Bitcoin Too Successful According To Snowden
Edward Snowden, the former NSA intelligence officer who turned whistle-blower has recently revealed his thoughts about cryptocurrencies and blockchain.
He spoke about the benefits of the new asset class and emerging technology saying that it may change the way society works.
In his own words he describes blockchain as a new form of database which cannot be manipulated.
He states that there is no takedown mechanism in blockchain and requires global consensus or at least 51 percent of the network if any changes needs to take effect, therefore an effective deterrent to someone who wants to play God due to centralized infrastructure or authority.
He also states that cryptocurrencies may have limited Fundamental Value similar to the US dollars but are crucial as tools to promote transparency in different aspects of everyday life.
He reveals that the only thing that gives cryptocurrencies value is the belief of a large population of their usefulness as a means of exchange.
He explains that so long there are people who want to move money without the use of a bank, cryptocurrencies will be valued.
DARPA Wants To Understand Distributed Consensus Protocols
The Defense Advanced Research Projects Agency or commonly known as DARPA has recently sent out a Request For Information (RFI) on how consensus protocols can be implemented in the field of security, data storage and computational task.
It was emphasized that the agency is interested only with permission-less distributed consensus protocols for its future programs.
The deadline for responses will be on the 20th of December 2018.
Those who are seeking to contribute to this initiative and would want to learn more about the RFI can request more information at the Federal Business Opportunities Website.
DARPA plans to hold a workshop based on the result of the RFI on February 2019.
The interest of DARPA in understanding permissionless consensus protocols is a clear indication that the technology that serves as the backbone of blockchain and its application cryptocurrencies is thriving despite current dismal market conditions.
SEC Compliant ICO Process Up To $50 Million
Cryptocurrency companies now are taking advantage of recent SEC regulations that allow projects to raise funds.
To help start-ups to raise funds and enable small-time investors to be able to participate on their funding.
These regulations are called Reg. Crowdfunding (C.F.) and Reg. A which allows companies to secure between $1 million and $50 million.
These are fundraising mechanisms that are cost-effective and fits well with ICOs.
Prior to the introduction of these investment mechanisms, most investment opportunities are only limited to those with high net worth.
Moreover, companies that want funding for their projects will have to go through a lengthy and expensive process of an IPO which according to PwC cost at an average $4.2 million plus a 4-7% of gross proceeds raised from the offering.
Despite being implemented over three years ago it is interesting that crowdfunding portals have been slow to crop up.
However, with the onset of ICOs this might be the perfect venue to conduct an ICO.
There are only about 30 companies registered as broker-dealers or funding portals and amongst these only three competitive crypto funding portals taking advantage of these regulations.
Two of these notable crypto funding portals are StartEngine and Republic.
The latter is backed by Binance and has helped ICOs raise millions in compliance with the SEC.
New BCH Killer App Wormhome Wallet
The hash war within the Bitcoin cash community did not deter the developers of the Wormhole project to launch the Wormhole Cash Wallet.
Users will be able to keep their BCH and WHC in the wallet as well as send and receive the said digital assets.
In addition to this, wallet also allows users to burn BCH and WHC along side the ability to create new tokens.
The beta version of the application has been released for both android and desktop.
It has been designed to allow research and testing for those who are interested in the technology.
According to one of the member of the development team, the wormhole wallet is an open source project and their contribution for the whole BCH ecosystem.
Aside from the token creation feature the wallet can also be used to conduct an initial coin offering (ICO).
The crowdsale becomes active once a wormhole node validates it and the ICO creators can manually shut down the sale or close it automatically once certain parameters are reached.
In the future the platform will enable its users to create decentralized exchange, a virtual machine and smart contracts.
The iOS version of the client will be released in the future.
Overstock Selling Retail Business Next Year To Concentrate On DLT
It has been reported that Overstock, a major online retailer is expected to sell its retail operations by February so that it can solely focus on the cryptocurrency and distributed ledger technology sector.
According to its CEO, Patrick Byrne, the company expects to finalize deal pertaining to its retail business.
Overstock is one of the first major retailers to accept cryptocurrencies through a partnership with Coinbase back in 2014.
Recalling the move Bryne states that back then the largest company accepting bitcoin was a restaurant diner in Western Australia with $800,000 a year transaction volume which is minuscule compared to their $1.4 billion transaction volume.
Overstock is betting big on crypto with is investment in Tzero, an upcoming securities token exchange owned by Medici Ventures, Overstock’s DLT venture. Tzero is set to launch during the first quarter of 2019. At launch, it will solely facilitate the trading of its own security tokens.
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Headlines for the world of Cryptocurrencies - November 23, 2018Bitcoin Transaction Numbers Increasing Set To Beat Mastercard / Bakkt and Fidelity Will Bring Bitcoin Liquidity / V-Bucks From Fortnite Ranks Higher Than Cash On Teens’ Holiday Wish Lists / $3M Palazzo For Sale For Bitcoin Only / Bitcon Price Index Based On OTC Platform Released By VanEck |
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