Monthly Archives: July 2018

India Has Become More Optimistic in Crypto as Big Companies Challenge Court

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Crypto companies were heard in India on July 20 as they told the supreme court that the ban on banks interacting with cryptocurrencies is illegal. The global community has placed widespread pressure on the courts to stop the ban, as crypto exchanges have threatened to take their business elsewhere.

Banking Ban Could be Lifted Imminently

On July 5, regulated Indian banks were stopped from interacting with crypto companies leading to a reduction in the availability for users to withdraw or deposit funds. While some users are using peer-to-peer services to continue to use crypto companies, it has led to a reduction in services for Indian users.

The petition to the courts was filed by Kali Digital Eco-Systems, which was set to launch its own crypto exchange, CoinRecoil, in August. They argued the ban was unconstitutional on two grounds. These are Article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and Article 14, which prohibits discrimination and mandates equal protection under the law for all.

major cryptocurrency exchange Zebpay has also challenged the ban on digital asset trading in the courts, challenging the circular issued by the RBI as they “feel it is counterproductive, and against the interest of citizens.” The cases were merged into one hearing to save time after multiple petitions were filed from courts including Calcutta high court and Delhi high court.

Zebpay CEO Ajeet Khurana tweeted: “We have put our best foot forward for the SC hearing today. I am confident that the honorable court will take the right decision in national interest. #Bitcoin”

The government’s chief legal advisor, K K Venugopal, was present at the hearing today. The court required the attorney general of India (AGI) to attend as they felt the case was so significant.

An online petition has also been signed by 44,000 India crypto users who call on the government to clarify their stance on cryptocurrencies. A hearing has been postponed to September 11 as responses are required by the Securities and Exchange Board of India (SEBI) and other regulatory bodies. It is believed this would be a wider clarification on crypto assets that would provide a clearer stance regardless of whether the bank ban is lifted or not.

India: No Plans to Ban Crypto

Recently, a source from inside the Indian government told Quartz that a ban on cryptocurrencies themselves is unlikely and said that the bank ban was an attempt to begin to regulate the market. The concerns appeared to be over anti-money laundering and that by separating banks from the crypto market, it gave the government time to regulate it.

“I don’t think anyone is really thinking of banning it (cryptocurrencies) altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at,” a senior government official privy to the panel’s discussions told Quartz.

Featured Image From Shutterstock

The post India Has Become More Optimistic in Crypto as Big Companies Challenge Court appeared first on NewsBTC.

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Facebook Restores Coinbase Crypto Ads, No Intent to Block Legitimate Companies

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The CEO of Coinbase has just announced that the platform has just been approved to display ads on the largest social media platform in the world, Facebook.

Facebook Repeals Ban On Crypto-Related Advertisements

As the market began to run last year, so did cryptocurrency ad sightings, with dozens, if not hundreds of cryptocurrency companies promoting their product via any social media platform available to the public. However, it quickly became apparent, to social media firms and consumers alike, that there was a growing issue with cryptocurrency-related scams and schemes publicizing their products to a naive audience.

This resulted in the swift ban of crypto-related advertisements by firms such as Google, Twitter, and Facebook, with these firms specifically targeting questionable investment opportunities.  As reported by NewsBTC on July 26th, Facebook announced that it will be reversing its ban on cryptocurrency ads after nearly six months, with the social media firm becoming the first to reverse their embargo on this nascent industry.

With this ban reversal, the Californian firm will be implementing a new system to ensure only reliable and bona fide companies can run advertising campaigns. Prospective advertisers are now required to show the social media firm relevant licenses and background pertaining to the product they wish to advertise, with this process ensuring that no scams are seen by any Facebook customer.

It is important to note that Facebook will still be imposing a ban on Initial Coin Offerings (ICOs) and binary option advertisements, due to potential consumer protection risks.

On Wednesday, Brian Armstrong, the co-founder and CEO of Coinbase, revealed that the crypto infrastructure platform was finally permitted to advertise its product once again. He shared his excitement with users on Twitter, writing:

“Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system”

Coinbase was the first crypto-related firm to get reapproval onto Facebook’s ad platform, as Coinbase has become one of the most publicized and well-known cryptocurrency platforms in the entire industry.

Many expect for Coinbase to begin to use this opportunity to their advantage, utilizing ads to promote their rapidly expanding roster of products, including their overhauled Coinbase Pro exchange, the Coinbase Index Fund, and the institutional-focused Coinbase Custody platform.

A New Potential For Widespread Adoption

Despite not being seen as big news by some, Facebook’s revised rules about crypto-related ads has great potential in sparking a new round of adoption for cryptocurrencies and decentralized ledger technologies (DLT), like the blockchain.

According to an assortment of statistic firms, Facebook is now the host of over two billion monthly users, making it the largest social media platform in the world.

Coinbase will likely be allocating a substantial amount of funds to their Facebook advertisement campaigns, opening up the crypto industry to millions of new consumers, looking to make their first entrance into this industry.

Featured Image from Shutterstock

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Bears Regain Control as Crypto Selloff Continues

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FOMO Moments

A red start for the weekend in Crypto land; altcoins falling heavily are Dash, Cardano, Monero and Nem, only VeChain is climbing

Anticipation of a quantifiable recovery for crypto markets has faded as we enter the weekend. The selloff has continued and the rally appears to have been another blip in a lengthening bear market. Total market capitalization has fallen below $280 billion and looks to be heading further south.

After holding steady at $7,400 for a few days Bitcoin has fallen back by 1.7% to $7,320. Further declines could see BTC dropping below $7k again and into dangerous territory. Likewise with Ethereum however it has remained stable over the past 24 hours with no further losses, trading at $460.

Predictably the altcoins are all in the red for the third day though today’s losses are not as heavy as yesterday. Everything is down in the top ten with Cardano taking the biggest hit of just over 9%. ADA has consistently been one of the worst performing altcoins since its January all-time high. It is currently trading at $0.161 which is about the same level as it was this time last month. Stellar has also fallen back again by another 5.5% on the day to $0.274, the rest are down by 3-4%.

Dash is getting absolutely trounced this morning with a 12.7% slide to $240. Over the month is has lost 10% as all gains from the recent rally are getting wiped out. Other altcoins in the top twenty losing heavily are Monero and Nem, both down over 6% on the day.

The only cryptocurrency in the green in the top 25 is VeChain which is posting a 8.3% gain on the day to trade at $1.80. Since the beginning of May VEN has been absolutely trounced losing 67% from $5.50 to its current levels. Today’s gain raises VeChain back to its level this time last weekend. During the mid-week rally it broke $2 but since then has lost all gains.

A couple of obscure alts are also posting gains today, way down the chart is WAX and Kin which are both up around 4%. The rest are still be sold off though at a slower rate indicating that the next low may not be as low as the previous and another rally may be possible.

Total crypto market capitalization has fallen for the third day in a row. Today it is down 2.8% to $277 billion and still falling. Trade volume has also fallen again from $16 to $14 billion. Apart from VeChain the only other thing that is up at the moment is Bitcoin market dominance which has climbed 5.3% since last weekend to 45.3%.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Bears Regain Control as Crypto Selloff Continues appeared first on NewsBTC.

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CNBC Fast Money Speaks On Bitcoin Run-Up And Stellar’s Astonishing Week

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On Friday, CNBC’s “Fast Money” show has continued its coverage of the cryptocurrency market, recapping the past week’s crypto price action, namely the Bitcoin and Stellar run-ups.

“Currency War” Could Push Cryptos Higher

The past seven days have been generally bullish for the cryptocurrency market, with Bitcoin seeing an over 15% move to the upside, with many altcoins following closely behind. Despite staying relatively stagnant over the past 2 to 3 days, with Bitcoin holding and altcoins taking a slight hit, some cryptocurrency analysts think that this is a bullish sign.

Despite not physically being present, Brian Kelly, CNBC’s in-house crypto expert and CEO of the blockchain-centric BKCM investment firm, issued a message to the Fast Money hosts regarding this week’s price action.

Holding a bullish tone, Kelly wrote:

The character of the market appears to have changed. For most of this year, every rally was met with aggressive selling, that has changed over the last 2 weeks.

Essentially, Kellly believes that if Bitcoin can hold key resistance levels for extended periods of time after a run-up, it is a bullish sign. Kelly also went on to explain that a potential for a “currency war” could be a “tailwind” for Bitcoin moving forward.

For those who are unaware, the U.S. President Donald Trump recently made a series of orders that put trade restrictions on a variety of U.S. trading partners, making some believe a “currency war” is inbound, resulting in a higher level of financial imbalance between nations.

This financial instability and uncertainty could spark a growing need for a financial safe haven for investors in the near future, with Bitcoin filling that need perfectly as “digital gold“.

Brian Kelly Speaks On The Stellar (XLM) Project 

As reported by Ethereum World News previously, the past week saw XLM take off, easily outperforming a majority of altcoin projects, rising from 20 cents to 30 cents within a week. This enormous price move was attributed to an influx of positive news regarding the project, namely IBM’s use of a Stellar-based stablecoin and the potential addition of XLM to Coinbase.

As a result of this bullish price action, Stellar’s collective market cap surpassed Litecoin’s, with the former becoming the 6th largest cryptocurrency in the entire industry. Kelly also expressed his thoughts about Stellar’s run-up in the aforementioned message, writing:

Stellar is both a currency and a platform, so it makes sense that it is more valuable than Litecoin. The partnership with IBM is very interesting and could add even more value as they build more products on the Stellar platform.

Another host on the Fast Money panel doubled-down on Kelly’s apparent bullish sentiment regarding XLM, stating that there could be a “capital flight” from XRP to Stellar in the near future, citing the reason of Stellar’s use case as a viable transactional tool.

The post CNBC Fast Money Speaks On Bitcoin Run-Up And Stellar’s Astonishing Week appeared first on Ethereum World News.

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Hashflare Drops Bitcoin Mining Contracts As Profitability Dwindles

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bitcoin development

Hashflare, one of the most prominent cloud mining service, recently made an announcement that it would begin to turn off their SHA-256 miners starting on July 20th, as a result of rapidly declining profits.

For those who are unaware, cloud mining is a mining system that allows third-party users to rent out or purchase hashing power from a mining firm, with the consumers thereby receiving the cryptocurrencies mined by said hash power. This option is great for users who do not have the ability to upkeep a mining machine in their home but still want to get involved with cryptocurrency mining.

In the aforementioned announcement, the cloud mining company wrote:

BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract.

Despite being met with criticism and disappointment from the community and Hashflare’s customers, this announcement was a long time coming, with the firm expecting for their Bitcoin mining operation to go under for weeks on end.

On June 11th, the firm announced that their SHA-256 payouts were lower than the maintenance fee charged by the company, resulting in user’s balances not increasing. Attempting to please their customers, the HashFlare team noted that they will be doing their best to optimize the mining process, hopefully decreasing fees, and reversing the profitability loss.

A clause from Hashflare’s terms of service (TOS) elaborates on this point, stating:

The Mining process continues until said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees will become larger than the Payout. If mining remains unprofitable for 21 consecutive days the Service is permanently terminated.

On the release of the June announcement, many users went into a panic, with some cynics speculating that they were going for an “exit scam,” with the firm supposedly taking the funds of customers unwarranted. However, with this announcement, it has become official that HashFlare will be terminating all of their SHA-256 mining services, in accordance with their TOS, and not in malintent.

It is likely that HashFlare was using older mining machines that pale in comparison with Bitmain’s newest SHA-256 lineup, resulting in close to zero or no profitability at all.

The State Of The Bitcoin Mining Industry 

The cryptocurrency industry has had far from a bullish start to 2018, with cryptocurrency prices collectively dropping by ~70% since the start of the year. However, the mining scene has had it worse, with difficulty increasing amongst declining prices, resulting in an unsustainable mining environment for all but the largest corporate mining operations.

According to BitInfo, a well-known cryptocurrency statistics service, mining profitability has fallen by over 90% since the start of January, as a result of more efficient mining hardware, coupled with there still being an increase in interest from miners.

It is unlikely that this is going to change anytime soon, as cryptocurrency mining still remains to be a hot topic for many firms, as long as they can retain profitability.

The post Hashflare Drops Bitcoin Mining Contracts As Profitability Dwindles appeared first on Ethereum World News.

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Tron (TRX) Ecosystem Fortified With TronLink

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TRON TRX Coin Burn

To stand out among equals, Tron continues to add myriads of developments and partnerships. One very noticeable progress that has been added to Tron ecosystem is the TronLink, an extension that gives room for DApps like Ethereum’s Cryptokitties to survive on Tron blockchain. This landmark achievement came in after the Tron complete migration from Ethereum network to its MainNet.

TronLink is a Chrome extension built purposely for developers to have the opportunity to create and interact with DApps using their browsers. According to the Tron community, it is the passport into the land of decentralized applications on Tron blockchain.

In a tweet by Tron Foundation, the extension was seen as a significant step before the Virtual Machine Testnet launch on July 30.

What Is TronLink?

TronLink is designed by TronWatch, the developer of TronWatch Wallet, an open source App for managing Tron finances. The TronWatch Wallet according to the designer would soon be live on iOS, Android, macOS, Windows, Linux and the Chrome.

To add to the ecosystem, TronWatch designed TronLink, giving smooth entry into the Tron Blockchain.

TronLink Extension

Through it, users can connect the content of a website to a secure platform where they can send, receive, and sign transactions, the designer of the extension said in a medium post, adding that it “provides similar functionality to our desktop wallet while also offering a concise, yet elaborate developer API for Tron applications”.

“The extension runs in a sandboxed environment and uses robust encryption to secure your wallet details. No matter the number of accounts, TronLink will keep your funds safe. Users have the choice of importing existing accounts while still retaining the ability to generate additional accounts.”

For those familiar with DApps like Ethereum’s ‘CryptoKitties’, using this extension makes it possible for Tron developers to design such project on Tron Blockchain.

Made simple, developers willing to design ideas like Cryptokitties would be able to use API provided by TronLink to seek the signing and broadcasting of transactions via TronLink. TronLink is to Tron what MetaMask is to Ethereum Network.

Around a year that Tron launched its ICO, Tron has decided to move out of Ethereum ERC20. At first, Tron launched its Testnet to see if there would be a problem after launching the MainNet. However, after the MainNet was launched, Tron has been doing great without any noticed attack or upheaval.

The post Tron (TRX) Ecosystem Fortified With TronLink appeared first on Ethereum World News.

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Ex-Forbes China President Joins NEO (NEO) Project

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NEO 2018

NEO (NEO) –Nearly all blockchain projects are trying hard to be relevant, but some have truly outperformed another in this area. One very reputable project in the blockchain space is NEO. The cryptocurrency has been wining for some time.

Moonlight a project on the NEO Network has announced that ex-president of Forbes China, accepted to join the project as a strategic advisor, causing the NEO enthusiasts to say the space has started receiving big guns, which may result in a massive expansion for the cryptocurrency and its ecosystem, especially.

Mr. Melvyn Goh, who was head Forbes China and Harvard Business Review China, was a respected and strong campaigner for Forbes China 30 Under 30 initiative. He is instrumental to many strategic partnerships and collaborations and at the same time supporting countless innovations and knowledge development.

Before ascending the mantle of leadership at Forbes China, Mr. Goh was President of Mindshare China, a company that has the likes of IBM, Rolex, and L’Oreal as clients.

He was an active member of Mindshare Worldwide EXCO, a firm with more than 100 offices in 80 countries.

In 2011, he was celebrated with an award of the Agency Head of the Year for Greater China by Campaign Asia in 2011. The co-founder of Moonlight, Alan Fong, displayed happiness seeing Goh join the team.

“We’ve been searching for a versatile senior executive to join our team for a long time. We were looking for someone with the ability to help us in business strategy and market adoption, and who is also passionate about disrupting the current landscape and pushing boundaries. Melvyn has a strong track record of launching innovative initiatives, and we are glad that he has decided to join us.”

Goh made known that he is delighted to join Moonlight, adding that “ I particularly like Moonlight’s mission to address fraudulent and grossly exaggerated resumes. I hope with my understanding of market development and consumer adoption, I can help accelerate this process.”

The project Moonlight is a decentralized blockchain disrupting the employment industry, developing options in this industry by enhancing firms that need trusted workforce.

NEO In the Crypto Space.

NEO stays on the 12th position in the cryptocurrency market, it has a market value of $34.99 and has been 1.54% up in the last 24 hours. Neo has a market cap of $2,274,649,000 with $94,766,500 24 hours trade volume.

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You Too Can Apply to the Lufthansa and SAP.iO First Ever Global Aviation Blockchain Challenge

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The Lufthansa Innovation Hub (LIH) in collaboration with SAP.iO have launched the first ever Global Aviation Blockchain Challenge. The challenge is geared towards exploring the potential opportunities in blockchain technologies as well as ways of how the aviation industry can adopt the revolutionary technology. Both firms are enthusiastic that the Travel and Mobility tech scene can attract blockchain entrepreneurs by providing the perfect environment to ‘ideate and experiment with new business models’.

The announcement was made public via the official website of the Aviation Blockchain Challenge. Entrepreneurs will have access to the Lufthansa innovation ecosystem and access to SAP blockchain assets. There will also be a mentorship program to further push new ideas to the spotlight of relevant decision makers.

Thorsten Dirks, the CEO of Eurowings and a Board member of the Lufthansa Group is quoted as saying that:

Blockchain is one of the game-changing technologies of our time, which we are systematically addressing as part of our digital strategy for the Lufthansa Group…By combining our aviation industry expertise with the Blockchain technology of [SAP], we are creating the ideal worldwide framework for addressing Blockchain entrepreneurs with an affinity for travel and mobility.

Similar sentiments were echoed by the Chief Strategic Officer and Executive V.P of SAP, Deepak Krishnamurthy:

SAP is excited to partner with Lufthansa on this exciting startup challenge to reinvent the traveler experience, airline operations and supply chain with Blockchain. With our industry leading SAP Leonardo Blockchain platform and Lufthansa’s market leadership and expertise in Aviation, we can foster a new innovation ecosystem that can potentially transform the entire travel industry.

The Aviation Blockchain Challenge is divided into three categories:

  1. Airline Challenge
  2. Traveler Challenge
  3. Supplier Challenge

The submission of ideas is ongoing up until the 31st of August, 2018. 

The two firms have further added the following incentives to attract the best of the best blockchain entrepreneurs:

  • A Global stage for your idea including international press coverage and media awareness
  • Potential pilot project with Lufthansa Group
  • Professional mentoring for all shortlisted teams
  • Possibility to pitch in front of senior management
  • Coverage of travel expenses (up to 2500€ per team)
  • Finalists can get access to Blockchain-as-a-Service from SAP in order to build or improve their MVP
  • Office space for up to 3 months in the Berlin ecosystem – to work on your idea together with us

More information about the challenge can be obtained from the website earlier provided.

The post You Too Can Apply to the Lufthansa and SAP.iO First Ever Global Aviation Blockchain Challenge appeared first on Ethereum World News.

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Coinbase Secures $20 Billion Hedge Fund and Plans to Offer Margin Financing for Institutional Investors

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In early July 2018, San-Francisco based startup Coinbase launched its custodian solution for institutional investors. The leading digital asset exchange has now secured a $20 billion hedge fund to offer investors a greater variety of financial services.

Coinbase Custody Draws Institutional Capital into Crypto

The everyday investor’s go-to service for buying and selling cryptocurrency, Coinbase, is finding ground in the institutional investment sector by purchasing a $20 billion hedge fund through its prime broker, Business Insider reports July 19.

The name of the specific fund was not disclosed in the report. However, Coinbase confirmed they are also working to get other funds to trade on its platform.

Coinbase Rebrands GDAX Platform to Coinbase Pro, Acquires Paradex
Related: Coinbase Rebrands GDAX Platform to Coinbase Pro, Acquires Paradex

Coinbase launched its prime broker service, Coinbase Prime in early 2018.

Non-existent in the crypto world, prime brokers connect institutional investors, such as hedge funds, with exchanges and other investment firms to provide a bundle of services including, margin financing. According to Business Insider, Coinbase plans to offer margin financing for institutional clients by the end of 2018.

Margin financing allows investors to borrow securities and funds to trade, increasing potential profit and enabling leveraged short positions.

In an interview with Business Insider, Greenwich Associates’ consultant Richard Johnson said: 

“Coinbase is pursuing a lot of different initiatives that make sense and take it closer to or are more similar to traditional finance: custody, financing, lending, security tokens, and the institutional portal. They have the resources to fund them and will surely have some successes.”

Without prime brokers, investment firms are subject to the same vulnerabilities as exchanges, including hacking, operational faults, and technical errors. Through Coinbase Prime, Coinbase hopes to vertically integrate its prime-broker, exchange and custody services to become an aggregate solution for institutional investors seeking to enter the cryptocurrency sector.

Coinbase took a step towards drawing in institutional capital when it launched its digital assets custodian solution, Coinbase Custody on July 2, 2018.

Coinbase Backpedals Approval to List Security Tokens

Days after announcing SEC and FINRA approval to acquire Keystone Capital Corp., Digital Wealth LLC, and Venovate Marketplace Inc, Coinbase retracted its statement and revealed that it supposedly never needed the SEC’s permission to finalize its acquisitions.

Coinbase spokeswoman Rachael Horowitz told Bloomberg:

“It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application.”

Related: Coinbase: Never Needed SEC Approval to List Security Tokens

It appears Coinbase is moving forward with its newly acquired alternative trading system (ATS) license, broker-dealer license and registered investment advisor (RIA) license to list security tokens on its platform in the future.

However, it is unknown whether the SEC will intervene before any tokens make their way onto the Coinbase markets.

The post Coinbase Secures $20 Billion Hedge Fund and Plans to Offer Margin Financing for Institutional Investors appeared first on CryptoSlate.

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Buterin: Ethereum Can’t be Forced to Adopt Code I Write, Merit of Decentralization

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At the TechCrunch: Sessions Blockchain 2018 hosted in Zug, Switzerland, Ethereum Creator Vitalik Buterin explained the decentralized nature of the Ethereum blockchain and the merit of eliminating single points of failure.

Decentralization in Ethereum

Unlike Bitcoin, the creators of Ethereum are outspoken, accessible and well known to the cryptocurrency and finance community; figures like Vitalik Buterin, Joseph Lubin, and Charles Hoskinson have become influential developers and entrepreneurs in the blockchain industry.

A common misconception about Ethereum is that the public disclosure of the identities of the creators of the blockchain network opens the Ethereum network vulnerable to single points of failure, and if these individuals are forced with violence to write code and alter the blockchain, the Ethereum network could fall in danger.

In short, this theory is simply nonsensical and illogical. As former Goldman Sachs CEO Lloyd Blankfein said, major digital assets such as bitcoin and ether, the native cryptocurrency of Ethereum, are consensus currencies. They are operated without the presence of central parties and sustained without the involvement of intermediaries, through a decentralized network of developers and users that have the ability to reach consensus with a variety of methods.

Currently, Ethereum is a proof-of-work (PoW) network, meaning that miners and nodes have the power to adopt or reject the code of the developers in the Ethereum ecosystem.

If Vitalik Buterin and his team of developers create a hard fork to alter or improve an element of the Ethereum blockchain network, the entire community of miners, users, and node operators will have to be on board, and if consensus is not reached, the software upgrade is rejected and the hard fork either is dismissed or could lead to two chains, as seen in the case of Ethereum and Ethereum Classic.

Buterin explained:

“The thing with developers is that we are fairly fungible people. One developer goes down and someone else can keep on developing. If someone puts a gun to my head and tells me to write a hard fork patch, I’ll definitely write the hard fork patch. I’ll write the GitHub issue, I’ll write up the code, I’ll publish it, and I’ll do everything they say. If I do this and publish a hard fork patch to delete a bunch of accounts, how many people will be willing to download the update, install it and switch to that update? This is called decentralization.”

Cost of Decentralization

The striking merit of decentralization is the non-existence of central authorities and the inability of a centralized group of people to manipulate a network or a protocol. But, decentralization is expensive and inefficient, and in most cases, using a public blockchain to process information in a peer-to-peer manner is highly unproductive.

Co-Founder Joseph Lubin: ‘Ethereum Entering Phase 2’
Related: Co-Founder Joseph Lubin: ‘Ethereum Entering Phase 2’

But, in some cases, the expensive cost of running a decentralized network to process information can be justified in areas like payments, insurance, real estate, transfer of assets, and trading.

Ether, for instance, is a consensus currency based on the Ethereum network that is immutable, transparent, and open-source. If Ether had been placed on a centralized database, its value as a consensus currency would vanish.

As Buterin emphasized, it is important for individuals, businesses, and developers to be aware of the inefficient nature of blockchain technology as a data processing network, and focus on deploying decentralized applications that really require decentralization to perform optimally.

To watch the full fireside chat with Vitalik Buterin, watch the video below:

The post Buterin: Ethereum Can’t be Forced to Adopt Code I Write, Merit of Decentralization appeared first on CryptoSlate.

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