The Rise Of The All-In-One Bitcoin & Lightning Node

Source From https://coinjournal.net/the-rise-of-the-all-in-one-bitcoin-lightning-node/

The last few months have seen a growing number of all-in-one Bitcoin and Lightning nodes emerging on to the marketplace, enabling more and more users to begin to experience the Lightning network payment system, which now has a total network capacity in the region of 450BTC. The pace of development over the last 12 months […]

The post The Rise Of The All-In-One Bitcoin & Lightning Node appeared first on Coinjournal.

Continue Reading

South Korean National Assembly Holds Regulation Debate With Local Crypto Exchanges

Source From https://cointelegraph.com/news/south-korean-national-assembly-holds-regulation-debate-with-local-crypto-exchanges

Major Korean crypto exchanges have arranged a crypto regulation debate in the National Assembly, discussing Anti-Money Laundering policies and customer protection.

South Korea’s representative body, the National Assembly, has held a crypto regulation debate arranged by major local cryptocurrency exchanges, IT media oulet ZdNet Korea reports Monday, Dec. 10.

According to local business outlet Financial Leaders, the topics of the debate were proposed by seven crypto exchanges — Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco.

The debate was attended both by crypto entrepreneurs and politicians, such as Democratic Party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, both with a significant number of seats in the National Assembly. The country’s financial watchdog, the Financial Services Commission (FSC), also sent a representative to the discussion.

ZDNet reports that Lee Seok-wu, CEO of Dunamu — a subsidiary of Kakao that operates Upbit — led a discussion that was attended by FSC members and the president of Gopax, among others. The discussion reportedly focused on Anti-Money Laundering (AML), customer protection and Know Your Customer (KYC) practices..

The debate in the National Assembly was preceded by the FSC’s decision to allow banks to service crypto exchanges, as soon as they have adequate AML safeguards and apply KYC checks.

At the same time, South Korea has a strict policy against Initial Coin Offerings (ICOs), issuing strong warnings against them back in 2017. However, local blockchain startup, Presto, is reportedly going to file a constitutional appeal over this policy.

According to a recent report prepared by CryptoCompare, the crypto industry in South Korea is consistently growing. In November Korean crypto exchanges overtook Maltese competitors by average daily trade volume. As per report, major Korean players produced over $1.4 billion daily.

Continue Reading

Decentralized Browser Brave Becomes Default on HTC Blockchain Smartphone

Source From https://cointelegraph.com/news/decentralized-browser-brave-becomes-default-on-htc-blockchain-smartphone

Blockchain browser Brave will be pre-installed on HTC’s blockchain browser, supporting cryptocurrency networks.

Decentralized browser Brave is now the default browser on a phone from major smartphone manufacturer HTC, technology news outlet CNET reported Dec. 10.

Founded in 1997, HTC is a Taiwanese consumer electronics manufacturer, which was the leading smartphone vendor in the U.S. at the end of 2010, according to TechCrunch. The company’s market share began decreasing, when it trailed Apple, Samsung, and LG with a roughly six percent market share in the U.S. in 2014. In 2017, HTC held 2.3 percent of the smartphones market share, while in 2018 it purportedly controlled less than a half percent.

Brave — an open-source blockchain-powered browser, which blocks ads and website trackers — will reportedly be pre-installed on the HTC Exodus 1, “the first native blockchain phone” with support for multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH) networks. The forthcoming project of HTC Exodus 1 was initially announced in May 2018.

Brendan Eich, co-founder of Brave and previously Mozilla, announced the partnership with HTC in a tweet on Dec. 8, saying that “we are very happy to have @Brave as default browser and to be working with HTC on their Exodus phone.”

Brave browser uses Basic Attention Tokens (BAT), that send advertisers’ payments to Brave and its users, and subsequently can be used to pay for premium content. In June 2017, Eich raised $35 million in 30 seconds during the BAT Initial Coin Offering (ICO).

Last month, blockchain-focused electronics supplier SIRIN Labs launched its first blockchain-based smartphone called FINNEY. Based on both Android and SIRIN’s open-source operating system, SIRIN OS, the FINNEY phone offers a cold-storage crypto wallet and provides encrypted communications.

Also this summer, the Opera browser for Android announced the launch of a private beta version that will include a built-in crypto wallet. Opera’s crypto wallet will support Ethereum Web3 application programming interface (API) and will be integrated with a “default WebView” on top.

Continue Reading

Securities Commission Malaysia Completes Blockchain Pilot Project

Source From https://coinjournal.net/securities-commission-malaysia-completes-blockchain-pilot-project/

The Securities Commission Malaysia (SC) has announced the completion of a pilot project called Project Castor which sought to explore the technical implementation and feasibility of using blockchain technology as the underlying market infrastructure for unlisted and over-the-counter (OTC) markets. Datuk Syed Zaid Albar, chairman of Securities Commission Malaysia, announced the successful pilot project at […]

The post Securities Commission Malaysia Completes Blockchain Pilot Project appeared first on Coinjournal.

Continue Reading

Cherry on Top: Bitcoin ABC, Bitmain, Ver Target of Suit Following BCH Split

Source From https://bitcoinmagazine.com/articles/cherry-top-bitcoin-abc-bitmain-ver-target-suit-following-bch-split/

Cherry on Top: Bitcoin ABC, Bitmain, Ver Target of Suit Following BCH Split

As if the drama surrounding the recent Bitcoin Cash split needed a sequel, the vaudevillian sideshow has reached a new stage: the legal arena.

A suit spearheaded by United American Corporation (UnitedCorp), a telecom company with a little-known blockchain subsidiary, BlockNum, is taking legal aim at Bitmain and its cofounder Jihan Wu; Bitcoin.com and its CEO, Roger Ver; Kraken and its CEO, Jesse Powell; and others. The suit “is seeking injunctive relief,” alleging that the defendants engaged in “collusion for the purpose of control of the [Bitcoin Cash] network.”

The suit indicates that it was filed on behalf of the plaintiff, UnitedCorp, and was launched on December 6, 2018, in the U.S. District Court for the Southern District of Florida.

“We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time. In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them,” Benoit Laliberte, president of UnitedCorp, stated in a press release.

An Attempt to Control

The lawsuit claims that during the recent November 15 Bitcoin Cash split, the defendants acted in unison to hijack the network and force an undemocratic protocol change.

“This action involves a scheme by a tight knit network of individuals and organizations to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market, and violating all accepted standards, protocols and the course of conduct associated with Bitcoin since its inception,” the lawsuit reads.

An accusatory presentation entitled “Anatomy of a Fraud on the Bitcoin (Bitcoin Cash) Network” delves into the specific injunctions of each defendant. Notably, it claims that the defendants colluded with China, “operating with the support of the Chinese government to centralize the Bitcoin Cash network resulting in Chinese entities now having established dominance over this important segment of the cryptocurrency market with proprietary software checkpoints and instituting other means of control over the system.”

Defending its bold allegation, the document suggests that given its ongoing trade war and economic disputes with the U.S., China has a vested interest in “[controlling] the economy of the future through increasing control of the [Bitcoin Cash] digital currency network.” It goes on to say that the China International Capital Corporation (CICC) — what amounts to China’s central bank — holds the exclusive mandate to Bitmain’s forthcoming IPO, using this as ostensible evidence for Bitmain and the Chinese government’s ties.

The document continues to outline Jihan Wu and Bitmain’s alleged culpability in this conspiracy, indicating outright the weight that Bitmain’s mining pools carry in both the Bitcoin and Bitcoin Cash networks. Specifically, it accuses Wu and his mining firm of “renting” hashpower from Bitmain mining pool contributors without their consent and redirecting some 90,000 ASICs to the Bitcoin ABC network in an effort to strongarm competitor Bitcoin SV’s hashing power.

Moving on to Bitcoin.com, CEO Roger Ver and communications ambassador Sterlin Lujan, the document highlights some seemingly extraneous yet potentially prejudicial facts about Ver’s life and cryptocurrency career, specifically his political affiliation as a libertarian/anarchist and his alleged involvement in the Silk Road. The document doesn’t make any overt accusations against Ver, only implicating him via his connection to Bitmain and Wu and Bitcoin.com’s mining support for Bitcoin ABC.

The presentation also targets Bitcoin ABC and its main developers, Amaury Sechet, Jason Cox and Shammah Chancellor, alleging that the Bitcoin ABC hard fork was “more than a benign network upgrade.” According to the document’s rationale, the upgrade’s primary components, namely the addition of an OP code for smart contract oracles and modification of checkpoints (a.k.a. deep reorg prevention) — which the plaintiff has called a “poison pill” elsewhere — were added after the fork and could set the stage for network centralization and manipulation.

“Combining this change with the hashing power of Bitcoin ABC backers amounts to centralization. They will be able to override any consensus reached by the rest of the network, forcing others to conform or create an unwanted hard fork,” it states.

On its final page, the presentation targets Kraken and its CEO, Jesse Powell, for supporting Bitcoin ABC’s implementation over Bitcoin SV’s and issuing caveats against the latter’s legitimacy.

Turning Back the Clock

The nucleus of the plaintiff’s argument centers on the allegation that the Bitcoin ABC camp and its supporters manipulated the Bitcoin Cash network during the November hard fork to artificially create a longer chain than Bitcoin SV.

Hashpower that was previously employed to mine on the Bitcoin network was one of the camp’s primary tools during the split, and the temporary boost in hashing power let Bitcoin ABC supporters hijack the Bitcoin Cash network, the plaintiff claims.

With these claims in mind, the filing charges the defendants with violating the Sherman Act (a federal act that bans monopolistic business dealings), equitable estoppel (a defensive doctrine that one party can invoke when they’ve been coerced into acting a specific way) and negligence, among others.

In response to the following charges, the plaintiff is seeking restitution and disgorgement of the defendants’ assets, and it’s also asking that the Bitcoin ABC team be barred from implementing checkpoints on the protocol and for the court to dial back the recent upgrade.

“Plaintiff seeks an injunction: (a) precluding Amaury Sechet,  Shammah Chancellor, and Jason Cox via Bitcoin ABC from continuing to implement checkpoints on the Bitcoin Cash network and any other implementation of the software that would prevent the resulting chains from being able to be re-merged; and (b) requiring them to return the blockchain to its previously decentralized form with the previous consensus rules,” the filing reads.

While “[returning] the blockchain to its previously decentralized form” is ambiguous, “with the previous consensus rules” seems to imply that the plaintiff is requesting that the court dial back the network to its previous state before the November 15 hard fork. This would require a complete network rollback, so the request is tinged with irony given the plaintiff’s complaints of Bitcoin ABC’s alleged manipulation and centralized practices.

A (Messier) Mess in the Making

At any rate, the lawsuit will only augment the furor that has surrounded the November split.

On the eve of the split, Craig S. Wright, Bitcoin SV’s front man, seemed to forecast the coming legal troubles. He tweeted that his side would help any miner in Bitcoin.com or Bitmain’s mining pools “start a long messy class action” if either organization redirected Bitcoin hash power to Bitcoin cash during the split.

Some Bitcoin Cash supporters have taken Wright’s words as an admission of guilt. Vin Armani, CTO at CoinText, for example, insinuated that the Bitcoin SV camp (and its primary proponents, Craig S. Wright and Calvin Ayre) is behind the lawsuit, calling UnitedCorps a “shell company.”

https://twitter.com/vinarmani/status/1070752064765132810

Chris Pacia, an OpenBazaar developer, has echoed Amrani’s sentiments. In a separate tweet, he claims that the lawsuit proves that Ayrehat Calvin Ayre, who owns Bitcoin Cash mining pool and news site CoinGeek, used his mining pool to mine a hidden chain on the Bitcoin ABC network, something that ABC’s checkpoint implementations quashed.

“After this lawsuit I’m now certain Calvin was mining a hidden chain to reorg BCH that he had to abandon when the checkpoint was announced,” the tweet reads.

Pacia continues to reprimand the action as “malicious,” saying it also “shows [the Bitcoin SV group lacks] even basic knowledge about the codebase of the chain they were trying to take over.”

This article originally appeared on Bitcoin Magazine.

Continue Reading

Bitcoin News Summary – December 10, 2018

Source From https://99bitcoins.com/bitcoin-news-summary-december-10-2018/

The post Bitcoin News Summary – December 10, 2018 appeared first on 99 Bitcoins.

Here’s what happened this week in Bitcoin in 99 seconds.  Bitcoin hit a new yearly low just below $3,300. Altcoins fared even worse, with Ethereum falling below $90 and Ripple below 30 cents. The total crypto market cap stands at $108 billion with Bitcoin’s value comprising 55% of that figure. The G20 member nations […]

Continue Reading