5 blockchain trends to watch for in 2018 | The Enterprisers Project

https://enterprisersproject.com/article/2017/12/5-blockchain-trends-watch-2018?sc_cid=7016000000127ECAAY

Few new technologies have raised as much discussion as blockchain. One reason is the controversy, concern, and perceived opportunity around blockchain-based cryptocurrencies (such as bitcoin and ether) and crowdfunding via initial coin offerings (ICOs). But what is blockchain’s role in the enterprise? 

This article gives some ideas to think about. Take those trends with grain of salt. There will be a crash ans bubble burst on blockchains in few years.

581 Comments

  1. Tomi Engdahl says:

    Four Days Trapped at Sea With Crypto’s Nouveau Riche
    https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/

    n 10 years of political reporting I’ve met a lot of intense, oddly dressed people with very specific ideas about what the perfect world would look like, some of them in elected office—but none quite so strange as the ideological soup of starry-eyed techno-utopians and sketchy-ass crypto-grifters on the 2018 CoinsBank Blockchain Cruise.

    Reply
  2. Tomi Engdahl says:

    NVIDIA has reached the highest highs and the lowest lows, all in the span of a couple of weeks

    After losing half its value, Nvidia faces reckoning
    https://techcrunch.com/2018/12/12/nvidia-perfect-storm/?sr_share=facebook&utm_source=tcfbpage

    Over the past two months, Nvidia’s stock has dropped from a closing price of $289.36 on October 1 to today’s opening of $148.42, a decline of 48.8 percent.

    It takes a lot for a company to lose nearly half its value in such a short period of time, but Nvidia is proving that an otherwise strong technology business can disappear in the blink of an eye. The company faces an almost perfect barrage of headwinds to its core products that is stalling its plans for long-term chip domination.

    Reply
  3. Tomi Engdahl says:

    Elon Musk bitcoin scam on Twitter sees hundreds of people lose thousands of dollars
    https://www.independent.co.uk/life-style/gadgets-and-tech/news/elon-musk-bitcoin-scam-twitter-hackers-cryptocurrency-a8620436.html

    Cryptocurrency addresses analysed by The Independent reveal that some people sent more then $6,000 to the scammers

    Hackers have raised hundreds of thousands of dollars by posing as Elon Musk on Twitter in order to trick people into sending them bitcoin.

    Several verified Twitter accounts, including those belonging to UK retailer Matalan and US publisher Pantheon Books, were taken over and used to impersonate the high-profile entrepreneur. Once hijacked, the hackers changed the accounts’ names and profile pictures to those of Mr Musk, before sharing a tweet calling for people to send him cryptocurrency.

    “I’m giving 10 000 Bitcoin (BTC) to all community!” I left the post of director of Tesla, thank you all for your support,” the hacked account of Pantheon Books stated.

    “I decided to make the biggest crypto-giveaway in the world, for all my readers who use Bitcoin… To verify your [bitcoin] address, send from 0.1 to 2 BTC to the address below and get from 1 to 20 BTC back.”

    More than 400 people sent bitcoin to one address associated with the scam

    Twitter rules state that impersonating another individual for the purpose of deceiving its users is a violation of its terms of service, which will result in an account being suspended.

    The firm claims to have cracked down on cryptocurrency scams in recent weeks

    Reply
  4. Tomi Engdahl says:

    Tom Arnold / Reuters:
    Payments and foreign exchange company UAE Exchange says it is partnering with Ripple to launch cross-border remittances to Asia via blockchain by Q1 2019

    Finablr’s UAE Exchange, Ripple to begin blockchain payments by first quarter
    https://www.reuters.com/article/us-finablr-ripple-payments/finablrs-uae-exchange-ripple-to-begin-blockchain-payments-by-first-quarter-idUSKBN1OC0IR

    United Arab Emirates-based UAE Exchange and U.S. startup Ripple plan to launch cross-border remittances to Asia via blockchain by the first quarter of 2019, UAE Exchange’s group CEO said in an interview.

    Reply
  5. Tomi Engdahl says:

    Daniel Palmer / CoinDesk:
    Opera releases its Android browser with a built-in Ethereum wallet, support for crypto collectibles such as CryptoKitties and ethereum-based decentralized apps

    A Built-In Ethereum Wallet Just Got Added to Opera’s Browser
    https://www.coindesk.com/opera-browser-with-built-in-ethereum-wallet-sees-public-release

    Opera has announced the public release of its “Web 3-ready” Android web browser, which notably sports a built-in cryptocurrency wallet.

    Previously available in beta, Opera for Android supports ethereum’s ether and other tokens using the network’s ERC-20 standard. The app also provides support for crypto collectibles (ERC-721 standard) such as CryptoKitties, as well as ethereum-based decentralized apps, or dapps, that can be accessed from the wallet.

    “Until now using cryptocurrencies online and accessing Web 3 required special apps or extensions, making it difficult for people to even try it out. Our new browser removes that friction,” Charles Hamel, the product manager of Opera Crypto, said in a statement.

    Reply
  6. Tomi Engdahl says:

    Michael del Castillo / Forbes:
    Stablecoin project Basis, backed by Bain Capital, GV, and a16z, confirms it is closing due to regulatory issues and will return the $133M capital raised

    Crypto’s Top Funded Startup Shutters Operations Following SEC Concerns
    https://www.forbes.com/sites/michaeldelcastillo/2018/12/13/sec-rules-kill-cryptos-top-funded-startup/#3d5155482918

    Not even three Princeton honors students and $133 million could save the Basis cryptocurrency from the scrap bin of SEC rejects.

    After raising capital from the likes of Google Ventures, Andreessen Horowitz, Bain Capital and others, the company behind the cryptocurrency, Intangible Labs, today announced the project was being killed and all the funds returned.

    For a startup that captured widespread attention for its promise to launch a new cryptocurrency designed from the ground up to serve anyone around the world with unreliable central banks, the decision marks a surprising end.

    Reply
  7. Tomi Engdahl says:

    Cambridge Judge Business School:
    Study: crypto asset service providers have 139M total users and at least 35M identity-verified users whose growth nearly doubled in first three quarters of 2018

    Second annual survey of global cryptoasset activity
    https://insight.jbs.cam.ac.uk/2018/second-annual-survey-of-global-cryptoasset-activity/

    Findings by the Cambridge Centre for Alternative Finance describe the evolution of an industry that saw big growth in 2017.

    The new findings reflect the growing maturity – and recent cooling off – of an industry that experienced huge growth in 2017. The aggregate market capitalisation of cryptoassets skyrocketed from $30 billion in April 2017 to more than $800 billion at its peak in early January 2018, until coming down again to hover at around $200 billion.

    Multi-coin support is rapidly expanding.
    Multi-coin support has nearly doubled from 47 per cent of all service providers in 2017 to 84 per cent in 2018. This is a trend primarily driven by the emergence of common standards on some cryptoasset platforms (e.g. ERC-20 on Ethereum) that has resulted in a rapid increase in the supply of tokens.

    The majority of identified mining facilities use some share of renewable energy sources as part of their energy mix.
    The study estimates that as of mid-November 2018, the top six proof-of-work cryptoassets collectively consume between 52 and 111 terawatt-hours (TWh) of electricity per year. The mid-point of the estimate (82 TWh) is the equivalent of the total energy consumed by the entire country of Belgium – but also constitutes less than 0.01 per cent of the world’s global energy production per year. A notable share of the energy consumed by these facilities is supplied by renewable energy sources in regions with excess capacity.

    Self-regulatory efforts reflect growing industry maturity.
    Industry actors are pro-actively adopting measures that appear to comply with existing regulation despite not necessarily being explicitly subject to regulations.

    Reply
  8. Tomi Engdahl says:

    In the winds of crypto winter
    https://techcrunch.com/2018/12/16/in-the-winds-of-crypto-winter/?utm_source=tcfbpage&sr_share=facebook

    Well, it was surreal while it lasted, by which I mean the 2017-18 cryptocurrency bubble. For a while there, Coinbase was #1 in the App Store, Bitcoin was above $10K, and there were more notional crypto zillionaires out there than you could shake a Merkle tree at.

    Those were the crazy days. Now, though, a rude awakening has come. Now Bitcoin is down to $3200 and counting, other cryptocurrencies are down well over 90%, and worst of all, none of the billions of dollars which poured into cryptocurrencies during the bubble have led to anything even remotely like a killer app. Instead the crypto space remains a giant casino of penny stocks

    Reply
  9. Tomi Engdahl says:

    Bitcoin miners shutting down world wide! Bitmain in trouble.
    https://www.youtube.com/watch?v=lhg87v7kQvw

    Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close.

    Bitcoin Mining Explained
    https://www.youtube.com/watch?v=iyq4od8MBoE

    Reply
  10. Tomi Engdahl says:

    Bijan Stephen / The Verge:
    Sources: blockchain incubator ConsenSys, which helps ~36 startups, will spin some of them off; source speculates layoffs will be between 600 and 700 — As many as 50 to 60 percent of the company’s employees could be let go — Layoffs are coming to ConsenSys, the Ethereum-focused startup incubator …

    ConsenSys plans to spin out most of its startups, and it’s going to mean layoffs
    As many as 50 to 60 percent of the company’s employees could be let go
    https://www.theverge.com/2018/12/20/18150036/consensys-layoffs-employees-pending-startup-ethereum

    Layoffs are coming to ConsenSys, the Ethereum-focused startup incubator and blockchain technology conglomerate. According to sources at the company, ConsenSys is quickly spinning out startups that it previously supported

    at least two incubated startups within the company showed that ConsenSys is beginning to spin out its large portfolio of blockchain projects, often without the financial support they’d need to find outside funding and succeed

    The news comes just a month after the company laid off around 13 percent of its staff.

    Lubin is credited as the co-founder of Ethereum, a decentralized platform for applications and a cryptocurrency based on Ethereum, Ether, that was introduced in a 2013 paper by Ethereum co-founder and programmer Vitalik Buterin; its value rose 13,000 percent in 2017, with the price of a single ETH token hitting a record high of $1,417.38. That incredible rise made Lubin one of the richest men in crypto

    “The world has not collapsed as [Lubin] planned, and so he needs to pivot his company because it was orchestrated for a vision only where Ethereum would be $10,000,” says the source.

    Reply
  11. Tomi Engdahl says:

    Facebook Is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say
    https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

    First focus will be on remittance market in India, people say
    Social network is still working out its blockchain strategy

    Reply
  12. Tomi Engdahl says:

    Wall Street Journal:
    Analysis: SEC and state regulators brought 90+ crypto-related cases in the past two years, recovering just ~$36M; cases increased as the market crashed — SEC and state regulators have brought more than 90 crypto cases over the past two years, but tracing funds is hard because of the elusive nature of the currency

    Crypto Craze Drew Them In; Fraud, in Many Cases, Emptied Their Pockets
    https://www.wsj.com/articles/crypto-craze-drew-them-in-fraud-in-many-cases-emptied-their-pockets-11545820200

    SEC and state regulators have brought more than 90 crypto cases over the past two years, but tracing funds is hard because of the elusive nature of the currency

    Reply
  13. Tomi Engdahl says:

    Wolfie Zhao / CoinDesk:
    Crypto mining startup Bitmain confirms layoffs, which, source says, may affect half of its total headcount, with some departments being laid off entirely — Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain …

    Layoffs Underway Amid ‘Adjustments,’ Bitcoin Miner Bitmain Confirms
    https://www.coindesk.com/layoffs-underway-amid-business-adjustments-bitcoin-miner-bitmain-confirms

    Months after it filed an application to go public on the Hong Kong Stock Exchange, Beijing-based cryptocurrency mining giant Bitmain is undergoing a series of business changes that extend even to its China offices, the company confirmed Tuesday.

    “There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary,” a company representative said in a statement.

    Reply
  14. Tomi Engdahl says:

    Alastair Marsh / Bloomberg:
    Crypto efforts of Goldman Sachs, Morgan Stanley, Barclays, and others are in limbo after bitcoin’s months-long fall and weak demand from institutional clients

    Wall Street Quietly Shelves Its Bitcoin Dreams
    https://www.bloomberg.com/news/articles/2018-12-23/wall-street-quietly-shelves-its-bitcoin-dreams

    Goldman Sachs, Morgan Stanley and many more built it. But they didn’t come.

    “The market had unrealistic expectations that Goldman or any of its peers could suddenly start a Bitcoin trading business,” said Daniel H. Gallancy, chief executive officer of New York-based SolidX Partners, which hopes to launch a Bitcoin ETF in the U.S. “That was top-of-the-market-hype thinking.”

    Reply
  15. Tomi Engdahl says:

    As Bitcoin sinks, industry startups are forced to cut back
    https://techcrunch.com/2018/12/26/as-bitcoin-sinks-industry-startups-are-forced-to-cut-back/?sr_share=facebook&utm_source=tcfbpage

    Around this time last year, the price of Bitcoin hit an all-time high of nearly $20,000. Cryptocurrency enthusiasts everywhere boasted about the wealth 2018 would bring, initial coin offerings exploded and startups continued to pull in record amounts of venture capital. Fast-forward one year: Bitcoin is down 75 percent to a meager $3,700, sinking as quickly as its meteoric rise, and industry startups are paying the price.

    Reply
  16. Tomi Engdahl says:

    Facebook is reportedly planning its own stablecoin — here’s what you need to know
    https://techcrunch.com/2018/12/21/facebook-stablecoin/?utm_source=tcfbpage&sr_share=facebook

    The US tech giant would be the largest entrant to the consumer blockchain space

    Reply
  17. Tomi Engdahl says:

    Yogita Khatri / CoinDesk:
    Japan’s GMO Internet says it will stop making and selling cryptocurrency miners, but will continue its in-house cryptocurrency mining operations for now

    GMO Quits Selling Mining Machines After Crypto Market Downturn
    https://www.coindesk.com/gmo-quits-selling-mining-machines-after-crypto-market-downturn

    Japanese IT giant GMO Internet has said it will quit making and selling crypto miners following a year of bear market losses

    The firm announced Tuesday that given the current “increasingly competitive” business environment and weak crypto market, it will “no longer develop, manufacture, and sell mining machines.”

    On a consolidated basis, GMO is to record an “extraordinary loss” of 35.5 billion yen (or $321.6 million),

    GMO first launched its miner making business in September 2017 and set up its in-house mining operations in northern Europe at the end of last year. The decision to quit its miner making business comes just months after GMO formally launched its B3 miner equipped with a 7nm mining chip.

    GMO’s crypto mining business reported a loss of 640 million yen (about $5.6 million) in Q3 2018

    Reply
  18. Tomi Engdahl says:

    Ex-MtGox Bitcoin Chief Maintains Innocence in Trial Closing Arguments
    https://www.securityweek.com/ex-mtgox-bitcoin-chief-maintains-innocence-trial-closing-arguments

    The former head of collapsed bitcoin exchange MtGox apologised Thursday for losses that bankrupted the firm but insisted he was innocent of charges including embezzlement at closing arguments in his Tokyo trial, local media reported.

    Reply
  19. Tomi Engdahl says:

    How Hackers Stole $1B From Cryptocurrency Exchanges In 2018
    https://www.forbes.com/sites/daveywinder/2018/12/31/how-hackers-stole-1b-from-cryptocurrency-exchanges-in-2018/#ef0b73a4d879

    According to the Cryptocurrency Anti-Money Laundering Report from Ciphertrace some $927 million had been stolen from cryptocurrency exchanges in the first three quarters of 2018 alone. That total will almost certainly have hit, if not smashed straight through, the $1 billion mark by now. So, who were the hackers behind the heists and how did they get away with it?

    The how remains sadly predictable throughout the year, truth be told; exploiting vulnerabilities in crypto wallet software and servers, social engineering/password compromises and insider theft. The who covers equally predictable territory with lone wolf criminal opportunists at the lower end of scale through to well-resourced nation-state actors at the other.

    SIM-swapping endeavor, an increasingly common method used to compromise otherwise secure accounts by gaining access to two-factor authentication codes sent via SMS

    Then there are the state-sponsored actors.

    North Korea remains firmly in the cross-hairs for anyone investigating cryptocurrency theft, especially at the bigger end of the attack scale. One group in particular, the Lazarus Group, is thought to have been involved in a number of attacks. Often launching their attacks out of China, possibly in order to try and obfuscate accurate geo-political attribution, the Lazarus actors are widely thought to be nation-state players tasked with cyber heists to help boost the beleaguered North Korean economy.

    In this regard, Lazarus is thought to have been spectacularly successful: more than $571 million in cryptocurrency is reported to have been stolen by the Lazarus Group since the start of 2017 and it is thought that 65% of stolen cryptocurrency ends up in North Korea.

    Reply
  20. Tomi Engdahl says:

    Arjun Balaji:
    Thoughts on the state of crypto in 2018, which marked the start of a crypto recession, and predictions for 2019 as experts now focus on adoption and usage — My thoughts on the state of crypto in 2018 and where we’re headed — As another year wraps up, I started writing an email …

    Crypto Theses for 2019
    My thoughts on the state of crypto in 2018 and where we’re headed
    https://medium.com/@arjunblj/crypto-theses-for-2019-dd20cb7f9895

    Reply
  21. Tomi Engdahl says:

    Ethereum Plans to Cut Its Absurd Energy Consumption by 99 Percent
    https://spectrum.ieee.org/computing/networks/ethereum-plans-to-cut-its-absurd-energy-consumption-by-99-percent

    Bitcoin soaks up most of the hype and the opprobrium heaped on cryptocurrencies, leaving its younger and smaller sibling Ethereum in the shadows. But Ethereum is anything but small. Its market capitalization was roughly US $10 billion at press time, and it has an equally whopping energy footprint.

    Ethereum mining consumes a quarter to half of what Bitcoin mining does, but that still means that for most of 2018 it was using roughly as much electricity as Iceland. Indeed, the typical Ethereum transaction gobbles more power than an average U.S. household uses in a day.

    “That’s just a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue. There are real consumers—real people—whose need for electricity is being displaced by this stuff,”

    plan to field-test a long-promised overhaul of Ethereum’s code. If these developers are right, by the end of 2019 Ethereum’s new code could complete transactions using just 1 percent of the energy consumed today.

    Ethereum’s attempted rebirth will be one of the year’s “most fascinating technologies to watch,”

    Like Bitcoin, Ethereum relies on a blockchain, which is a digital ledger of transactions maintained by a community of users.

    What gives the Ethereum blockchain such potential is its ability to store data, support decisions, and automate the distribution of value. It manages these tasks through smart contracts, programs written by users or developers in Ethereum’s custom coding language. Smart contracts have obvious business applications, but the long-term hope is that apps built from them will eventually make Ethereum the ultimate cloud- computing platform.

    That lofty vision clashes with Ethereum’s current reality. While there are some multimillion-dollar apps running on it, even Buterin says he suspects that Ethereum is consuming more resources than it returns in societal benefits.

    The problem is all that mining. Like most cryptocurrencies, Ethereum relies on a computational competition called proof of work (PoW) .

    It’s a winner-takes-all contest, rewarded with newly minted cryptocoins.

    PoW mining is difficult by design. The idea is to prevent any one entity from controlling the blockchain.

    In theory, PoW keeps mining a distributed affair. In practice, however, the development of application-specific ICs (ASICs) that accelerate mining, produced by a handful of chip fabs in China, has concentrated power over many cryptocurrencies.

    Ethereum took the fight against concentrated power one step further by selecting a memory-intensive PoW algorithm for mining “ether,” as its value token is known. This ether-mining algorithm penalizes the use of ASICs.

    What Ethereum’s PoW algorithm has not prevented, however, is explosive growth in the computing resources devoted to ether mining.

    The resultant energy demand has created a backlash from environmentalists. Utilities and communities, meanwhile, see financial risk and opportunity costs if they cater to cryptocurrency miners that gobble up cheap electricity while creating few jobs. Serving miners may require utilities to make equipment upgrades, which could become superfluous if cryptocurrency prices crash and mining operations shut down.

    Recent market dynamics support the utilities’ concerns. The value of ether peaked at $1,385 last January and then began a downward slide. In November it crashed below $120—low enough to erase miners’ profit margin and to prompt some to slow down or turn off mining rigs.

    “It’s widely accepted in the Ethereum community that PoW uses far too much energy. For me it is the No. 1 priority,” says Ethereum contributor Paul Hauner

    Ethereum’s plan is to replace PoW with proof of stake (PoS)—an alternative mechanism for distributed consensus that was first applied to a cryptocurrency with the launch of Peercoin in 2012. Instead of millions of processors simultaneously processing the same transactions, PoS randomly picks one to do the job.

    Moving to PoS will cut the energy consumed per Ethereum transaction more than a hundredfold, according to Buterin: “The PoW part is the one that’s consuming these huge amounts of electricity. The blockchain transactions themselves are not super computationally intensive. It’s just verifying digital signatures. It’s not some kind of heavy 3D-matrix map or machine learning on gigabytes of data,” he says.

    Moving to PoS could also boost security. Under PoS, the location of each validator’s account is known and can be destroyed if that validator breaks the rules. Vlad Zamfir, Ethereum Foundation’s lead PoS developer, likens this to the Bitcoin community gaining the power to incinerate the data centers of a miner who abuses his power.

    The two-chain solution—dubbed Ethereum 2.0—makes a world of difference for Ethereum’s programmers because continuing on the original chain would have meant writing the machinery of PoS as a sophisticated set of smart contracts. Hauner, who is leading an effort called Lighthouse to build an Ethereum 2.0 software client, says Ethereum’s smart-contract language is a tough medium for writing complex code. “Writing smart contracts is a very constrained environment for computing. You can’t do complicated things on it,” he says.

    there could still be “unknown unknowns” lurking that could set their timeline back.

    As a multibillion-dollar network, Ethereum obviously has a lot to lose if it launches glitchy or insecure technology

    Any missteps could jeopardize the entire ecosystem of developers and projects that use Ethereum’s smart contracts.

    But Ethereum also has a lot to lose if it delays much longer. An array of well-capitalized projects—Cardano, Dfinity, Eosio, and Manian’s Cosmos, to name just a few—are hatching their own PoS-based blockchains.

    Reply
  22. Tomi Engdahl says:

    Adrian Zmudzinski / Cointelegraph.com News:
    Cryptocurrency exchange Kraken says it has received 475 law enforcement inquiries in 2018 compared to 160 in 2017; 315 of the inquiries came from US agencies — Cryptocurrency exchange Kraken has received nearly three times more law enforcement inquiries in 2018 than in 2017, the exhange reported in a tweet Jan. 5.

    Law Enforcement Inquiries Sent to Kraken Nearly Tripled in 2018
    https://cointelegraph.com/news/law-enforcement-inquiries-sent-to-kraken-nearly-tripled-in-2018

    Reply
  23. Tomi Engdahl says:

    cryptocurrencies based on proof of work/stake/kittens don’t work because they will suffer rollback attacks when the price drops sharply.

    Modern cryptography is based on the principle of exponential leverage. AES128 is 2^128 times harder to break than to use. Proof of work/stake/etc put the exponent on the wrong side. Using is 2^n and breaking is 2^n-1.

    It’s broke people.

    Almost $500,000 in Ethereum Classic coin stolen by forking its blockchain
    https://arstechnica.com/information-technology/2019/01/almost-500000-in-ethereum-coin-stolen-by-forking-its-blockchain/?fbclid=IwAR0UN_DynWdToCxeteXhr-DbYvv9KfXEijXVu74KaS8NEueOiTe-8CjjkMM

    Rollback attack let attackers spend 88,500 previously spent coins.

    Attackers have stolen almost $500,000 worth of the Ethereum Classic digital currency by carrying out a compute-intensive hack that rewrote its blockchain, officials with Coinbase, one of the leading crypto currency exchanges, said on Monday.

    The heist was the result of carrying out what’s known as a rollback attack, which allowed the attackers to reorganize the Ethereum Classic blockchain

    the attackers were able to “double spend” about 88,500 ETC

    Rollback attacks are often referred to as 51-percent attacks, because, in theory, they require an attacker to control a majority of the CPU power generating a blockchain. Such an arrangement violates a core requirement of any blockchain-based currency: it allows a single entity to write the contents of its universal shared transaction history.

    Stated a different way, a rollback attack generates a new fork of the blockchain. This causes nodes to replace the original blockchain with the new one and makes it possible for attackers to reverse previously made transactions

    Coinbase paused movements of affected ETC fund

    Reply
  24. Tomi Engdahl says:

    Coinbase freezes Ethereum Classic trading following attack
    https://techcrunch.com/2019/01/07/coinbase-ethereum-classic-freeze/?sr_share=facebook&utm_source=tcfbpage

    The exchange said it has stopped all trading on Ethereum Classic — a cryptocurrency it added back in August — after it detected an attack on the cryptocurrency’s network.

    Coinbase identified “a deep chain reorganization” of the Ethereum Classic blockchain which essentially means that someone controlling miners on the network had rewritten transaction history. Such tampering can allow what’s called ‘double spending,’

    Reply
  25. Tomi Engdahl says:

    How blockchain technology will revolutionize the next decade’s supply chain
    https://ces.eetimes.com/how-blockchain-technology-will-revolutionize-the-next-decades-supply-chain/

    There has been a lot of talk about blockchain disrupting banking, investment, insurance and government. But if there is one industry in which the distributed ledger technology can make its most significant impact, it is logistics and supply chain.
    Utilizing blockchain to record the provenance of products and components would remove any opportunity to tamper with records

    Reply
  26. Tomi Engdahl says:

    Transmute Launches Blockchain Framework Focused on Identity
    https://www.securityweek.com/transmute-launches-blockchain-framework-focused-identity

    Blockchain remains the unfulfilled promise of new technology. Perhaps the problem was the success of Bitcoin’s tech — it made people realize that distributed ledgers (DTLs) could be used for almost any IT requirement. It took a bit longer for people to realize that while true, for most commercial applications blockchains offer no real improvement on the capabilities of traditional distributed databases.

    The blockchain hype remains, but it is beginning to focus on government use (the UK government says it has the potential “to help governments to collect taxes, deliver benefits, issue passports, record land registries, assure the supply chain of goods and generally ensure the integrity of government records and services”), and specific commercial use cases with specific problems.

    One of these commercial use cases is identity management, particularly from the users’ viewpoint. The current system is simply inefficient: it overshares too much personal information with too many different organizations who each then store that data in a single point of failure (a central target for criminal access) that has ramifications for all the other single points of failure. One breach can lead to the loss of personal data for millions — and even billions — of people; and each breach places the victims in greater danger of identity theft, and other organizations under threat of criminal access through stolen credentials.

    The realization that a distributed ledger for identity management can solve many of these problems by eliminating the single point of failure and giving the user greater control over the sharing of personal data for access purposes has led to a rapid spurt in blockchain IAM start-ups. One more, Transmute, emerged Tuesday.

    Reply
  27. Tomi Engdahl says:

    Zheping Huang / South China Morning Post:
    Sources: Bitmain co-founders Wu Jihan and Zhan Ketuan to step down as co-CEOs, will be succeeded by product engineering director Wang Haichao

    Bitmain’s two founders to step aside as Chinese cryptocurrency giant taps software coder as new CEO
    https://www.scmp.com/tech/policy/article/2181392/bitmains-two-founders-step-aside-chinese-cryptocurrency-giant-taps

    Bitmain accounts for 75 per cent of the world’s specialised computers used to earn new units of digital money

    Bitmain Technology, the world’s biggest maker of cryptocurrency mining rigs, is poised to name a new CEO to replace company co-founders Wu Jihan and Zhan Ketuan, people with knowledge of the matter said.

    Bitmain, which accounts for 75 per cent of the world’s specialised computers used to earn new units of digital money, is going through tough times amid a prolonged bear market in cryptocurrencies. In 2018 bitcoin, the world’s biggest form of digital money, lost more than 70 per cent of its value. In total nearly US$500 billion has been wiped off the value of the more than 2,000 cryptocurrencies in the market.

    Last month Bitmain said it was planning lay-offs amid the industry crunch, though it did not specify the extent of the job cuts.

    At the end of June, Bitmain had 2,594 full-time employees including some 840 engineers

    Reply
  28. Tomi Engdahl says:

    Yogita Khatri / CoinDesk:
    China’s internet censor approves new regulations for blockchain startups, requiring registration of users’ names, content censorship, and more, starting Feb. 15

    China’s Internet Censor to Start Regulating Blockchain Firms Next Month
    https://www.coindesk.com/chinas-internet-censor-announces-rules-for-blockchain-providers

    Reply
  29. Tomi Engdahl says:

    New Ethereum version postponed after discovery of serious security flaw
    https://www.zdnet.com/article/new-ethereum-version-postponed-after-discovery-of-serious-security-flaw/#ftag=RSSbaffb68

    Ethereum Constantinople Upgrade hits last minute snag that saves many users from catastrophic losses.

    A major upgrade of the Ethereum blockchain has been postponed today by the Ethereum team after a security company found a vulnerability that could have allowed hackers to steal users’ funds.

    Reply
  30. Tomi Engdahl says:

    Anna Irrera / Reuters:
    Chainalysis: Bitcoin transactions on darknet markets rose throughout 2018 to an average of $2M/day, nearly double the activity measured at the start of the year — NEW YORK (Reuters) – Use of bitcoin as a form of payment doubled in 2018 on darknet market sites, where users can buy anything …

    Daily bitcoin transactions on darknet markets doubled throughout 2018: report
    https://www.reuters.com/article/us-crypto-currencies/daily-bitcoin-transactions-on-darknet-markets-doubled-throughout-2018-report-idUSKCN1PC1OE

    Reply

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