Connect with us

News

In Italy, legislation was adopted on the use of the blockchain and smart contracts

Published

on

In late January, the Senate Commission on Constitutional Affairs and Public Works of Italy approved an amendment to the Decree on Simplification, giving legal force to transactions involving electronic and distributed ledger (DLT), without resorting to the services of notaries or central certification bodies. And this directly relates to the regulation of the blockchain and smart contracts .

And yesterday, the House of Representatives of Italy approved this bill. According to the Cointelegraph, the decision was made by a noticeable majority of 508 votes: 275 voted for, 206 against, 27 abstained. The next step is to determine the technical criteria that smart contracts must meet in order to be legally binding.

This bill also establishes that digital records stored on the blockchain will be considered legal verification of documents at the time of registration.

Maria Laura Mantovani, a member of the Italian parliament from the party "Movimento 5 Stelle", said that one of the more advantageous uses of the blockchain is its use in online voting. However, noting that there are no projects for the implementation of such systems, and now the M5S party is looking for researchers who can prove the effectiveness of the technology for voting.

Publication date 09.02.2019
Share this material on social networks and leave your opinion in the comments below.


News

How do transactions occur in the Bitcoin network? The whole cycle from start to finish

Published

on

Bitcoin (BTC) and its complexity have become a concept that many cryptocurrency users have been trying to understand since its inception. In his latest video, the famous Bitcoin enthusiast Andreas Antonopoulos and the author of the book “Mastering Bitcoin,” spoke about the life cycle of a Bitcoin transaction with a wallet from start to finish.

Antonopoulos said that since the transaction was sent from the wallet for confirmation to the Bitcoin network , the wallet creates a transaction, accumulating BTC in the user's wallet and assigning addresses. Then the user's wallet transfers the transaction information to one of the many nodes to which it is connected, from where it can be sent to “1, 2 or even 8 other nodes”.

“Then the transaction is transferred to other nodes, which can be mining nodes, e-commerce payment gateways and other options. Each of these nodes will receive a transaction from yours, and each will verify each transaction. When nodes receive transactions, they do not know whether it was created by you or was redirected, and therefore each of these transactions must be checked individually. ”

Then Antonopoulos said that if all the nodes are checked, i.e. if the payment details are correct and it is confirmed that there were no double costs in the blockchain, then the transaction information will be sent to every other node.

“As soon as a transaction reaches the mining pool , it enters the pool of unconfirmed transactions, for example, a basket in which all unconfirmed data is stored. In another way it is called mempul. The information in individual memoplahs may coincide by 99%, but there will never be complete similarity. ”

According to the expert, the memory also serves to submit the transaction to the BTC miner to add a new block, after which the race is turned on for the next block. As a rule, miners have to build a block, and then solve it with the help of Proof-of-Work , making it ultimately confirmed.

Once the unit is ready, the information will be sent mayningovomu equipment to solve the problem in this particular block, and probably after the "billion hashes" miners will block.

“As soon as PoW is resolved, the mining node will return the node back in the same way as it received. The nodes check the block on the way back, and as soon as all the nodes confirm its validity, the user's wallet will know about the confirmation of the transaction. This is the full life cycle of a transaction. ”

Publication date 04/22/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading

News

At the upcoming bull rally, Bitcoin (BTC) capitalization will exceed $ 1 trillion

Published

on

Chris Berniske, who previously led cryptocurrency investments in ARK Invest and is now a partner in Placeholder, a $ 150 million asset management venture fund, said that Bitcoin's market capitalization will exceed $ 1 trillion. in the next bull market:

“Estimates of the top 10 cryptoactive assets at the end of each year give me the idea that only Bitcoin will reach $ 1 trillion. in the next bull market. ”

Recall that during the cryptocurrency boom at the end of 2017, when the price of Bitcoin reached $ 20,000, the market capitalization of the entire crypto market reached a maximum of $ 813 billion. If the capitalization of only one Bitcoin exceeds $ 1 trillion, it will trade at a rate above $ 40,000.

How can bitcoin reach a market capitalization of $ 1 trillion?

Like gold and other commodities, Bitcoin must become a recognized store of value with a developed infrastructure in order to cope with a huge influx of capital. In the near future, the development of this infrastructure may take several years.

In a Fortune interview last year for the New York Stock Exchange, Jeff Sprecher said that buying Bitcoin today is quite problematic for institutional investors.

“Bitcoin does not have a good market structure. Even for Bitcoin, different markets publish a lot of different prices. And you can pay up to 6% of the spread to exchange dollars for bitcoins, which means that bitcoin must grow by as much as 6% so that you can break even. ”

Many investors, including billionaire Mike Novograz, believe that those that lead Bitcoin to a trillion-dollar market capitalization are likely to be institutional investors. In an interview with Bloomberg, Novograz said:

“Maybe one of the fearless pension funds, one of the market leaders, will say:“ you know what? We have custodial services, Goldman Sachs participates, Bloomberg has an index by which I can track results. ” And they will buy. Following them, others will also start shopping. There will be a similar FOMO, which we have already seen among retail investors, only at the institutional level. ”

The imminent arrival of institutional investors to the cryptocurrency market was mentioned as early as 2017. According to a survey conducted by TRADE Crypto in partnership with BitGo, 94% of the 150 surveyed endowments in the US have already invested in the cryptocurrency market.

Morgan Creek Digital, the first US pension fund that invested in cryptocurrency, said that 66% of investments in cryystocurrency products of Grayscale come from institutional investors .

Publication date 04/22/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading

News

Bitcoin transaction fees (BTC) increased by more than 2 times.

Published

on

What does the increase in commissions in the Bitcoin (BTC) network mean, is it a precursor of market growth or a weak digital currency?

In April, the average commissions for conducting transactions in the Bitcoin network rose again – and this is after they have stayed at a level slightly above $ 0.5 over the past six full months. Currently, according to Bitcoincharts, they average from 1 to 2 dollars, that is, at least doubled.

Why do commissions grow?

Analysts recall that a significant increase in this indicator, up to $ 50, happened in December 2017, amid a growing market. Now the market is not growing as it was then, but Bitcoin could regularly turn out to be above the level of 5.2 thousand dollars. In the cryptocurrency sphere, optimism prevails in general.

In addition to the fact that Bitcoin sets records on the number of transactions in the network, the growth of average commissions means that an increasing number of users prefer to pay more in order to receive confirmation of the transaction quickly.

However, bitcoin is not in a market vacuum. As the supporters of the fork of the Bitcoin Bitcoin Cash network pay attention, “the commission for transactions on Bitcoin is almost 1.2 thousand times higher than on the Bitcoin cache”, which is confirmed by the latest data.

Meanwhile, in both cases, if we compare it with bank card commissions, transactions with cryptocurrencies are more attractive. So, as Joel Shacleton, vice president of Canadian Gold Investment Management, said: “Once at the Johannesburg airport, I needed US dollars, and I had a card on which Canadian dollars lay. As a result, in total, I paid commissions in the amount of $ 57 and still faced a spread at exchange rates of 3.5%. ”

Thus, even if the competition in cryptocurrency is high, in general they prove to be more effective than the classical instruments of financial transactions.

Publication date 21.04.2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading
Advertisement

Name Price24H (%)
Bitcoin (BTC)
$5,305.00
1.08%
Ethereum (ETH)
$171.27
2.02%
XRP (XRP)
$0.326198
2.08%
Bitcoin Cash (BCH)
$293.31
2.96%
EOS (EOS)
$5.21
1.34%
Stellar (XLM)
$0.113714
0.54%
Litecoin (LTC)
$77.20
2.82%
Cardano (ADA)
$0.075572
4.26%
Tether (USDT)
$1.00
-0.07%
Monero (XMR)
$69.84
3.17%
Advertisement

Trending

Copyright © 2018 blockchainjournal.news