When asked about Bitcoin in a Bloomberg News interview yesterday, Richard Branson responded by saying, “Bitcoin is working.” Branson is accepting bitcoin as a method of payment for Virgin Galactic’s commercial spaceflights. The Winklevoss twins took Branson up on the offer in May, by paying for their $250,000 space tickets in bitcoin. Branson discussed bitcoin’s volatility, but did mention, “There is a big industry around Bitcoin.”
|18th Sep 2014✧08:36
|17th Sep 2014✧17:47
Last Month, Amagi Metals announced it would stop accepting the US dollar as a payment method by 2017 dealing strictly with bitcoin instead. CEO Stephen Macaskill stood by his firm’s decision, and believes bitcoin is “going to replace the dollar in my lifetime.” Macaskill believes the dollars days are numbered, and that bitcoin will carry our economic system, along with his company, in the future.
Paypal, the world’s second biggest payment system, will support bitcoin on its Braintree payments platform. Now instead of associating bitcoin with Silk Road, the average user may know bitcoin as another payment option for one’s Uber ride or Airbnb trip. The Braintree acceptance of bitcoin will hopefully take bitcoin out of the shadow, and develop help itself as an accepted online-payment system.
"The amount of potential unlocked by the industrial revolution is dwarfed in information terms by what you can do with computers,” said Ari Geshner, a senior software engineer at Palantir, a much-discussed data analysis startup whose customers include US intelligence and defense agencies. “Digital literacy is about learning to use the most powerful tools we’ve ever built."
The Bank of England (BOE) believes bitcoin poses no threat to the financial system, but that it one day could affect financial products, stocks, and even physical assets such as gold. The researchers for the BOE highlighted the potential usefulness of the “decentralized ledger,” also known as the blockchain, admitting that it could one day update the existing financial system’s infrastructure. The BOE estimated that 300 bitcoin transactions occur daily in the UK with about 20,000 people in the UK holding bitcoins at the moment.
|16th Sep 2014✧13:18|
|16th Sep 2014✧11:2346 notes|
I’m really proud to be able to say that we’re going to work with Samsung to have a prototype physical network based on this technology — ready (we hope) in time for CES in January.”
IBM, one of the top five technology companies in the world, and Samsung, literally the largest technology company in the world, are working on a block chain product in time for CES this January.
"Tagging something to an existing block chain is relatively easy to do from a technical standpoint," says Anders Brownworth, a bitcoin technologist and founder of the Cambridge Bitcoin group. So even if IBM chose to create its own block chain for the Adept proof of concept, it could always opt to "attach" that chain to bitcoin’s at intermittent points in the future. According to Brownworth, "Inserting a SHA of the Adept block chain into the bitcoin block chain would be a stronger guarantee that you have the correct Adept chain, and that what you see in the Adept block chain is very likely accurate."
The question then is whether Adept could be built a) on top of the Bitcoin protocol, much like Mastercoin or Counterparty; b) as a separate framework, much like NXT or Ethereum; or c) as a “side chain” which could have a two-way relationship with the block chain.
Chain co-founder Adam Ludwin explains, “Side chains remain a conceptual, unproven technology today, as there aren’t yet in any production that you can point to. This requires some changes to the core bitcoin protocol.” That leads Ludwin to believe that IBM could ultimately choose to go their own way, innovating “at the protocol level to release a new distributed consensus algorithm” rather than relying on a true block chain per se.
However, both Ludwin and Brownworth agreed that if IBM were to build a true block chain infrastructure, the company’s best bet would be to leverage Bitcoin. Brownworth speculates that Bitcoin’s block chain has a higher chance of survival in the long-term than IBM’s own fully maintained block chain given the infrastructure investments that both networks would require. Big Blue could, at any point now or in the future, rely on the longest publicly running block chain in history - bitcoin’s.
As Brownworth asks, “Why reinvent the wheel?”
|13th Sep 2014✧18:00|
|11th Sep 2014✧23:182 notes
|11th Sep 2014✧15:41|
|9th Sep 2014✧22:411 note