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. A Micronation 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
No one can say there is such a thing as a boring day in the world of Bitcoin and cryptocurrency. After the onslaught of price declines throughout the weekend, we kick off this Monday on a positive note. All currencies are seemingly recovering their losses. The Bitcoin price surpassed US$2,000 again, but it looks like Ethereum is the winner of the day so far. Other currencies all doing quite well too, for now. CRYPTOCURRENCY MARKET SEES A DEAD CAT BOUNCE Even though we are not a big fan of the term “dead cat bounce“, it accurately describes what is going on in the cryptocurrency world right now, by the look of things. The markets are showing signs of positive momentum, but there is no reason to get overly excited just yet. After all, the gains made today can easily be wiped out in an
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
As the price of ether has declined over the past month, e-commerce websites like eBay have seen an increase in users seeking to sell graphics processing units (GPU) used in ethereum mining. The native cryptocurrency on the ethereum blockchain, ether had recorded strong gains in 2017, rising from just under $10 on January 1, to a high of more than $400 on June 12. However, as excitement for the emerging technology cools, and the economics of the network evolve, prices have dropped, declining to a low of $133 over the last weekend. While the price has dipped alongside cryptocurrencies, an unexpected side effect unique to ether is that the market now seems flooded with used GPUs for ethereum mining. The search term “ethereum mining rig,” for example, shows 260 entries on eBay – a
OKEx, the blockchain asset-only exchange launched by Chinese bitcoin giant OKCoin’s international arm has revealed details of measures being taken ahead of the potential user activated soft fork (UASF) on August 1. Launched in late May this year, OKEx became OKCoin International’s blockchain asset-only exchange offering spot and margin trading for global users. In an announcement today, OKEx revealed it will suspend Bitcoin deposits and withdrawals between July 31 and August 02 “due to potential technical risks such as replay attacks and other issues that may cause network instability.” “We believe that the fight for the future of Bitcoin has been based on technical ideas, not on conspiracy theories,” the leverage-enabled trading exchange opined, “or politics amongst various comp
One of Bitcoin’s biggest mining pools, ViaBTC, has stated they will list for trading BitcoinABC, named Bitcoin Cash (BCC), while allowing their users to mine the fork on a new mining pool. “From 22nd July 2017 (UTC Time), ViaBTC exchange users can trade your “BTC” assets against 1:1 ratio into both “BCC” and “BTC_FROZEN2” assets. Namely, you can trade 1 “BTC” into 1 “BCC” token and 1 “BTC_FROZEN2” token, or vice versa. Deposit and withdrawal are not available for “BCC” and ”BTC_FROZEN2”,” ViaBTC said. BitcoinABC, which largely follows the approach of Bitcoin Unlimited in increasing transaction capacity, will hardfork on August the 1st at 12:20 UTC regardless of any mining support. The new client will create its own network, with its own chain, its own nodes and its own miners.
In an effort to continue research and development of blockchain and distributed ledger technology, distributed ledger organization IOTA has entered into a historic partnership with student organizations at both Berkeley and University College London. By collaborating with Blockchain at Berkeley and the newly formed IOTA @ UCL, the IOTA Foundation is activating the young minds of blockchain-hopefuls in the pursuit of academic research around distributed ledger technology. The Tangle Network The Tangle, IOTA’s scalable distributed ledger network, lends itself to a wide variety of use cases, with many more yet to be discovered. Thanks to the flexibility of the Tangle, the IOTA Foundation’s work has inspired many developers to pioneer distributed network based applications on a network p
It seems July 17 has initiated the beginning steps towards Segwit2x activation as the code has been released and miners who supported the “New York Agreement” (NYA) have started running the new BTC1 software. Miners Begin Running the New Segwit2x Software As the price of bitcoin dropped to new lows this weekend, some bitcoin proponents were patiently waiting for the promised BTC1 software. Now it seems in a short period of time the bitcoin ‘community’ may see the protocol Segregated Witness (Segwit) activated as the mining community has begun to signal BIP91. The proposal BIP91 is a combination of Segwit2x and BIP148. The version 1.14.4 code has been pushed to the repository by the Segwit2x working group, and a few mining pools have already started running the protocol. The China-bas
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