Bitcoiners found out that Satoshi Nakamoto was purportedly writing an autobiography.
Back in June 2018, Bloomberg columnist Matthew Leising led a few gullible people to believe that Satoshi was writing his memoirs to publish a tell-all.
A website called Nakamotofamilyfoundation.org, which has since been deleted, was a 21-page PDF of the first chapter.
However, the website creators also added a cryptogram puzzle so interested readers could find some more ‘clues’ after solving.
The Nakamotofamilyfoundation.org website explained –
“Announcing the first excerpt to a literary work consisting of two parts and the excerpt is provided — I wanted to include it as a brief glimpse of history — Even for those that can’t read the full book, I wanted to make this available to everyone.”
Another Satoshi sighting took place in June 2018, when it was found that a resident from Hawaii had filed trademark requests for the name Bitcoin Cash and was squatting on various BCH as well as Satoshi-based web domains.
Two trademark filings for the phrase “Bitcoin Cash” were registered with the United States Patent and Trademark Office in 2018, and the owner of the trademarks also claimed to be Satoshi Nakamoto.
Satoshinakamoto.ws website explained –
“I am the real one and only Satoshi Nakamoto — I own all the private keys, blockchains, altcoins and bitcoins under copyright law. In the event of my death, incapacitation, coma, kidnapping, detainment and or incarceration all of my copyrighted works and all related works shall no longer be used by anyone anywhere for any reason at any time subject to change without any notice at any time by Ronald Keala Kua Maria only.”
Gas, as the name suggests is literally a fuel of the Ethereum network and in order to initiate or complete any kind of activity on the ethereum network, a certain amount of Gas will be consumed in the process. Gas basically determined the activity fee which is converted into Ether and you pay that amount.
In cryptocurrency space, most of the tokens are earthed through the mining process and every transaction verification is done by the miners. So, even if you initiate a transaction and it fails, you need to pay a certain amount of Gas as the miner fee
Every Ethereum user has a certain gas limit and they need to operate within that limit. If the term Gas still sounds confusing, let us take a real world example to understand the term even better.
Take cars, for example, every car needs a fuel either petrol or diesel to function, and each car has a limit up to which they can fill their fuel tank. Now the amount of fuel you put in is dependent on two factors, the limit of your fuel tank and the price of the fuel.
Coming back to the ethereum network, consider the Ethereum network as your car, and the ‘Gas’ is the fuel to function on the network, and you can indulge in various activities until you haven’t reached the Gas limit.
In this article, we will look into the ‘Gas’ in a detailed manner and try to understand how it affects the activities on the Ethereum network.
If you have been in the crypto space for long, you must have heard of the term, Gas along with the Ethereum network. You can think of Gas as a universal parameter on the Ethereum network which determines the miners’ fee or any transaction fee on the network.
Transaction Fee(TX) = Gas Limit *Gas Price
Any transaction fee on the Ethereum network is determined by using this formula, where the gas limit has been defined depending on the activity you have undertaken and then that is multiplied by the price that has been set for the Gas and the equivalent is then converted into Ether.
The TX fee is not the actual transaction fee which we pay for transferring a certain amount of ETH to an address, but the TX Fee is actually for the miners, who are responsible for transaction verification and maintaining the decentralization aspect of the public blockchain.
Just like your car has a fuel tank limit and you can fill in only that max amount at a time, similarly the Gas limit on the Ethereum network are predefined for each activity, and you cannot necessarily lower that, as you might receive a Gas error. 21000 is the gas limit for normal transactions.
However, the unused Gas will always be returned to your account on a successful transaction. Let’s say you have put in 40,000 Gas for transferring 1 ETH to a certain address, if your transaction gets successfully validated, your account will be refunded with 40,000 – 21,000 Gas.
However, if your transaction fails to complete for any reason, you won’t be refunded any amount of the gas.
What is the Gas Price?
The price of the Gas you have put in is determined by the speed of your transaction, i.e its variable and totally depends on the network and miners validating your transaction. So, if you lower the prices of Gas, the transaction might get delayed. Let us look at certain scenarios which might make you understand how Gas price works.
Under Normal circumstances,
40 GWEI Gas Price will almost always get you into the next block.
20 GWEI will usually get you within the next few blocks.
2 GWEI will usually get you within the next few minutes.
The Gas price is fixed at 50 GWEI, so that users who generally don’t bother to read instructions, do not increase the price and get a failed transaction in return.
How Increasing or Decreasing the Gas Price Affects the Transaction?
The Gas is used to determine the transaction fee or miners fee who validate the transaction on the network. A miner can select any transaction at random or according to their will, so if you want your transactions to be included, you must ensure that you have set a good Gas price which might persuade the miners to validate your transaction first.
Miners generally select the transaction in a top to bottom approach, i.e the transaction providing highest Gas fee will be mined first and then the rest will follow the suit as per the gas price set by the owners.
If you are in dire need to validate your transaction at earliest, you can set the prices a little higher, so that the miners pick your transaction over the others. However, if you are not in a hurry, you might put a price that will ensure that the transaction is picked up by the miners even if not at the top.
The gas on the Ether network is the real source of computational activity on the network, and it does the same work as the name suggests. However, you have the authority to set the Gas price while the network has predefined gas limits for any kind of activity.
You can increase or decrease the gas prices depending on your need, if cost saving is your aim, then set the gas price low enough that the miners pick it for validating, if you are in a hurry and time is your main concern, then set the prices high enough so that your transactions get picked up over the others.
Wilsons Auction, an auction house based in United Kingdom and Ireland, will soon be hosting its very first Bitcoin Auction in the later part of this month, as a part of a contractual agreement with the Federal Government of Belgium. In a recent blog post, the firm elucidated on this scheduled auction.
The blog post wrote:
“Wilsons Auctions, a leading advisory service for worldwide law enforcement agencies, is to hold its first bitcoin auction in a world first for any private auction house having signed a significant contract with the Belgium Federal Government.”
In this auction, Wilsons will be working to sell off cryptocurrencies worth the massive figure of 430,000 dollars. These cryptocurrencies had been seized by the Belgian police as part of its operation where it busted a drug trafficking racket making use of the dark web.
The auction, which is slated to begin on the 28th of February, 2019 at 12 pm GMT, will go on for a 24 hour period till 12 pm GMT on the 1st of March. International bidders can also participate in this particular auction.
The auction house will be splitting the total amount of cryptocurrencies that were confiscated by the Belgian police into many lots. There were 315 coins in total, and there will be $104.99 each of Bitcoin Bitcoin Gold and Bitcoin Cash. The prices for the Bitcoin lots will lie in the range between 0.5 to 4 BTC in each lot. Naturally, going by their market price, there will be more of Bitcoin Gold and Bitcoin Cash units in each of these lots.
Besides these, the Wilsons will he selling an undisclosed number of the Bitcoins at the Unreserved Government Auction to be held at Belfast Northern Island on the same day.
Speaking about the auction that is coming up Wilsons Auctions’ Head of Asset Recovery, Aidan Larkin opined:
“We are thrilled to be awarded this first of its kind contract with the Belgium Federal Government to sell seized cryptocurrency, allowing us to open up the opportunity of investing to new buyers.”
” Following huge investment into our systems and infrastructure, we are able to offer government and law enforcement agencies worldwide, a secure solution so that the ever-increasing problem of seized cryptocurrencies can be managed by a reputable auction company with significant experience dealing with seized assets.
He further said in conclusion that:
“This contract allows us to further expand our crypto currency offering and remove the risks that can be associated with trading with unregulated virtual currency exchanges. We were very encouraged by our last auction of monero coins and understand that by simplifying the process of purchasing cryptocurrency, auctioning it like any other asset and by offering a varied value of Lots, we are making crypto currency obtainable to everyone, welcoming new buyers as well as experienced investors.”
The latest Bitcoin rally to $4000 has been attributed by Bloomberg to a late response to JP Morgan’s announcement of its new native cryptocoin (JPM), however, not everyone seems to be buying it.
It has been five days since it was announced by one of the biggest banks of the world that they were launching a native stablecoin. Though JP Morgan appalled a major section of the crypto community with this announcement, not everybody was shocked. If anything, the cryptocurrency market wasn’t shocked and continued its lazy descent and unstable rise.
However, a sharp rally by Bitcoin and different prime cryptos like Ethereum, Ripple, and BCH a couple of days past, have caused some influencers to say that JP Morgan’s ‘revolutionary’ announcement has been the catalyst behind the recent surge. Analysts at Bloomberg tweeted,
“Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to accelerate up payments between corporate customers.”
Even JP Morgan’s shares declined by one percent once the bank’s announcement of a brand new native stablecoin. Additional necessary announcements like Fidelity’s and Bakkt’s elaborate plans to bring Bitcoin to the forefront of the world’s commerce failed so much to even cause a positive spike. According to a report printed on Abacus Journal explaining why Bitcoin owes its latest rally to the monetary giant’s announcement, JP Morgan may be a larger star than Bitcoin within the US.
The bank has since shown its interest in blockchain technology and has afterward devoted its time thereto rolling out blockchain patents at virtually quarterly. However, there has been no love lost between the establishment and bitcoin; if its corporate executive Jamie Dixon’s read is taken. Once criticizing Bitcoin for years, the most recent associate announcement is believed to be seen as an endorsement of cryptocurrencies by a sure bank.
There are a number of websites offering bitcoin management services, like BitPay, Coinify ApS and BitcoinPay. Each of these firms charges different fees and has significantly different features, so do your research and find the one which suits you the best.
You can choose any of the above, but setting up the account is really easy with BitcoinPay. You simply need to click on the “Accept Bitcoin” button, enter your email, and you are ready to go.
After opening your account, you will be asked which currency you are willing your bitcoins to convert to when they are paid out to your bank account.
While transaction fees and exchange rates are a bit different with each PSP, BitcoinPay suggests working with EUR, as that will decrease the amounts of fees paid for every transaction.
As for pricing, you can charge your customers in USD and still get paid in EUR. exchange from USD to EUR is offered at SPOT exchange rate and that best thing about this is that it doesn’t involve any commission.
Blockchain technology has made waves in multiple sectors and shipping is no different. If you have been reading the headlines about updates within the blockchain industry, you would very well know that tech giant IBM has also recognised the value of blockchain in shipping.
We know that IBM, in association with Maersk, has designed a blockchain solution called the TradeLens. Earlier this year, the company was also involved in shipping oranges from China.
When a company as major as IBM steps into something, you know it is going to be big. So let us take a look at the role blockchain can play in the shipping industry. The following are some of the benefits this technology introduces to the shipping industry.
Automation of Billing Through Smart Contracts
Smart contracts in blockchain have been proving their worth in every use case one can think of, and shipping too, is reaping the benefits of the same. Shipping involves a great deal of documents, ranging from permits to bills of lading. Now, blockchain smart contracts can often help automate them.
As a result, freight negotiation can be automated as per pre-set criteria and requisites. This can automatically reduce possibilities of errors.
By storing all relevant documents on a distributed ledger system that can be accessed by all the parties involved, the use of blockchain in shipping can substantially bring down the amount of time needed to coordinate everything.
In shipping anything, there are obviously quite a large number of parties involved. Without blockchain, it would become quite a chore to share all permits, documents with all details etc. with every single party involved. Even then, the coordinators would face issues tracking all updates. A blockchain network automatically solves that saves time.
As the saying goes: “time is money”. By saving time and bolstering efficiency, blockchain technology also makes sure that the cost of shipping also comes down.
With the use of a facilitating technology like blockchain, the costs of focusing too intently on coordinating go down. Moreover, use of smart contracts can also eliminate the need for employing middlemen, thereby cutting costs.
Increased Security and Transparency
We know that a blockchain network is quite secure because it can effectively block out unauthorized access. As a result, using blockchain in shipping can make sure no fraudulent changes or edits are made to details about inventory, provenance etc.
Here Are A Few Other Articles For You To Read Next
The charity arm of the world’s largest crypto exchange, Binance, has launched its pilot blockchain-based lunch program in African schools, in keeping with a weblog that was posted on Feb. 21.
Binance Charity Foundation (BCF) has extended its charity campaign “Lunch for Children” within the capital of Uganda, Kampala. As per the program, the organization is ready to supply 2 meals on a daily basis throughout the total year of 2019 to quite two hundred students and college workers.
The recently launched pilot in Uganda may be a part of a bigger campaign by Binance that intends to help a million students in colleges across different countries like Rwanda, Kenya, and Ethiopia
Based on BCF’s blockchain-based donation system, the campaign was first proclaimed throughout the Binance Blockchain week in Singapore last January, the weblog post notes.
According to the announcement, the distribution of donations formally began at a launch ceremony attended by over five hundred participants. BCF’s initiative partners, privacy-oriented blockchain firm Zcoin and Kenya-based non-profit organization Dream Building Service, also attended the ceremony.
According to the report, the Zcoin team and its major investors given $24,000 price of cryptocurrency to support the scholars and college workers at the Jolly Mercy Learning Center in the capital of Uganda, wherever the event befell.
Uganda’s Minister of State for Primary Education, Rosemary Nansubuga Seninde, has emphasized that the recently launched program isn’t solely a donation, however conjointly guarantees protection from potential third-party corruption.
Binance 1st launched its charity arm in October 2018, revealing that the initiative was supported at the time by a donation of $3 million from the Tron Foundation.
In late 2018, the BCF proclaimed a replacement charity channel on its platform, assuming to support terminally sick patients and underprivileged youngsters in Malta and Gozo.
Recently, the ALS Association partnered with the Tron Foundation to launch a blockchain-enabled campaign to lift donations for analysis into treatments for amyotrophic lateral induration, normally called Lou Gehrig’s disease.
In a recent ad section on its money channel, China’s state-run news network CCTV2 counseled one amongst the foremost well-liked crypto books, Cryptoassets: The Innovative Investor’s Guide to Bitcoin and on the far side — widely thought-about to be the definitive book on investment in crypto assets.
The book, written by Chris Burniske and Jack Tatar, offers readers a good and deep dive into the what, why and the way of cryptocurrencies, and provides them with the technical and money power on the way to approach finance within the distinctive market.
Holding up the Chinese translation, the anchors told viewers that they had the chance to participate in one amongst the best investment opportunities in history.
This is not the primary crypto book recommendation that the channel has offered. Last October, it counseled Andreas Antonopoulos’ Mastering Bitcoin, that focuses additionally on the technical facet of Bitcoin.
The section conjointly touched upon market dynamics and general developments within the crypto area around the world.
The ad would have reached a large number of individuals, seemingly over one billion, which without doubt means that the crypto sphere has been given some glorious exposure.
China features a distinct stance on cryptocurrencies, being innovative in many ways, however conjointly imposing strict bans on ICOs and crypto’s use in business activities. moreover, anti-anonymity rules were recently introduced to alter “orderly development.”
Despite this, China may be a hotbed for crypto activity and innovation.
Plans exist to convert its cities into good cities, with absolutely digital economies. Baidu, the nation’s web big, has conjointly launched a Blockchain-as-a-Service platform that creates decentralized application development and preparation easier for corporations.
According to reports, well-reputed bank, in Japan, Mizuho, will soon be launching a cryptocurrency venture named J-coin on 1st March.As indicated by a declaration made by the organization, Mizuho expects to be a front runner in the crypto world which is plagued by tremendous competition, by collaborating with more than 60 financial institutions in the nation which brag of around 56 million dynamic ledgers.
The entry of J-coin will impose a firm challenge on similar institutions that are functional in the nation, including Japan’s messaging goliath Line’s LINK token, and ‘Japan’s Amazon,’ Rakuten. The CEO of Mizhuo, Tatsufumi Sakai said,
“The arrival of all these new entrants is eroding the common-sense notion that payment services are provided by financial institutions”
The J-coin platform has a lot of similarity to that of their rivals’, consequently making the platform a familiar entity to interested clients.
When making payment with J-coin, clients will be required to filter the QR codes situated on the item utilizing a cell phone, thereby deducting the amount pegged for goods from the client’s available balance on the J-coin app. Currently, the estimation of one J-coin token is pegged at one Yen (one Cent), the firm expressed. Likewise, since the J-coin’s association includes around 60 monetary foundations, clients can without much of a stretch convert their fiat monetary forms into J-coins, and the other way around.
Line Pay is ahead as far as a rivalry, with the messaging giant boasting of around 79 million dynamic clients per month for their app, which could trigger fast development in the utilization of Line Pay for exchanges. Line is accepted at about 1.33 million locations in the country and has tie-ups with Starbucks, VISA and various others.
Then again, Mizuho’s J-coin pay is focusing on at least 300,000 stores that will be at least 6.5 million users within a few years, by tapping the broad base of account holders with member banks.
KPMG, one of the Big Four professional services firms in the world, has recently announced its partnership with Guardtime, an enterprise blockchain firm for the purpose of providing blockchain-powered services to its users and clients.
KPMG has prior experience of working with blockchain technology and now has initiated a strategic alliance with the Guardtime blockchain enterprise, planning to work with the Guardtime platform to build different types of products and services.
The press release elaborates on the scope of this partnership, noting that:
“Guardtime’s blockchain platform provides, immutable data integrity for electronic data as well as immutable process integrity, drastically simplifying the compliance, audit and security requirements for organizations that are driving digital transformation. With experience delivering practical solutions to both public and private entities, Guardtime offers companies a platform that is scalable, industrial, and integrates easily into legacy business processes and applications. Using KPMG’s blockchain enablement services, KPMG professionals will work with Guardtime to provide strategy, assessment, as well as design and implementation services.”
In the course of the last three years, the technology developed by Guardtime has found takers in a number of areas of application. It has even partnered with national governments such as that of Estonia to launch an e-government scheme.
Arun Ghosh, the National Blockchain leader for KPMG, while talking about this partnership, stated:
“Our alliance with Guardtime gives clients access to a secure digital platform. KPMG’s deep business and technical experience along with Guardtime’s blockchain platform drives business transformation in areas that are encumbered with manual processes and where data accuracy, trust, and security are paramount.”
Michael Gault, the CEO of Guardtime said:
“Guardtime’s clients are companies that want to transform their business and win in the digital domain. Partnering with KPMG’s blockchain enablement services makes the technology real and gives clients the ability to take them to market across many industries.”