Lifeboat Foundation

Individuals who mine Bitcoins needn’t be miners. We call them ‘miners’ because they are awarded BTC as they solve mathematical computations. The competition to unearth these reserve coins also serves a vital purpose. They validate the transactions of Bitcoin users all over the world: buyers, loans & debt settlement, exchange transactions, inter-bank transfers, etc. They are not really miners. They are more accurately engaged in transaction validation or ‘bookkeeping’.

There are numerous proposals for how to incentivize miners once all 21 million coins have been mined/awarded in May 2140. Depending upon the network load and the value of each coin, we may need to agree on an alternate incentive earlier than 2140. At the opening of the 2015 MIT Bitcoin Expo, Andreas Antonopolous proposed some validator incentive alternatives. One very novel suggestion was based on game theory and involved competition and status rather than cash payments.

I envision an alternative approach—one that also addresses the problem of miners and users having different goals. In an ideal world the locus of users should intersect more fully with the overseers…

To achieve this, I have proposed that every wallet be capable of also mining, even if the wallet is simply a smartphone app or part of a cloud account at an exchange service. To get uses participating in validating the transactions of peers, any transaction fee could be waived for anyone who completes 1 validation for each n transactions. (Say one validation for every five or ten transactions). In this manner, everyone pitches in a small amount of resources to maintain a robust network.

Continue reading “How to Incentivize Bitcoin miners after all 21M BTC are awarded” »

Quantum computing and the blockchain both get plenty of attention in 2017, and now researchers in Russia have combined the two to create what they claim is an unhackable distributed-ledger platform.

The new technology, described as the “first quantum-safe blockchain,” promises to make it secure for organizations to transfer data without the fear of hacking from even the most powerful computers, in this case, the emerging field of quantum computing. Quantum computers make use of the quantum states of subatomic particles to store information, with the potential to do some calculations far faster than current computers. There’s some dispute whether we have actually reached that point yet, but companies such as Google Inc. are promising that true quantum computing is just around the corner.

“Quantum computers pose a major threat to data security today and could even be used to hack blockchains, destroying everything from cryptocurrencies like bitcoin to secure government communications,” a spokesperson for the Russian Quantum Center told SiliconANGLE. “Because quantum computers can test a large number of combinations at once, they will be able to destroy these digital signatures, leaving the blockchain vulnerable.”

Continue reading “Russian group delivers the first unhackable quantum-safe blockchain” »

Bitcoin has terrible UX…in our journey into tech we purchased a few pounds worth on a paper wallet on a bitcoin ATM machine to experiment with and gain familiarity with this new form of internet money.

The paper wallet has an illegibly long code that needs to be typed in or QR code scanned in to get the part bitcoin uploaded to an online usable form of bitcoin.

Bitcoins can be lost because of this bad UX/UI issue.

At the beginning of 2016, Bitcoin was fairly steady at $430. Richelle Ross predicted that it would finish the year at $650. She would have been right, if the year had ended in November. During 2016, Bitcoin’s US dollar exchange rose from $433 to $1000. In the past 2 months (March 24~May 20, 2017), Bitcoin has tacked on 114%, rising from $936 to $2000. _{[continue below image]…}

If this were stock in a corporation, I would recommend liquidating or cutting back on holdings. But the value of Bitcoin is not tied to the future earnings or property value of an organization. In this case, supply demand is fueled—in part—by speculation. Yes, of course. But, it is also fueled by a two-sided network built on the growing base of utilitarian adoption. And not just an adoption fad, but adoption that mirrors the shift in our very understanding of bookkeeping, trust and transparency.

Despite problems of growth, governance and regulation, Bitcoin is more clearly taking its place as the future of money. Even if it never becomes “legal tender” in any country—and is used only as a mechanism of payments and settlement, it is still woefully undervalued. $2000 is not an end-game. It is a beginning.

_{Philip Raymond co-chairs Crypsa & The Bitcoin Event. He is columnist & board member at Lifeboat Foundation,
editor at WildDuck and is delivering the keynote address at the 2017 Digital Currency Summit in Johannesburg.}

• The UN will be using the blockchain Ethereum to distribute funds from the World Food Program to more than 10,000 people in Jordan this summer.
• The computer network is making humanitarian giving simpler and more secure than ever.

Technology has the power to improve people’s lives — and not just by supplying flying cars to millionaires. The computer networks that brought us Bitcoins are advancing in ways that will make humanitarian giving simpler and more secure than ever.

Blockchain, which serves as the underlying infrastructure for Bitcoin, is form of cryptocurrency that has become increasingly popular and experienced all-time high values in the last few months. One blockchain developer, Ethereum, has seen an all-time high in value: in recent weeks it’s topped out trading at over $40 per share.

–In a DAO, a blockchain-based organization, you don’t have a boss or a CEO. What you have is a dynamic set of working relationships continuously and dynamically self-organized around outcomes and projects.

If you’re tired of going to unproductive meetings, commuting in to work just to put in face time, or following commands from a boss you don’t have much confidence in, you may be the right kind of employee for a new type of work environment called a DAO, or Decentralized Autonomous Organization.

We’re in the early stages of seeing these futuristic types of companies roll out already. These early players have run into some missteps, but that’s to be expected. What’s important in the concept of a DAO is the D: “decentralized.”

Continue reading “When blockchains run companies, here’s what your job will look like” »

The emirate believes using the technology to conduct its business will make it more efficient and burnish its business-friendly image.

“Economist and filmmaker Manuel Stagars portrays this exciting technology in interviews with software developers, cryptologists, researchers, entrepreneurs, consultants, VCs, authors, politicians, and futurists from the United States, Canada, Switzerland, the UK, and Australia.”

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