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Canadian leader Justin Trudeau and his Cabinet have reapproved the Trans Mountain oil pipeline expansion project, with government profits from the tax revenues and other funds to be put toward clean energy ventures, the Prime Minister announced Tuesday.
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An abandoned iron mine on the doorstep of Joshua Tree National Park could be repurposed as a massive hydroelectric power plant under a bill with bipartisan support in the state Legislature.
Senate Bill 772, which was approved by a panel of lawmakers last week with no dissenting votes, would require…
The developer of New York’s Hudson Yards is ready to build another massive office, housing and retail complex — this time about 3,000 miles to the west.
Related Cos. announced Wednesday that it has started work on a 240-acre site in Silicon Valley for what it says is one of the largest entitled…
ACD’s new exciting project is the brainchild of Bitcoin.com’s CEO Roger Ver and ACD’s CEO Yasuhiro Sonoda. ACD has decided to start the “ACD Coin Buy Back Project,” where a certain number of ACD coins will be bought back when payments are made using BCH and ACD Coin at online and affiliate shops around the world.
This project will provide liquidity and increase the value of ACD Coin by performing an automatic buy back of ACD Coin at the exchange where payments are processed with BCH and ACD Coin, returning a part of profit from ACD’s operations back to the community. We believe this “Buy Back Project” will greatly increase the ACD Coin value because of ACD’s global group businesses, millions of underlying customers from the various retail chains in Asia and the strength of millions of BCH users around the world.
This “ACD Coin Buy Back Project” will be the primary ACD (BCH) project of many projects planned ahead.
Over the last few weeks, a blockchain project called Veriblock whose protocol piggybacks off the Bitcoin Core (BTC) network has sparked debate. More than a quarter of BTC’s transaction numbers stem from the Veriblock system and the project has been criticized for using the blockchain in this manner.
The Veriblock Chain Is Paying for a Lot of BTC Block Space
Most people are unaware that about a quarter of the BTC chain’s daily transactions are due to another project called Veriblock. The Veriblock chain utilizes a system called proof-of-proof (PoP) and the ‘proof’ stems from the security of the BTC chain. Essentially, Veriblock aims to provide alternative blockchain security by immersing a snapshot of the altcoin’s ledger into the BTC chain. Veriblock uses OP return transactions and other methods to embed the blockchain’s state data in an “SP blockchain transaction.” Last month BTC developer and Casa CTO Jameson Lopp noticed that Veriblock was dominating the number of BTC-based OP return transactions.
“Source of the now-highest volume of OP_RETURN outputs has been identified as Veriblock “proof of proof” miners,” explained Lopp. “They are creating around 20% of all BTC transactions now.”
According to statistics published this week, Veriblock captures more than 30-45 percent of transactions on a good day. The project is still in testnet mode and has only recently caught the attention of cryptocurrency enthusiasts. A few other BTC community members have called the project “garbage” and complained about Veriblock spamming the network. As usual, there are various subjective valuations on whether or not some transaction use cases are spam. Most people understand, though, that the network is permissionless by nature and it really doesn’t matter as long as users pay for the block space. Veriblock believes other blockchains will be enticed by the PoP system because it gives them the ability to leverage BTC’s security and reputation.
“As a result, the reinforced security provided by PoP will encourage further adoption of these alternative blockchains,” Veriblock’s website details. “The transition of transactions from Bitcoin to alternative blockchains will also facilitate Bitcoin scaling, while continuing to drive value back to Bitcoin miners.”
Piggyback Projects Believe the Well-Established First Layer Adds More Security to the Second Chain
Because Veriblock piggybacks off of BTC’s security, the project can offer this safety net to alternative networks. Veriblock’s site says this enables early attack detection, protection against sustained 51 percent attacks and double-spend attack prevention. Veriblock is operated by CTO Maxwell Sanchez and CEO Justin Fisher and backed by former Bitcoin developer Jeff Garzik who acts as technical advisor.
Veriblock is not the only project using the BTC chain for leverage as there have been other networks using the chain in a variety of ways. Omni Layer, the network that issues the stablecoin tether (USDT), uses OP_return transactions. Counterparty used a process called proof-of-burn (PoB) and other projects like Namecoin use merge mining. Another project using merge mining is the RSK network and the protocol is currently capturing 45 percent of BTC’s network hashrate.
Some BTC proponents dislike the merge mining process as well as other types of sidechain projects like Drivechain, because a few crypto community members are extremely paranoid about giving miners too much power. Veriblock is just another example of a chain using BTC’s established blockchain in order to add more value to what it produces. And because the cryptocurrency’s network is permissionless, people’s opinions on certain projects being “spam” or “inefficient” is little more than internet chatter.
What do you think about the Veriblock chain using 30-45 percent of BTC transactions? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Veriblock, Twitter, and Blockchain.com.
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The post More Than 30% of BTC Traffic Stems from the Veriblock Project appeared first on Bitcoin News.
On Jan. 30, a group of cryptocurrency developers and organizations officially launched a project called Wrapped Bitcoin (WBTC) on the Ethereum network. The ERC20 token is a coin backed by bitcoin core (BTC) reserves and has started trading on several exchange platforms.
The Introduction of Wrapped Bitcoin
Last October, a joint initiative by Bitgo, Kyber Network, and Ren (formerly Republic Protocol), revealed the creation of a new ERC20 token called WBTC. The new tokens are meant to bring more liquidity into the decentralized ecosystem between both chains, while also enhancing decentralized applications. Wrapped bitcoin (WBTC) is the first ERC20 token backed 1:1 with BTC. The organizations that developed the protocol believe WBTC is the beginning of a multi-institutional framework for tokenizing any asset.
“WBTC will allow the Ethereum network to be leveraged to enable new applications and use cases for itcoin — WBTC standardizes itcoin to the ERC20 format, so dapps such as Compound, Dharma, Dydx, Gnosis, Maker, Set protocol and more can leverage bitcoin for decentralized lending, margin trading, and derivative markets,” explain the creators of WBTC. “Further compelling new applications and use cases will be identified, explored and implemented as the ecosystem continues to grow and actively innovate.”
Initially, eight merchants will be facilitating conversion between WBTC and BTC. There is a required Know Your Customer (KYC) process involved with obtaining WBTC through these merchants. Initial merchants dealing with WBTC will include Airswap, Dharma, Ethfinex, Gopax, Kyber Network, Prycto, Ren, and Set Protocol. The developers also say that WBTC will be integral to the development of decentralized exchanges.
“WBTC also makes it possible for traders to use bitcoin value for token trades on decentralized exchanges (DEXs) such as Airswap, Ddex, Ethfinex, Idex, Kyber Swap, Loopring, Radar Relay, Renex, Switcheo Network, and the Ocean,” the WBTC announcement detailed.
The WBTC representatives added:
Wallet providers and exchanges will now be able to reduce overheads with the ability to support multiple currencies while maintaining only the one Ethereum node.
Proof of Reserve
The community-backed project is also centralized to a degree by a chosen custodian. Bitgo will hold the keys to mint tokens and the project will be very similar to stablecoin projects that use proof of reserves. The WBTC whitepaper details that there are many cryptocurrency assets and government issued bonds that use the reserve method. “This is the case with tether, trueusd, USDC, digix (gold), globcoin (a mix of fiat currencies), and AAA reserve (governmental bonds),” the whitepaper details. Additionally, the WBTC creators emphasize that the system’s smart contracts have been audited by several reputable third-party audit firms such as Coinspect, Solidified Technologies, and Chainsecurity.
“The first WBTC on the main Ethereum chain have been minted and burnt which can be observed onchain on Ethereum — The proof of reserve is onchain, which shows the exact 1:1 between minted WBTC tokens and bitcoin stored by the custodians,” the WBTC announcement notes.
The WBTC topic has been a hot discussion on social media and forums since the protocol launched. The crypto economy has seen many newly introduced stablecoins and other types of smart assets like RSK Labs’ smart bitcoins, and Blockstream’s federated system Liquid. Besides stablecoins backed by fiat, the Maker protocol has produced a stablecoin called dai that’s bolstered entirely by the backing of collateralized cryptocurrencies. WBTC will add a different flavor to the world of proof of reserve based coins that have entered the economy in the last few years.
What do you think about wrapped bitcoin (WBTC)? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bitcoin.com, the WBTC website, and white paper.
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The post The Wrapped Bitcoin Project Has Officially Launched on Ethereum appeared first on Bitcoin News.
Unidentified flying objects (UFOs) have long inspired curiosity and speculation, but when did our fascination with UFOs really take off? A new television drama explores the origins of the UFO phenomenon, drawing from the incredible true story of the U.S. government’s decades-long investigation of reported UFO encounters.
One of the Cashshuffle development team contributors, Josh Ellithorpe, revealed on Jan. 14 that the BCH-focused privacy shuffling protocol is near completion. The developers are planning to run a security audit on the code and have launched a fundraiser on the Bitbacker.io platform to help secure funding for the audit.
Cashshuffle Crowdfunds Security Audit on Bitbacker.io
The Cashshuffle protocol is an open source project being developed by the Electron Cash programmers and other well-known BCH developers. Cashshuffle is a client-server mixing application that allows servers to coordinate with users in order to shuffle bitcoin cash (BCH) UTXOs. After the coins are shuffled it is difficult for law enforcement and blockchain surveillance entities to track coin movements. News.Bitcoin.com has reported on the project’s roadmap on multiple occasions, and the project is nearing completion according to Cashshuffle contributor Josh Ellithorpe. A few hours ago, Ellithorpe launched a Bitbacker.io fundraiser to help raise BCH for the security check. So far there’s a slew of people who have donated $ 5-10 increments of BCH over the last 24 hours.
“Getting ready for the Cashshuffle security audit from Kudelski Security — Can’t wait to finally release a mature privacy solution for BCH,” reads Ellithorpe’s fundraiser post.
The Cashshuffle concept was first announced back in 2017 and has seen steady development since then. Initially, there was the pre-release version launch and people experimenting with the plugin for the BCH wallet Electron Cash. “Privacy and fungibility go hand in hand and are vital for cryptocurrency — free people living in a free society should have a right to privacy without fearing the state peering into their personal finances,” Electron Cash developer Jonald Fyookball told news.Bitcoin.com at the time. Once the funds are raised, Ellithorpe believes Kudelski’s audit may take anywhere between three weeks to a month to finish.
Cashshuffle and Protocols Like It Will Increase Privacy
After the audit and a further code polish, the Cashshuffle protocol will likely become a default installation on the Electron Cash wallet, in contrast to the plugin available today, and it may see the light of day on mobile versions of the light client as well. The Cashshuffle team has been upfront about the project’s progress and development since the protocol’s plugin was launched. Last summer Ellithorpe and Fyookball detailed that Coinshuffle testing was going very well and they couldn’t wait to release it to the public.
At the time developers were working on solving a critical issue with cryptocurrency-centric tumbling and shuffling platforms — liquidity. Cashshuffle engineers designed a proof-of-concept automated liquidity bot that could provide shuffles if insufficient participants are online. The team had also discussed developing some kind of incentivization program similar to the join market protocol. Further, because the shuffle platform is open source, the Cashshuffle protocol can be implemented into other BCH light clients like the Bitcoin.com Wallet. Lots of Bitcoin Cash community members were thrilled to hear about the fungibility concept getting closer to being finished. A few BCH supporters also commented on Ellithorpe’s Bitbacker page.
“Love fungibility features and building onchain — Thank you guys, keep up the great work,” the anonymous person wrote, while donating $ 5 in BCH to the security audit fundraiser.
What do you think about the Cashshuffle developers planning a security audit for the platform? Let us know what you think about this project in the comments section below.
Images credits: Shutterstock, Electron Cash, Cashshuffle website.
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The post Cashshuffle Developer Says Privacy Project Nears Completion appeared first on Bitcoin News.
On Jan. 7, the technician and researcher Joannes Vermorel announced the release of a new project called Cash-DB, a forked repository for the BCH network which consists of Vermorel’s original Terab Project work. According to the engineer, Cash-DB is a high-performance backend storage protocol for the Bitcoin Cash network’s UTXO set.
Vermorel Claims ‘Cash-DB Can Process Close to 20,000 Transactions per Second’
Bitcoin Cash (BCH) proponents were surprised to see the researcher and developer Joannes Vermorel reveal a new project called Cash-DB for the BCH network. News.Bitcoin.com reported on Vermorel’s work in the past when the Terab Project was sponsored by Coingeek and Nchain, well before the Nov. 15 blockchain split. Cash-DB is a fork of the Terab Project which aims to improve BCH throughput performance and optimize backend storage for the UTXO set of Bitcoin Cash. From Vermorel’s standpoint, the protocol can already scale gigabyte sized blocks in an efficient fashion.
“With a single Intel Optane 900P card – about $ 400 at time of writing – Cash-DB can process close to 20,000 transactions per second, which means that a 1GB Bitcoin block can be processed in 3 min 30 or so,” the researcher’s blog post notes. “Thus, Cash-DB, in its current form, is already scalable enough to process gigabyte blocks at peak network capacity.”
According to the creator, Cash-DB is not a “scalability silver bullet” and only can help one part of the scalability challenges the BCH network will face down the line. The throughput of Cash-DB is still too low to handle sustained gigabyte blocks says Vermorel. But the developer says compared to the rate of Visa transactions it “should be enough for now.”
Following the announcement, some BCH community members were skeptical of Vermorel’s forked project due to his prior relationship with Coingeek and Nchain. When asked why the Terab Project was discontinued, Vermorel replied with a link to the project’s Github repository. The project’s current documentation states: “The sponsorship of Terab by Coingeek and Nchain has been discontinued.” Additionally, Vermorel told his Twitter followers that he had moved his the Lokad 4-byte prefix guideline for BCH OP_Returns to the BCH community repository at Bitcoincash.org. Vermorel was further criticized though because some of the Cash-DB files include a different type of license called ‘License-MIT-BCH,’ which could theoretically restrict other open source projects from using it.
However, Vermorel stated that the MIT BCH license was required as part of the initial Terab funding and he would have preferred to have used a traditional MIT license, but that was not possible. The engineer continued by stating that Cash-DB is funded by his own project Lokad and uses the traditional MIT open source standard.
“This ensures that an app leveraging Cash-DB does not have to include anything but MIT licensed code in its own codebase,” Vermorel explained on Reddit. “Further developments funded by Lokad will be done under regular MIT license.”
The developer further stated:
Nchain is not involved in Cash-DB — I believe that CashDB would fit nicely in their Teranode initiative, but it’s up to them to decide. Naturally, as Cash-DB is a fork of Terab, the original licensing terms still apply for the parts that were funded by the original sponsors of the Terab project.
‘Live and Learn’
Many BCH supporters also welcomed Vermorel as he had contributed a lot to the ecosystem in the past. In another blog post about the project called, Salient bits of Cash-DB, Vermorel explains that designing the project implemented in C#/.NET was an “interesting task.” “It took us a near complete rewrite of Cash-DB to get those insights properly implemented — Well, live and learn,” the developer conceded.
What do you think about Joannes Vermorel’s Cash-DB project? Let us know in the comments section below.
Images via Shutterstock, Pixabay, and Twitter.
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The post Developer Releases Cash-DB, a Terab Project Fork for the BCH Network appeared first on Bitcoin News.
A trio of salamander species in Northern California could complicate a controversial $ 1.4 billion public works project to heighten the Shasta Dam, the state’s largest reservoir, per the AP . The Los Angeles Times reports that two environmental groups filed a federal lawsuit last month asking a judge to force…