Crypto code change up

He has worked at the BIS and for two central banks. Over the weekend, Tesla chief executive Elon Musk suggested his company could sell off its Bitcoin holdings, sending the cryptocurrency plummeting. Bitcoin is created via high-powered computers solving complex mathematical equations. These computers use a lot of electricity , which is often generated by fossil fuels. The development has also shone the spotlight further onto the carbon footprint of cryptocurrency — an issue that will not go away soon. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.

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Content:

• Crypto.com Referral Code: xcd53bpcpk (Get Free Sign Up Bonus)
• Bitcoin split in two, here's what that means
• Bitcoin QR Code Generator
• Today's Cryptocurrency Prices by Market Cap
• How a $64M hack changed the fate of Ethereum, Bitcoin's closest competitor
• The down-low on digital currency
• Mastering Bitcoin by
• Blockchain and IP Law: A Match made in Crypto Heaven?

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The first bitcoin upgrade in four years has just been approved by miners around the world. It is a rare moment of consensus among stakeholders, and crypto experts tell CNBC it's a pretty big deal for the world's most popular cryptocurrency. The upgrade is called Taproot, and it's due to take effect in November.

When it does, it will mean greater transaction privacy and efficiency — and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology which eliminates middlemen from even the most complex transactions. Unlike bitcoin's upgrade — referred to as the "last civil war" because of the contentious ideological divide separating adherents — Taproot has near universal support, in part because these changes are fairly incremental improvements to the code.

Bitcoin's makeover has to do with digital signatures, which you can think of as the fingerprint an individual leaves on every transaction they make. Right now, the cryptocurrency uses something called the "Elliptic Curve Digital Signature Algorithm," which is created from the private key which controls a bitcoin wallet and ensures that bitcoin can only be spent by the rightful owner.

Taproot will switch over to something known as Schnorr signatures, which essentially makes multi-signature transactions unreadable, according to Alejandro De La Torre, vice president at Hong Kong-headquartered major mining pool Poolin. Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge.

With rising rates and inflation, investors are split on how to value bitcoin. In practice, that means greater privacy, because your keys won't have as much exposure on the chain. It won't translate to greater anonymity for your individual bitcoin address on the public blockchain, but it will make simple transactions indistinguishable from those that are more complex and comprised of multiple signatures. These souped-up signatures are also a game changer for smart contracts, which are self-executing agreements that live on the blockchain.

Smart contracts can theoretically be used for practically any kind of transaction, from paying your rent each month, to registering your vehicle. Taproot makes smart contracts cheaper and smaller, in terms of the space they take up on the blockchain.

Killeen says that this enhanced functionality and efficiency presents "mind blowing potential. Currently, smart contracts can be created both on bitcoin's core protocol layer and on the Lightning Network, a payments platform built on bitcoin, which enables instant transactions.

Smart contracts executed on the Lightning Network typically lead to faster and less costly transactions. Developers have already begun to build on Lightning, in anticipation of the upgrade, which will allow for highly specific contracts. Smart contracts essentially give you the opportunity to really build applications and businesses on the blockchain. As more programmers build smart contracts on top of bitcoin's blockchain, there is also the potential for bitcoin to become more of a player in the world of DeFi, or decentralized finance, a term used to describe financial applications designed to cut out the middleman.

Today, ethereum dominates as the blockchain of choice for these apps, also referred to as "dapps. Though the bitcoin community has agreed to the upgrade, the rollout itself won't happen until probably November. A lot of testing ahead of time will reduce the likelihood of something going wrong during an upgrade. Deane says this is why upgrade processes are so carefully tested, retested, and vetted, again and again, over very long periods of time, prior to being deployed.

Many also remember the disastrous migration of , when an upgrade gone wrong resulted in bitcoin temporarily splitting in half. Skip Navigation. Key Points. It's called Taproot, and it's due to take effect in November. The upgrade will mean greater transaction privacy and efficiency — and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology.

Read more about cryptocurrencies from CNBC Pro Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge With rising rates and inflation, investors are split on how to value bitcoin. VIDEO How DigitalMint is helping hacking victims pay ransoms in cryptocurrencies.

Bitcoin split in two, here's what that means

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Bitcoin QR Code Generator

Developers, startups, miners But if you've been following, you may have noticed the attention being paid to whether miners are " signaling " for various proposals. Before we dive into what that means, it helps to understand that the term "miners" actually relates to a diverse group of people. First, all miners develop, build or deploy the specialized computers designed to compete or help others compete for network rewards, and in the process, help move bitcoins from person to person. The role may sound mundane, but there are concerns that miners have, or may one day have, too much power over network decision-making. Since some argue that it was originally envisioned that every bitcoin user would help secure the network — as opposed to massive companies — miners have long been the subject of the less-than-trusting imaginations of the network's users and security-conscious developers. With just about 20 mining pools out there, some controlling large chunks of the underlying computer power, there are long-held fears that they could potentially conspire to attack the network and, as a result, reduce confidence in bitcoin as a secure and stable online currency. Complicating matters is that, over time, miners have also developed a secondary role: helping bitcoin add new technical features. And, similarly, users have grown to worry that this position could be abused.

Today's Cryptocurrency Prices by Market Cap

This post was originally published on Yahoo Finance on December 18, Yahoo Finance invited readers to send us their top questions regarding bitcoin and other cryptocurrencies. What the hell is it? In the most general sense, bitcoin is software that forms a decentralized, peer-to-peer payment system with no central authority like the Federal Reserve or U. Maybe a big profit.

How a $64M hack changed the fate of Ethereum, Bitcoin's closest competitor

JavaScript is currently disabled. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. Despite achieving some name recognition, cryptocurrencies are not widely used for payments. This article examines why Bitcoin is unlikely to become a ubiquitous payment method in Australia, and summarises how subsequent cryptocurrencies have sought to address some of the shortcomings of Bitcoin — such as its volatility and scalability problems. On 3 January , the first bitcoins were created. However, neither Bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for payments.

The down-low on digital currency

Quantum computers and the Bitcoin blockchain has been saved. Quantum computers and the Bitcoin blockchain has been removed. One of the most well-known applications of quantum computers is breaking the mathematical difficulty underlying most of currently used cryptography. Since Google announced that it achieved quantum supremacy there has been an increasing number of articles on the web predicting the demise of currently used cryptography in general, and Bitcoin in particular. The goal of this article is to present a balanced view regarding the risks that quantum computers pose to Bitcoin. A great amount of digital ink has been spilled on the topic of how quantum computers pose an existential threat to currently used asymmetric cryptography.

Mastering Bitcoin by

Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy.

Blockchain and IP Law: A Match made in Crypto Heaven?

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Ethereum 's much-hyped and somewhat controversial "London" hard fork has just activated. So far, news of the successful upgrade has coincided with a runup in the price of ether, the native token of ethereum's blockchain. A big part of the enthusiasm has to do with the fact that the software upgrade means a few big — and necessary — changes are coming to the code underpinning the world's second-biggest cryptocurrency. It has always been a tough go for ethereum users. The blockchain has a long-standing problem with scaling, and its highly unpredictable and sometimes exorbitant transaction fees can annoy even its biggest fans. The problem has become worse in recent months thanks to a surge in interest in nonfungible tokens, which are mostly built on ethereum's blockchain, as well as an explosive growth in the world of decentralized finance, or DeFi, which also largely uses the ethereum blockchain.

Bitcoin just received a significant upgrade. As The Block notes , the Bitcoin network rolled out a long-in-the-making "Taproot" code upgrade early today November 14th. The update improves both privacy and security for complicated transactions through new signatures that make them look like any other exchange. Would-be thieves or snoops should have a harder time recognizing when an unusual transfer is taking place. The Taproot update should also change the Bitcoin network's scaling by dropping the existing cryptographic system.

Ethereum: The First Mover. Smart Contract Use Cases. Why might reams of paperwork and human agents soon be useless relics when securing mortgages and loans?