South Korean lawmakers to champion legalised ICOs

South Korean lawmakers to champion legalised ICOs

South Korea has been on the frontline of ICO regulation in recent months, following the decision of lawmakers there to outlaw initial coin offerings, as part of a wider crackdown on activities within the cryptocurrency space.

Now, a group of lawmakers is reported to be working on a bill that would seek to overturn the ban, and reintroduce ICOs on a legal footing.

According to local media reports, lawmakers are drawing up proposals which could be presented later this year, of early 2019 at the latest. The proposals are being led by Rep. Hong Eui-rak, who told the National Assembly this week of his plans to challenge the 2017 ban.

“The bill is aimed at legalizing ICOs under the government’s supervision…The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses,” Hong said, according to Korea Times.

However, far from a return to the free-for-all conditions of the unregulated market, the proposals would allow only “research centers” and public organisations from deploying the funding model, which most market analysts would consider a step in the right direction for legitimising token issues. Nevertheless, the proposals will come as a surprise to some, following the decision in South Korea to ban initial coin offerings in the first place.

The 2017 decision seems to have had little impact on trading volumes or interest in the wider cryptocurrency space in South Korea, save for a reduction in the number of dubious ICOs being launched each month.

It follows similar moves by regulators elsewhere to bring ICOs in line with existing securities laws. In the U.S., for example, the Securities and Exchange Commission declared some ICOs to be de facto securities, accompanied by several other motions towards a formal, regulated environment for the ICO model.

Authorities in China have come down hard on the other extreme, effectively banning the model outright—a policy approach that has apparently gained some traction across other Asian countries.

This makes a new structure in South Korea potentially even more significant, and the chance to set a new precedent for regulating ICOs in the region.

With the implications of the 2017 ban still becoming apparent, it remains to be seen whether the more moderate approach proposed in the bill will gain the necessary support to become law, and to soften the regulatory approach to ICOs in South Korea.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Edit wars prompt Bitcoin Cash Wiki page lockdown

Edit wars prompt Bitcoin Cash Wiki page lockdown

The debate over the identity of Bitcoin has intensified in recent weeks, with BTC Core supporters resorting to trolling Bitcoin Cash (BCH) on Wikipedia in their latest attempts to claim exclusive ownership of the Bitcoin name.

As a result, Wikipedia have locked the page, preventing further malicious edits to the Bitcoin BCH entry. This often occurs around controversial topics, or when Wikipedia editors dispute the neutrality of a post, resulting in Wikipedia’s internal dispute resolution process.

At the moment, the page displays a notification about its status: “The neutrality of this article is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met.” The last edit to page was made on May 2, 2018.

Following through to the talk page reveals more about the reasons behind the temporary lock, which states:

“There have been attempts to recruit editors of specific viewpoints to this article. If you’ve come here in response to such recruitment, please review the relevant Wikipedia policy on recruitment of editors, as well as the neutral point of view policy. Disputes on Wikipedia are resolved by consensus, not by majority vote.”

Even Bitcoin ABC lead developer Amaury Séchet noticed the lockdown on the Bitcoin Cash Wiki page due to repeated vandalism, commenting on Twitter that “‘Cypherpunks do Orwellian shit’ is the new ‘Cypherpunk Write Code.’

Further inspection shows that the majority of recent suggested edits have been attempting to include references to ‘Bcash’, a term considered inappropriate by those in the BCH community. Some have even suggested this is an intentional attempt to confuse or deceive, by introducing confusing alternative names for Bitcoin BCH.

Referencing user FoxyJim, who tried to change the name to ‘Bcash,’ Wiki editor Toomuchtalk was keen to set the record straight: “Foxyjim obviously doesn’t understand what Wikipedia is — Just because a disagreeing faction created a derogatory name in an effort to obscure the truthful Bitcoin history and are upset that they are using the name Bitcoin does not make the use of Bcash a legitimate historical fact.”

These are just the latest front for attacks from the BTC Core community, with others taking to the Wiki page to dispute sources, the events surrounding the fork, and the Segregated Witness protocol.

The central dispute between Bitcoin BCH and BTC reflects conflicting interpretations of Satoshi’s original vision, with SegWit now straying further from the cryptocurrency concept as envisaged.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Iranian government outlaws Telegram app

Iranian government outlaws Telegram app

Authorities in Iran have outlawed use of and access to the Telegram messaging app, citing concerns over its potential for stoking civil unrest as well as the potential economic harms of its cryptocurrency.

According to state news outlet Mizan Online, the decision was prompted initially by fears that armed opposition militia were using the app to encourage rebellion. Similarly, government officials highlighted problems with the Telegram initial coin offering (ICO), which they suggested could undermine the local economy.

The news follows on from public calls by officials in April, in response to the second round of funding for Telegram. In the second phase of their ICO, Telegram’s pot grew to $1.7 billion, behind its concept for the development of a full-blockchain Telegram ecosystem.

The news will be a blow for consumers in Iran, and in particular, the 40 million or so in the country known to be users of the platform—roughly 50% of the entire population of Iran.

Nevertheless, Telegram has long been controversial in the country. Back in January, access to the service was temporarily suspended following street protests, which it was alleged were stoked by use of the app.

In particular, the government points to foreign-based agitators, whom it alleges were using the Telegram app to incite protest and violence amongst Iranian citizens. This resulted in Iranian authorities attempting to launch their own social networks to reduce the reliance on foreign-owned properties, which they claim present an anti-establishment bias.

One of those platforms, Soroush, claimed it has 5 million members, despite having been setup only a matter of months ago. Alongside rival platform, Gap, Iran’s President Hassan Rouhani urged Iranians to choose government-approved alternatives in his final message on the platform several weeks ago.

Iran’s supreme ruler, Ayatollah Ali Khamenei also posted to Telegram for the final time in April, committing to using alternatives in place of Telegram.

The ban will impose duties on phone and Internet service providers, who are now compelled to block access to Telegram by law. Any breach is deemed a contravention of the law, and firms that do not comply will be liable to prosecution.

It remains to be seen whether the move to ban the service in Iran will further undermine interest in the Telegram ICO.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Malta green lights new cryptocurrency bill

Malta green lights new cryptocurrency bill

Malta’s cabinet has given the go-ahead to three separate bills relating to blockchain technology and cryptocurrency, including measures that would introduce a framework for regulating cryptocurrencies and initial coin offerings (ICOs).

Amongst the three bills, the Virtual Financial Assets Bill sought to create a structure for regulating ICOs and cryptocurrency transactions in the country, as part of a wider drive to make Malta more amenable to the cryptocurrency sector. The bill was presented alongside the Technology Arrangements and Services Bill, and the new Digital Innovation Authority Bill, ahead of a debate in the Maltese Parliament.

Following the debate phase, the bills will likely be voted through into law, according to local media reports.

Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, said he was confident the laws would provide legal certainty, with positive effects on the cryptocurrency sector in Malta.

“Once new laws surrounding blockchain technology and cryptocurrency are enacted in Malta, banks would be less reluctant to welcome companies working in the industry, presumably due to the legal certainty it would provide,” Schembri said, according to the Malta Independent.

The parliamentary secretary was also quoted by Malta Winds saying that regulating the cryptocurrency and blockchain market ensures “that the three main principles of financial regulation are adhered to,” resulting in a sector “that protects the investor and provides market integrity and financial soundness.”

Leading Maltese law firm Mamo TCV Advocates said the proposed laws would strengthen Malta’s hand as a hub for blockchain and ICOs.

The bills vest regulatory power in the Malta Financial Services Authority, which includes the power to publish specific rules relating to listings, to suspend trading and to require information on demand. Should the bills eventually be signed into law, they could pave the way for the new growth in Malta as a destination for blockchain companies and initial coin offerings.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
MyEtherWallet falls victim to DNS attack

MyEtherWallet falls victim to DNS attack

Client-facing Ethereum wallet MyEtherWallet has become the latest victim of a DNS attack. Users of the service reported missing funds, which have been confirmed by third party sources, as a result of the hijacking of their servers—a factor security experts have attributed to the risks of providing access to funds from a centralised source.

Initial reports began emerging on Tuesday, with users reporting suspicious behaviour around their MyEtherWallet accounts. The platform does not hold any cryptocurrency itself, but by providing a centralised interface for users, it is subject to the same risks that affect any website—the risk of a hack to the DNS servers, which can compromise the website and the details of those who have interacted with it.

While initial reports were confirmed by MyEtherWallet, panic only started to properly set in with the emergence of a post on Reddit. According to the user affected, who was confronted with an error when logging on to the site, his gut feeling was that something was amiss.

“Even though every part of my body told me not to try and log in, I did. As soon as I logged in, there was a countdown for about 10 seconds and A tx was made sending the available money I had on the wallet to another wallet.”

According to third party services, the wallet address linked to the scam has already conducted some 180 scam transactions, totalling as many as 215 ETH worth over $134,000 based on current trading prices. After several hours, MyEtherWallet announced that “everything is now back to normal.”

In a statement on Reddit, the MyEtherWallet team said the attack was not due to a lack of security on the platform, but “hackers finding vulnerabilities in public facing DNS servers.”

“This redirecting of DNS servers is a decade-old hacking technique that aims to undermine the Internet’s routing system. It can happen to any organization, including large banks,” the statement read.

According to analysts at rival firm MyCrypto, the only way to protect against this type of hack is to use a hardware wallet, or to run this type of platform in the offline environment, thus preventing the risk of a DNS hijack.

“Lots of anti-phishing folks in the community and on our team are attempting to collect information about what happened to MEW, as well as attempting to get in touch with their team to assist in any way we can. Moral of the story: use a hardware wallet or run offline,” MyCrypto tweeted.

The news will be concerning for any user of the MyEtherWallet service, with those who have logged in over the last couple of days at the most significant risk of being compromised.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Arrests made in $13M Chinese crypto pyramid scam

Arrests made in $13M Chinese crypto pyramid scam

Authorities in China have arrested four people in the city of Xi’an in connection with a suspected cryptocurrency pyramid scam, according to local media reports.

The arrests were made over allegations that the scheme had conned some 13,000 individuals, with a total of over 86 million yen ($13 million) reported to have been collected. Police arrested a primary suspect, along with three others suspected of assisting in the scheme.

The suspect, known only at this stage as Zheng, is said to have begun planning the scam back in October 2017. Police suspect the scam revolved around the Da Tang Coin (DTC), an altcoin linked to a company called DTC Holding.

Investigators said the scheme involved offering investors a guaranteed return of approximately $13,000 per day, in return for an investment of $480,000 in DTC—which were offered at $0.50 per coin.

The scam allegedly attracted significant volumes of investment in the space of just two weeks, from March 15-28, with the company reaching out to investors in locations including Xi’an, Ningbo and Phnom Penh.

It is also alleged that the firm secured the services of a ‘foreign-looking’ man in order to create the appearance of an international blockchain startup that is heavily backed by other investors.

Investors were promised a return on their money when DTC was ultimately listed on major cryptocurrency exchanges, and were told of a range of real-life applications for the token, including in retail and education.

While labelled a pyramid scheme by investigating officers, some analysts have highlighted that the plan more closely resembles a Ponzi scam. Either way, officers believe the men to have been involved in the latest cryptocurrency scam to target unsuspecting investors.

In 2017 alone, China reported some 47,000 victims of cryptocurrency scams, like the alleged scam in the present case. Around 40 arrests have been made to date, leading to the Ministry of Public Security promising to ‘purify cyberspace’ to protect victims.

The pledge comes in light of a wider crackdown in China, with authorities keen to prevent scams of this kind from taking hold. The arrests this week will do little to dampen the appetite of regulators in keeping a tight grip on cryptocurrency activities in China.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Developer's toolkit for Bitcoin Cash continues to grow

Developer’s toolkit for Bitcoin Cash continues to grow

The Bitcoin Cash (BCH) community has seen increasing development activity in recent months, coinciding with rapid development in the technical infrastructure underpinning BCH—the true remaining Bitcoin as envisioned by the Satoshi Nakamoto whitepaper.

The cryptocurrency has already attracted significant interest from wallet providers and exchanges, with numerous other developers working on their own unique protocols derived from the BCH blockchain.

We’ve listed five new, unique development tools available for BCH developers, providing a framework for programmers to contribute their own ideas to developing the BCH ecosystem.

Nakasendo
Early this week, nChain—one of the influential tech groups leading the development of BCH—launched version 1.0 of its Nakasendo software development kit (SDK).

The SDK provides a cryptographic library that will enable more flexible key generation and sharing. The library incorporates nChain’s two patent-pending assets: deterministic key generation and secure split key technique. These two assets will help ensure the security of private keys and digital wallets as a whole, protecting users and businesses from potential Mt. Gox-like attacks.

Nakasendo is available for free usage on Bitcoin Cash blockchain under the nChain Open Bitcoin Cash License. The SDK, however, can be used on any blockchain—or even any type of digital wallet, product, application, where access to a digital asset, resource or communication is needed, according to nChain Group CEO Jimmy Nguyen.

Coinbase CashAddr support for Ruby apps

On Tuesday, Coinbase engineer Josh Ellithorpe announced on Twitter the launch of his open source project, which is a Bitcoin Cash CashAddr library for the Ruby coding language.

The project describes itself as a “library to convert between base58 and CashAddr BCH addresses,” essentially making it easier for Ruby software developers to implement the CashAddr format. CashAddr is a serialization protocol for naming addresses within the Bitcoin Cash network makes the addresses distinctively recognizable, and, in the process, helps avoid human errors as well as provide extensions for future functionalities currently being developed for the network.

Flowee

Flowee provides an interface between the BCH network and external apps, via its simple API. The technology allows for interactions between applications and the Bitcoin BCH blockchain, providing the rails for developers to bring their ideas to BCH.

The Flowee team describes their technology as ‘the lowest level of the stack’, which powers top-level applications that interact with the BCH blockchain, saying: “In the hub, we process all those bitcoin data structures and as such, this is the lowest level of the stack where end-user bitcoin applications make the top-level of the stack.”

The open source project’s hub offers a network-based API that enables “fast processing of huge amounts of data in a bi-directional manner.”

“A quick example is that a tool can connect to the Hub and subscribe to a specific bitcoin address. The connection stays open and when a payment comes in for that address the hub will send a notification to the user,” according to the Flowee website.

BitBox

An alternative to Flowee in providing the essential building blocks for BCH applications is BitBox. BitBox allows developers to create applications in single commands, with dozens of different utility methods at developers’ disposal.

It allows anyone to simply create their own BCH blockchain, for development, testing and experimentation, as well as providing an effective mechanism for building blockchain apps.

According to their introductory text, “the command line utility lets you quickly stub out an application with web bindings and tests as well as a console with the entire BCH RPC available.

“Your own Bitcoin Cash blockchain to configure however you choose. This blockchain is created from scratch each time you start Bitbox. It doesn’t connect to the real network and only consists of transactions and blocks which you create locally so it’s quick and responsive. Execute commands from the command line and client/server.”

bitcoin.J.cash Protocol

Created by a fork from the original bitcoin.j protocol, bitcoin.J.cash allows developers to write code compatible with the web and HTML, in what is fast becoming one of the favoured methods of developing for BCH.

The codebase is easy to use, and allows for a sandbox wallet for both send and receive, without requiring a full node implementation. As such, it’s arguably the most lightweight method of developing applications for the technology.

The library’s readme text was quoted by news.bitcoin.com saying: “This project implements Bitcoin Cash signature algorithm. It is based on bitcoin.j and forked from PR-1422.”

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Censorship-free social network Memo is built on Bitcoin Cash

Censorship-free social network Memo is built on Bitcoin Cash

Memo, an on-chain social network developed on the Bitcoin Cash (BCH) blockchain, has launched in alpha testing this week. Developed on the Bitcoin BCH network, the application allows the recording and storage of data on the blockchain through its front-end protocol, tied to individual BCH addresses and keys.

Using OP_RETURN transactions, users can tether specific information to their profile, in the makings of what could be one of the first social networks for BCH. According to the developer behind Memo, the application aims to create an ‘uncensorable’ way to store data and transactional information, contrary to the model used by online social networks.

The developer behind Memo described the application as “both a protocol and a front-end application,” noting that “the protocol works by writing transactions to the Bitcoin Cash blockchain. Client applications can read these transactions to see the activity on the network.”

“With current social networks, users do not control their data and can have their accounts removed without reason. The blockchain is more than an uncensorable way to send money, it’s an uncensorable way to store data. Memo is an experiment leveraging the blockchain’s data storing capabilities,” according to the Memo website.

Once created, Memos can be read by anyone following the relevant profile, and there is also the option to ‘like’ or ‘tip’ the memo, through BCH transactions.

According to early reports, the platform charges under a penny to post messages on the network, and once Bitcoin BCH is loaded into a user’s account, it is seemingly straightforward to use the currency to power different functionality on the network.

Memo has already attracted a lot of attention from within the cryptocurrency community, not least from those who see it as an example of how the BCH blockchain could work for social networks in future.

Nevertheless, the developers are keen to stress that it remains very early days for the network, and that users do so at their own risk, ahead of a more stable release, saying, “You acknowledge that you are using an application that is in alpha testing, that your account could be wiped at any time, and that Memo takes no responsibility for your account or keys.”

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency is ‘Shariah compliant

Cryptocurrency is ‘Shariah compliant,’ study finds

Cryptocurrencies are compatible with Shariah law in most cases, except where they are banned by local laws, according to the findings of a study published this week.

The 22-page document, which was prepared by Indonesia’s Blossom Finance, examined whether cryptocurrencies like Bitcoin was compliant with Shariah, an important part of Islamic tradition and practice.

The report concluded that cryptocurrencies can be considered Islamic money, assuming it is permitted locally.

Islamic finance operates differently from mainstream banking, and is derived from Shariah law. For example, collecting interest is forbidden, known as ‘riba,’ as well as applying unique rules for leasing, sharing profits, and more.

With the growth in cryptocurrency in recent years, the question has become more pressing, particularly for Muslim investors and cryptocurrency enthusiasts. There has even been a fatwa issued against Bitcoin from Egypt’s leading Islamic cleric, which had previously cast doubt on whether cryptocurrencies could be Shariah compliant.

However, according to the report from Blossom’s founder Matthew J. Martin, and their Shariah compliance officer Mufti Muhammad Abu Bakar, cryptocurrencies do in-fact fall on the right side of the law.

Martin said, “Contrary to popular myth, Shariah law is not a single set of rules; it’s is a scholarly field subject to differing interpretations and opinions on various matters…Several recent fatawah issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic. With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance.”

The report also recognises the superiority of national laws, and the differences this can make for Muslims and Islamic financial practitioners around the world. It suggested, for example, that because Bitcoin is legal tender in Germany, Muslims in Germany would be permitted under Shariah law.

Wherever cryptocurrency is recognised as ‘customary money,’ it can be deemed in compliance, according to their findings.

While the position is hotly debated between Islamic scholars, the report will be welcomed for bringing some clarification, and offering some justification for cryptocurrencies compliant with the Shariah law.

Their report goes a stage further, suggesting that rather than cryptocurrencies, it is conventional banking that is contrary to Shariah principles.

“Blockchains prove ownership of the asset—it proves you actually have the money you’re sending in a transaction. Conventional banking literally loans money into existence, and that is completely incompatible with the Shariah principles of money,” Martin said.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Skycoin proposes blockchain solution

Skycoin proposes blockchain solution, but does it understand the problem?

The difficulties with SegWit and scalability have been well documented, with the resulting transactional congestion now almost universally accepted as a problem that must be overcome. The latest protocol claiming to offer the solution comes in the form of Skycoin’s much-publicised Fiber platform. But do the claims actually stack up?

Their protocol claims to solve several issues with SegWit as it currently stands—namely scalability, and the centralization effect that comes from concentrated mining pools. Yet some are far from convinced that Skycoin holds the answer to these problems.

The blockchain works by enabling each token to serve as its own validated fork, which can then be customised to meet the needs of specific dApps. Their consensus protocol, known as ‘Obelisk,’ claims to reduce the costs and processing times for transactions on the protocol.

Despite the hype around this “sounds-too-good-to-be-true” coin, there remain serious concerns over its design and deployment. Some analysts are even less polite. TheNextWeb‘s Tristan Greene said Skycoin was ‘probably’ to ‘even more probably’ a scam.

“Skycoin, the sounds-too-good-to-be-true coin with so many problems its likelihood of being a scam is somewhere between ‘probably’ and ‘even more probably.’ On the one-hand, it meets all the requirements for a legit cryptocurrency. It’s got a nice website, a white paper that passes a novice glance, and a positive community presence (perhaps a little too positive, which is explained by this bounty program). Plus it’s been around since 2012 making it old AF in the crypto world,” Greene wrote. “But why does Altcoins.com list it as a scamcoin due to pre-mining? And, as blogger Ilya pointed out, its whitepapers don’t make sense.”

Greene’s comments are far from isolated, with commentators throughout the blockchain community raising serious questions over the project.

Aside from the pre-mining issue, and concerns over the so-called ‘mining’ hardware, which has caused confusion, given that Skycoin is already pre-mined, a number of other issues have been flagged throughout their white paper and documentation, suggesting either a lack of understanding, or a deliberate attempt to confuse.

For those still considering getting involved in Skycoin, there are too many unanswered questions around the protocol, and little sign that the Skycoin team actually understand the problems, let alone the possible solutions.

The issues they raise are already resolved in large part by Bitcoin Cash (BCH), the true model of Satoshi’s original vision for Bitcoin, and the only blockchain capable of reaching scale—no dodgy ‘mining’ equipment required.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Instead of ‘Cash,’ use Bucks, Beans and Bits for Bitcoin BCH

A co-founder of the Tokyo Bitcoin Cash Meetup event has come up with a new suggestion for referring to fractions of Bitcoin Cash (BCH), in place of the current designation ‘bits.’

Ken Shishido made the comments towards the end of a presentation delivered at the Satoshi’s Vision Conference to an audience of cryptocurrency enthusiasts in Japan. In the alternative, he proposed the term ‘cash’, to refer to a specific fraction of BCH.

Under Shishido’s proposals, ‘cash’ would be the term given to units of one millionth of a BCH, a term he also posits as equivalent to 100 Satoshi.

A BUIP request has now been submitted by Shishido, which spells out suggested change in terminology, and his reasons for suggesting the change. Shishido said: “Bitcoin Cash strives for the worldwide adoption, and unit denomination and calculation must be easy for the average users for daily transactions—and, it needs to be differentiated from Bitcoin Core (BTC) to avoid confusion.”

“The “cash” denomination has been discussed and proposed by many people before. Authors of this BUIP take no credit for inventing the term. As BCH grows in price versus fiat currencies, it’s important to give users the ability to quickly and accurately calculate prices for transactions, savings and other economic activities,” he noted.

While the idea has found some pockets of support, particularly from those who feel there is a need for a more consumer-friendly denomination, not everyone is sold on the term ‘cash’.

For one thing, ‘cash’ is an uncountable noun, and the terminology creates several grammatical difficulties in application. This is not an easy taxonomy to use or say, and there are some obvious better alternatives.

It feels more comfortable to say “200 bucks” than “200 cash,” and the meaning is not as confusing in “bucks” as in “cash.” A simple formulation of, say, ‘Bucks’ (1/100th of a Bitcoin), ‘Beans’ (1/100th of a buck), ‘Bits’ (1/100th of a bean) and Satoshis (1/100th of a bit) could provide a more user-friendly alternative.

As well as providing the desired distinction from Segwit-Coin BTC denominations, the bucks, beans, bits and Satoshis structure makes far more sense, both grammatically and practically, to provide users with the functional denominations they require.

While Shishido’s BUIP may be along the right lines, it’s fair to say there’s still significant room for improvement.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/instead-cash-use-bucks-beans-bits-bitcoin-bch/

Stop the FUD

Stop the FUD, there’s no child porn on blockchain

Blockchain and cryptocurrency enthusiasts might have been disturbed by recent reports claiming there is child pornography on the Bitcoin (BTC) blockchain, and suggesting that those downloading the blockchain could unwittingly fall foul of the law.

Far from a new story, the suggestion has been around for some time, along with other suggestions linking the blockchain to distribution of various other types of illicit material, including material concerned with terrorism.

The latest round of claims appeared to stem from a research paper from a group of academics at RWTH Aachen University, Germany, which suggested there could be risks for anyone downloading the blockchain, including consumers participating in cryptocurrency transactions:

“Blockchains…irrevocably record arbitrary data, ranging from short messages to pictures. This does not come without risk for users as each participant has to locally replicate the complete blockchain, particularly including potentially harmful content…Our analysis shows that certain content, e.g., illegal pornography, can render the mere possession of a blockchain illegal…our analysis reveals more than 1600 files on the blockchain, over 99% of which are texts or images. Among these files there is clearly objectionable content such as links to child pornography, which is distributed to all Bitcoin participants.”

The news might be understandably concerning for anyone currently involved, or hoping to get involved in blockchain. Yet it bears no relation to reality, and is just the latest example of fake news put out by those agitating against blockchain technology and cryptocurrency.

Aside from being false in its premise, the suggestion does not take account of the way information is stored within the blockchain. Blockchain commentator Nic Carter summed up the problems caused this lack of understanding.

Furthermore, there is a mens rea (guilty mind) component of child pornography offences, which would ultimately not be established in the event that a consumer downloaded offending data, and that the data was extractable. While most non-developers would struggle to extract any information from the blockchain in a meaningful way, even those who did would be unable to be held liable for any infringement. The issue is simply not relevant for consumer users of the blockchain.

Most likely the story, which has been around in various forms since 2013, comes as an intentional FUD attempt to undermine the technology from those opposed to its development.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/stop-fud-theres-no-child-porn-blockchain/