Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Posts Tagged ‘cryptocurrency

A Crypto Kinda Friday

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It’s a crypto kinda Friday.

Engadget’s reporting on an interesting blockchain story, one which has ticket broker Ticketmaster fighting bogus ticket sales by acquiring Upgraded.

Upgraded is a company that combine’s the distributed trust of blockchain with encrypted barcodes to minimize the fraud sometimes seen with paper-based or PDF tickets.

The Engadget story claims with the new one solution one would “have a clearer sense of when a concert pass is legitimate, while even holders will have more of a grip on where their tickets are going.” But Ticketmaster told Engadget it didn’t have a definitive time frame for integrating the Upgraded’s solution.

…While U.S.-based cryptocurrency exchange Coinbase made a recently developed automated security scaling tool available to the public. 

In a report from Coindesk, it was said Coinbase released a program called “Salus” which can automatically choose to run and configure different security scanners and issue a report on the results.”

Salus was available as an open-source tool via GitHub starting yesterday, and is said to “offer the advantage of being able to centrally coordinate security scans across a large number of software storage repositories, avoiding having to configure a scanner for each project.”

And finally, if you’re worried about those crypto assets, U.K-based security firm G4S announced a new service for protecting them.

According to a story from Cointelgraph, the company is offering high-security offline vault storage for crypto assets, a new capability which builds on the company’s existing expertise, which is running prisons and detention centers.

What’s fascinating about the offering is the how. G2S explained in a press release that the company not only take crypto assets offline, but it breaks them up into fragments so that they are independently without value, and then stored in the company’s security vaults.

Access to these sites is heavily restricted with multiple layers of security and robust protocols, and only when all the fragments are combined with specific technology can they unlock access to the value stored within.”

“It has been a justified cliche to describe the cryptocurrency space as a Wild West. Working with our clients, our innovative vault storage concept offers the highest protection to keep people and their assets secure and bring order to the frontier.

So how long until we see a cold storage Bitcoin heist flick on the big screen?  Maybe not until Bitcoin gets back over $10K?!

Written by turbotodd

October 19, 2018 at 12:05 pm

State of Blockchain Q1 2018 Report

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As the CoinDesk Consensus 2018 cryptocurrency and blockchain event kicks off this morning in NYC, CoinDesk released its “Q1 2018 State of Blockchain Report.”

Peter Ryan with Disqus detailed some of the top 6 takeaways that defined Q1 2018:

  1. It’s a bear market for crypto. Following its peak of $20K, bitcoin suffered a 51 percent decline in the first quarter. However, 79 percent of respondents to the CoinDesk Sentiment Survey said they thought this bear market would be short-lived.
  2. Crypto market is maturing. Bitcoin futures markets were introduced in Q417, and there’s been steady growth in this activity through Q118. But the shorts outpaced the longs, 5,000 to 3,000, which has likely led to the slumping price, along with a fall in demand in the spot bitcoin market.
  3. Miners stay long. The amount of processing power devoted to securing the bitcoin network diverged from the market cap, with the hash rate (a measure bitcoin mining) growing 47 percent over the quarter. Miners take the long view.
  4. Taxes are coming into the picture. Cryptocurrencies generated an estimated $70 billion in global tax revenue for 2017. But the tax parameters around crypto remain confusing to survey respondents, both about the legal and tax status of the entire asset class.
  5. ICOs continue to boom. ICO raised $6.3 billion in Q1, and the average raise has almost doubled from $16 million to $31 million.
  6. Fees decline. Transaction fees on the bitcoin network dropped from an average of $40 in Q417 to around $9.49 per transaction in Q118.

As for the broader opportunity for the blockchain, SiliconAngle’s James Kobielus writes that today’s blockchain startups “will need to show that they have staying power and can ride a ‘land-and-expand’ strategy to greater success.” 

And he asserts that to be considered to be mature enough for broad enterprise deployment, a commercial blockchain platform would need to meet several criteria:

  • Blockchain solutions should be general-purpose in their ability to be deployed into a wide range of industries, business functions and other application domains.
  • They should be deployable into private clouds, public clouds and various multicloud deployments of a hybrid, B2B and community-wide nature.
  • They should be able integrate seamless with enterprise investments in other data, transaction, security and other platforms.
  • They should be standardized within a dominant open-source community with wide representation.

He also writes that:

Of the principal blockchain projects, only the Linux Foundation’s Hyperledger Fabric is likely to become the standardized foundation for truly enterprise-grade open-source blockchains. Contributed by IBM Corp. and Digital Asset, Hyperledger, now in version 1.0, boasts more than 185 collaborating enterprises across finance, banking, the “internet of things,” supply chain, manufacturing and technology.

You can read more in Kobelius’ post here.

Written by turbotodd

May 14, 2018 at 10:36 am

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