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Regulation of Cryptocurrencies and Blockchain Technologies

The book highlights the rise of Bitcoin, which is based on blockchain technology, and some of the many types of coins and tokens that emerged thereafter. Although Bitcoin and other cryptocurrencies have made national and international news with their dramatic rise and decline in value, nevertheless the underlying technology is being adopted by both industry and governments, which have noted the benefits of speed, cost efficiency, and protection from hacking. Based on numerous downloaded articles, laws, cases, and other materials, the book discusses the digital transformation, the types of cryptocurrencies, key actors, and the benefits and risks. It also addresses legal issues of digital technology and the evolving U.S. federal regulation. The varying treatment by individual U.S. states is reviewed together with attempts by organizations to arrive at a uniform regulatory regime. Both civil and criminal prosecutions are highlighted with an examination of the major cases that have arisen. Whether and how to tax cryptocurrency transactions both in the U.S. and internationally are analyzed, and ends with a speculative narrative of future developments.

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Blockchain and the manufacturing industry

Blockchain and the manufacturing industry

Blockchain and the manufacturing industry
With Darcy Allen and Jason Potts
Bitcoin was invented in 2008 by Satoshi Nakamoto as a censorship-resistant cryptocurrency built for the internet. With regular fiat money centralised bodies such as banks and governments control the records of who owns what. For bitcoin those records are held in a decentralised blockchain. Blockchains are updated and maintained by a decentralised network. To ensure the transactions and records are correct, economic incentives to continually drive the blockchain network towards consensus.
Applications of blockchain extends beyond records of money. We rely on trusted third parties to maintain our registries, enforce our contracts, and maintain our records. Entrepreneurs are now discovering which roles carried out by third parties such as governments and firms will be shifted towards blockchain-based decentralised networks.
Blockchain is now being applied to trace goods along supply chains, to give control of medical records to patients, and to create decentralized identities that help people move across borders.
What does blockchain mean for Australia’s manufacturing industry?
At first glance manufacturers produce physical products and then transport those goods to consumers. More deeply, the manufacturing process is heavily reliant on databases of information in multiple directions along their supply chains. This is especially true for advanced manufacturing. When goods and inputs move, information about them must move too. This includes information about the provenance of sub-components and intermediate parts, information about the integrity of rare products prone to counterfeit, and information about ethical standards in production.
It’s harder to produce this supply chain information than you think. The information must be coordinated between hundreds of parties in the supply chain. Most of those parties don’t know or trust each other. And this information is still often paper-based or siloed within organisational hierarchies. The result is a trail of information about manufactured goods that is prone to error, fraud and loss. And these problems only get worse as supply chains get longer in a globalised world, and manufactured goods become more complex.
Blockchain technology presents a different way to govern supply chain data that centres on the movement of the good itself. Rather than passing pieces of paper between supply chain participants to track goods, information can be recorded in a decentralised blockchain. In practice goods are given a digital representation. Then as the goods move, information about them is timestamped in an immutable blockchain. Importantly this information is stored outside of organisational boundaries, making blockchain an alternative mechanism to solving the age-old problems of provenance and quality. What information is stored in a blockchain could be the historical location of a good, who produced it, how it has been stored, and who has finance on the goods.
Supply chain information extends beyond a single supply chain. To produce a complex product involves first mining raw materials, transforming those into intermediate parts, before manufacturing of the final good. Blockchains are critical here because they can track goods and components across multiple supply chains, giving more visibility and traceability deeper into complex manufactured goods.
Blockchain supply chains will leverage other frontier technologies such as the Internet of Things (IoT). Containers and products will contain sensors to record information such as GPS location and temperature. This information won’t be sent to a centralised party, but recorded cryptographically into a blockchain. This information can help consumers in verifying genuine products, assist producers in creating analytics of consumer demand and ensuring their inputs are legitimate, and governments in ensuring compliance with domestic rules and regulations.
The first and most obvious application of blockchain in supply chains has been in agricultural products such as wine, meat and seafood. The common characteristic of these goods is that they are information-rich. Information about their provenance and stewardship is often hard to verify by observing the final goods, but radically affects the price that consumers will pay.
This means the next wave of applications is likely to be other high-value information-high goods. Goods that are highly-customised, such as 3D printed medical devices, aeroplane parts and pharmaceuticals, are perfectly poised to apply blockchain technology.
Blockchain in advanced manufacturing is more than just tracking goods once they’ve been produced. We can use blockchains to coordinate the highly valuable digital files that sit behind many of these products. How can you ensure that the CAD file being 3D printed was the one originally intended? Similarly, blockchains are being used for intellectual property rights, helping to ensure compliance in an increasingly digital world.
In the physical manufacturing process itself blockchain can be used to record information about the lifecycle of manufacturing equipment. We can now have more cost-efficient and credible auditable ledgers that extend beyond organisational hierarchies.
What we have proposed here is a general movement away from intermediaries being trusted to maintain information about goods and their production, towards information governance through decentralised blockchain platforms. To be sure, many of these applications are in the trial and experimental phase. But they represent an early fundamental shift in how we organise information across the entire manufacturing supply chain.

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Meet the Developer Who Added Schnorr Signatures to Bcash

Meet the Developer Who Added Schnorr Signatures to Bcash

50 minutes ago International Bitcoin com 60 Print this Page This week news.Bitcoin.com spoke with Jonathan Gonzalez, the blockchain developer who is currently maintaining the Bcash project, a Bitcoin Cash full node written in node.js. Gonzalez explained how he got into Bitcoin Cash development and how he managed to get the Bcash node fully compatible with last May’s fork, which introduced Schnorr signatures to the main chain. Also read: How to Exchange Your Amazon Gift Cards for Bitcoin Cash Schnorr Signatures and Bcash The Bitcoin Cash ( BCH ) network has a variety of full node implementations that are developed by different programmers. BCH nodes include implementations such as Bitcoin ABC , Unlimited , and Bchd . Last year in May, Purse.io launched an alternative Bitcoin Cash client called Bcash , a BCH protocol node written in node.js. The implementation of the BCH protocol written in node.js can operate as a full node as well as perform Simplified Payment Verification (SPV). Furthermore, it is composed of a wallet backend with BIP44 derivation, a general purpose BCH library, and a mining backend. However, just before the May 2019 upgrade, which added Segwit recovery and Schnorr signatures, Purse announced that they couldn’t maintain the Bcash repository anymore and hoped someone could take over the project. Bcash was introduced to the BCH community in the spring of 2018 and was initially developed by Purse.io. So Jonathan Gonzalez did just that and all by himself managed to prepare Bcash so it would be fully compatible with the recent upgrade changes. Gonzalez spoke with news.Bitcoin.com this week about how he got into blockchain development, more specifically why he decided to work with BCH , and why he decided to run with the Bcash project. News.Bitcoin.com (BC): When did you get into developing and how did that gravitate to the cryptocurrency realm? Jonathan Gonzalez (JG): Early 2016 is when I actually started to write software in a programming language called Clojure. Oddly enough my attention diverted solely towards Bitcoin by way of the Bcoin codebase . I was inspired by the project in the sense that it was an opportunity to actually learn the protocol or design of the system since it was the only structured implementation of the Bitcoin Protocol that I understood. Got the entire bcash fullnode ported over for the Schnorr Bitcoin Cash hardfork. Chain syncs, and you can check the commits. Download the Schnorr branch and sync a node. Great work everyone on the hardfork https://t.co/5T6RmoIjSv— Jonathan Gonzalez (@rojikku1) May 15, 2019 BC: Why did you decide to work on Bitcoin Cash over another chain? JG: [This occurred] during the time that I was building a foundation for myself in building out infrastructure projects and learning the Bcoin codebase in 2017. I had no idea about the Bitcoin hard fork up until the 3rd of August when I caught word of it while visiting Purse.io at their office. A month had passed since the visit and there was a big demand for an alternative implementation of the BCH protocol since during that time, there was practically none. Then later, companies like Bitpay, Purse started pursuing using BCH in their businesses. Perhaps the overall decision was circumstantial, nevertheless, I was inspired by the ambition to understand the protocol. Like all new interests I develop over time, regardless if it’s lucrative or not, I try to the best of my ability to materialize them objectively and till now … [it’s] one of the reasons as to why I always find my way back into BCH . Jonathan Gonzalez is currently maintaining the Bcash repo and has made it compatible with the last upgrade. BC: You managed to get the Bcash full node implementation up and running after Purse had dropped the project — what made you decide to do that? JG: I’d accredit that to my pride more than anything. Besides, I use the full node for its API in two services that I utilize daily. I wanted to make sure that if the project were to be disbanded it wouldn’t be due to my lack of interest or efforts. BC: How did you get the Bcash full node to be compatible with the Schnorr signatures and Segwit recovery upgrade? JG: The cryptographic library (bcrypto) that Bcash/Bcoin depends on under the hood ported the Schnorr algorithm into the ECDSA/Secp256k1 modules found in the library. Allowing signing and verification functions to be utilized with the Secp256k1 curve. Since there were only modifications to two of the opcodes found in the scripting system (OP_CHECKSIG and OP_CHECKDATASIG), there was no heavy lifting in modifying the stack since there was no change in the transaction portion of the codebase. The open source Bcash full node code and documentation can be found here on Github. So from there the only requirements for implementing the changes directly involved adding a few additional helper functions to the scripting system that allows the script to distinguish between DER/Schnorr encoded signatures by checking if the Schnorr flag value is set, along with determining whether or not the signature is 64 bytes, since DER and Schnorr differentiate in signature lengths (usually by 6 – 7 bytes). Now in regards to Segwit recovery, I’ve added a few rules to the input, output script verification which detects whether a witness program is present. Since it’s simply just a recovery mechanism there are no modifications to the SIG_HASHTYPES. Nothing realistically changed in the signature hash so it simply looks for the redeem script to be a witness program and the regular witness program logic was ported from Bcoin. I’d say [Segwit recovery] was the easiest out of the two things to implement for the hard fork spec. BC: Why do you think Bcash is a worthy node to build over other implementations? JG: There are tons of interesting features that come along with the design of the codebase. For instance, the wallet is completely segregated from the full node and lives on its own node port. Something that Bitcoin Core hasn’t accomplished yet. Building APIs around the full node and wallet nodes are very simple to get up and running. The documentation found in the docs section of the project is also very descriptive and since it’s Javascript, running a REPL and testing out the libraries in the project makes it easy to understand and create new data structures for anything general purpose. This includes things such as creating scripts/transactions and running a regtest node in REPL. Features such as Neutrino, address/TX indexing have been backported into the full node library as well. I’d also like to note that the code style found in the project is very clean and easy to understand. These are some things that off the top of my head I’m able to pitch to any developers out there seeking to build out infrastructure, or simply desiring to learn the protocol. Maintaining the Bcash Repository, and Possibly Adding Future Enhancements Like Merkelix and Avalanche BC: Do you aim to keep maintaining the Bcash repo? JG: I do plan on continuing to maintain the project by adding additional protocol proposals to the codebase, along with porting over future hard fork specifications. I’ve recently taken an interest in adding a Schnorr multi-sig proposal branch to the node as well. I’ve been really interested in proposals such as Merkelix and Avalanche so I plan on finishing these features. Maintaining the full node allows me to experiment freely with actual motivation. BC: Is anyone helping you? JG: No, no one is currently helping in maintaining, nor downstreaming patches from Bcoin to the project. I do plan on being involved in more developer meetups showcasing the codebase by demonstrating how simple and easy it is to use the full node for infrastructure projects or general purposes. Bcash includes Schnorr signatures compatible with the current BCH network, Libsecp256k1, an advanced API, Compact Blocks, BIP151, BIP150, and a JSON RPC API. BC: How do you feel about the current state of Bitcoin Cash ( BCH ) right now as far as the community and development is concerned? JG: I’m not sure what to think of the community, but from my impression, I believe there’s definitely support in the developer realm, which otherwise would be nonexistent in Bitcoin. Although I’m not entirely familiar with the things that go on throughout social media, forums regarding BCH . I’m a bit of a loner and don’t have an interest in these sorts of things. But in regard to development, the greatest facet of Bitcoin Cash is the scheduled six-month hard fork activations. It allows for BIPS/features to be considered as long as there exists a motive, a reason behind the proposals which is, in my opinion, is very innovative and worth paying attention to. What do you think about Jonathan Gonzalez managing to get Bcash compatible with the last upgrade and maintaining the Bcash project? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Bcash logo, Jonathan Gonzalez, Github, and Twitter. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post Meet the Developer Who Added Schnorr Signatures to Bcash appeared first on Bitcoin News . – – – – –

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Pieta

Pieta

Pieta
Pieta is the world’s first blockchain project that aims to minimize the cost of cryptocurrency mining and make it more accessible and environment-friendly. It will be done with the use of the new X20 algorithm which reduces energy consumption in blockchain mining ,this will keep the mining equipment cooler. This will result in increasing the life of the mining equipment and in turn the profit of miners. The low energy (carbon) emission will also have a positive impact on the environment. In addition, Pieta is also committed to encouraging the use of renewable solar energy in the crypto mining process to further reduce its cost and save the environment.
ABOUT PIETA ECOSYSTEM
We aim to shape the regulatory environment and enhance business opportunities for solar power in worldwide and also, to ensure that more energy is generated by solar than any other energy source and to lead our investors, supporters, members and partners to make solar the core of a smart, sustainable and inclusive energy system.
Together we’ll transform original ideas into innovations that benefit society and strengthen both the world economy and renewable energy.
In fulfilling our vision and value, we are aware of our responsibility to society and the natural environment. We orient ourselves on the principles of sustainable development. These make up an integral part of our Pieta coin as we use algorithm X20 which help to reduce electricity while obtaining the optimal security needed and this happens through reducing electricity by cutting 50% power of the mining process and as a consequence of reducing energy, we solved the security issue by balancing.
We decided to invest and fully fund solar projects to make our planet eco-environment for the sake of next generations.
OUR MISSION
To drive adoption of blockchain powered renewable and efficient energy solution for businesses of all scale and size. At the same time, Pieta envisions to make Mining a profitable and attractive affair for everyone irrespective of the individuals technological and financial prowess.
Ensure fasttrack adoption of Green Energy Sources.
Make Solar Energy the key energy source for efficient businesses operations.
Drive Awareness Programmes to educate one and all about the present and future benefits of a smart, sustainable and comprehensive energy system.
WHY INVEST IN PIETA TOKEN?
Pieta is one of the most anticipated tokens of the year, both in terms of popularity and investor profitability. Besides providing multiple revenue options to the holders of the tokens, Pieta enables users to engage in quick and cost-effective blockchain mining for amazing returns.
Multiple Revenue Streams for the investors and holders of Pieta tokens, in the form of access to a Point of Sale network of merchants/businesses accepting Cryptocurrency payments (transactions) around the globe.
Maximizing the adoption of cryptocurrencies through futuristic integration with other blockchains.
High Mining Rewards at substantially lower investment of cost and time. Use of solar energy keeps the mining cost low while the X20 algorithm produces more output at lower energy consumption.
Pieta token is capable of Trading on a number of major crypto exchanges
Bonus – Up to 40%, depending on the stage of ICO you choose to invest at.
PIETA SOLUTION
The Pieta solution aims to reduce electricity consumption in the mining process by up to 50% enabling investors to gain better returns along with more bonus from their Pieta token investments.
Solar Energy
Pieta effectively deals with the cost problem of the traditional crypto mining industry by introducing a new kind of revolutionary Mining Platform which makes use of Solar Energy, instead of high-cost electricity, in the mining process.
X20 Hashing Algorithm
Pieta will be the first project that implements the new X20 algorithm for blockchain mining in order to increase the efficiency and security of the mining process while reducing the consumption of energy.
Digital Wallet
Pieta will soon launch a dedicated digital wallet enabling its investors to hold and transact their coins. It will be the first digital wallet for pieta to be hosted on the Windows platform.
Mining Rewards
Traditional mining platforms are greatly limiting miners’ ability to earn more rewards because of the high startup cost and the complex process. Pieta’s X20 Algorithm is designed to reward miners for all their activities on the platform in order to incentivize a positive network growth.
EARN MONEY WHILE SAVING NATURE BY JOINING PIETA NETWORK
Still Confused? Watch This Video
PIETA TOKEN INVESTOR BENEFITS
Investment
Enjoy up to 100% bonus on your purchase of Pieta tokens during the ICO, which means a 100% discount also to purchase mining contracts that use solar energy.
Trading
Pieta coin will be listed on top exchange platforms where it could be exchanged for other coins such as Bitcoin as well as Dollars for a profit of up to 100%.
Merchant Network
Investors will get access to a Point of Sale network of merchants/businesses accepting Cryptocurrency payments (transactions) around the globe.
High Profit
High Mining Profits at lower investment of cost and time. Use of solar energy keeps the mining cost low and the X20 algorithm produces consumes less energy.
Investor Sharing
Pieta token investors will also get a share in the profits generated from our solar mining rigs.
Contracts
Buy solar-powered mining platform contracts for our solar-powered mining platform at 20% discount. It will be launched after ICO expires in November 2019
ICO DETAILS
Pre-ICO token supply: 900,000 PITC
ICO token supply: 9,000,000 PITC
Soft cap: 6,000,000 USD
Hard cap: 25,000,000 USD
Legal
ICO Platform: Ethereum
Registration country: Saudi Arabia
Token info
Ticker: PITC
Accepted currencies: BTC, Dogecoin
Bonus program:
Pre-Ico, you will automatically join our loyalty program as you will receive up to 40% of your purchase at the end of the last stage of the ICO.
Token distribution:
50% – Token Distribution
33% – Bonus
10% – Total Reserve
5% – Total Pre-ICO
2% – Air Drop
Funds allocation:
35% – Branding and Marketing
20% – Development & Infastructure
20% – Investment & Charity
15% – Group Operations & Administration
5% – Legal & Finance
5% – Platform Operations & Security Audits
PIETA (PITC) ROADMAP
January 2018
Start of the ICO crypto platform development.
March 2018
Market research and team recruiting.
June 2018
released a block number as bitcoin pieta Block No (536600)
September 2018
Pieta coin becomes a separated coin from bitcoin fork.
January 2019
White paper release. Launch Pre-ICO sale.
March 2019
Partnership with top ICO platform exchange.
May 2019
ICO platform launched.
July 2019
Establishing headquarter powered by solar energy.
September 2019
Provide solar plants for poor people in Africa.
November 2019
Release the full wallet and its application.
PROJECT TEAM
Rawi Alsayed: Investor & Founder
Mahmoud Ramadan: CEO & Lead BlockChain
Mohab El Sayed: chief operating officer (COO)
Islam Khairy: Senior UI/UX Designer
Azedine Alexander: Networks Administration & IT Security
Amed salioy: Blockchain Developer
Ali mo: CSO
OUR SOLAR MINING PARTNERS
FOR MORE INFORMATION PLEASE FOLLOW THE LINKS BELOW:
Website: https://pieta.network/ White paper: https://pieta.network/WhitePaper.pdf Facebook: https://www.facebook.com/Pietacoin/ Twitter: https://twitter.com/pietacoin Telegram: https://t.me/pietacoin Youtube: https://www.youtube.com/channel/UCNCcxW9MwZc6UFqdPhuBkAg Linkedin: https://www.linkedin.com/in/pieta-coin-308ab0179/ Medium: https://medium.com/@pietacoin Instagram: https://www.instagram.com/pietacoin/
AUTHOR: Username Profil BTT: Gambangcity ETH Adress: 0xbd4e6B6E19c55D117badfa5C218Ae03263df6072

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China Arrests Bitcoin Miner for Stealing Power from Oil Wells

China Arrests Bitcoin Miner for Stealing Power from Oil Wells

A Chinese man has found himself in police custody after attempting to steal electricity to fuel his Bitcoin mining operation, local media outlet The Global Times reported today.
The suspect allegedly mined cryptocurrencies through stealing power from one of China’s biggest oil wells. The Chinese national, identified only by his surname Li, had been laying cables through deep fishponds to hide his activities and dodge the electricity bill.
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Police were alerted to the crypto mining farm when head of oil production at Daqing Oil Field reported abnormal electricity usage. This led to the discovery of 20 active Bitcoin mining rigs, which racked up an electricity bill of nearly 50,000 yuan (roughly $7,000). The police used drones to conduct an airborne investigation across an area of two kilometers.
China has sought to crack down on its mining industry in recent months, which has long flocked to areas with cheap and abundant sources of electricity.
Various cases involving the practice have surfaced in the media, including a case in November when a Chinese headmaster was fired after a secret stack of crypto mining machines was found connected to his school’s electricity supply. In another instance, six individuals were arrested in Tianjin for using 600 miners to generate bitcoin with power taken from the local power grid.
In addition, China’s National Development and Reform Commission (NDRC) recently published a draft paper that highlighted Bitcoin mining as an undesirable industry for the country. Bitmain is coming back
Quite the opposite, several prominent bitcoin mining operations who have already moved out of the country are reportedly coming back. For example, Bitmain , the world’s largest miners manufacturer, plans set up operations in southwestern China.
China previously declared war against cryptocurrencies , prohibiting initial coin offerings and clamping down on its promoters. But China’s raid on the virtual asset class, which started in ‎‎September 2017, failed to dampen local investors’ ‎enthusiasm, as many have resorted to other channels to get ‎around the crackdown. ‎
Despite such reservations, the government supported the underlying blockchain technology to revolutionize economic sectors and even included the technology in its roadmap for the nation’s development by 2020. Share this article

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