Monero’s (XMR) lead developer, Riccardo Spagni, helps Jameson Loop discredit Craig Wright

On 9th May 2019, Jameson Loop had published an op-ed on Bitcoin Magazine where he discredited Craig Wright’s claim of being Satoshi Nakamoto.

On 9th May 2019, Jameson Loop had published an op-ed on Bitcoin Magazine where he discredited Craig Wright’s claim of being Satoshi Nakamoto. Under the legal counsel of Craig Wright, Jameson Loop’s article has been geo-blocked in the UK and Australia.

Following the Geoblocking of the article, a number of people joined together and copy pasted the article on other websites to ensure people in the UK and Australia can read the article. Riccardo Spagni, the lead developer of the privacy-focused cryptocurrency, too created several copies of the article, so people can read it.

If you’re in the UK or Australia and want to read up on how Craig Wright is a massive fraud, I’ve got you covered fam.https://t.co/sw72iVc9qghttps://t.co/hiqrxdOCK0

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— Riccardo Spagni (@fluffypony) May 9, 2019

Jameson Loop’s Op Ed

Jameson Loop, the lead developer at CASA, wrote an op-ed in which he points out flaws in Craig Wright’s claim that he is Satoshi Nakamoto. He uses past actions of Satoshi Nakamoto and compares them with statements Craig Wright has said publicly.

Some of the points raised by Jameson Loop are,

  1. Satoshi Nakamoto always mentioned Bitcoin as “Bitcoin” while Craig Wright in his early writings from 2011 mentioned Bitcoin as “Bit Coin”.
  2. Wright said that he never called Bitcoin as “cryptocurrency” while Satoshi Nakamoto did on many occasions.
  3. Craig Wright publicly said “I am a lawyer and this [financial law] is my area of specialty,” while the real Satoshi Nakamoto in 2010 said “I am not a lawyer and I can’t possibly answer that”

The entire article can be read here.

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Ethereum’s Joseph Lubin: Bitfinex, Tether Situation ‘Probably Won’t Get Better’

As covered, Bitfinex was accused by New York’s Attorney General of participating in a cover-up to hide $850 million in losses. The allegations revived …

Ethereum co-founder Joseph Lubin, who’s also the founder and CEO of cryptocurrency-related software company ConsenSys, has recently stated he believes the Bitfinex, Tether situation seems to be a “really big mess” that “probably won’t get better.”

Speaking to Bloomberg at the sidelines of the Fluidity Summit conference in New York, Lubin revealed he thinks some good may come out of it, as other stablecoins may gain traction. He was quoted as saying:

Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading. There are other price-stable tokens out there — many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.

As covered, Bitfinex was accused by New York’s Attorney General of participating in a cover-up to hide $850 million in losses. The allegations revived concerns over Tether’s backing, as it was supposed to have 1 USD in reserve for every USDT token in circulation.

Earlier this year the company quietly diluted its reserve claims, and soon after it was revealed that USDT is backed by cash and short-term securities equal to 74% of USDT tokens in circulation. Worryingly, Tether accounted for over 80% of bitcoins’ trading volume as of March of this year.

Bitfinex reportedly lost the $850 million as a third-party payment processor claims the funds were seized by governments throughout the world. To fix the situation it’s set to hold a $1 billion initial exchange offering (IEO) that’s said to already have lined up the $1 billion in commitments.

Regarding concerns Tether’s USDT tokens have been used to manipulate the price of bitcoin – something the US Department of Justice is investigating – Lubin noted that “all prices on the planet are being manipulated.” He added:

Any time that well-resourced actors can get in there and do something, you have to expect them to do that. So we need to build better system.

Lubin added that the “status of things is great,” as last year’s price correction aw the system grow “enormously” as those who were “pulled in by excitement riven by price growth” stayed in the crypto space and have been helping build it.

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How does public blockchain technology work?

The blockchain was initially introduced with Bitcoin by Satoshi Nakamoto, a person or group of people who remains anonymous. Although there is no …

Blockchain technology, the base layer that works as the database where crypto transactions live, exists in the realm of DLTs, or distributed ledger technology. Although a blockchain is always a DLT, a DLT may not be a blockchain.

The difference between DLTs and blockchain is based on permissions and roles. While in the first system there can be multiple roles assigned to different users, such as administrator, operator and so on, in a blockchain all users have equal permissions and rights.

Explaining blockchain technology

Blockchain technology is a cryptographically secured distributed ledger run by crypto incentives that allows network nodes to transact in a peer to peer (P2P) decentralised fashion, and to reach consensus on the state of every transaction of the global network chain. Implementing disintermediation can reduce failures inherent to centralised platforms, such as lack of transparency, corruption, coercion, censorship, excessive market power and transaction costs.

The blockchain was initially introduced with Bitcoin by Satoshi Nakamoto, a person or group of people who remains anonymous. Although there is no reference to its name on the original Bitcoin whitepaper, the blockchain represents the database where original Bitcoin transactions live.

When practitioners and scholars refer to blockchain in general, they refer to an open governance where everyone can participate in the P2P network and validate transitions, and to the data infrastructure, which is composed of a chain of blocks in a distributed ledger nature (distributed database). In terms of infrastructure, all cryptos present a blockchain infrastructure, like the original Nakamoto idealisation. However in terms of governance openness, post-Bitcoin blockchain cryptos tend to present other degrees of openness. These no longer represent the initial conception of Nakamoto’s Blockchain.

Public blockchain components

A public blockchain is composed of five main technologies:

  1. A public distributed ledger, or database, where information is written through posting transactions. Any user can write to this database by sending or receiving a transaction. Addresses are pseudo-anonymous and all recorded information is linked in multiple blocks, all time-stamped by the creator.
  2. PGP encryption, or pretty-good-privacy, that creates private-public addresses. This technology allows any user to prove they are the owner of a piece of data, without showing their master key (or password). In essence we can show another user we are the owners of an address (an account) without showing our credentials. It gives users much needed privacy to transact independently digitally.
  3. A cryptocurrency, or token, that is associated to all transactions that occur on any given blockchain. Tokens can grant its owners different properties, such as the right to write on that blockchain, voting-rights, income-rights and so on. A token can be a representation of a good, a currency, a collectible, or a digital representation of any asset. Cryptocurrencies are essential as they give an incentive for users to keep the network secure.
  4. Distributed consensus, usually associated to proof-of-work (PoW), or the technology that requires any user who wishes to validate transactions and to keep the network secure, to waste energy by resolving complex computational problems. The incentive is the cryptocurrency reward validators (or miners) receive for keeping the blockchain secure. The idea is that by requesting blockchain validators to keep wasting energy in order to find the solution to the computational problem at hand, usually called hash, we maintain the security of the network by making it hardly impossible for anyone to have more than 51% of the voting power. Thus, consensus remains decentralised.
  5. A permissionless P2P network, in order for users to own their cryptocurrency and not depend on third-parties (like banking infrastructure of traditional payment channels). It allows them to transact freely with one another. P2P is based on the idea users can be the owners of their data, as it gets stored publicly but can only be accessed by the owner who possesses the right key-pair.
DLT Blockchain
Permissionless P2P No Yes
Distributed database Yes Yes
PGP Encryption Yes Yes
Cryptocurrency No Yes
Distributed consensus Yes Yes

Conclusion

Blockchain technology can help build a better web 4.0, however, cryptocurrency enthusiasts should focus on permissionless and public technology, rather than private-blockchain use-cases, simply because the future is being built on top of a permissionless technology.

If we do not make an effort to start promoting increased value-sharing between companies and users, we might be unable to find solutions to many of the data and money ownership issues we have to deal with nowadays.

The post How does public blockchain technology work? appeared first on Coin Rivet.

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Acute growth of Blockchain Technology in Energy Market is thriving Worldwide with IBM, Microsoft …

IBM, Microsoft, Accenture, ConsenSys, Infosys, Drift, Electron, Btl Group Ltd., LO3 Energy Inc, Power Ledger. Download And Get Sample PDF File Of …
Blockchain Technology in Energy
Blockchain Technology in Energy

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Fluidity to Introduce Ethereum-Based Mortgages This Summer

Fluidity will then process the information and create a smart contract using a tokenized representation of the mortgage. Lippiatt then explained that the …
Photo: Fluidity / Facebook

Photo: Fluidity / Facebook

The blockchain technology has become a reliable ledger that hosts information for many industries including supply chains. Now, on fintech startup called Fluidity plans to launch a project that will log mortgages onto the blockchain network. On Thursday the company announced its schedule to develop the first ethereum-powered mortgages in New York and California.

After all the licensing paperwork is finalized, Fluidity executives said the offering is planned for this summer. The chief architect of Fluidity, Todd Lippiatt, said:

“We’ll tokenize the house, which will effectively take the collateral that is the equity of the house. You’re pledging the house and you get an advanced rate back in terms of dollars.”

When the FINRA-registered broker-dealer Propellr merged with the ConsenSys decentralized exchange (DEX) in early 2019, Fluidity appeared Sam Tabar, Fluidity co-founder, said that although Joe Lubin is still a major AirSwap shareholder, the company’s subsidiary, the parent company has another set of shareholders. Some of the new notable shareholders include Mike Novogratz, Bill Tai, and Brock Pierce.

Fluidity Mortgages

The startup’s upcoming mortgages are expected to use cryptocurrency and smart contracts for back-end management. Lippiatt said that Fluidity is currently looking for partnerships with ethereum-centric lending platforms like MakerDAO’s dollar-pegged DAI loans.

Currently, the ethereum-backed stablecoin still struggles to achieve liquidity and stability in the wider markets. However, Lippiatt believes that mortgages from such prospective partnership merely involve a “mitigatable” risk.

Thus, neither the property seller nor the borrower will directly touch any digital currency. He added that:

“We will deal with the inner workings of the decentralized system. The borrowers pay back in dollars and we will also be managing the risk profile of the underlying securities.”

Hence, borrowers must submit online credit checks and all other essential information just like in any other online loan platform. Fluidity will then process the information and create a smart contract using a tokenized representation of the mortgage. Lippiatt then explained that the company can then package these loans together and resell them as securities via an exchange like AirSwap.

Fluidity’s Customers

In his view, the low-income and under-banked borrowers who can repay represent a prime opportunity for these loans. He elaborated:

“The whole portfolio will be a composition of a bunch of different loans. We are looking at methodologies by which we can deploy [underwriting] more algorithmically.”

DeFi smart contracts will offer theoretically auditable records. Moreover, Fluidity plans to offer cheaper rates compared to the banks. Nonetheless, the whole process provides the borrower with a quasi-traditional mortgage. The issuer and the subsequent traders are the main beneficiaries of this blockchain system functionality.

In the end, Lippiatt said that the company’s methodology is designed to offer better pricing. The pricing model solely depends on the intrinsic credit of the transaction. No external factors like the political trade winds and domestic central bank governance policies will affect these Ethereum-based mortgages.

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