by the Bitcoin blockchain technology, effectively creating an open source cryptonation protocol.”
The backbone of the platform consists of the ID and Reputation System (The Bitnation Passport), the Dispute Resolution System, the Public Notary and a DIY Governance (D)App Library where others can create, upload, share or sell their own Governance (D)Apps. Planned services include marriage, wills, childcare contracts, birth certificates, land titles, corporate incorporation and equity trade, unemployment insurance, pensions, health care insurance, security and diplomacy.
The alpha release, which is updated in realtime in response to user feedback on the Bitnation discussion groups, already includes some interesting features, such as the possibility to register and timestamp a document on the blockchain.
Previous Bitnation pathfinders and proofs of concept include the first marriage registered on the blockchain and the first blockchain passport. Bitnation also developed and tested workable DIY land titles recorded on the blockchain in Ghana, where 70 percent of land lacks proper titles, preventing investing in and borrowing against land.
Bitnation, after surveying many blockchain-based protocols, has teamed up with Horizon and Blocknet to develop the first implementation of Pangea. While the Horizon blockchain is used in the alpha release, Blocknet technology will enable Pangea to support other blockchains. According to Tarkowski Tempelhof, future releases of Pangea will not be limited to altcoins but able to use the Bitcoin blockchain itself, which bids well for the future of the project.
“Bitnation is a groundbreaking concept, and we’re very excited to provide a platform for it to be developed upon,” said Blocknet core team member Arlyn Culwick. “We believe that the Blocknet, by enabling open ended inter-chain services, unlocks the full potential of blockchain-based technology.”
“Bitnation is a revolutionary idea, an idea which we believe will radically change the world for the better,” said Tarkowski Tempelhof in a previous press release. “However, being the first in the world to challenge the nation-state construct head-on through providing better services using blockchain technology, it is not always easy to implement.”
Of course, one of the main challenges is funding. Therefore the Bitnation team, which so far has mostly relied on volunteers, is looking for a moderate amount of angel funding to put its operations on more solid ground.
3 Ways India’s Myntra is Transforming E-Commerce by Going 100% Mobile
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