Boxmining v2

Category: Crypto Trends

Make sense of the news and how it affects the blockchain space as a whole. Crypto trends is a collection of relevant news and insights to help you make an informed decision.

  • South Korea to Legalize and Regulate Bitcoin

    South Korea to Legalize and Regulate Bitcoin

    Law makers in South Korea are planning to Legalize Bitcoin with 3 Draft plans in the works

    “Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party is drawing up three revisions this month to build a regulatory framework for digital currencies.”

    If this move is similar to the legalization of Bitcoin in Japan that occurred earlier this year. In fact, Bitcoin is so popular in Japan that the Japanese Airline Peach is accepting Bitcoin as an official source of payment.

    Another Korean Official, the FSC chairman Yim Jong-yong stated:

    The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries.

    Legalization of Bitcoin is both good for users and the government – so long as there aren’t too many restrictions.

    South Korea Loves Cryptocurrencies

    South Korea was a major factor behind the rising price of Bitcoin, Ethereum, Steem and DASH last month, with the South Korean Exchanges Bithumb and Coinone dominating the trade volume ranks. In addition, South Korea was paying MORE for cryptocurrencies than anywhere else in the world. For many coins, South Koreans were paying 10% extra! One of the reasons behind this is because of the extremely high demand for Crypto and the restrictions on transferring the Korean won out of the country – hence access to Poloniex is more limited. (https://mrbonespumpkinpatch.com)

    Law makers in South Korea are planning to Legalize Bitcoin with 3 Draft plans in the works

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    “Park Yong-jin, a lawmaker and member of the country’s ruling Democratic Party is drawing up three revisions this month to build a regulatory framework for digital currencies.”

    If this move is similar to the legalization of Bitcoin in Japan that occurred earlier this year. In fact, Bitcoin is so popular in Japan that the Japanese Airline Peach is accepting Bitcoin as an official source of payment.

    Another Korean Official, the FSC chairman Yim Jong-yong stated:

    The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries.

    Legalization of Bitcoin is both good for users and the government – so long as there aren’t too many restrictions.

    South Korea Loves Cryptocurrencies

    South Korea was a major factor behind the rising price of Bitcoin, Ethereum, Steem and DASH last month, with the South Korean Exchanges Bithumb and Coinone dominating the trade volume ranks. In addition, South Korea was paying MORE for cryptocurrencies than anywhere else in the world. For many coins, South Koreans were paying 10% extra! One of the reasons behind this is because of the extremely high demand for Crypto and the restrictions on transferring the Korean won out of the country – hence access to Poloniex is more limited.

  • Decred and Hard Forks

    Decred and Hard Forks

    The problem of hard and soft forks have been huge issues in both the Bitcoin (Bitcoin Unlimited, USAF, Segwit) and Litecoin communities. Decred has come up with their own solution to this and may be something that other coins look to going forward. In this article I’m going to explain what a hard fork is, how the voting process works, and why it is so important for the development of a coin.

    Hard and Soft Forks

    Let’s start off by explaining what forks are. In simple terms, these are updates to the main protocol of a certain currency. Hard forks describe an update that causes a permanent divergence in the block chain. Both block chains may continue to run but they will not be able to send funds to each other as they are using different rules and the coins are not compatible with each other.

    Soft forks, on the other hand, are backward compatible updates that allow users to mine from both original nodes or updated nodes with the new rules. If by a certain time, a consensus is reached and a certain percent of the hash rate is mining from the updated nodes, then the new rules are implemented across the protocol and miners of the original nodes will basically be wasting their time.

    https://www.youtube.com/watch?v=bNpf0f3IGNs

    Why Fork and Who Gets to Decide?

    So the programming team decides perhaps they want to make a substantial upgrade to the network to enable a set of features. These features might be very important features such as lightning transactions which allow immediate transfer of currency. It’s important that the community keeps on developing these features because otherwise, your coin is going to be stuck in the mud.

    While the development team can propose upgrades usually what happens is that the mining community decides whether to implement these or not. The mining community acts as the accountants of the system. They process transactions and they form new blocks in the block chain. Consequently, they have the power to decide how to build the next block.

    One major problem with this is that the mining community decides what the future is and not the consumers – the people who actually use currency. One small set of people decide how upgrades should be processed and the other side that actually uses it, the majority of the users, get zero say in the matter.

     

    Decred to the Rescue?

    With Decred, they solve this problem by having the community vote on the blocks created by the mining community. If miners start implementing different upgrades the community can vote whether they want the upgrade to go on line or not. If the created block does not follow a certain protocol, they can vote it down and even refuse payouts to miners that don’t follow what the community wants.

    So this, in essence, allows the community to actually keep an eye on what’s happening with the miners. We don’t have just one power that doesn’t represent the community. Rather, we end up with the user community sort of policing what’s happening with the mining community.

    People who hold the coin should have the greatest say in how the future goes forward. Decred solves both hard forks and soft forks by allowing users to vote on the issues. Issues such as segwit and lightning transactions, which have caused many controversies in the Bitcoin and Litecoin communities. Decred is already trying to implement these changes this year and they may get these technological upgrades in advance of other coins.

  • Segwit in Easy to Understand Terms

    Segwit in Easy to Understand Terms

    Now that Segwit has been locked in for Litecoin. it’s about time to take a closer look at what Segwit is and how it improves Litecoin. Here is a very brief introduction of what Segwit – it is please forgive me if it’s a little bit too simplistic but I want to try to summarize it in very easy to understand terms.

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    What is Segwit?

    If you consider of Bitcoin miners as accountants that process all the transactions that happen on the network and bundles them up into a ledger called the blockchain. Then the Segwit is a change to the ledger.  Think of it as a tax form.  It’s the act of removing of a signature from the form and placing it into a separate form. That’s all it is. Segregation of witness – the removal the signature on a form and placing it elsewhere. By taking out the signature, you create additional room on the ledger to fit more transactions.

    Why Adopt Segwit?

    Segwit is vital for the Bitcoin network where transactions are taking a long time because there isn’t enough room on each ledger (block) to place all the transactions. Litecoin doesn’t have this problem. Instead, Segwit was adopted to allow for technologies such as the Lightning Network.

    Segwit is a technological upgrade, and I can see why miners will go crazy over this. Especially when miners are the ones who decide to adopt this or not. Consider like an association of tax accounts trying to approve a new form. Accountants don’t like each other already, and they must all agree on a substantial change to a tax form. It turns out for Litecoin it was possible to persuade the miners to agree with each other, whilst for Bitcoin, it’s not yet possible as there is much more drama.

    The Post-Segwit World

    Now that Segwit is locked in for Litecoin, there are substantial changes in currency price (generally in the upward direction). Of course, must take this with a slight grain of salt. Litecoin prices are susceptible to financial manipulations such as the good old pump and dump.  Litcoin is getting a lot of media attention. This means there will be a lot of new investors that still don’t understand the consequences of Segwit or how Lightning Networks work. Some will overvalue it while others are indifferent. The most important thing is to understand what Segwit is and learn more about the Lightning Network.

  • Humaniq Review- Brilliant idea, poor execution

    What is Humaniq

    Humaniq is an attempt to give the 2 billion people on the planet without access to banking. Banking is especially important in developing countries, as it allows people to buy crucial items such as seeds, stoves, solar panels and even food. Currently, the reason why 2 billion people don’t have access to banking is due to a lack of a way to identify the candidates. Without proper identification, the system is prone to scams. Humaniq tries to solve this problem using blockchain (bitcoin) technology in combination with a biometric ID system.

    Humaniq Initial Coin Offering (ICO)

    Currently, Humaniq is attempting to raise money for their project in the form of an initial coin offering (ICO). This is a crowdsourcing strategy where the public is asked to contribute Bitcoin or Ethereum to the project in return for Humaniq currency (HMQ).

    Why is the concept of Humaniq Amazing

    Humaniq solves a few crucial problems that are facing financial systems.

    • Easy of Account Creation – Currently to create bank accounts, banks require passports and other official documentation which might not be available everyone. Humaniq requires biometric ID and can bypass this issue.
    • Accountability – Blockchain technology allows us to track where the currency is being transferred with absolute transparency. This is a great for preventing scams – eg, users can verify if money load is indeed going for the purchase of seeds and not weapons.
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    Major problems for Humaniq

    There is one major kink in Humaniq’s plan – the technology required achieve accurate biometric ID using smartphones don’t exist yet. The current Humaniq app uses Photo ID which is vulnerable to hacks using photos of the account owner.

    We tried the Humaniq app and managed to access other user’s accounts accidentally when login in via facial recognition.

    An argument could be made that the Humaniq white paper details a much better method for Biometric ID, using a combination of voice and facial movement to add layers of security. Whilst this sounds good, such a system has never been successfully built.

    Companies such as Intel, Microsoft, Samsung, and Apple have all thrown millions at solving the identity verification system with no perfect solution. This problem is beyond the scope of a small team of engineers with small amounts of funding from an ICO.

    Conclusion

    Whilst the concept behind Humaniq is amazing, without proof that they can solve the biometric ID problem the project cannot work. Biometric ID a primary pillar of the project and without a 100% accurate system, users’ accounts can be hacked and their currency stolen. Humaniq must establish a perfect Biometric ID system as part of a minimum viable model and before releasing the idea to the public.

    Review Rating

    Rating – 2/5 – Amazing concept, poor execution.

    Resources

    Icorating review of Humaniq

    Reddit – Humaniq is a Scam