A Heart Beat: China’s Oldest Tech Publication to Accept Bitcoin Payments

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Beijing Sci-Tech Report (BSTR), the oldest technology publication in China, has recently announced that it will soon accept Bitcoin on its platform.

Starting 2019, BSTR will sell its yearly subscription at a price of 0.01 BTC, worth around $65. In an official press release, the publication emphasized that it plans to promote the usage of blockchain technology in a “real-world setting for practical actions,” by integrating the most dominant cryptocurrency in the market.

Questionable Timing

The announcement of BSTR to integrate Bitcoin into its platform comes in a period in which cryptocurrency trading and usage in China remain strictly banned.

Since September of last year, the government of China and local financial authorities have banned individual investors from investing in cryptocurrencies on both crypto exchanges and over-the-counter (OTC) platforms.

By imposing a blanket ban on digital asset investment, local regulators prohibited financial institutions, banks, and fintech payment networks like the $60 billion Alipay to censor transactions linked to cryptocurrency trading platforms.

Hence, the decision of BSTR to accept Bitcoin as a payment method suggests that the crypto sector of China still remains active after the ban implemented by the local government.

Recently, as CNLedger, a trusted news source in China reported, a hotel in China has started to accept payments in Ethereum as well, targeting a niche market within the country that is actively utilizing and trading cryptocurrencies.

“Ethereum Hotel, China’s first hotel that accepts $ETH as payment, is ready to open their business in National Scenic Area of Four Girls Mountain (Sichuan Province).”

Previously, in an interview with SCMP, Hong Kong-based cryptocurrency exchange TideBit chief operating officer Terence Tsang stated that while the government has crackded down most exchanges that are operating in mainland China, investors are trading digital assets in overseas markets like Hong Kong.

“The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company,” he explained.

With the emergence of fully audited stablecoins like Gemini dollar and PAX, it has also become possible for Chinese traders to purchase stablecoins through overseas markets and utilize international cryptocurrency-only exchanges to freely trade digital assets.

An exchange insider said that to fully crackdown on crypto trading, the Chinese government will have to ban the usage of VPN, which is very difficult given that VPNs operate outside of China.

BSTR is Serious About Bitcoin Adoption

The publication has said that if the price of Bitcoin increases exponentially by 2020, possibly to $250,000 as billionaire investor Tim Draper previously said, then it will offer customers that purchased its subscriptions at a rate of 0.01 BTC.

The refund policy implemented by BSTR demonstrates the intent of the publication to integrate Bitcoin solely to encourage the usage of digital assets and promote blockchain technology.

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Russian State Nuclear Corporation to Develop Blockchain for ‘Increased Efficiency’

Russian state nuclear energy corporation (Rosatom) will develop “advanced” digital technologies, such as blockchain, according to Rosatom IT department head Evgeniy Abakumov, cited by corporate outlet Strana Rosatom Monday, October 1.

As per Abakumov, Rosatom intends to focus on three areas of new technologies, namely blockchain, artificial intelligence and the Internet of Things (IoT). “We are committed to integrating 4.0 technologies on a wider scale. IoT, AI, blockchain and others are to increase the efficiency of manufacturing process,” Rosatom’s IT department head said.

Abakumov also stated that Rosatom is looking to bring on new talent in the three aforementioned areas.

As Cointelegraph has reported, Russian official institutions are widely interested in crypto-related technologies. For instance, the Russian state pension fund – the country’s largest social service –  revealed its plans to implement blockchain and smart contracts in labor relations this summer.

This past month, the Russian Union of Industrialists and Entrepreneurs, which included high-ranked Russian managers from Forbes billionaires list, reportedly took part in creating an alternative bill on crypto regulation in the country.

Draft cryptocurrency regulation in Russia, in the works since January 2018 and yet to be passed, is turning out to be “disappointing,” according to some experts.

BitMEX Research: ICOs ‘Have Sold Almost as Much as They Raised’

Initial Coin Offerings (ICOs) have almost broken even on funds sold versus funds they raised, new research by Hong Kong cryptocurrency trading platform BitMEX revealed Monday, October 1.

The findings, compiled in partnership with crypto analytics resource TokenAnalyst, further suggested that despite Ethereum’s (ETH) price decline in 2018, ICO projects still had $93 million in “unrealized profits.”

Further, the research states, net profits “realized” by ICOs that successfully closed comes to $727 million.

“[R]ather than suffering because of the recent fall in the value of Ethereum, at the macro level, the projects appear to have already sold almost as much Ethereum as they raised (in US$ terms),” BitMEX and TokenAnalyst summarize, adding:

“Of the Ethereum still held by the projects, even at the current (approximately) $230 price, projects are still sitting on unrealised gains, rather than losses.”

ICO investors face testing times this year, the research coming hot on the heels of data from Diar, which concluded 70 percent of projects “are now valued at less than what was raised during their ICO.”

“Outside the Top 100 cryptocurrencies being traded, there is a $5 Billion shortfall against the total amount raised during an ICO for the 562 tokens with reliable information about their fund-raising,” Diar researchers wrote September 24:

“7 out of 10 tokens that are sitting below the screen fold have valuations that are now under their initial raise.”

While ETH/USD had inched up over the weekend meanwhile, BitMEX suggested that even fresh down side would have little impact on ICO ‘health.’

“As a tool to raise funds, the ICOs have clearly been a phenomenal success, to such an extent that even a further significant fall in the value of Ethereum will barely make a dent into the success,” the BitMEX report added.

Meanwhile, cryptocurrency market analysts like Fundstrat’s Tom Lee have suggested ETH will rally up to $1,900 towards the end of the year.

ETH is currently trading around $230 at press time.

Art Exhibit in France Celebrates Bitcoin’s 10th Anniversary with a Treasure Hunt

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With the release of Bitcoin’s whitepaper approaching its 10 year anniversary on October 31, artists from around the world are celebrating by hosting an art exhibition in France.

Open to the public on September 28, the Bitcoin Art (r)evolution exhibit runs until 8 October 5 in Paris, a city known for being the “City of Art” as it is home to some of the world’s most renown museums and galleries.

The event organizer and French artist, Pascal Boyart, is eager to push forward the “Crypto Art’’ initiative through merging the world of art and crypto together by gathering crypto-friendly artists from around the world to congregate in Paris.

The exhibition is designed to showcase the potential of crypto-currencies through symbolism and practice, and by illustrating the viable use-cases that Blockchain technology offers to the art industry.

A highlight for event-goers will be a treasure hunt to discover bitcoins that are hidden in plain sight throughout artworks. International artists such as Andy Bauch, Coin Artist, Josephine Bellini, and many more are expected to exhibit their work that crosses the chasm between art and cryptocurrencies. Artwork for sale can be purchased using Bitcoin, Litecoin, Monero, or Ethereum.

Certifications of authenticity will be provided to all buyers of artwork, with certificates also being registered on Bitcoin’s blockchain to demonstrate how blockchain’s immutable characteristic can help combat forgery and counterfeit artwork, an issue that has cost the art industry millions of dollars to date.

Lorenzo Sconci, owner of Dubai-based Sconci Art Gallery, and CEO of crypto startup ArtWallet – a new blockchain-based ecosystem that records the provenance data of masterpieces on chain, and tokenizes masterpieces for them to be traded – expressed his thoughts on the upcoming exhibition and the “Crypto Art” movement:

“Without a doubt bitcoin and blockchain has been the biggest revolution over the past 10 years. As revolutions have shaped artistic expression throughout time, there is no doubt that crypto will accomplish the same.

This exhibition is a wonderful initiative – if not for art and its various forms, we would not possess the knowledge we have now of past history. This initiative will be fundamental in the “Crypto Art” movement as it will trace the beginning of how artists lived, interpreted, and synthesized the upcoming blockchain revolution.”

It has been almost 10 years since Bitcoin was first introduced to the world and we are only now beginning to witness the full potential that blockchain technology and cryptocurrencies can offer to the world. The art industry will undoubtedly benefit from the integration of cryptocurrencies as the industry has remained largely stagnant throughout its processes and standards for several centuries now.

In the next decade, we may see the art industry shift towards greater levels of decentralization as intermediaries between artists and their audiences wishing to purchase artworks slowly fades away from the picture, all of which may be fuelled by the incoming “Crypto Art” movement.

Featured image from Bitcoin Art Revolution.

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China’s Bitcoin Whale Li Xiaolai Halts Blockchain-Related Investments

China’s Bitcoin ‘tycoon’ and serial investor Li Xiaolai will take a hands-off approach to future blockchain projects, he announced on social media Sunday, September 30.

In an approach that appeared to take many by surprise, Li, well known as one of China’s rumored biggest Bitcoin bagholders and investors, appeared dissatisfied with fraudulent actors in the blockchain industry that were claiming he was part of their undertakings.

“From this day on, Li Xiaolai personally will not invest in any projects (whether it is blockchain or early stage),” his post on Chinese social media network Weibo reads, translated by Chinese tech journal TechNode:

“So, if you see ‘Li Xiaolai’ associated with any project (I have been associated with countless projects without my knowledge, 99% is not an exaggeration), just ignore it.”

Li was likely referencing similar situations that have resulted in other cryptocurrency industry figures issuing warnings about such fraudulent actors. Since the beginning of the Initial Coin Offering (ICO) explosion in 2017 in particular, various well-known names have complained of their names appearing on lists of ‘advisors’ for blockchain projects, when in fact they had no connection.

Continuing, Li appeared uncertain, hinting he wished to withdraw from the crypto space entirely, but on a temporary basis.

“I plan to spend several years to contemplate on my career change. As for what I’m doing next, I’m not sure just yet,” the post reads. He concluded the post positively, writing “I’m still optimistic about blockchain in the long term.”

Both ICOs and cryptocurrency use in China remain forbidden at present, Li nonetheless advocating for the government’s legislative shake-up when it was first announced last September.

Global Revenue from Rare Crystallized Metal Producer Shared to OiCOiN Token Holders

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Bitcoin Press Release: An already established German company dealing in the rare crystalized metal Osmium is releasing a revenue share cryptocurrency token for backers.

September 28th, 2018, Germany – Osmium is a rare and extremely dense metal product that is created in Switzerland and shipped to Germany for global distribution by the German Osmium Institute.

Osmium Value

Twice as dense as lead, Osmium is obtained when platinum metal is extracted from its ores and is used in many alloys, finding itself utilized by ‘end-use’ industries. It is then applied to goods such as jewelry, pen nibs, compass needles, electrical contacts and other products that are prone to frequent wear and tear, as well as having a firm position in the chemicals industry as it is an efficient catalyst for chemical reactions.

The value of this metal is high, as global annual production rarely exceeds 2 tonnes; comparatively, yearly worldwide gold production is climbing over 3,000 tonnes and it is believed estimated that the total availability of Osmium over the next decade is 44 metric tonnes.

With the Osmium Institute being the only company in the world with the know-how for Osmium production, it is to be expected that as the scarcity of the rare metal increases, as will its value and demand, the German Osmium Institute is positioned to market this ultra-precious item globally.

OiCOiN presents an opportunity like no other, all coin holders will be part of a revenue share pool. From this already established and world-leading business, 10% of all global revenue will go to OiCOiN holders. To put the potential of the project into perspective, Osmium is presently sold at almost 30 times the value of gold.

The OiCOiN website features a profit calculator, that allows potential backers to view the potential profitability from this opportunity.

Aggressive marketing in tandem with the exponential growth of demand for crystalized Osmium will catalyze the growth of OiCOiN. A huge majority (83%) of the funds raised will be used for marketing, PR as well as sales.

OiCOiN Tokenomics and Token Sale

OiCOiN is built on the Ethereum network as an ERC20 token and will be issuing a maximum of 250 million tokens. Tokens will be priced at 1 ETH per 1,000 OiCOiN.

OiCOiN has already gone through the private sale and presale phases of its token sale. The Token sale has now reached its second pre-sale round where the minimum purchase is 0.3 ETH with no maximum purchase limit.

Proceeds from the funding rounds will be utilized to further increase global distribution of Osmium; OiCOiN will be setting up a network of Osmium Institutes in 100 major cities across the globe, these institutes will act as evaluators and certifiers of crystalized Osmium.

German, USA, Spain, Australia, France and Russian institutes have already been set up and will be supplied with the crystalized Osmium by the German headquarters.

Purchasing these tokens enables contributors to be a part of an already profitable and successful business which is beginning to enter a new phase of long-term and sustainable growth.

Learn more about OiCOiN – https://www.oicoin.io/

Read the Whitepaper – https://www.oicoin.io/oicoin_whitepaper.pdf
Read the Lightpaper – https://www.oicoin.io/oicoin_lightpaper.pdf
Join the Telegram – https://t.me/OiCOiNchat
Instagram – https://www.instagram.com/osmiuminvestmentcoin/
Github – https://github.com/OsmiumInvestmentCoin/oicoin

Media Contact Details
Contact Name: Andrey Sergeenkov
Contact Email: [email protected]

OiCOiN is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The OiCOiN token sale is closed to US participants and participants of all countries in which ICOs are illegal.

Malta’s Prime Minister Tells UN That Crypto Is the ‘Inevitable Future of Money’

The Prime Minister of Malta, Joseph Muscat, has said that cryptocurrencies are the “inevitable future of money,” and that blockchain can galvanize a more transparent and equitable society. The Prime Minister made his remarks in a speech addressed to the general debate of the 73rd Session of the General Assembly of the U.N. September 27.

Muscat made a spirited case for the transformative, political impact of bleeding-edge technologies, saying that those who “pair the new digital economy with a new state – a digital state,” will be best poised “to create a future-proof society”:

“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more.”

The Prime Minister argued that distributed ledger technologies (DLT) – of which blockchain is one type – will transform the gamut of political, civic, and corporate systems. Their potential to solve “decades-old problems” was the impetus for Malta to “launch itself as a ‘Blockchain Island,’” he said, claiming the island was “the first jurisdiction worldwide to regulate [the] technology,” prising it out of a “legal vacuum.”

Malta’s Prime Minister proposed that DLT can ensure “that no one is deprived of their legitimate property because of compromised data,” that corporations “become more accountable to their shareholders,” and that states “move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data.”

In healthcare, DLT would mean that  patients have “real ownership of their medical records,” he said, and make administration more robust and efficient, with wide-reaching consequences – a blockchain system could, for example, “verify that humanitarian assistance is reaching its intended destination.”

The Prime Minister nonetheless recognized the resistance that such new technologies may encounter, noting that:

“There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do do not come by closing doors.”

He suggested that while “antagonistic stances” may have their appeal as a short-term strategy to politicians, to resist technological change would be “as myopic as those advocating for horse carts not to be replaced by automobiles.”

As previously reported, Malta’s strong reputation for having a robust and transparent crypto regulatory climate has led several crypto industry leaders to relocate their operations to the island. Crypto exchange Binance first announced it was relocating its headquarters there in March – OKex and BitBay are two others that have followed suit.

In June, the Maltese parliament approved three DLT- and crypto-related bills, consolidating the island’s bid to remain at the forefront of blockchain innovation.

Google Fraud Fighter Explains Risks Involved in Boasting About Owning Bitcoin

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People need to rethink before bragging about owning a lot of bitcoin in a public forum, as this might give way for scammers to target them, says a Google executive, who fights email frauds and abuses.

Speaking to CNBC, Mark Risher said that there has been an increase in attacks against people who hold cryptocurrencies in wallets. Boasting about owing bitcoin in public message boards can be quickly followed by criminal activities on their mail accounts, he said.

“It could just be a case of mistaken identity or guilt by association,” Risher stated. According to him, scammers are having a track of people’s personal social media posts and other sources before targeting them as victims to email scams.

“They could be using someone who seems to be low value to pivot toward somebody considered a higher value target, like somebody political in nature. Or maybe they saw that you were discussing Bitcoin on a public message board.”

Such messages or posts can give way to attackers to break into their email account and do a password reset on their cryptocurrency digital wallets linked to that email.

Risher oversees Google’s email fraud and protects its properties against cyberattacks. He said that few cryptocurrency wallets allow users to reset their passwords using their email, which allows attackers to open wallets using the reset link in the mail and loot cryptocurrencies.

Stating about a decade old “Nigerian Prince” scam, he said that it is not fair to associate that with the criminals today. The personal messages that we could receive from friends or family, often give way to new email attackers.

“You might think of this generic ‘Dear Sir or Madam, I am contacting you to ask you for a favor,’ but the truth is many of these attackers have done some serious research on their victims. So you might get what we call ‘social truth’ in your message,” he added.

As the amount of data we share increases, we tend to forget that the information shared does not disappear from the internet and thus “our data is all over the place”, he added.

Risher further said that such scams can be minimized if all the email addresses associated with financial accounts and cryptocurrency wallets are noted, keeping in mind the security associated with such financial addresses. Also, limiting the amount of sharing personal info regarding the cryptocurrency wallet or financial accounts on social media, can curb such crimes, he said.

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Australian Record Scalability Blockchain: How Crypto Is Stepping Into the Land Down Under

On Sept. 26, Australia’s National Science Agency (CSIRO), an independent Australian federal government agency responsible for scientific research, developed a blockchain network called Red Belly with the University of Sydney. They successfully conducted a pilot test on the Amazon Web Services (AWS) global cloud infrastructure, processing more than 40,000 transactions per second.

At 40,000 tx/second, Red Belly is able to process information on an immutable network at a capacity that is 6,666 times larger than the Bitcoin network and about 1,600 times bigger than the Ethereum blockchain network.

Ethereum vs. Visa

An Ethereum researcher with an online alias CPereez19 calculated the transaction per second capacity of Ethereum to be around 25.346 tx/second, evaluating the block gas limit and transaction cost of the Ethereum network:

“The block gas limit [of Ethereum] is 7,999,992 . Transaction costs 21,000 gas (let’s assume nothing else is attached). That’s around 380 transactions per block. With a block time of around 15.03 seconds, as ETH Stats shows, this gives us approximately: 25.346 tx/s.”

The 40,000 tx/second capacity of the Red Belly Blockchain surpassed the transaction capacity of the Visa network, which is estimated to be 24,000 tx/second. VisaNet, the base payment network for most of the world’s credit card payments and digital transactions, processes around 150 million transactions on a daily basis.

Although the transaction capacity of Visa is significantly larger than Ethereum — by more than 1,600-fold — the total value of payments processed by the two networks on a daily basis do not present that big of a discrepancy.

At its peak on January 4, Ethereum processed around 1 million transactions. Currently, according to Etherscan, Ethereum is processing about 500,000 transactions per day, which means Visa is processing a volume that is three-hundredfold larger than that of Ethereum. Even though the transaction capacity of Ethereum is significantly smaller than Visa, the relatively high daily transaction volume of the network demonstrates fairly high user activity.

Source: Etherscan.io

Ethereum is not that far off from achieving the transaction capacity of Visa, which is highly impressive for a completely decentralized and peer-to-peer (p2p) blockchain network. Previously, Ethereum co-creator Vitalik Buterin stated that the Ethereum network could potentially achieve 1 million transactions per second with second-layer scaling solutions like sharding and plasma.

On public blockchain networks, scaling solutions relieve pressure on the mainnet by processing information outside of the main infrastructure. For instance, on Ethereum, sharding and plasma can process transactions outside of the mainnet to increase the capacity of the network in handling information.

“The reason I think layer one and layer two [networks] are complementary is because ultimately, if you look at the math, the scalability gains from the layer one improvements and layer two improvements do ultimately multiply with each other. If you have a sharding solution, the sharding solution itself might increase the scalability of Ethereum by a factor of 100, or eventually even more. But then, if you do Plasma on top of the scalability solution, then what that means is, you’re not just doing 100 times of the amount of activity but you are doing 100 times the amount of entrances, the amount of exits and despite resolutions.”

Red Belly vs. centralized blockchains

Permissioned ledger projects initiated by large-scale technology and financial institutions — such as Intel and JPMorgan — have demonstrated a massive transaction capacity of over 100,000 transactions per second and an ability to process any size of information on demand.

However, both Sawtooth Lake Blockchain of Intel and JPMorgan’s Quorum are enterprise-focused blockchain networks that maximize transaction capacity within a closed ecosystem. Hence, by definition, most of these blockchain networks developed by conglomerates are not decentralized or peer-to-peer. JPMorgan described its blockchain as a high throughput, permissioned ledger for private transactions:

“Quorum is ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants. Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.”

Instead, researchers at CSIRO and University of Sydney emphasized that the Red Belly Blockchain was created with attention to decentralization. Although the network is still in a pilot testing phase, its development team demonstrated efforts to test the blockchain in a decentralized environment by placing 1,000 virtual machines across 18 geographic regions.

In an actual mainnet setting, these machines replaced with nodes, thus the Red Belly Blockchain would work structurally similarly to Bitcoin, Ethereum and other public blockchain networks.

“The experiment deployed Red Belly Blockchain on 1,000 virtual machines across 14 of AWS’ 18 geographic regions, including North America, South America, Asia Pacific (Sydney) and Europe. A benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency (or delay) of three seconds with 1,000 replicas (a machine that maintains a copy of the current state of the blockchain and the balance of all accounts.)”

Minimizing energy consumption

More importantly, the development team of Red Belly Blockchain established several key missions of the project to ensure that the basis of the initiative is not to replicate a blockchain network for the sake of experimenting with an emerging and disruptive technology.

It started the project to solve two issues it saw in Bitcoin and other public blockchains: the proof-of-work (PoW) consensus algorithm and scalability.

“Red Belly Blockchain is solving the issues that have plagued previous generations of blockchain systems including environmental impact from significant energy use, double spending where an individual spends their money twice by initiating more than one transaction, and throughput, which refers to how many units of information can be processed in a short amount of time.”

The Red Belly Blockchain development team stated that it replaced the PoW algorithm on its network with a unique algorithm that does not require electricity consumption. The developers did not release technical intricacies of its algorithm, but based on claims around Bitcoin’s usage of electricity, it is highly likely that the project employed either proof-of-stake (PoS) or delegated proof-of-stake (dPoS) consensus algorithms as a replacement to PoW.

In the Red Belly Blockchain press release Vincent Gramoli, senior researcher at CSIRO’s Data61 and head of Concurrent Systems Research Group at the University of Sydney, emphasized that he believes the next generation blockchain will feature consensus algorithms that do not require mining infrastructure and energy consumption, which limits the ability of blockchains to process information and increase costs involved in producing blocks of data.

“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work. The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Proof-of-stake and massive scaling

Since its launch in 2015, Vitalik Buterin, Vlad Zamfir and several Ethereum developers have established a solid roadmap for integrating PoS consensus algorithm in the long term.

Constantinople, a new upgrade in Ethereum’s four-stage development roadmap, is scheduled to be released in October. A part of the fork or upgrade is to enlist Vlad Zamfir’s PoS protocol Casper, which rewards validators with ETH for processing information. To discourage or prevent bad actors in the space, Casper cuts a percentage of the stake of validators that attempt to sabotage the network.

Apart from Ethereum, there are several PoS systems — like Cardano and EOS — that are seeing a consistent increase in the number of decentralized applications (dApps) and user activity.

PoS-based blockchain systems can handle a large capacity of information and transactions because it does not require miners to verify information. It allows nodes and alternative data verifiers on the network to process information by punishing bad actors in the ecosystem. Ari Paul, the co-founder of crypto hedge fund BlockTower, explained in a debate on PoS versus PoW:

“There are several PoS systems at scale today. How do you see them failing in practical terms, and why haven’t they failed yet? This is a very complex discussion. But, let’s take, say, Ripple for example. Plenty of clear game theory vulnerabilities, but PoW has plenty as well. In practice, I think many vulnerabilities, like long-range [attacks], are mostly academic. For example, with BTC, you have to have a trusted original source for consensus rules and client code. In practice, this is extremely similar to the long-range attack vulnerability of PoS.”

The shift in focus from PoW to PoS by major public blockchain networks and government agencies demonstrates a newly emerging trend in the global cryptocurrency community, which is to experiment with blockchain networks that are highly efficient and consume a limited amount of energy.

Leveraging existing infrastructure to efficiently deploy blockchain

In August, the World Bank and the Commonwealth Bank of Australia (the biggest commercial bank in the country) issued the first ever bond on the Ethereum blockchain, utilizing the cloud computing infrastructure of Microsoft.

Dubbed Bond-I, the two financial institutions launched a blockchain-based debt instrument utilizing Ethereum and Microsoft’s blockchain computing platform Azure to eventually settle orders and transfers on the Ethereum mainnet. As the Commonwealth Bank Australia general manager James Wall said at the time:

“We believe that this transaction will be groundbreaking as a demonstration of how blockchain technology can act as a facilitating platform for different participants.”

Arunma Oteh, treasurer at the World Bank, revealed that the demand for the blockchain-based bond has increased to a point in which corporations, fund managers, government institutions and banks have started to show interest toward the bond and blockchain technology.

For the Commonwealth Bank of Australia, the process of issuing bonds on the blockchain was fairly simple because it was able to use the cloud computing infrastructure of Microsoft to deploy its blockchain-based system.

Similarly, the developers at CSIRO and the University of Sydney cooperated with AWS and its cloud platform to deploy the testnet of its blockchain practically and efficiently. Simon Elisha, head of Solutions Architecture, Amazon Web Services Public Sector, Australia and New Zealand, explained:

“AWS Cloud provides innovative organizations of all kinds with a global network of compute power, allowing organizations like Red Belly Blockchain to quickly conduct large-scale experiments that break new ground. This is the latest example of how builders and creators all over Australia are leveraging AWS to quickly and cost-effectively move a project from concept phase right through to realizing commercial potential, locally and on a global scale.”

Throughout the months to come, the global blockchain sector is expected to see more tests on centralized cloud infrastructure due to various benefits and merits. In July 2017, the Red Belly Blockchain conducted two experiments, and the first test showed a throughput of 660,000 transactions per second.

But, as the team deployed the blockchain on a larger network with significantly more nodes, the transaction capacity of the network decreased to 40,000 transactions per second, which is more realistic. Even with a PoS system in place, it is difficult to get thousands of nodes to synchronize and process information purely on the mainnet without second-layer scaling solutions.

Testing on a cloud infrastructure provides blockchain projects flexibility with nodes and the size of the environment that can realistically replicate a real mainnet setting. The presence of such platforms — and increasing progress in the blockchain sector to commercialize and scale the technology — could lead to an influx of blockchain projects in the months to come.

It is positive for the long-term growth of the sector that prestigious universities and government-backed agencies are putting in the effort to create blockchain networks that actually attempt to solve the problems that existing first-generation blockchain protocols have. It remains to be seen if these blockchain networks will be deployed publicly and potentially compete against other blockchain networks and cryptocurrencies.

Structurally and conceptually, the competition of Red Belly Blockchain, if it does intend to go public and be accessible in the global market, are fellow PoS and unique consensus algorithm-employing blockchain protocols in the likes of Cardano, EOS, Ripple and Stellar.

Crypto and blockchain regulation in Australia

In 2016, the government of Australia announced its decision to remove its law on double taxation for the digital currency.

Up until 2017, major banks in Australia allegedly denied banking services to crypto exchanges, restricting the crypto exchange market to investors in the local finance sector. This led the growth of the local cryptocurrency exchange market to stagnate until April, when exchanges started to enter the Australian market.

Up until December of the last year, crypto-related transactions, any payment sent to cryptocurrency trading platforms were censored by the National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation.

On December 30, 2017, A Westpac spokeswoman did not deny the allegations against the bank and stated that the usage of Westpac bank accounts must comply with local Anti-Money Laundering (AML) regulations.

“Where we cannot verify the origin of transfers, we may act to ensure we comply with Australia’s Anti-Money Laundering obligations.”

However, on April 11, 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced the implementation of new regulations for crypto-related businesses to improve its local crypto and blockchain sector.

The government of Australia has since licensed three cryptocurrency exchanges, allowing the businesses to operate as money transmission service providers with guaranteed banking services.

The government has also begun to protect investors from misleading Initial Coin Offering (ICO) projects, warning blockchain projects that raising money from the public comes with serious legal obligations that must be compliant with local regulations. Newly imposed policies by the government of Australia regarding blockchain projects might help investors build awareness of poor and illegitimate projects.

With active blockchain development initiated by government-funded agencies and a growing cryptocurrency exchange market, Australia could see rapid improvement in the country’s crypto and blockchain space in the years to come.

Magic Universe ETH Birds. Presale Is Live

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Disclaimer: Why believe in the word, if it’s much better to check for yourself?

So much time had passed since our first post.

Now we are ready to dive much deeper with you.

ETH Birds AirDrop caused quite a stir in the crypto community. We received more than 160k applications and more than 97k members in the ETH Birds Telegram chat.

WE ARE NOT LIKE OTHER PROJECTS. We provide profit, fun and blockchain solutions for developers and crypto enthusiast. We satisfy everyone’s needs… We working ice cold, nice and dandy.

And now we are ready to go deeper. How about you?

Currently, we are very close to the BIG LAUNCH. All information below.

5 FACTS WHY YOU CANNOT SKIP THE PRESALE

Fact #1

Inhabitants of the ETH Birds universe worship their deity, the ETH Chuah. ETH Chuah created the apostles — 1000 noble Birds that were created to develop and manage the universe of ETH Birds.

Each month, the apostles gather to issue new decrees and receive tributes from all the animals.

The first users who will make first 1000 purchases will receive a share of the company, which depends on number of your Birds and their levels. This means you will get a commission from all operations.

You can submit corporate votes to exchange gas for breeding and other useful things.

The more Birds, the more profit.

In fact, we provide our users with management and profit from the project. This allows anyone the ability to develop the project to make blockchain great again.

Fact #2

Every newcomer should pay tribute to his predecessors for their efforts.

By purchasing a Bird on pre-sale, you automatically become one of the first members in the referral system because of the tributes of newcomers.

Not enough for you? Let’s continue

Fact #3

The ETH Chuah created the apostles — 1000 noble Birds that were created to develop and manage the universe of ETH Birds.

The number of birds in the ETH Birds project is extremely limited. The Birds’ value increases with the popularity of the game. Breed your birds by getting new species and selling them on the marketplace. Become a breeder, receive a unique mutated pet and generate superprofits.

Still reading? Other fellas are buying new Birds right now!

You can buy 4 types of eggs on Presale: eggs of level 7, eggs of level 6, eggs of level 5 and eggs of level 4. There is a big difference between each level; each one becoming more advanced, rare, and valuable.

HUGE DISCOUNTS start at 75% and decrease to 0% with time.

The pre-sale is already live, if you read this, and there is a chance that the discount has been changed. Hurry up!

Unique Birds

There will be available 50 unique Birds with super rare gene and special unique possibilities. Increase your chance of victory with your own unique pet. Unique Birds don’t have ZOO token bonus.

Fact #4

During the presale, in addition to an egg with a Bird, a player will be rewarded with a certain amount of ZOO tokens with every purchase.

ZOO token holders can sell their tokens back to the system with one click. We called it ingeniously — “ZOO Exchanger”.

ZOO Exchanger works like a common currency exchange in any city worldwide. You can buy or sell ZOO tokens according to its exchange rate.

The first participants will have a priority place for withdrawing ZOO tokens from the system.

We remind you that the price of a ZOO token is 0.05 ETH. The token cannot be traded on stock exchanges; however, they can be exchanged inside the ETH Birds site. ZOO is necessary for buying in-game items.

Fact #5

The ETH Birds universe is built on the concepts of peace and equality. Goods abound everywhere. There is no need to work. The sole source of joy is participating in various competitions.

Follow the link to join Presale: http://ethbirds.co

With love,

ETH Birds Team.

Look out for MORE in the coming articles.