Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
What is Superior Coin
Superior Coin is a secure, private, untraceable currency. Unlike many crypto currencies that are derivatives of Bitcoin, Superior Coin is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation. Superior Coins main emission curve will have issued about 1.5 billion coins to be mined in over 30+ years. Superior Coin protects privacy in three ways for all transactions on the network: 1 ring signatures hide the sending address, 2 RingCT hides the amount of the transaction, and 3 stealth addresses hide the receiving address of the transaction.
Superior Coin daemon uses the original CryptoNote protocol except for the initial changes (as the block time and emission speed). The protocol itself is based on "one-time ring signatures" and stealth addresses. The underlying cryptography is essentially Daniel J. Bernstein's library for Ed25519, which is Schnorr signatures on the Twisted Edwards curve. The end result is passive, decentralised mixing based on heavily-tested algorithms. However, several improvements were made which covered the proper use of ring signatures for better privacy. Specifically, "a protocol-level network-wide minimum mix-in policy of n = 2 foreign outputs per ring signature", "a nonuniform transaction output selection method for ring generation" and "a torrent-style method of sending Superior Coin outputs".
Superior Coin features an opaque blockchain (with an explicit allowance system called the viewkey), in sharp contrast with transparent blockchain used by any other cryptocurrency not based on CryptoNote. Thus, Superior Coin is said to be "private, optionally transparent". On top of very strong privacy by default, such a system permits net neutrality on the blockchain (miners cannot become censors, since they do not know where the transaction goes or what it contains) while still permitting auditing when desired (for instance, tax audit or public display of the finances of an NGO) Furthermore, Superior Coin is considered by many to offer truly fungible coins. In Short giving your view key can allow some one to view your transactions with out being able to access your coins.
Full story at http://bit.ly/2oeUiuc
Blockchain vs. Bullshit: Thoughts on the Future of Money
Published on 22 Apr 2017
In this talk "Blockchain vs. Bullshit - Thoughts on the Future of Money," Andreas Antonopoulos outlines the necessary criteria that will help you distinguish blockchains from bullshit, and why the goal of developing this technology should not be "banking the unbanked" but rather de-banking all of us.
Full story at http://bit.ly/2rST6iQ
China Becomes First Country in the World to Test a National Cryptocurrency
China’s central bank — the People’s Bank of China — has developed a prototype of a cryptocurrency that it could end up in circulation in the near future. It would be introduced alongside the China’s primary currency the renminbi (also called the yuan). China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.
The potential benefits of developing a digital currency are significant, particularly in China. First, it would decrease the cost of transactions, and therefore make financial services more accessible, which would be a big help to the millions of people in the country who are unconnected to conventional banks. Second, as it would be supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption — a key concern. Third, it would make the currency easier to obtain, which would increase the rate of international transactions, allowing for more trades and faster economic growth.
Full story at http://bit.ly/2rWD2fR
How The Bitcoin Revolution Will Affect Entrepreneurs
It’s been dubbed digital gold for Millennials and anybody else with a sense for good investments. Virtual currencies like Bitcoin are revolutionizing how we make transactions and interact with our global financial system. These unconventional and futuristic currencies are changing our financial world in ways we are just now beginning to grasp.
Entrepreneur Troy Osinoff thrives on the unconventional, and he has long seen the potential that Bitcoin has on how we do business. Osinoff got his start making websites for local businesses at the age of 10, and continued to build his career creating various startups, such as MakeAGIF.com (acquired). From there, Osinoff has written a book (sold to Fox in late 2017), funded various companies and advised a variety of startups.
His large network of websites and social channels reaches millions of users every month. He follows the Bitcoin and digital currency market closely, sometimes tweeting snippets of advice, such as when dips in the market make it a good time to buy.
Full story at http://bit.ly/2rWSzwk
Ethereum's cofounder used the cryptocurrency to disprove fake news stories about his death
Because Buterin is the cofounder of Ethereum, a bitcoin-like cryptocurrency that is wildly buzzy right now - and over the weekend, he was targeted by a hoax that claim he died in a car crash.
An article published on the website Vionews wrote: "The victims in the crash have been identified as Vitalik Buterin, co-founder of Ethereum, and 34-year old Travis Sellmon. Police told Local News two vehicles were involved in the crash that injured five people and killed two. Officers confirmed the Vitalik and Travis were travelling in separate vehicles."
But it's not true, and the article has since been deleted. (Rumours were also spread via the imageboard 4chan.)
Buterin, meanwhile, took to Twitter to emphasise his continued existence - and used his creation Ethereum to do so.
Full story at http://read.bi/2rWKPub
Five Reasons Why Bitcoin is Here to Stay
A major issue hindering Bitcoin is uncertainty about its future. The debate is over whether Bitcoin will be a successful long run innovation or fizzle out like so many prior innovations.
It is possible to make a relatively accurate prediction about the future of Bitcoin by analyzing five factors successfully used by technology adoption experts for decades: relative advantage, compatibility with other innovations, experience through trialability, complexity and observability.
These factors, derived from the classic work of innovation diffusion theorist Everett Rogers, when combined with features unique to Bitcoin, suggest that Bitcoin is here to stay..
Full story at http://bit.ly/2rWN3dg
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