Primavera de Filippi on Blockchain and the Quest to Decentralize Society

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“I went into the blockchain and I never left.”

Harvard researcher Primavera De Filippi is perhaps most well-known for blockchain ideas that sound as if they come straight out of a sci-fi novel. Case in point, De Filippi presented a robotic flower that lives and reproduces via bitcoin micropayments at a conference earlier this year.

Of course, there are plenty of big ideas swirling around in the industry, but whether or not all or any of these are viable is still up for debate. And that hangs heavy on De Filippi, too.

She sighed heavily when The DAO – the most prominent example of a leaderless organization functioning on blockchain that unravelled after an attacker exploited the code last summer – was brought up.

But even with that misstep, De Filippi is still inspired by the potential for smart contracts to create decentralized companies and governance systems with blockchain technology.

Governing society

To really dig in, De Filippi has to look at humanity a little bit differently.

“It actually changes a little bit the way we go about society, when you use technology as opposed to regulation,” she said.

She’s been studying the advantages and drawbacks of governing through technology (as opposed to regulation) for some time. For example, in the context of blockchain, she’s been trying to work out how smart contracts could change laws and regulations.

And her findings have eventually led her to the mantra: “From competition to cooperation.

“So, I think we need to come up with different governance structures which are not market-based, but which will ensure some sort of decentralized power within the community,” she said.

That might turn some heads in the blockchain industry, which has historically been made up of libertarian-leaning free market supporters. But, in her mind, building a decentralized system within the confines of a market-based economy doesn’t make sense.

“It’s kind of funny because there’s such an obsession with creating a decentralized system. But, if you use a market-based mechanism to govern that system, obviously it’s going to centralize itself, you know? So, what’s the point? Why are you building a decentralized system in the first place?” she said.

Instead, she’s trying to engineer a type of cooperative system, all on top of blockchain technology. As well as her role at Harvard, De Filippi is also chief alchemist at ethereum startup Backfeed, which already proposed a new governance system for decentralized organizations.

Proof-of-value

Another problem for decentralized blockchain-based systems, a more technical one that she’s been exploring solutions for is a Sybil attack.

Effectively, if it’s easy for users to create identities then it’s possible to exploit that with one user creating hundreds of accounts, then using them to, say, vote, acting as 100 unique users.

“When you’re in a model where you don’t identify who is a part of the system, then it’s really complicated to avoid people creating fake identities in order to cheat,” De Filippi explained.

Bitcoin addresses this with proof-of-work, in which miners need to use some energy (in bitcoin’s case, computing power) in order to create blocks of transactions and earn block rewards. Ethereum aims to resolve this issue in future with a different system called proof-of-stake.

The Backfeed team, however, is working on its own solution called proof-of-value. The security of the proof-of-value system is supposed to be based on the reputation of users, and while users can create as many accounts as they want, it’s not quite so easy to impact the system with them.

“My reputation, my influence within the system only depends on the perceived value that the community has given to the contribution that is associated with this identity,” said De Filippi. “So instead of being based on this objective amount of hashing power, it’s based on this subjective evaluation of the contribution that I have made.”

However, it’s still hard to say whether the experiment will pan out.

Backfeed is currently working on the protocol, and with De Filippi on board, is looking even further at how to architect a more “fair” governance system than the ones currently in place.

Photo via Primavera de Filippi

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Miami 2014: The Last Days of Bitcoin’s Wild West

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Bruce Fenton is managing director of wealth management firm Atlantic Financial, a board member of the Bitcoin Foundation and host of the annual industry event Satoshi Roundtable.

In this entry in CoinDesk’s “Bitcoin Milestones” series, Fenton recalls the wide-eyed days of TNABC 2014 – a two-day conference held in Miami that he argues marked the beginning of a new, more professional bitcoin era.

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It concluded with a rooftop party, had controversial dancing girls and saw one startup hand out bitcoin wallets with neon vodka shots.

That’s probably what most people remember about The North American Bitcoin Conference Miami. Organized by Moe Levin and held in the days when bitcoin’s price had gone from a few dollars to more than the price of gold, the industry had yet to hit the turbulence that this early success would bring.

As an industry without leaders, a governing structure or centralized control, we relied – and still rely – on our peers. This isn’t just for validating transactions and making sure that the network works, but for sharing news, knowledge and the social interaction needed to keep pace with change. Because of the lack of structure, events are particularly important, and early industry events had an entirely different character than most do today.

What many might forget about TNABC 2014, however, is that it was simultaneously the last of the era of pure ‘community events’ and the first of the ‘business events’ to follow.

At my first bitcoin conference, for example, I wore the standard ‘uniform’ of a venture capitalist or investment professional: khaki pants, a collared dress shirt and a blazer. I was vastly overdressed. To try to blend in with a sea of casual T-shirts, leather jackets and Phineas Gage (who was wearing a pink tutu), I quietly slid off my blazer crumpled it into a ball and threw it in the corner.

During the coffee break, I introduced myself to a young hacker-looking fellow and mentioned that I was interested in the technology and came from the world of investment management.

I don’t think he meant it in a rude way when he responded:

“Yeah, we don’t really need suit-wearing Wall Street stooges here… Bitcoin is different.”

Times are changing

Miami 2014: The Last Days of Bitcoin's Wild West

By January 2014, the industry had changed: record price highs and new interest from investors were shaping the landscape. Someone wearing a suit coat would now no longer be alone.

Indeed, a few professional-looking executives were sitting near the front row in Miami, and whispers could be heard saying, “See those guys? They are venture capitalists! Here! At a bitcoin event!”

The thought that serious investors would be interested in this industry was both exciting and validating.

Outside my hotel room, an orange Lamborghini was parked bearing the license plate “BitPay”, a wise publicity stunt for one of the few young startups seeking to raise early venture investments around a bitcoin business.

The conference hall still had that same exciting buzz that was characteristic of the earliest bitcoin events – few, if any of us, were attending with any hopes or expectations of an ROI.

There was no division, no scaling debate, no pressure from investors to deliver, no rivalries, no major regulatory involvement and no notable agendas, just pure energy and excitement about something new.

The attendees walked from room to room overwhelmed with positive energy and a steady flow of information.

Unity and belief

Miami 2014: The Last Days of Bitcoin's Wild West

Steve Beauregard took the stage at the event, as did Charlie Lee.

Shortly after the major announcement that TigerDirect would be one of the first major retailers to accept bitcoin as a payment option,

Roger Ver gave a presentation that very few of us had seen before. He talked about the potential for this technology, he reassured many that it was “not too late” to become involved and he closed with a heartfelt statement that people having control of their own money can reduce war.

I’m sure I was not the only one in the audience who had a tear in their eye thinking about the potential of this amazing technology.

After hearing from Jeff Berwick and Elizabeth Ploshay (now McCauley), I headed to the adjacent conference room to hear from a young entrepreneur named Charlie Shrem. I was particularly interested in his thoughts on the upcoming BitLicense hearings, which were scheduled for later that week.

As we all now know, Charlie never made it to Miami nor to testify at the BitLicense hearings (he was arrested at the airport in New York). His arrest was used as fuel for Ben Lawsky’s media show, and would throw the hearings into disarray, placing bitcoin proponents on the defensive.

New ideas

Miami 2014: The Last Days of Bitcoin's Wild West

As if the event had not been eventful enough, a very young man named Vitalik Buterin – who’s title on the program handout was “Head Writer at Bitcoin Magazine” – started his presentation in the main room.

This was the first announcement of a brand-new project called ethereum.

Now an accomplished presenter with hundreds of engagements under his belt, the Vitalik of January 2014 was nowhere near as polished. On his first major public speaking event, he seemed a bit nervous and hard to follow. Whatever lack of polish he may have had in his presentation skills, however, did not hamper interest in this project.

After listening with rapt attention, at the conclusion of his presentation, a mob of a couple dozen people swarmed the then little-known 19-year-old. Forty-something computer scientists and developers flocked to learn more about joining the project, some of them reportedly changing careers to join ethereum right on the spot.

Brock Pierce and Nic Cary concluded the day’s speakers.

Change to come

TNABC, Cab

Buzzing from information overload, I retired to my room at The Clevelander.

It was a day full of excitement and energy. It was a lot to process. And looking back, there were hints of the troubles to come as well.

Earlier in the day, an experienced bitcoiner warned me about impending troubles at an exchange called Mt Gox.

Tired as I was, I decided to heed his advice and move my bitcoins out of the exchange. I received an error message mentioning something about issues with a hot wallet. I broke my withdrawals into smaller pieces and was able to get them to execute. I did several transfers this way until I received a different error: “Bitcoin withdrawals are suspended until further notice”.

This suspension would, of course, never be lifted.

But I wasn’t concerned then. As I drifted to sleep, I reflected on the incredible people I had met, the weekend and exciting potential ahead.

It was wild and crazy, a space filled with the most interesting and eclectic group of geeks, geniuses and rebels I had ever seen. The early days of pure speculation were ending. I was sure real capital and established interests were moving in.

This proved true. We’d have some ‘group hug’ moments, but we’d never again be the eager, wide-eyed band of idealists who came together in Miami.

Like many, I thought to myself:

“This bitcoin thing is real. It’s here to stay. I can’t wait to see what happens next.”

Images courtesy of TNABC

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

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Dubai Government Greenlights Citywide Blockchain Payments System

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The Smart Dubai Office, a government-backed initiative led by the Crown Prince of Dubai has partnered a FinTech specialist firm to implement a citywide payments platform based on blockchain technology.

The government initiative has entered a memorandum of understanding (MoU) with FinTech consulting and development firm Avanza Solutions, signed in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.

Announced by Avanza quietly last week, the sweeping citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to all existing 38 partner government entities, financial institutions and other departments in the city of Dubai.

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Avanza’s proprietary blockchain ‘Cipher’ is the chosen platform selected by the smart city initiative. Cipher was picked for a pilot project under the Dubai Future Accelerators program earlier in February this year. The pilot, launched in collaboration with Dubai’s largest bank Emirates NBD and the Dubai Smart Government, proved successful. Emirates NBD has notably conducted blockchain-based international remittance trails with an Indian partner last year.

A notable excerpt from Avanza’s announcement reads:

Smart Dubai Office plans to roll out Cipher across all its existing 38 partner government entities, partner financial institutions and Departments to set up the first blockchain based building block within its financial plumbing.

Details from Cipher’s webpage reveals the platform’s adaptability to both public and permissioned blockchain networks with the implementation of smart contracts through the open-source HyperLedger & public blockchain Ethereum platforms. IBM’s Bluemix and Microsoft’s Azure BaaS are also listed.

Dubai Government Greenlights Citywide Blockchain Payments System

A blockchain payments platform for the city of Dubai takes shape with a MoU. Credit: Avanza

Dr. Aisha Butti bin Bishr, director general of Smart Dubai stated:

I am confident with Avanza’s expertise in payment solutions combined with their Cipher blockchain platform, they will support the Smart Dubai Office with technology that not only bridges current gaps but also becomes a vital piece in Smart Dubai’s roadmap for payment processes in the near future.

Dubai’s ongoing blockchain agenda first took shape with the launch of ‘Dubai Blockchain Strategy’, a comprehensive initiative that began with the plan to transfer and maintain all documents of the Dubai government on a blockchain by the year 2020.

 

The initiative will be helped by the Dubai Future Foundation in formulating its strategies, while the Smart Dubai Office executes the directive – of which the citywide blockchain payments platform is one. Another prominent example of the blockchain directive sees Dubai’s government partnering technology giant IBM to develop a blockchain platform for trade finance, to streamline efficiency with its status as one of the world’s major trading hubs.

Dubai’s foray into blockchain solutions and research began with the launch of the ‘Global Blockchain Council’ in early 2016, led by the Dubai government’s Future Foundation.

Featured image from Shutterstock.

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How Blockchain Could End Travel Industry Pain Points

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Trond Vidar Bjorøy heads new product development and implementation for Nordic markets at travel management firm ATPI.

In this opinion piece, Vidar Bjorøy argues that blockchain can eliminate a number of pain points for both travellers and travel companies. 

luggage, lost

At this point, most blockchain enthusiasts know that distributed ledger tech has potential beyond fintech. Yet, one industry that hasn’t seen much attention from those enthusiasts is the travel industry. And it’s one that deals regularly with a number of pain points that blockchain technology has the potential to solve.

Here are some of the more notable issues and how blockchain could help:

1. Overbooking

Everyone saw that man get dragged off a United Airline’s flight last week, right?

Blockchain’s ability to prevent double spending could in theory remove the problem of double bookings in the industry, which would hopefully (for both passengers and airlines) eliminate instances like this from happening.

It should be noted, though, that overbooking is very much a part of a decades-old strategy to increase profits and optimize resources, so unless the practice is made illegal, it might not be the use case that will drive widespread adoption of blockchain in the travel industry.

2. Fraud

Merchants that sell travel are typically seen as high risk because of the amount of refunds and chargebacks that occur in the industry.

But with blockchain, once a payment has been made, typically you can’t reverse it. And this mechanism will make fraudulent cases easier to spot and less likely to occur.

Blockchain could also ease PCI DSS compliance (a credit card security standard), at least for travel management companies and other incumbents in the space.

In a blockchain-enabled world where cardholder data is no longer stored in corporate databases and instead stored on a distributed network, along with the booking transactions – to whom does PCI apply? Probably the companies that develop the solutions that will let travel companies store our sensitive data on the network.

3. Identity and reputation

A big part of the world’s population is excluded and disconnected from the global economy today.

Decentralization through crypto-economies will enable billions of people to get access to basic financial services, connecting them with the rest of the world. And to give everyone in the world the opportunity to travel, consumers need a means of proving their identity, one that is impossible to forge or change. This could be provided through access to reputation-based identity systems.

Even though there are identity systems in use for authentication today, like federated identity and social login, you can’t easily build on them to pull in data from many sources or use the attributes that you want when you want them – unless you integrate with every party.

Decentralized identity systems are here to fix that.

As a trusted individual with a reputation guaranteed by the blockchain, you could say goodbye to waiting in lines, TSA and obtrusive checking of personal details.

4. Traveller profiles

While blockchain is very much about moving values, it’s also about handling and securing data in better ways.

In travel, user profile security and privacy have always been hot topics. When a company enters into an agreement with a travel management company (TMC), airline or other supplier, the company usually needs to give that supplier access to employee data so they are able to provide the expected service.

Whether that process is manual or automated, building a well-functioning profiling process takes time and effort and creates friction on both sides.

If employees had their information on the blockchain, this could remove much of the pain on both sides. The companies wouldn’t have to build new API connections between the supplier’s profile database and the buyer’s HR system for every new implementation. And manual profile workflows would become history.

There’d be no need for employees to create user accounts with multiple suppliers, duplicating their information along with thousands of other users on systems that stand the risk of being breached. Nor would they have to adopt every new supplier’s user interface.

Instead, there’d be just one unified profile available to those explicitly given access.

5. Settlement

Among the more obvious improvements we will see from the blockchain is the ability to move money faster.

Many fintech innovations – the removal of middlemen and their fees, money transfers in real-time, instant settlement, streamlined and continuous auditing – will benefit the travel industry as well.

6. Loyalty

By now we’ve probably all heard about the promises of interoperable loyalty programs: instant credit, exchanging points, transferring points between friends, receiving personal promotions, converting points into cryptocurrency.

But what about buying a flight ticket with points that you earned from flying with a competing airline?

When traveling, I’m not a very loyal person. I just want to enjoy the best offers I can at any time so this setup is perfect for me and multiple other travellers that aren’t loyal to one airline.

But could this become a predicament for the loyalty program owners? Maybe. But we might also see models emerge where participating businesses unite forces to meet these traveler expectations.

7. Policy and compliance

TMCs today have a role as the gatekeeper, there to help corporates stay compliant.

But what if blockchain could take over this responsibility?

Imagine the company travel manager receiving real-time alerts for policy breaches that are about to happen. Whenever an employee is trying to book a trip outside the correct channel, a direct two-way communication channel is set up between the travel manager and the, knowingly or not, disloyal employee.

Or perhaps we’ll see a paradigm shift in managed travel and booking behaviour.

Remember open booking? Perhaps the blockchain with its potential for unmatched transparency, security and privacy will be the enabler of this promised model for the future of managed travel. Book where you want as long as it’s within policy. Your travel data still gets collected, consolidated and made available to you, instantly.

8. Duty of care

With blockchain, it’s easy to foresee how risk management systems could be granted access to a traveler’s location at any time.

The travel manager, looking at the map of her employees’ whereabouts, would see this update whenever a new reservation gets created, modified or cancelled, plus when a traveller boards the plane, checks in at the hotel or starts the rental car. Or perhaps the system doesn’t use reservation details for traveller tracking, but instead receives real-time updates from an IoT-enabled device.

Health records stored on the blockchain network could also aid a traveller in need of medical help.

9. Smart contracts

Smart contract transactions are executed in autonomous software code, not law.

If we look at a legal contract or a business agreement, it’s basically the same as code – a series of if-then statements.

For example:

Hotel A enters an agreement with TMC B with a clause saying that for the next six months, room nights booked more than seven days in advance will give a higher commission than those booked later. With today’s model, both parties would sign a contract. When the period ends, both the TMC and hotel might have to run reports to identify the total number of online bookings from the TMC, or they use some commission consolidation service to document it for them.

Eventually, the correct commission amount gets paid out, although this takes time and effort, plus there might be middlemen involved in the process taking their piece of the pie.

What if all that was programmed into a smart contract?

There are obviously many benefits to this, including cost savings with the removal of intermediaries (lawyers, notaries, brokers, etc), time savings from cutting down business processes and the trust achieved from storing documents encrypted on a shared ledger.

For now, it helps knowing how to code if you want to build smart contracts, but there are currently visual editors that help write and deploy smart contracts for you. Eventually tools will come that enable any business role to create smart contracts.

10. Removing silos

Will we see a predominance of permissioned and private blockchains in our industry as the big incumbents try to evolve and maintain their power?  We’re already good at closed ecosystems, so this could be the next natural step in that direction.

On the other hand, perhaps the very nature of the blockchain – the more open and public you keep it, the faster more nodes can connect to it, and the bigger, stronger and more secure your network gets – could actually be what this industry needs to really disrupt itself?

There are initiatives that seek to enable connectivity between different blockchains, building an ‘internet of blockchains’, if you will, so there’s hope of seeing large-scale systems that open up for collaboration even if the industry should go down the route of private networks.

However, both public and private blockchains have advantages in the travel industry.

The established public blockchains, such as bitcoin and ethereum, have an advantage in scale both of payments and the applications that can be built on them, compared to the newer alternatives. Newer and smaller blockchains, on the other hand, will have an easier task achieving the network-wide consensus required to make strategic changes to the protocol.

I’m hoping, although I’m not yet fully convinced, that blockchain will revolutionize the travel industry. After all, we’re talking about an industry where fax is an indispensable part of many business processes and where 40-year old tech dominates distribution.

Lost luggage via Shutterstock

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

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Kibo Platforms’ Beta Version Be Launched in the Beginning of May

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The Kibo Beta is a fully accomplished release of the platform. The first version of Kibo offers four types of lottery including several options like daily, weekly, and instant drawings having the embedded system of a daily bonus ticket for each player. However, since the Ethereum network still has the unresolved problem of scalability, several … Continue reading Kibo Platforms’ Beta Version Be Launched in the Beginning of May

The post Kibo Platforms’ Beta Version Be Launched in the Beginning of May appeared first on NEWSBTC.

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BTC/USD and ETH/USD Forecast April 18, 2017

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Hello and welcome to News BTC’s Market Outlook April 18.

BTC/USD

BTC/USD and ETH/USD Forecast April 18, 2017

Bitcoin traders were relatively quiet during the Monday session, but we continue to hovered just above the $1200 level, a psychologically important figure. Because of the slight bounce later in the day, it appears that the buyers are still very much in control but taking a bit of a break. A break above the $1220 level should send the market looking for the $1250 level, and then possibly higher than that.

ETH/USD

BTC/USD and ETH/USD Forecast April 18, 2017

Ethereum traders had a quiet session on Monday as we continue to hover just above the $49 level. I still believe that the uptrend is the only trend to follow, so he moved towards the $54 level is what I am expecting over the next several sessions. Pullbacks should continue to offer value in a market that most certainly has a lot of bullish pressure underneath it. Both cryptocurrencies currently look as if they are simply consolidating to build up momentum to go higher.

Thank you for watching and see you again.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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Dash Price Technical Analysis – DASH/USD In Clear Uptrend

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Key Highlights

  • Dash price after trading towards the $60 handle against the US Dollar found support and traded higher.
  • There is a nice ascending channel pattern with support at $76 formed on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price is also well supported above the 100 hourly simple moving average at $75.

Dash price (DigitalCash) has managed to gain traction against the US Dollar, and now DASH/USD is well-supported above the $70 level.

Dash Price Rise

There was a continuous decline in Dash price, as it traded towards $60 against the US Dollar before finding support. The price traded as low as $60.20 where it found support and started recovering. The upside move was decent, as the price was able to clear the $70 resistance. There was also a move above the 1.236 extension of the last decline from the $71 high to $60.20 low. It opened the doors for more gains, and the price moved above $72 and $75.

The upside move was such that the price traded as high as $80.66 where it faced resistance and moved down. It traded towards the 23.6% Fib retracement level of the last wave from the $60.20 low to $80.66 high where it found support. There is also a nice ascending channel pattern with support at $76 formed on the hourly chart of DASH/USD. It is acting as a support along with the 100 hourly simple moving average at $75.

Dash Price Technical Analysis

So, as long as the price remains inside the highlighted channel with support above $72, there can be more gains. On the upside, the $80 level remains a major resistance for more gains in the near term.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently in the bullish zone.

Hourly RSI – The RSI for DASH/USD is well above the 50 level.

Intraday Support Level – $72

Intraday Resistance Level – $80

 

Charts from Poloniex; hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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Goldman Sachs Managing Director Joins Blockchain Startup Chain

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Blockchain startup Chain has named a Goldman Sachs managing director as its new president.

Tom Jessop is joining the firm after serving as Goldman’s managing director for business technology development since January 2016, according to LinkedIn.

Between 2008 and 2012, he served as managing director for principal strategic investments, serving stints in Hong Kong and New York. He served as a vice president for the Wall Street investment bank between 2000 and 2008. Prior to working for Goldman Sachs, worked for credit ratings firm Standard & Poor’s.

According to Chain, Jessop will be chiefly responsible for pursuing commercial opportunities for the firm.

He said in a statement:

“I am excited to collaborate with Chain’s team, customers, and strategic partners to accelerate the adoption of blockchain technology in financial services and other industries.”

Jessop is far from the first Goldmanite to head for the blockchain space.

Earlier this year, a former Sachs vice president sought to take on the traditional hedge fund concept using blockchain. And in early 2016, the Blythe Masters-led Digital Asset Holdings tapped another ex-VP to serve as a senior software developer. The digital currency exchange space has also attracted veterans of the firm over the years.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Chain.

Image via YouTube/DTCC

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Ethereum Developers Eye Proof-of-Stake Shift with New Geth Update

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The team behind ethereum’s most popular user client have released a new update that includes support for alternative consensus systems.

Late last week, the developers behind Geth unveiled version 1.6, featuring support for a “plugable consensus model” in anticipation of ethereum’s shift from proof-of-work to proof-of-stake.

In the past year and a half, the project has been laying the groundwork to move away from proof-of-stake – also utilized in other public blockchains like bitcoin – as part of a broader evolution of ethereum. In recent days, developers have also hinted at momentum towards Metropolis, the next version of ethereum.

The goal, according to the post, is to create the conditions for developers who are looking to stand up ethereum networks that utilize different consensus models, such as proof-of-stake.

The team explained:

“The result is that Geth 1.6 features a plugable consensus model where developers, wanting to roll their own fork of ethereum with wildly different ways of agreeing on block validity, can now do so by implementing a simple Go consensus engine interface. The current ethash backed proof-of-work consensus model is also “just” another implementation of this interface.”

The release also notably includes a tool called ‘Puppeth’, which, according to the post, allowing a more streamlined processes for standing up new ethereum networks. While not applicable in every instance, the team said the tool can help take out some of the heavier lifting involved.

“Puppeth is not a magic bullet. If you have large in-house ethereum deployments based on your own orchestration tools, it’s always better to use existing infrastructure,” the blog post explained, concluding:

“However, if you need to create your own ethereum network without the fuss, Puppeth might actually help you do that… fast.”

Image via Shutterstock

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Analysis of Ethereum and Litecoin

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Ethereum

ETH has been bumping along under the weight of a 3rd arc pair on a longer-term chart for the past few days. There is an energy point approaching. Which way will it likely break? Up or down?

Analysis of Ethereum and Litecoin

The first thing I notice is that pricetime is still below the 3rd arc, so that would be a red flag urging caution. On the other hand, price has tested that arc some 6 times now, and has not been slapped down yet. This suggests that sooner or later the arc will yield. Is that time now?

I tend to think it is likely to rally soon. One of the clues I have is the ETHXBT chart:

Analysis of Ethereum and Litecoin

Here we see two setups (we looked at this chart over the weekend). Interestingly, both setups have arcs which intersected at the present time. One of those arcs pairs is a 5th arc pair (black). Pricetime is very close to exiting both of those arcs in the next several hours (unless there is a sudden reversal to lower prices quite soon).

This chart, while not yet giving a buy signal, is very likely to give one soon, with a close above 2 arc pairs. This could mean one, or both, of two eventualities:

  1. ETH is about to rally, and/or
  2. XBT is about to fall

Readers of my weekend column will know that I am a bit bearish on XBT (short term). So possibility 2 seems reasonable to me. But the two charts together leads me to suggest ETH is likely to rally soon.

Litecoin

Litecoin seems poised to rally, assuming it can get past the top of the square which stopped the last advance (yellow highlight). If it does so, as I suspect, the next target will be ~ $15.63

Analysis of Ethereum and Litecoin

 

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