Bitcoin creator Satoshi Nakamoto wanted it to be an “alternative to banks,” not a “new VISA,” cryptocurrency veteran and former Blockchain executive Dan Held has said.
What’s In A ‘Vision’?
In a series of tweets January 14, Held became the latest well-known figure to take issue with pundits who claim Bitcoin’s intended purpose is primarily as a currency for payments.
They, he argues, especially those who champion the concept of “Satoshi’s vision,” do not take into account the full implications of the Bitcoin whitepaper Nakamoto published in 2008.
“Satoshi’s Vision… is a silly endeavor, as it doesn’t matter what it was, we are where we are now,” he began.
However, those pushing the ‘Bitcoin was first made for payments’ narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
As Bitcoin price 00 has fallen almost continuously since December 2017, the largest cryptocurrency has faced multiple votes of no confidence, mostly from mainstream economists and proponents of altcoins such as Bitcoin Cash (BCH).
Amid issues involving volatility and acceptance, many sources have queried where Bitcoin’s place will ultimately lie in tomorrow’s market.
For Held, this is undeniably as a store of value (‘SOV’), rather than an alternative to payment processing networks such as VISA and MasterCard which critics complain surpass Bitcoin in terms of speed and transaction capacity.
“With the 2008 financial crisis, trust had been lost in a world that ran on trust. Bitcoin was launched in a time of absolute necessity, Satoshi planted the seed at precisely the right moment,” he .
The world didn’t need a new VISA, they needed an alternative to banks.
As Bitcoinist reported, the mainstream media tone around Bitcoin appeared to change over the new year.
Two conspicuous articles – from TIME Magazine and this week from the Spectator – both argued Bitcoin had fundamental use cases for the global community which no other asset could rival.
In terms of capacity, however, Bitcoin will ultimately offer better options than credit card networks via off-chain processing on the Lightning Network – millions of transactions per second compared to VISA’s 45,000.
What do you think about Dan Held’s perspective on Bitcoin? Let us know in the comments below!
The rise of new stablecoins was a defining story in the second half of 2018, but the reality is that exclusive discounts partly fueled their growth.
Dollar-backed stablecoins are generally supposed to be worth $1, whether it’s Gemini’s GUSD or Paxos’ PAX. But according to four sources with knowledge of these cryptocurrency exchanges, both stablecoin-issuers privately offered over-the-counter [OTC] trading desks up to a 1 percent discount if traders used these tokens in some fashion before redeeming them for USD.
“They were offering that as a sweetener for getting it kick-started with adoption,” an OTC trader, who asked to stay anonymous, told CoinDesk.
This is why GUSD and PAX activity surged in December 2018, both between OTC desks and on exchange platforms like Huobi and Binance, where several traders moved millions of dollars within a matter of days. According to CoinMarketCap, GUSD’s global market cap suddenly surged from roughly $87 million on December 17 to over $103 million the following day.
“A lot of the arbitrage opportunities were manufactured,” the OTC trader added.
Dorothy Chang, VP of Paxos’ marketing and communications department, told CoinDesk this incentive structure was only offered to a “handful of partners” for “less than two months” starting around late September. Perhaps fortuitously for Paxos, the first-ever U.S.-dollar-pegged stablecoin Tether (USDT), temporarily lost parity in mid-October.
According to a report prepared for CoinDesk by the analytics firm Delphi Digital, USDT lost almost a third of its market share during this period, with GUSD eventually exceeding PAX with more than $140 million in transaction volume in January 2019.
The Delphi Digital report argued that “competitors are all fighting for the spot Tether will most likely eventually lose.”
With regards to PAX, Chang said the discount was “something we did when we were first introducing our product to the market,” adding that Paxos is increasing its redemption windows from once to twice a day and looking for more partnerships with enterprises across the space.
“We’ve been at above $100 million in daily transaction volume for the past three days and holding steady,” Chang said on Monday.
While Paxos has moved on, the markets may still witness ripple effects from these corporate incentive programs for months to come. GUSD, for example, saw a burst of trading activity and market valuation in January.
“The incentives that are issued by these entities often come with a lock-up period. Those may have expired,” said Jesse Proudman, CEO of the algorithmic trading platform Strix Leviathan. Proudman explained to CoinDesk that the discounted stablecoins can now be freely traded.
Game of coins
Once several stablecoins became available for less than or more than a dollar, whether based on incentive strategies or organic market fluctuations, the arbitrage games began.
According to a Paxos blog and reporting by The Block, several Huobi users tried to obfuscate their source of funds by opening dozens of accounts using other names in order to exceed the Paxos exchange’s daily USD redemption limit. Paxos told CoinDesk at least 10 accounts were closed in relation to this trend.
The frenzy arose because the PAX discount program coincided with the release of HUSD, which is essentially a pool of stablecoins offered by the Singapore-based exchange Huobi that allows traders to deposit one type and later withdraw another. Besides GUSD and PAX, the pool also supports Circle’s USDC and TrustToken’s TUSD.
According to Kelvy Ko, partner at crypto hedge fund Leotank Digital Trading, Huobi’s HUSD pool has made it much more convenient for traders to swap stablecoins and leverage arbitrage without actually trading them.
Indeed, around the same time that the stablecoin USDT oscillated and Huobi launched HUSD, PAX’s global market cap jumped from roughly $42 million to $79 million in a single day on October 23. Then in early December, Binance saw a plethora of multibillion-dollar PAX trades as traders struggled to find liquidity and arbitrage sources beyond the redeemer itself. By the first week of 2019, Paxos told CoinDesk the company had redeemed $200 million worth of stablecoins so far.
Tiantian Kullander, founding partner at Amber AI, a crypto firm that works with market makers, said he wouldn’t be surprised if Gemini matched the Paxos promotion in December to incentivize usage because “they were lagging behind the other stablecoins.”
Even so, there could be a long way to go until the regulator-approved stablecoins like PAX and GUSD catch up to USDT in terms of volume.
“Even though USDT is wash traded, it has the first mover advantage,” Ko said, referring to how some USDT users allegedly buy and sell the same financial instrument to create the artificial appearance of marketplace activity. Plus, this practice is hardly restricted to USDT and might currently be applied by some traders to other stablecoins as well.
“Even if USDT is in a legal grey area, it is hard for others to compete because some people want to avoid the regulators,” Ko added.
Gemini declined to comment on this specific incentive program or transaction volumes across global exchanges. According to the company’s blog and a recent regulation-friendly marketing campaign, Gemini seeks to distinguish itself from the competition by being “a compliance-centric company.”
When asked if incentive programs artificially inflated the respective coin’s market cap, Chang of Paxos said:
“That may have been true for some, but we have not been optimizing for market cap alone; it’s not meaningful by itself. What is meaningful is transaction volume. For us, the point of offering an incentive was to develop market depth.”
Windows of opportunity
One of the anonymous OTC traders CoinDesk spoke with said that stablecoin issuers were inspired to launch this short-lived campaign because there isn’t an organic demand for these assets.
“The banks and the other [crypto] OTC desks we work with are really incredibly flexible,” the trader said. “It’s much easier to do that [work with the bank] than to…get back these tokens that have a bunch of strings attached and also doesn’t pay any interest.”
On the other hand, Proudman of Strix Leviathan told CoinDesk his company uses PAX for large-scale trades on Binance – sans backroom discounts – because he prefers to hold a regulated asset that can be redeemed for dollars.
“We elect to not use the incentive strategies from any of the stablecoin companies,” Leviathan said, adding they use stablecoins for arbitrage related to bitcoin, ethereum and other trading pairs. “From a trader’s perspective, we find ourselves electing to use coins we are comfortable with over those that we are less comfortable with.”
However, since stablecoin issuers require a significant amount of know-your-customer information in order to redeem the tokens, the anonymous trader said OTC desks that participated in the rush may have revealed competitive information about their partners and trading volumes to the exchanges, namely Gemini and Paxos.
“These smaller desks can’t get banked at the places that allow instant U.S. dollar transfer, so they are willing to give up some of their privacy,” he said.
The second anonymous trader agreed that this opportunity was especially appealing to OTC desks with liquidity challenges, often related to jurisdictional compliance. Because of that, he expects companies to continue issuing stablecoins, perhaps with more promotional discounts, in 2019.
“I think there is no clear winner yet, both in terms of traders and issuers,” he said.
According to Ko, the regulated stablecoin arbitrage opportunity closed after several weeks because “once the short-term interests [were] achieved, they don’t need to keep the aggressive promotional rebates.”
Plus, a Huobi Global representative told CoinDesk that the exchange added the daily withdrawal limits during the timeframe of this incident.
For PAX traders in particular, the limits are now $20,000 for verified accounts and $1,000 for unverified users. The arbitrage rush may have impacted Huobi’s coffers, with threeHuobiwallets holding roughly 78 percent of all GUSD in circulation. Gemini declined to comment on why that might be.
Moving forward, the Huobi Global representative said the exchange plans to “dynamically develop HUSD over the course of 2019” in order to improve the user experience and prevent misuse of the system.
Today, the Ethereum Foundation team announced a delay in the Constantinople fork due to its core developers along with the Ethereum security community being made aware of the potential Constantinople-related issues identified by ChainSecurity.
The Ethereum Foundation team is now investigating any potential vulnerabilities. With supreme caution, key stakeholders around the Ethereum community determined that the best course of action will be to “delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16th, 2019.”
This will require anyone running a node (node operators, exchanges, miners, wallet services, etc.) to update to a new version of Geth or Parity before block 7,080,000. Block 7,080,000 will occur in approximately 32 hours from the time of the Foundation’s notice or at approximately January 16th, 8:00 pm PT / January 16th, 11:00 pm ET / January 17th, 4:00 am GMT.
Major ethereum clients, including Go-Ethereum (Geth) and Parity, have released software updates following an earlier decision to delay the planned system-wide upgrade dubbed Constantinople.
The upgrade was postponed Tuesday during a developers call, a move that came after blockchain audit firm Chain Security discovered a security vulnerability in Ethereum Improvement Proposal (EIP) 1283, one of the planned changes included in Constantinople. If exploited, the bug would have allowed for “reentrance attacks,” allowing malicious actors to withdraw funds from the same source multiple times.
A new activation block for the upgrade will be decided during another call later this week.
In order to prevent the fork from happening – given that some of the software clients on the network had already been updated ahead of the fork – developers of the major ethereum implementations moved to publish new versions.
Geth released an emergency hotfix (version 1.8.21) designed to delay the upgrade, though developer Péter Szilágyi noted that users who do not wish to upgrade to the new version of the client can also downgrade their existing clients to version 1.8.19 or continue running the current version (1.8.20) with an override.
Parity clients can similarly either upgrade their existing clients to 2.2.7 (the stable release) or 2.3.0 (a beta release) or otherwise downgrade to 2.2.4 (beta).
Parity Technologies head of security Kirill Pimenov, speaking in an ethereum core developers chat on Gitter, said he recommended users upgrade to the new release, rather than downgrade to an older version, explaining:
“I want to restate — downgrading Parity to pre-Constantinople versions is a bad idea, we don’t recommend that to anyone. Theoretically it should even work, but we don’t want to deal with that mess.”
Similarly, Parity release manager Afri Schoedon told CoinDesk that he recommends 2.2.7, though the other two should work as well.
In a blog post, core developer Hudson Jameson wrote that anyone who does not run a node or otherwise participate in the network does not need to do anything.
Smart contract owners do not need to do anything either, though “you may choose to examine the analysis of the potential vulnerability and check your contracts,” he wrote.
However, he pointed out that the change that could introduce the potential issue will not be enabled.
As of the blog post’s publication, security researchers with ChainSecurity, who initially discovered the bug, and TrailOfBits are analyzing the overall blockchain.
So far, no instances of the vulnerability have been discovered in live contracts. However, Jameson noted that “there is still a non-zero risk that some contracts could be affected.”
In order for transfers on ethereum to avoid reentrance attacks, a small amount of ether called gas is paid which prevents attackers from repurposing a transfer to steal funds.
However, as explained to CoinDesk by Hubert Ritzdorf – the individual who found the vulnerability and CTO of Chain Security – a “side effect” of EIP 1283 ensures attackers can leverage this small amount of gas for malicious purposes.
“The difference is before you couldn’t do something malicious with this little bit of gas, you could do something useful but not something malicious and now because some of the operations became cheaper, now you can do something malicious with this little bit of gas,” said Ritzdorf.
And though the issue of reentrancy is always on the minds of smart contract developers coding in Solidity on ethereum, Matthias Egli – COO of Chain Security – explained that core developers strictly looking at the mechanics of the virtual machine couldn’t have easily spotted this vulnerability.
He told CoinDesk:
“It’s a Solidity thing, it’s not an [ethereum virtual machine] core thing that in practice allowed this attack. That was part of this disconnect that in practice small changes to gas cost will allow new kind of attacks which wasn’t considered before.”
What’s more, Ritzdorf added that the fix to this issue isn’t as easy as updating ethereum’s gas cost limits, explaining that “if we change this amount to a small number now then we would fix the vulnerability but we would also break many existing [smart] contracts.”
As such, for the time being, a delay to Constantinople was the right call by core developers according to Egli.
“It was the right decision because it at least buys some time for researchers to evaluate the real world impact. With high likelihood, this [EIP] will be taken back and not included in the upcoming hard fork which is now delayed by perhaps a month,” he contended.
As of press time, developers are contacting exchanges, wallets, mining pools and other groups which use or interact with the ethereum network.
Core developers plan to discuss longer-term steps – including when to execute Constantinople and how to fix the bug in EIP 1283 – during another call on Jan. 18.
Multiple developers suggested initiating some sort of bug bounty program focused on analyzing the code, in order to ensure future bugs are discovered well in advance, rather than “right before [hard fork] day.”
Szilágyi noted that the EIP had been available for review for nearly a year, adding that “maybe it’s not a bad idea to do some grants for more focused eyes.”
A Belarus-based startup has launched a tokenized securities trading platform enabling investors to buy into traditional markets with bitcoin and ethereum.
Blockchain tech company Currency.com has announced the launch of its trading platform for tokenized securities. The Belarus-based platform is intended to enable investors to trade and invest in common financial instruments such as equities, commodities, and indices directly, without having to convert their cryptocurrencies in fiat.
According to the official release, it will eventually issue over 10,000 tokenized securities but will start with over 150, including everything from popular stocks to silver, oil and natural gas.
Users will be able to purchase tokens, which mirror the performance of certain conventional assets such as Apple shares listed on NASDAQ. It will cost the same price as an actual Apple share and can be bought with BTC or ETH.
Currency.com is the very first blockchain-based business licensed by Belarus’ High Technology Park (HTP) under the country’s Decree No. 8 “On The Development of a Digital Economy.”
Apart from being compliant with local legislation, the platform imposes strict KYC and AML requirements aided by blockchain intelligence services such as Elliptic, Chainanalysis, and Coinfirm. In other words, blockchain tracking software will be used to monitor transactions.
Additionally, Currency.com is going to use its FCA and CySEC regulated sister platform to offer access to the tokenized versions of a contract for the exchange of a specific index, commodity or equity.
Tokenized Assets: A Trend in The Making?
Earlier this month, Bitcoinist reported that an Estonian-based platform called DX Exchange would offer users to trade big-name stocks using tokens on the Ethereum blockchain through smart contracts.
Meanwhile, back in 2018, Singapore’s Monetary Authority (MAS) – the country’s de-facto central bank, teamed up with major firms like Deloitte, Anquan, and NASDAQ, to develop solutions for simultaneous exchange and settlement of tokenized digital currencies and security assets.
It appears that the tokenization of traditional assets like stocks is becoming a growing trend as the number of platforms enabling this is increasing with each day.
What do you think of token-based traditional assets? Don’t hesitate to let us know in the comments below!
Last week, two of the largest banking regulators within the European Union released reports calling for uniformity in the regulations of crypto assets and Initial Coin offerings (ICOs) across the continent.
The EBA Calls for Pan-EU Crypto Regulations
On January 9, 2019, the European Banking Authority (EBA) published its assessment of crypto laws. The document, which examines the sustainability of EU laws to cryptocurrencies, analyzed the use of digital assets within the EU, as well as some of the pan-EU laws that currently govern them.
In the report, the EBA decried the lack of uniformity in crypto laws. It stated that this lack of equilibrium means that companies can move operations to “crypto havens” and face less-stringent regulations.
Essentially, this could create an uneven competitive playing field. Certain countries such as Malta and Gibraltar have been known to enforce crypto-friendly rules. However, the EBA is looking to achieve a uniform regulatory environment in the zone.
Adam Farkas, executive director of the EBA, said, “The EBA calls on the European Commission to assess whether regulatory action is needed to achieve a common EU approach to crypto assets.”
The ESMA Discourages Crypto Legitimization
On the same day, the second regulator, the Europe Securities and Markets Authority (ESMA) also published its advice to various EU-based banking institutions on ICOs and crypto assets.
The regulator pointed out that the crypto industry is quite small and presents little threat to traditional financial stability. However, it also expressed some concern over the risks posed to market integrity and the protection of investors.
The ESMA said, “Wider regulation of crypto-assets and related activities may have trade-offs, such as risking legitimizing crypto-assets and encouraging wider adoption.”
In addition, the report recommended that cryptocurrencies shouldn’t be legitimized, while also claiming that all digital assets should be subjected to anti-money laundering legislation.
The regulator warned about the significance of protecting the capital markets. Also, investors should be warned against buying crypto assets that aren’t financial instruments, as excess regulation could bring them “into a similar regulatory remit as the one for crypto-assets that are financial instruments.”
Gemini’s Viral Ad
The sentiments of the two regulators seem to echo those of Gemini Inc., the crypto exchange owed by the Winklevoss twins.
Just last week, the company engaged in a viral, city-wide advertising campaign. Buses, taxi tops and bus stops carried signs with messages such as “Crypto Needs Rules” and “Crypto Without Chaos” being boldly displayed.
At the time, Chris Roan, head of marketing at Gemini, said, “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”
Also, while speaking about their ad campaign in an interview with Fortune, Tyler Winklevoss added, “The idea is that companies that build on top of things like Bitcoin should have a regulation that’s thoughtful and that doesn’t stifle innovation … People believe in the dream of crypto. They just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”
The Gemini ad campaign generated some to-be-expected reactions from the Bitcoin community, with many pointing out the folly in its approach to regulation.
In a tweet, Jesse Powell, CEO of Kraken, said, “Saying crypto needs rules is like saying the poor need sanctions. Here’s a rule: no more rules.”
Nick Foley, a former support staffer at Coinbase, also stated that the rules required by crypto are already there — and based in mathematics. Foley took to Twitter to downplay the prospect of bringing complex regulations to the crypto space, calling most of these regulations unnecessary.
Rules like mathematics? Sure. Crypto needs that. Rules like “KYC AML licencing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t need that. pic.twitter.com/8azzqCKlwa
Bitcoin is an open-source protocol that anybody can interact with. It is getting attention and attracting participation in different ways, whether it is through speculation, investing and sending money, all the way to contributing to what’s underneath the hood. The entire Bitcoin repository is on GitHub, inviting any developer to see the protocol’s code and perhaps contribute toward solving existing problems if they can.
A noteworthy fact, however, is that the pool of developers today is quite small.
“It’s not an easy field to get into,” Jimmy Song, author of Programming Bitcoin and instructor at Programming Blockchain, told Bitcoin Magazine. “Interestingly enough, the thing that makes Bitcoin hard to get started on is the cryptography, and that’s hard because the math is not familiar to developers. Specifically, finite fields and elliptic curves.”
Some would argue, though, that the small number of developers in Bitcoin today is not too small. In fact, it’s perfectly fine at the size it is for such a new industry.
“Bitcoin has only been around for 10 years, and it only started getting a lot of mainstream attention in 2017, so it hasn’t been a long time to build up an ecosystem of developers,” said John Newbery, a Bitcoin Core developer and Bitcoin engineer at Chaincode Labs.
“It’s something that we hear a lot, that it is difficult to find experienced Bitcoin engineers … [Bitcoin] really only started getting mainstream attention two or three years ago, so it’s as expected. We’re doing everything we can at Chaincode to widen and deepen that pool.”
Even outside of developer knowledge, there are many aspects of various fields of expertise that require a significant level of understanding in order to grasp Bitcoin all around. Since there are so many paths that need to be explored, the question is: Where do you start?
It is important to be realistic and realize that a complete understanding of the digital currency will always be unreachable.
“I don’t think it’s possible to understand all aspects of Bitcoin,” Newbery said. “The frontiers are continually being pushed forward so having ‘proper education’ that covers the entire Bitcoin space is a constantly moving target.”
Perhaps a better approach to answering this question requires going back to the very first Bitcoin educator himself, Satoshi Nakamoto. How did Nakamoto introduce something like Bitcoin for the very first time in his white paper so that as many people as possible could understand?
Nakamoto seems to have realized that the best way is to break down concepts separately, explain why they do or don’t work individually, and then tie all the strings together at the end.
A Few Examples in Action
One such solution that presents a similar approach has presented itself in the form of Justin Moon’s BUIDL Bootcamp, a grassroots effort by Moon that aims to educate “HODLers” about Bitcoin beyond the basics. Similar in structure to Bitcoin’s white paper, Moon’s four-project curriculum, starts with “How Bitcoin Works.” The first BUIDL Bootcamp class is already halfway complete.
Similar to how the white paper first introduces transactions, then explains timestamp servers and proof-of-work systems before putting all the pieces together, Moon’s curriculum takes a progressive, constructive approach.
Project 1 starts with students making what’s called a “PNG coin.” This is not a coin at all, instead it is a .png photograph of a paper signature with a message, like “I, Alice, issue 10 coins to Bob,” with a signature below it. Just as Satoshi Nakamoto introduces each of his concepts and proceeds to explain how alone they are subject to failure, Moon then shows his students how, with such a simple .png concept, it is easy to double spend transactions.
Eventually, the course introduces digital signatures to replace these image coins and introduces further concepts in a gradual fashion to teach similar lessons about why Bitcoin was built the way it was. All of this, is also only in project one out of four.
One of the most surprising things about the bootcamp is the extent to which people who had little programming experience were able to follow the course.
“We’ve had a few people that had no prior programming experience besides an introductory programming course, like Code Academy, and we’ve had them get all the way through building an 800-line ‘mini bitcoin’ that has all the main features,” said Moon.
The efforts at Chaincode are working toward a similar goal of educating about Bitcoin. Also a bootcamp-style learning course, Chaincode accepts a select number of applicants to go through a multiple-week course about Bitcoin-related technologies. Their developer-focused initiatives educate about the entire Bitcoin system, with residencies covering topics from the actual protocol to second-layer technologies like Lightning.
“We’ve done two versions of the residency focused on Bitcoin Core and Bitcoin, the protocol. And then we did the Lightning residency last year,” said Newbery.
Adam Jonas, who leads the education initiative at Chaincode, added, “We’re also planning a little bit longer residency this summer, a three-month residency, which is much longer than anything Chaincode has run in the past. It is probably an opportunity to sort of fuse both the lecture series and onboarding efforts that we’ve done, along with some project-based work. So hopefully getting the best of both worlds.”
Cryptocurrency wallet application Atomic recently launched the ability for users to add any Ethereum ERC20 token to their Atomic Wallet. This makes participation in any ICO, bounty or airdrop easier for users, as they just need to use their Atomic Ethereum address to add a custom token.
The profusion of tokens has sometimes made it difficult for users to find support for all, thus they cannot add certain ERC20 tokens just one app and use the funds. Usually, developers only add the most notable and tradable tokens.
Users can store any tokens on their Ethereum address, but they will appear in the portfolio only after adding them to the interface. Users can also edit and delete any added custom token. Tokens removed from the interface will not disappear from your address, because the Atomic users’ funds are not stored in the wallet. It only stores private keys and methods for working with blockchains and external services.
Atomic is cross-platform and available for Windows, macOS, Ubuntu, Debian, and Fedora.
Bitcoin and cryptocurrency payment company CoinGate has announced the addition of TRON blockchain and TRX payments for its merchant users. As blockchain-based technologies grow, the CoinGate team believes the TRX coin might as well become a commonly used payment option on its gateway. Recognizing that, the CoinGate system now provides a way to spend TRX cryptocurrency at more than 4,500 online vendors.
TRON is dedicated to building the infrastructure for a truly decentralized Internet. The Tron Protocol, one of the largest blockchain-based operating systems in the world, offers scalable, high-availability, and high-throughput support that serves as the foundation for all decentralized applications in the TRON ecosystem. It also provides better compatibility for Ethereum smart contracts through an innovative, pluggable smart contract platform.
TRON is secured by the Proof-of-Stake rather than Proof-of-Work, and does not require that much power to function effectively and securely. As a result, any attempt to alter, delete or demonetize content published on TRON would be impossible as all the data is permanently stored on the blockchain – at least before usage of the network grows significantly enough to shed light on shortcomings of its PoS consensus.
Los Angeles-based startup Amalgam: The Blockchain Company today announced it has become “The Official Blockchain Partner” of the L.A. Clippers. The three-year partnership will educate Clippers fans about the benefits of blockchain technology through “Blockchain 101” activations, events and other traditional partnership elements. Amalgam, the “world’s smartest blockchain company,” wants to change the way people see the technology.
Blockchain 101 will activate in section 101 at Staples Center for select Clippers home games. Fans sitting in the section will receive educational information about blockchain technology and its everyday applications. Amalgam will also serve as the presenting sponsor of Block of the Month and Halftime Defensive Stats video features and receive other signage elements at Clippers games as part of the partnership.
Blockchain technology, the underlying platform that powers cryptocurrency, can seem overly complicated and foreign to the everyday consumer and this innovative partnership aims to help fans understand how it can be integrated into everyday life.
“Innovation and technology are at the forefront of who we are at the Clippers and Amalgam is a leader in blockchain technology, so this partnership is a natural fit. We’re proud to consistently improve and grow in all business categories and are excited about the potential to use blockchain technology to improve our overall business functions as our partnership with Amalgam evolves.”
Clippers President of Business Operations Gillian Zucker
“Partnering with the L.A. Clippers, a franchise whose ownership is known for raising the bar with tech standards, was a no-brainer. We’re honored to partner with the Clippers and are incredibly excited to set the new standard for blockchain technology across the board. When we began in 2017, we had originally set out to create a supremely safe cryptocurrency that could be used in everyday transactions, anywhere around the world. However, during our mission, we realized the untapped potential that blockchain technology has to revolutionize the way that we exchange money and information. This ultimately led us to develop not just a much safer cryptocurrency, but a practical, easy-to-understand technology ecosystem powered entirely by blockchain.”
Amalgam’s CEO, Jeremy Jordan-Jones
Amalgam recently launched its cryptocurrency on Livecoin, one of the world’s largest cryptocurrency exchanges. Since then, it has frequently made the exchange’s list of most quickly growing and frequently traded tokens. Amalgam also recently announced plans for the release of its groundbreaking AmalgamPay software, a peer-to-peer and point-of-sale payment application that allows users to send, receive, trade or even spend cryptocurrency with the click of a button, while allowing them to instantly convert from dollars to cryptocurrency and vice versa for universally-compatible use at millions of locations around the world.