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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains - Bloomberg


Bitcoin Pioneer Says New Coin to Work on Multiple Blockchains
Bloomberg
That's a concern for many digital currencies. Infighting among developers and various supporters, and the slow pace of enhancements on the bitcoin blockchain have helped to limit use. Both bitcoin and its main rival, ethereum, have split into several ...

and more »

Posted on 23 October 2017 | 8:15 pm

Bitcoin Gold Initiates Hard Fork Split to Create New Cryptocurrency

A cryptocurrency project seeking to chart a new course for bitcoin has officially launched, though the project is not yet live.

Posted on 23 October 2017 | 7:42 pm

Why Bitcoin Matters More Than Blockchain - Forbes


Forbes

Why Bitcoin Matters More Than Blockchain
Forbes
The banker's mantra of “blockchain not bitcoin” has caught fire on Wall Street – everybody loves blockchain, they may not know what it is, but they love it! Jamie Dimon, CEO of JPMorgan, hates Bitcoin, but loves blockchain, Goldman Sachs CEO, Lloyd ...
JPMorgan Head Jamie Dimon Should Learn About Bitcoin, Says Wamda Capital's CEOCoinTelegraph

all 3 news articles »

Posted on 23 October 2017 | 6:12 pm

Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space

Abra Foxconn

Abra, a mobile payment and digital currency platform that relies on Bitcoin, closed $16 million in series B funding, led by Foxconn, the electronics supplier for Apple and other tech giants.  

Bill Barhydt, founder and CEO of Abra, made the announcement on October 23, 2017, at Money20/20 in Las Vegas, where he also outlined his vision for how consumer product companies will use Bitcoin in the future.

Other investors in the round include Silver Capital and IGNIA, as well as previous investors Arbor Ventures, American Express Ventures, Jungle Ventures, Lerer Hippeau and RRE Ventures. Total funding to date for the company now stands at nearly $35 million.

“We believe that Abra represents the future of digital payments and banking,” Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said in a statement, adding that Abra could potentially usher in a new era of financial inclusion to billions of people.

In speaking with Bitcoin Magazine, Barhydt explained that Abra plans to use the funds to expand globally and invest in future product development. “We have a lot of project announcements we will be making on a rolling basis,” he said.

Three-Part Vision

Though Barhydt did not offer exact details on what Abra’s new products will be, he did drop several hints in his three-part vision for how consumer products will implement Bitcoin in the future.

The first part, he explained, involves cross-border and consumer payments, which he said has been Abra’s focus for a couple of years now.

The second part involves using Bitcoin as an investment vehicle, in which smart contracts built on top of Bitcoin’s ledger would enable more complicated if-then types of financial transactions — payments that go through only if specific conditions are met.

Abra already relies on smart contracts to hold fiat currency and manage bitcoin price fluctuations, Barhydt explained.

He went on to describe the third part of his vision: “A new model of consumer asset finance,” which he said is where consumer product companies like Foxconn enter into the picture.

It was an idea that he conceived while recently traveling to Africa. There, he saw how a company was leasing solar panels to people who were making regular micro-payments via M-Pesa, a mobile money transfer service.

“They give solar kits to people who use them only if they make a weekly lease payment from M-Pesa wallet,” he explained. If a borrower does not make the payment, a SIM card in the phone communicates with the battery in the solar panel, shutting it off.

His idea was to extend the concept to other consumer appliances, like refrigerators, flat-panel TVs and washing machines, that people in developing countries struggle to afford.

“Using this model of embedding this cellular technology combined with a Bitcoin-based payment system like Abra, you now have a new model where people can do instant on-lease payments,” he said, calling it a “new trillion-dollar business” that can only be done on scale using something like Bitcoin.

Continuing to remain tight-lipped about future product launches, Barhydt said, “Our goal is to be the best digital currency wallet in the world for the average consumer, starting with real cash and bitcoin, and we’ll see how it evolves from there.”


The post Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 4:25 pm

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Bitcoin Gold: What to Know About the Blockchain's Next Split

What is bitcoin gold? A new cryptocurrency project expects to launch today. Here's what it is and why it matters.

Posted on 23 October 2017 | 4:20 pm

Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'

A senior member of the Saudi royal family struck a critical tone about bitcoin during a media appearance today.

Posted on 23 October 2017 | 2:35 pm

Bitcoin Goes Under the Hammer in Italy: Auctions and Crypto - CoinTelegraph


CoinTelegraph

Bitcoin Goes Under the Hammer in Italy: Auctions and Crypto
CoinTelegraph
An Italian auction house based in Rome has opened up to the world of cryptocurrencies, blending the old with the new, as it will allow its patons to settle their payments in Bitcoin. While mass adoption has been slow for Bitcoin and other related ...
Sun Exchange allows long-term direct investment in Solar Energy using BitcoinBrave New Coin

all 6 news articles »

Posted on 23 October 2017 | 1:47 pm

What's With All the Bitcoin Hate? - NBCNews.com


NBCNews.com

What's With All the Bitcoin Hate?
NBCNews.com
It's a "fraud," "an index of money laundering," and "an Enron in the making." Are they talking about Bitcoin or the latest Mafia bust? The "digital gold" has seen its price shoot up this year alone by about 500 percent to $5,700. But in the past few ...
Bitcoin price may "implode," Saudi Prince Alaweed saysCBS News
Saudi Billionaire Prince Alwaleed Predicts Bitcoin Will 'Implode' Like EnronFortune
Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'CoinDesk
MarketWatch -CNBC -Economic Times
all 52 news articles »

Posted on 23 October 2017 | 12:49 pm

Canada Court Holds ICO Organizer in Contempt

A Canadian court ruled against the organizer of an ICO after it was alleged that they repeatedly violated orders to cease soliciting investors.

Posted on 23 October 2017 | 12:47 pm

Ether Price Hits One-Month Low Below $280

The price of ether hit its lowest point in one month on Monday, falling to $275 despite strong gains observed elsewhere in the cryptocurrency market.

Posted on 23 October 2017 | 12:00 pm

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Blockchain Technology Takes Center Stage in Science Fiction Thriller (ID)entity

Blockchain Technology Takes Center Stage in Science Fiction Thriller (ID)entity

Philip K. Dick Award finalist (R)evolution, a 2015 near-future science fiction thriller by PJ Manney, ends with the main character’s consciousness transferred to a supercomputer, accompanied by the otherworldly notes of David Bowie’s “Space Oddity”: but with the words “Commencing download: Servers on …”

The story continues in the sequel, (ID)entity, the second novel in Manney’s Phoenix Horizon trilogy, published on October 10. “Major Tom” is one of the many names taken by the protagonist, who starts as Peter Bernhardt, a nanotechnology scientist and entrepreneur, but is forced to assume many other identities by the Bad Guys of the Phoenix Club, who want to take over the world using lots of money, amazingly futuristic tech and powerful connections in the U.S. government.

In (ID)entity, the consciousness of Bernhardt, aka billionaire investor Tom Paine (among others), is embodied again, first in a lifelike sex bot. Major Tom continues to fight the Phoenix Club and archenemy Carter Potsdam, now on the loose as another download. You won’t find other spoilers here, so you are warmly encouraged to read the book.

Blockchain technology takes center stage in Manney’s near future and is inherent in most real estate, trade, barter, identity, gambling and other transactions. There are many global blockchains used by different people and entities for various purposes, ranging from mainstream (but definitely not to be trusted) blockchains operated by Big Business and Big Government (China is still in the lead) to “several uncorrupted blockchains out there, not manipulated by governments and multinational institutions.” Some of these independent blockchains are very popular, and their currencies are widely used.

“In (ID)entity, blockchains are used for more than the multiple world currencies they underpin,” Manney told Bitcoin Magazine. “But their use is not uniform around the world, because a Gibsonian future is never evenly distributed. Some record news, other government records. I posit that there’s a greater malleability to blockchain technology than traditional evangelists admit. Because nothing online is safe. Ever. China could, at any minute, decide to launch a 51 percent attack. Probability or likelihood doesn’t matter when you’re dealing with large system failure. It’s the possibility that counts.”

Manney doesn’t describe herself as a techno-optimist or techno-pessimist but as a techno-realist. “In this case, I show how cryptos and the blockchain could go completely wrong,” she said. “I also hope it’s a call to make cryptos and the blockchain safer and more independent from outside manipulation. That’s my goal in all that I write about: find the potentials for bad use and make it a cautionary tale that will help fix it for the future.”

Science fiction is perhaps at its best when it embeds important issues in a compelling narrative that encourages the reader to try and find ways to connect science fictional extrapolations to current discussion. Manney’s fiction can stimulate us to preempt undesirable patterns in the evolution of key technologies, such as nanotech, artificial intelligence, consciousness downloading (often dubbed “mind uploading”) and blockchain technology. It’s wise to bear in mind that everything can, and will, be exploited for bad ends.

“I admit to a certain amount of handwaving, common to all SF [science fiction], when it includes technologies still in development,” continued Manney. “I assume that blockchains will best be maintained outside of nation-states and proliferate into many aspects of life. And given that proliferation, ways will be found to corrupt them. I can’t tell you how: I don’t code. But that’s the history of all technologies. As much as their creators believe in their world-changing positive properties, they also turn blind eyes to their corruption.”


The post Blockchain Technology Takes Center Stage in Science Fiction Thriller (ID)entity appeared first on Bitcoin Magazine.

Posted on 23 October 2017 | 10:44 am

Mark Cuban-Backed Unikrn Raises $31 Million in E-Sports Token Sale

Unikrn, an e-sports betting site, has raised roughly $31 million in an initial coin offering, or ICO.

Posted on 23 October 2017 | 10:15 am

Upside Ahead? Stellar Rally Fizzles But Lumen Could Regain Luster

The price of Stellar's lumen cryptocurrency has seen ups and downs of late – but gains could be ahead if a key indicator holds.

Posted on 23 October 2017 | 9:45 am

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO - CNBC


CNBC

Bitcoin 'doesn't solve a main need in society right now,' says Royal Bank of Canada CEO
CNBC
From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices. Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of ...
Bitcoin is no Fraud but There are Real Concerns: Royal Bank of Canada CEOCryptoCoinsNews

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Posted on 23 October 2017 | 7:46 am

Blockchain for Inclusion? Gates Foundation Strikes Tepid Tone at Money2020

While it sees potential for distributed ledgers in supporting its mission, the Gates Foundation also notes limitations to the technology.

Posted on 23 October 2017 | 6:30 am

Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Bitcoin prices are trending down, but is this the sign of a developing trend?

Posted on 23 October 2017 | 5:45 am

Abu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox

The Abu Dhabi Global Market – the city's financial free zone – has admitted a second batch of fintech startups to its Regulatory Laboratory.

Posted on 23 October 2017 | 5:00 am

American Express Eyes Blockchain for Customer Rewards System

New patent filings from American Express suggest the credit card provider is looking at blockchain as part of a consumer rewards system.

Posted on 23 October 2017 | 4:00 am

R3 Files Patents for 'Dynamic' DLT Recordkeeping

Consortium startup R3 has filed two patent applications detailing ways to apply distributed ledger tech to agreements between financial institutions.

Posted on 23 October 2017 | 3:00 am

Thinking Big? Bank Blockchains Will Advance By Doing Anything But

Recently announced bank blockchain projects may be modest in scope, but they are beginning to paint a much larger picture.

Posted on 23 October 2017 | 2:00 am

UK Regulator: DLT Startups Are Being Denied Banking Services

The U.K.'s Financial Conduct Authority found that DLT businesses do not receive loans from banks as much as other companies.

Posted on 23 October 2017 | 1:00 am

To the Moon – Or Bust? Questions to Ask When Evaluating ICOs

Bruce Fenton offers a much needed uniform set of criteria by which investors can analyze ICOs and cryptocurrencies.

Posted on 22 October 2017 | 5:30 am

Dilbert Comics Mock Blockchain Mania

Initial coin offerings – the blockchain funding use case – are the latest subject of the long-running "Dilbert" comic strip.

Posted on 22 October 2017 | 3:10 am

Macroeconomics, Gambling and Crypto: A Perfect Storm?

Two small islands are showing us how blockchain-friendly legislation can help encourage development that could affect the whole industry.

Posted on 21 October 2017 | 5:40 am

Money at Risk? Mobile Wallets Become Battleground in Bitcoin Fork Debate

As bitcoin heads toward a controversial fork this November, debate is breaking out about how wallet users – and their money – might be impacted.

Posted on 21 October 2017 | 2:15 am

Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All-Time Highs

Bitcoin Price Analysis

A potential Wyckoff Distribution phase is under way as bitcoin continues to climb on shaky ground. Days after having a strong $1,000 climb and nearly reaching $6,000 on most exchanges, we saw a strong rejection of the upper limits of the market as it plunged $600 over the course of a few short hours. Let’s take a look at the macro pattern and draw a few similarities to the Wyckoff Distribution schemes:

Figure_1.JPG

Figure 1: BTC-USD, 2-Hour Candles, Potential Wyckoff Distribution Phase

In order for the current distribution phase to be reliable, there are certain milestones the market must reach. As shown above, we previously established a point of Preliminary Supply, a strong Buying Climax, a knee-jerk reaction into an Automatic Reaction low, and a weak rally that ultimately led to a Sign of Weakness that pushed us down several hundred dollars. The rebound from this low was strong and occurred on very high volume. However, over the length of the rally post-sign-of-weakness, the volume has begun to taper as the momentum indicators are showing signs of bullish exhaustion as it finds its local high at around the $5,700 values.

One of the following milestones for the Wyckoff Distribution phase is one last dip as it tests the previous support around the Automatic Reaction low. As of the the time of this article, the current market trend is showing signs of bearish divergence on the 120-minute candles.  Zooming in closer, we can see clear signs of a potential small reversal:

Figure_2.JPG

Figure 2: BTC-USD, 30-Minute Candles, Waning Momentum

Both the RSI and MACD are showing signs of bullish exhaustion throughout the length of this rally. Any pullback will likely be supported by the Automatic Reaction support level. Historically, this has been a strong point of support and is made more evident on the 60-minute time frame:

Figure_3.JPG

Figure 3: BTC-USD, 60-Minute Candles, Strong Support Zone

The 200 EMA on the 1-hour candles is historically a great support level and provides traders a pulse on the market health. As of the time of this article, the 200 EMA is lining quite nicely with the support zone offered by the Automatic Reaction Zone. A test of these price levels would take a strong push to break and hold below. If the price continues through the Wyckoff Distribution, we can expect a test of the 200 EMA and a subsequent bounce triggering an Upthrust to new all-time highs. As mentioned in the last BTC-USD market analysis, we are trending along a macro channel:

Figure_4.JPG

Figure 4: BTC-USD, 1-Day Candles, Macro Ascending Channel

An Upthrust in this potential Distribution Phase would have a price target testing the upper channel in the $6,200–$6,300 price range.

Summary:

  1. A potential Wyckoff Distribution Phase is playing out.

  2. If the Distribution Phase plays as expected, we will see a test of the 200 EMA and a subsequent spring to new all-time highs.

  3. If an Upthrust to new all-time highs occurs, we can expect a price target in the $6,200s.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All-Time Highs appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 2:57 pm

What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet

What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet

Development of the lightning networkthe highly-anticipated second-layer Bitcoin protocol for instant microtransactions, continues to inch forward.

Lightning Labs, major contributor to the lightning network daemon, lnd, announced its cross-platform Lightning Desktop App last week. The open-source lightning wallet is essentially a user interface (UI) built on top of lnd and powered by Lightning Labs’ new open-source Bitcoin light client, Neutrino.

“This is the first functioning user interface for both sending and receiving lightning transactions with a light client mode,” Lightning Labs CEO Elizabeth Stark told Bitcoin Magazine.

The lightning network is currently being developed by several teams working on different but interoperable implementations of the protocol. Several of these implementations are functional, though only on Bitcoin’s test network (“testnet”): a sort of copy of the Bitcoin network with valueless coins specifically designed for testing new applications and more.

But, while there are already several lightning daemons available for testnet, most are only usable via command line tools. Developers Olaoluwa Osuntokun, Bryan Vu and Case Sandberg collaborated to now extend lnd with the new Lightning Desktop App to provide a user interface.

“I think the big takeaway is being able to visualize this technology and see what an early UI might look like,” said Stark. “It's one thing to be using the command line, as our lnd testers and developers have been, but it's another to be able to download the app. Being able to see this kind of progress is important.”

As part of the announcement, Lightning Labs also introduced Neutrino, the new open-source Bitcoin light client that powers the Lightning Desktop App. As a main benefit, Neutrino users don’t need to download the entire Bitcoin blockchain, which is currently over 140 gigabytes in size. This makes the desktop app much more accessible to regular users who transact small amounts, for which the lightning network is particularly suited. And because Neutrino uses a new method of transaction filtering (client side instead of bloom filters), it offers more privacy than most light clients, too.

The release of the new Lightning Desktop App kicks off a two-week “testing blitz,” as the company described it in their accompanying blog post. Developers are invited to experiment with the desktop app itself, as well as with Neutrino. Further, it makes it much easier for anyone to play around with lnd and the lightning network itself.

“The really cool thing about having our desktop app out there is now there's an easy way for people to interact with all of the apps that developers are building on Lightning, such as Yalls,” said Stark.

After the two-week testing period, the implementation will enter a regular release cycle. Releasing the wallet for Bitcoin mainnet, however, could take a while longer still, Stark explained:

“We're working toward testing and making the software more stable before releasing a beta. This is financial software and its a protocol dealing with money, so we want to ensure people can have a good user experience.”

There is no specific deadline for the beta release, but Stark added that, "The next step is for us to gather feedback from testers and develop it further, along with improvements in lnd and Neutrino."

The open-source Lightning Desktop App code is available on GitHub.

The post What Lightning Will Look Like: Lightning Labs Has Announced Its User Interface Wallet appeared first on Bitcoin Magazine.

Posted on 19 October 2017 | 11:10 am

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Connecting the Luxury Fine Art Industry with the Modern Digital Economy

Latest figures from the Tetaf art market report, released by the European Fine Art Foundation, show that in 2016 global art market sales amounted to an estimated $45 billion, up 1.7 percent from 2015. The U.S. remains the largest country in the world art market, with 29.5 percent of the market share, followed by the U.K. and China with 24 percent and 18 percent, respectively.

Yet, while the industry remains a profitable one, it is slowly changing. One that is considered difficult to enter and resistant to change, a few sector players are aiming to bridge the modern digital world with the luxury arts sector.

Two art galleries are taking a blockchain and cryptocurrency approach. Eleesa Dadiani, is the founder and owner of Dadiani Fine Art in Mayfair, London. Marcelo Garcia Casil is the co-founder and CEO of Maecenas, a decentralized art gallery that aims to democratize access to fine art investment.

Dadiani & Partners

In July 2017, Dadiani’s modern fine art gallery became the first in the U.K. to accept seven different cryptocurrencies as payment: bitcoin, ethereum, ethereum classic, litecoin, ripple, dash and NEM.

Dadiani told Bitcoin Magazine that the decision to introduce cryptocurrencies wasn’t an instinctively demand-driven decision; rather, it stemmed from a desire to encourage demand and merge the two markets together.

“On a practical level, introducing cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury,” she said.

Through her recently launched Dadiani & Partners — the U.K.’s first and only luxury asset and commodity exchange for cryptocurrencies — Dadiani is hoping to unlock the potential of the digital currency market for high net-worth (HNW) investors and consumers. Acting as an intermediary, Dadiani & Partners will enable HNWs a platform to purchase luxury goods in digital currency. Dadiani says that there has been an increase in demand with the number of people seeking the purchase of assets in cryptocurrency.

“Many bitcoin millionaires are unable to cash in their digital currency as the banks won’t convert large amounts of cryptocurrency for cash,” she added.

Passionate about cryptocurrencies, and the blockchain that underpins them, Dadiani believes that they will have a profound impact in every sphere of business and our everyday lives.

“The technology will allow us to reclaim power, paving the way for decentralized, peer-to-peer transactions without the intervention of an intermediary,” she added. “This is a revolution that goes far beyond the art market.”

Since introducing the acceptance of digital currencies the art gallery has sold a number of pieces. Going forward, all of the art, across all the exhibitions, will be available to purchase in the available digital currencies. Dadiani says that the artists are onboard and keen for their pieces to be sold this way.

“Any of the pieces we sell can still be purchased via conventional fiat currency, but purchasing via cryptocurrency enables buyers to purchase peer-to-peer, person-to-person, without the intervention of a centralized authority,” Dadiani said.

It’s hoped that by further globalizing the business and broadening their customer base, Dadiani Fine Art will appeal to bitcoin millionaires who are looking to purchase assets via cryptocurrencies.

“Digital currency is being embraced by people of all ages, creed and class, and as it’s happening in other sectors, there is no reason why the gap between the modern digital world with the luxury sector cannot be bridged.”

Maecenas

Investment in the art world can be an expensive proposition. Named after Gaius Maecenas, an ancient Roman patron of the arts, Maecenas, is attempting to remove this barrier by letting anyone buy shares of fine art. Through its blockchain-driven platform, Maecenas divides artwork ownership into fragments and connects art owners with investors where shares are bought and sold.

“By turning masterpieces into tokenized tradable assets, Maecenas democratizes access to fine art by letting a much wider audience invest in multi-million dollar artworks which would otherwise be out of reach,” Casil said to Bitcoin Magazine.

Buying access to the artwork’s investment value does not mean buying access to the actual artwork itself, however. According to Maecenas, art pieces are not put on display; rather, they are held in purpose-built art storage facilities, ensuring the work is safe and looked after. If there is a demand in the future, then they may introduce an art-leasing facility where art lovers can temporarily hold the piece of art for a fee. The fee would then be distributed among the shareholders as income.

By injecting liquidity and transparency into the fine art market, the platform claims to be adding aspects to the sector that have been missing. Determining a fair price of an illiquid asset is now made possible via the blockchain through the conversion of small and liquid tradable financial units, creating tamper-proof, digital certificates denoting ownership. These are similar to shares of a company and can be traded on an open exchange.

Through the implementation of a Dutch auction process, Maecenas permits investors to submit private bids stating how many shares of the artwork they want to own and what price they’re willing to pay for them.

“The Dutch auction smart contract then handles all the bids and uses a well-known algorithm to determine the optimal price for the artwork shares,” Casil added. “This process is transparent and discourages price manipulation.”

Maecenas’ ART utility token functions as a clearing and settlement mechanism for all transactions of artwork on the Maecenas ecosystem. Participating in Dutch auctions, leasing artwork or performing any other sensitive platform operation is handled via smart contracts that require ART tokens to operate, says Casil.

“In the case of the auctions themselves, the token represents the investor bid and commitment, and a dollar value equivalent of the tokens is escrowed in the contract for the duration of the auction.”

For instance, if an investor wants to bid $50,000 for an artwork, and ART is worth $2, then 25,000 ART tokens must be submitted to the smart contract to reflect the bid.

To ensure the work is authentic, Maecenas has an internal team that checks the full provenance of the artwork including certificates of authenticity, condition reports, insurance policies, certificates of storage and valuation reports. Independent reputable experts will also assess and appraise the artwork. The documents produced during the due-diligence process are then protected and stored securely on the blockchain.

Maecenas recently completed their token crowdsale which raised 50,744 ETH. They are aiming to launch their platform in the first quarter of 2018.

The post Connecting the Luxury Fine Art Industry with the Modern Digital Economy appeared first on Bitcoin Magazine.

Posted on 18 October 2017 | 9:29 am

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class

Chaincode Labs, the New York–based development company and major contributor to Bitcoin Core, is organizing a second edition of its Bitcoin residency program in the first months of 2018. The program intends to help developers overcome the steep learning curve associated with becoming a protocol-level contributor to projects like Bitcoin Core. In doing so, Chaincode Labs hopes to help expand Bitcoin’s development community.

“Last year was the first run,” Chaincode Labs developer John Newbery told Bitcoin Magazine. “We’ve now taken the good stuff from that and tried to make it even more focused and useful for residents this year.”

The Residency Program

Chaincode Labs, in collaboration with Matt Corallo — who worked at Blockstream last year but joined Chaincode Labs since — organized the residency program for the first time in September and October of 2016. The next edition will start on January 29, 2018, and will last until February 23.

Newbery himself was one of the attendees of this first residency program. He was later hired by Chaincode Labs and has since been one of the most prolific contributors to the Bitcoin Core project.

Now, he is coordinating the second of two legs of the new program.

“Chaincode Labs exists to strengthen Bitcoin,” said Newbery. “We mostly do that by contributing to Bitcoin Core, but each of us has a lot of freedom to do what we think is important. And the main purpose of this residency program is to try to strengthen the developer community.”

Specifically, courses will cover protocol design, adversarial thinking, threat models and security considerations, as well as address some of Bitcoin’s biggest challenges, like scaling, fungibility and privacy. Attendees will mostly learn by doing and could even start contributing to the Bitcoin Core project during the residency. Throughout the program they will be assisted by the entire Chaincode Labs team — Alex Morcos, Suhas Daftuar, Matt Corallo, John Newbery and Russ Yanofsky. There may also be guest speakers.

Two Blocks

Whereas the first edition of the residency program lasted four straight weeks for all attendees, this time the coding classes will be cut into two two-week phases. Candidates can either pick one of two legs or join both, with room for five or six attendees per session.

The first leg is coordinated by Corallo, who has been contributing to Bitcoin development since 2011.

“Session A is all about getting people to think about the security trade-offs and implications of the technical decisions we make,” Newbery explained. “There’s a lot of thought that goes into all the decisions that are made in Bitcoin, but that nuance is often lost. If we can help people to understand those trade-offs better and be able to communicate them, then perhaps we can raise the level of the conversations we have about Bitcoin.”

The second session will be more focused on the Bitcoin Core project itself, Newbery said.

“Session B is all about getting smart, talented people to start making useful contributions to Bitcoin Core. There’s a steep learning curve to becoming a contributor and if I can help people who want to contribute but have felt daunted or don’t know where to start, then I’ll feel like I’ve succeeded.”

Additionally, Chaincode Labs will organize a series of Wednesday night meetups ahead of the residency program. Contents of these meetups will be similar to the residency program, but these meetups are for participants who live in (or near) New York who can’t dedicate two or four full weeks to attending the residency program itself.

For more information on Chaincode Labs’ 2018 Bitcoin residency program and to find out how to apply, see the company’s announcement and the program website.

The post Chaincode Labs to Host a Second Run of Its Month-Long Bitcoin Coding Class appeared first on Bitcoin Magazine.

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