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More than 120,000 people so far have signed a petition calling for a game that simulates a mass shooting inside a school to be pulled from release. Active Shooter allows players to play as either the shooter or a SWAT responder and is due out June 6 on digital…
Amazon has been selling a facial-recognition system to police, sparking fears that the technology will one day power mass surveillance.
On May 15, 2018, the Bitcoin Cash (BCH) network upgraded the chain’s base block size from 8MB to 32MB. The software advancement makes blocks big enough to process lots of transactions over time — which gives developers plenty of breathing room to adjust the size if it starts getting closer to its limit. Unfortunately, many misdirected individuals assume the BCH chain will start processing 32MB blocks right away, which could lead to a blockchain chain that’s much larger in gigabyte size and takes longer to download. However, this is not the case right now at all, because BCH miners process blocks that are often still under 1MB, as the 32MB code is only set to ensure the network is capable in the future.
The Successful 32MB Block Size Increase Paves a Path for Mass Adoption
After the Bitcoin Cash network upgraded yesterday and even before the fork, a few misguided individuals asked why there was a need to raise the block size fourfold when 8MB blocks were not filling just yet. The reason developers raised the limit to 32MB is likely because the software is perfectly capable of handling such a task in the future. Right now block size limits are set by the miner, and developers are there to help set the capacity so blocks cannot get full in the immediate future, and fees will remain low for quite some time. Unfortunately for the Bitcoin Core (BTC) network, Core developers let the block size fill beyond capacity, and fees became unreliable during the last quarter of 2017. The 32MB BCH block size adjustment ensures this will not happen to the BCH network down the road, even when transaction usage becomes as extreme as 2017’s last quarter.
Looking at BCH blocks on Coin Dance — a website which records BCH chain data currently shows that mining limits are being set by the mining pool. Over the past nine months, there have been a few 2,4, and 8MB blocks processed, but typically blocks have been a megabyte or less. So in essence, once miners decide its necessary to increase the block sizes they process, they will do so based on transactions and adoption increasing over time. In fact, current data also shows the Bitcoin Core (BTC) chain is still 34.4GB larger than the Bitcoin Cash chain.
Transaction Data Shows Daily BCH Transactions Has Increased by 186% in Nine Months
At the moment Bitcoin Cash transactions per day are less than BTC as there are roughly 20-25,000 daily BCH transactions. But there’s also been a misdirected notion that the BCH chain isn’t getting much use, but this is simply untrue as data shows over the past nine months that BCH daily transaction percentage rates have increased. The decentralized currency BCH has seen a steady incline (186%) of use since the August 1 fork and the expansion of BCH transactions are now only 5-10,000 transactions less per day than the Litecoin (LTC) network — a cryptocurrency that has been around for 7 years. This is due in part to many Bitcoin Cash-based on-chain platforms like the tipping bot Tippr, the social media apps Memo and Blockpress, and other applications that help increase BCH usage.
32X the Capacity is Merely Preparation for the Future of Bitcoin Cash Adoption
Essentially the bottom line is the software is now capable of processing 32MB blocks as it was previously capable of 8MB blocks. So far BCH miners had proven the capability of mining much larger blocks than 1MB multiple times, clearing thousands of transactions from the mempool. After the successful fork on May 15, some BCH supporters are already asking developers to remove the block size limit entirely.
Moreover, we know from testing that the Bitcoin software is capable of processing gigabyte blocks, and research studies further suggest the network could handle terabyte blocks as well. Unlike other digital asset developers, BCH programmers have set the bar high for capacity based on the known advancements in scaling a cryptocurrency network. Instead of saying “we don’t need to scale now,” the 32MB increase establishes a base block size that can efficiently handle 32X more transactions than the BTC network’s highest daily transaction rate recorded this past December.
What do you think about the 32MB block size upgrade? Do you think that the developers should remove the capacity limit entirely? Let us know your thoughts in the comments below.
Images via Pixabay, TX Highway, Bitinfocharts.com, and Coin Dance.
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A tragic day in Australia: Police say four children and three adults were found dead from gunshot wounds Friday in what is believed to be the country’s deadliest mass shooting since 1996. Western Australia state Police Commissioner Chris Dawson told reporters the “horrific incident” happened at a rural property in…
Hundreds of Central American migrants arrived at the US border Sunday for a rally, to be followed by a planned mass attempt to apply for asylum, in a direct challenge to the Trump administration. The migrants, many traveling with children, left a downtown Tijuana shelter where they had been staying….
Iran is destroying or redeveloping the sites of mass graves holding those executed in a 1988 wartime purge that killed as many as 5,000 people, a report released Monday alleges.
Mass graves that authorities say could contain more than 2,000 bodies have been discovered in Rwanda nearly a quarter-century after the country’s genocide, and further graves are being sought nearby.
Almost two-thirds of assailants who carried out 28 mass attacks on US soil in 2017 showed symptoms of mental illness before the attacks. And that wasn’t the only commonality, according a Secret Service report released Tuesday, per USA Today . It examines mass attacks last year in public places like businesses…
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Ubank launches a Token Sale for Ubcoin Market, a peer-to-peer ecosystem that would allow its users to become crypto investors simply by selling real goods and receiving cryptocurrency in exchange.
The team behind the mobile payments app Ubank expands its business and launches a blockchain ecosystem called Ubcoin Market. Its participants would be able to easily sell and buy real goods in exchange for cryptocurrency. The Token Sale is listed and favorably reviewed on foundico.com, icobazaar.com, and other rating platforms.
Ubcoin Market bridges the gap between crypto and real worlds. On one hand, those who are not well-versed in blockchain will be able to become crypto investors in an easy and safe manner, and, on the other hand, experienced members of the decentralized universe will be empowered to spend their crypto wealth without converting it to fiat currencies.
Ubcoin Market offers a solution for two clear-cut and objective opportunities. The first opportunity stems from almost 2 billion digital citizens, many of whom are keenly interested in cryptocurrency but have their path to crypto investment hindered by technological and legal barriers: mining is expensive and changing fiat money to cryptocurrencies is a cumbersome process. The second issue is the one faced by more than 23 million cryptocurrency owners who are not able to easily spend their crypto investments due to restrictions imposed by governmental and financial organizations.
“If people want to sell their goods, they know where to go — eBay, Taobao, Etsy (60% of all internet users sell and buy goods on similar peer-to-peer platforms, according to Internet Retailer 2017). We do not compete with those platforms for users who want to receive fiat money. Our goal is to give consumers an easy way to become investors in crypto coins by using a peer-to-peer mechanism that is very familiar to them, — says Felix Khachatryan, Ubank’s CEO. “You put up your goods — a laptop, a car, an item of clothing, whatever — for sale, sell it, receive tokens, and then hold them as investment or means of payment or change it to any major cryptocurrency like Bitcoin or Ethereum. And that’s it, now you are a crypto investor. Same way, you can buy anything you see on Ubcoin Market using the crypto wealth you’ve accumulated without exchanging it to ‘real’ money.”
The Ethereum-powered platform will promote peer-to-peer interaction by cutting out the middleman; provide a completely legal marketplace by developing an AI technology for pre-screening seller postings for potential infringements of reason, morality, safety, and due care; and cultivate an open community by making the API available for adapting the platform for local needs and by engaging third-party providers as well.
Ubcoin Market will be integrated into Ubank — the leading mobile payments app in the Eastern Europe that has been pre-installed by Samsung and Fly on their smartphones.
Ubank was launched in 2013. It received an $ 8 million investment from Runa Capital fund. As of today, the app has 2.5 million monthly active users, has been downloaded by more than 16 million users around the world and it processes 20+ million transactions a year.
The team behind Ubank and Ubcoin Market consists of 50+ highly skilled tech professionals, world-class top managers, and experienced marketing officers.
Felix Khachatryan, founder and CEO at Ubank and Ubcoin, is an expert on mobile applications, SaaS, and payments. Jan Mazhar — founder and investor of Ubcoin — is a VP of Product Development at FLY Mobile, one of the top 5 smartphone brands in Russia. Andrew Lee, another founder and investor of the project, is a Commercial Director of Union Services, with 20+ years of experience in global markets and mobile industry. Stan Danysh, Ubcoin’s COO and Ubank’s managing partner, is a former deputy chairman and Head of Operations at MDM bank, one of the leading private banks in Russia. Alexandr Putilin, CTO and Chief Blockchain Developer of the project, is a software engineer with 15+ years of experience in commercial development. Marina Lerner, CMO at Ubcoin and Ubank (since 2013), is a former Head of Brand Management at HeadHunter Group, one of the most valuable Russian Internet companies (Forbes, 2018).
The advisory board is an impressive collection of global business professionals, thought leaders of their fields, and long-term partners of the Ubank team. Yama Bassam is an American entrepreneur, an angel investor with over a decade of national and international finance and banking executive experience, and a member of FINRA since 2003. Maxim Filin is a senior executive at Motorola (Russia and CIS products), with years of experience working at the top industry companies dealing with mobile devices, networks, and technologies. Evgeniy Pavlov is Head of Sales and Business Development at Bitfury in Russia, CIS and the Eastern Europe. He has been involved in selling and market-launching new mobile products for more than 13 years. Oleg Bud manages smartphone portfolio for emerging markets at Samsung. He has been working with innovative mobile devices and services for more than 15 years.
After the Token Sale and the launch of the MVP in Russia and in the Eastern Europe, Ubcoin Market plans on unfolding a global expansion, starting from the Middle East and South Korea (2019 2Q), South and South-East Asia (2019 3Q) and Latin America (2019 4Q). For now, the platform is planning to target individual users, but in mid-2019 is going to start working with small and medium-sized businesses.
About Ubcoin Market
Ubcoin Market is a blockchain project developing a smart ecosystem for easily investing and exiting cryptocurrency by buying and selling goods and services. Ubcoin Market was founded by the same team that founded Ubank, the leading mobile payments app in Eastern Europe that has been working since 2009 and, as of today, has 2.5 million active users, more than 16 million downloads around the world, and has been pre-installed by Samsung and Fly. To learn more about the vision and the structure of the project visit its website and read is whitepaper.
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 content, goods or services mentioned in the press release.
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Japan may be readying itself for a mass hanging. The Guardian reports that signs suggest the long-awaited executions of the doomsday cult members behind the infamous 1995 sarin nerve gas attack on the Tokyo subway may soon come to pass. The two big indications: It reports the country typically holds…