Google Shuts Down Its Crypto Ban Rumor Mill
Google is making a lot of headline news in the crypto space as of late, and there’s at least one area that deserves particular attention. It entails Google’s AdWords, which, as of this week, is called Google Ads. Since this name change, reports are surfacing that suggest Google’s anti-crypto stance doesn’t apply to this service.
It does.
Google slap
Google has taken several steps that observers see as the tech giant’s attempt to avoid the dark side of the crypto space. For example, this week it removed MetaMask—a browser-based Ethereum wallet—from the Google Chrome Web Store. The move sparked a panic inside of the community, and even MetaMask tried...
Blockchain Problems Exist, Or are They Just Limitations
Whenever a new technology emerges, expectations skyrocket as to what it accomplishes and how it changes the world. Personal computers brought digital technology to the masses, yet large corporations continue to depend on mainframes. The internet connected everyone, but as a result, no one keeps their privacy.
In The Beginning
Satoshi Nakamoto invented blockchain in 2008 as the technology underlying Bitcoin. Blockchain provides a decentralized mechanism where transactions occur without any of the parties needing to trust each other. Asymmetric cryptography ensures security and privacy.
Even in the context of the Bitcoin network for which it was created, blockchain problems exist. The rigid monetary policy of Bitcoin limits transaction completion to once every 10 minutes. Modern business demands faster results.
Vitalik Buterin identifies scaling as a primary concern that needs to be addressed in blockchain technology. He made the following comments in September 2017 in an interview with Naval Ravikant at the Disrupt SF 2017 conference:
“Bitcoin is currently processing a bit less than three transactions a second; and if it goes close to four, it’s already at peak capacity. Ethereum over the last few days, it’s been doing five a second. And if it goes above six, then it’s also at peak capacity. On the other hand, Uber on average — 12 rides a second, PayPal — several hundred, Visa — several thousand, major stock exchanges — tens of thousands. And if you want to go up to IoT, then you’re talking hundreds of thousands…”
Show Me The Money
Consequently, the purpose of Bitcoin evolved from Satoshi’s original vision. He titled his white paper “Bitcoin: A Peer-To-Peer Electronic Cash System“, but these days you hear more talk of Bitcoin being a store of value like gold rather than electronic cash. A store of value does not require the speed of electronic cash transactions.
This also introduces blockchain problems in the form of tribal warfare. One tribe argues for the purity of Nakamoto’s original vision, and another tribe argues for innovation. Consequently, various blockchains proliferate. This blockchain does this, and that blockchain does that, and another blockchain does something else again. All this creates a mass of confusion about who knows best and which way to go forward.
Assume the future holds a multitude of various blockchains you use, just like you currently visit a variety of different websites. The decentralized nature of blockchain demands you host some version of a network node on your computer or device. How many nodes will you need? When will the storage requirements burden your system? What other pitfalls await you in this scenario?
Peter Picked a Peck of Wallets
And cryptocurrencies require wallets for storage, but no single wallet stores every cryptocurrency. You need multiple wallets. How many wallets will you need to keep track of? You lose a wallet, and you lose your money. What if your wallet crashes but you lost the seed? What happens if you die but your heirs have no way to access your wallets?
...
An Old Debate Re-Ignited
Stakeholders in Ethereum have resumed a debate from last year concerning the Parity Technologies hack and its fall-out. Parity was a wallet services start-up in the summer of 2017. In November, a hacker made off with about $32 million worth of ether due to Parity’s vulnerabilities.
The question is whether Ethereum ought to institute a system-wide upgrade known as Ethereum Improvement Proposal (EIP) 999 as a way of returning money lost as a consequence of the hack. EIP 999 would reactivate 564 of Parity’s wallets.
Some in the community think money lost should stay lost. Yes, it is unfortunate but it is also critical to the integrity of the whole system that the blockchain not be tampered with. This is sometimes known as the Code-is-Law view. One might also call it the We’re-Not-Central-Bankers view.
The most recent flare-up of the debate began on Saturday, July 19, when the Council of Ethereum Magicians (yes, that’s the body’s name) met to discuss technical updates and code disputes. Afri Schoenden asked to advance EIP 999 within the code review process.
The move set off a social-media firestorm. One tweet runs: “The Parity bailout was just stealth ‘accepted’ by the Ethereum Foundation despite community rejection.” Apparently that is an overstatement of what has happened, although the idea of a reactivation of those wallets is moving … slowly … forward.
A Patent-Based Bull Run
There has been something of a boom of late in cryptocurrency related patent applications filed by Big Money players. Wells Fargo, for example, applied for a patent on a system in which any type of ‘data element’ can be located, protected, and accessed by means of its tokenization.
Meanwhile, Bank of America now has 45 blockchain patents pending, adding the latest to that queue in recent days.
Those with romantic visions for a blockchain revolution may have (at best) mixed feelings about what they may see as its corporate co-optation, and the fencing in of a commons at that. Still, the boom in filings may mean good things for the prices of the more venerable currencies in the field. Bitcoins are now in the neighborhood of $7,500. That isn’t a pricey neighborhood if your mind is still focused on the December 2017 numbers, but it is a significant improvement over late June.
Peter Gabriel: From Genesis to Blockchain
Peter Gabriel, the English (Surrey born) songwriter and performer known as one of the founders of that landmark of prog rock, Genesis, and for his epic solo video hit “Sledgehammer” in 1987, is one of the backers of a blockchain startup designed to provide transparency to the food industry.
The German statesman Otto von Bismarck famously compared laws to sausages. The ordinary citizen/consumer is best off not knowing too much about how either is made. But the point of the startup is to challenge the food-industry side of that analogy, on the presumption that in the 21st century a lot of people do want to know about the whole supply chain behind their sausages.
In a statement, Gabriel said that he is convinced the project, Provenance, “is going to find a big role going forward and will be of great use to the consumer” as well as leveling the playing field for “smaller, independent producers” trying to compete with the agri-giants.
Cancer Medicine Distribution Powered by the Blockchain
Healthcare looks to blockchain infrastructure to optimize the cancer medication supply chain.
Supply chains of the modern health systems are pretty complicated and inefficient. This is especially evident in the department of medicine supply where a lot of patients are not suited to their needs accordingly. On the other hand, some patients have the medications that they do not use. This is such a misfortune as there are many people that would make a good use of that medicine. Simply, current medicine supply chain cannot cope with these issues and ideas about changing it have been proposed. One of those ideas deals with the implementation of blockchain technology in the supply chain.
New Blockchain Infrastructure
The city of Memphis could be the host of a new blockchain infrastructure that should help cancer patients to easier get their medicine. This project is born out of the cooperation between FedEx Institute of Technology and Good Shepherd Pharmacy, Commercial Appeal reports.
Secure way of the blockchain information distribution will play a major role in the new supply chain. That characteristic of blockchain will enable that unused medication is retrieved and made available to the disadvantaged or people that do not have economic capacities to fund the needed medications. Good Shepherd...
Matic Network Instant Blockchain Transactions: Token Sale
Scalable and instant blockchain transactions. Matic Network brings massive scale to Ethereum using DPoS side chains.
Matic is a solid idea and one of the few plasma implementation side chain projects that exist today.
Strengths:
1) The project has already been endorsed by Decentraland with the Decentraland CTO Esteban Ordano one of the advisors on Matic panel.
2) They have already partnered with Parsec Labs which won the Ethereum Foundation Scaling Grant. Goes to show that the Matic and Parsec teams are moving on the right track to...
Walmart Looks to Blockchain for Package Tracking Patent
Walmart continues to develop blockchain applications to optimize the retail industry.
Walmart has yet another delivery-focused blockchain patent in the works.
The application published on July 5 is entitled "Delivery Reservation Apparatus and Method," and as suggested, it outlines a way for managing package reservations in the context of the purchaser not being available to actually receive it.
It's the latest blockchain retail supply chain "smart delivery" intellectual property play from the retail giant, which in the past year has submitted a number of U.S. patent applications in this area. Indeed, the company seems to be looking at the technology as a way to automate elements of the delivery process, but to date, much of the company's public-facing work with blockchain has been focused on food supply chain tracking.
In the newly released filing, Walmart detail system of delivery lockers – located at a person's home, transportation hub or other location – that can safeguard the delivered items until their recipients can come and actually sign for them. Blockchain fits into...
Bitmain Becomes Biggest Blockchain Conglomerate Following Series B Funding
Bitmain's series B funding closes to create the largest global cryptocurrency conglomerate in China.
China’s dominant bitcoin mining manufacturer has become the largest crypto conglomerate in the world after securing a new round of Series B funding.
Bitmain Expands Influence
Caixin news agency reported last week that Bitmain has secured between $300 million and $400 million in new funding from Sequoia China, U.S. hedge fund Coatue and Singapore-based EDBI, effectively becoming the largest cryptocurrency company in the world. With the latest round, Bitmain’s total value has swelled to $12 billion.
Bitmain is making waves across the blockchain industry, having recently announced plans to purchase roughly 43% of Opera Ltd., a Norway-based internet browser that has filed for an initial public offering with Nasdaq.
Back in May, the company led a $110 million financing round for Circle, an influential cryptocurrency company with backing from Goldman Sachs and others. In an official announcement, Circle said Bitmain’s stake in the company will allow it to expand critical infrastructure needed to power the crypto economy:
“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic...
Google Co-Founder Billionaire Sergey Brin is an Ethereum Miner
How cool is THAT! hmmmm whats he really up too?
Sergey Brin, President of Google’s parent company Alphabet Inc., appeared on the panel on emerging technologies at the ongoing Blockchain Summit in Morroco.
At his last-minute surprise appearance at the summit, Brin revealed that he is mining Ethereum with his 10-year old son. He also stated that the concept of zero-knowledge proofs is “really mind-boggling”.
Zero-knowledge proof is a cryptography principle which enables to prove something without actually revealing the knowledge. This technology is utilized by cryptocurrencies such as ZCash to enable privacy features where users can conceal the transaction information while still securing the network on a public ledger.
The panel also consisted of Elizabeth Stark, co-founder and CEO of Lightning Labs, and Neha Narula, director of the Digital Currency Initiative at MIT Media Lab. Elizabeth Stark spoke about the lightning network and security of centralized exchanges.
“Lightning enables people to transact at a high volume using the...