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.
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Tomi Engdahl says:
Brady Dale / CoinDesk:
VideoCoin, blockchain-based video streaming project backed by CNET co-founder Halsey Minor, raises $50M in an ICO completed via private placements
CNET Founder Backs $50 Million ICO for Video Streaming
https://www.coindesk.com/cnet-founder-closes-50-million-ico-video-streaming-token/
Streaming a TV show or a sports game directly to your laptop doesn’t make big TV networks much money today.
However, that might change if VideoCoin, a new decentralized project that’s taking aim at the price major broadcasters and media companies pay to stream content, succeeds on its vision. When a broadcaster sends out a broadcast over the airwaves, one signal can reach many devices, but when it broadcasts over the internet one signal goes to one device.
“It’s all cost and no revenue,”
“What we’re building is the next-generation infrastructure for how you do video processing and distributed services,”
“You don’t need specialized hardware to do video mining,” Minor explained. All computers, even cell phones, come with video encoders built in. That said, Minor doesn’t see as much opportunity in personal devices as he does in data centers.
“The hard part is building a very performant blockchain.”
Tomi Engdahl says:
With at least $1.3 billion invested globally in 2018, VC funding for blockchain blows past 2017 totals
https://techcrunch.com/2018/05/20/with-at-least-1-3-billion-invested-globally-in-2018-vc-funding-for-blockchain-blows-past-2017-totals/?utm_source=tcfbpage&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29&utm_content=FaceBook&sr_share=facebook
Although bitcoin and blockchain technology may not take up quite as much mental bandwidth for the general public as it did just a few months ago, companies in the space continue to rake in capital from investors.
One of the latest to do so is Circle, which recently announced a $110 million Series E round led by bitcoin mining hardware manufacturer Bitmain.
Tomi Engdahl says:
Circle Invest lets you buy the cryptocurrency market
https://techcrunch.com/2018/05/22/circle-invest-lets-you-buy-the-cryptocurrency-market/?sr_share=facebook&utm_source=tcfbpage
Circle Invest started with just a handful of cryptocurrencies — Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. But now, the company has added Monero and Zcash. If you don’t know anything about cryptocurrencies, it’s hard to know where you should put your money.
That’s why Circle has created a button that lets you buy all coins available on Circle Invest, weighted depending on their respective market capitalization.
Circle Invest is available on the App Store and Play Store in the U.S.
The app only supports market orders.
Tomi Engdahl says:
IBM plans to hire 1,800 people in France for blockchain and AI
https://techcrunch.com/2018/05/23/ibm-plans-to-hire-1800-people-in-france-for-blockchain-and-ai/?sr_share=facebook&utm_source=tcfbpage
Tomi Engdahl says:
Po.et launches lab for developers to build apps on publishing blockchain
https://techcrunch.com/2018/05/22/po-et-launches-lab-for-developers-to-build-apps-on-publishing-blockchain/?utm_source=tcfbpage&sr_share=facebook
Tomi Engdahl says:
Bloomberg:
Sources: DOJ and CFTC have opened a criminal probe into alleged market manipulation of bitcoin and other cryptocurrencies — – Justice Department opens investigation into illicit trading — Agency is working with CFTC, which oversees crypto futures — The Justice Department …
U.S. Launches Criminal Probe into Bitcoin Price Manipulation
https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe
The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter.
The investigation is focused on illegal practices that can influence prices — such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling
Federal prosecutors are working with the Commodity Futures Trading Commission, a financial regulator that oversees derivatives tied to Bitcoin, the people said.
Authorities worry that virtual currencies are susceptible to fraud for multiple reasons: skepticism that all exchanges are actively pursuing cheaters, wild price swings that could make it easy to push valuations around and a lack of regulations like the ones that govern stocks and other assets.
Bitcoin extended its Thursday declines after Bloomberg News reported the investigation, and was down 3 percent to $7,409
Traders Colluding?
The illicit tactics that the Justice Department is looking into include spoofing and wash trading — forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said.
Traders Colluding?
The illicit tactics that the Justice Department is looking into include spoofing and wash trading — forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said. That’s prompted regulators to grow concerned that people are jumping into cryptocurrencies without knowing the risks.
“There’s very little monitoring of manipulative trading, spoofing and wash trading,” Griffin said. “It would be easy to spoof this market.”
Some market participants have alleged that crypto manipulation is rampant.
Tomi Engdahl says:
Assuring data integrity: vital for connected-vehicle markets
https://www.sae.org/news/2018/04/aenlblockchain?eid=376641819&bid=2115804
Connectivity, one of the fastest-growing technical features for new vehicles, has attracted the attention of many companies that hope to
offer services and garner revenue by using data from vehicles. But before any market can emerge, data companies and vehicle owners will
have to believe that data integrity is ensured.
“The quality of data must be there,” William Bone of Aras Corp said at the recent SAE WCX 18 conference in Detroit. “If it can’t be
trusted, you can’t sell it. It has to be something that can be understood and used, and people must believe that they can trust it.
There’s a lot of value in data that’s traceable and relevant.”
Blockchain to the rescue?
Other WCX speakers suggested fast-developing blockchain technology may provide a solution. Though blockchain’s association with murky
cryptocurrencies has created some skepticism, the technology is seeing expanding use in banking and other fields that want to ensure
data is not tampered with as it’s used. Blockchain’s ability to ensure data integrity over the decade-plus lifetime of vehicles has many
eyeing it as a possible solution for those who build marketing plans around vehicle data.
“We need to find some simple way to monitor data,” said Peter Brown of Wind River Systems. “There may be some blockchain-type solution
that will cover the lifecycle of the vehicle. People need to know the data has not been tampered with.”
Tomi Engdahl says:
Uusi tunnistetarra käyttää lohkoketjuja
http://etn.fi/index.php?option=com_content&view=article&id=8042&via=n&datum=2018-05-24_14:56:10&mottagare=31202
Tomi Engdahl says:
The New Currency: How Blockchain Is Revolutionizing Finance
https://it.toolbox.com/articles/the-new-currency-how-blockchain-is-revolutionizing-finance
Blockchain is changing the financial playing field, and it’s a force to reckon with as it helps to usher in a new way to conduct transactions. Blockchain technology is technology that underlies and powers digital currencies. Since its inception in 2008 and application in 2009 with bitcoin, blockchain has created some of the biggest financial implications that have affected the wallets of consumers and the economy as a whole and continues to revolutionize finance. It’s even estimated that financial institutions can save between $8 million and $12 million each year by implementing the technology. Here are a few aspects to consider:
A Decentralized Network Enables Transparency and Secure Transactions
Users also have a public key. The private and public key are combined in a unique way to create a customized digital signature. This unique digital signature enhances ownership control and secures the transactions. The blockchain also works on a distributed network using a shared ledger, and this decentralized network combined with the digital signatures unique to the owner help to create transparency among users and transactions since anyone can view the complete blockchain and verify the transactions. By having transparency and security enabled on peer-to-peer networks, blockchain technology helps to establish trust, which is a major factor for a community of users to take advantage of the technology and the innovations that it brings.
Blockchain Brings Value to Digital Currency
With its various applications within the financial sector and other industries and its core principles of transparency and decentralization, blockchain has helped usher in the concept of digital currency. For example, the blockchain has enabled the use of Ethereum and bitcoin — two digital currencies that are based on blockchain technology. The implication of blockchain technology has enabled the use of digital currency for the consumer regarding investments and daily transactions.
Also, cryptocurrencies powered by blockchain technology have value and are creating new opportunities for investments and transactions. For instance, consumers can open up wallets to store their digital currencies and use it at various businesses, such as Subway, Expedia and Dish Network.
Blockchain Cuts Out the “Middleman”
With the advent of blockchain technology, clearinghouses — the “middlemen” of banks or financial central authorities — stand to be eliminated. These “middlemen” will not be needed to validate the transaction that are facilitated by blockchain technology. That’s because the blockchain helps to validate transactions via smart contracts.
The economic implications of this is that blockchain technology will help to either eliminate or mitigate transactional fees and other associated costs with making transactions.
Blockchain Enables Faster Processing of Transactions
Thanks to the blockchain, it’s faster and easier to process transactions. For instance, where a check may take additional time to be verified via a clearinghouse, payment is verified immediately using the shared ledger of the blockchain. With these innovations, blockchain technology has expanded opportunities, such as funding opportunities and expansion of foreign currency exchanges.
Tomi Engdahl says:
https://www.wired.com/story/predictions-bots-blockchain-and-more/
Tomi Engdahl says:
Meet the five finalists at Startup Battlefield Europe
https://techcrunch.com/2018/05/24/startup-battle-europe-finalists/
IOV is building a decentralized DNS for blockchains. By implementing the Blockchain Communication Protocol, the IOV Wallet will be the first wallet that can receive and exchange any kind of cryptocurrency from a single address of value.
Tomi Engdahl says:
Wolfie Zhao / CoinDesk:
Chinese authorities have prosecuted 98 people for the alleged $2B OneCoin crypto investment scheme that involved up to 2M victims across 20+ provinces in China
China Prosecutes 98 Over Alleged $2 Billion OneCoin Pyramid Scheme
https://www.coindesk.com/china-prosecutes-98-over-alleged-2-billion-onecoin-pyramid-scheme/
Prosecutors in China have charged four suspects said to be involved with operating an alleged $2 billion cryptocurrency pyramid scheme.
According to a news release issued by the Supreme People’s Procuratorate issued Wednesday, a local prosecutor’s office in Hunan province has charged the four individuals as part of a wider crackdown on “Weika Coin” – the Chinese name for OneCoin, a purported crypto investment scheme that has seen global law enforcement agencies launch investigations and issue warnings and fines.
Tomi Engdahl says:
Robert Hackett / Fortune:
A look at JPMorgan Chase’s Quorum, an open source project blurring the lines between private enterprise blockchains and public blockchains like Ethereum, Zcash
How JPMorgan Chase Learned to Love the Blockchain
http://fortune.com/longform/jpmorgan-chase-tech-blockchain/
America’s biggest bank is figuring out how to collaborate with cryptocurrency hacker types like Amber Baldet and Patrick Mylund Nielsen—and the cultural collision could soon pay off.
Tomi Engdahl says:
Josiah Wilmoth / CCN:
Bitcoin fork Bitcoin Gold suffers 51% attack; attacker with more than half of network’s hash rate double spent BTG coins on exchanges and may have stolen $18M
Bitcoin Gold Responds to Recent Double Spend Attack
https://www.ccn.com/bitcoin-gold-responds-to-recent-double-spend-attack/
The development team behind Bitcoin Gold has released an update on last week’s 51 percent attack, which the attacker weaponized through a double spend attack to steal funds from cryptocurrency exchanges.
Published on Thursday, the update confirmed that the attacker had gained majority control of the network’s hashrate and used that control to reorganize the blockchain and reverse transactions.
In this case, the attacker made deposits at cryptocurrency exchanges, traded the coins for BTC or another coin, and then withdrew the funds. Next, the attacker used their dominant computing power to force the rest of the network to accept falsified blocks that reversed their initial deposits and caused these funds to vanish from exchange-controlled wallets.
As CCN reported, an address associated with the attacker had sent itself more than 380,000 BTG in a series of transactions consistent with double spending behavior. It’s not clear how many of these transactions resulted in successful thefts from exchanges. In theory, the attacker could have made off with more than $18 million worth of funds, but only if every transaction resulted in a successful theft (again, the attacker’s rate of success has not been verified).
Tomi Engdahl says:
Paul Vigna / Wall Street Journal:
Block.one, a Cayman Islands-based firm making a blockchain platform for decentralized apps, is on track to raise $4B+ through a yearlong sale of its EOS tokens — Block.one’s sale of its EOS digital tokens dwarfs other coin sales—and most of this year’s IPOs
Investors Bet $4 Billion on a Cryptocurrency Startup
Block.one’s sale of its EOS digital tokens dwarfs other coin sales—and most of this year’s IPOs
https://www.wsj.com/articles/investors-bet-4-billion-on-a-cryptocurrency-startup-1527591600
Tomi Engdahl says:
ASUS announces a motherboard just for crypto-mining
https://techcrunch.com/2018/05/31/asus-announces-a-motherboard-just-for-crypto-mining/?utm_source=tcfbpage&sr_share=facebook
Mining hardware is weird stuff. Either it’s commodity hardware used – inefficiently – for complex computation or specifically designed, expensive boards that can be used to bring in Bitcoin and little else. Asus, a motherboard maker of some renown, is now helping bridge the gap.
The H370 Mining Master is a basic motherboard that supports 20 graphics cards, the boards used for Ethereum and other less resource-intensive scripts. The cards connect via PCIe-over-USB
The board ships in Q3 2018 for a few hundred dollars
Tomi Engdahl says:
Cryptocurrency Node Cluster with K8s on Raspberry Pi
https://www.hackster.io/pjdecarlo/cryptocurrency-node-cluster-with-k8s-on-raspberry-pi-696933
Serve up a network of nodes for your favorite cryptocurrency with Kubernetes running on the Raspberry Pi.
Cryptocurrencies operate on the concept of P2P communication to distribute information about the state of the “ledger” or accepted transaction history on the network at large. This ledger contains all transactions which have ever occurred in the history of the network, as agreed upon by a consensus of nodes which notify each other of their respective transaction histories.
Tomi Engdahl says:
Monetizing computing resources on the blockchain
https://techcrunch.com/2018/06/03/monetizing-computing-resources-on-the-blockchain/?utm_source=tcfbpage&sr_share=facebook
Monetizing computing resources on the blockchain
Ben Dickson
6 hours ago
moneyjump
Ben Dickson
Contributor
Ben Dickson is a software engineer and the founder of TechTalks.
More posts by this contributor
Unlocking the potential of eye tracking technology
Can you trust crypto-token crowdfunding?
A while back, a blockchain startup approached me with their pitch, a decentralized social media application in which users can earn money by simply doing what they already do on other platforms, such posting updates, photos and videos.
I would have been intrigued had they sent me the message a couple of years ago. But not so much after observing the space for more several years.
Several blockchain applications profess to enable users to monetize various resources, whether it’s their unused storage and CPU power, or the tons of data they generate every day.
Regardless of whether they will succeed to deliver on their promises or not, these projects highlight one of the problems that haunts the centralized internet. Users are seldom rewarded for the great value they bring to platforms such as Facebook, Google and Amazon .
Blockchain applications suggest that decentralized alternatives to current services will give users the chance to collect their fair share of the revenue they generate with their participation in online ecosystems. It’s an enticing proposition since it doesn’t require users to do much more than what they’re already doing: send emails, browse websites, watch ads, keep the computer on…
But what exactly do you earn from monetizing your resources on the internet, and how accessible and reliable are your earning? Here’s what you need to know.
What can you sell?
A handful of blockchain platforms enable you to rent your unused storage, idle CPU cycles, and internet bandwidth with those who are in need. The premise is simple: You list your resources along with your payment terms on the application and get paid in the proprietary crypto-token of the application when others use them. Purchases are arranged, performed and paid peer-to-peer through smart contracts, bits of code that run on blockchain without the need for a centralized application server.
Examples include Golem and iExec, two decentralized marketplaces for computing power.
Both platforms are designed to provide infrastructure for various applications such as web hosting and streaming services. Gladius, a decentralized content delivery network (CDN) and DDoS mitigation solution, enables users to monetize their internet bandwidth to serve content from websites and services running on the network.
Tomi Engdahl says:
Federal Reserve Bank of San Francisco:
How optimistic investors bid up Bitcoin ahead of futures’ debut last year, but new derivatives enabled pessimists to bet against Bitcoin, crashing the price
How Futures Trading Changed Bitcoin Prices
https://www.frbsf.org/economic-research/publications/economic-letter/2018/may/how-futures-trading-changed-bitcoin-prices/
From Bitcoin’s inception in 2009 through mid-2017, its price remained under $4,000. In the second half of 2017, it climbed dramatically to nearly $20,000, but descended rapidly starting in mid-December. The peak price coincided with the introduction of bitcoin futures trading on the Chicago Mercantile Exchange. The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence. Rather, it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.
The peak bitcoin price coincided with the day bitcoin futures started trading on the Chicago Mercantile Exchange (CME). In this Economic Letter, we argue that these price dynamics are consistent with the rise and collapse of the home financing market in the 2000s, as explained in Fostel and Geanakoplos (2012).
bust was driven by the creation of instruments that allowed pessimistic investors to bet against the housing market
the advent of blockchain introduced a new financial instrument, bitcoin, which optimistic investors bid up, until the launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics.
Bitcoin miners contribute computing resources to verify bitcoin transactions and hence maintain blockchain. They are compensated for sharing their computing resources with new bitcoins. The total numbers of bitcoins to be mined has been arbitrarily set at 21 million. When this volume is reached—estimates suggest in 2140—miners will be compensated by transaction fees rather than new bitcoins (Nian and Chuen 2016).
Is there a fundamental price of bitcoin?
So where is the price of bitcoin going? This is a very difficult question, and we do not pretend to be able to forecast bitcoin prices, nor will we offer any guesses.
The supply of bitcoins is determined by the volume of bitcoin currently in circulation and the additional volume to be mined. The decision to mine a bitcoin depends on the cost and benefit from mining. Hayes (2015) estimated a bitcoin mining cost in 2015 of around $250, which was close to the bitcoin price at the time.
Conclusions
We suggest that the rapid rise of the price of bitcoin and its decline following issuance of futures on the CME is consistent with pricing dynamics suggested elsewhere in financial theory and with previously observed trading behavior. Namely, optimists bid up the price before financial instruments are available to short the market (Fostel and Geanakoplos 2012). Once derivatives markets become sufficiently deep, short-selling pressure from pessimists leads to a sharp decline in value.
Tomi Engdahl says:
How will dApps built on ETH deal with the requirements of GDPR?
https://ethereum.stackexchange.com/questions/49680/how-will-dapps-built-on-eth-deal-with-the-requirements-of-gdpr
GDPR expects it’s citizens to have the ‘right to be forgotten’. A company failing to fulfill this obligation is expected to pay a hefty fine. How will decentralized autonomous communities who store immutable data on the blockchain about its users deal with such a legal obligation?
Let’s take the case of an alternative that ETH developers build for Facebook. They ought to store the users’ names and other identifiable information on the blockchain, correct? What measures do they have to take to be compliant with the law? Should the founders remain anonymous so that nobody is held liable? Please talk about how social DACs can grow in such conditions.
With the GDPR, and the actual blockchain researching stage on where we are now, two things can be said.
DAPPS won’t let users to post any personal info (on identity terms talking) because: With GDPR, an user can obligate to the DAPP owner to remove all of it’s data (users collected data) from the database (the blockchain), and nowadays that’s impossible, because that info will be always stored on the blocks that contain requester user’s info.
One possible solution will be to separate the data. The identity part of the blockchain will be stored on a normal server, and the transactions info on the blockchain. We can relationate the user with it’s transactions with ERC identity tokens.
Tomi Engdahl says:
Not just another decentralized web whitepaper?
https://techcrunch.com/2018/06/02/not-just-another-decentralized-web-whitepaper/?sr_share=facebook&utm_source=tcfbpage
Given all the hype and noise swirling around crypto and decentralized network projects, which runs the full gamut from scams and stupidity, to very clever and inspired ideas, the release of yet another whitepaper does not immediately set off an attention klaxon.
But this whitepaper — which details a new protocol for achieving consensus within a decentralized network — is worth paying more attention to than most.
MaidSafe, the team behind it, are also the literal opposite of fly-by-night crypto opportunists. They’ve been working on decentralized networking since long before the space became the hot, hyped thing it is now.
Their overarching mission is to engineer an entirely decentralized Internet which bakes in privacy, security and freedom of expression by design — the ‘Safe’ in their planned ‘Safe Network’ stands for ‘Secure access for everyone’ — meaning it’s encrypted, autonomous, self-organizing, self-healing. And the new consensus protocol is just another piece towards fulfilling that grand vision.
http://docs.maidsafe.net/Whitepapers/pdf/PARSEC.pdf
Tomi Engdahl says:
John McAfee plans 2020 presidential tilt
Crypto-libertarian will form his own party, but first to launch his paper-based cryptocurrency
http://www.theregister.co.uk/2018/06/05/mcafee_presidential_run_2020/
The millionaire tech founder, former resident of Belize, antagonist to Google, branding guru, Johnny Depp doppelgänger and cryptocurrency enthusiast hasn’t elaborated on his newfound political ambition.
McAfee will have his work cut out for him, since at the end of May he said he’s soon to launch a “physical cryptocurrency”:
No hoax. The “McAfee Redemption Unit” is real and coming in 26 days. The graphic is low res – don’t want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7s pic.twitter.com/75xTje39X8
— John McAfee (@officialmcafee) May 29, 2018
Collectible money? On paper? Given that today’s most secure banknotes are printed on polymers, McAfee might not be exactly up to speed this time around.
Tomi Engdahl says:
ALTR Emerges From Stealth With Blockchain-Based Data Security Solution
https://www.securityweek.com/altr-emerges-stealth-blockchain-based-data-security-solution
Austin, Texas-based ALTR emerged from stealth mode on Wednesday with a blockchain-based data security platform and $15 million in funding.
ALTR announced the immediate availability of its product, which has been in development for nearly four years while the company operated in stealth mode.
Originally designed to serve as the public transactions ledger for the Bitcoin cryptocurrency, blockchain is a distributed database consisting of blocks that are linked and secured using cryptography. Companies have been increasingly using blockchain for purposes other than cryptocurrency transactions, including for identity verification and securing data and devices.
ALTR’s platform uses blockchain technology for secure data access and storage. Built on what the company names ALTRchain, the solution allows organizations to monitor, access and store highly sensitive information.
Tomi Engdahl says:
SAP latest enterprise player to offer cloud blockchain service
https://techcrunch.com/2018/06/06/sap-latest-enterprise-player-to-offer-cloud-blockchain-service/?sr_share=facebook&utm_source=tcfbpage
Tomi Engdahl says:
SAP launches blockchain platform
https://www.itproportal.com/news/sap-launches-blockchain-platform/
SAP is looking to integrate its services with blockchain technology with a major launch.
The company hopes that the SAP Cloud Platform Blockchain, otherwise known as its blockchain-as-a-service offering. will support Hyperledger Fabric, as well as MultiChain. Its existing customers will now be able to utilize the blockchain to build applications and networks.
The company stated that its new offering will utilise the SAP HANA Data Management Suite, and that it will, in fact, be built on SAP HANA. According to the company’s newsroom, SAP has been working with more than 60 enterprises across industries to create blockchain use cases in different industries like manufacturing, transportation and pharmaceuticals.
Tomi Engdahl says:
You Can File Complaints About Cryptojacking With the FTC
https://www.bleepingcomputer.com/news/security/you-can-file-complaints-about-cryptojacking-with-the-ftc/
The US Federal Trade Commission (FTC) is now open to taking complaints from US users about cryptojacking —the practice of using JavaScript code to mine cryptocurrencies inside users’ browsers without notifying them in advance or requesting permission.
While cryptocurrency mining has been a thing for years and is the primary and only method through which new cryptocurrencies are generated, mining was usually done via special hardware rigs or custom software installed on users’ computers.
Generating cryptocurrency via these two methods has been usually pretty hard, especially for malware authors, as it required tricking users into install malware or hacking countless of servers across the web.
Tomi Engdahl says:
Facebook Bug Caused New Posts by 14 Million Users to be Shared Publicly
https://www.bleepingcomputer.com/news/security/facebook-bug-caused-new-posts-by-14-million-users-to-be-shared-publicly/
Facebook just can’t get it together as we learn about another major privacy breach on their platform. This time it was caused by an internal bug that caused any new posts created by 14 million Facebook users to be posted publicly rather than using their default setting.
When posting on Facebook, users have the ability to specify who can see their posts by using a drop down menu where they can select “Public” (anyone), “Friends”, or “Friends and Connections”. This drop down menu is called the “audience selector” and will retain the setting that you previously used for new posts going forward.
According to CNN, between May 18th and the 22th a bug caused around 14 million people to have their default sharing settings set to “Public” for any new Facebook posts that were created. This means any posts that they made could be read by anyone regardless of their default setting.
Tomi Engdahl says:
Cryptocurrency Theft Tops $1 Billion in Past Six Months
https://www.securityweek.com/cryptocurrency-theft-tops-1-billion-past-six-months
$1.1 billion has been stolen in cryptocurrency thefts over the last six months. This is the visible effect of an illicit dark web market economy which is reportedly worth $6.7 million. That market fuels cryptocurrency thefts from exchanges, businesses, and individuals; and the growing incidence of cryptojacking.
Tomi Engdahl says:
Malta Pilots Blockchain-Based Credentials Program
https://spectrum.ieee.org/tech-talk/computing/networks/malta-pilots-blockchainbased-credentials-program
Malta, an island nation in the Mediterranean Sea, is completing the first ever attempt by a nation state to tie citizen records to the blockchain. If successful, a scaled-up version of the pilot program will give Malta’s 400,000 residents the ability to retrieve and share educational records and transcripts for free. What’s more, it would provide a proof-of-concept that could inspire other countries to adopt similar programs.
Learning Machine’s Malta pilot works like this: A Maltese institution decides to issue a blockchain-based identity record to a recipient. That recipient can download a free app that uses Blockcerts, an open standard for blockchain-based certificates developed by Learning Machine that manages public and private cryptographic keys. Users own the private key forever, even if that institution shuts down. By sharing the public key with other parties that wish to verify the user’s documents, the user grants those parties access to his or her blockchain-based certificate.
“We’ve just created access with free verification in an instant, which used to be extremely time consuming and daunting,”
Of course, “in order for this to work, the records have to come from institutions with issuing authority,”
growing trend of continuing education into adulthood, and the booming business of fake degrees will further drive demand for authentic digital versions of education certificates.
Meanwhile, Malta can use the success of the pilot as a launching point for tying other kinds of citizen data, like property records and health records, to the blockchain.
Tomi Engdahl says:
Allison Lampert / Reuters:
Quebec halts all new cryptocurrency mining permits as Hydro Quebec power plant struggles to fulfill 17K MW of new power demand without raising prices for locals
Canada’s Quebec halts crypto mining projects, may raise fees
https://www.reuters.com/article/us-canada-bitcoin-quebec/canadas-quebec-halts-crypto-mining-projects-may-raise-fees-idUSKCN1J31Q5
Canada’s Quebec province said on Thursday it has halted approvals for new digital currency mining projects to give it time to consider restrictions on their operations and raising the rates they pay for power.
The firm also said it asked the province’s energy board to determine quickly how much it should charge digital currency miners to help maximize the energy producer’s revenue.
Quebec is seeking to restrict the industry amid a surge in applications from companies in China and other countries looking to take advantage of the region’s low power rates and the country’s political stability.
Tomi Engdahl says:
This candy dispenser lets you pay in bitcoin
https://thenextweb.com/hardfork/2018/05/29/candy-dispenser-bitcoin/
There are however multiple problems with bitcoin that makes it a less than ideal currency to buy candies with
Tomi Engdahl says:
Amrit Kumar & Ilya Sergey
Scilla – A Formal Verification Oriented Contract Language
https://epicenter.tv/episode/238/
With the rise of smart contract technology, we’ve become acutely aware of the need for smart contract code to accurately reflect the intentions of its author; and for the code to have certain (safe) behaviors in all circumstances. Creating the languages and software tools to enable ordinary developers to write safe contracts has become an intense research endeavor in the cryptocurrency space.
For example, Scilla could allow a future multi-signature smart contract author to mathematically prove that funds in that contract would always be retrievable by certain addresses (and never get stuck like the Parity incident). The ability to mathematically prove such safety properties of the smart contract has the potential to be an enabling invention prior to widescale use of this technology.
Tomi Engdahl says:
Beyond Bitcoin: Blockchain’s Enterprise Explosion Is Nearer Than We Think
https://dzone.com/articles/beyond-bitcoin-why-blockchains-enterprise-explosio
The solution revolution is not quite yet at hand. Basic transacting needs for some sizeable companies means the latency, cost, and block size limitations affecting public chains are non-starters. They are understandably ill-equipped right now for heavy enterprise use.
But the groundwork is being laid. The iterative cycle of blockchain development means smarter innovators and innovations. Forthcoming platforms, protocols, side-chains, and other infrastructure hold the key to transformation via the blockchain.
Tomi Engdahl says:
How I became Leonardo da Vinci on the Blockchain
https://shkspr.mobi/blog/2018/06/how-i-became-leonardo-da-vinci-on-the-blockchain/
One in particular caught my attention. On the surface it seems to solve an important economic problem – art forgery and provenance.
By putting your artwork on the “BitCoin Blockchain”, Verisart will ✨hand wavy magic✨ increase the trust in art dealers and reduce fraud.
That’s a pretty neat idea. A distributed public ledger of who I have sold my art to.
what if I sell a fake and keep the original in my Underground Vault?
There’s no way to permanently attach a digital certificate to a physical work of art.
Incidentally, this is the problem with all the startups claiming the blockchain will revolutionise the integrity of global logistics markets. Sure, you can slap a QR code on a crate – but nothing stops an unscrupulous middle-man from replacing or adulterating the contents of the crate.
Long story short, I convinced them that I painted the Mona Lisa. An excellent situationalist prank. Much avant-garde, so postmodernism.
Tomi Engdahl says:
Catalin Cimpanu / BleepingComputer.com:
At least 5% of all Monero currently in circulation has been mined using malware, based on an analysis of 629,126 malware samples from coin mining operations — At least 5% of all the Monero cryptocurrency currently in circulation has been mined using malware, and about 2% of the total daily hashrate comes …
Around 5% of All Monero Currently in Circulation Has Been Mined Using Malware
https://www.bleepingcomputer.com/news/security/around-5-percent-of-all-monero-currently-in-circulation-has-been-mined-using-malware/
The report, released yesterday, has analyzed 629,126 malware samples that have been detected as part of coin-mining operations. The research didn’t analyze in-browser miners (cryptojackers), but only traditional malware families that infected desktops and servers since June last year, when there was a significant spike in coin-mining operations.
Monero is the most popular cryptocoin
According to researchers, 84% of all malware samples they’ve detected were focused on mining for the Monero cryptocurrency, by far the most popular coin among malware groups.
The Rise of the Cryptocurrency Miners
https://researchcenter.paloaltonetworks.com/2018/06/unit42-rise-cryptocurrency-miners/
Tomi Engdahl says:
Jon Russell / TechCrunch:NEW
Coinbase opens its crypto index fund, first announced in March, to accredited US investors for investments between $250K and $20M — Fresh from revealing plans to add Ethereum Classic to its exchange, crypto giant Coinbase today announced that its cryptocurrency index fund …
Coinbase opens its crypto index fund to accredited U.S. investors
https://techcrunch.com/2018/06/12/coinbase-opens-its-crypto-index-fund-to-accredited-u-s-investors/
Fresh from revealing plans to add Ethereum Classic to its exchange, crypto giant Coinbase today announced that its cryptocurrency index fund — first revealed in March — is open to investors in the U.S..
The company said in a blog post that it has see “overwhelming” interest from investors, and now it is reaching out to those who want to invest between $250,000 and $20 million.
Tomi Engdahl says:
Around 5% of All Monero Currently in Circulation Has Been Mined Using Malware
https://www.bleepingcomputer.com/news/security/around-5-percent-of-all-monero-currently-in-circulation-has-been-mined-using-malware/
At least 5% of all the Monero cryptocurrency currently in circulation has been mined using malware, and about 2% of the total daily hashrate comes from devices infected with cryptocurrency-mining malware.
These numbers are the results of in-depth research of the coin-mining malware scene by security researchers from Palo Alto Networks.
According to researchers, 84% of all malware samples they’ve detected were focused on mining for the Monero cryptocurrency, by far the most popular coin among malware groups.
Because Monero-based coin-mining malware must embed in its source code the mining pool and Monero address through which the malware operates and collects ill-gotten funds, researchers have been able to track most of the money these groups generated on infected devices.
According to Palo Alto Networks researchers, criminal groups have mined an approximate total of 798,613.33 Monero coins (XMR) using malware on infected devices.
That’s over $108 million in US currency, just from coin-mining operations alone. This sum also represents around 5% of all the Monero currently in circulation —15,962,350 XMR.
Tomi Engdahl says:
Apple just banned cryptocurrency mining on iOS devices
Apple is worried about the battery drain from background cryptocurrency mining.
https://arstechnica.com/tech-policy/2018/06/new-apple-guidelines-no-cryptocurrency-mining-on-iphone-or-ipad/
Apple recently announced new restrictions on the use of cryptocurrencies on iPhones and iPads, a change first noticed by Apple Insider on Monday.
“Apps may not mine for cryptocurrencies unless the processing is performed off device,” Apple’s app store guidelines for iOS now say. This requirement was absent from the same document just a few weeks ago.
Tomi Engdahl says:
$175 Million in Monero Mined via Malicious Programs: Report
https://www.securityweek.com/175-million-monero-mined-malicious-programs-report
“To date, the popularity of malicious cryptocurrency mining activity continues to skyrocket. The large growth of malware mining cryptocurrencies is a direct result of a previous spike in value, which has since corrected to a value that is more in line with expectations. As this correction has taken place, only time will tell if cryptocurrency miners will continue in popularity. It is clear that such activities have been incredibly profitable for individuals or groups who have mined cryptocurrency using malicious techniques for a long period of time,” Palo Alto concludes.
Tomi Engdahl says:
Bitcoin Declines After Coinrail Cryptocurrency Exchange Hack
https://www.securityweek.com/bitcoin-declines-after-coinrail-cryptocurrency-exchange-hack
Another Bitcoin exchange has been hacked, strengthening concerns over the security of exchanges, and causing a further fall in the value of bitcoins.
Coinrail, a relatively small cryptocurrency exchange in South Korea (but still within the world’s top 100 exchanges), confirmed an ‘intrusion’ over the weekend. On Sunday it tweeted, “There has been a cyber intrusion in our system. We’re confirming it and some coins (Pundi X, NPXS) are confirmed.”
Tomi Engdahl says:
Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say
https://mobile.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html
A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on Wednesday by an academic with a history of spotting fraud in financial markets.
Tomi Engdahl says:
Nathaniel Popper / New York Times:
Researchers say campaign of price manipulation using Tether via Bitfinex may have accounted for at least half of the increase in the price of Bitcoin last year — SAN FRANCISCO — A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price …
Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say
https://www.nytimes.com/2018/06/13/technology/bitcoin-price-manipulation.html
A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on Wednesday by an academic with a history of spotting fraud in financial markets.
Tomi Engdahl says:
Natasha Lomas / TechCrunch:
Adblock Plus’s parent company Eyeo launches Trusted News, a browser extension for Chrome, that helps users identify fake news
Adblock Plus wants to use blockchain to call out fake news
https://techcrunch.com/2018/06/13/adblock-plus-wants-to-use-blockchain-to-call-out-fake-news/
eyeo, the company behind the popular browser-based ad block product Adblock Plus, is no stranger to controversy. Which is just as well given its new “passion project”: A browser add-on that labels news content as ‘trusted’ or, well, Breitbart.
The beta browser extension, which is called Trusted News (initially it’s just available for Chrome), is intended to help Internet users spot sources of fake news when they’re exposed to content online.
And thus to help people avoid falling for scams or down into political sinkholes — at least without being aware of their inherent bias.
The system, which is currently only available for English language content, “democratically scores the integrity and trustworthiness of online news sources”, as eyeo puts it.
After being added to Chrome, the browser extension displays a small green check mark against its icon if a news source is deemed to be trustworthy.
Or you might see an orange colored ‘B’ — denoting ‘bias’
So how is Trusted News classifying sites? In the first instance eyeo says it’s leaning on four third party fact-checking organizations to generate its classifications: PolitiFact, Snopes, Wikipedia and Zimdars’ List.
But the plan is to evolve this approach using user feedback and — you guessed it — blockchain technology.
eyeo has been working with MetaCert Protocol which runs an anti-fraud URL registry (that’s also headed for the blockchain), to maintain the database for the project.
And that database will be decentralized by moving it to the Ethereum blockchain — with a new protocol and built-in game mechanics to reward submissions.
Tomi Engdahl says:
https://www.smartcontract.com
Connect to Any Existing API
Easily connect smart contracts on various networks to your existing application and critical external data
Send Widely Used Payments
Send Payments from your smart contract to existing bank accounts and over widely used payment networks
Connect With Other Chains
Create secure cross-chain connectivity between your main smart contract and any other public or private chain
Tomi Engdahl says:
Muyao Shen / CoinDesk:
Block.one finally launches EOS blockchain, but many in the crypto community remain skeptical about project’s centralization and its prospects
EOS May Be Live But It’s Still Got Crypto Critics Debating
https://www.coindesk.com/eos-now-live-hasnt-stopped-debate-among-crypto-critics/
After a messy weeks-long process, CoinDesk broke the news yesterday that the EOS blockchain is officially live.
To some, it’s already an event for the cryptocurrency history books.
Still, if you haven’t been following the event closely, it might beg the question, ‘What is EOS anyway?’
When we talk about EOS, think about a cloud computing service like Amazon Web Service. It’s a platform for the storing or hosting of data, except rather than using a centralized server, EOS is attempting to distribute the data in a distributed system using blockchain technology.
It was created by blockchain startup, Block.one, and was able to gather over $4 billion to develop its open-source software over a year-long initial coin offering (ICO).
Last week, however, Block.one turned its code over to the world, or more specifically, to developers willing to work on the software as well as 21 block producers who will approve its transactions. The idea is that, in order to be more efficient than your average blockchain, EOS reduces the number of individuals or companies that can validate transactions.
Rather than competing in a global open market like bitcoin’s, users who own tokens are constantly voting for block producers.
Sounds pretty ideal right? Well, the trick is getting a global network no one is supposed to control off the ground.
Tomi Engdahl says:
Gideon Lewis-Kraus / Wired:
Inside the crypto world’s biggest ICO at the time, Tezos, which had raised $232M last year and then devolved into the fight between founders and managers
https://www.wired.com/story/tezos-blockchain-love-story-horror-story/
Tomi Engdahl says:
Stan Higgins / CoinDesk:
US Office of Government Ethics says in advisory that executive branch staff must report digital currency holdings since it’s property held for income production
US Ethics Office: Government Officials Must Disclose Crypto Holdings
https://www.coindesk.com/us-ethics-office-government-officials-must-disclose-crypto-holdings/
Those working for the executive branch of the U.S. government must disclose their cryptocurrency holdings, ethics officials said Monday.
In a legal advisory released Monday, the U.S. Office of Government Ethics (OGE) clarified that cryptocurrency is “property held … for investment or the production of income” instead of a “real” currency or legal tender. As a result, the OGE will now require executive branch employees to report holdings of digital currencies because they “may create a conflict of interest for employees who own it.”
Tomi Engdahl says:
Tron Bought BitTorrent And Crypto Won’t Stop Talking About It
https://www.coindesk.com/tron-bought-bittorrent-crypto-wont-stop-talking/
The founder of a little-known cryptocurrency is making big waves.
First leaked last week, more details emerged Tuesday on how Justin Sun, the founder of a controversial cryptocurrency project called Tron (with a market capitalization of more than $3 billion), is acquiring the file-sharing service BitTorrent for as much as $140 million.
A quick recap: Tron, the 10th-largest cryptocurrency in the world according to data published by CoinMarketCap, is in the midst of gearing up for its big software launch.
The project officially kicked off efforts in May to shift from the ethereum token it used for fundraising (in what’s called a ‘token swap’) to new coins on a wholly independent blockchain, dubbed Odyssey 2.0. But the road to that point has been a tumultuous one
Variety and TorrentFreak provide some key background to the sale’s origins.
Sun reportedly began pursuing acquisition of BitTorrent last September under a “no shop” clause that prevented BitTorrent from engaging in similar talks with other potential buyers.
Beyond the speculation over how negotiations for the acquisition of BitTorrent actually went down behind the scenes, critics have questioned the strategic motivation of even purchasing BitTorrent’s file-sharing services in the first place.
For one, the technology behind the services BitTorrent offers is entirely open-source and available for public view.
Others feel that the speculation is unnecessary given the sheer reach of BitTorrent around the globe servicing millions of users each day.
Still, without a clearly defined motive, critics of Tron continue to warn away investors and view this acquisition as a poor attempt to “legitimize” what is clearly, to some, a “scam.”
Tomi Engdahl says:
StreetCred is building a blockchain-based marketplace for location data
https://techcrunch.com/2018/06/20/streetcred/?utm_source=tcfbpage&sr_share=facebook
moments when you arrive somewhere only to discover that the hours you had were wrong, or the store is closed for a holiday, or it’s just shut down altogether.
The team at StreetCred is trying to build a better system for gathering and selling that data. And it’s raised $1 million in seed funding from Bowery Capital and Notation Capital.
So StreetCred is building a marketplace where users should be rewarded for collecting this data, while interested companies should be able to buy the data more easily.
StreetCred was created partly in response to the disappointment of shutting down Mapzen earlier this year.
“If we can get this protocol and data economy right, it can’t be shut down,” Meech said. That means leveraging blockchain technology: “It’s a very natural way to open up and decentralize the data and also to build a payment mechanism around that.”
StreetCred is just starting to test the system out around New York City. The idea is that users can download an app and then collect location data around the city, earning crypto tokens as they do.
Tomi Engdahl says:
Thomas Claburn / The Register:
Microsoft and Ernst & Young announce blockchain-based content rights and royalties management network, first to be deployed for Microsoft’s gaming partners — Blockchain might actually prove helpful for a change — In an effort to demonstrate there are actual uses for blockchain technology …
Amid ‘idiotic blockchain phase,’ EY and Microsoft tout smart contracts
Blockchain might actually prove helpful for a change
http://www.theregister.co.uk/2018/06/22/amid_idiotic_blockchain_phase_ey_and_microsoft_tout_smart_contract_system/
In an effort to demonstrate there are actual uses for blockchain technology, global professional services biz EY and Microsoft have teamed up to offer companies a way to manage rights and royalties.
Though the system is designed to serve any industry that deals with intellectual property licensing and royalty payments, the gaming industry – which involves authors, composers, photographers, video makers, developers and production houses – will serve as the test subject.
Ubisoft – a Microsoft game publishing partner – intends to test the system, which relies on the Quorum blockchain protocol, Microsoft’s Azure cloud infrastructure and supporting technologies. The hope is that the payment tech will make contracts and royalties easier to manage.
“The opportunity to collaborate with EY and Microsoft on blockchain use cases in the domain of digital contracts and royalties is truly exciting,”
EY and Microsoft say their blockchain beast will “enable increased trust and transparency between industry players, significantly reduce operational inefficiencies in the rights and royalties management process, and eliminate the need for costly manual reconciliation and partner reviews.”
A centralized database can handle such things too, which is why some people have argued that almost no one needs a blockchain.
The D word
To understand why, it helps to use the word “database” in place of “blockchain.”
There are permissionless distributed databases like the Bitcoin blockchain where anyone can participate; there are permissioned distributed databases like Quorum, Corda and Hyperledger where a limited number of known parties participate; and there are traditional centralized databases, the sort that most of us are already familiar with.
Given that blockchains have a reputation for not scaling as well as traditional databases, it’s not obvious why EY and Microsoft decided they couldn’t just fire up an Azure SQL Database and be done with it.
In an academic paper published last year, ETH Zurich researchers Karl Wüst and Arthur Gervais say, “In general, using an open or permissioned Blockchain only makes sense when multiple mutually mistrusting entities want to interact and change the state of a system, and are not willing to agree on an online trusted third party.”
One system to bind them all
Initially, Ubisoft is participating but eventually, he said, the hope is that the system will include Microsoft, its thousands of game publishing partners and all the contractors those partners work with – voice-over artists, composers and the like.
Microsoft, he said, has tens of thousands of contracts with publishing partners which are mostly, but not entirely, the same.
“Traditional ERP systems are terrible at handling huge quantities of diverse contracts,” he said.
With smart contract tied to this system, he said, the hope is that small payments that might have taken 180 days to distribute through existing mechanisms could happen immediately, with enough visibility into the calculations to satisfy payees that they’re getting the appropriate amount