Srp 04

‘We Don’t Want to Compete with Coinbase’ – Says Binance CEO

Changpeng “CZ” Zhao, shared some of his big ideas on the future of blockchain and cryptocurrency with Fortune magazine this week. And it’s probably worth listening to the man running the biggest crypto-exchange in the world.


The future is not now, but is decentralised

Binance acquired Trust Wallet this week, and here at Bitcoinist, we focussed on the benefits of adding a mobile wallet to its services. What was perhaps underplayed was that Trust Wallet also acts as a browser for decentralized apps (dApps).

Whilst dApps have currently come to the fore, take-up has been slow, partly due to limited functionality and substandard user-experience. This is something that CZ believes will start to change before too long.

He predicts a move into messaging and social media within the next two years, followed by fully-fledged blockchain-based e-commerce. Let’s not forget that Binance is currently partnering with Malta to create a decentralized banking system.

Specialist blockchains will conquer all

A blockchain like Ethereum is great for hosting dApps, although its throne is constantly under attack from newer, faster rivals. But CZ believes that all blockchains designed for general smart contracts, will ultimately be too slow.

His vision is of a future consisting of many custom ledgers designed for specific purposes. He mentions tools like Komodo and Tendermint, which can create just such custom blockchains.

There is enough in the pot for everyone

Considering Binance’s meteoric rise to prominence, you may expect some form of rivalry between it and previous top crypto-company, Coinbase. But according to CZ, the relationship is more like a mutual love-in.

He says that Binance doesn’t want to compete with Coinbase and Gemini in places like the United States, due to the lawyers and lobbying. It is more than happy working in places like Malta, where it can have a more direct relationship with the administration.

“In developed markets, there’s more money to be made but more regulation and it’s saturated with competition,” he said. “We don’t want to compete with Coinbase and Gemini. The strategy there requires lots of lawyers and lobbying.”

In actual fact, he says that both Binance and Coinbase appreciate the groundwork being down by the other in their various jurisdictions.

Thin on the ground

Of course, predictions aren’t exactly thin on the ground in the cryptocurrency world. And only time will tell what the future will actually bring.

But based on past results (which are not an indicator of future performance), you would have to suggest that CZ has a certain industry insight.

What do you think about CZ’s comments? Share your thoughts below!


Images courtesy of Shutterstock

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Kvě 16

Move Over Ethereum: RSK to Enable Smart Contracts on Bitcoin Blockchain

· May 15, 2018 · 7:00 pm

Smart contracts and off-chain computing are coming to the Bitcoin blockchain, thanks to a partnership between RSK and iExec.


RSK to Add Smart Contract Functionality to Bitcoin

The RSK project — which aims to build Turing-complete smart-contract capabilities for the Bitcoin blockchain — is partnering with iExec in an effort to provide off-chain computing to Bitcoin applications and afford decentralized applications the ability to access on-demand and scalable cloud computing resources.

According to a Medium post from iExec editor Wassim Bendella, “the developers under RSK aim at adding value and functionality to [Bitcoin’s] ecosystem by enabling smart contracts, near instant payments and higher scalability.”

This seemingly makes RSK the first general purpose smart contract platform secured by the Bitcoin network, as it uses BTC as its native currency via a 2-Way Peg system. Said system guarantees a fixed conversion between SBTC and BTC at a ratio of one-to-one.

At the same time, iExec is busy developing the self-proclaimed “first blockchain-based decentralized cloud computing network,” which “allows participants who need computing power to meet those who own computing power, thus supporting the most compute-intensive blockchain applications.”

The Bitcoin blockchain is not only the originator but the most battle-tested on the planet. By joining forces, the two companies are pushing the tried-and-true Bitcoin blockchain even further into the future.

The next update from iExec will be coming this month. On Max 29, iExec is slated to release its V2, which is comprised of a decentralized marketplace for the trading of cloud resources. Explains Bendella:

Once V2 is made compatible with RSK as a next milestone, RSK applications and their smart contracts will be able to access the same decentralized cloud that Ethereum dapps make use of. Compute-intensive applications in the fields of fintech, artificial intelligence, scientific research or gaming will be able to leverage these resources, making RSK and iExec the backbone of the Bitcoin ecosystem.

What do you think about smart contracts on the Bitcoin blockchain? Does the prospect of off-chain computing for Bitcoin applications excite you? Be sure to let us know in the comments below!


Images courtesy of Pixabay, Twitter/@RSKsmart.

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Bře 27

Blockchain Games: A Surprising New Player in The Industry

· March 27, 2018 · 3:00 pm

Innovation in the blockchain industry continues at a relentless pace. New projects involving existing blockchains have begun to be created, allowing for the tech’s gamification. On-Chain games or decentralized application (DApps) such as Cryptokitties have captured the attention of many in the blockchain industry.


The advent of the cryptocurrency space in recent years has created a booming new market that has sparked a lot of innovation in the sector. The common blockchain startup has been to create ICOS as a medium for startups to generate capital. However, the new trend has been to create dApps on existing networks. These dApps range from payment networks to games based on blockchain technologies.

These so-called ‘blockchain games‘ have been touted as a new way blockchain innovators can interact with a growing user base. However, some question the viability and safety of these games.

CryptoKitties: What Are They?

CryptoKitties: What Are They?

In December of last year, the Ethereum blockchain was overrun with requests. Transactions that had once taken minutes to confirm began to take hours as users of the DApp game CryptoKitties began fostering their kitty collections. Users rushed to create and trade these cats as the project began to roll out. This may lead you to the question: What are CryptoKitties?

CryptoKitties is one of the first on-chain and widely adopted blockchain games. The game consists of digital kitties facilitated by a smart contract on the Ethereum blockchain. In the game, you can buy, sell, and breed cats using the smart contract.

Each CryptoKitty is unique with its own personalities, traits, and physical characteristics that allows it to be differentiated from other kitties. Players are incentivized to breed kitties in attempts to find rare traits which are unique to certain kitties. This just sounds like a way to spend free time, not money right?

Well, the game is far from free. Transactions for the CryptoKitty game have to be maintained by the Ethereum based smart contract which requires Ethereum.

So why do players agree to spend Ethereum on the game?

Players are incentivized to do so by the chance of real profit when they breed and trade cats. As mentioned previously, kitties can obtain certain rare traits which become very valuable in the CryptoKitty marketplace.

How much profit are we talking about, you ask? Well, as an example, the original CryptoKitty sold for over $110,000 worth of Ethereum on the native CryptoKitty market. So do not get these games wrong, there often can be a large sum of money involved.

in an attempt to help grow and improve the CryptoKitty platform, the team has requested funding and has succeeded in raising over $12 million dollars. This funding will go to the developers to help foster innovation, which should help the CryptoKitty platform to grow even more.

Other promising blockchain games have begun development and certain projects have only become even more engaging while still remaining ambitious.

Ethermon is another game that allows players to interact with the Ethereum blockchain. Ethermons are in some sense similar to the popular card game, Pokemon. The object of the game is to capture, trade, and use these in-game characters to battle each other. Like CryptoKitties, these digital creatures can be traded for a profit or a loss using Ethereum. Similar to the CryptoKitty application, Ethermon was a nice addition to the DApp/Blockchain game sub-industry.

Blockchain Games: A Worrying Trend or an Exciting Leap Forward?

Blockchain Games: A Worrying Trend or an Exciting Leap Forward?

Some cite the CryptoKitty craze as accounting for over 30% of the transaction volume in the Ethereum network at its peak with other Dapps coming close behind. In direct correlation to this, after the deployment of the CryptoKitty smart contract, unconfirmed transactions on the Ethereum blockchain increased more than sixfold according to Etherscan statistics.

While the increase in unconfirmed transactions has caused concern among some members of the blockchain community due to the popularity of the game affecting the efficiency of transactions on the network, others take a far more optimistic view.

Arthur Camara, a developer with CryptoKitties parent company Axiom Zen, stated:

We think that blockchain games unlock new categories and possibilities. […] With blockchain, gaming suddenly becomes open, transparent, portable and extensible.

The industry is still in its infancy but in order for blockchain-based games and other gamified DApps to succeed, developers will need to find a way to be innovative without adversely affecting the efficiency of the current blockchain networks.

What blockchain games do you think are going to succeed? Do you have any ideas which you think will be successful as a blockchain application? Tell us down below in the comments.


Images courtesy of CryptoKitties, iStockPhoto

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vDice Publishes Code Audit for ICO

Source: bitcoin

vdice

The vDice Crowdsale (ICO) starts on November 15th.

Disclaimer: This is a press release provided by vDice.

VDice Announces ICO

ICO on Ethereum people are taking note of the platform.

The vDice team have created the world’s 1st live, working, fully decentralized gambling platform. Using the power of Blockchain and Ethereum Smart Contracts, it is a new paradigm in online betting.

There are few live, working Dapps on Ethereum, processing transactions securely. People want to know how vDice works and how it is secure.

The vDice team has responded. They have published a full, independent, 3rd party code audit.

The audit was conducted by blockchain security expert Peter Vessenes. Peter Vessenes is an original founder of the Bitcoin Foundation.

He is well respected in blockchain for his abilities as a coder, auditor and overall blockchain expert. His security blog gained much attention when he started reporting on the code flaws in the DAO very early.

Jason Colby, who was in the origina Ethereum team, is now on vDice. He notes:

“We really respect Peter Vessenes. He’s been in blockchain forever. He’s a great coder and logician. His technical contributions to blockchain are well know. It was an honour to work with him and earn his respect.”

Code audits are important. Code must be secure.

Making secure Dapps for Ethereum is something vDice take seriously. vDice is one of the most popular Dapps.

The full Audit of the vDice game code by Peter Vessenes is available here.

Overall the code receives the seal of approval. No critical errors are found and very few tiny annoyances.

Peter is also auditing the code for the vDice Crowdsale (ICO).

The vDice unique token, called ‘vSlice’ uses the same smart contract technology, tied to their revolutionary platform.

The post vDice Publishes Code Audit for ICO appeared first on Bitcoinist.net.

vDice Publishes Code Audit for ICO

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