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Thirty four tech-savvy engineers, enthusiasts and students gathered at Hash Hub, the co-working space in the Tokyo University neighborhood to participate in a hackathon organized and sponsored by Crypto Age, Yenom and Bitcoin.com last weekend.
“Clock Wallet” Team Wins 1 BCH
Prizes in BCH have been awarded to the 3 best teams able to deliver a working mobile app prototype in two days. The hashtag for the event read #ビットコインしろ in Japanese, roughly meaning “let’s Bitcoin”, except it’s imperative, so rather “Do Bitcoin!” an organizer explained.
“Clock Wallet” was the winning team’s project that facilitates the “inheritance of cryptocurrencies” by allowing users to set time-locked transactions that become effective if the users doesn’t log-in to his/her wallet after a set period.
Akifumi Fujita, 23, from Yenom told news.Bitcoin.com that the event took place two entire days, from August 18 to 19th, and that some participants came from as far as Osaka in southern Japan and also from Iwate, up north. “It was great because the goal for us organizing this hackathon was to give a chance to as many people in Japan to gather and develop apps for Bitcoin, and I’m happy to say we did it, many people said the event allowed them to learn new stuff on Bitcoin apps, and that they are even more excited to keep working on new ideas,” Fujita said. “We had highly motivated participants, 10 of them stayed over night at HashHub co-working space from Saturday to Sunday, taking short naps on 2 couches and a ‘bed’ which we had prepared for the occasion, or some even just slept on their desks,” he said. About half of the participants were Japanese IT students, most of them in their 20s, the rest were professional developers in their mid-30s or 40s, but some said they develop Bitcoin apps as a hobby, he added. There were reportedly 32 Japanese participants and 2 Foreigners.
Gerald Fabrot and Paul Bergamo, (jointly representing one seat) from Bitcoin.com’s business and web development teams, Mr. Jo Miyamoto from Campfire, and Mr. Shigeyuki Azuchi, co-author of a Japanese book on Blockchain programming, were the judges who chose the winning team based on 3 main criteria. The app had to provide a meaningful use of bitcoin, it had to use technology and finally, the judges asked themselves if they would want to use it personally.
Initially Yenom team and the co-organizers expected 3 or 4 teams to compete. This weekend, 34 participants divided into 11 teams of 3 to 4 developers gathered at the hackathon. Team G, represented by Takahiro Hirata, Kawa, Shiho Takeuchi and Shoichi Yamazaki, won the first price of 1 BCH for their “dead man’s switch” BCH app that executes a transaction if the human operator stops being active. With their app, users can set time-locked transactions that become effective if they don’t log-in to their wallet after a set period.
“With traditional banks when someone dies, it’s extremely complicated for the remaining family to easily access the dead persons’ assets,” Shiho Takeuchi, 25, who was one of the only two female participants at the hackathon, told news.Bitcoin.com. “It works like this, every month, you log-in and confirm that you’re still alive, and if you die or if you’re inactive for a certain period of time, your funds can be transferred to someone you have preselected beforehand. You set the trigger period, it can be anytime, like 6 months or 10 years, you can just choose,” Shiho Takeuchi explained, “you see, if I die and cannot access my wallet, then after the time is expired, the funds can be transferred with the app we have come up with.”
“We Need More Apps That solve Real-World Use Cases”
“If a user stops accessing his phone for ‘x’ amount of months or years,” Gerald Fabrot, one of the judges said, “the app aims at releasing the funds to a specific person. Team D’s idea is not entirely new, yet it has never been implemented, and people will increasingly need to deal with the inevitable issues of death/impairment and transmission of assets,” he said. “We need more projects implementing functionalities that solve real-world use cases. I would use it. The use of time-lock is simple but elegant, and while time-lock transactions need to be re-created several times a year, the predictably low transaction fees of BCH makes it possible to implement for, perhaps, 10 JPY (0.09$ ) a year,” he added.
The winner team won 1 BCH from Bitcoin.com for their creative work, the second team won 0.5 BCH for putting together a voting system (pageants, etc,) that allows users to write a message to whomever they support as OP_Return in the Blockchain. The third team won 0.25 BCH for making Atomic swaps between lightning network and BCH, Gerald Fabrot said.
What do you think of this team’s mobile app? Let us know in the comments section below.
Images courtesy of Shutterstock, Yenom and Bitcoin.com.
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The post Dead Man’s Switch App Wins Tokyo Hackathon for Bitcoin Cash Grand Prize appeared first on Bitcoin News.
Southwest Airlines, the carrier that has for years used its free peanut snacks as a marketing gimmick, will stop serving nuts on flights starting Aug. 1.
The Dallas-based low-cost carrier cited concerns over passengers with peanut allergies as a key reason why its flight attendants will switch…
With the exponential growth in bitcoin’s price this year and ‘blockchain technology’ becoming the hottest buzzword in the business world it is not surprising that investors are betting on everything crypto-related. The allure of capitalizing on this attraction is so strong, now even regular mining operators are jumping in – and even succeeding in rebranding themselves as bitcoin companies.
Natural Resource Holdings is a little-known company whose investments so far consist mostly of land and mineral assets of gold, silver, zinc, and lead deposits.
The company’s shares, which are publicly traded on the Tel Aviv Stock Exchange, have jumped about 1,300% in price since the company announced it is refocusing on blockchain and cryptocurrencies just a month and a half ago.
Now it appears that the company actually has a plan how to diversity into bitcoin mining and it is not just all hype. According to reports today in the Israeli financial media, Natural Resource has revealed its first step towards entering the market: acquiring a Canadian bitcoin mining farm.
Mining Is Booming
The company has announced that it is in negotiations with BACKBONE Hosting Solutions, operating under the commercial brand Bitfarms, to buy 75% of its shares in exchange for 75% its own stocks. In response to the report, investors have poured in, making the relatively small company the tenth most traded on the TASE by volume.
The Canadian company is said to have 4 server farms in the province of Quebec, providing services for mining bitcoin, ethereum, bitcoin cash and litecoin. It is also said to have two more server farms under construction that will come online early next year. The company supposedly brings in over $ 8.3 million a month, at an operational cost of just 12%.
According to its own website, BACKBONE started operating in 2016 with a primary focus to offer cost effective mining hardware hosting solutions for cryptocurrency hobbyists and professionals. Boasting an ‘eco-friendly’ operation, the company says its power is generated from an hydro-electrical plant located close to the facility and that it benefits from being in a Tundra Climate where cooling is not an issue 10 months a year.
Should investors buy shares in a bitcoin mining company or simply mine by themselves? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Tel Aviv Stock Exchange.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Gold Mining Company’s Shares Jump 1,300% After Switch to Bitcoin appeared first on Bitcoin News.
Volvo will become the first major auto maker to abandon the conventional car engine—technology that has powered the industry for more than a century. All new Volvo models from 2019 would be either fully electric or a hybrid.
WSJ.com: US Business
A New Hampshire man who was injured in a house explosion is thanking Siri for saving his life. Christopher Beaucher says he was checking on his mother’s vacant cottage in Wilmot on May 1 when he saw something suspicious and went inside, per the AP . He tells WMUR-TV when he…
Scientists in Germany flipped the switch Thursday on what’s being described as “the world’s largest artificial sun” and which they hope will help shed light on new ways of making climate-friendly hydrogen fuel. The giant honeycomb-like setup of 149 spotlights—officially known as “Synlight”—in Juelich, west of Cologne, uses…
Railroad veteran Hunter Harrison tried twice to take over rival CSX Corp. and failed. But investors cheered Thursday the idea of letting him run CSX himself.
WSJ.com: US Business
Nintendo said it would introduce its next-generation game console Switch world-wide on March 3 at $ 299.99.
WSJ.com: What’s News Asia
India’s PM, Narendra Modi, surprised and even shocked many when he announced that Rs 500 and 1,000 notes would no longer be legal currency. This is some 86% of the entire cash money supply of the country. There would be a pause and obviously no little chaos as replacement notes […]
Forbes Real Time