Your personal assistant in cryptocurrencies powered by IBM Watson takes the plunge!

The French startup Daneel is launching its first Artificial Intelligence of the same name and dedicated to helping investors and newcomers in the cryptocurrency market by providing them with advanced market data analysis. The Smart Assistant is available on the AppStore and Google Playstore. Today marks a turning point for the French startup, Daneel, with […]
Source: bitcoinwarrior
Your personal assistant in cryptocurrencies powered by IBM Watson takes the plunge!

Long-Time Investor: IOTA is Centralized, Single Point of Failure Exists

An early-age IOTA investor has claimed that the project is centralized and is exposed to a single point of failure.

Limo, who runs an IOTA-specific blog called TangleBlog.com, identified issues related to how IOTA’s data structure operates. The project uses Tangle, a Directed Acyclic Graph, known as a DAG, whose primary purpose is to hold transactions. Unlike a Proof of Work (PoW) blockchain, which enables an entire network to confirm blocks carrying transactions, IOTA’s Tangle does the same via appointing two previous transactions to establish the new transaction. Here is a brief illustration:

SOURCE: IOTA FOUNDATION

In the chart above, transaction number 5 approves transaction number 2 and 3. At the same time, transaction number 6 is unconfirmed and is called a tip. Each incoming transaction will choose tips to approve.

The relatively simple and unique process, however, could lead one serious security lapse. Hypothetically, if an attacker amasses 33% of the hashpower of the IOTA network, he can very well change the underlying algorithm followed by the Tangle nodes. It is possible because hashing happens as instantly as new transactions join the tree. They also get confirmed immediately using a regular laptop.

IOTA has proposed to solve the security issue with Milestones. They are particular transactions issued by a unique node called Coordinator. It is centrally controlled by the IOTA Foundation, which means the responsibility to protect the network solely belongs to the person or organization that has control over the coordinator node.

Limo, in his public outcry, discussed the same problem.

“A consensus was never centralized, but there was and is a single practical point of failure because the coordinator(COO) is a mechanism that, under these conditions, can actively stop the confirmation-rate on the tangle,” he wrote. “Part of that is that no one ever developed a random walk implementation that could circumvent the COO, although they could have.”

Related Reading: Bosch Boosts IOTA with New Device Connectivity for IoT Data Collection

A Solution on the Way

Limo claimed that he spoke to two members of the IOTA Foundation, confirming a solution was on its way to improve the platform’s decentralization aspects.

“The IOTA foundation has solutions for the coordicide,” he wrote. “They are neither approved nor tested, but they are promising concepts that can withstand the first and second logical hurdle.”

Limo explained the foundation is close to launching a much more economical version of their IOTA Reference Implementation. They would carry out the coordicide soon after the launch – tentatively by mid-2019.

“To that day, IOTA will have accomplished its mission. The largest, most uncertain milestone: COO-less decentralization will be reached,” adeed Limo.

The mettle of achieving a true, full-fledged decentralization would likely boost IOTA’s adoption across the entire digital ledger space. It has already attracted partners from all around the world, with its Tangle-concept getting adopted by big companies like Fujitsu, VW, Bosch, and DXC Dach.

Until then, as Limo predicted, the project will continue to function under a centrally controlled environment.

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Source: newsbtc
Long-Time Investor: IOTA is Centralized, Single Point of Failure Exists

Markets Update: Falling Cryptocurrencies Wipe Out Last Week’s Gains

Markets Update: Cryptocurrency Prices Drop Again Losing Last Week's Gains

Cryptocurrency markets have seen losses over the last 24 hours and since our last markets update five days ago. Since then, most of the top cryptocurrencies have been moving sideways in a tight consolidated pattern. At the moment, the market capitalization of the entire digital asset economy is valued at roughly $125 billion and markets are seeing around $13.4 billion in global trade volume.

Also read: New Software Copernicus Has Mined Its First Bitcoin Cash Block 

Cryptocurrency Markets Drop in Value Once Again

It’s another day of trading within the digital asset economy as traders patiently wait for cryptocurrencies to make the next big market move. Prices are lower today after bulls attempted to move higher a couple of times over the weekend. This Monday, Dec. 3, the top 10 digital currency markets are down 3-11% over the last 24 hours. Bitcoin core (BTC) markets are down 6.5% today but are still up 0.87% over the last seven days.

Markets Update: Falling Cryptocurrencies Wipe Out Last Week's Gains

At the time of publication, one BTC is being swapped for $3,889 and the currency’s overall market valuation is just above $67 billion. Ripple (XRP) still commands the second position among the top digital assets and one XRP is trading for $0.35. The third largest capitalization, held by ethereum (ETH), is down 7.3% today. Ethereum has an average price of $108 per coin and an overall market valuation of $11.2 billion. Stellar (XLM) has managed to capture the fourth spot from bitcoin cash (BCH) but is down 6.7% over the last 24 hours. One XLM is being swapped for $0.15 per coin and the market is still up over 2% for the entire week.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down 7.2% over the last day and have lost over 15% this week as well. One BCH is trading for roughly $155-165 per coin and is down to its lowest value in over a year. At the moment, BCH markets have a capitalization of around $2.8 billion and global trades this Monday are capturing $67 million.

Markets Update: Falling Cryptocurrencies Wipe Out Last Week's Gains

BCH trade volume is significantly lower than usual because it was roughly $120 million five days ago. This has put BCH in the 15th position, when it once commanded fifth position in 24-hour trade volume for weeks on end. Ethereum is dominating BCH trades this Monday by 63% out of all bitcoin cash swaps worldwide. This metric is followed by trading pairs like BTC (24%), USDT (8.9%), JPY (1.7%), and the KRW (1%).

Markets Update: Falling Cryptocurrencies Wipe Out Last Week's Gains

BCH/USD Technical Indicators

Looking at the BCH/USD charts shows bulls have a ton of work to do in order for the price to gain some more upward momentum. Technical indicators still point toward the downside, looking at the four-hour interval during this afternoon’s trading sessions. The two common Simple Moving Averages (SMA) have a much wider gap now, with the long-term 200 SMA well above the short-term 100. This indicates the path toward the least resistance is still down rather than up and markets have been showing this data play out in real-time.

Markets Update: Falling Cryptocurrencies Wipe Out Last Week's Gains

The Relative Strength Index (RSI) oscillator also shows BCH markets are still oversold but it is not as extreme as RSI levels two weeks ago. Looking at order books shows bulls have to press past the current vantage point and other sell walls all the way up to $225. If buyers can manage to get the price that high, then there seems to be some smoother seas after that. However, things are looking bearish, and if the bears continue to claw prices down, they will be stopped by buyers temporarily between now and $130.

The Verdict: An Elusive Search for Benchmark Prices

Plenty of traders thought the last spike was merely a ‘dead cat bounce’ and prices have plunged significantly over the last six hours. More optimistic individuals continue to believe cryptocurrency prices will rebound by the year’s end. With the price of bitcoin core (BTC) below the $4K mark, many digital asset enthusiasts are wondering when the market bottom will appear. The founder of the cryptocurrency data web portal Cryptocompare, Charles Hayter, thinks a price indicator will arise from the current storm.   

“Bitcoin has been correlated to its hashrate and with it now falling, so is the price,� explained Hayter last Tuesday. “The idea is that the hash rate gives some idea of what underlying opex and capital costs people are willing to utilize to generate bitcoin and give it a benchmark price.�

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.�


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: Falling Cryptocurrencies Wipe Out Last Week’s Gains appeared first on Bitcoin News.


Source: bitcoin.com
Markets Update: Falling Cryptocurrencies Wipe Out Last Week’s Gains

Wyoming Passes Bill to Secure Banking Relations for Blockchain Companies

wyoming blockchain banking bill

The state of Wyoming has passed a blockchain bill that allows banks to provide banking services to blockchain companies in the state. According to the legislative document, the new bill would create a new banking category called the Special Purpose Depository Bank, a group of financial institutions in the state that provide banking services to blockchain-based businesses.

The bill was passed unanimously by the state’s legislative committee 13-1, and it seeks to remedy the banking problems faced by blockchain businesses in the state.

“The rapid innovation of blockchain technology, including the growing use of virtual currency and digital assets, has resulted in many blockchain innovators being unable to access secure and reliable banking services, hampering the development of blockchain services and products in the marketplace,” the document states.

Traditional banks have not been friendly to blockchain companies in the “Equality State,” depriving them of secure and reliable banking services to the sector due to the strict banking regulations governing the state.

“Authorizing special purpose depository banks to be chartered in Wyoming will provide a necessary and valuable service to blockchain innovators, emphasize Wyoming’s partnership with the technology and financial industry and safely grow this state’s developing financial sector,” the document reads.

The banks under this category are expected to maintain equal reserves with the value of the deposits stored, which is above the fractional reserves kept by traditional banks, for money laundering and fraud prevention.

“At all times, a special purpose depository bank shall maintain liquid assets valued at not less than one hundred percent (100%) of its depository liabilities,” the document states.

This stipulation comes at a price, though. Namely, deposits kept with the Special Purpose Depository Banks won’t be insured by the U.S. Federal Deposit Insurance Corporation (FDIC).

The news was promptly shared on Twitter by Caitlin Long, co-founder of the Wyoming Blockchain Coalition, a group known for championing the adoption of blockchain technology in the state. Long noted in the tweet that the bills were passed despite “heavy opposition” from the banks.

https://platform.twitter.com/widgets.js

Known as one of the pro-blockchain states in the U.S., Wyoming had made history earlier in March 2018 when it passed five blockchain-friendly bills into law. Amongst which is House Bill (HB) 19 which exempts digital asset companies from dreaded money transmitter laws and regulations, and HB 70 which excludes cryptocurrencies from taxes in the state.

This article originally appeared on Bitcoin Magazine.


Source: bitcoinmagazine
Wyoming Passes Bill to Secure Banking Relations for Blockchain Companies