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"

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”

BTC-e on Refunds, the FBI and Alexander Venex

On July 31 the bitcoin exchange BTC-e sent a message over Twitter and on the forum Bitcointalk concerning the company’s recent website seizure by U.S. law enforcement. Additionally, the statement claims that Alexander Vinnik was not the head operator of BTC-e and further states the detained Russian was never an employee. BTC-e Reveals Information on FBI Takedown Bitcoin.com recently reported on the recent takedown of the exchange BTC-e and the arrest of its alleged operator Alexander Vinnik. According to U.S. law enforcement Vinnik operated the trading platform and laundered $4B worth of bitcoins tethered to illicit activities since 2011. The exchange domain was seized following the arrest of Vinnik by six law enforcement agencies working on the investigation, and now many innocent BTC-e traders are concerned about their holdings. Then on Monday someone who had access to the company’s Twitter handle and Bitcointalk account sent out a message to the public. “On July 25, FBI staff came to the data center where our server equipment was located and seized all of the equipment, the servers… View All ….“BTC-e on Refunds, the FBI and Alexander Venex”

Poloniex Quits Wasington States as new Exchange Rules Become Active

Back in April, Washington politicians finished piecing together and finalizing the regulations for bitcoin exchanges. Those guidelines and rules are now active. Lawmakers pushed Senate Bill 5031 through the House and Senate, and it was signed into existence by governor Jay Inslee.  Bill Requirements for Bitcoin Exchanges The rules declare that anyone who operates a cryptocurrency exchange within Washington must apply for a license from the State. They must also contract with a third party auditor and have their system disrobed and inspected. The bill states, “For business models that store virtual currency on behalf of others, the applicant must provide a third-party security audit of all electronic information and data systems acceptable to the director.” Lawmakers also created a rule that says exchanges have to have a bond associated with their business. The figure of the bond has to be tied to the amount of currency transacted in the previous year. Reaction From Popular Exchanges As a result of the new law, major exchanges Poloniex and Bitfinex said they would cease conducting business in the state. The… View All ….“Poloniex Quits Wasington States as new Exchange Rules Become Active”

Chinese Blockchain Association Issues Protocol to Regulate ICOs

Six Chinese blockchain organizations have discharged a joint convention intended to oversee money related dangers for beginning coin offerings (ICOs) in China.   Six Chinese blockchain organizations have discharged a joint convention intended to oversee money related dangers for starting coin offerings (ICOs) in China. The joint convention, ‘Guiyang Blockchain ICO Consensus’, was proposed by Guizhou Blockchain Industry Technology Innovation Alliance, Zhongguancun Blockchain Industry Alliance, Blockchain Finance Association, Guiyang Blockchain Innovation Research Institute and two other anonymous substances, as indicated by a report from the China Money Network. There are right now 43 stages in China that give ICOs. The most, of which, are situated in Guangdong, Shanghai and Beijing, which represent more than 60 percent of the aggregate number of stages. SEC Cracks down on ICOs Strangely, the arrival of the Chinese ICO convention comes when the U.S. Securities and Exchange Commission (SEC) declared yesterday in a report that DAO tokens are a security and that they ought to be managed. As per the report, The DAO was a… View All ….“Chinese Blockchain Association Issues Protocol to Regulate ICOs”