Blockcloud Global Meetup Vietnam Stop: For Global Consensus & International Community

After the Cryptocurrencies & Digital Assets Dialogue Conference, Dr. Zhongxing Ming talked with Vitalik Buterin, Founder of Ethereum, who was also …

HANOI, Vietnam–(BUSINESS WIRE)–From the 15th and 17th of September, 2018, the Blockcloud Global Meetup arrived at its 8th stop: Hanoi, Vietnam, with the mission to gather professionals in the global blockchain industry, deliver the value of Future Internet and blockchain technology, as well as build a broader and stronger community.

As an honored guest at the Cryptocurrencies & Digital Assets Dialogue Conference, Dr. Zhongxing Ming, CEO of the world’s first protocol-level project Blockcloud, gave a detailed introduction to the technical issues in the area of blockchain, the prospects of Future Internet technology and the development progress of Blockcloud, attracting the attention of many authoritative media, experts and scholars.

At the Blockcloud Meetup held at the Candlelight Hotel in Hanoi on the evening of September 17th, Dr. Zhongxing Ming gave a speech on “How will Blockcloud upgrade and evolve the current Internet”. He also discussed topics such as the technical system, implementation plans, etc. with the Blockchain enthusiasts, authoritative media, influencers and experts.

After the Cryptocurrencies & Digital Assets Dialogue Conference, Dr. Zhongxing Ming talked with Vitalik Buterin, Founder of Ethereum, who was also an honored guest, saying that Blockcloud aimed to upgrade and revolutionize the current Internet to enable TCP/IP to be better adapted to the future network development. Vitalik showed his interests and expressed optimism about the development of Blockcloud. Dr. Zhongxing Ming and Vitalik also discussed the direction of Liberal Radicalism and the potential of cooperation in this field. Dr. Zhongxing Ming indicated that the zero-knowledge proof and sharding technology have a good application prospect in the field of blockchain.

Blockcloud has achieved outstanding accomplishments in the recently concluded KYC and community contribution plan, with more than 15,000 registrants from 108 countries and regions. Vietnam is among the countries with the highest participation rate. How will Blockcloud achieve the win-win cooperation in Vietnam? Perhaps as one Vietnamese expert said, the Future Internet is a high-profile development trend, and the scientist team and internationalized community of Blockcloud will strongly promote the development and launch of the project.

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MyCrypto Ethereum (ETH) Wallet Enables Users To Schedule Transactions

Vitalik Buterin, the co-founder of Ethereum, shared his excitement about the new feature the new feature, during an interview with the team of Chrono …
Ethereum |ETH | Ethereum Wallet | Schedule Transactions | MyCrypto

MyCrypto, a non-custodial Ethereum (ETH) and ERC-20 token wallet developed by the co-founder of MyEtherWallet, has an exclusive feature that will enable Ethereum (ETH) users to schedule their Ethereum (ETH) transactions.

MyCrypto is an open source digital currency wallet quite similar to the structure of MyEtherWallet. Notably, users could experience a better interface for their existing wallets, as MyCrypto can connect hardware wallets such as Trezor and other non-custodial wallets like MetaMask. So, the feature of scheduling Ethereum transactions can be availed by any ETH wallet user, barring their wallets are connected with MyCrypto.

Scheduling Ethereum Transactions

The feature uses smart contracts of Chrono Logic and temporal Ethereum-driven innovation to schedule ETH transactions. MyCrypto becomes the first digital currency wallet platform to implement this smart feature.

The users could register for transactions ahead of time on the Mainnet of Ethereum. The scheduling opens a new avenue for cryptocurrency payments which couldn’t be availed before. For instance, ETH users can send fund to an Initial Coin Offering in advance to avoid being left out of the token sale or send payments to subscriptions before time or schedule transactions to suppliers.

Vitalik Buterin, the co-founder of Ethereum, shared his excitement about the new feature the new feature, during an interview with the team of Chrono Logic. He adds that the feature is extremely valuable and could attract more users towards the digital tokes.

Read more: Ethereum’s Constantinople Hard Fork to Activate on Testnet in October

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Bitcoin And Blockchain Began A New Banking Era: A Brief History Of Before Its Launch

Satoshi Nakamoto was motivated to launch bitcoin in part because of his involvement with the cypherpunk movement through the 1980s, 1990s, and …
Bitcoin And Blockchain Began A New Banking Era: A Brief History Of Before Its Launch

If you want to understand the world today, it helps to understand history. If you want to understand bitcoin today, then it helps to understand bitcoin’s history. Today, we’re highlighting a brief history of bitcoin before its launch.

The Very Beginnings

First, it’s important to note that much of bitcoin’s early history is speculation. We still don’t know who invented bitcoin. We don’t know who Satoshi Nakamoto is or was. Below, we’ll try to focus on things we know for absolute certain about bitcoin, its early history, and Satoshi Nakamoto.

Satoshi Is Motivated To Launch Bitcoin After Following The Cypherpunk Movement

Satoshi Nakamoto was motivated to launch bitcoin in part because of his involvement with the cypherpunk movement through the 1980s, 1990s, and 2000s.

If you’re like most people, then you’ve never heard of the term “cypherpunk” in your life. Essentially, it’s like a libertarian movement focused on privacy, anonymity, and cryptography.

One of the best summaries of the cypherpunk movement was written by mathematician and computer programmer Eric Hughes in 1993’s “A Cypherpunk’s Manifesto.”

Here’s how Hughes summed up the movement and its importance:

“Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world.”

Satoshi Nakamoto has frequently referenced participation in cypherpunk groups during the 1980s and 1990s. Satoshi’s interest in the cypherpunk movement would eventually spark the creation of bitcoin.

Early Versions Of Digital Cash From The Cypherpunk Movement

Today’s scientists are often said to be standing on the shoulders of giants: they’re building off the work of previous researchers.

Satoshi did the same with bitcoin. Bitcoin wasn’t the first form of encrypted electronic cash. Bitcoin wasn’t even the first proof of work system. Instead, other members of the cypherpunk community created various forms of secure, digital cash prior to the launch of bitcoin. Satoshi referenced a number of these early projects in his original bitcoin whitepaper.

American computer scientist and cryptographer David Chaum, for example, created DigiCash all the way back in 1990. DigiCash used cryptography to create a secure payment protocol. Features like blind signatures allowed users to sign off on transactions without revealing their identity. The problem with DigiCash was centralization: Chaum’s own company was responsible for validating all DigiCash signatures. The company and project were bankrupt by 1998.

Another promising project was Hashcash, promised in 1997 by British cryptographer Adam Back. Hashcash was proposed by Back as a way to prevent email spam. To prevent email spam, anyone sending an email would be required to solve a cryptographic puzzle – or proof of work. This would prevent spammers from sending out millions of emails en masse.

Then there was B-money from software engineer Wei Dai. B-money was an anonymous type of decentralized electronic cash. Wei Dai’s B-money was included in bitcoin’s whitepaper, and it may have been the closest thing to bitcoin before the actual launch of bitcoin. B-money had a proof of work function. Everyone maintained a copy of the B-money database. Workers were rewarded with funds for verifying transactions. All of these concepts would heavily influence the future development of bitcoin.

Hal Finney took the “proof of work” concept and ran with it in the late 1990s by creating the world’s first reusable proof of work (RPOW) system. Finney’s RPOW system was designed to be used to secure money. Websites could accept a POW token from a user to prevent spam. Then, they could exchange that POW token for a fresh RPOW token. The RPOW system was protected by private keys stored in hardware.

There was also American computer scientist, legal scholar, and cryptographer Nick Szabo. In 1998, Szabo created a digital currency protocol called “bit gold”. That protocol can also be closely connected to bitcoin. Bit gold theorized a system where users dedicated computing power to solving cryptographic puzzles. There were public registries with public keys and private keys to secure transactions. The goal was to create a secure version of digital gold transferable over the internet – hence the name bit gold.

When Satoshi Nakamoto was developing bitcoin in 2007 and 2008, Wei Dai and Adam Back were the first two people he contacted. Hal Finney, meanwhile, was the first person in the world to receive a bitcoin transaction.

2007-2008: The Development Of Bitcoin

This is where bitcoin’s origins get murky. All we really know for sure about bitcoin are two important dates:

October 31, 2008: This is the date the bitcoin whitepaper was published online. Satoshi Nakamoto uploaded the whitepaper to a website he had registered, then shared the link with a cryptography / cypherpunk mailing list. Members of that group – including some of the people we mentioned above – took immediate interest in the project.

January 3, 2009: By January 3, 2009, the bitcoin network was ready to launch. Satoshi Nakamoto mined the bitcoin genesis block on January 3, 2009, signing it with a headline from the London Times from that date. Since then, a new bitcoin block has been added to the bitcoin blockchain every 10 minutes, and the bitcoin network has been successfully operating ever since.

These are the two most important dates in the pre-history of bitcoin. Based on these dates, we can assume that bitcoin’s development – including the writing of the whitepaper – took place throughout 2008 and possibly into 2007.

We also know certain other factors. We know that the bitcoin.org domain name was registered on August 18, 2008, for example.

Aside from that, we don’t really know much about how, when, why, or where Satoshi Nakamoto created bitcoin. There are rumors online about various people contributing to various aspects of bitcoin’s development, but it’s all hearsay at this point.

The Identity Of Satoshi Nakamoto

One of the reasons we know little about the early development of bitcoin is that we still don’t know who Satoshi Nakamoto is.

All of the names listed above have been suggested to be Satoshi Nakamoto. All of the names above were prominent members of the cypherpunk space and cryptography movement throughout the 1990s.

Then there are two people we have not yet mentioned, including Craig Wright and Dave Kleiman. Wright was publicly outed as Satoshi Nakamoto by online news outlets in December 2015, then admitted he was Satoshi in 2016. Wright even claimed to provide proof of his claim. However, the proof was insufficient, and Wright has not yet demonstrated indisputable proof of control over any aspect of Satoshi – like his original bitcoins.

To this day, debate rages about the identity of Satoshi. It could be any of the men listed above. It could also be a woman – we’ve just used the “he” pronoun in this article because all of the proposed Satoshi Nakamoto figures are men. Satoshi could even be a government organization. Some people claim the US Federal Reserve created Satoshi Nakamoto, for example, or the CIA.

A Brief History Conclusion

Bitcoin’s early days continue to be shrouded in mystery. We do, however, have several indisputable facts from the days of bitcoin before launch. A lot of bitcoin’s early history continues to be untold – at least for now.

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Basics of blockchain

In 2008, an unknown person (or people) by the name Satoshi Nakamoto published the Bitcoin whitepaper which laid the groundwork for the first …

Blockchain is easier to understand when you know how it’s being used in various industries.

It is no surprise that many still believe that blockchain technology is confined to cryptocurrencies.

After all, blockchain’s entrance into the mainstream was catalysed by the granddaddy of cryptocurrencies – Bitcoin.

But what is Bitcoin anyway? In 2008, an unknown person (or ­people) by the name Satoshi Nakamoto published the Bitcoin whitepaper which laid the ­groundwork for the first trustless, peer-to-peer virtual cash system.

Nakamoto set out to create a decentralised digital currency in an attempt to solve many of the issues faced by traditional fiat ­currencies and banking systems, including slow speed and high transaction fees.

Bitcoin, as argued by many experts, also has the capacity to tackle deeper problems inherent in centralised systems, such as fraud/counterfeiting, inflation and monopolies.

And as Bitcoin gained popularity, so did the ideas for applying blockchain in a wide array of ­businesses.

What is blockchain?

Blockchain is a decentralised, openly shared and distributed ­digital ledger that is secured using cryptography.

Blockchain challenges ­conventional, centralised models by offering a cost-effective, ­efficient and secure way to trade, but also without any need for intervention from intermediaries or central authorities.

On top of that, every transaction is time-stamped, making the ­ledger auditable and virtually ­tamper-proof.

One of the unique features of blockchain is that it’s managed by participants who contribute to the network’s upkeep. The same ­participants will validate the ­integrity and authenticity of the data through a predefined ­consensus mechanism.

Simply put, this means that everyone on the network works together to ensure the validity of the data, instead of it being ­controlled by a single person or entity. What’s also important here is that there is no single point of failure that can occur within a blockchain.

The technology is being tested and deployed in various industries and here are six interesting ones.

Tracking food

Supply chains of today require an extraordinary amount of ­diligence when it comes to tracking goods as it moves from supplier to factory to shipyard.

Due to reliance on trust, supply chains are susceptible to human error, regardless of whether it is accidental or malicious.

Late last year, major retailer Walmart partnered with IBM to work on the Hyperledger Fabric blockchain for tracking food items from supplier to shelf.

Postal service

Thailand Post is looking to ­implement blockchain technology to improve its own supply chain and processes, from warehouse to delivery and everything in between.

Blockchain will allow it to employ real-time tracking and automated verification systems, which will improve the efficiency of the state-run postal service.

Countering counterfeit

Luxtag has created a decentralised app to combat counterfeit and intellectual property theft so ­anyone can secure their valuable assets via the NEM blockchain.

Through its digitised certificates of authenticity, it is able to protect all types of products from bags to vehicles.

Malaysian artist Poesy Liang and Luxtag recently teamed up to implement a blockchain solution that authenticates and records provenance of Liang’s artwork.

Financial inclusion

With over a third of the Philippines surviving on less than US$2 (RM8.20) a day and having little to no access to banking ­services, the government needs a solution that doesn’t leave out anybody.

Project i2i aims to connect rural banks that have been excluded from the main payment networks by using smart contracts via ­blockchain technology.

It is aiming to create a ­decentralised, cost efficient and fast payment network that is not reliant on existing payment infrastructures and other intermediaries such as Swift.

Banks will potentially be able to issue digital tokens which will be backed by the Philippines pesos, essentially forming crypto-cash.

Electoral fraud

Electoral fraud is rife around the world, particularly in developing nations.

Blockchain is a great tool for tackling this serious issue as it can render votes anonymous while also providing better security.

A project known as Agora has already built a digital voting ­platform for governments and organisations to use.

Identity fraud

In 2017, 2.6 billion cases of ­identity breaches were recorded across the globe, according to the Breach Level Index. Identity theft alone accounted for about 69% of all data breaches.

As blockchain is tamper-proof by design and makes verification painless, it’s easy to see why it’s great for preventing identity theft.

Civic is an identity verification platform that uses multi-factor authentication without requiring passwords or usernames, as it combines biometric authentication with blockchain technology.

Blockchain conference

But there’s more to blockchain as the technology is still in its infancy.

You can learn about blockchain’s potential and how it is going to transform businesses at Blocfest 2018, scheduled to take place at the Shangri-La Hotel, Kuala Lumpur, on Sept 26 and 27.

You’ll also get to network with people who are developing technologies based on blockchain during the KL Blockchain Week, from Sept 24 and 27, which also includes a ­hackathon.

Those interested in attending can get 40% off VIP ­tickets priced at US$450 (RM1,860) or normal ­tickets priced at US$375 (RM1,550) by keying in the promo code BLOC40D ­during checkout but this offer is only ­available for a limited time. Visit www.blocfest.asia for more ­information.

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Why Satoshi’s original proof-of-work model works

When Satoshi Nakamoto first applied POW concepts in order to change how “consensus between humans is formed from political votes to apolitical …

An insightful post by Dan Held on Medium does an excellent job of detailing the original proof-of-work (POW) concept that is an integral part of the cryptocurrency model. Many crypto opponents have deemed the POW concept as being wasteful, but Held is able to show the fallacy in their argument.

One of the major complaints about cryptocurrency is the energy that is consumed through the underlying mining practices. However, Held points out that everything we do—and have ever done—is based on energy. He refers to a chart from the BP Statistical Review of World Energy 2014, which shows that energy consumption has increased in direct proportion to the global gross domestic product (GDP):

Why Satoshi's original proof-of-work model works

When Satoshi Nakamoto first applied POW concepts in order to change how “consensus between humans is formed from political votes to apolitical votes (hashes) via the conversion of energy.” Held specifies that POW is about the physics behind a movement, not about the code. Since cryptocurrency is a commodity that is minted from energy, what Held calls the “fundamental commodity of the universe,” POW turns “electricity into digital gold.”

Held goes further, asserting that BTC’s ledger is only immutable if it is expensive to produce. This is because the public ledger is secured by the collective hashing power, which is the sum of the aggregate energy expended to create the security. This, says Held, makes POW a feature, not a bug.

More than a few “experts” have come out in opposition to cryptocurrency mining, with some even speculating that it will bring about the “end of the world.” One of these, a supposed financial economist, went so far as to produce a long piece on why cryptocurrency mining will be the undoing of the world. The economist, Alex De Vries, attempted to show energy consumption calculations that were completely off base and founded on data that he apparently didn’t understand.

De Vries tried to base his calculations on the energy needed for each block. However, since each block can have different amounts of transactions, it is impossible to use this as a baseline. As Held says, “More transactions does not mean more energy.”

Held also points out that that the “economic density” of a crypto transaction is constantly increasing. As the blockchain evolves into a settlement network, the energy unit is able to secure more economic value.

The article continues to break apart the theory presented by De Vries. While the economist tried to stir the pot and spread FUD (fear, uncertainty, doubt) with his “expertise,” cryptocurrency mining has already been undeniably shown to actually increase in efficiency over time.

Mining operations are movable. They can always be located in those areas where the least-expensive energy can be sourced. This makes crypto mining the lowest value of electricity. Says Held, “This may solve a problem with renewable energy sources that have predictable capacity that is otherwise wasted, like hydro and flared methane. In the future, Bitcoin mining could help with renewable energy sources that have variable output — energy producers can plug in miners, and store the excess power as [BTC].”

What does it all mean? Put simply, cryptocurrency mining is an integral part of the cryptocurrency ecosystem and, as it grows—as has been seen with virtually every innovation since man discovered fire—it will become more efficient and substantial.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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