Facebook Un-Bans Crypto Ads

Facebook Unbans Cryptocurrency Ads

 

Facebook is lifting its ban on cryptocurrency ads which went into effect in January. After months of evaluation, the company decided to allow some crypto ads on its platform. Advertisers must submit a request form with details of their businesses and the types of crypto content to be promoted.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Facebook Unbans Crypto Ads

Facebook’s Product Management Director, Rob Leathern, posted updates Tuesday to the company’s “prohibited financial products and services policy.”

Facebook Unbans Cryptocurrency AdsIn January, Facebook announced the policy to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency,” Leathern explained. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”

Citing that the company has been studying the best way to refine this policy over the past few months “to allow some ads while also working to ensure that they’re safe,” he elaborated:

Starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.

Which Ads are Allowed?

Leathern clarified that there are some restrictions so not all ads will be allowed. “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” he wrote, adding:

Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Facebook Unbans Cryptocurrency Ads
Request form provided by Facebook.

The application form entitled “Cryptocurrency Products and Services Onboarding Request” consists of six questions.

The first question plainly asks “why are you applying?” The applicant can choose between three options or provide their own reason. The first option is “Cryptocurrency products and services.” The second option is “Education on cryptocurrency” and the third option is “Cryptocurrency industry news.” However, the company reiterated, “As a reminder, initial coin offerings (ICOs) are prohibited under our Prohibited Financial Products and Services Policy.”

The second question asks whether the applicant has a Facebook Ad Account ID. Those who do not must create an ad account. The third asks about the applicant’s website domain and business details such as any licenses or regulatory certification the business holds, and if the business is a public company listed on a stock exchange.

Facebook Unbans Cryptocurrency Ads

The fourth asks for business information including an address. The fifth question asks for a brief description of products or services or other crypto-related content the site intends to promote while the final step requires the applicant to agree to the “Facebook Cryptocurrency Ads Addendum.”

In addition, the form asks the applicant to declare their domain(s) used in the crypto-related promotion:

You must verify your domain(s) associated with this application…we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide.

What do you think of Facebook allowing approved crypto ads? Let us know in the comments section below.


Images courtesy of Shutterstock and Facebook.

 

Facebook is lifting its ban on cryptocurrency ads which went into effect in January. After months of evaluation, the company decided to allow some crypto ads on its platform. Advertisers must submit a request form with details of their businesses and the types of crypto content to be promoted.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Facebook Unbans Crypto Ads

Facebook’s Product Management Director, Rob Leathern, posted updates Tuesday to the company’s “prohibited financial products and services policy.”

Facebook Unbans Cryptocurrency AdsIn January, Facebook announced the policy to “prohibit ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency,” Leathern explained. “This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices… We will revisit this policy and how we enforce it as our signals improve.”

Citing that the company has been studying the best way to refine this policy over the past few months “to allow some ads while also working to ensure that they’re safe,” he elaborated:

Starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.

Which Ads are Allowed?

Leathern clarified that there are some restrictions so not all ads will be allowed. “We’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time,” he wrote, adding:

Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help us assess their eligibility — including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.

Facebook Unbans Cryptocurrency Ads
Request form provided by Facebook.

The application form entitled “Cryptocurrency Products and Services Onboarding Request” consists of six questions.

The first question plainly asks “why are you applying?” The applicant can choose between three options or provide their own reason. The first option is “Cryptocurrency products and services.” The second option is “Education on cryptocurrency” and the third option is “Cryptocurrency industry news.” However, the company reiterated, “As a reminder, initial coin offerings (ICOs) are prohibited under our Prohibited Financial Products and Services Policy.”

The second question asks whether the applicant has a Facebook Ad Account ID. Those who do not must create an ad account. The third asks about the applicant’s website domain and business details such as any licenses or regulatory certification the business holds, and if the business is a public company listed on a stock exchange.

Facebook Unbans Cryptocurrency Ads

The fourth asks for business information including an address. The fifth question asks for a brief description of products or services or other crypto-related content the site intends to promote while the final step requires the applicant to agree to the “Facebook Cryptocurrency Ads Addendum.”

In addition, the form asks the applicant to declare their domain(s) used in the crypto-related promotion:

You must verify your domain(s) associated with this application…we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide.

Authored by: Kevin Helms

First Published on: Bitcoin.com

Date of publication:’

What do you think of Facebook allowing approved crypto ads? Let us know in the comments section below.


Images courtesy of Shutterstock and Facebook.

Team teamwork business join hand together concept Power of volunteer charity work Stack of people hand

Blockchains in Charity – An improvement?

Over the years, decentralized systems have been used several times for charity funding. A large number of charities and fundraising foundations have started to implement blockchain technology for their donations. Usually, those are the two main networks of the cryptocurrency ecosystem, Bitcoin and Ethereum. The charities belong to various and significantly different sectors of society. Many of them are trying to solve issues regarding food, education, and humanitarian crises.

Blockchain Implementations

There are a couple of organizations worth mentioning when speaking about blockchain use cases for Charity. The list includes organizations such as The World Food Programme, the Red Cross, Wikimedia, EFF, Save the Children, or Alice, which all have participated in various blockchain-based projects.

Most notably, technologically advanced organizations like Alice have used the Ethereum platform to facilitate donations in the past. It is a platform where everyone can start a fundraiser for a charitable cause. It is easy to host your own project, and foster cryptocurrency donations to solve the issue. Additionally, they offer an excellent feedback platform that helps donors to trace the impact of their contribution, giving them an edge over other fundraising platforms. Also, the World Food Programme (WFP), which started as an experimental project in 2017, has been able to raise funds for over 10,000 Syrian refugees using cryptocurrencies. These funds are used to provide food and essential social amenities for the refugees.

Arguments for Blockchain Charity

Blockchain charity prevents a whole lot of problems associated with fundraising. When funds are raised in a conventional way, sometimes money goes missing in transaction fees or organisation costs, before it reaches its destination. Blockchains cancel this risk, as transactions are traceable and organized. They offer safe, transparent, and remote transactions. The main worry about charitable giving is often the negative influence of organisation fees. Many administrators and middlemen involved with charity foundations might take “their share” or be outright involved in corruption. As such, they are not dedicated to the safety and management of fallible human beings.

In the event of a theft, blockchains would provide the necessary information that something is going wrong. These worries can hang on the shoulders of blockchain technology. Blockchain-based charity helps to cut out all excesses, and produces the maximum benefit for the people that are in need of help. Last year in March, Britain’s Start Network teamed up with the social enterprise startup Disberse to use blockchain technology for charitable purposes. The network comprises of about 42 leading aid agencies such as Oxfam, Care International and Save the Children.

Disberse is a fund management platform owned by the British, that aims for transparent and efficient financial aid. The agency allows donors, governments, and NGOs to transfer and trace funds using distributed ledger technology. It helps them by providing detailed information for auditing, reporting and compliance trials. Recently, The English Heritage Organisation, a UK-based charity that oversees the care for historic sites, saw the great features that blockchains had to offer and implemented them to develop new ways of interacting with donors. The charity partnered with Giftcoin to allow donors the tracking of payments from the time they were made to when the funds are being spent.

Decentralisation of technology has proven itself to be efficient. It can help catering to war refugees, help provide support for natural disaster survivors around the world, or be used to send the less privileged to school by giving and raising funds via blockchain payments. The application of blockchains for charity purposes has brought grand innovation schemes to the technology as it allows donations for charity to become traceable and comprehensible, thereby making the whole system protected and fool-proof.

Featured Image via BigStock.

Authored By Zoran Spirkovski

First published: June 2, 2018 on https://www.crypto-news.net

 

 

Steve Woz

Only one Decade Between Us and a Blockchain World: Steve Wozniak

Blockchain Next best IT Revolution

Bitcoin, and cryptocurrencies in general, have gained a lot of popularity over the last year, with hopes of reaching new highs soaring, as well as them getting attention by various technology entrepreneurs and enthusiasts during many different events happening around the world. The ‘We Are Developers’ World conference in Vienna, Austria was one of this events. The conference attracted over 8,000 visitors from 70 countries, all of them people wanting to see the world move into its next phase of technological evolution.

During this event, Apple co-founder Steve Wozniak (often referred to by the nickname “Woz”) commented in his opening speech on cryptocurrencies, saying that “blockchain is the next major IT revolution that is about to happen.” He also emphasized that it is a great technology capable of sharpening the future of the technology sector.

Before, last October at the “Money 20/20” Conference in Las Vegas, the Apple co-founder endorsed cryptocurrencies by saying, that Bitcoin was better and more stable than gold and the US dollar. This statement was sure the most captivating headline in the technology sphere at the tail end of last year.

Woz, at the Vienna Conference, also added, that blockchain technology was not yet suitable for all applications, but if being refined, there was a possibility of reaching its full potential in the next decade. He then quoted Jack Dorsey, the CEO of Twitter – who predicted two months ago “bitcoin will become the world’s single currency.

Earlier this year, at the Global Business Summit in February, Woz mentioned, he still believed that bitcoin was a currency that was not manipulated by the government, that it’s mathematical, pure and cannot be altered. He then later realized that level of purity requires the sacrifice of a level of security.

Featured Image via WikiMedia.

Authored By Zoran Spirkovski

First Published: May 28, 2018

 

Simp-feat-1068x1068

The Simpsons are Crypto Cool

The Simpsons are Crypto Cool

Crypto is set for yet another banner year, especially if mainstream portrayals of it are any indication. Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1 and The Simpsons: Tapped Out video game are both working-in references to cryptocurrency into their respective storylines and quests in attempt to capture some of the excitement regarding money’s future.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Marvel, The Simpsons Go Crypto

Mobile games have been the rage for years now, and among the so-called freemium games, The Simpsons: Tapped Out is a very popular choice within the genre. In the world of the game itself, Who Shot Mr. Burns, Part 3 (2018) is what’s known as the third minor event of this year, and is the 35th minor event in the game’s history. It comes directly after The Springfield Jobs 2018 Event which ends in just a few days. Crypto Cool is a limited-time quest-line, and it is the first quest in the series.

Marvel, The Simpsons Go Crypto

Crypto Cool begins as per usual: Homer is not taking his nuclear power plant job seriously, playing games on his tablet instead of working. Players are to keep the nerdy character Martin talking about blockchain, mentioning it a zillion times, never explaining exactly what it is he’s talking about. At a key point in the game, Martin admits he’s only heard of of blockchain “last week. But now I act like I’m an expert on it,” echoing a very real occurrence in the current ecosystem.

 

Available in iOS, Android, and Kindle Fire, The Simpsons: Tapped Out has been around for over half a decade, and is owned by EA Mobile. The game seems to print cash, having earned much more than $100 million due to in-game purchases as players attempt to progress. And at still another point in the game, Martin references the world’s most popular cryptocurrency, bitcoin. He brags at having “mined some bitcoin with my computer, and then the value went through the roof.” Players who complete the task with Martin are then asked to get three more characters to mine bitcoin on their devices.

Enthusiasts are hip to the fact this isn’t the first cartoon-oriented theme to reference crypto. Bitcoin has seen light on shows like Supernatural, Family Guy, among others. The Good Wife, Almost Human, Person of Interest, and House of Cards have also kissed the phenomenon’s metaphorical ring, as it were. For The Simpsons, of course, this isn’t a first either. About five years ago, Krusty has to admit he’s busted because “all it takes is bad luck at the ponies, worse luck in the bitcoinmarkets.” A year later, Jimbo is advertising his bullying services, adding he “accepts bitcoin.” As far back as 1997, The Simpsons also alluded to cryptography with scenery in the background: a store called Crypto Barn, A Place for Codes.

 

Marvel Comics’ Hunt for Wolverine – Adamantium Agenda #1

Written by Tom Taylor and illustrated by RB Silva, Marvel’s Hunt for Wolverine – Adamantium Agenda #1 is the story of how, at one point, Wolverine rescued New York City by essentially helping it avoid being hit by a bomb. The act evidently involved self sacrifice, saving the entire city. After, he is nowhere to be found. Iron Man, Spider Man, Luke Cage, and Jessica Jones all join in the adventure, involving black markets, familial cliffhangers, and more.  

Marvel has been around in one form or another for nearly 80 years. Now owned by The Walt Disney Company, Marvel Comics boasts creators such as Stan Lee, Jack Kirby, and Steve Ditko. Black Panther, Spider Man, Iron Man, Captain America, Wolverine, the Hulk, Thor,  Daredevil are among its most notable heros. Marvel has captured slightly more market share than chief rival DC Comics.

Because it is ruled by math, and its distributed ledger tech is immutable, Hunt for Wolverine assumes bitcoin as a universal power delivery system often used by robots. At one point, without giving too much away, Tony Stark needs to make payments. It is assumed, considering the type of characters he’s dealing with, he’ll used the usual unmarked cash. This time, instead, he must use cryptocurrency. And reference is made to crypto’s “risky” reputation, to which Tony Stark has a hilarious response.

Both The Simpsons and Marvel have incredible reaches, from average gaming Joes to nerds perhaps more inclined toward crypto. Any push into mainstream culture seems to help ease fears and dispels mystery surrounding decentralized money. And that can only be a good thing.

Are video games and comics important avenues to encourage crypto curiosity? Let us know what you think of this subject in the comments below.

Images via Pixabay, Twitter

Authored by: C. Edward Kelso

Bio
C. Edward Kelso’s main passion is to remove coercive minders from mediums of exchange, expose sound money to folks traditionally denied capital market access, all in the hope of increasing peace and prosperity.

 

WBF-NYC-Header_TNABCUpdate-1-696x391

World Blockchain Forum – New York’s Better Blockchain Conference

New York’s Better Blockchain Conference

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

With a new focus on security tokens and financial regulation, Keynote delivers their seventh World Blockchain Forum, the first ever in New York. Final ticket release begins 29th May.

Having produced two of 2018’s biggest bitcoin and blockchain events in Miami and Dubai, Keynote is honored to bring the World Blockchain Forum to the Big Apple as they host the first [WBF: Security Tokens & ICOs] on 12th and 13th June.

Held at Manhattan’s Metropolitan West, the intimate two day event includes a change in format with ‘ICO Pitch Panels’, where ICO projects will use a panel discussion platform to showcase their product moderated by blockchain visionary Moe Levin. Attendees will experience a comprehensive introduction from high profile industry experts including Vanessa Grellet, Bruce Fenton and Salil Donde, knowledgeable in not only blockchain and financial regulation but the complexities of Wall Street, offering invaluable insight into the future of security tokens.

Announcing lead partnerships with Victory Square Technologies and Polymath, this WBF speaker line up is set to deliver a groundbreaking agenda rounded off by Victory Square Director Peter Smyrniotis awarding the top 3 ICO/STO panelists with $100,000 shared investment.

In addition, WBF Dubai Environmental Sponsor Climate Futures, will return for WBF New York, after having retired over $14,000 in 1PLANET tokens to balance the carbon footprint of over 600 international flights to Dubai.

In a saturated environment of corporate blockchain events en masse, WBF maintains its 7-year long ambition to connect individuals and develop international relationships, giving sponsors a personal and rewarding experience long term. Projects wanting to exhibit alongside WBF regulars bitcoin.com and Academy School of Blockchain are advised to move quickly to secure limited last space in the vibrant Exhibiting & Networking Hall.

For final sponsorship and exhibiting availability please contact Tom Lunn at [tom@keynote.ae]

WBF New York speakers include:
Alex Mashinsky – Founder & CEO, Celsius
Bruce Fenton – Founder & CEO, Chainstone Labs
Salil Donde – CEO, AlphaPoint
Nick Spanos – Co-founder, Zap.org
Trevor Koverko – CEO, Polymath
Vanessa Grellet – Executive Director, ConsenSys
Halsey Minor – Founder, CNET
Oliver Gale – Executive Director, Bitt
Dawn Newton – COO, Netki
Veronica McGregor – Partner, Goodwin
Paul Puey – CEO, Edge
Jason King – Co-founder, Academy
Gabriel Abed – Chairman, Bitt
Steve Dakh – Ethereum, Aeternity, Kryptokit

“Though bitcoin and blockchain technology is rapidly becoming more understood, security tokens remain a black-box to most people. Which is strange, because as far as I can tell, the only real way to unlock the next trillion dollars of value in the ecosystem is by digitizing the traditional financial world through security tokens.” said Moe Levin, Founder and CEO of Keynote. “Showcasing the best and brightest in the industry has been the aim of Keynote since 2012, and we’re excited to be bringing the 7th edition of the World Blockchain Forum to New York City.”

For a full list of speakers visit: newyork.keynote.ae/speakers/
Last tickets can be purchased at: newyork.keynote.ae/tickets/

About Keynote
Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote and their events can be found at keynote.ae

For media inquiries, please contact Amandah Hendricks at amandah@keynote.ae

Supporting Link
https://goo.gl/NNQVs5

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

GoTenner team

GoTenner Launches a Bitcoin wallet that Works without the Internet

If James Bond needed to use bitcoin on a secret mission in the jungle, he probably couldn’t drop by a Starbucks to use the wifi.

Since internet connections aren’t always available, reliable or private, cryptocurrency users need alternative ways to connect to the network. So the New York-based startup goTenna, founded in 2012 by Brazilian siblings Daniela and Jorge Perdomo, is partnering with Samourai Wallet to launch an Android app this summer that allows users to send bitcoin payments without an internet connection.

Announced Monday, the txTenna app will enable users to sync up their mobile with a goTenna device, which costs $179 per pair, then toggle the wallet app’s settings to transact offline and send the bitcoin.

“You need to be able to spend your bitcoin even in disaster areas,” goTenna engineer Richard Meyers told CoinDesk, citing the Perdomo siblings’ recent work in Puerto Rico, where goTenna devices helped people reconnect after Hurricane Maria. “As long as you have a way to charge your phone, you can be up and meshed and communicating.”

The signal needs to be within roughly a mile of another goTenna device to relay the message across the mesh network, a decades-old system for using the internet without wifi or a landline. So far, goTenna has sold more than 100,000 devices that let users tap into the mesh network.

If the offline bitcoin user is within a mile of another active device, the transaction could bounce across the mesh until it reaches a user with an internet connection.

“It offers an alternative that is more censorship-resistant,” Meyers said, adding:

“It’s going to obscure who you are and where you’re at when making these transactions. So that’s a big privacy advantage there.”

This system uses a free, unlicensed radio frequency, and it isn’t the first partnership to explore such potential for cryptocurrency networks.

It takes a village

Stepping back, a variety of projects since the Cold War have used relatively cheap and mobile radio setups to broadcast across firewalls and oceans.

Last year, renowned cryptographer Nick Szabo and blockchain engineer Elaine Ou published a proposal detailing how weak-signal radio transmissions could help boost security and the diversity of connections across the bitcoin network.

Then, in December, after the U.S. Federal Communications Commission repealed “net neutrality,” fans of ethereum, the world’s second most popular blockchain network, started flocking to mesh network technology meetups.

When net neutrality rules expire next month, internet service providers will no longer be barred from favoring or blocking specific websites and communities. It’s an opportune moment for censorship-resistant tools for bitcoin transactions.

Perhaps the most important aspect of txTenna is that the cryptocurrency wallet will be an open source project.

Indeed, it was Samourai Wallet’s open source communication tools on Github that first inspired goTenna’s team to reach out to the bitcoin startup. The same txTenna code could theoretically be applied to iOS wallet applications as well.

As Meyers explained:

“It absolutely could work with any software wallet and they [Samourai Wallet developers] are not writing it specifically for the Samourai wallet anyway. It will be something any wallet provider could send transactions through.”

Authored by: Leigh Cuen

First published: May 14, 2018 at 21:10 UTC  
Featured on : https://www.coindesk.com
Image https://techcrunch.com

 

Amber-Baldet-to-leave-JPMorgan

Ex-JP Morgan Blockchain Lead Hints at Stealth Startup Vision

Everyone is waiting for Amber Baldet‘s big reveal.

Since leaving her role as the blockchain lead at JP Morgan last month, Baldet has been tight-lipped on the new company she plans to launch. Still, her presentation at Ethereal Summit Friday, hosted by ethereum startup incubator ConsenSys, hinted at what the new endeavor might entail.

There, Baldet criticized the tribalism that can occur between builders of open blockchain networks and institutions, stressing the importance of hybrid technologies that can deploy verifiable, open-source code resistant to single points of failure but that can be adjusted should exceptions happen.

Hybrid blockchains have been on the minds of many executives at major enterprises of late, and Baldet’s interest comes after the two largest public protocols have been embroiled, if not trapped, in online feuds.

As such, she framed permissioned blockchains as perhaps offering a well-intentioned contrast to a model that’s seen no shortage of critiques over the years.

Baldet said:

“You can change the rules of the game without fighting on Twitter for two years. So, choices matter.”

Elsewhere, Baldet echoed much the same narrative of inclusion that the Ethereal Summit seemed to illustrate, while touching on the need for a better security models and poking fun at bitcoin’s strategy for its security model and its emphasis on inclusion through node ownership.

In this way, Baldet framed herself as an entrepreneur who wants to forge a path toward a “pragmatic internet of value.”

“In other words, something that works,” she said.

Privacy is pivotal

And to create that internet of value, Baldet believes the question of privacy is perhaps the most crucial.

“Fundamental strong encryption is a requirement for these systems,” Baldet said, adding that such cryptography should be open source and intensely vetted.

While permissioned blockchains are often criticized for their management by central authorities, Baldet said, public blockchains tend to put the onus on the individual, and as such, aren’t perfect solutions for users.

Though bitcoin is ideal as a peer-to-peer, censorship-resistant payment network, she also suggested that builders of other blockchains might need to seek alternative strategies concurrent with their visions.

“Just because you have solved your problem set doesn’t mean you have solved the problems of everything else in the world,” she continued.

Building a system that has properties of both public and private blockchains, she seemed to stress, could prove beneficial for all parties.

Speaking to CoinDesk after her presentation, Baldet elaborated on this idea, stating that the ability to implement privacy solutions is one of the more interesting aspects of permissioned options.

She said:

“You can create privacy boundaries and it’s okay to have some things that are permissioned, because they’re things that at no point should be accessible to the entire public.”

‘More dumb coordination’

Baldet didn’t exactly state what such infrastructures would look like, but in conversation to CoinDesk, she hinted that it’s unlikely to be achieved through options like interoperability protocols.

While interoperability is often cited as integral to blockchain adoption, Baldet said that forging connections between protocols could open up creating security vulnerabilities.

“A less optimal outcome would be to have a bunch of different public networks that all have different security and privacy models and completely agnostic interoperability between them,” Baldet said.

Because such a model relies too heavily on the security of these connections, it could risk harming the protocols to which they are attached.

Instead, she believes blockchains should be used for simple attestations that something has occurred, with the cryptographic hashes giving a compressed, yet computationally-verifiable sequence of what happened.

Speaking at the Summit, Baldet gave the example of zero-knowledge cryptography, such as that used by privacy-centric cryptocurrency zcash, to illustrate this point.

Baldet concluded:

“We need to dumb down what it is on blockchain – fewer smart contracts and more dumb coordination.”

Amber Baldet at Ethereal 2018 image via CoinDesk

Authored by: Rachel Rose O’Leary

First published:  12.05.2018 on Coindesk.com

 

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever

 

In a little more than three weeks time the Bitcoin (BCH) network will hard fork by upgrading its block size to 32MB and incorporate additional functionalities to the protocol. Currently, the entire community is steadily preparing for the consensus change as development teams release new code, while users and infrastructure providers upgrade their full node implementations.

 

Also read: Five Reasons Why Bitcoin Cash is About to Win Big

The BCH Network Will Perform the Biggest Block Size Increase in History

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever The decentralized cryptocurrency bitcoin cash and its network will be upgrading this May 15 at approximately 12:00:00 UTC, 2018. The Median Time Past (MTP) method will activate the consensus change. BCH proponents are pretty excited for the upgrade, to say the least, as the 32MB block size increase will be the largest block size expansion of its kind within the cryptocurrency landscape. The increase will allow developers to maintain consistent transaction throughputs for the billions of people living in the world, alongside on-chain fees anyone from any developing nation can afford. Using today’s statistics BTC is more than 10.73X more expensive to transact with than BCH. Next month’s bitcoin cash 32MB block size increase will allow enough room for transactions for years to come.

Tokenization and Smart Contracts Are Coming

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever
Colored coins and representative tokens are coming to the BCH chain.

In addition to the large block size increase, the BCH chain will incorporate other features that have created excitement throughout the bitcoin cash community. For instance, the BCH development teams have added certain OP_Codes and a larger OP_Return data size. This upgrade will enrich BCH with a variety of robust features such as tokenization and the ability to program simple smart contracts via the BCH chain. Instead of using a separate platform like Ethereum or Counterparty, BCH developers will be able to create representative or color coins that can be backed by anything. After the hard fork and some community development, things like bonds, stocks, precious metals, commodities, and any physical or virtual object can be represented by a BCH backed color coin. With a smart contract functionality, the BCH chain can be used to program autonomous actions like dispersing BCH to your children or spouse at a later date in time.

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever
BCH-based smart contracts and scripting abilities are on the way.

Prepping for the Upgrade

Out of the 1,762 public Bitcoin (BCH) full nodes in 42 countries, many of these nodes who use the ABC client have begun to upgrade their nodes to the latest Bitcoin ABC release which contains the necessary May 15 changes. At the moment according to node data, Bitcoin ABC represents 62 percent of the BCH network, while more than 58 percent of those nodes have upgraded to the version 17 ABC release. Other clients represented within the BCH network include Unlimited, Parity, XT, and Bitprim. The Parity client’s development team seems to be adding the necessary code changes this week on Github. Bitcoin Unlimited’s (BU) 1.3.0.0 BCH implementation has been prepared to accept the consensus changes and a public release is now available.

“This release implements Bitcoin Cash, compliant with the latest hard fork (May 15, 2018), including 32MB blocks, extended OP_RETURN data, and additional opcodes,” explains the BU team.

The Bitcoin XT Cash client has also updated its full node implementation and has released its latest version to the public that mandates a 32MB block size limit consensus change. The XT release changes indicate support for the Bitcoin Cash May 2018 protocol upgrade and Cashaddr by default.

Bitcoin Cash Proponents Prepare for the Largest Block Size Increase Ever
Full node implementations are steadily upgrading clients to accept the May 15 upgrade.

After the May Upgrade More Features Are in Store for Bitcoin Cash

Bitcoin cash proponents seem ready for the pending upgrade, as last year the community completed a successful revised Difficulty Adjustment Algorithm (DAA) change, alongside a Base32 address serialization. The pending 32MB upgrade and re-enabling Satoshi Op_Codes are on the way this May. Then BCH enthusiasts still have more innovation to look out for after those changes are complete. For instance, the Bitcoin ABC team is working on UTXO commitment changes, and ABC and XT developers are collaborating on another DAA using a new PID control algorithm. The BU development team is in the midst of researching and testing a new block method called Graphene, and enabling binary contracts via OP_Data sig verify.

What do you think about the upcoming Bitcoin Cash upgrade slated for May 15? Let us know in the comments below.


Images via Shutterstock, Pixabay, Bitcoincash.org, and BCHnodes.online.  

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