DigiByte’s Josiah Spackman: So many incredible uses for blockchain and crypto

From the fastest block propagation of any UTXO blockchain, to being the first major blockchain to implement SegWit, to having so many blocks that …

Coin Rivet: DigiByte turned five years old on 10th January. What have been the highlights and biggest challenges/obstacles thus far?

JS: DigiByte has been pioneering changes and improvements right from inception. Being “faster, more secure, forward thinking” is more than just a catchphrase, it’s the DNA of the project. From the fastest block propagation of any UTXO blockchain, to being the first major blockchain to implement SegWit, to having so many blocks that we’re pushing the limits of 32-bit address space.

We encounter things that Bitcoin likely won’t face for another century. However, these aren’t negatives, when we’re pushing barriers we know we’re not just some “me too” blockchain, but genuine pioneers making something great. We’ve seen the likes of DigiByte-created DigiShield used in dozens of other projects, such as DOGE, BCH/BSC, MONA, Ubiq and more.

Coin Rivet: Many cryptocurrencies have crashed and burned over the past five years. But you’re still in the game.

JS: There are many aspects to this, but a large one comes from having people work on it because they want to, not because they’re paid to. When DigiByte was launched in 2014, pre-mined blockchains were scoffed at and most never lasted more than a few months. It was the people who were genuine believers in the technology and their project who survived. Finding others who also believed in your project, the goals, and what it stands for also helps significantly.

DigiByte is also incredibly blessed to have Jared Tate as the founder, who has remained active in the project this entire time. Where we see others start up and their founder up and leaves after a few months to go start their third or fourth blockchain, Jared has remained very committed and is still a believer to this day, actively contributing to the DigiByte code and building projects on the blockchain.

“We see so many P&D projects, it’s crazy. It’s also really sad because it was only just 12 months ago that we saw Bitconnect fail, yet they had a “working” token, and people were taking out their life savings to put into it due to some slick marketing”

Coin Rivet: 2018 was a rollercoaster ride for cryptocurrencies. What are your key takeaways from the past 12 months?

JS: One thing is for sure, you find out who your “true friends” are, those who genuinely believe in blockchain as a way to change the world, the possibilities, and those who are just here because they want a fast way to get rich. We see so many P&D projects, it’s crazy. It’s also really sad because it was only just 12 months ago that we saw Bitconnect fail, yet they had a “working” token, and people were taking out their life savings to put into it due to some slick marketing.

To this day, we still have other projects that have slick marketing, yet these projects couldn’t even write their own whitepaper. I feel we’re going to see more focus on the “tried and tested”, we’re going to see many of these “nice idea” projects with no substance will fall by the wayside, and we’re going to see more and more focus on the use of blockchain outside of just a method of payment.

Coin Rivet: Do you believe that widespread crypto adoption is coming or will it remain a niche thing for the foreseeable future?

JS: Yes, with every day that passes the DigiByte community messages me saying, “hey, wouldn’t this be an awesome idea for DigiAssets”, and they’re right. There are so many incredible uses for blockchain and cryptocurrency, more than just “I pay you and you pay me”. We can do things with DigiByte like validating legal documents, wills, land ownership or shipping manifests.

You could use the upcoming DigiAssets to issue flight tickets, and customers could validate the supply to ensure an airline isn’t overbooking their planes (Nobody likes to get to the airport and being bumped off a flight). Perhaps it gets used for music concerts, that immediately solves ticket scalping and many other issues plaguing that industry.

With DigiAssets coming out in 2019, coupled with our fantastic mobile experience, we’re going to see a realm of possibilities opening up, and hopefully many people will be blissfully unaware that it’s a blockchain that powers it all.

Coin Rivet: There are many high-profile critics who argue cryptocurrencies are a busted flush, a solution to a problem that doesn’t exist etc. How do you respond to them?

JS: On a personal level, I definitely agree with them in many ways, though not all. Bitcoin was created with the genesis block hash: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

This is because banks can’t be trusted, and with self-sovereignty over your own wealth and assets you remove that liability. Just look at what happens when others have control over your money, the ability to print more at a whim, and how that has had a catastrophic effect on the likes of Venezuela.

Similarly, DigiByte was created to be forward-thinking, around cyber security: USA Today: 10/Jan/2014, Target: Data stolen from up to 110M customers. We look at things like the recent Facebook hacks, where any site that you had signed in to with your Facebook account got complete access to your account/profile/data. This is why DigiByte has created Digi-ID, which has completely solved this very issue that affected Facebook users.

This is a genuine problem that plagues people to this day, and this is one that DigiByte has the answer for. So while I wholeheartedly agree with critics and believe that tokenizing Bittorrent and other things is a ridiculous idea, I’m proud to be involved with making real solutions through DigiByte.

“Just as almost everybody knows how to use a web browser and email, we’ll see the same thing with blockchain and cryptocurrency over time”

Coin Rivet: What’s your take on regulation in this space?

JS: Those in favour of regulation are probably right, and we’ve seen the effects that P&D groups have, or even insider trading on many major exchanges both in the USA, Malta etc. There will never be a single global regulation around cryptocurrency, but many countries will hopefully protect their own citizens.

The hard part about cryptocurrency is we’re in a technical space, filled with many non-technical people that don’t understand what a “private key” is, let alone why they should or should not invest in a project. The SEC put out an incredible fake ICO website that highlighted this, and to many uninitiated it looked completely legitimate.

Genuine community education is the key, and teaching children/young adults through the education system will play a large role. We’ve seen this with the tablet computers we donated to people in Venezuela when we did our third philanthropic event there, how quickly these children have taken to it and how well informed they are about how the underlying technology works.

Just as almost everybody knows how to use a web browser and email, we’ll see the same thing with blockchain and cryptocurrency over time.

Coin Rivet: What can we expect from DigiByte in 2019?

JS: We’re going to be really showing the world the security benefits of Digi-ID. I even setup my house front door to be securely opened with my DigiByte mobile app through Digi-ID. It solves so many security issues, and it’s great to see other third-party multi-coin wallet vendors are in the process of implementing it too. We’ll see some popular cryptocurrency exchanges starting to support it early this year and no doubt over time that will begin filtering out to the rest of the internet.

DigiByte is also focusing on DigiAssets, and making them easily accessible/issued/traded/utilised from your cellphone. It’s not enough to just do smart contracts as we’ve seen other platforms do, but you need the five years of “in the wild” and battle-hardened security of DigiByte, coupled with our on-chain scaling. This way when the next crypto-pets game is released it doesn’t bring down the network as we’ve seen happen in December 2017 on other blockchains.

We’re also going to see DigiByte pushing forward with our security aspect, we’re going through final testing now, following the creation of a unique hashing algorithm to help secure the network. It’s not enough that we’re already the fastest, most secure and most decentralised UTXO blockchain on the planet, we want to keep pushing that forward, breaking the barriers, and challenging the limits, all while ensuring security and safety of the DigiByte blockchain.

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Wyoming Introduces Bill That Offers Crypto Assets Legal Clarity in a Bid to Lure Blockchain Business

In a bid to demonstrate the significance of advancing and legitimizing virtual currencies and Blockchain-based businesses across the U.S, the state of …
cryptocurrency

In a bid to demonstrate the significance ofadvancing and legitimizing virtual currenciesand Blockchain-based businesses across the U.S, the state of Wyoming hasproposed the introduction of a new bill. This bill is designed to clarify ormake members of the cryptocurrency and Blockchain communities understand thelegal position of virtual assets and offer digital asset custody via banksinstead of financial institutions, as is the case in the current framework.

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The new Bill proposed by the Wyoming legislature offersthree classifications regarding what digital assets should be tagged. They includedigital securities (which will receive similar treatment as uncertificatedsecurities under the UCC), digital customer tokens (which will get the sametreatment as general intangibles under the UCC) and virtual currencies (whichwill give digital currencies similar treatment with fiat currency in Wyoming).

New Bill: Banks in Wyoming Could be Authorized to Adoptan Enhanced Supervision Program for Digital Asset Custody

Looking at the custody side of the endeavor, the activation of the new Bill means that the state ofWyoming could give banks the authority to initiate an enhanced supervisionregime regarding digital asset custody. Thisis designed to satisfy the SEC’s requirements regarding who should be the“qualified custodians” of cryptocurrencies.

The custody advancement for virtual assets in the U.S stateis also significant because it would beinitiated through banks. Although the bank wouldn’t take deposits ofdigital assets, the assets would be regarded as “assets under administration”instead of bank deposits.

Digital Assets Could Have A Similar Legal Status as Fiat

Money has “super-negotiability” stipulations under the UCC(Uniform Commercial Code) Article 9, and now Wyoming is looking give virtualcurrencies a similar structure.

This classification will benefit coin lending businesses inWyoming. It will give crypto and Bitcoin (BTC) more legitimacy. Bitcoin (BTC)would have the much desired legal status without involving an intermediary.Which is why it is safe to say the new legislation is a reflection of thepeer-to-peer nature of cryptocurrencies without the involvement of anyintermediary.

There is no debtor/creditor relationship without theintermediary, and the owners ofcryptocurrencies would have their property rights recognized under state law.

Classifications Will Give Legal Status to Digital Assets

These new classifications under the new legislation are important because they offer digital assetslegal status which is something that hasn’t been offered by any region in the country. Startups like FidelityInvestments, Coinbase, Bakkt, Kraken, and SALT Lending, to name a few aretaking some degree of legal risk. The reason for this is because no one can really determine how a judge in a bankruptcycase or litigation will classify digitalassets without clearly stipulated laws.

Overall, the securities custody sector has at least $114trillion of assets under its administration, which are being issued on the Blockchain with startups like FidelityInvestments delving into the business, Bakkt with its futures exchange is doingthe same thing. However, in the state of Wyoming, it will be done under a bank,and not a trust company under the new legislation. This could operate nationwide, and make the SEC happier becausebanks have more unambiguous wind-upprovisions in insolvency that trust companies don’t.

Top 10 Friendly Countries for Blockchain Startups

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution.

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution. The growth of technology has touched various fields such as smartphones, vehicles, shipping and a small sector in the sector of banking.

Although there is no country in the world which is not aware of this technology, there is a huge difference of opinion among countries regarding this revolution. There are various factors a blockchain startup has to look up before deciding it as a host country such as the jurisdiction regulations of the country, political views, tax system etc as these factors are going to affect the growth of any startup. While some countries are allowing blockchain startups to set up legally, while some are in no mood for any such beginning in the country and there are also some countries which are not sure about it.

Let us take a glance at the top 10 friendly countries for blockchain startups:

1. Malta:

This small Mediterranean country is on the verge of becoming the ‘island of blockchains’. The beginning of all these was when the biggest cryptocurrency exchange of world, Binance chose to inaugurate its office in this country. Also, they have informed all to set up a ‘crypto’ bank on this island.

Malta has been improving and enhancing new regulations that are friendly for blockchain startups. The country is so much dedicated to this technology that even the head of the country, the Prime Minister has predicted that the country will be the best place for this kind of startups throughout the world. The regulations are mainly focussed to evolve and encourage the investors to start this kind of projects in the country.

2. Switzerland:

The settling up of a crypto valley in one of its town, Zug, is sufficient to describe how much amiable this country to blockchain startups. It is one of the famous center of blockchain technology across the globe. Adding to the ice, they have imposed a tax-free regulation for the investors who want to invest in this kind of startups. Apart from it, their laws and regulations are very attractive and appreciated by investors as well as developers.

It has been the host of several blockchain projects including DFINITY, Xapo and of course, Ethereum. The privacy rules and protection of data are also appreciated by the blockchain startups.

3. Japan:

Japan is one of those countries which have approved cryptocurrency such as Bitcoin as a legal tender. It has been home of several blockchain traders, even some of the stores in the country have no problem in taking payments from users as Bitcoin currency. After six months of recognizance of cryptocurrency as legal, Japan is now accountable for more than half of total such trades.

Although there are various regulations regarding blockchain startups, they are friendly and easy to be acceptable and it’s not difficult to stary sich any startup in the country.

4. Singapore:

This country is a home of a huge number of triumphant startups in the field of blockchain technology. This country is nearer to two super giant technology rival countries Japan as well as China which makes it a more suitable center for startup of blockchains. The rules and regulations of this country are also very amiable and favorable bt the cryptocurrency. It has already a lot of exchanges of blockchain currency. So if a blockchain startup is willing to start and want to be in touch of both China and Japan clients and government, Singapore is the best country.

5. Belarus:

Two years back itself in 2017, this country made several rules and regulation affecting blockchain and crypto industry. As per these laws, they have made these digital currencies as the legal one in the country. The restrictions in the trade related to blockchain technologies are so friendly that the investors almost feel free to start any such startup or invest in this kind of organizations. Also, as per the rules, these kinds of trades are tax-free in the country until 2023. Due to the friendly rules and success, it is one of the preferable countries for blockchain startups.

6. Estonia:

Estonia is a developing country which has always tried to adopt new technologies in order for the benefits of the people and finance of the country. It has imposed several acts that attract the investors of the country as well as other countries to set up a blockchain startup in this country. It has declared itself to be a remarkable country in blockchain technology very soon. Also, they have established a new kind of citizenship known as e-residency which also attracts blockchain startups.

7. South Africa:

This country has depicted a tremendous interest in blockchain technology. They have made the crypto transactions as legalized one in the country. They have made several initiatives in order to attract the investors to start such startup in South Africa. The rules and regulation related to this crypto market in this country are also not so harsh, they always tend to welcome these industries. It is becoming as one of the most profitable countries for blockchain startups in Africa subcontinent.

8. Denmark:

Denmark has already announced a regulation stating complete relaxation in tax for any kind of blockchain trade. It is one of the most amiable countries for welcoming these types of startups in the country. The rules of the country are very friendly for the crypto industry making it one the interest for blockchain startups.

9. United States:

When it comes to adopting new technology in the market, this country is always in the front. The rules and regulations vary across different states of the country. Despite the oppose in some state, there are Bitcoin ATMs in the country. The friendly states of the county, Montana, Texas, etc. have very amiable regulations while welcoming the blockchain startups. Apart from it, no other country in the world can be better for any technology to start other than the US itself.

10. United Arab Emirates (UAE):

This Arabian country is also one of the most friendly nations. They have already used their own digital currency since 2016 and now welcoming global cryptocurrencies. The jurisdiction is very cooperative towards the blockchain and crypto industry. They are planning to be the first country in the world as a government powered by blockchain by next year. Due to these reasons, UAE is also one of the most preferable countries for blockchain startup.

The market conditions of countries continue changes. The expansion of crypto and interest in blockchain startups is so high that many countries are willing to accept it in their country. There are various factors to establish the startup in the country and initial requirement would be an amiable regulation and legalization. Apart from above-mentioned countries, UK, Sweden, China, South Korea etc. are also preferable.

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India’s Syndicate Bank to Expedite ATM Reconciliation Using Blockchain Technology

One of India’s oldest lenders–Syndicate Bank–will leverage its private blockchain network to simplify and shorten the ATM (Automated Teller Machine) …

India’s Syndicate Bank to Expedite ATM Reconciliation Using Blockchain Technology

January 20, 2019 by Akshay Makadiya0 Comment1029 Views

One of India’s oldest lenders–Syndicate Bank–will leverage its private blockchain network to simplify and shorten the ATM (Automated Teller Machine) reconciliation process. It is a move that could prove instrumental in bringing DLT into the mainstream in the country.

Also read: The Unique Consensus Mechanism of Decred–Is This True Decentralization?

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Turning ATMs Into Blocks

According to local media outlet the Times of India, the Manipal-headquartered Syndicate Bank is developing a blockchain-powered ATM network to accelerate the validation of transactions to almost real-time, while concurrently expediting the procedures for ATM reconciliation.

For instance, in the case of an ATM malfunction while dispensing cash, a customer has to raise a complaint to the bank of the failed transaction. Following the complaint, the bank will implement a series of cumbersome manual workarounds, whereby a bank executive will physically collect data from the cash machine and then reconcile it with the failed transaction data. The process is slow and the customer has to wait for about a week to receive their funds.

Under the new private blockchain model, the ATM will act as a block within the network, hence, ensuring that transactions at the cash dispenser are reconciled every 24 hours. In the blockchain system, in the event of an ATM malfunction, the customer will receive an instant notification of a refund, with the transaction reversed within two days.

Syndicate Bank’s managing director Mrutyunjay Mahapatra said that by using the blockchain-powered system “the amount will be credited back to the account within 2 working days”.

However, for now, the bank has not revealed any technical information on how it will incorporate ATMs into its distributed ledger infrastructure.

Syndicate Bank India street

The Banking Sector’s Blockchain Fever

While Syndicate Bank is the first Indian lender to use blockchain technology for ATM reconciliation, other payment processors and banks globally have mulled over the idea in the past.

Only weeks ago, the United States’ second biggest lender, the Bank of America, filed a patent for blockchain-powered ATMs that would speed up transactions and improve the general operation of cash handling devices. Apart from that, the patent application also stated that it will use blockchain technology for real-time reconciliation when settling transactions between financial institutions.

In the past, payment card giant China UnionPay, the only interbank network that connects ATMs of all the banks in China, filed a patent to develop a blockchain-powered network of automated teller machines.

Apart from using blockchain technology with ATMs, a number of Indian banks have worked to introduce the technology into various banking operations. Last year, seven private Indian banks partnered with India’s biggest software service exporter Infosys to develop a blockchain-based trade finance network.

Also, the country’s third-largest private sector lender Axis Bank, Kotak Mahindra Bank, and IndusInd Bank are all looking at RippleNet to speed up and reduce the costs of cross-border payments.

Can blockchain technology revolutionize the banking industry? Share your views in the comments section below.


Images via Pixabay

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Yahoo CEO Believes Blockchain Needs Trust To Survive

Jerry Yang, the co-founder of Yahoo believes in the transformative potential of blockchain technology and cryptocurrencies but does not think they will …

Jan 20, 2019 07:21&nbspUTC

| Updated:

Jan 20, 2019 at 07:21&nbspUTC

By&nbspRushali Shome

Jerry Yang, the co-founder of Yahoo believes in the transformative potential of blockchain technology and cryptocurrencies but does not think they will survive for too long unless there’s a strong foundation of trust for them to stand on.

He made his opinions known while he was a part of discussion panel last Thursday, at the Nikkei Innovation Asia Forum, organized in Singapore. Yang’s comments emphasized on his strong faith in the ability of blockchain to diversify into more and more use cases and completely disrupt the world of technology as we know it today.

In particular, he felt that blockchain’s role in banking and finance all around the world stands to be a major trump card, only if it is trusted widely and implemented adequately.

You May Also Read- Blockchain Use Case: Payments

His view is that this emerging technology holds so much of promise that it would hugely benefit all banks and trading systems all around the globe to harness its massive potential to facilitate a smoother flow of transactions, as well as to infuse efficiency and transparency into administration.

However, coming back to his key point of trust being a prerequisite, he said:

“For applications to get implemented successfully, trust must first be built.”

He lauded the virtues of having a strong foundation based on trust saying:

“With trust, huge opportunities for the mass adoptions of blockchain will be realized.”

You May Also Read: Why Is Blockchain A Trusted Approach?

It goes without saying that blockchain technology has a significant number of use cases it can boast of, ranging from fields as diverse as governance and charity. The fact that a distributed ledger allows a number of parties to simultaneously access a database, all the while preventing unauthorised changes, makes this technology such a winner. If we add the fact that blockchain is designed to be decentralized, it definitely helps blockchain’s case by a huge deal.

In a world that is just trying to transition from previously known forms of technology, blockchain might take a while to garner full fledged support from the masses. Having said that, we are sure blockchain is looking at an extremely bright future ahead: one where its use cases diversify even further than they have today.

Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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