The concept of cryptocurrencies is built from forgotten ideas in research literature.
—------------------------------------—
Nakamoto's genius, then, wasn't any of the individual components of bitcoin, but rather the intricate way in which they fit together to breathe life into the system. The timestamping and Byzantine agreement researchers didn't hit upon the idea of incentivizing nodes to be honest, nor, until 2005, of using proof of work to do away with identities. Conversely, the authors of hashcash, b-money, and bit gold didn't incorporate the idea of a consensus algorithm to prevent double spending. In bitcoin, a secure ledger is necessary to prevent double spending and thus ensure that the currency has value. A valuable currency is necessary to reward miners. In turn, strength of mining power is necessary to secure the ledger. Without it, an adversary could amass more than 50 percent of the global mining power and thereby be able to generate blocks faster than the rest of the network, double-spend transactions, and effectively rewrite history, overrunning the system. Thus, bitcoin is bootstrapped, with a circular dependence among these three components. Nakamoto's challenge was not just the design, but also convincing the initial community of users and miners to take a leap together into the unknown—back when a pizza cost 10,000 bitcoins and the network's mining power was less than a trillionth of what it is today.
—------------------------------—
Full article here
http://queue.acm.org/detail.cfm?id=3136559
—------------------------------------—
Nakamoto's genius, then, wasn't any of the individual components of bitcoin, but rather the intricate way in which they fit together to breathe life into the system. The timestamping and Byzantine agreement researchers didn't hit upon the idea of incentivizing nodes to be honest, nor, until 2005, of using proof of work to do away with identities. Conversely, the authors of hashcash, b-money, and bit gold didn't incorporate the idea of a consensus algorithm to prevent double spending. In bitcoin, a secure ledger is necessary to prevent double spending and thus ensure that the currency has value. A valuable currency is necessary to reward miners. In turn, strength of mining power is necessary to secure the ledger. Without it, an adversary could amass more than 50 percent of the global mining power and thereby be able to generate blocks faster than the rest of the network, double-spend transactions, and effectively rewrite history, overrunning the system. Thus, bitcoin is bootstrapped, with a circular dependence among these three components. Nakamoto's challenge was not just the design, but also convincing the initial community of users and miners to take a leap together into the unknown—back when a pizza cost 10,000 bitcoins and the network's mining power was less than a trillionth of what it is today.
—------------------------------—
Full article here
http://queue.acm.org/detail.cfm?id=3136559
queue.acm.org
Bitcoin’s Academic Pedigree - ACM Queue
We
Forwarded from Crypto Alerts
Translation of the documents at https://twitter.com/btcdrak/status/908998917995552776
—----BEGINS---—
In order to block all the BTC exchange out of China before Sep. 30th, the expert in Network Bureau, Network Safety Bureau would use the following technical ways to:
1. In the main route exit, block the access to main BTC exchange abroad from mainland China, including Coinbase, Bitfinex, Localbitcoin. The ways to block includes web access, app access, and API access. (See appendix 1 main BTC exchanges abroad)
2. In the main exit of the router, block the access to BTC seed node addressing. (See appendix 2 list of DNS seed addresses)
3. In the GFW, with DPI identification, the BTC network would be forced to abandon the sync of BTC (Block) exchange.
The government will take the following action:
1. According to the appendix 1, analyze all the DNS and IP address of web/App/API access to BTC exchange, and hand in the list to IT Bureau before Sept. 25.
2. Network Safety Bureau needs to confirm the validation of the BTC seed node addressing in Appendix 2 and hand in the final list to IT bureau.
3. According to research of Network Safety Buearu, through the DPI identification system in the GFW to abandon the block data, the ability of Block(Bill)'s sync will be disabled. This action needs configuration in L1 authorization of GFW. The IT Bureau will responsible for it.
Meanwhile, to prevent the domestic block nodes to sync with nodes abroad, government will monitor the communication between the domestic block node with the pool(appendix 4). In case of emergency, cut down the network of the pool.
4. Monitor highly on the BTC network's communication via bridge connection, TOR and VPN etc. Inform the most frequent request.
—— ENDS —---
—----BEGINS---—
In order to block all the BTC exchange out of China before Sep. 30th, the expert in Network Bureau, Network Safety Bureau would use the following technical ways to:
1. In the main route exit, block the access to main BTC exchange abroad from mainland China, including Coinbase, Bitfinex, Localbitcoin. The ways to block includes web access, app access, and API access. (See appendix 1 main BTC exchanges abroad)
2. In the main exit of the router, block the access to BTC seed node addressing. (See appendix 2 list of DNS seed addresses)
3. In the GFW, with DPI identification, the BTC network would be forced to abandon the sync of BTC (Block) exchange.
The government will take the following action:
1. According to the appendix 1, analyze all the DNS and IP address of web/App/API access to BTC exchange, and hand in the list to IT Bureau before Sept. 25.
2. Network Safety Bureau needs to confirm the validation of the BTC seed node addressing in Appendix 2 and hand in the final list to IT bureau.
3. According to research of Network Safety Buearu, through the DPI identification system in the GFW to abandon the block data, the ability of Block(Bill)'s sync will be disabled. This action needs configuration in L1 authorization of GFW. The IT Bureau will responsible for it.
Meanwhile, to prevent the domestic block nodes to sync with nodes abroad, government will monitor the communication between the domestic block node with the pool(appendix 4). In case of emergency, cut down the network of the pool.
4. Monitor highly on the BTC network's communication via bridge connection, TOR and VPN etc. Inform the most frequent request.
—— ENDS —---
Twitter
฿tcDrak
(Unverified) report that China is trying to block bitcoin exchanges and p2p network in China by GFW @cnLedger
W3C Payment Request API implementation in Webkit went from “Under Consideration” to “In Development.” That means that the API is being implemented in Chrome, Edge, Firefox, and Webkit, as well as Samsung Internet Browser and Facebook
https://www.w3.org/blog/wpwg/2017/09/14/payment-request-api-now-being-implemented-in-all-major-browsers-advances-on-the-recommendation-track/
More detailed technical info here
https://www.w3.org/TR/payment-request/
https://www.w3.org/blog/wpwg/2017/09/14/payment-request-api-now-being-implemented-in-all-major-browsers-advances-on-the-recommendation-track/
More detailed technical info here
https://www.w3.org/TR/payment-request/
www.w3.org
Payment Request API —Now Being Implemented in All Major Browsers— Advances on the Recommendation Track | Web Payments Working Group
In early September I learned with excitement that the status of Payment Request API implementation in Webkit went from “Under Consideration” to “In Development.” That means that the API is being implemented in Chrome, Edge, Firefox, and Webkit, as well as…
http://lopp.net/bitcoin.html
A wonderful collection of links to high quality info and resources
A wonderful collection of links to high quality info and resources
Yes! It’s a 46 Minute read.
Yes I read it all.
Yes! It’s worth the time :)
https://medium.com/@slavasolodkiy_67243/the-bubble-generation-manifesto-8b0a101fee0c
Yes I read it all.
Yes! It’s worth the time :)
https://medium.com/@slavasolodkiy_67243/the-bubble-generation-manifesto-8b0a101fee0c
Medium
The Bubble Generation Manifesto
Stop blaming blockchain\crypto\ICO community — better join&help us!
https://simplecast.com/s/bd660142
Great interview with Andreas M. Antonopoulos is the author of Mastering Bitcoin
Great interview with Andreas M. Antonopoulos is the author of Mastering Bitcoin
The Kevin Rose Show
The Kevin Rose Show | #16 - Bitcoin's true potential, with Andreas M. Antonopoulos | Episode 17
Andreas M. Antonopoulos is the author of Mastering Bitcoin (O'Reilly). We discuss the separation of state and money, how bitcoin is the worlds first trust protocol, how mining works, looking at bitcoin from a global perspective, what happens to bitcoin once…
In case you were wondering what happened to the Bitcoin markets this afternoon -
https://www.reddit.com/r/CryptoCurrency/comments/7oxivj/cmc_just_tumbled_the_whole_market_with_one_move/
https://www.reddit.com/r/CryptoCurrency/comments/7oxivj/cmc_just_tumbled_the_whole_market_with_one_move/
reddit
CMC just tumbled the whole market with one move by excluding...
Few hours ago Coin Market Cap removed Korean exchanges from their coin price calculations and being that all coins are about 30% pricier over...