Bitcoin alternative chain

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WATCH RELATED VIDEO: Bitcoin On-Chain Analysis: Trends In Wallet Sizes

10 Important Cryptocurrencies Other Than Bitcoin

All over town, the parking meters are disappearing. Drivers now pay at a central machine, or with an app. Both my car and my smartphone know my location via GPS. My phone already couples to my car via Bluetooth.

An app could prompt me to pay for parking upon arrival. Or imagine this: My car, which is already mostly a computer, enters an agreement to lease time from a parking lot, which is managed by another computer. Scenarios like this are possible when blockchain—the digital transaction record originally invented to validate Bitcoin transactions—gets used for purposes beyond payment. In certain circles, the technology has been hailed for its potential to usher in a new era of services that are less reliant on intermediaries like businesses and nation-states.

But its boosters often overlook that the opposite is equally possible: Blockchain could further consolidate the centralized power of corporations and governments instead. Making sense of it first requires deciphering the political assumptions that inspire it.

Bitcoin is an expression of extreme technological libertarianism. This school of thought goes by many names: anarcho-capitalism or ancap for short , libertarian anarchy, market anarchism. Central to the philosophy is a distrust of states in favor of individuals. Its adherents believe society best facilitates individual will in a free-market economy driven by individual property owners—not governments or corporations—engaging in free trade of that private property.

And Silicon Valley takes a broader approach to the liberating capacity of technology: Facebook hopes to connect people, Google to make information more accessible, Uber to improve transit, and so on.

The ancap worldview only supports sovereign individuals engaging in free-market exchange. Neither states nor corporations are acceptable intermediaries. That leaves a sparsely set table. At it: individuals, the property they own, the contracts into which they enter to exchange that property, and a market to facilitate that exchange.

Ordinarily, money would be sufficient. But currency troubles market anarchists. The central banks that control the money supply are entities of the state. They attempt to provide a technological alternative to currency and banking that would avoid tainting the pure individualism of the ancap ideal. Those services just provide a more convenient computer interface to bank accounts and payment cards.

For anarcho-capitalism to work in earnest, it would need to divorce transactions entirely from the traditional monetary system and the organizations that run it. Central banks and corporations could interfere with transactions. And yet, if individuals alone maintained currency records, money could be used fraudulently, or fabricated from thin air. To solve these problems, Bitcoin is backed by mathematics instead of state governments.

Each one can thus be mathematically verified to be valid. The community of Bitcoin users does the work of verification. To incentivize the onerous work of cryptographically verifying each transaction in the chain that precedes it, the protocol awards a bounty—in Bitcoin of course—to the first user to validate a new transaction on the network.

But the key to Bitcoin is that the network distributes copies of one common record of all Bitcoin transactions, against which individuals verify new exchanges. Anarcho-capitalism might seem fringe and unfamiliar to most people, but at least it helps explain the rationale behind cryptocurrency and blockchain. Unfortunately, those topics become even more confusing when Bitcoin and its kin get used in ways incompatible with their original inspiration—which turns out to be most of the time.

As a medium for exchange, Bitcoin is relatively limited. Some retailers, many tech-oriented, accept the currency for purchases, but it remains best known as a means to buy black-market goods on darknet exchanges like Silk Road.

The fact that such uses were illicit in the first place, the anarcho-capitalist would point out, is precisely the reason individual freedom-fighters should demand a decentralized market unbeholden to governments. Each Bitcoin transaction adds more encrypted data to the blockchain, requiring increasingly more computer power to verify and to earn the associated commission.

More computing power means more energy cost to run and cool the machines, which requires more capital and physical infrastructure to support. Those rising costs inspire centralization. Adam Greenfield tells me that two Chinese giants can control over half of the global Bitcoin mining operations. If they collaborate, a majority-control of the blockchain could allow them to manipulate it. More often, Bitcoin has been used as a financial instrument instead of a currency.

From tulips to tech start-ups, market capitalism is flexible enough to turn anything into a tradable security or futures commodity. Bitcoin hype has made it appealing for speculators certain to transfer their gains back into more stable state currencies, although its volatility makes it a difficult case either as a store of value or a medium of exchange.

The same hype driving cryptocurrency speculation has also attracted banks, governments, and corporations—exactly the authorities it was designed to circumvent. Financial services firms have taken an interest in cryptocurrency.

Federal Reserve chair Janet Yellen has called for the Fed to leverage blockchain. Canada has been experimenting with a blockchain-backed version of its national currency, called CAD-Coin. Future cryptocurrencies operated by banks or governments might enjoy more productive use than Bitcoin. Corporations and governments re-centralize control, for one.

But also, they undermine the discretion and anonymity that accompanies free trade in the ancap fantasy. When the local or central bank manages the cryptocurrency platform, it also gets a record of every transaction that takes place in that economy.

Or imagine if the North Carolina State legislature decided to issue all food stamp vouchers in crypto form to better manage their future use. In theory, any internet-connected device could participate in verified, distributed transactions.

Greenfield offers a simple example: the German startup Slock. Networked locks are nothing new, thanks to the internet of things. But a blockchain-backed connected lock offers some additional capabilities. If attached to an AirBnB rental, such a lock could be programmed to automatically release when a smartphone belonging to a pre-paid renter approaches.

Kik, a startup that makes a messaging app popular among teens, offers a more recent example of distributed-ledger tech in action. The company recently announced plans to introduce its own cryptocurrency, called Kin. Kik will automatically dole out Kin as rewards for developers who build apps on its platform, like stickers or chat bots.

Kin is built atop a platform called Ethereum , which is based on the same distributed ledger as Bitcoin. But Ethereum uses that technology to express a different aspect of the ancap model: contracts. If Bitcoin is digital money for people, Ether is digital money for computers. It decides how to spend itself via software automation. Why tout a private, distributed-ledger currency as an agent of liberation when it amounts to a complicated, software-backed, company-town store?

One answer: It could give the workers a stake in the company store. In theory , that value will increase if the platform becomes popular, creating a valuable base investment for its initial users. In the extremist libertarian aspiration, smart contracts would allow anonymous actors to trade anything whatsoever in an untraceable way, via unregulatable markets. Instead, actual smart contracts, ICOs, and distributed ledger-backed devices mostly offer new ways to interface with the private technology industry.

For example, in Brooklyn, a solar microgrid startup called Transactive sells clean energy to a community via Ethereum. And Toyota just announced a partnership with MIT to develop distributed ledger-based infrastructure for future autonomous vehicle services. On that front, the anarcho-liberatarians share something in common with the plain-vanilla technolibertarians: a belief in the wisdom and righteousness of a fully computational universe.

They might become more than that, of course. But in order to do so, something terrifying has to happen first. Consider an off-the-cuff example of smart contracts from an Ethereum advocate:. An individual wants to purchase a home from another person. Traditionally there are multiple third parties involved in the exchange including lawyers and escrow agents which makes the process unnecessarily slow and expensive. With Ethereum, a piece of code could automatically transfer the home ownership to the buyer and the funds to the seller after a deal is agreed upon without needing a third party to execute on their behalf.

It sounds so easy. Who needs real-estate agents, closing attorneys, assessors, mortgage brokers, title insurers, municipal tax authorities, and all the rest? Just transfer some Ether after the computers shake hands. But absent a global ancap revolution, those intermediaries are unlikely to disappear. Consider what would be required for distributed-ledger scenarios like this one become reality.

Smart contracts require computational intermediation everywhere. Non-computational devices like parking lots and door locks and property deeds must become connected to computers. People would have to become willing to use machines that enter into decentralized contracts with other machines absent intermediary protection of government, law, banking, and other legacy infrastructures.

The problems with those old institutions are many. In a widely shared tale of voter suppression in the election, Eddie Lee Holloway Jr. But an error on his birth certificate prevented him from getting a new ID. For the tech evangelist, it offers a rational solution that would solve social ills by means of impartial technology.

On that note, blockchain-based digital IDs have also been proposed for refugees. It sure sounds good. But the scenario only works if the entire system of contemporary life becomes sufficiently interconnected to make it possible. All the departments of public health and the DMVs and the voter registration venues—not to mention the parking spaces and the automobiles and the power grids and all the rest—would have to cohere around a common understanding, so that the machines could execute smart contracts on their behalf.

This would require a complete reinvention of public and private life. A different reinvention is more likely. Instead of defanging governments and big corporations, the distributed ledger offers those domains enormous incentive to consolidate their power and influence.

What is blockchain?

Cryptocurrencies may be the next major step in the internet's evolution, but they are also of a frightening level of complexity that makes the recent news flow difficult to assess and challenging for potential investors. Recent headlines have focused on the surge, and subsequent retreat, of the price of bitcoin, as well as on the rush of new cryptocurrencies to the market. Investors not already in the bitcoin market naturally wonder whether they should get in now or whether they've missed the boat. And business owners naturally must wonder whether they should establish a way to be paid in cryptocurrency in order to get ahead of a potentially changing payments landscape.

Cryptocurrency has become a common point of discussion in most finance-related conversations, gaining acceptance as an alternate mode of.

Technobabble, Libertarian Derp and Bitcoin

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Layer 1 Blockchain Tokens: Everything You Need to Know

bitcoin alternative chain

Bitcoin pioneered decentralized infrastructure and Ethereum brought programmability. But earlier proof-of-work blockchains consume massive amounts of energy and process transactions slowly in order to achieve acceptable levels of security. Heavy bandwidth consumption by these technologies leads to expensive fees, even for a simple cryptocurrency transaction. The Hedera proof-of-stake public network, powered by hashgraph consensus, achieves the highest-grade of security possible ABFT , with blazing-fast transaction speeds and incredibly low bandwidth consumption. By combining high-throughput, low fees, and finality in seconds, Hedera leads the way for the future of public ledgers.

Today, Bitcoin consumes as much energy as a small country.

Cosmos Exchange Osmosis Expands to Ethereum Assets With Gravity Bridge

All over town, the parking meters are disappearing. Drivers now pay at a central machine, or with an app. Both my car and my smartphone know my location via GPS. My phone already couples to my car via Bluetooth. An app could prompt me to pay for parking upon arrival.

Block Chain - Bitcoin Course

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, Photograph: Reuters. The cryptocurrency industry had huge upheavals in , with older cryptos such as Bitcoin and Ether succumbing to upstart tokens, often known as altcoins, that promised considerably greater investment security and higher profits. Binance Coin, or BNB, surpassed its two larger rivals, Bitcoin and Ether, among the three largest digital assets by market capitalization. With a gain of 1, per cent, Binance Coin BNB has outperformed the three largest cryptos by market capitalization, while the Binance Smart Chain ecosystem has witnessed enormous growth in , stealing some of Ethereum's market share.

The vast majority of alt coins are derived from bitcoin's source code, also known as “forks.” Some are implemented “from scratch” based on the blockchain model.

The investment rationale for cryptocurrencies

The future of blockchain is near and banking isn't the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.

Blockchain & Cryptocurrency Laws and Regulations 2022 | USA

RELATED VIDEO: Bitcoin On-Chain Analysis: Supply Count Statistics

Subscriber Account active since. Since the emergence of Bitcoin, the concept of a decentralized, trustless peer-to-peer P2P payment network has inspired an entire class of digital assets. The crypto markets are a product of Bitcoin's success, and the fast-growing space consists of more than 9, altcoins. Now we have altcoins, which began to emerge in in an attempt to reinvent Bitcoin, with their own rules and improvements on different features. Altcoin is a cryptocurrency alternative to Bitcoin — its name is a portmanteau of "alternative" and "coin. The emergence of altcoins began around , with the first generation formed using the same blockchain engine as Bitcoin.

Cryptocurrencies are never far from the headlines these days.

Mastering Bitcoin by

Laszlo Hanyecz Photo: Supplied. Hanyecz was an early adopter of Bitcoin, the first cryptocurrency, which was launched the previous year by the anonymous figure or group of people known as Satoshi Nakamoto. Many in the tech industry saw the great early potential of Bitcoin to become a secure way to transfer digital currency globally, free of banks and their high fees and completely anonymously. It likely went down as the first real-world purchase funded by Bitcoin. Hindsight is a great thing. A year later, a Bitcoin was worth a quarter of that. The rise of Bitcoin over time.

With more than 4, mineable coins and tokens in existence, which, if any, are the most sustainable cryptocurrencies? Are you a Dogecoin fan? This is because there are so many parameters at play. Many much smaller cryptocurrencies, for instance, naturally have a far lower energy footprint because they involve far fewer daily transactions compared to Bitcoin.

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