Crypto Biz Magazine—July, 2014/Issue.02

Recommendations

Info

THE POWER OF THE BLOCKCHAIN: FUTURE DEVELOPMENTS AND APPLICATIONS by DOM STEIL “Talent hits a target others can’t hit, Genius hits a target others can’t see.” —Arthur Schopenhauer mechanism of transfer and record. It is the “third-party” that is needed in so many of our current trust base models for various services. It is the “universal balance sheet” used to record and verify the most recent state of various digital ownerships. Page.14 July.2014 Crypto Biz Magazine The sentiment surrounding Bitcoin has transformed. It has gone from being the anonymous payment mechanism to facilitate illegal transactions, to a speculative digital bubble with no intrinsic value, to what industry leaders are now calling the greatest and most disruptive technological breakthrough since the Internet. The paradigm has shifted; entrepreneurs and worldclass venture capital firms are teaming up to improve the efficiency and effectiveness of this new payment ecosystem through: online exchanges single-signature wallets multi-signature wallets merchant integration services B2B enterprise solutions mobile user applications So far, what has been built is a secure and effective means to “pay” someone else without the need for a third party. It is simply a global transfer of ownership mechanism using a mathematically distributed digital asset that is growing in scarcity because of an increase in the awareness of its namespace and purposiveness. It is a decentralized peer-to-peer (P2P) transfer of ownership protocol using a time-stamping mechanism, and ultimately, it works. The underlying technology that facilitates the transfer of bitcoins, the blockchain, the namespace not in the headlines, is what will transform almost every domestic and international vertical market. The blockchain is intrinsically powerful in that it is the backbone of this new type of open source, verifiable, distributed The blockchain is the foundation for so much more than just a payment network in the same way the Internet is the foundation for so much more than just e-mail. If the blockchain is what’s important, then “Bitcoin” is simply the global onloading mechanism. It is the first tier, an introduction to a new age of what is possible through decentralized networking and computing. Tier 1: A Decentralized Digital Currency and Payment Network Why is Bitcoin being developed in the form of multiple online exchanges and wallets based on geographical location and currency? What if there was one was global exchange that allowed anyone to buy and sell any form of digital or physical asset regardless of location in world? How could a global asset exchange such as this increase the security, transparency, and efficiency of global finance and trade? Tier 2: Decentralized Networks and Development Platforms Why are digital currencies the only things being built up on top of this blockchain technology? What if anything that could logically be expressed in code could be implemented on a blockchain? How could this type of network and platform be adopted by the global economy? This concept has the namespace of “Ethereum,” “Eris” (on Ethereum), “Colored Coins,” “Smart Contracts,” “Bitcoin 2.0,” and “Sidechains.” The crux of this whole phenomenon is that “Bitcoin” is a currency application to the blockchain. Ethereum wants to make it so ANY type of deal, organization, service, or system, can be decentralized. It just requires the parties involved to set the parameters expressed in code. So what will be built on top of the Ethereum network for consensus verification?
Third-party Trust Models Real Estate escrow between parties can be implemented using multi-signature contracts Insurance Policies can be engrained in the blockchain Digital Commodity Pricing Commodities pegged at consensus-aggre gated value Weather Based Contracts Contract premiums based on seasonal conditions A Farmer makes an insurance agreement based upon rainfall data File and Data Storage Proof of Existence on Bitcoin Blockchain Dropbox/Box-type cloud storage Enterprise storage, buy space from others on the network Smart Contracts and Escrow Hedging accountability No option of default Signatures Docusign Multi-signature to set proportional abilities on access to assets given a certain number of keys Private Keys to Share Economy Assets Home and Apartment Leases Home and Apartment Keys Hotel Keys Airbnb Car and Ride Leases Car and Ride Keys Autonomous Vehicles Safety Deposit Box Keys Package Delivery Keys Permits to Controlled Assets Guns Prescriptions Timestamped verifiable access Audit and Financial Services Taxes Returns Gambling and Betting Proof of a Bet Indisputable APIs with Global Mobile Banking MPesa WeChat Alipay Non-Disclosure Agreements Timestamped Verification Patents, Copyrights, and Trademarks Timestamped Intellectual Property Rights Payment Processors DAOs (Decentralized Autonomous Organizations) An organization run and bound by code Domain Names Namecoin First to exist ICANN Replacement Governance Opt-In Laws consensus driven Voting Systems and Records Reputation Systems Online Identification Systems and Records Medical Records Incentivized Truth Consensus Crowdsourcing Range of n inputs for a sought after accurate condition or state of n, correct answers are rewarded x What is actually enabling individuals to trade any amount of bitcoin, regardless of their location in the world? “Mining.” The cryptographic time-stamping mechanism that replaces centralized authority with community consensus. The blockchain needs miners to survive. It needs nodes to verify valid blocks with valid transactions. What if the mining becomes centralized, thus Bitcoin becomes centralized? It is now self-evident to anyone who has been following the development of this cryptocurrency that the “mining” and “the blockchain” are what really matter. July.2014 Page.15 Crypto Biz Magazine
Page 1: Bitcoins for Sale!
Page 5: Issue.02 July.2014 I AM SOSHI… Pu
Page 8 and 9: CONTENTScontinued Boatcoin 2014 Deb
Page 10 and 11: VISUAL CULTURE AND CRYPTOCURRENCY b
Page 12 and 13: YESBITCOIN by EXECUTIVE DIRECTOR BR
Page 16 and 17: Page.16 July.2014 Crypto Biz Magazi
Page 18 and 19: CAN BITCOIN DISPLACE GOLD AS A STOR
Page 22 and 23: BITCOIN FOR CHARITIES by PIOTR PIAS
Page 24 and 25: CRYPTOCOIN SOCIAL @MaxKeiser Page.2
Page 26 and 27: WHY YOU SHOULD PROBABLY BE USING A
Page 28 and 29: Q&A WITH SWARM CEO JOEL DIETZ Page.
Page 30 and 31: CRYPTOGENIC BULLION AND THE CONSULT
Page 34 and 35: BOATCOIN 2014 DEBUTS DURING THE LON
Page 36 and 37: WHERE DOES ACCOUNTING/ERP MEET BITC
Page 38 and 39: DARK MARKETPLACES POSITIONED TO ACC
Page 40 and 41: THE LEGACY OF THE DREAD PIRATE ROBE
Page 42 and 43: BITBASKET Q&A by JACOB PAYNE Before
Page 44 and 45: WHAT MAKES A ‘GOOD’ PASSWORD MA
Page 48 and 49: BITCOIN SUPPRESSION VIA THE PATENT
Page 50 and 51: A PERSONAL JOURNEY DOWN by PHOENIX
Page 52 and 53: BITCOIN IN THE BELTWAY— WHO, WHAT
Page 56: BITCOIN MERCHANT DIRECTORY ADORMO a
Page 59 and 60: GITHUB BITCOIN GLOSSARY CONTINUED B
Page 61 and 62: GITHUB BITCOIN GLOSSARY CONTINUED w
Page 63 and 64: GITHUB BITCOIN GLOSSARY CONTINUED f
Page 65 and 66:
GITHUB BITCOIN GLOSSARY CONTINUED S
Page 68:
Yes, it’s that easy. coinkite.com
show all

Crypto Biz Magazine—July, 2014/Issue.02

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?