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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

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Posted on 12 December 2017 | 4:46 am

North Korea may be making a fortune from bitcoin mania - CNNMoney


CNNMoney

North Korea may be making a fortune from bitcoin mania
CNNMoney
Experts say the attacks are likely to continue as bitcoin's price skyrockets. It started the year below $1,000 but has soared more than 1,500%, crossing $17,000 for the first time last week. It's not just bitcoin's dizzying gains that make it appealing ...

and more »

Posted on 12 December 2017 | 2:37 am

2018 Will Be Another Growth Year for Blockchain

Think 2017 was a fluke? Not according to blockchain advisor Oliver Bussmann who makes the case next year will see further growth.

Posted on 12 December 2017 | 2:00 am

Who are the world's biggest Bitcoin investors? - Telegraph.co.uk


Telegraph.co.uk

Who are the world's biggest Bitcoin investors?
Telegraph.co.uk
There are currently 10 Bitcoin billionaires according to a website tracking global transactions of the cryptocurrency – and that list might well include government agencies, such as the FBI. The price of Bitcoin, the most famous cryptocurrency, has ...

and more »

Posted on 12 December 2017 | 1:42 am

People are mortgaging their houses to buy Bitcoin - Engadget


Engadget

People are mortgaging their houses to buy Bitcoin
Engadget
Bitcoin is sitting at $16,674 at the time of writing, after rocketing from $1,000 to more than $19,000 in the course of this year. Those types of eye-catching numbers (and the resulting media hype) are bound to draw the interest of casual folk. But ...
People are putting their homes at risk to buy BitcoinBusiness Insider
Americans Are Taking Out Mortgages to Buy BitcoinBitcoin News (press release)
People are taking out mortgages to buy bitcoin, says securities regulatorCNBC

all 15 news articles »

Posted on 12 December 2017 | 1:35 am

Bitcoin is not taking demand from gold – Goldman Sachs - Financial Times


Bitcoin is not taking demand from gold – Goldman Sachs
Financial Times
Goldman Sachs has answered the question many commodities investors are asking. And it's a No, bitcoin is not sapping demand for gold, despite its explosive trajectory. Jeffrey Currie, global head of commodities research for Goldman, argues that the ...

and more »

Posted on 12 December 2017 | 12:59 am

Hong Kong Regulator Issues Warning on Unregulated Bitcoin Futures

A Hong Kong finance regulator has published a new circular on bitcoin futures contracts and other cryptocurrency-related investment products.

Posted on 11 December 2017 | 11:00 pm

2017: The 'Butt' of Bitcoin's Joke - CoinDesk


CoinDesk

2017: The 'Butt' of Bitcoin's Joke
CoinDesk
It's no surprise then that in 2017 anything called a blockchain was quickly used as evidence of the impending world domination of bitcoin. "Could" becomes "will" becomes "is" ... even though "could" is a word that often means "doesn't" and tends to end ...

and more »

Posted on 11 December 2017 | 9:01 pm

2017: The 'Butt' of Bitcoin's Joke

Sanity? You weren't going to find it in the crypto world in 2017 according to author David Gerard. Insanity, though, there's plenty to go around...

Posted on 11 December 2017 | 9:00 pm

'According to Plan': CBOE Bullish on First Day of Bitcoin Futures Trading

The first day of trading for CBOE's bitcoin futures contracts is over and the day largely went according to plan, according to its CEO.

Posted on 11 December 2017 | 6:05 pm

Bitcoin: Does it really use more electricity than Ireland? - BBC News


BBC News

Bitcoin: Does it really use more electricity than Ireland?
BBC News
A widely-used formula to calculate energy consumption is from the crypto-currency blog Digiconomist, which relies on the performance specifications of common mining technology. It takes total mining revenues as a starting point, estimates the ...
What's the Value of Bitcoin? Who KnowsBloomberg
Why Bitcoin Is ScarySeeking Alpha
Four Ways A Bitcoin Bubble Plays OutForbes
Washington Post -MIT Technology Review -Wired.co.uk
all 252 news articles »

Posted on 11 December 2017 | 5:26 pm

Munchee ICO Halted by SEC for Securities Violations

Munchee ICO Halted by SEC for Securities Violations

On December 11, the U.S. Securities and Exchange Commision (SEC) issued a cease-and-desist to California-based Munchee Inc. to stop their ICO and return the funds that had been collected.

Munchee had been seeking $15 million in capital to improve their existing mobile app and create a restaurant review ecosystem that they described as being “Yelp meets Instagram” in their Bitcointalk announcement. The problem arose when Munchee emphasized that it would take steps to create a secondary market for the tokens as an investment vehicle, leading investors to have a reasonable belief that their tokens would rise in value, long in advance of the utility of the token being made available.

In the SEC announcement, Stephanie Avakian, co-director of the SEC Enforcement Division, said, “We will continue to scrutinize the market vigilantly for improper offerings that seek to sell securities to the general public without the required registration or exemption. In deciding not to impose a penalty, the Commission recognized that the company stopped the ICO quickly, immediately returned the proceeds before issuing tokens, and cooperated with the investigation.”

In the SEC complaint, the commission argued that the MUN tokens were considered securities because “they were investment contracts” and were deemed a security regardless of their utility at the time of the sale. Munchee consented to the SEC’s order without admitting to, or denying, the findings.

The action is significant as it shows the willingness of the SEC to step in and take action. It also illustrates a willingness on the part of the SEC to work with companies that are cooperative when they run afoul of the regulations.

The post Munchee ICO Halted by SEC for Securities Violations appeared first on Bitcoin Magazine.

Posted on 11 December 2017 | 3:19 pm

PlexCoin Founder Gets Jail Time, Fine on Contempt Charge

U.S. and Canadian authorities appear determined to make an example of an ICO believed to have raised $15 million.

Posted on 11 December 2017 | 2:45 pm

CBOE CEO Blasts 'Uncalled For' Bitcoin Futures Critiques

CBOE's chief executive is pushing back at suggestions that the exchange's newly-launched bitcoin futures market was hastily done.

Posted on 11 December 2017 | 11:40 am

Bitcoin Is a Bit of a Miracle at Any Price - Bloomberg - Bloomberg


Bloomberg

Bitcoin Is a Bit of a Miracle at Any Price - Bloomberg
Bloomberg
The trading range of $15000 to $20000 doesn't seem crazy when you compare it with other assets.

and more »

Posted on 11 December 2017 | 11:09 am

SEC Halts Multimillion-Dollar 'Munchee' ICO for Securities Violations

A California-based company has refunded a $15 million initial coin offering following an investigation by the SEC.

Posted on 11 December 2017 | 9:40 am

New Bitcoin ETF Filings Follow CBOE Futures Debut

Public filings suggest that the launch of bitcoin futures products has renewed a push to create exchange-traded funds tied to the cryptocurrency.

Posted on 11 December 2017 | 9:00 am

Missed the bitcoin boom? Five more baffling cryptocurrencies to ... - The Guardian


The Guardian

Missed the bitcoin boom? Five more baffling cryptocurrencies to ...
The Guardian
Regretting not spending a few hundred quid on bitcoin five years ago? Get ahead of the speculators by spending thousands of dollars on a imaginary cat or the Paris Hilton-backed LydianCoin.

and more »

Posted on 11 December 2017 | 8:45 am

Bitcoin Gold Defies Gravity, But Price Rally Looks Weak

Bitcoin gold is well bid today, but chart analysis suggests the upturn in prices may be ephemeral.

Posted on 11 December 2017 | 8:00 am

Pantera Invests $3 Million in Sharing Economy Token Origin

Decentralizing Airbnb? A new blockchain protocol aims to disrupt nothing less than the entirety of the sharing economy.

Posted on 11 December 2017 | 7:30 am

BitGo Scores $43 Million as Crypto Goes Corporate

The maker of multi-signature cryptocurrency wallets turned profitable this year, as the institutional user base it had long courted finally arrived.

Posted on 11 December 2017 | 7:00 am

Bitcoin Futures Deliver Wild Ride as Debut Brings Rally, Halts - Bloomberg


Bloomberg

Bitcoin Futures Deliver Wild Ride as Debut Brings Rally, Halts
Bloomberg
This year alone, bitcoin is up more than 17-fold. The surge has been driven largely by demand from individuals, with technical obstacles keeping out most big money managers like mutual funds. The new derivatives contracts should thrust bitcoin more ...
Twas The Night Before Bitcoin FuturesForbes
Bitcoin Futures Surge In First Day Of TradingNPR
Bitcoin futures suggest breakneck rise in price to slowReuters
Fortune -BBC News
all 1,779 news articles »

Posted on 11 December 2017 | 6:31 am

Futures Launch Puts Record Bitcoin Highs Back in Play

Having landed on Wall Street with a bang, bitcoin is solidly bid and looks set to scale new heights.

Posted on 11 December 2017 | 6:00 am

UBS to Launch Live Ethereum Compliance Platform

Swiss banking giant UBS and a group of major banks plan to launch a live application later this month using the ethereum blockchain.

Posted on 11 December 2017 | 5:00 am

South Korean NH Bank Joins R3 Distributed Ledger Consortium

South Korea's NongHyup Bank has joined the R3 distributed ledger consortium, saying it will launch a pilot blockchain project.

Posted on 11 December 2017 | 3:00 am

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France Approves Blockchain Trading of Unlisted Securities

The French government has given the official nod for trading unlisted securities using blockchain technology.

Posted on 11 December 2017 | 2:00 am

U.S. Senate Mulls Reporting Requirements for Cryptocurrencies

USSenateBill

American Bitcoin holders may soon have to report their holding to the United States government.

First introduced on May 25, 2015, by Sen. Chuck Grassley [R-IA], Senate Bill S.1241, the
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” can have serious implications for those involved in the cryptocurrency space. The hearing for S.1241 was held with virtually no public notice on November 28, 2017; the full two-hour hearing can be viewed here.

Currently, the definition of “financial institution” includes banks, trust companies, credit unions, currency exchanges and the like. But according to Section 5312(a) of title 31, the new bill would amend the definition of “financial institution” to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” 

This is most specifically embedded in Section 13:

senatebilltextscreen.png

Sen. Dianne Feinstein [D-CA] said in her opening remarks of the hearing, “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of “financial institution,” it would seem that the bill would criminalize anyone intentionally concealing ownership or control of a digital currency or exchange account. While there is no finalized bill yet, the implication would be that cryptocurrency holders need to fill in federal registration forms for tax disclosure, quarterly reporting and more.

Notably, while the purpose of the bill and hearing had to do with adding digital currencies and exchanges to the definition of financial institutions, there was almost no discussion on the topic other than briefly in reference to drug cartels using them to launder money. For example, nowhere in the testimony by Coinbase board of directors member Kathryn Haun Rodriguez does she mention digital currencies or exchanges, and at no time was she asked any questions about them.

Unsurprisingly, the bill is receiving pushback from some cryptocurrency holders. Activists on Reddit have started a social media campaign in opposition to the bill, and are suggesting others to tweet: “@senjudiciary that #Bitcoiners are not #Crooks Remove #DigitalCurrencies from Section 13 of S1241.” Others are contacting their senators directly.

The post U.S. Senate Mulls Reporting Requirements for Cryptocurrencies appeared first on Bitcoin Magazine.

Posted on 8 December 2017 | 3:23 pm

Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option

Out of Steam - PC Gaming Platform Ends Bitcoin Payment Option

The utility aspect of Bitcoin faced a setback yesterday as PC gamers heard from Valve Corporation’s Steam Team in a blog post that Bitcoin would no longer be accepted as payment on its digital distribution platform, Steam. Citing the volatility of the currency as well as the rising cost of fees, a representative of The Steam Team, known as “kurtis”, explained that the volatility of Bitcoin has created a problem for users trying to purchases games using the currency. Kurtis pointed out that:

The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

Kurtis further elaborated that the normal resolution mechanism on Steam is either to refund the original payment to the user, which would negate the transaction or to ask the user to transfer additional funds to cover the remaining balance. “In both these cases, the user is hit with the Bitcoin network transaction fee again.” Bitcoin was adopted as a means of payment via  bitcoin payment processor, BitPay, for games on Steam on April 27, 2016.


Some users commenting on the blog seem to agree and support Valve’s decision, with many calling for utilization of alternative cryptos such as Vertcoin, IOTA, and Litecoin. Others, such as one user named “Kaj Jez”, stated,

Massively disappointing. The first purchase I ever made in Bitcoin was on Steam. As long as Steam doesn't accept BTC I will prefer to do business with devs' own stores that hopefully do…But as Bitcoin will undoubtedly improve itself with scalability solutions so to will Steam hopefully improve itself by rectifying this mistake and once again accepting it.

Steam, the largest digital distribution platform for PC Games, has an active user base of over 275 million users with an average of 11 games per user, according to Sergey Galyonkin’s Steam Spy API. In a Medium article, Galyonkin elaborated that 2016 sales for PC games through the Steam Platform totaled roughly $3.47 billion dollars. While it is unclear how much of that revenue resulted from bitcoin transactions during its period of acceptance, it is clear that the PC gaming community faced a major setback in utilizing Bitcoin as a means for buying games.


At the time of this writing, neither BitPay nor Steam nor Valve Corp could be reached for additional comment.

The post Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 3:11 pm

New Bitcoin Mining Centers Set to Increase North American Market Position

New Bitcoin Mining Centers Set to Increase North American Market Position

While China continues to dominate the bitcoin mining market, North America has now gained another significant player who can help decentralize mining power. Hut 8 Mining Corp (Hut 8) and the Bitfury Group (Bitfury) have announced a partnership that will create North America’s largest bitcoin mining center, located primarily in Alberta, Canada.

“We are excited to partner with Hut 8 to expand our activities in the strategic North America market,” said Bitfury CEO, Valery Vavilov, in a statement. “We believe there is a tremendous opportunity to establish North America as one of the most important cryptocurrency mining hubs in the world.”

Known for manufacturing their own Application Specific Integrated Circuit (ASIC) chips, Bitfury is the world’s largest bitcoin mining company outside of China. Their custom hardware and software solutions eliminate the reliance on any third parties, which lowers costs and improves efficiency. Their BlockBox AC datacenter product allows for significantly shorter setup time to establish a commercial bitcoin mining center.

Hut 8 is a bitcoin mining company that will provide shareholders access to the price appreciation of bitcoin. Once the partnership is finalized, Hut 8 will control what they believe to be the largest cryptocurrency mining farm in North America: Hut 8 will gain immediate control over 22 bitcoin mining datacenters spread across Alberta.

The expectation is for Hut 8 to be listed on the Canadian stock exchange during Q1 of 2018 and increasing control over an additional 35 datacenters. Hut 8 anticipates that through a combination of existing Bitfury sites and new installations, they will scale to 60 or more datacenters during 2018.

The datacenters will be comprised of Bitfury’s containerized bitcoin mining units called Blockboxes, containing Bitfury’s 16nm ASIC chip, which they claim is one of the most efficient on the market. Bitfury will be providing the infrastructure for the partnership via the aforementioned assets and Hut 8 will own and operate the centers.

On December 4, 2017, Hut 8 is made available an approximate 13,200,000 shares on a private placement basis through GMP Securities L.P., worth approximately $25.7 million ($33 million CAD); the proceeds of which will be applied towards the initial acquisitions described above.

Also making moves in the North American mining market, Giga Watt has been promoting its own modular datacenter design called “Giga Pods.” While Giga Watt doesn’t have custom hardware solutions, they do allow for new entrants to buy and run their own hosted mining rig and potentially make money. It will be interesting to watch the development of these companies in North America over the course of 2018.

The post New Bitcoin Mining Centers Set to Increase North American Market Position appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 2:22 pm

BANKEX Aims to Boost Asset Liquidity for Businesses

BANKEX


Business is a constant flow of transactions, which are actions with assets. It can be buying, selling, exchanging, renting, lending, pledging, assigning rights, granting licenses and so on… And the easier and faster the transaction is, the better. Ease and speed often depends on the degree of liquidity of the asset involved in the transaction. The reasons for low liquidity might be the following:


Multiple asset owners — this creates barriers in which effective communication is needed so that a common understanding can be agreed upon.

  • Assets are spread so wide that there is a lack of transparency around how cash flow is generated by assets.
  • There are often long timeframes between when projects are launched and when they achieve desired liquidity.
  • Regulatory barriers obstruct non-public companies from entering financial markets or raising funds from public investors.
  • Tracking the lifecycle of an asset through cash flow is difficult.
  • There are clear complexities in asset withdrawal as well as high legal and accounting expenditures from asset transfers at peak profitability.

Enter BANKEX, a technology poised to solve the issues of asset liquidity by increasing asset auditing in real-time, decreasing the price of evaluating an asset for a particular deal and increasing the speed at which a deal is realized such as selling, loaning and sharing.

BANKEX merges the concepts of Bank-as-a-Service (BaaS), Proof-of-Asset (PoA) protocol and distributed technology to enable information to be passed in real time using a blockchain.

BaaS is a model that enables fintech services to be offered without the need for brick-and-mortar financial institutions. Through the use of application programming interfaces (APIs) and a refined technical process, BaaS unleashes unexplored possibilities for financial products in various business sectors.


The ushering in of this new model comes at a time when fintech is evolving at an unprecedented rate. The decentralized BaaS model coupled with the use of smart contracts could solve the problem of trust for traditional banks.


By utilizing the PoA protocol, BANKEX supports companies in successfully getting access to global capital with the ISAO procedure. This value for investors also includes the ability to track portfolio profitability and boost income. As a result, this protocol will be widely available for third-party fintech providers — including artificial intelligence (A.I.) and Internet of Things (IoT) labs — and traditional financial institutions, along with the broader community of asset owners.


The BANKEX PoA protocol can ensure increased liquidity of any asset while allowing it to be used as an investment tool. The technology is executed through a process called “tokenization,” which protects sensitive data through an algorithmically generated number called a token.

Tokenization is similar to how a website address represents an IP address on the internet. Through its protocol, BANKEX is able to convert the rights of an asset into a digital format on the blockchain, making it globally available to be traded on an asset exchange. BANKEX tokens have both utility and security — serving as a gateway to the platform while being backed with real-world assets. To tokenize an asset, the company must ensure that said asset generates cash flow.

This guarantees a high level of financial, legal and tech oversight throughout the tokenization process for any business at any level of maturity. The blockchain undergirds this process, ensuring that all data becomes uneditable, irreversible and always available to confirm proof of the assets’ existence and state.      

BANKEX Applied to the Real World


BANKEX is offering a new level of fintech solutions to a broad range of entities, from corporations to young entrepreneurs. The aim is to assist businesses in funding their projects through the combination of new technology coupled with the power of the global investment community.


The following hypothetical case of a retail chain store is just one example of how BANKEX’s Proof-of-Asset protocol can be applied to a wide variety of industry sectors comprised of both small and large companies.


John has a small retail chain that he would like to expand by franchising to other cities. His business model is profitable and already consists of five stores working under his franchise agreement. Supported by BANKEX, John issues tokens that are backed by revenue from new stores. This should guarantee profit in new stores by allowing token holders to purchase products with their tokens. He has installed a cash register that will be able to update the sales results of every store. Token holders will receive a return on their investments, in some cases holding enough tokens to take part in decision making. John’s business will become more attractive as BANKEX solutions assist him in opening new stores throughout the country.  


BANKEX Due Diligence


With its Head Office in New York, business development office in Singapore, strategic partnership in Tokyo and engineering team in Moscow, BANKEX offers innovative fintech products and services with far-reaching implications, including applications within the traditional finance and investment sectors, micro-financing, real estate as well as access to historically illiquid assets, natural resources, and futures markets.


BANKEX is a member of the Enterprise Ethereum Alliance. EEA members include financial and technology companies and funds such as JP Morgan, UBS, MasterCard, Intel and consulting companies such as Accenture. BANKEX is meanwhile honored to count Balanc3, a ConsenSys formation, as advisors.


BANKEX has also formed a number of strategic partnerships with prominent industry players including Microsoft; Symphony Software Foundation; Soramitsu; the Entrust Group; Chronobank; and the Moscow Exchange (MICEX).


BANKEX has already announced a collaboration with MovieCoin LLC. led by Hollywood Oscar-winning producer Christopher Woodrow. By utilizing smart contracts and BANKEX's proprietary Proof-of-Asset protocol (PoA), smart asset MovieCoin will allow institutional and individual investors to invest in the motion picture industry.


The BANKEX token sale started on November 28, 2017. As of December 1, BANKEX has raised more than $20 million USD. The company is listed among the top 50 token sales in the world.


The post BANKEX Aims to Boost Asset Liquidity for Businesses appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 9:47 am

Quant Network Launches Overledger for Cross-Blockchain Data Interoperability

Quant Network Launches Overledger for Cross-Blockchain Data Interoperability

Last month, science and technology magazine New Scientist covered the Overledger project in a story titled, “The Blockchain to Fix All Blockchains.” The story emphasizes the need for data interoperability technology across different blockchains that could play a role similar to TCP/IP, which enabled the internet to thrive.

“[Overledger] seems to be a straightforward extension of the original atomic swap idea,” said Cornell University cryptocurrency expert Emin Gun Sirer, as reported by New Scientist. But instead of only supporting currencies as atomic swaps do, the Overledger works for any data that can be put on the blockchain.

Overledger_Graphic_v0.4.png

The Quant Overledger project is just coming out of stealth mode. In conversation with Bitcoin Magazine Gilbert Verdian, CEO and co-founder of Quant Network, confirmed that a patent for Overledger technology was filed in the first week of December.

"The uniqueness of our operating system is that Overledger is not another blockchain,” Quant Chief Strategist and Executive Director of the UCL Centre for Blockchain Technology at University College London, Paolo Tasca, told Bitcoin Magazine. “We do not impose new consensus mechanisms, new gateways, adapters or special validating nodes on top of existing blockchains. Overledger is a virtual blockchain that links existing blockchains and allows developers to build multi-chain applications (or in other terms blockchain-agnostic applications)."

According to Verdian, blockchain technology needs to enable next generation applications to function across multiple blockchains, not be limited to any single a vendor or technology and allow seamless communication across multiple blockchains as well as recognition of transactions and assets across blockchains.

As such, Quant is focussing on three goals: developing an API to connect the world’s networks to multiple blockchains; bridging existing networks (e.g financial services) to new blockchains; and developing a new Blockchain Operating System with a protocol and a platform to create next-generation, multi-chain applications.

Promoting the Blockchain ISO Standard

Verdian initiated the development of Blockchain ISO Standard TC 307, which will allow for interoperability, governance and reference architecture of blockchain technologies to work between blockchains as well as allowing blockchain networks to interoperate with existing systems and networks in use today.

Currently, there are 40 countries and organizations, such as the European Commission, working on developing the Blockchain ISO Standard, and the timeline is to have a published Standard in 2020, Verdian explained.

“Establishing blockchain standards will position ISO as a leading contributor to develop global solutions to facilitate data movement and information flows, thus enabling more efficient and timely transactions,” Verdian told Bitcoin Magazine. “There is no one blockchain standard or protocol currently in use. International standards will allow for interoperability and implementation and use of multiple blockchain-related protocols.”

“Quant Overledger will be compatible to the Blockchain ISO Standard when it is released, allowing a gateway to ‘talk’ a common language to other networks and existing systems such as financial services networks,” continued Verdian. “The entry and exit points of Overledger will be compatible to the ISO Standard, which any other technology vendor can also implement in future.”

Benefits of Interoperability

Verdian added that the widespread adoption and use of international blockchain standards could facilitate a new wave of innovation, productivity, employment and industry opportunities. For example, the growing burden of KYC compliance could be reduced through the development of international blockchain standards which utilize shared databases for undertaking business and transacting payments.

The development of international standards to support smart contracts has the potential to decrease contracting, compliance and enforcement provision costs. Similarly, the development of international blockchain standards could reduce transaction costs for SMEs when dealing with governments and businesses.

“Quant will completely change how people will be able to interact with blockchains in a way that’s not possible today,” concluded Verdian. “A good example is the recognition of a person’s identity by one entity on a blockchain will be recognized and understood by every other blockchain and every entity connected to those.”

Dapp Development

There are plans for a Quant App Store that will allow developers and startups to create multi-chain applications on top of Overledger and monetize their applications in unique ways, without having to rely on capabilities of only one blockchain.

“As a company, we’re also planning to release distributed applications on top of Quant in the areas of RegTech, FinTech and HealthTech,” Verdian told Bitcoin Magazine, adding by allowing businesses to directly interact with multiple blockchains, they will be better able to cope with the modern supply chain complexities.

In a pre-ICO (Initial Coin Offering) in January, followed by an ICO in February, Quant will sell Quant Tokens that will allow users to access the Quant network. Developers will be able to publish distributed apps on the Quant store and optionally monetize their apps by charging usage fees in Quant Tokens, for example.

Quant plans to release the first versions of Overledger in Q1 2018 and finalize the SDK and libraries in Q3 2018. This will be an open source and freely available software release that developers and enterprises will be able to use for creating next generation multi-chain applications. Then, Quant plans to release the Quant App Store at the end of 2018 for developers to publish their apps and earn Quant tokens.


Image courtesy of Quant Project 

The post Quant Network Launches Overledger for Cross-Blockchain Data Interoperability appeared first on Bitcoin Magazine.

Posted on 7 December 2017 | 8:06 am

Bitcoin tops $10,000 milestone

Posted on 29 November 2017 | 2:30 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 1:16 am

Bitcoin reaches new all-time high: $3,000

Posted on 12 June 2017 | 1:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 8 November 2016 | 6:20 pm

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 1:32 pm

December 12, 2017 -
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