Thursday, May 24Your Daily Bitcoin & Altcoin News Portal

ETHEREUM

Vitalik Buterin States Etheruem’s Current Issues

Vitalik Buterin States Etheruem’s Current Issues

ETHEREUM
Among many criticisms that the Ethereum originator believes are valid, which are listed as follows: Scalability sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network PoW is extremely expensive, and furthermore is fundamentally vulnerable to 51% spawn camping attacks with no effective strategy for recovering from one. Selfish mining is profitable starting at 25-33% hashpower, and 51% censorship attacks are definitely profitable. Privacy sucks It’s hard for regular users to hold large amounts of funds without running substantial risks of theft or loss due to theft or loss of their private keys. Economics do not encourage good “storage hygiene”; insufficient incentives for clea
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Switzerland’s Crypto Valley is Launching a Ethereum-Based Identity System

Switzerland’s Crypto Valley is Launching a Ethereum-Based Identity System

ETHEREUM
A Swiss city known for its cryptocurrency startup ecosystem is launching a new ethereum-based identity service. The City of Zug announced today that, starting in September, it will offer digital identity services through a new app, connecting a person’s ID with a particular crypto-address. Local citizens can register and get verified by city officials. Zug is pursuing the effort in part due past efforts to create digital identity solutions using centralized means. Those solutions proved to be “relatively complicated in application and are already technically considered obsolete today”, according to translated statements. On the technology side, the app will leverage the uPort identity platform created by ethereum development community ConsenSys. Also involved on the developmen
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Ethereum May Be Regulated Like Bitcoin

Ethereum May Be Regulated Like Bitcoin

ETHEREUM, EXCHANGE
Ethereum is likely to be regulated by many governments in the upcoming months. Some countries including South Korea, China, and the US are already preparing to regulate Ethereum and its ICO market. This is because of the rising popularity of initial coin offerings (ICOs) and large amounts of capital being invested in them. A POPULAR ETHEREUM MAY MEAN A REGULATED ETHEREUM A project called EOS raised more than $335 million in total through their ICO campaigns as investors funded a project they knew practically nothing about. EOS released a peculiar investment advice document entitled “Token Purchase Agreement” which claims that its native token EOS does not have a purpose or a use case. It went on to say that it should not be considered or used as a currency, investment, and/or comm
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Coinbase Co-Founder Suggest Off-Chain Scaling Approach for Ethereum

Coinbase Co-Founder Suggest Off-Chain Scaling Approach for Ethereum

ETHEREUM
Fred Ehrsam, former Goldman Sachs trader and co-founder of the billion dollar Bitcoin startup Coinbase, laid out several scaling issues of Ethereum and the necessity of off-chain scaling solutions to scale the Ethereum network. According to Ehrsam, seven major scaling solutions exist that are being developed by Ethereum developers, which will be launched by late 2018. The migration from Bitcoin’s proof of work consensus protocol to proof of stake protocol is the largest alteration to the Ethereum network Ethereum co-founder Vitalik Buterin has revealed to date. 100x improvement Although the Ethereum network prioritizes flexibility to provide an efficient ecosystem for decentralized applications (Dapps) and decentralized autonomous organizations (DAOs), Ehrsam noted that in order
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United Nations Aids 10,000 Refugees via Ethereum Blockchain

United Nations Aids 10,000 Refugees via Ethereum Blockchain

ETHEREUM
One of the largest-ever implementations of the ethereum blockchain for a charitable cause has just concluded a successful trial. Completed on 31st May, the project run by the United Nation’s World Food Programme (WFP) was designed to direct resources to thousands of Syrian refugees by giving them cryptocurrency-based vouchers that could be redeemed in participating markets. As revealed exclusively to CoinDesk, the platform was successfully used to record and authenticate transfers for about 10,000 individuals. The platform was implemented by Parity Technologies, a startup led by ethereum co-founder Gavin Wood, and blockchain big data firm Datarella. Alexandra Alden, a WFP innovation accelerator consultant who helped oversee the implementation, told CoinDesk: All funds receive
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Vladimir Putin and Vitalik Buterin Discuss Ethereum ‘Opportunities’

Vladimir Putin and Vitalik Buterin Discuss Ethereum ‘Opportunities’

BLOCKTECH, ETHEREUM
The president of Russia briefly met with ethereum inventor Vitalik Buterin during an event last week. The meeting between Buterin and president Vladimir Putin occurred at the St. Petersburg International Economic Forum, which took place between 1st and 3rd June, following an address to a global group of chief executives.   According to the brief statement released on Friday by the Kremlin: “Mr. Buterin described the opportunities for using the technologies he developed in Russia. The President supported the idea of establishing ties with possible Russian partners.” Buterin, who described the meeting as a “brief conversation” on Reddit, did not immediately respond to a request for comment. Putin’s meeting with global heads of business is notable to the blockchain co
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Bitcoin and Ethereum vs Visa and PayPal – Transactions per second

Bitcoin and Ethereum vs Visa and PayPal – Transactions per second

BITCOIN, BLOCKTECH, ETHEREUM, EXCHANGE, FINANCE
One of the big debates happening in the Bitcoin community is over the specification of block sizes, which limits the maximum number of transactions that may be processed per second. Luno, a Bitcoin exchange and wallet provider, recently explained that transacting in Bitcoin has become painfully slow. It is also much more expensive than it was a few years ago. A theoretical maximum speed for Bitcoin that has been circulating online is seven transactions per second. However, in reality the Bitcoin network is achieving maximums of 3 to 4 transactions per second. This seems low, and raises the question: How does Bitcoin’s maximum transaction capacity compare to the likes of Visa, PayPal, and cryptocurrency Ethereum? Bitcoin – 3 to 4 transactions per second A few solutions