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President Trump escalated his trade war with China on Tuesday, identifying an additional $ 200 billion in Chinese products that he intends to hit with import tariffs.
The move makes good on the president’s threat to respond to China’s retaliation for the initial U.S. tariffs on $ 34 billion in Chinese…
On Saturday June 9, the founder of the bitcoin cash-centric wallet Electron Cash, Jonald Fyookball, revealed that he had created an on-chain betting protocol called Chainbet. The 255 lines of code form a proposal that allows a simple coin flip type of bet, but the software could be designed to handle more complex on-chain betting methods.
Chainbet: A Trustless Gaming Mechanism Built on the Bitcoin Cash Network
This weekend the creator of Electron Cash, Jonald Fyookball, revealed a new on-chain betting protocol that enables a simple coin flip wager that’s tethered to the BCH chain. According to the Github repository, Fyookball’s protocol has two components, “a commitment scheme to enable a trustless wager, and an on-chain messaging system to facilitate communication.” At the moment the proposal can only do the coin flip bet but the protocol can be built out to allow more elaborate configurations, explains Fyookball.
“Since Paleolithic times, humans have engaged in games of chance, and probably always will — Blockchain technology can increase the fairness, transparency, and safety of these activities,” the Github repository details.
The Bitcoin Cash ecosystem can gain more users and more transaction volume by providing a trustless gaming mechanism.
Developer Says Chainbet Needs Peer Review
The Chainbet creator says in order to perform a trustless coin flip wager, Alice and Bob need to create secret values. If the sum of the value is ‘even’ then Alice wins, and if the sum of the value is ‘odd’ then Bob wins the bet. Meanwhile, both parties use a cryptographic scheme where Alice and Bob can lock the bet and reveal the secrets in a transparent manner. Moreover, the Chainbet protocol has a messaging client within the codebase that allows parties to exchange any “extraneous communication through the internet”.
“[Chainbet] still needs peer review — And I’m waiting for someone to poke a serious hole in the basic idea,” Fyookball explains on the Reddit forum r/btc.
Thanks to the Reddit users who inspired this — One person asked about how we could do on chain betting, another person later asked about gaming lobby — This combines both of those ideas.
A good majority of Bitcoin Cash proponents seem to like the idea and complemented Fyookball on his concept. The repository gives a fairly good description of how the system can work and reduce collisions. Further, Fyookball has added some implementation considerations on how to make the protocol a bit more efficient and secure.
What do you think about the Chainbet protocol? Let us know what you think about this subject in the comment section below.
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Vietnam’s Ministry of Finance has officially proposed that the country bans the import of cryptocurrency mining equipment. Bitcoin mining rigs are currently easily imported into Vietnam. This proposal follows the largest crypto fraud case in the country involving over $ 656 million and more than 32,000 victims.
Ministry of Finance’s Proposal
In the recently released report containing the opinions of the ministries involved in the management of bitcoin and other cryptocurrencies in Vietnam, the country’s Ministry of Finance proposes suspending the importation of mining equipment, according to local media. This report, referred to as Document 5964 / BTC-TCHQ, has been submitted to the country’s prime minister. Zing.vn publication elaborated:
According to the Ministry of Finance, mining machines are not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures.
The ministry outlined in its report that the use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authority to manage. “From there, it is easy for people to use [cryptocurrencies] as a currency or another method of payment,” the City Economic News Kinhte & Dothi quoted the ministry. “This is in violation of the amended government Decree 101 on non-cash payments,” Zing.vn conveyed.
The publication also noted that data from the General Department of Vietnam Customs shows that “from 2017 to half of 4/2018, the country imported about 15,600 mining machines,” adding that most of them were imported into Hanoi, Ho Chi Minh City, and Da Nang. Last year, more than 9,300 rigs were imported into Vietnam and over 6,300 rigs were imported in the first four months of this year.
Decision to Ban Mining Imports
The ministry also referred the case where Modern Tech Corp in Ho Chi Minh City was “accused [of] over VND 15 trillion [~US$ 656 million] of fraud by more than 32,000 people through its Ifan and Pincoin virtual currency investment models.” According to the ministry, protecting the Vietnamese people from similar scams in the future “requires state management agencies to take strict control measures with the import and use of this commodity.” The Vnexpress reiterated:
To prevent other possible events, in the immediate future, the Ministry of Finance proposed to apply the import suspension measures for the above types of mining equipment.
The Vietnamese Prime Minister Nguyễn Xuân Phúc recently signed a directive to strengthen “the management of activities related to bitcoin and other virtual currencies,” as news.Bitcoin.com previously reported.
What do you think of the proposal to ban mining rig imports? Let us know in the comments section below.
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South Korea’s national legislature has officially proposed to allow domestic initial coin offerings, effectively lifting the ban imposed by the government in September last year. With the lack of proper guidelines, South Korean companies have been migrating abroad to launch their token sales.
National Assembly’s Proposal
The National Assembly, the 300-member unicameral national legislature of South Korea, has officially proposed for the government to lift the ban on initial coin offerings imposed last September, Business Korea reported on Tuesday. The news outlet elaborated:
The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.
Citing the Assembly’s proposed “legislative and policy proposal of recommendation to allow ICOs under the conditions of investor protection provisions,” the publication explained that the next step is for the administration to discuss the proposal with the Assembly.
Earlier this month, news.Bitcoin.com reported a group of lawmakers working on a bill to legalize ICOs that meet certain conditions under the government’s supervision. ICOs that are approved will be subject to tight supervision by the Financial Services Commission (FSC) and the Ministry of Science and ICT.
Special Committee’s Recommendations
The special committee on the fourth industrial revolution under the National Assembly held their last general meeting on May 28. “Through the legislative and policy proposal of recommendation finalized on the same day, the committee accused the administration of neglecting its duty in responding to blockchain application expansion,” the news outlet detailed.
“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order,” the committee described. Among other recommendations, the committee outlined, “we will also establish a legal basis for cryptocurrency trading, including permission for ICOs, through the National Assembly Standing Committee.”
ICOs Moving Out of Korea
The news outlet pointed out that:
With the government failing to present any guidelines for ICOs, domestic blockchain companies are going to Singapore and Switzerland to do an ICO and pay unnecessary expenses.
Singapore and Hong Kong have recently emerged as meccas for token sales. According to Anson Zeall, chairman of the Association of Cryptocurrency Enterprises and Startups Singapore, “there has been a lot of [ICO] activity since September last year.”
Naver and Kakao Corp, the parent companies of popular chat apps Line and Kakaotalk, recently set up subsidiaries abroad with the possibility of launching ICOs. One of the country’s largest crypto exchanges, Bithumb, has also partnered with a Singaporean company to launch its own cryptocurrency.
Do you think South Korea will soon allow domestic ICOs? Let us know in the comments section below.
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Lots of people weren’t quite satisfied with The Simpsons ‘ response to a discussion of negative stereotypes of South Asians pushed by character Apu Nahasapeemapetilon—perhaps including the man who voices him. In an interview on Tuesday’s Late Show , Hank Azaria told Stephen Colbert he “had nothing to do with…
The hedge fund run by Sears Holdings Corp.’s chief executive has offered to buy Sears’ popular appliance brand Kenmore and other Sears divisions, moving to break up the company after it failed to find other buyers for the assets.
Sears said it received a letter from Edward Lampert’s ESL Investments…
The mayor-president of the Louisiana city of Lafayette, Joel Robideaux, has proposed an ambitious plan that would see the city develop a government-issued cryptocurrency. Mr. Robideaux suggested the launching the cryptocurrency through an initial coin offering (ICO).
Also Read: Spring Sees Bitcoin Cash Adoption Rise
Lafayette Mayor Advocates Government-Issued Cryptocurrency
The government of a city in Louisiana has advocated the development of a state-issued cryptocurrency. The Lafayette mayor-president announced the bold proposal during his annual address at the Heymann Center.
Mr. Robideaux articulated a number of benefits that cryptocurrency could reap for the city, including positioning Lafayette as a technological hub, diversifying the local economy, and streamlining the delivery and financing of government services. Mr. Robideaux stated that a state-issued cryptocurrency would facilitate the “develop[ing] solutions targeting government inefficiencies, and, more importantly, alternatives for financing public infrastructure.”
“It’s not just a bunch of global libertarians that want unregulated, untraceable and secure digital currency transactions,” Robideaux emphasized, “It’s the recognition of global stakeholders that the world of banking, finance and payment systems is forever changed, that the world of healthcare, government and possibly every other industry is about to be disrupted.”
Poor Economic Performance for Lafayette
With Lafayette in desperate need of economic stimulus, many are describing Robideaux’s proposal as a desperate bid to inflate the city’s coffers. Among proposed measures, Mr. Robideaux pledged to reinvest profits generated through an ICO for the currency to “build a living lab of blockchain researchers and developers.”
Lafayette’s is not the only municipal government in the United States to recently propose the development of local state-backed cryptocurrency, with the city of Berkeley announcing its intention to launch a cryptocurrency through ICO in a bid to fund affordable housing projects in February.
To raise funds, Berkeley’s council plans to sell “crypto enabled micro-bonds,” offering investors modest returns that are tax exempt. Berkeley City Council Member, Ben Bartlett, stated: “This is not your typical ICO, but rather an initial community offering. We decide to explore new forms of finance in response to the cuts from DC and corporate tax cuts that took away our ability to fund affordable housing.”
Do you think that more municipal governments will seek to issue state-backed cryptocurrencies? Share your thoughts in the comments section below!
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Wall Street banks could face higher capital hurdles under a Federal Reserve proposal that would mark the most significant rewrite of requirements put in place after the 2008 financial crisis.
In a statement issued Tuesday, the Fed said it is considering implementing a “stress capital buffer” to…
The Trump administration is recommending 25% tariffs on $ 50 billion in Chinese imports to protest Beijing’s alleged theft of American technology. The Office of the US Trade Representative has issued a list targeting 1,300 Chinese products, including industrial robots and telecommunications equipment. But the proposed tariffs wouldn’t take effect…
PR: DIWtoken.com Proposes the Creation of a Global, Blockchain-Based Network to End Online Fraud and Data BreachesMarch 12, 2018 | dailybusinessnews
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
DIWtoken.com wishes to achieve global data and service exchange security via the introduction of a global digital network running on blockchain technology. To materialise its aspiring project, DIW announces its Pre-ICO will end on the 20th of March and its ICO, commencing on the 27th of March 2018. For detailed information, visit DIWtoken.com.
There is no such thing as data security in today’s world. At this very moment, vast amounts of so called ‘secure’ sensitive personal, corporate or governmental digital data are being stolen, shared or tampered with by digital criminals.
Quite often, the damage caused is catastrophic and sometimes terminal with millions of people affected. Organisations go out of business, individuals, governments and officials exposed.
Billions of dollars have been spent in an effort to stop global digital breaches. Immeasurable hours have been devoted and thousands of digital security experts have been trying to tackle this threat since the beginning of digital information to no avail. It is clear that this seems to be a never ending circle.
DIW plans to put an end in all that by introducing a secure, global network made up of confirmed and approved individuals and organisations, providing them with the opportunity of exchanging services as well as data in a safe, transparent and assured environment by utilizing blockchain technology. Network members will have to submit KYC / KYS information and get approved before joining, so that everyone will be true to their identity within the network. Furthermore, a rating system will ensure that the highest level of quality of services will be offered within the network, promoting trust and assurance for peace of mind.
The doorway to this global network for all member entities will be a highly secure digital vault that will enable the secure upload, storage, maintenance and exchange of sensitive digital data including identification, financial and personal documentation. The blockchain-based vault will also be able to hold crypto currency.
Transactions larger than $ 5000 USD taking place within the network, will automatically utilise a paid escrow service enabling the pre-setting of the conditions which the transaction must meet for the release of funds.
Ultimately, the project’s vision is to encompass the medical industry as it will enable the secure storage, maintenance and exchange of Electronic Health Records as well as open up a doorway to its members to healthcare professionals and medical centres around the world.
As discussed above, DIW’s project engulfs different global market sectors with huge potential. The global health related industry had a turnover of $ 1.3 billion USD in 2017 and the cyber-security industry a turnover of $ 150 billion USD during the same year. The e-commerce industry’s 2017 revenue reached 2.3 trillion USD. Keeping in mind that our global directory has the potential of engulfing a huge aspect of human affairs, there simply is no limit regarding the expansion our project will have.
Stephanos Constantinou, the project’s CEO and Co-Founder, mentioned that: “When assessing the issues that the digital world faces, such as data breaches & online fraud, lack of transparency within the medical industry along with the limited ability to utilize cryptocurrency, it occurred to us that actually marrying these sectors should and could be done. We felt inspired to step in and move towards the actualization of the project”.
Join the DIWtoken.com project via contributing towards the materialisation of the project. The DIWtoken.com project has entered its Pre-ICO stage and will end on the 20th of March 2018.
Visit https://diwtoken.com now for more details.
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.