The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

In today’s edition of The Daily we cover stories about a well known economics professor and outspoken crypto-skeptic who is going to speak about the subject at the U.S. Senate, bitcoin-buying service Coinmama adding support for SEPA bank accounts holders, and more.

Also Read: Regulations Roundup: Crypto-Intermediaries in France, SEC Deadline for Rejected ETF Commentary

Crypto-Skeptic Professor to Speak at US Senate

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPARenowned economics professor Nouriel Roubini (commonly known as Dr. Doom) is set to tell American politicians about all the ills he sees in the cryptocurrency ecosystem. The Senate Banking Committee lists him as a witness at a hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem” to be held Thursday, October 11.

Rather than presenting the lawmakers with a balanced review of the matter, Roubini can be expected to use this pulpit to further denigrate the innovation and the community behind it. In the past day alone he repeatedly lashed out on Twitter, writing among else that: “Crypto is the biggest bubble and scam in human history.”

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPA

Coinmama Adds SEPA Support

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPACoinmama, the Israel-based service best known for allowing the purchase of cryptocurrency with credit cards, has announced this week the addition of support for SEPA (Single Euro Payments Area) bank transfers. This means that all Coinmama clients within the EU can now utilize this payment method to buy BCH, BTC, ETH, LTC, and a few other top coins, with their bank-held fiat.

The company explained that SEPA daily payment limits average around $12,000 (€10,250), more than double of credit and debit card daily payment limits. Additionally, the SEPA transaction limits operate separately from other funding methods, meaning it is possible for clients to purchase approximately €5,000 worth of crypto via credit or debit card on top of the crypto purchased through SEPA.

According to Coinmama CEO Asaph Schulman, “SEPA compares favorably with other traditional payment systems, as it combines speed and low fees with the convenience of sending a transfer from your regular bank account. When transfer costs are the prime consideration, it’s hard to find a better option than SEPA for conducting fiat transfers within the European Union.”

Developments in Israeli Ecosystem

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPAThe past week also saw a number of additional developments in the crypto ecosystem in Israel.

Kzen, a Tel-Aviv based startup developing a new easy-to-use crypto wallet, has announced the completion of a $4 million seed round. It was led by Benson Oak Ventures and involved a number of other investors including: Elron, Samsung NEXT, FJ Labs, Collider VC, Block Nation, Jonathan Smith (co-founder of Civic), Pierre Kosciusko-Morizet, Jean David Blanc and more. The founders explained that: “We considered the option of an ICO and quickly discarded it because it did not make any sense (and thank god, we made the right choice). So we went the ‘old way’ and decided to find investors aligned with our vision and in parallel, we searched for unique talents sharing our passion of products well built and deep belief in the crypto industry. That path was tested by the strong correction of the market of the last months but it has served as an important challenge to gauge our determination.”

Moshe Hogeg, whose Sirin Labs raised $157.8 million in an ICO last year, has donated 7 million shekels to Tel Aviv University for establishing an institute of “applied Blockchain Research” at the Coller School of Management. It is meant to train the next generation of entrepreneurs, managers and professionals in the field. Prof. Dan Amiram, Vice Dean of the Coller School of Management, has been appointed as Head the institute, while Dr. Jacob Mendel will serve as its Director. At the agreement signing ceremony, Hogeg said, “I am delighted that we found the much-needed link between entrepreneurs, business and academia. This is a natural continuation of investment in the field of education of students in Israel, something I believe is of the utmost importance. The establishment of this institute will facilitate in-depth research and contribute to accelerating technological development and its application in most areas of our lives for the benefit of entrepreneurs and businesses in Israel and worldwide. I believe that by granting knowledge, practical tools and scholarships to students, we will help train the next generation which will spearhead the next technological revolution.”

The Israel Securities Authority has announced on Wednesday that “Blockchain technology has been implemented in its information systems for the first time.” The installation took three months and was carried out by the Taldor corporation. It was integrated into the system which the regulator uses for sending messages to supervised entities. The developers explained that “the technology confirms the authenticity of the messages, prevents fabrication and prevents the messages from being edited or erased. In addition, the system prevents the possibility of denying that messages were received from the ISA.” It is also planned that in the future the technology will be integrated into the ISA’s investors voting system and company reporting system.

UK Business Newspaper Adopts Satoshipay

The Daily: Crypto-Skeptic Professor to Speak at US Senate, Coinmama Adds SEPASatoshipay, the micropayment processor originally founded in 2014, has announced a partnership with London-based business newspaper City A.M. Under the terms of the agreement, City A.M. readers will be able to read ad-free online content by paying a small fee and using Satoshipay’s digital wallet. The one-click payments are said to take less than a second and there’s no need to create a new subscription account.

Meinhard Benn, the startup’s CEO, said, “With the changing dynamics within the media sector, Satoshipay uses cutting-edge blockchain technology to make micropayments economic and therefore allow readers to purchase individual articles for small payments instead of paying a subscription. This collaboration marks another important milestone in establishing an entirely new way to pay for content. It greatly benefits both parties: expanding Satoshipay’s partner network whilst adding an additional revenue stream for City A.M.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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The DApp Revolution: Rebuilding Society Through Decentralization

The DApp Revolution: Rebuilding Society Through Decentralization

This article about the DApp Revolution was written by Heidi Yu. Heidi is a serial entrepreneur, influencer marketing evangelist, and AI enthusiast. Heidi founded BOOSTO.io, a decentralized app store that returns power to creators and makers. 

If you can dream it, a decentralized application can do itAccording to a report from UK market intelligence firm Juniper Research, there will be “a significant expansion” in the implementation of blockchain-based DApps within the next year. The adoption is happening fast, and it behooves us all to familiarize ourselves with this revolutionary technology. 

Also read: Under the Tent: A Look at the Latest Openbazaar Marketplace Software

Windsor Holden of Juniper predicted in Forbes earlier this year that users should be able to download dApps to their Androids or iPhones by the end of the year. So what are dApps and how do they work?

Blockchain Technology and DApps, in a Nutshell

In order to gain an understanding of dApps, it is first necessary to have some knowledge about blockchain technology, the technology that underlies decentralized applications. If you aren’t already an authority on the actual crypto backbone, here’s a lightning fast crash course.

The blockchain is simply an immutable ledger of records that is organized into “blocks” stored on a decentralized network of computers instead of in one location like on a conventional centralized database. Strategist and blockchain specialist William Mougayar explains this using Google Docs as a comparison: “With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.”

This type of system beats the traditional method of sending records back and forth, allowing only one person to view and edit the record at any given time. At first glance this may seem like a security risk, but most of us trust the blockchain because of its unmatched level of safety and security. In a blockchain-based system, there is a copy of the database on each computer in the decentralized network, and each transaction processed must be validated by every single computer in this database, or the transaction cannot be completed. Once a transaction is completed, the record of it can never be destroyed or altered.

Blockchain Applications and DApp Features

If we think of blockchain technology as comparable to an operating system, then decentralized applications are like the software that runs on that operating system. And so, keeping this analogy in mind, dApps are essentially applications that run on top of a decentralized blockchain database.

DApps generally possess several common features. First, they must be open-source, which means that any changes to a dApp are decided by a consensus of all of the users in the database. Second, they are decentralized, which means they are stored on easily accessible public blockchains. The third distinctive feature of a dApp is that it should generate cryptographic tokens to incentivize validators of the blockchain. The last common distinguishing characteristic of a dApp is that tokens are generated via a cryptographic algorithm, like a Proof of Work (PoW) in order to show proof of value.

The whitepaper for Ethereum, the granddaddy of blockchain platforms, designates three types of dApps; the first is a basic money exchanging dApp, the second involves a currency but adds at least one more function on top of this like a gaming capability, for example, and the third is for voting.

What Can DApps Do for Me?

For our purposes, let’s consider the second type of dApp described in the Ethereum whitepaper, the kind that has a currency but performs other functions as well. This is the type of dApp that will likely prove the most useful to average business folks who will drive the mass adoption of blockchain technology, due to its potential to provide everyday utility and convenience.

The original impulse behind the development of the world wide web was similar to that behind the development of blockchain technology, which was to provide a democratized and collaborative ecosystem for exchanging information and conducting business. This is a dream that has been long since been co-opted by large corporations like Google and Amazon. The advent of blockchain technology and dApps represents the wholesale revival of this dream.

How DApps Can Democratize Human Interaction

To illustrate how dApps could help promote the democratization of business and human interaction, suppose that you are the owner of a small clothing business, and you would like to hire people to make patterns and sew. You would also like to set up an online shop for your clothing line, and maybe even livestream fashion shows. Selling your goods through your online shop, doing your own bookkeeping, and livestreaming your line to customers through your dApps frees you from the burden of having to turn over a hefty portion of your profits to middlemen, like the typical selling platforms. This returns the power to small businesses and individual entrepreneurs allows anyone who dreams of working for him or herself to do so, without the worry of daunting overheads and payments to third parties.

There are literally dozens and dozens of companies coming online that embrace the power of decentralization and dApps. Examples include BOOSTO, a dApps store for social media influencers, and Vultur Social, a decentralized crowdfunding platform. Within a short period of time, anything you find in the centralized app store will be available via the blockchain. The revolution has begun.

The Return of the Family Dinner

The social impact of blockchain technology could be as far-reaching as its effects in the business world. More and more people rely on IoT (Internet of Things) technologies, which allow us to monitor our homes remotely and do things like switch appliances and alarms on or off with the aid of our smartphones. It’s not hard to imagine how much lost family and personal time could be restored to us as these technologies advance.

Envision making dinner while still at the office, using a meal service-driven refrigeration and cooking unit that you control from a decentralized blockchain app. Each part of the dinner, from the pasta to the vegetables could be cooked optimally in its own compartment according to your specialized instructions and ready as soon as you get home. Everyone meets at home after work, or chess club or lacrosse practice with dinner all ready to be served, leaving more time for families to relax and reconnect.

As we become more reliant on IoT technologies, it is important to make them as secure and dependable as possible. The drawback of these devices is that they rely on central databases that are vulnerable to hacking and data loss. The more safe and reliable these systems become, the more we will be able to implement them in our daily lives. With blockchain technology, running all of your IoT devices becomes secure, resistant to hacking and utterly dependable.

DApps could also transform other aspects of daily life, like promising trustworthy online interactions with friends you haven’t met yet. A dating dApp would largely eliminate the problem of “catfishing” so prevalent in the online world, since the trustworthy environment of the blockchain makes it very difficult to pretend to be someone you’re not. These days we meet as many if not more people online than we do in person. This added transparency allows us to do so with greater confidence, restoring some of our lost ability to truly connect as fellow humans.

Blockchain-based Checks-and-Balances

Within systems of governance from school boards to executive branches, potential leaks and security breaches can become a thing of the past. The use of blockchain-based email and other systems will secure communications and facilitate the enforcement of checks and balances, holding decision makers accountable.

There are almost as many ways that this technology could transform lives as there are people to drive its evolution and eventual adoption. DApps are appealing because they are adaptable to individual needs, and they level the playing field between up and comers and those that are already large and in charge. 

Do you think DApps will revolutionize the world? Is the technology viable and ready? How many DApp platforms are scams? 


Images courtesy of Shutterstock


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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China’s Oldest Science and Tech Publication Accepts BTC for Subscriptions

China's Oldest Science and Tech Publication Accepts BTC for Subscriptions

On Sunday China’s oldest tech media publication, Beijing Sci-Tech Report (BSTR) also known as ‘Technology life,’ has announced the business is accepting bitcoin core (BTC) for the magazine’s 2019 subscriptions.

Also read: Launching a Website on the Bitcoin Cash Network Is Now a Reality 

The Publication Beijing Sci-Tech Report Now Accepts BTC for 2019 Subscriptions  

The Beijing Sci-Tech Report (BSTR) is one of the oldest science and technology publications in China. The media organization prints editorials stemming from its ‘Technology Life‘ team of authors, and it also publishes approved content from the well known US science journal Popular Science. This weekend the magazine has announced that it will be accepting BTC for subscriptions towards its 2019 publications. The cost to subscribe to BSTR will be 0.01 BTC (about 450 yuan or $65 USD).

China's Oldest Science and Tech Publication Accepts BTC for Subscriptions
@Cnledger reveals the news on Twitter. 

The Beijing based publication has written reports on cryptocurrencies in the past and the use cases of blockchain technology. According to the press release, the announcement to accept BTC was brought about by the magazine’s desire to promote blockchain technology in a real-world setting for “practical actions.”

“For a long time, blockchain technology has also been the object of in-depth tracking reports offered by Beijing Science and Technology Report and Technology Life,” the magazine’s press release details.

China's Oldest Science and Tech Publication Accepts BTC for Subscriptions
The Beijing Sci-Tech Report (BSTR)

Embracing the Payment Technology in Order to Cultivate New Readers

One interesting fact about BSTR accepting bitcoin, the firm says, is that if the price of BTC grows significantly by 2020, they will also offer some refunds to those who have subscribed using the digital currency. A translated BSTR statement explains the publication hopes to “cultivate new readers” by embracing the payment technology.

Beijing Sci-Tech Report is not the only publication that has tried to entice readers by accepting cryptocurrencies. Back in 2014 Time Incorporated announced accepting BTC through Coinbase for subscriptions to Fortune, Good Health, Travel and Leisure, and This Old House. In April of the same year, the Chicago Sun-Times also revealed it would accept BTC for payments. However, both publishing companies have since removed the BTC payment option. Beijing Sci-Tech Report being a technology-oriented magazine may have better luck than its periodical predecessors.

What do you think about Beijing Sci-Tech Report (BSTR) accepting BTC for 2019 subscriptions? Let us know what you think about this story in the comment section below.


Images via Shutterstock, BSTR, and Pixabay.


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Is the Blockchain Ecosystem Heading in a Different Direction With New Technologies?

Blockchain Ecosystem

Bitcoin remains the primary and first use case for blockchain technology, though there remain doubts as to its efficacy as not just a currency, but also as a payment rail that can reliably facilitate global transfers.

This has led to three alternative proposals, none without their issues but all envisioning a better solution which is scalable—a key concern to be addressed if widespread adoption is ever going to be plausible.

The First Alternative: A Faster and Cheaper New Cryptocurrency

A more efficient new currency which also bases itself on blockchain technology is a popular ...

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Raising the Dead: Is Bitcoin Cash Fiat Currency?

Raising the Dead: Is Bitcoin Cash Fiat Currency?

Since the inception of cryptocurrency, some critics have dubbed it “just another fiat money.” This has been the wail of anti-crypto combatants. They have succumbed to grasping at straws in order to manufacture any rebuttal against the thing they loathe. It doesn’t matter how valid the argument is so long as it satisfies their desire to smear crypto. 

Also read: A Third of Humanity Remains Financially Excluded

Non-Argument

Using this kind of non-argument is akin to raising the dead. When one cannot count on truth to win the day, they reach back in time to deploy old, tired bromides. Jimmy Song performed his own ritual for the dead during a debate with Roger Ver at the Coinsbank Cruise on September 10th.

Instead of articulating a legitimate problem with bitcoin cash, Jimmy claimed it is a “centralized fiat money.” This is virtually the same broken premise crypto-antagonists have trotted out ever since Satoshi penned the white paper, including naysayers like Peter Schiff. It was a tragedy to witness, because fiat currency means something entirely different than what Jimmy believed.

What is Fiat Currency?

Fiat currency is money that is issued by decree or formal authorization. To be more specific, by decree means it is backed by a government’s alleged authority, and then enforced on the population by law — at the barrel of a gun. Generally, when a money is decreed by government, using other kinds of competing paper money is considered a criminal act.

For example, when Bernard Von Nothaus created the Liberty Dollar and attempted to put it into circulation, thugs in costumes raided his company headquarters. They put him in jail and charged him with counterfeiting and fraud.

Raising the Dead: Is Bitcoin Cash Fiat Currency?
Roger Ver

No one is forcing anyone to use bitcoin cash. No men in costumes are coming to arrest those who use bitcoin cash. It is an opt-in, voluntary cryptocurrency.

Here is the definition of “fiat” according to Investopedia:

“Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity.”

Why Bitcoin Cash is not Fiat currency

This is why bitcoin cash, or any other crypto, is not fiat. It is not decreed or authorized by government. It is not “legal tender.” It is possible that a digital currency can eventually be decreed, but then it is likely the “cryptocurrency” in question will not be cryptocurrency in the traditional sense.

For example, the Russian government has talked about creating the “Crypto Ruble,” which would act as their version of cryptocurrency. The problem is it would not be minable, and it would be manipulable by that government. A true cryptocurrency would not possess these “features.”

Jimmy’s Arguments

Jimmy claimed bitcoin cash was fiat currency, because he believed it is “authorized authoritatively.” Jimmy mentioned bitcoin cash was “paternalistic and Keynesian.” He also said it was “controlled by a central authority.”

Raising the Dead: Is Bitcoin Cash Fiat Currency?
Jimmy Song, left.

Bitcoin cash is an open-source and peer-to-peer cryptocurrency that anyone can get involved in and use. It is not “Keynesian.” The amount of cryptocurrency issued into existence cannot be arbitrarily determined. It is determined by the protocol, and is the exact same as bitcoin: 21 million units will be minted by year 2140.

Keynesian economists believe the economy should be controlled and stabilized by government printing of money to prevent economic catastrophe. The bitcoin cash protocol functions antithetically to Keynesian ideology. No one can arbitrarily inflate or deflate the supply of bitcoin cash.

Clearly, Jimmy did not read the primary source on Keynesian economics as Roger pointed out.

Crypto Centralization

Jimmy might have only been trying to argue that bitcoin cash is centralized. However, that is a MUCH DIFFERENT argument than claiming bitcoin cash is fiat. Of course, most people who claim some crypto is “centralized” do not really define what they mean by “centralized.” Bitcoin and bitcoin cash are also both a bit centralized in terms of mining operations. However, the problem is overstated.

Mining in bitcoin and bitcoin cash is more centralized as a result of limited adoption. This means only a handful of mining pools control the networks. However, the more users that begin to adopt cryptocurrency, the more mining operations will appear. This will mitigate the problem of centralization. Regardless, what matters is cryptocurrency remains censorship resistant.

In this regard, bitcoin cash is more censorship resistant than bitcoin core, which has had transactions censored because they got stuck in the mempool when fees skyrocketed. In this sense, one can make the case that bitcoin core is less censorship resistant than bitcoin cash. Therefore, bitcoin core is more “centralized.”

Crypto Paternalism and the Case for Op-Codes

Jimmy’s claim that bitcoin cash is paternalistic was the most problematic comment of the debate. A paternalistic cryptocurrency would mean that it is controlled by an oligarchic cult of developers. In terms of the ecosystem, bitcoin cash does not fit this criteria. It is truly open source in the sense that developers have wide-ranging leeway to build protocols on top of it.

Many of the op-codes have been re-enabled on the bitcoin cash protocol. This means developers have the ability to create new tools and programs. Some have already been developed, such as the Wormhole protocol and platforms like Memo.cash. Ironically, this is impossible on the bitcoin core network because of a mixture of high fees, disabled op-codes, and developer hegemony.

If anything, bitcoin core is more “paternalistic” and strict in terms of who has the right to develop on top of the protocol in a truly open source fashion. What protocol is really the most “paternalistic”?

Raising the Dead: Is Bitcoin Cash Fiat Currency?

Conclusion: Mind your Argument, Jimmy

In the end, Jimmy could not muster a strong argument against bitcoin cash so he resurrected a long-dead one and resorted to hand-wringing and arm-waving. The tragedy is there are certainly questions that need to be addressed regarding bitcoin cash, but it being a “fiat money” is not one of them.

This suggests Jimmy did not intend on making a case against bitcoin cash, but instead wanted to incite drama during a debate. It was just surprising that he would have premised his whole position on an argument that some people make against bitcoin core itself. That alone should have signaled to him that he was reaching.

Do you bitcoin or bitcoin cash is fiat currency? Let us know in the comments section below.


Images courtesy of Shutterstock, Cryptocomes, and Coinsbank Cruise


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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Is Tourism the Next Sector to Benefit from Blockchain Technology?

blockchain technology

Each day, more and more blockchain technology-based solutions are being developed across various major industries and applications globally. It’s also evident how the blockchain revolution has brought about great success, especially in the financial sphere. In fact, as time goes by, we expect to see more industries adopting this technology.

The nascent rise of blockchain technology offers great potential for human efficiency. This can revolutionize some of the significant aspects of the technology, governance, and business. Also, it is tamper-evident, trust-free, and has cryptographic security features. In fact, corporations, governments, and individual investors have adopted blockchain-based ...

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How About Walmart Chocolate Bitcoins? 6 for a Dollar

Walmart Would Sell You Chocolate Bitcoins, 6 for 1$

Supermarket chain Walmart is selling candy bitcoins, at least according to a photo posted in crypto forums. A dollar will get you half a dozen in a bag under the “Everyday Low Price” banner. “The modern currency in chocolate!” hits store shelves in the U.S. while the retail giant files another blockchain-related patent, this time for a delivery system with drones and robots programmed to use distributed ledger technology.  

Also read: Russians Design а ‘Beautiful’ Mining Rig

Chocolate Bitcoins in Walmart Stores

Like many other serious businesses nowadays, we’ve heard from Walmart some ambitious plans for blockchain implementation. Cryptocurrency, however, is a whole other story for many of these corporations, and the U.S.-based retail behemoth is no exception. The “technology behind it” is what most of them are fascinated with. The digital, decentralized money is not on the agenda, for now.

Well, it’s sweet to see bitcoin, which has been the subject of so much hype and attention in the past year, finding its way to store shelves. Not in the pricing of goods, not as a payment option in this case, not yet, but as the new item in the cornucopia of products. Bitcoin is now reportedly entering Walmart stores in America in the form of candy. Sweet, indeed.

How About Chocolate Bitcoins? 6 for a Dollar

The chocolate bitcoins are delivered by the Frankford Candy & Chocolate Company, the Pennsylvania-based candy manufacturer. A photograph posted in the r/cryptocurrency forum on Reddit shows Bitcoin branded boxes of chocolate coins under the well-known “Everyday Low Price” advertisement. And for most of this year’s bear market, the slogan sounded spot on for the real bitcoin as well.

How About Chocolate Bitcoins? 6 for a DollarThe Frankford Bitcoins are packaged in mesh bags containing 1.48 Oz of milk chocolate wrapped in tinfoil, according to Walmart’s website. Six of those should cost you as little as $1 USD. That’s an exchange rate the crypto community hasn’t seen in a while (God forbid), despite this year’s steep slump in the price of BTC, the coin with the largest market cap, from its December all-time highs of almost $20,000 to below 6,000 this summer. Unfortunately, as it sometimes happens with products in high demand or of strong appeal, the chocolate coins are currently unavailable for shipping or pickup. Let’s hope it’s just a temporary shortage.

Walmart Files Another Blockchain Patent

The candy bitcoins appeared just as the retail chain applied for another patent related to the implementation of the technology that underpins cryptocurrencies. The documents filed with the US Patent and Trademark Office (USPTO) detail a blockchain-based, automated system for delivery of goods and services to customers. It’s supposed to use drones and robots which can autonomously authenticate each other. The “Systems, Devices and Methods for In-Field Authenticating of Autonomous Robots” patent describes a process of authentication using data stored on a distributed ledger.

How About Chocolate Bitcoins? 6 for a DollarIn the last couple of years, Walmart has filed several patents pertaining to different applications of the blockchain technology. Its efforts are mainly aimed at maintaining the company’s positions against strong competitors from the e-commerce sector, but not only. In 2016, Walmart announced an initiative to improve food safety by utilizing blockchain tech to provide better food tracking and consumer safety. The project was launched in collaboration with IBM and Tsinghua University. In June of this year, the retailer won a patent for a system to house medical records on a blockchain.

Walmart Inc. is one of the largest companies with almost 12,000 stores in 28 countries around the globe. With over 2.3 million employees, it’s also the biggest private employer in the world. The multinational retail corporation operates a chain of hypermarkets, department and grocery stores, and is arguably the largest company by revenue.

Do you think products like the chocolate bitcoins can increase the interest in cryptocurrencies? Tell us in the comments section below.


Images courtesy of Shutterstock, TheKayleMain (Reddit), Walmart.


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California Passes Bill Defining Blockchain and Crypto Terms

California Passes Bill Defining Blockchain and Crypto Terms

A draft law designed to amend California’s legislation to create legal grounds for the implementation of crypto-related technologies has been passed by the state’s legislature. Assembly Bill 2658 amends the California Civil Code, Government Code, Corporations Code, and Insurance Code to legalize the use of blockchain secured data and smart contracts in local and foreign commerce. The document contains important definitions of some key blockchain and crypto terms.

Also read: New Bill Clarifies Crypto Taxation in Poland

California State Legislature Adopts DLT Bill

California democrat, 32-year old Assembly member Ian Calderon has scored a notable success in his efforts to push through a draft defining basic terms related to cryptocurrencies and the underlying distributed ledger technology (DLT). The state’s legislature has recently passed his Assembly Bill 2658 which introduces legal definitions of “blockchain technology” and “smart contract”, and revises others like “electronic record” and “electronic signature” to legalize and facilitate record keeping using DLT. The draft is co-sponsored by Senate democrat Bob Hertzberg.

Several important laws will be amended through the adoption of the bill. This will include changes of the provisions of Sections 1624.5 and 1633.2 and adding a new Section 1633.75 to the state’s Civil Code. The act also amends Section 25612.5 of the Corporations Code, Section 16.5 of the Government Code, and Section 38.6 of the Insurance Code relating to electronic records.

California Passes Bill Defining Blockchain and Crypto Terms

The existing Uniform Electronic Transactions Act of California specifies that a record or signature may not be denied legal effect or enforceability solely because they are in electronic form. It also states that a contract may not be denied legal effect or enforceability only because an electronic record was used in its formation. The act clarifies that if a law requires a record to be in writing, or if it requires a signature, an electronic record or signature should satisfy the law.

Bill 2658 aims to revise provisions of the act that define “electronic record” and “electronic signature” to include a record or a signature secured through blockchain technology. It would also add the term “smart contract” to the legal definition of “contract.” Additionally, the draft specifies that a person who uses blockchain technology to secure information in relation to interstate or foreign commerce retains the same rights of ownership and use as before the data was secured with a distributed ledger.

‘Blockchain Technology Provides Uncensored Truth’

California Passes Bill Defining Blockchain and Crypto Terms
Ian Calderon

The introduction of legal definitions describing key terms related to DLT technologies and cryptocurrencies, in general, is a notable merit of Calderon’s bill. One of the important new provisions states that “Blockchain technology means distributed ledger technology that uses a distributed, decentralized, shared, and reciprocal ledger, that may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless.” Clause (c) added to Section 1633.2 of the California Civil Code reads that “the data on the ledger is protected with cryptography, immutable, auditable, and “provides an uncensored truth.”

Another new text, 1633.2 (p), defines the term “smart contract” as “an event-driven program that runs on a distributed, decentralized, shared, and replicated ledger that can take custody over, and instruct transfer of, assets on that ledger.” And in 1633.2 (e) of the revised act, the authors of the amendments have made it clear that “Contract”, as defined in the law, includes smart contracts. Additions to section 1633.2 (h) and (i) of the Civil Code now note that “A record that is secured through blockchain technology is an electronic record” and “A signature that is secured through blockchain technology is an electronic signature.”

Bill 2658 has been passed in the state’s Senate, on August 23 and in the Assembly, on August 27, after both houses made several amendments since it was introduced in the California legislature earlier this year. To become law, it needs to be signed by Governor Jerry Brown.

What do you think about the new bill? Share your opinions on the subject in the comments section below.


Images courtesy of Shutterstock.


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The post California Passes Bill Defining Blockchain and Crypto Terms appeared first on Bitcoin News.