Coinsilium Invests in Blockchain-Based Professional Network Indorse

Coinsilium Invests in Blockchain-Based Professional Network Indorse

Singaporean blockchain startups are continuing to attract more investors

to this emerging sector. On June 9, early-stage startup accelerator Coinsilium announced a SGD$100,000 ($72,500) investment in Singaporean blockchain-based Linkedin-like professional network Indorse.

According to the official press release, the deal was secured with the issuance of a convertible loan which granted Coinsilium an undisclosed number of the native tokens of the Indorse blockchain network. Essentially, the deal was settled in a way similar to how Initial Coin Offerings (ICOs) are conducted within the cryptocurrency market except in a private manner. In a publicly disclosed ICO, a certain number of native tokens of a blockchain network are up for sale within a limited timeframe. For instance, most recently, the Bancor Network deployed on top of the Ethereum network raised $150 million within a three-hour timeframe by issuing its unique native tokens to investors.

Instead of conducting a public ICO like most Ethereum-based blockchain projects and companies have done in the past few months, Indorse opted to carry out a private ICO-like deal with an early-stage accelerator to facilitate its growth and scale proportionally in the Singaporean market. Eddy Travia, the CEO of Coinsilium, revealed that Indorse will serve professionals as a monetizable platform. Users on the Indorse blockchain-based professional network will be able to earn reward tokens by sharing their skills and activities.

More to that, 21 Inc, which raised $116 million from an all-star team of early-stage investors, switched its main service or product from 21 Inc computer-based applications to a bitcoin-accepting inbox that allows users to receive an email response from other users in the network by paying a reward at a price set by the email respondent. The company released this service due to the lack of incentive provided by existing platforms such as Linkedin when responding to messages and invitations. Indorse can also include 21 Inc’s bitcoin-based inbox product by utilizing its native tokens and its blockchain network. If its blockchain focuses on flexibility rather than security like the Ethereum network, it will be able to introduce a wide range of applications and features for professionals.

“Indorse will also allow users to profit from sharing their skills and activities on the platform via reward tokens. This is a new and game-changing model in a multi-billion-dollar social media industry, and we are confident that Indorse has the requisite skills and talent to propel Indorse to become one of the world’s most popular decentralized social platforms,” said Travia. David Moskowitz, Co-Founder, and CEO of Indorse explained that the long-term vision of Indorse is to position itself at the forefront of tokenization and decentralization. It aims to target the Singaporean market in the beginning and gradually expand

globally:

“Indorse has the aim to revolutionize professional social networking using new models of tokenization and decentralization and we believe that Coinsilium’s expertise and deep knowledge in this space will be a strategic advantage to reach our goals."

On March 6, CB Insights released a report entitled “Global Ledger: Mapping Bitcoin & Blockchain Startups Around The World” which revealed that Singaporean blockchain market stands behind US and UK as the third largest blockchain industry in the world. If Singaporean blockchain and bitcoin startups such as Indorse continue to raise the interest of early-stage investors in both Asia and internationally, Singapore will continue to lead the Asian market as the continent’s blockchain hub.

The Few Ways To Fund Your Blockchain Project

The Few Ways To Fund Your
Blockchain Project

The success or failure of an entrepreneurial venture

is closely tied to how much liquidity the startup has. That is no different in the bitcoin economy. You can be developing the most innovative world-changing technology but if you run out of funding you will have to close shop no matter what. Fortunately, nowadays, there are several ways to fund your blockchain project that does not involve begging your bank for a loan.

Here, you will be introduced to these popular alternative ways to fund your blockchain venture that could make the difference between your project failing or succeeding.

Bootstrapping

The easiest and most hassle-free way to fund your startup venture is by bootstrapping it, if you and your team of developers are in the position to pool your own funds together to get the project off the ground. The benefits of funding your startup yourself is that you have no outside shareholders or private investors to answer to. Furthermore, by bootstrapping your project you are not diluting your share in the company, which may one day be worth a lot of money.

Venture Capital

One of the more traditional ways for startups to receive funding is to pitch their idea to venture capital funds that are looking to invest in promising startups. Access to venture capital funding for tech firms, especially fintech firms, has been relatively easy in the last few years. Not only because there has been in a boom in both tech and fintech, but also because investors are looking for higher returns than they can currently get in the stock and bond markets.

Venture capital funding from leading blockchain VCs such as the Digital Currency Group, Blockchain Capital, Union Square Ventures, and Ribbit Capital, would not only give your project a financial boost but would also give your startup a certain degree of industry approval. This, in turn, can help to secure further funding down the road. Having said that, having venture capitalists as investors also means that you will have to generate a profit sooner than later as investors want to see returns. Also, some VCs like to take a more hands-on approach with their investments, which could mean you as a founder may not be calling all the shots anymore.

Crowdfunding

If your own funds will not suffice to get the project off its feet, however, then you need to look at other options. One of these options is crowdfunding. Crowdfunding refers to the raising of capital from a number of private individuals who contribute small amounts to the project, usually through the use of an online crowdfunding platform. When it comes to crowdfunding, there are three main types: reward-based crowdfunding, donation-based crowdfunding, and equity-based crowdfunding.

Rewards-based crowdfunding as the name suggests rewards those who fund the project or startup with rewards. Rewards can come in the form of a handwritten thank you letter to a mention on the startups websites to early access to the startups upcoming product. One of the most popular rewards-based crowdfunding platforms is U.S.-based Kickstarter. Donation-based crowdfunding is usually found in the non-profit sector and is a way for individuals or NGOs to fund a charitable project that they are launching. In the for-profit space, donation-based crowdfunding is rather rare.

Equity-based crowdfunding rewards investors with a small share in the company that they are funding. Hence, instead of having to go public to raise money from private investors, startups can leverage online equity-based crowdfunding platforms such as Crowdfunder, CircleUp, and WeFunder. Interestingly, the crowdfunding platform WeFunder has started to accept bitcoin as a payment method for making contributions to crowdfunding campaigns, which makes it an interesting funding source for those looking to tap into the bitcoin community to raise capital.

Peer-to-Peer Loans

If you do not like the idea of giving away a share of your company to outside investors and are comfortable to take on debt to fund your project, you could apply for a peer-to-peer loan. Peer-to-peer loans are a form of debt financing that involves several individuals lending money to a startup or an SME via an online peer-to-peer lending platform.

To secure a peer-to-peer loan you have to apply to have your funding requirements listed on a peer-to-peer lending platform such as LendingClub and Prosper. Once your funding requirements and terms and condition are agreed upon by both the startup and the P2P lending platform, the loan is listed and individual investors can fund it. Once the loan is fully funded, the startup receives the funds and repays the money plus interest over the term of the loan in monthly installments. All payments are handled through the peer-to-peer lending platform. Peer-to-peer loans are an excellent form of financing for those who are struggling to receive a bank loan, which is the case for many bitcoin startups, and for those who prefer not to give away equity in their new company.

Initial Coin Offerings

Finally, probably the most popular method of funding a new blockchain project today is through an initial coin offering. Initial coin offerings, also known as token sales, crowd sales, and initial public coin offerings, are a new way of funding startup ventures through the sale of a digital token. These digital token, also known as cryptocurrencies or cryptoassets, then act as an indirect stake in the project and, therefore, indirectly tracks the performance of the startup. In that sense, ICOs are similar to stock IPOs with the key difference being that the investors do not hold actual equity in the company. Instead, a digital token that is indirectly linked to the project’s performance.

From the company’s point of view, ICOs are an excellent way to raise funds without actually having to give away equity in the company while not having to resort to debt financing.  While launching your own digital token may seem daunting to some, there are platforms such as TokenMarket that will handle the entire process for you for a fee. Thereby, making fundraising via an ICO accessible to anyone looking to launch a new blockchain project.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Stockholm will Host the First Large Conference on Cryptocurrency and Blockchain

Stockholm will Host the First Large Conference on
Cryptocurrency and Blockchain

On September 7, for the first time,

the Swedish capital will host a large conference dedicated to blockchain technology and cryptocurrency.
The event is a part of Blockchain & Bitcoin Conference, which is the first and the largest network of crypto conferences in Europe. Organizer is Smile-Expo that holds similar events in the Czech Republic, Estonia, Russia and Ukraine. Key topics include implementation of blockchain technology in business, legal regulation of cryptocurrencies (practices of various jurisdictions), increase of living standards using new technologies, development of smart contracts in the decentralized economy.

Special attention will be paid to the blockchain development in FinTech. Participants will analyze already existing blockchain-based projects in the banking sector; there will be a lot of analytics and discussions. In autumn 2016, the Central Bank of the country announced its plans for the development of a national crypto currency. These plans may be implemented in two years. The Swedes use traditional money more rarely; since 2009 the amount of coins and cash in Sweden was reduced by 40 percent.

Blockchain development in the country is supported by the government; in 2016, there was an experiment on transferring records on land ownership right in the digital format. The project involved the blockchain-based technology of smart contracts. In addition, Nasdaq Stockholm exchange issued the first bitcoin-based security. The Bitcoin Tracker One asset received a certificate of the governmental financial regulator and was accepted for trading. In June, the Swedish project on blockchain implementation in energy sector was launched. A department of government corporation Vattenfall together with 20 European companies started the development of a blockchain platform for electricity trading.

These and other blockchain projects will be discussed by the participants of Blockchain & Bitcoin Conference. According to the organizers, participation in the conference is already confirmed by Eric Benz, the Managing Director at the Bitcoin debit cards issuing company Cryptopay, Frank Schuil, CEO at Safello bitcoin exchanges and Karolina Marzantowich, the Leading Developer of Polish branch of IBM. Together with the conference, there will be an exhibition of crypto hardware, software and services for the industry.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Bitcoin-Ethereum Flippening Fervor “Makes No Sense,” Claims Vinny Lingham

Bitcoin-Ethereum Flippening Fervor “Makes No Sense,” Claims Vinny Lingham

    

Both bitcoin and ether prices fell today,

putting off what many traders consider inevitable—the “Flippening.” The Flippening, of course, refers to the potential future date when Bitcoin could lose its status as the largest cryptocurrency by market cap. Many coins have tried to usurp Bitcoin through technical innovations, corporate partnerships, and marketing strategies, but Bitcoin has continued to reign supreme.

Only recently has the Flippening become a real possibility. As the ether price has surged to a high of more than $400, Ethereum has become the first cryptocurrency to get within striking distance of Bitcoin’s market cap. Many crypto-pundits have begun to ponder what will happen if the Flippening does occur. Will it be the beginning of the end for Bitcoin? Will the Ethereum platform finally take the blockchain mainstream?

The Flippening “Makes No Sense”

Others, such as Gyft co-founder and Civic CEO Vinny Lingham, believe those questions are meaningless and irrational.

As he stated on Twitter:

Bitcoin is better money, deflationary & scarce. Ether is not really money, inflationary & abundant. The flippening makes no sense[.]

What Lingham’s tweet alludes to is that, strictly speaking, Bitcoin and Ethereum are not competitors. Bitcoin is designed to function as a currency (which is why Bitcoin nodes validate addresses), while ether is meant to serve as fuel for Ethereum’s decentralized smart contracts platform; this is why the developers of Ethereum refer to ether as a “token” and advise it is not intended to be used as a currency. However, that warning has not stopped people from treating ether like a currency.

Lingham notes bitcoin derives its value from its scarce and deflationary nature. Ether, in contrast, is inflationary. Ether issuance is capped at 18 million per year (the move to Casper should decrease that number further), so the rate of inflation will decrease every year, but the token will remain inflationary to some degree. Ether’s inflationary nature has proved unpopular with some Bitcoin proponents, many of whom were first attracted to cryptocurrency because of Bitcoin’s “digital gold” nickname. Flippening numbers on Thursday.Additionally, as Lingham points out, there are already far more ether in circulation than bitcoins (~92.5 million ETH to ~16.4 million BTC).

What is Money?

Lingham’s tweet triggered a litany of replies (more than 130 at the time of writing). Lightning co-founder Elizabeth Stark ascribed the Flippening to short-term ether speculation. She stated that “Users and real use cases are what will matter,” not short-term market cap rankings.

Before long, the thread had devolved into arguments about the fundamental nature of money. BitPoint CEO Aaron Foster, for instance, argued that Ethereum will surpass Bitcoin’s market cap and that to deny that ether is money is “stupid,” even though Ethereum nodes do not validate addresses. “What is money?,” he asked. Olivier Janssens rejected the assertion that Ethereum cannot serve as a store of value.  Others compared ether to the U.S dollar (both favorably and unfavorably) and pushed back against Lingham’s assertion that deflation is a positive attribute for a currency to have. In any case, the Flippening frenzy should serve has a reminder that no matter how technologically-advanced humanity becomes, it will likely never reach consensus on one of the society’s most fundamental questions: “What is money?”

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

It’s a Cryptocurrency Bloodbath

It’s a Cryptocurrency Bloodbath

 

    

The market correction that a number of analysts have predicted

has hit, with leading cryptocurrencies losing in double digits in the last 24 hours. Market leaders bitcoin and Ethereum were not among the biggest losers, dropping 12.81% and 16.04% in the last 24 hours, respectively, but their market cap losses were in the billions, falling to $37.4 billion and $28.9 billion, respectively.

Ripple, a distant number three in market capitalization at just under $10 billion, lost over 12%. NEM, number four, lost over 17%, while Ethereum Classic, number five, lost 13.77%. Litecoin, number 6, suffered the least among thbillion-dollarar players, losing just over%. Eighth placed IOTA was the biggest loser among the cryptocurrencies with more than $1 billion in market capitalization, falling 36.5% when its price fell to $0.38.

Survivors A Few

All top 100 cryptocurrencies tumbled in the last 24 hours, according to marketcap.com, except for four: Quantum Resistant Ledger, the number 41 cryptocurrency with $81.4 million market capitalization, jumped 19.43%; LBRY Credits, number 57, posted an 18.24% gain; Xarum, number 62, gained 10,4%, and ZCoin, number 69, gained 9.58%. The correction that began Monday continued after a breather yesterday, as bitcoin failed to launch a new rally towards all-time highs and rolled over after the bounce. Correlations are high once again, as is usual for a correction, and it’s likely that bitcoin and Ethereum will dictate the trend of the coming days, with small cap coins following the majors lower.

Further Losses Expected

Bitcoin continues to trade near its lows from Monday, and it will likely head for a test of the $2375 level, as it clears its overbought momentum readings. The rising long-term trendline is found near $2200, providing further strong support. The long-term picture remains bullish, but there is room for further correction after the strong rally since the end of March.

A 30%-50% correction, that has been the normal for bitcoin in the past, is a huge psychological burden that makes a panic sale likely, usually just before the bottom. Because of this, buyers are advised to wait for the correction and oversold readings, even for those planning to buy it at a higher price later on. Analyst Nicola Duke of Forex Analytix predicted hefty price corrections for both bitcoin and Ethereum in late May. Duke said bitcoin could experience a 46.5% price correction at $2,800 after witnessing a record $2,791.70 high in late May. After reaching $2,800, Duke predicted it would fall and reach as low as $1,470, marking a 46.5% drop from the late May price.

Duke expects the correction to be temporary, with the price recovering, and continue its upward movement through 2018. An analysis called the Fibonacci retracement examines the peaks through different periods of up and down movements to determine future asset prices. In “wave two,” in the fall of 2013, bitcoin bottomed out in January 2015 before rebounding for several months and then declining again. It rebounded again in January of 2015. Duke said bitcoin is now in a third wave.

Recovery Expected

Duke expects the fourth wave will see bitcoin stay at 61.8% of the time the second wave lasted. This means the rally following the correction will begin in January. Short-term traders are advised to wait until the correction runs its course and the short-term trend turns higher again, while long-term investors should prepare to add to their holdings heading towards the targets of the move, and buying opportunities emerge. This holds true for long-term investors who plan on holding on to the coins and adding to their core holdings on the dips. Short-term traders should still wait for the short-term trend to turn higher before buying.

Chuck Reynolds

Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

 

India Hits 10 Percent Of Global Monthly Bitcoin/Dollar Trades

India Hits 10 Percent Of Global Monthly Bitcoin/Dollar Trades

    

India contributed more than 10 percent of last month’s USD/BTC trade volumes

according to data from ARK’s Blockchain Products Lead Chris Burniske. Reproducing a graph of major trade markets via Twitter on Thursday, Burniske highlighted India’s growing role in the exchange market, which accounted for over 10 percent of the total for the month to June 15.

Burniske added he was “curious” what this would mean for Bitcoin going forward. India’s story of consumer trading activity is one of constant growth. Despite mixed signals given out by the country’s central bank and government figures, increasing uncertainty surrounding the rupee has given Bitcoin a firm foothold among Indian investors seeking a safe haven.

Marketplace data from Coin Dance shows a broad upward trend week on week, a recent surge linked to Bitcoin’s brief downturn at the end of May, which saw prices dip below $2,000. Individual Indian Bitcoin exchanges preempted the positive figures, Zebpay reporting milestone downloads of its app, helping it reach number seven on Apple’s App Store in the local financial category. India’s banking industry, meanwhile, is also waking up to the benefits of Blockchain technology, having successfully piloted a joint scheme known as “Bankchain” last month.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

COs “High On Radar” Of US SEC – Regulator Source

COs “High On Radar” Of US SEC – Regulator Source

    

As markets wait for the US Securities and Exchange Commission

(SEC) to address ICOs, a source has confirmed that ICOs remain “high on their radar.” Quoted by Reuters on Wednesday, a regulator who asked to remain anonymous confirmed the Commission was eyeing the wildly popular fundraising instrument. “I know that this is something that’s high on their radar,” the source confirmed.

The speed and unprecedented success of ICO campaigns have brought both joy and sorrow to cryptocurrency and Blockchain investors. Such are the sums involved in the now $90 bln market that many began fearing early on that it would not be long before regulators became involved. “It's like painting a target on yourself. Because, what does an organization like the SEC regulate? They regulate IPOs,” Coin Center’s Peter Van Valkenburgh told a recent conference panel.

In a guidance Van Valkenburgh published with Coin Center in May, he had noted US authorities should give more concrete statements regarding the legal status of ICOs. “FinCEN should clarify that certain token sales are not currently subject to regulation under the BSA,” he wrote. “Should there be a desire to regulate these activities, FinCEN must engage in a formal rulemaking.” Recent examples of ICOs notably include Bancor, which needed less than four hours to raise $153 mln in its sale on June 12.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

Microsoft’s Buchner: Bitmain “Has Zero Clue” About Decentralization

Microsoft’s Buchner:
Bitmain “Has Zero Clue” About Decentralization

    

Microsoft’s Head of Decentralized Identity

Daniel Buchner has said Bitmain “has (zero) clue what decentralization means” in the Bitcoin ecosystem.

In a series of eight tweets highlighting a section of the pro-Bitcoin Unlimited miner’s blog post on a Bitcoin hard fork, Buchner said the material “reveals” its lack of understanding of the core principle. “Dissecting the section of Bitmain's latest post where they reveal they have 0 clue what decentralization means within this ecosystem,” he wrote. Subsequent comments explained Buchner’s criticisms in more detail. Bitmain’s claim that the large number of people “using Bitcoin as a saving currency and payment network” has nothing to do with decentralization, he says, using an analogy with fiat currency, credit card networks and PayPal.

“…Hundreds of thousands of people, apps, and services use PayPal – this doesn't mean PayPal is a decentralized payment network,” he wrote. The Microsoft figure is known for his UASF support and has previously come out against the plans for Bitcoin put forward by Bitcoin Unlimited advocates. A raft of commentators has risen to defend UASF following Bitmain’s post, with businesses such as Bitsquare especially active in decrying the detrimental effect on the network.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

Coinbase Freezes $40k Ross Ulbricht Funds As Rumors Fly

Coinbase Freezes $40k Ross Ulbricht Funds As Rumors Fly

    

Coinbase has disabled a wallet used by the action group

working to free imprisoned Silk Road creator, Ross Ulbricht. Reports from members of the Free Ross campaign and other community sources allege that a wallet used to ‘pay lawyers’ was frozen after receiving a payment of 16.5 BTC ($40,200) on Thursday. After the event was reported, community members were quick to offer assistance, with Abra’s John Light appearing to collude with Free Ross in order to resolve the situation. The block marks the latest headache involving Coinbase and the law: the exchange and wallet provider’s battle with the U.S Internal Revenue Service (IRS) is still ongoing.

Suggestions of foul play soon surfaced in the press and from veteran Bitcoiner Brian Hoffmann, which centered around the fact Coinbase had only recently appointed a federal prosecutor, Kathryn Haun, to its board of directors. Haun was involved in unveiling corrupt secret service agents’ involvement with Bitcoin, but had no direct involvement with Ulbricht’s sentencing, leading respondents to call Hoffmann’s allusion ‘extremely misleading.’ Coinbase meanwhile is facing trouble on several fronts, with its user base already alienated following widespread outages in recent weeks. The impact on traders included funds missing and slow transactions, leaving many unable to take advantage of market price swings. Free Ross subsequently confirmed the receival of a further donation totalling 4 BTC ($9750).

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

First Look: Bitcoin Scaling Proposal Segwit2x Gets Alpha Release

    

The working group behind the Segwit2x bitcoin scaling proposal

has announced that the first version of its code is now ready for review and testing. As such, the release provides the market with a first look at the technology underlying one of the most broadly supported bids to enhance the network. Announced in May as an "agreement" that united miners and startups, Segwit2x is an alternative technology roadmap to one proposed by Bitcoin Core, the network's open-source developer group.

It has since emerged as a frequent subject of praise, criticism and discussion. However, in what could be a promising sign, Segwit2x could become a moderate option that helps to avoid a contentious network split, and it looks like it could end up being somewhat compatible with an alternative proposal, the user-activated soft fork (UASF) BIP 148, which, as coded, will activate on 1st August.

The news is notable because earlier this week any compatibility between the two proposals seemed less likely – a discordance that raised fears of a split of the blockchain into two competing assets. The development became apparent on Wednesday, when bitcoin developer James Hilliard submitted a change request, along with a code change that would reduce the time it takes for mining pools to lock in the update.

On GitHub, Hilliard said:

"This should reduce the chance of a conflict with BIP 148."

By reducing that time, mining pools will have one (or maybe two) three-day periods in which they can lock-in a controversial code change called Segregated Witness (SegWit) by signaling support using the SegWit2x software before the UASF occurs on August 1st. Though, it's unclear if mining pools will decide to do so. The request was well-received, being met with several 'ACKs' – developer shorthand for 'agreed', and a sign of approval.

Firmer timelines

The alpha release of SegWit2x includes a working version of the software, which combines two changes, the scaling optimization SegWit and an increased 2MB block-size parameter. The increase to 2MB is now scheduled for three months after SegWit activates, according to an email from BitGo CEO Mike Belshe. Prior to this, it's been less clear (even to some SegWit2x participants) when the 2MB hard fork would take place. "Segwit2x development has been moving quickly according to plan, and the project is in good shape," Belshe said, in the message to the working group.

The 2MB block size has long been a point of contention, partially because it could lead to a blockchain split if not everyone agrees to upgrade to the new blockchain code. Further, some in the industry have already suggested they don't plan to. However, SegWit2x has won the support of most major bitcoin companies and mining firms, in total representing over 80% of bitcoin's hash rate. (Though it remains unclear how reliable this support will be owing partly to fatigue around the issue). With the alpha version out, the wider community now gets to review and test the software. The release also includes a new bitcoin testnet that developers can use to put the software through its paces and identify any bugs.

Testing phase

Developers can trial the software using the new test network, called testnet5, for the next two weeks. "We are planning to conduct rounds of testing against the new testnet5 including everyone from the working group who would like to participate," BitPay senior developer Justin Langston said in another email to the working group. The plan for these rounds is to simulate the code's deployment lifecycle, from signaling support for SegWit to activating the 2MB block-size parameter. These rounds of testing and review are aimed to help avoid any future network problems, such as, in a worst-case scenario, the loss of users' bitcoin.

In the email, Langston wrote:

"My perspective is limited. We need your feedback on what tests would be essential for your company to adequately assess applicable risks and be prepared to deploy on livenet, signaling accordingly, when the time comes."

Security loose ends?

Feedback on SegWit2x's  plan has already been rolling in. One working group participant argued there is potential for 'replay attacks' in the event of a hard fork. Replay attacks, in the event of a split leaving the community with two bitcoin tokens, could allow users to accidentally spend their bitcoin on both networks. This confusion happened last summer when ethereum split into two coins, leading some companies to lose money. The participant argued that protection from this confusing and potentially dangerous issue is needed within Segwit2x's code.

Some Bitcoin Core developers have also criticized Segwit2x's development timeline as being too short, because it often takes a significant amount of time to catch all errors associated with bitcoin code changes. SegWit itself was tested for over a year before it was launched. So far, though, SegWit2x developers haven't skipped a beat, saying the project will continue to move forward along the original timeline, with the beta release scheduled for 30th June. On 21st July, users will be able to run and signal the fully vetted software, according to the group.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about
-Bitcoin.

when your network needs the tools