Gigablock Testnet Initiative Under Way – How Large Can Blocks Be?

Bitcoin Unlimited, nChain, and the University of British Columbia (UBC) have teamed up to bootstrap the Gigablock Testnet Initiative. The goal of the initiative is to determine how large blocks bitcoin can handle, and to analyze the bottlenecks that may impede bitcoin’s scalability.  According to a Bitcoin Forum post, the team has 4 main objectives with this project. They want to “setup and maintain a testnet network capable of supporting blocks up to 1 GB in size and sustained Visa-level transaction throughput (3,000 TPS).” They want to be able to experiment deeply with on-chain scaling to test its feasibility. They also hope to discover bottlenecks that affect scaling and then disseminate what they learn to the ecosystem. Why Need a Gigablock Testnet? The group is undertaking this project to finally determine how well large blocks can perform under a heavy load of transaction throughput. They mentioned that currently — as a result of small block sizes — transaction times and fees have become too burdensome. This makes micro-transactions impractical. The Bitcoin Forum article elaborated: The Bitcoin... View All ...."Gigablock Testnet Initiative Under Way – How Large Can Blocks Be?"

Israeli Securities Authority Establish Committee to Consider ICO Regulations

The head of the Israeli Securities Authority (ISA) has announced the establishment of a committee tasked with assessing the need for ICO regulations in Israel. The committee has been assigned to determine whether or not initial coin offerings fall under the purview of securities legislation.   The New ISA Committee Has Been Tasked With Assessing If ICOs Should Fall Under the Legislative Apparatus Governing Securities Trading in Israel The new ISA committee is expected to submit its assessments regarding ICO regulations by December 31st, 2017. The committee is to be headed by the head of the ISA’s Corporate Department, Moti Yamin, and ISA chief economist, Dr. Gitit Gur-Gershgoren. The committee is reported to have been tasked with five specific directives – “1. Evaluate the financial essence of ICOs and whether it overlaps with other financial activity under Israeli law; 2. Make a comparative analysis of cryptocurrency regulations in various countries to evaluate the legitimacy of Bitcoin; 3. Examine if cryptocurrency trading and ICOs should be watched by the ISA; 4. Devise a... View All ...."Israeli Securities Authority Establish Committee to Consider ICO Regulations"

Fork Wars: Segwit Lock-In and Communication Breakdown

Segregated Witness has officially locked-in and bitcoin’s price is currently coasting along at $3430. Even though Bitcoin market prices have rallied to new all time highs after the August 1 hard fork, both Bitcoin and the newly formed network, Bitcoin Cash still have some uncertain futures ahead.   Bitcoin Cash Pushes Forward as Network Strengthens The hard fork happened, and the Bitcoin network split into two different blockchains that share a previous history. The Bitcoin Cash (BCH) network has survived an entire week, with five mining pools dedicating hashpower towards this alternative chain. Currently, the Bitcoin blockchain is still 899 blocks ahead of the new BCH chain, and it’s also 54 percent more profitable to mine BTC than BCH. However, this will change on August 8 as Bitcoin’s difficulty is going to increase approx. 7 percent while the BCH chain has been lowered to 17 percent of BTC’s current difficulty. At the moment there have been 240 BCH blocks mined since the blockchain split and an ‘unknown miner’ has processed more than... View All ...."Fork Wars: Segwit Lock-In and Communication Breakdown"

Fork Wars: Segwit Lock-In and Communication Breakdown

Segregated Witness has officially locked-in and bitcoin’s price is currently coasting along at $3430. Even though Bitcoin market prices have rallied to new all time highs after the August 1 hard fork, both Bitcoin and the newly formed network, Bitcoin Cash still have some uncertain futures ahead.   Bitcoin Cash Pushes Forward as Network Strengthens The hard fork happened, and the Bitcoin network split into two different blockchains that share a previous history. The Bitcoin Cash (BCH) network has survived an entire week, with five mining pools dedicating hashpower towards this alternative chain. Currently, the Bitcoin blockchain is still 899 blocks ahead of the new BCH chain, and it’s also 54 percent more profitable to mine BTC than BCH. However, this will change on August 8 as Bitcoin’s difficulty is going to increase approx. 7 percent while the BCH chain has been lowered to 17 percent of BTC’s current difficulty. At the moment there have been 240 BCH blocks mined since the blockchain split and an ‘unknown miner’ has processed more than… View All ….“Fork Wars: Segwit Lock-In and Communication Breakdown”

Czech National Bank: “Don’t Be Afraid of Bitcoin”

The Czech National Bank has distributed an announcement tending to bitcoin and cryptographic money on its site. The archive tends to the fame of bitcoin in Prague and the Czech Republic, talks about whether digital money represents a risk to the customary keeping money framework, and contends that fiat monetary forms include preferred monetary forms over bitcoin because of value soundness. The Czech National Bank States That There “Is No Reason for Banks to Fear” Bitcoin Czech National Bank: “Don’t Be Afraid of Bitcoin” The Czech National Bank’s announcement with respect to digital currency is titled “Don’t fear bitcoin”, and looks to address famous attestations in regards to the potential dangers that bitcoin and cryptographic money may posture to existing fiscal frameworks. The record begins by expressing that “Prague is home to a solid group of digital currency supporters and clients.” The announcement at that point quickly swings to “questions seeing whether foundations, for example, the Czech National Bank ought to fear bitcoin… . What’s more, of their influence to… View All ….“Czech National Bank: “Don’t Be Afraid of Bitcoin””

Japanese Exchanges grasping Bitcoin Cash Post-Fork

As Bitcoin Cash (BCC, BCH) pieces are being mined, all significant Japanese trades are outfitting to acknowledge their clients for the new digital money. A developing number of trades have effectively set a date to begin exchanging Bitcoin Cash, while others are still in the arranging stage. Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkFollowing the August 1 hard fork, all significant Japanese bitcoin trades declared that they will soon acknowledge their clients for Bitcoin Cash, the new cryptographic money made as Bitcoin’s blockchain wandered into two separate blockchains today. For each bitcoin held by clients at the season of the fork, a similar number of BCC will be credited to their records. In the interim, every one of them have suspended bitcoin stores and withdrawals amid the fork, and some are get ready to list BCC for exchanging the following couple of days. The following is a gathering of all significant Japanese trades that have refreshed their plans for Bitcoin Cash in the wake of the hard fork at… View All ….“Japanese Exchanges grasping Bitcoin Cash Post-Fork”

Trade sued for 3085 Bitcoins in the wake of Reversing Bitcoin-Ether Trades

A noteworthy bitcoin trade with a solid nearness in Japan, Quoine, is being sued for turning around bitcoin-ether exchanges after it supposedly experienced a framework glitch. Cryptographic money exchanges on the stage should be irreversible, so the offended party claims Quoine acted falsely and looks for the arrival of 3,085 bitcoins. Quoine Sued for Reversing Trades One of Asia’s biggest bitcoin trades, the Singapore-based Quoine, is purportedly being sued over the inversion of bitcoin-ether exchanges. This claim is the nation’s first bitcoin-particular legitimate debate, as per The Straits Times on Monday. The offended party is a market marker known as B2C2, who submitted offer requests on Quoine’s stage at the rate of 10 bitcoins for one ETH on April 19, when the market cost of one Bitcoin Exchange Sued for 3085 Bitcoins After Reversing Bitcoin-Ether TradesETH was around 0.04 bitcoin. The requests were filled and credited around the same time; B2C2 paid 309.2518 ETH and got 3092.517116 bitcoins. In any case, the following day Quoine turned around the exchanges and… View All ….“Trade sued for 3085 Bitcoins in the wake of Reversing Bitcoin-Ether Trades”