Cash Archives -
This past Thursday, the lead developer of Bitcoin ABC, Amaury Séchet, published a paper on the social media platform Yours.org about a protocol technique called ‘pre-consensus.’ According to Séchet, and other BCH developers like Bitcoin Unlimited’s Peter Rizun, pre-consensus could improve block propagation time, benefit zero-confirmation reliability and help delegate decisions tethered to consensus conditions.
Bitcoin ABC’s Amaury Séchet Publishes a Paper Called ‘On Markets and Pre-Consensus’
This week, Amaury Séchet, the Bitcoin ABC client’s lead developer announced on Twitter that he had wrote a paper called, “On Markets and Pre-Consensus.” The article discusses the concept of pre-consensus which Séchet describes as a protocol that enables network participants to agree on what the next block size will look like. Various developers have discussed this idea before, including Bitcoin Unlimited’s chief scientist, Peter Rizun, who wrote about the subject for the Ledger academic publication, and Rizun also discussed pre-consensus during his talk at the Satoshi’s Vision Conference in Tokyo.
“Even before Bitcoin Cash was a thing, I was promoting the idea of pre-consensus — This refers to a set of technologies allowing network participants to agree as much as possible on what the next block is going to look like,” explains Séchet’s paper. “If done well, this provides significantly stronger 0-conf guarantee that we currently have, while also allowing to reach greater scale by moving work out of the critical path (if a node know what the next block is going to look like, a lot of the validation work can be done ahead of time).”
As it turns out, pre-consensus has the added bonus effect that it allows to delegate the responsibility of picking various values which are currently centrally planned to the market. Actors who use different policies will be able to reconcile their differences in a time scale that is compatible with 0-conf.
Séchet Says Pre-Consensus ‘Too Important to Not be Tackled Now’
Séchet delves further and states that pre-consensus has been on the BCH roadmap since day one, and has made “zero progress” so far. He explains that the past year had been hectic and the latest “flavor of the day” is tokens.
“While all these projects have value, it is clear that I need to ruthlessly prioritize pre-consensus,” Séchet emphasizes.
The actions I have to take along the way will surely irritate many, but this is too important to not be tackled now.
Nchain’s Craig Wright: ‘No Hash Goes to This Crap — They Want It, They Fork It’
After Séchet published his idea and fellow colleagues began to share the paper on Twitter, Nchain’s chief scientist Craig Wright spoke out against the pre-consensus idea. “No hash goes to this crap — They want it, they fork it, without us,” Wright states on Twitter. “Without the apps using our code, our IP etc. — Without the companies, we have invested in.” Of course, the outburst from Wright got the community stirring wildly into a heated discussion.
There’s also a Reddit conversation about pre-consensus and Wright’s comments on the subreddit r/BTC which has over 400 comments at the time of writing. The top comment belongs to Bitcoin Unlimited’s lead developer, Andrew Stone. “At Satoshi’s Vision Conference, Craig Wright said his miners were going to detect and somehow penalize double spends which is a form of pre-consensus,” Stone says. “We don’t even know concretely what Deadalnix (Amaury Séchet) is proposing so how can a person reject it and call it crap?”
An Avalanche of Pre-Consensus Emotions
Other developers such as the Yours.org founder, Ryan X Charles, seemed to be interested in the idea of pre-consensus when discussing the subject in one of his latest videos. Charles gives his viewers a glimpse of what he thinks about Séchet’s latest statements, and details there is also a paper called, Avalanche, which offers a unique approach to pre-consensus. The paper “Avalanche: A Novel Metastable Consensus Protocol Family for Cryptocurrencies,” was written by a group of developers who call themselves ‘Team Rocket’ after the mischievous Pokémon characters.
Other members of the community dislike the idea of pre-consensus and have shared their responses to Séchet’s recent article. One person’s post on Yours.org called “Pre-Consensus Implies Content Without Giving It,” is particularly interesting. In the writing, the author compares pre-consensus to the Segregated Witness protocol (Segwit) perverting the underlying foundations of Nakamoto Consensus.
“This will change if we make a fundamental protocol change like a pre-consensus,” explains the author @Logan.
We will be in the same position as Segwit, making the argument that Bitcoin needs to change and adapt over time. We will no longer be the protocol as described in the white paper.
What do you think about Séchet’s pre-consensus statements? What do you think about Nchain’s Craig Wright disagreeing with the idea? Let us know what you think about this subject in the comment section below.
Images via Shutterstock,Twitter, Pixabay, and Wiki Commons.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
The post Bitcoin Cash Developers Debate an Idea Called Pre-Consensus appeared first on Bitcoin News.
Two more types of BCH tokenization projects have been announced on July 18, giving the BCH community a wider variety of different ideas that can bring forth the concept of representative tokens into reality on the Bitcoin Cash network.
Bitcoin Cash Community Greeted by Two More Token Creation Systems
The Bitcoin Cash (BCH) network has seen a lot of development since the last hard fork which debuted the reenabled Satoshi OP_Codes and the upgraded default data-carrier-size. The BCH community and developers have been bolstering the idea of tokenization on the BCH chain. There’s been a bunch of ideas so far with Andrew Stone’s GROUP proposal and Joannes Vermorel’s Tokeda paper. Then this week Bitmain developers revealed the Wormhole project that utilizes a fork of the Omni Layer. Then on Wednesday, two more token ideas have been introduced for the BCH chain — One concept from the Cryptonize.it developers, and another proposal written by a group of six developers including Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, and Ryan X. Charles.
Colored Coins & Cryptonized Cash
The creators of the platforms Cryptonize.it and the Cashpay wallet explained that they are bringing the Colored Coins protocol to the BCH network. The Colored Coins (CC) protocol debuted for the BTC back in 2013 network by adding specific metadata to the blockchain. This in turn created ‘representative tokens’ or ‘colored coins’ that can represent any physical or digital item like stocks, bonds, gold and silver backed coins. The Colored Coin protocol will allow Cryptonize.it the ability to create a currency called Cryptonized Cash (CC) that can be used with Cashpay for discounts and exclusive products.
“Further utility will be added as Cryptonize.it grows — There will be a total of 1 billion CC, without the ability to add more in the future,” the developers emphasized on the social media platform Yours.org. “The tokens are always redeemable on Cryptonize.it — One of the most important questions to answer when proposing adoption of a certain framework is what are the use-cases?
Luckily with colored coins, the answer is endless. Colored coins can represent vouchers, coupons, tokens, altcoins or other assets. You can tokenize whatever you want. The first real-world use-case is Cryptonized Cash (CC), an incentive program on Cryptonize.it which is live right now.
The Simple Ledger Protocol
Following the Colored Coins concept, another paper was revealed to the public written by Ryan X. Charles, Mark B. Lundeberg, Calin Culianu, Jonald Fyookball, James Cramer, and the developer Unwriter. The paper called, “Simple Ledger Protocol: A token system for Bitcoin Cash,” details a proposal for the BCH network that handles tradeable redeemable tokens without a consensus upgrade. Enhancement proposals such as GROUP have not been able to obtain consensus needed to change the base protocol, explains the group of developers. Simple Ledger Protocol (SLP) utilizes metadata in OP_Return transactions and the SLP creators believe consensus can be achieved by “token users and market participants adhering to a prescribed set of simple rules.”
“Because SLP builds on the transaction chain of the existing Bitcoin framework, users can easily verify transactions with SPV/lite wallets within practical boundaries,” the paper explains.
Full validation of a transaction back to its token genesis is possible by supplementing existing transaction-retrieval infrastructure with the integration of SLP consensus rules.
The developers say that the SLP system will be permissionless, simple, robust, non-invasive, extensible, and an implementation plan for rapid ecosystem support. The 26-page paper is extremely detailed and it observes multiple subjects that need attention such as wallet implementations, token address format, proxies, utilizing the Bitdb network, economic implications, and more. The group of six developers revealed they were motivated to present their own token solution and the key to its success will be simplicity. “But will also depend on our taking action to foster the support of the ecosystem,” the SLP programmers add.
No Matter How You Look at It, Token Assets Are Coming to the Bitcoin Cash Network
Of course, the Bitcoin Cash community was pretty thrilled about two more tokenization projects using the BCH chain. One user on the Reddit forum r/btc who enjoyed the SLP paper notes that there has been quite a lot of these proposals lately, “I believe we’re hitting some ‘tokenization proposal fatigue.” Nevertheless, enthusiasts dig the competition and the amount of development dedicated to bringing tokenized assets to the Bitcoin Cash network. The community may end up using a bunch of different color coin methods down the line or perhaps they may just use the superior tokenized system. Whatever the case may be, the race is on to get a system that creates representative tokens using the security of the BCH protocol.
What do you think about these two BCH tokenization concepts introduced? Let us know what you think about this subject in the comment section below.
Images via Pixabay, the SLP paper, and Cryptonize.it.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash appeared first on Bitcoin News.
According to a report on the social media platform Yours.org, software developers associated with the mining giant Bitmain plan on launching a smart contract protocol for the Bitcoin Cash (BCH) network. The project called ‘Wormhole’ will utilize the increased data-carrier-size and OP_Return transactions alongside a protocol based on the Omni Layer project.
Bitmain Developers Debut the Omni Layer-Forked Wormhole Protocol for Bitcoin Cash
On July 16 a report written on the platform Yours.org detailed that Bitmain developers are in the midst of creating a smart contract system for the Bitcoin Cash (BCH) network. The article written by the China-based, Cindy Daily, explained that Bitmain programmers introduced a token proposal called “Wormhole” in Chinese Wechat groups on Monday. The reporter explained that her news was roughly translated and said that Bitmain would officially reveal the concept in the coming days.
Within the Chinese Wechat conversations, the developers state that innovation requires a “permissionless community” and they have been studying ways to implement smart contract solutions on the BCH chain without utilizing a consensus upgrade.
“After tremendous research effort, we have paid attention to the Omni Layer protocol, a scheme to realize token issuance through the OP_Return opcode — It is the technical basis for daily distribution and circulation of USDT (Tether),” explains the report.
The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.
Two-Layer Security Approach
The reporter’s account also explains that Wormhole will utilize Bitcoind nodes and consensus will not need to be changed. Wormhole Cash (WHC) will use a two-layer security approach and the first layer will be BCH transaction security. The second layer run on Bitcoind will consist of nodes that won’t process data that doesn’t meet the Wormhole protocol requirements.
Another tokenization project news.Bitcoin.com reported on this past February is Counterparty Cash which is different from Omni layer but has similarities. It will be interesting to see an attempt to deploy a token creation mechanism for BCH alongside smart contract capabilities. A few members of the BCH community has been asking developers to create a fork of Omni Layer for quite some time now. Reportedly the Chinese-based mining firm will reveal the full details of this project soon.
What do you think about an Omni Layer-like idea for the Bitcoin Cash network and the Wormhole Cash currency? Let us know your thoughts on the Bitmain developer’s new idea in the comment section below.
Images via Shutterstock, and Cindy Daily.
Want to get a few bits of BCH to test out this awesome technology check out our Bitcoin Cash Faucet today!
The post Omni Layer Fork Called ‘Wormhole’ Debuts for Bitcoin Cash appeared first on Bitcoin News.
Tekashi69’s feeling so good about being out of the slammer, he says he’s starting up a soccer league for the community … and it looks like he’s paying the players! STARTED A SOCCER LEAGUE STRAIGHT OUT OF JAIL 😤 69 FOR THE COMMUNITY…
This week Bitcoin.com is thrilled to announce a new platform called Developer.bitcoin.com. The web portal is dedicated to Bitcoin Cash (BCH) software developers and provides them with a wide variety of tools that can supercharge their workflow. We want the Bitcoin Cash network to change the world for the better and Bitcoin.com’s suite of developer applications allows anyone to produce world-class platforms within this innovative ecosystem.
Meet Bitcoin.com’s Developer Platform: Priming the Flames of Passionate Bitcoin Cash Development
Bitcoin.com is all about the power of economic freedom and we believe Bitcoin Cash (BCH) has the power to change the world. Over the past few months, BCH development has been exponential as there has been a slew of new apps like wallets, social media platforms, SMS apps, tipping bots, coin shufflers, torrent software, and so much more. At Bitcoin.com we want to keep the passionate flames of Bitcoin Cash development going strong so we’ve decided to launch a massive development web portal with a suite of tools that can help bolster the next great Bitcoin Cash project.
Five Key Tools That Can Help You Scale, Deploy and Monetize a Bitcoin Cash Application
Developer.bitcoin.com has five key tools for blockchain programmers: The Bitbox SDK, REST, GUI, and Cloud platforms can help you scale the project and deploy the software. Furthermore, we provide a tool called Market that can assist developers by providing a way to create revenue from the project as well.
Developer.bitcoin.com also offers REST — a Bitcoin Cash RPC over HTTP application for Bitcoin Cash development. The entire Bitcoin Cash JSON RPC is available over HTTP with the proper REST semantics. Programmers can also tether the Bitbox SDK for further enhancements. Essentially, with the help of REST and Bitbox users can build their own clients that speak to the Bitcoin Cash chain.
Then we also provide a GUI which is a full BCH blockchain and BIP44 compatible wallet that can be used for experimentation and development. Basically, the GUI provides a BCH chain that can be configured and recreated from scratch with every restart. The GUI doesn’t connect to the BCH mainnnet and only consists of transactions and blocks which you create locally as our BCH-based GUI can allow a great deal of testing.
Cloud & Market
Moreover, we will soon provide a 1st class environment called the ‘Cloud,’ which is a system that is still under construction. Essentially, when it is finished Bitcoin.com’s Cloud will allow anyone to deploy and scale their frameworks entirely on our cloud, providing another great resource for BCH app experimentation. Lastly, another unfinished platform called ‘Market’ will allow users to monetize their work and newly created apps with paid downloads, streaming media, in-app purchases, tokens and more.
Mastering Bitcoin Cash
Additionally, Developer.bitcoin.com wants individuals to learn how to master the art of cryptocurrency with a web portal dedicated to learning. Bitcoin.com’s ‘Learn’ section provides users with the educational resources like ‘Mastering Bitcoin Cash,’ tutorials, human interface guidelines, and insights from developers who have already shipped successful applications.
We want the entire world to use BCH, not just a niche group of people, and this means constant development is sorely needed. Bitcoin.com also wants to help promote real-world applications that provide real use cases, in contrast to the promotion of speculative digital assets that really don’t provide utility. So if you are a developer or want to learn to how to develop awesome BCH applications, head on over to the Developer.bitcoin.com web portal for all your building needs in one place.
What do you think about our new developer tools and guides? Let us know what you think about Developer.bitcoin.com in the comment section below.
Images via Shutterstock, and Developer.bitcoin.com
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The post Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered appeared first on Bitcoin News.
In New York City, only 12 percent of the people who have bail set can pay immediately. The other 88 percent are transported to the infamous jail complex on Rikers Island.
Back in December, a new privacy protocol was released for bitcoin cash users called Cash Shuffle. The application has seen steady development since its inception and this week Cash Shuffle developers say that the platform’s alpha testing has been successful and the team has seen lots of testers. After the application’s code is polished up some more, Cash Shuffle will be released to the general public soon.
Cash Shuffle Development and Testing Progresses
Bitcoin Cash (BCH) proponents will soon see the stable release of a mixing application that will help preserve an individual’s transaction privacy when using the BCH network. The BCH mixer Cash Shuffle was launched this past December and users could use the pre-release version and experiment with the plugin for the BCH wallet Electron Cash. Then in March the blockchain and mining firm Coingeek announced the company would help fund the Cash Shuffle development process. Furthermore, the programmers Josh Ellithorpe, Jonald Fyookball and other developers have been helping progress Cash Shuffle’s development.
This week a few developers including Ellithorpe and Fyookball detailed that the Coin Shuffle alpha testing has been going very well.
“We just did a test on Cash Shuffle (alpha) and it worked! A few more things need to be fixed before it can be released to the public, but it’s awfully exciting,” explained one of the mixing platform’s developers on Reddit.
Ellithorpe added to the Reddit post by thanking all the testers experimenting with Cash Shuffle platform.
“Just want to extend a huge thanks to all the testers! Really helps a lot to get support from the community to finally get Cash Shuffle in a stable state for everyone to use,” Ellithorpe emphasized.
BCH Proponents Can Help Test Cash Shuffle Today
Moreover, Jonald Fyookball details that people can help test the Cash Shuffle platform and learn how to use the application by following this walkthrough. Essentially people have to download Electron Cash 3.3 for Windows or Mac and fund it with at least .0011 BCH. Then users can download the Cash Shuffle protocol (do not unzip) and add the plugin to Electron Cash by selecting the zip file. After that, you’ll be able to see the ‘Shuffle tab,’ select your specified addresses and press shuffle. It will take about 60 seconds for the shuffling process to start and then it should finish. If the transaction ‘times out’ Fyookball says it will be because the liquidity bot is busy helping others, in which case testers should wait five minutes and try again.
Bitcoin Cash supporters were pleased to hear about the progress of Cash Shuffle this week, and look forward to the stable version release. There are not many privacy-centric applications for BCH transactions, but news.Bitcoin.com reported on the Bob Wallet development last week which also does some BCH mixing. However, Bob Wallet is still in its initial stages using testnet, and Cash Shuffle looks as though it will be ready first.
Do you look forward to the stable release of the Cash Shuffle application? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Reddit, and the Bitcoin.com Explorer.
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The post Cash Shuffle’s BCH Mixer Moves Forward with Steady Testing appeared first on Bitcoin News.
The Robinhood Crypto app now supports bitcoin cash (BCH) and litecoin (LTC) trading. Thanks to adding the cryptocurrency service, the app has achieved rapid growth and is now boasting a user base of 5 million people, up from just 3 million before.
BCH and LTC on Robinhood
Robinhood Financial LLC, the Palo Alto-headquartered US stocks brokerage app, has announced today that it added support for trading two new cryptocurrencies to its trading app. bitcoin cash (BCH) and litecoin (LTC), which were previously just tracked. The two cryptocurrencies are now available for live trading on Robinhood Crypto alongside the previous two options, BTC and ETH.
The company stated that: “Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum. We’re happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free.”
From Three to Five Million Users
Robinhood Crypto is currently available in seventeen states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. And the company revealed that it plans to further expand its cryptocurrency offerings and also add support for coin transfers. Besides the four coins that the company’s cryptocurrency trading service now supports, Robinhood also offers market data on a total of sixteen cryptocurrencies including bitcoin core, ethereum, bitcoin cash, litecoin, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin.
The addition of Crypto seems to have really paid off for the company in terms of growth. Before it’s digital currency services were announced in January, Robinhood had an estimated user base of only about 3 million people and now it gained 2 million more. The company said: “Thank you for all of your enthusiasm and product feedback, especially over the past several months. Together, we’ve reached over 5 million people across the entire Robinhood platform, and we look forward to sharing Robinhood with millions more so everyone can participate in the financial system.”
Are you looking forward to trading BCH and LTC with the Robinhood Crypto app? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, Robinhood.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Robinhood Crypto App Adds Bitcoin Cash and Litecoin Trading appeared first on Bitcoin News.
Just recently the Bitcoin ABC development team has published the Bitcoin Cash ‘November 15 Upgrade Timeline’ which details what the programmers plan to do before the hard fork. As the upgrade approaches the ABC development team wants to ensure a smooth hard fork by making sure every full node participant and miner is ready with the necessary preparations.
Preparing for the Next Bitcoin Cash Hard Fork
The Bitcoin Cash (BCH) network is planning for another hard fork this coming November which will see a few more changes to the protocol. So far since the split on August 1 the BCH community performed two successful hard forks with one on November 13, 2017, and the other on May 15, 2018. The first upgrade fixed the network’s Difficulty Adjustment Algorithm (DAA), while the second hard fork saw a 32 MB block size increase alongside a few re-enabled Satoshi OP_Codes, and the increase default datacarriersize to 220 bytes.
The Bitcoin ABC development timeline does not reveal what will be added this November as far as features are concerned. However, the programmers do explain two key goals as for the next codebase upgrade with the first being code completion by August 15, 2018.
“Due to the higher-than-normal risk associated with protocol upgrades, everyone needs time to review the code changes involved,” explains the latest upgrade timeline.
To accommodate that, Bitcoin ABC is targeting August 15th as its code completion date — Protocol changes past this date will be recommended for next year’s May hard fork.
October 15, 2018: The Official Bitcoin ABC 0.18 Release and Testnet Launch Date
Moreover, when the code is polished, testing on testnet will begin, explains the Bitcoin ABC team, revealing the deadline and 0.18 official release will be on October 15, 2018.
“Barring the discovery of any major issues after two months of testnet testing and debugging, Bitcoin ABC will launch the official release for version 0.18,” the timeline details.
This will give node operators approximately 30 days to upgrade in time for the hard fork.
Discussions and Proposals
According to an ABC team member, the discussions and the development on the table include various features and some things will be skipped until the next fork in May 2019. Right now developers are discussing and testing “canonical transaction ordering, OP_Datasigverify and variants, tokenization, UTXO commitments, and reintroducing other previously removed OP_Codes.”
Other proposals that are under development that might make the cut include: binary contracts via OP_Datasigverify, a more efficient way of announcing blocks with Graphene, a revised DAA, double spend proof creation and forwarding, and maybe a nomenclature for the unit of 1/1,000,000 BCH. As of now, there are no guarantees on any of these improvements this coming November or next May. But when the new codebase is launched people will surely find out what features are coming with the next upgrade. Another thing to note is that there has been no mention of a block size increase this time around, and this BCH hard fork may not include an increase.
What do you think about the preparations and timeline for the next Bitcoin Cash network upgrade coming this November? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Pixabay, Bitcoin ABC & BCH logos.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’Pulse, another original and free service from Bitcoin.com.
The post Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline appeared first on Bitcoin News.
Police in Florida have been ordered by a judge to pay back nearly $ 20,000 they seized from a stripper. Circuit Judge Rodney Smith ruled in favor of 20-year-old LizMixell Batista and her husband, Ras Cates, in the case that began with a May traffic stop in Miami. Miami-Dade officers…