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The US Congress just released its massive joint report on the state of the economy, and for the first time an entire chapter is dedicated to cryptocurrency.
What’s even more extraordinary are the number of bullish sentiments on the future of the emerging technology.
Here’s a look at some of the most interesting aspects of the new report:
Blockchain Looks Like the New Internet
“The buzz surrounding digital currencies resembles the internet excitement in the late 1990s when people recognized technology companies could change the world. Many internet companies launched and their valuations took off in short order. Many failed, but a few succeeded spectacularly and challenged the conventional ways of doing business.”
ArabianChain, a United Arab Emirates-based public blockchain startup, has reportedly received AED3m ($817,000) from a private investor to further its operations.
As reported by Gulf Business, the notable investment came from Ahmad Abdullah Bugshan, currently the vice president of Saudi Arabian telecoms firm, House of Invention International. Among other roles, the investor is also a board member of Arabian Bugshan, the holding company of a major conglomerate operating in the Middle East and North Africa.
Bugshan told the news source:
“I believe that the region will lead the way when it comes to blockchain, and ArabianChain is well-positioned to drive innovation and adoption of this disruptive technology.”
Founded in February 2016 by Mohammed Alsehli, ArabianChain is developing
The rapid increase in cryptocurrency popularity, along with the burgeoning market for ICOs and other Blockchain technology has lead to some surprising new tech being released onto the market. The most recent of such releases is a wristband that allows users to pay for drinks, food at bars and other restaurants and festivals using their Dash holdings.
The tech, called Festy, is the brainchild of Irish tech firm Bitcart and will be the first of its kind on the market. It utilizes a QR code with a Blockchain infrastructure that takes advantage of Dash’s InstantSend technology, making payments nearly immediate, but with much lower fees than legacy credit cards. CEO Graham de Barra said, “Our partnership with Dash makes the perfect payment solution for everyday transactions. Unlike existing
A controversial racially segregated bastion in the North West Province of South Africa that operates outside the laws of the country is now seeking to upgrade its functioning fiat currency with a digital version.
Orania, a small town in the remote parts of South Africa has about 1,400 residents that live in self-sufficiency with strict laws about the makeup of their ethical population. Currently, 97 percent of the town is white, in a country where the demographic sees just 10 percent nationwide being classed as white.
Created in 1991 by Afrikaners on private land, ahead of the democratic elections that brought South Africa into the modern world in 1994, Orania was created as a bastion for believers in the cruel and inhumane principles of Apartheid to continue existing.
Zhou Qiang, China’s chief justice, received a briefing on blockchain technology last week during an inspection of the city of Guiyang in southwestern China.
According to domestic media reports, Qiang spoke to local court representatives on projects related to big data and blockchain, a notable development given that he is leading a drive to digitize China’s court system and reduce difficulties inherent in the enforcement of court decisions.
Among the topics reportedly discussed was a national credit system and asset registry, and how the lack of such a system can create issues when a plaintiff asks a court to enforce its decision in civil lawsuits.
Zhou, who is also president of the Supreme People’s Court, reportedly commented:
“Under the leadership of the party, we should be
Micropayments startup SatoshiPay has announced it intends to phase out its use of the bitcoin blockchain as the underlying technology that enables its transactions.
Announced today, SatoshiPay has partnered with the IOTA Foundation, a non-profit that oversees network development, to explore replacing bitcoin with IOTA as its settlement network. SatoshiPay has been relying on the bitcoin network to settle payments since its product launch in 2015.
Still, in that time, the economics of the bitcoin network have undoubtedly changed.
According to CoinDesk’s forthcoming State of Blockchain report, the average transaction fee was around $2.41 per transaction during Q2, up from below $0.02 in 2015.
SatoshiPay CEO Meinhard Benn wrote:
We love bitcoin for its pioneering role in the
Nuco, a startup founded by a group of former Deloitte employees, has released a new white paper detailing its latest blockchain initiative.
Dubbed Aion, the proposed technology aims to connect different blockchains, including private networks operated by enterprises. The idea is that, as more companies turn to the technology for a variety of applications, there will need to be a public layer through which these future networks can communicate – and that’s where Aion comes in.
As the white paper outlines, Aion would act as a kind of “bridge” between those networks, serving as “a mechanism to transfer data and value securely between them.” Aion, as a public blockchain, will utilize a token aimed at incentivizing the various parties involved in both validating transactions and putti
A Twitter user named LaurentMT has been battling his very own “Moby Dick.” He implied the White Whale has come in the form of a spam attack on the network, which has caused blocks to consume too many utxos (unspent transaction outputs) in the system in recent weeks. The user commented on Twitter in a series of charts, primarily containing information on block size and utxos.
Most interestingly, LaurentMT suggested recent mempool backlog — causing slow transaction times and higher fees — has been a result of this Moby Dick spam attack. For anyone curious about utxo’s, they are merely unspent bitcoins that can potentially eat up block space and clog the network.
Replying to @LaurentMT
This seems confirmed by a chart displaying #utxos from
Mining, storing, or staking cryptocurrency is a concept that baffles most people, even in 2017. Even though these processes have become a lot easier, setting up your computer to accommodate all of these tasks is still a hassle. Thankfully, there are some dedicated cryptocurrency operating systems which make everything a lot easier. There are at least four viable solutions people can still check out today.
Although EOS is still under development, it promises to pack a ton of features. It is quite similar to traditional operating systems in terms of functionality. Users can schedule tasks, execute applications, and control peripherals. However, EOS will act more like the OS for blockchains and will introduce a decentralized standard at the same time. EOS will support most future