Tagged: cryptocurrency Toggle Comment Threads | Keyboard Shortcuts

  • @fintechna 5:53 pm on May 17, 2017 Permalink | Reply
    Tags: , , , cryptocurrency   

    The Blockchain Immutability Myth 

    The Blockchain Immutability Myth Blockchain

    Where flexible thinking is preferable to dogmatism

    “The highest good, than which there is no higher, is the , and consequently it is immutably good, hence truly eternal and truly immortal.” — Saint Augustine, De natura boni, i, 405 C.E. (with minor edits)

    If you ask someone well-informed about the characteristics of blockchains, the word “immutable” will invariably appear in the response. In plain English, this word is used to denote something which can never be modified or changed. In a blockchain, it refers to the global log of transactions, which is created by consensus between the chain’s participants. The basic notion is this: once a blockchain transaction has received a sufficient level of validation, some cryptography ensures that it can never be replaced or reversed. This marks blockchains as different from regular files or databases, in which information can be edited and deleted at will. Or so the theory goes.

    In the raucous arena of blockchain debate, immutability has become a quasi-religious doctrine – a core belief that must not be shaken or questioned. And just like the doctrines in mainstream religions, members of opposing camps use immutability as a weapon of derision and ridicule. The past year has witnessed two prominent examples:

    • advocates claiming that immutability can only be achieved through decentralized economic mechanisms such as proof-of-work. From this perspective, private blockchains are laughable because they depend on the collective good behavior of a known group of validators, who clearly cannot be trusted.
    • Scorn poured on the idea of an editable (or mutable) blockchain, in which retroactive modifications can be made to the transaction history under certain conditions. Mockers posed the question: What could possibly be the point of a blockchain if its contents can easily be changed?

    For those of us on the sidelines, it’s fun to watch the mudslinging. Not least because both of these criticisms are plain wrong, and stem from a fundamental misunderstanding of the nature of immutability in blockchains (and indeed any computer system). For those short on time, here’s the bottom line:

    In blockchains, there is no such thing as perfect immutability. The real question is: What are the conditions under which a particular blockchain can and cannot be changed? And do those conditions match the problem we’re trying to solve?

    To put it another way, a blockchain’s transactions are not written into the mind of God (with apologies to Augustine above). Instead, the chain’s behavior depends on a network of corporeal computer systems, which will always be vulnerable to destruction or corruption. But before we get into the details of how, let’s proceed by recapping some basics of blockchains themselves.

    Blockchains in brief

    A blockchain runs on a set of nodes, each of which may be under the control of a separate company or organization. These nodes connect to each other in a dense peer-to-peer network, so that no individual node acts as a central point of control or failure. Each node can generate and digitally sign transactions which represent operations in some kind of ledger or database, and these transactions rapidly propagate to other nodes across the network in a gossip-like way.

    Each node independently verifies every new incoming transaction for validity, in terms of: (a) its compliance with the blockchain’s rules, (b) its digital signature and (c) any conflicts with previously seen transactions. If a transaction passes these tests, it enters that node’s local list of provisional unconfirmed transactions (the “memory pool”), and will be forwarded on to its peers. Transactions which fail are rejected outright, while others whose evaluation depends on unseen transactions are placed in a temporary holding area (the “orphan pool”).

    At periodic intervals, a new block is generated by one of the “validator” nodes on the network, containing a set of as-yet unconfirmed transactions. Every block has a unique 32-byte identifier called a “hash”, which is determined entirely by the block’s contents. Each block also includes a timestamp and a link to a previous block via its hash, creating a literal “block chain” going back to the very beginning.

    Just like transactions, blocks propagate across the network in a peer-to-peer fashion and are independently verified by each node. To be accepted by a node, a block must contain a set of valid transactions which do not conflict with each other or with those in the previous blocks linked. If a block passes this and other tests, it is added to that node’s local copy of the blockchain, and the transactions within are “confirmed”. Any transactions in the node’s memory pool or orphan pool which conflict with those in the new block are immediately discarded.

    Every chain employs some sort of strategy to ensure that blocks are generated by a plurality of its participants. This ensures that no individual or small group of nodes can seize control of the blockchain’s contents. Most public blockchains like use “proof-of-work” which allows blocks to be created by anyone on the Internet who can solve a pointless and fiendishly difficult mathematical puzzle. By contrast, in private blockchains, blocks tend to be signed by one or more permitted validators, using an appropriate scheme to prevent minority control. Our product MultiChain uses a technique called “mining diversity” which requires a minimum proportion of the permitted validators to participate in order to create a valid chain.

    Depending on the consensus mechanism used, two different validator nodes might simultaneously generate conflicting blocks, both of which point to the same previous one. When such a “fork” happens, different nodes in the network will see different blocks first, leading them to have different opinions about the chain’s recent history. These forks are automatically resolved by the blockchain software, with consensus regained once a new block arrives on one of the branches. Nodes that were on the shorter branch automatically rewind their last block and replay the two blocks on the longer one. If we’re really unlucky and both branches are extended simultaneously, the conflict will be resolved after the third block on one branch, or the one after that, and so on. In practice, the probability of a fork persisting drops exponentially as its length increases. In private chains with a limited set of validators, the likelihood can be reduced to zero after a small number of blocks.

    Nonetheless, it’s important to remember that each node is running on a computer system owned and controlled by a particular person or organization, so the blockchain cannot force it to do anything. The purpose of the chain is to help honest nodes to stay in sync, but if enough of its participants choose to change the rules, no earthly power can stop them. That’s why we need to stop asking whether a particular blockchain is truly and absolutely immutable, because the answer will always be no. Instead, we should consider the conditions under which a particular blockchain can be modified, and then check if we’re comfortable with those conditions for the use case we have in mind.

    Mutability in public chains

    Let’s return to the two examples cited in the introduction, in which the doctrine of immutability has been used as a basis for ridicule. We’ll begin with the claim that the consensual validation procedures used in permissioned blockchains cannot bring about the “true immutability” promised by public chains.

    This criticism is most easily addressed by pointing to the vulnerability of public blockchains themselves. Take, for example, the Ethereum blockchain, which suffered a devastating exploit in June 2016. Someone found a coding loophole in a smart contract called “The DAO”, in which almost $250 million had been invested, and began draining its funds at speed. While this clearly violated the intentions of the contract’s creators and investors, its terms and conditions relied on the mantra that “code is law”. Law or not, less than a month later, the Ethereum software was updated to prevent the hacker from withdrawing the cryptocurrency “earned”.

    Of course, this update could not be enforced, since every Ethereum user controls their own computer. Nonetheless, it was publicly supported by Vitalik Buterin, Ethereum’s founder, as well as many other community leaders. As a result, most users complied, and the blockchain with the new rules kept the name “Ethereum”. A minority disagreed with the change and continued the blockchain according to its original rules, earning the title “Ethereum Classic”. A more accurate choice of names might be “Ethereum compromised” and “Ethereum the pure”. Either way, democracy is democracy, and (the pragmatic and popular) “Ethereum” is now worth over ten times (the idealistic but sidelined) “Ethereum Classic”.

    Now let’s consider a less benevolent way in which public blockchain immutability can be undermined. Recall that block creation or “mining” in bitcoin and Ethereum uses a proof-of-work scheme, in which a mathematical problem must be solved in order to generate a block and claim its reward. The value of this reward inevitably turns mining into an arms race, with miners competing to solve the problems faster. To compensate, the network periodically adjusts the difficulty to maintain a constant rate of block creation, once every 10 minutes in bitcoin or 15 seconds in Ethereum.

    In the last 5 years, bitcoin’s difficulty has increased by a factor of 350,000×. Today, the vast majority of bitcoin mining takes place on expensive specialized hardware, in locations where the weather is cold and electricity is cheap. For example, $1,089 will buy you an Antminer S9, which mines blocks 10,000 times faster than any desktop computer and burns 10 times more electricity. This is all a long way from the democratic ideals with which bitcoin was created, even if it does make the blockchain extremely secure.

    Well, kind of secure. If someone wanted to undermine the immutability of the bitcoin blockchain, here’s how they would do it. First, they would install more mining capacity than the rest of the network put together, creating a so-called “51% attack”. Second, instead of openly participating in the mining process, they would mine their own “secret branch”, containing whichever transactions they approve and censoring the rest. Finally, when the desired amount of time had passed, they would anonymously broadcast their secret branch to the network. Since the attacker has more mining power than the rest of the network, their branch will contain more proof-of-work than the public one. Every bitcoin node will therefore switch over, since the rules of bitcoin state that the more difficult branch wins. Any previously confirmed transactions not in the secret branch will be reversed, and the bitcoin they spent could be sent elsewhere.

    By now, most bitcoin believers will be laughing, because I wrote “install more mining capacity than the rest of the network put together” as if this is trivial to achieve. And they have a point, because of course it’s not easy, otherwise lots of people would already have done it. You need a lot of mining equipment, and a lot of electricity to power it, both of which cost a ton of money. But here’s the inconvenient fact that most bitcoiners brush over: For the government of any mid-size country, the money required is still small change.

    Let’s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $1500 and reward of 15 bitcoins (including transaction fees) per 10-minute block, miners earn around $1.2 billion per year ($1500 × 15 × 6 × 24 × 365). Assuming (reasonably) that they are not losing money overall, or at least not losing much, this means that total miner expenses must also be in the same range. (I’m simplifying here by amortizing the one-time cost of purchasing mining equipment, but $400 million will buy you enough Antminer 9s to match the current bitcoin network’s mining capacity, so we’re in the right ball park.)

    Now think about the reports that bitcoin is being used by Chinese citizens to circumvent their country’s capital controls. And consider further that the Chinese government’s tax revenues are approximately $3 trillion per year. Would a non-democratic country’s government spend 0.04% of its budget to shut down a popular method for illegally taking money out of that country? I wouldn’t claim that the answer is necessarily yes. But if you think the answer is definitely no, you’re being more than a little naive. Especially considering that China reportedly employs 2 million people to police Internet content, which totals $10 billion/year if we assume a low wage of $5,000. That puts the $1.2 billion cost of reversing a year of bitcoin transactions in perspective.

    Even this analysis understates the problem, because the Chinese government could undermine the bitcoin network much more easily and cheaply. It appears that the majority of bitcoin mining takes place in China, due to low-cost hydroelectric power and other factors. Given a few tanks and platoons, China’s army could physically seize these bitcoin mining operations, and repurpose them to censor or reverse transactions. While the wider bitcoin world would undoubtedly notice, there’s nothing it could do without fundamentally altering the governance structure (and therefore nature) of bitcoin itself. What was that about censorship free money?

    None of this should be construed as a criticism of bitcoin’s design, or a prediction that a network catastrophe will actually happen. The bitcoin blockchain is a remarkable piece of engineering, perhaps even perfect for the purpose its creator(s) had in mind. And if I had to put money on it, I would bet that China and other governments probably won’t attack bitcoin in this way, because it’s not in their ultimate interest to do so. More likely, they’ll focus their wrath on its more untraceable cousins like Dash, Zcash and Monero.

    Nonetheless, the mere possibility of this form of interference puts the cryptocurrency immutability doctrine in its place. The bitcoin blockchain and its ilk are not immutable in any perfect or absolute sense. Rather, they are immutable so long as nobody big enough and rich enough decides to destroy them. Still, by relying on the economic cost of subverting the network, cryptocurrency immutability satisfies the specific needs of people who don’t want to trust governments, companies and . It may not be perfect, but it’s the best they can do.

    Rewriteable private chains

    Now let’s move on to private blockchains, designed for the needs of governments and large companies. We can begin by noting that, from the perspective of these organizations, immutability based on proof-of-work is a commerciallegaland regulatory non-starter, because it allows any (sufficiently rich) actor to anonymously attack the network. For institutions, immutability can only be grounded in the good behavior of other similar institutions, with whom they can sign a contract and sue if need be. As a bonus, private blockchains are far less costly to run, since blocks only need a simple digital signature from the nodes that approve them. So long as a majority of validator nodes are following the rules, the end result is stronger and cheaper immutability than any public cryptocurrency can offer.

    Of course, immutability is still easy to undermine if all the participants in a chain decide to do so together. Let’s imagine a private blockchain used by six hospitals to aggregate data on infections. A program in one hospital writes a large and erroneous data set to the chain, which is a source of inconvenience for the other participants. A few phone calls later, the IT departments of all the hospitals agree to “rewind” their nodes back one hour, delete the problematic data, and then allow the chain to continue as if nothing happened. If all the hospitals agree to do this, who’s going to stop them? Indeed, apart from the staff involved, who will even know that it happened? (It should be noted that some consensus algorithms like PBFT don’t provide an official mechanism for rollbacks, but this doesn’t help with governance since nodes are still free to bypass the rules.)

    Now consider a case where most of a private blockchain’s participants agree to rewind and remove some transaction, but a few withhold their consent. Since every organization’s node is under its ultimate control, nobody can force the minority to join the consensus. However, by sticking to their principles, these users will find themselves on a fork being ignored by everyone else. Like the virtuous proponents of Ethereum Classic, their place in heaven may well be assured. But back here on earth, they will be excluded from the consensus process for which the chain was deployed, and might as well give up completely. The only practical application of transactions outside the consensus is to serve as evidence in a court of law.

    With this in mind, let’s talk about the second case in which the doctrine of blockchain immutability has been used to ridicule ideas. Here, we’re referring to Accenture’s idea of using a chameleon hash to enable a block buried deep in a chain to be easily replaced. The primary motivation, as described by David Treat, is to allow an old problematic transaction to be quickly and efficiently removed. Under the scheme, if a block substitution does occur, a “scar” is left behind which all participants can see. (It should be noted that any later transactions that depend on the deleted one would need to be removed as well.)

    It’s hard to overstate how many people poured scorn on this idea when it was announced. Twitter and LinkedIn were aghast and aflutter. And I’m not just talking about the crypto crowd, which takes sporting pleasure in mocking anything related to enterprise blockchains. The idea was broadly slammed by private blockchain advocates as well.

    And yet, under the right conditions, the idea of allowing blockchains to be modified retroactively via chameleon hashes can make perfect sense. To understand why, we begin with a simple question: in this type of blockchain, who would actually have the power to replace old blocks? Clearly, it can’t be any unidentified network participant, because that would render the chain ungovernable.

    The answer is that a chameleon hash can only be used by those who hold its secret key. The key is required to enable a new version of a block, with different transactions, to be given the same chameleon hash as before. Of course, we probably don’t want centralized control in a blockchain, so we can make the scheme stronger by having multiple chameleon hashes per block, each of whose key is held by a different party. Or we might use secret sharing techniques to divide a single chameleon hash key between multiple parties. Either way, the chain can be configured so that a retroactive block substitution can only occur if a majority of key holders approve it. Is this starting to sound familiar?

    Allow me to render the parallel more explicit. Let’s say that we share control over chameleon hashes between those same validating nodes which are responsible for block creation. This means that an old block can only be replaced if a majority of validating nodes agree to do so. And yet, as we discussed earlier, any blockchain can already be retroactively modified by a majority of validating nodes, via the rewind and replay mechanism. So in terms of governance, chameleon hashes subject to a validator majority make no difference at all.

    If so, why bother with them? The answer is: performance optimization, because chameleon hashes allow old blocks to be substituted in a chain far more efficiently than before. Imagine that we need to remove a transaction from the start of a blockchain that has been running for 5 years. Perhaps this is due to the European Union’s right to be forgotten legislation, which allows individuals to have their personal data removed from companies’ records. Nodes can’t just wipe the offending transaction from their disks, because that would change the corresponding block’s hash and break a link in the chain. The next time the blockchain was scanned or shared, everything would fall apart.

    To solve this problem without chameleon hashes, nodes would have to rewrite the early block without the problematic transaction, calculate the block’s new hash, then change the hash embedded in the next block to match. But this would also affect the next block’s own hash, which must be recalculated and updated in the subsequent block, and so on all the way along the chain. While this mechanism is possible in principle, it could take hours or days to complete in a blockchain with millions of blocks and transactions. Even worse, while engaged in this process, a node may be incapable of processing new incoming network activity. So chameleon hashes provide a far more computationally efficient way to achieve the same goal. If you imagine a bad transaction as a rock buried many miles underground, chameleon hashes can teleport the rock to the surface, instead of making us dig all the way down, retrieve the rock, and fill in the hole.

    Immutability is nuanced

    By reviewing the risks of proof-of-work blockchains and the technical value of chameleon hashes, I hope to have convinced you that blockchain immutability is far more nuanced than a “yes or no” question. To quote Simon Taylor quoting Ian Grigg, the question must always be “who are you and what do you want to achieve?”

    For cryptocurrency believers who want to avoid government-issued money and the traditional banking system, it makes perfect sense to believe in a public proof-of-work blockchain, whose immutability rests on economics rather than trusted parties. Even if they must live with the possibility of a large government (or other wealthy actor) bringing down the network, they can take solace in the fact that this would be a painful and expensive operation. And no doubt they hope that cryptocurrencies will only get more secure, as their value and mining capacity continues to grow.

    On the other hand, for enterprises and other institutions that want to safely share a database across organizational boundaries, proof-of-work immutability makes no sense at all. Not only is it astoundingly expensive, but it allows any sufficiently motivated participant to anonymously seize control of the chain and censor or reverse transactions. What these users need is immutability grounded in the good behavior of a majority of identified validator nodes, backed by contracts and law.

    Finally, for most permissioned blockchain use cases, we probably don’t want validator nodes to be able to easily and cheaply substitute old blocks in the chain. As Dave Birch said at the time, “the way to correct a wrong debit is with a correct credit”, rather than pretending that the debit never took place. Nonetheless, for those cases where we do need the extra flexibility, chameleon hashes help make blockchains a practical choice.


    is CEO and Founder, Coin Sciences Ltd and this article was originally published here.

     
  • @fintechna 12:19 am on April 30, 2017 Permalink | Reply
    Tags: , , AllTime, , Confidence, , cryptocurrency, , ,   

    Confidence in Crypto Surges As Bitcoin, Ether Hit New All-Time Highs 

    has, once again, smashed a record. The hit a new all-time high yesterday, rising to about $ 1,343, while its younger cousin &;the currency traded on Ethereum&8211;also logged a new record when prices rocketed over $ 60. The price hikes come amidst a rising period of and excitement for cryptocurrency enthusiasts, emboldened due to recent [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on March 27, 2017 Permalink | Reply
    Tags: , , , cryptocurrency, , , ReHash   

    Bitcoin, Don’t ReHash Old History 

    Hard fork &; the two words you need to start an on-going, industry-wide debate in . Most of the time, the debate surrounds the of Ethereum, and its old, but still contested, decision to hard fork in order to prevent the succession of a hack. However, due to recent statements by currency exchanges, the possibility [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on March 22, 2017 Permalink | Reply
    Tags: , , , cryptocurrency, , , , Souftjourn   

    Souftjourn Demoes Cryptocurrency for Employee Rewards 

    and offer many potential benefits to banking customers, such as faster and more secure cross-border payments. But how about bank employees? A software development company Softjourn demoed “SJ Coins” (or Softjourn Coins)&; a system for employees&8211; at the FinDEVr conference today. “Employees received an account and an equal number of coins; the first thing they could [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on March 5, 2017 Permalink | Reply
    Tags: , , cryptocurrency, , , ,   

    Bitcoin Is Now Worth More than Gold 

    : $ 1,252.91. : $ 1,239.20. Guys. That’s right: currently, bitcoin is an ounce of gold (but you should probably keep buying gold). Gold, upon which we pretty much based our entire system of financial exchange. The only other time this has happened since bitcoin’s creation by anonymous legend Satoshi Nakamoto—who may or may [&;]
    Bank Innovation

     
  • @fintechna 12:18 pm on January 5, 2017 Permalink | Reply
    Tags: #Bitcoin1000, , , cryptocurrency, ,   

    How Long Will #Bitcoin1000 Last? 

    certainly celebrated the New Year right. Crossing over into 2017, the original topped $ 1,000 US in value, just in time for its birthday (yesterday marked the anniversary of the day the genesis block of the bitcoin was created by the still-elusive Satoshi Nakamoto.) This also marks theRead More
    Bank Innovation

     
  • @fintechna 12:18 am on December 30, 2016 Permalink | Reply
    Tags: , , , cryptocurrency, , Patenting,   

    Creating a ‘Blockchain Industry:’ Patenting the Blockchain 

    Patent filings for have more than tripled since 2014; this spike includes patents filed by exchanges such as Coinbase, payment processors like Mastercard, and like Goldman Sachs and the Bank of America. According to a report conducted by law firm Reed Smith, the most popular areasRead More
    Bank Innovation

     
  • @fintechna 3:35 pm on December 20, 2016 Permalink | Reply
    Tags: , , , , , , , Books, Christmas, cryptocurrency, , , , ,   

    12 New Fintech Books To Offer This Christmas 

    is coming and if you are a junky, you might want to ask your friends, boss and relatives for one (or more) of the following fintech .

    These books, which have all been released in the past six months, cover every aspect of fintech from digital payments, mobile to and Big Data.

    For books that were released earlier, you can check article or have a look on our Fintech Book Page.

    12 New Fintech Books To Offer This Christmas fintech

    Blockchain: Blockchain, Smart Contracts, Investing in Ethereum, FinTech

    by Jeff Reed

    12 New Fintech Books To Offer This Christmas fintechBlockchain: Blockchain, Smart Contracts, Investing in Ethereum, FinTech by Jeff Reed combines four of his best-selling books, all covering blockchain technology and fintech. These are:

    Blockchain: The Essential Guide to Understanding the Blockchain Revolution

    Blockchain is far more than technology, and even in its infancy, it is taking the world by storm, from major to the U.S. Department of Defense. This book is a comprehensive guide to blockchain, helping you understand what it is and why it matter.

    Smart Contracts: The Essential Guide to Using Blockchain Smart Contracts for Exchange

    This book explains the fundamentals of Smart Contracts and how they work. The practical uses of Smart Contracts are enumerated in this book and you will also learn how you can make your own Smart Contracts in the Ethereum system. You will also get tips on how you can make your Smart Contacts easy to understand and user-friendly. This book also covers some of the myths surrounding smart contracts and the reasons why they exist.

    Investing in Ethereum: The Essential Guide to Profiting from Cryptocurrencies

    This book explains the reasons to invest in Ethereum and not just because of the potential ROI, but also the benefits of cryptocurrencies in themselves. The overall risks, obstacles, and major changes in Ethereum will also be addressed. There are over 1,000 cryptocurrencies that currently exist, it’s important to choose wisely and understand everything you can if you’re going to be putting real money into the blockchain.

    FinTech: Financial Technology and Modern Finance in the 21st Century

    This book will introduce you to the basics of FinTech and equip you with the knowledge to get on the cutting edge of age we live in today. It covers the impact of fintech on the global economy, the payment ecosystem, fintech solutions in the business-to-business sector, fintech and investing, and much more.

     

    FinTech: The Beginner&8217;s Guide To Financial Technology

    by Jacob William

    12 New Fintech Books To Offer This Christmas fintechThe term “FinTech” is shrouded a mystery, even to more tech-savvy individuals. Since it’s such a new innovation, much about it, as well as where it’s heading is still unknown.

    In FinTech: The Beginner&8217;s Guide To Financial Technology, Jacob William explains what FinTech is, why it matters to everyone, future predictions about it, possible dangers, and its origins and history.

    This book will give you the information you seek in a digestible and easy-to-follow format. No prior knowledge of technical subjects is necessary because understandable examples are given throughout.

    Learning more about something that is so prevalent in our society is undeniably beneficial whether you are a business owner, technology enthusiast, or just a curious layman.

     

    FinTech: The Impact and Influence of Financial Technology on Banking and the Finance Industry

    by Richard Hayen

    12 New Fintech Books To Offer This Christmas fintechWe’re in the middle of the FinTech revolution, and it’s a big one. Everything that we know about the world of finance is changing before us. Innovation is constantly happening. FinTech: The Impact and Influence of Financial Technology on Banking and the Finance Industry is going to help you get up to speed on all of the change that’s happened and the things that are important right now.

    This book is going to teach you about several things, including the fintech sector and its impact on traditional banking, on the global economy, and on the world at large.

    It will teach you about cryptocurrencies such as bitcoin, blockchain technology, -advisors, peer-to-peer lending, crowdfunding, but also about the state of FinTech and where it is heading.

     

    Blockchain: 4 Manuscripts—Blockchain, Fintech, Investing in Ethereum, and Smart Contracts

    by Oscar Flynt

    12 New Fintech Books To Offer This Christmas fintechBlockchain: 4 Manuscripts—Blockchain, Fintech, Investing in Ethereum, and Smart Contracts combines four of Oscar Flynt&;s books covering blockchain technology, fintech, Ethereum and smart contracts:

    Blockchain: The Ultimate Guide to Understanding the Hidden Economy

    Blockchains are changing everything from banking, shopping, peer-to-peer exchange, and our daily lives as a whole. Those who learn blockchain and how to utilize them will have a preemptive jump on their competition. You’ll discover how to use them, their shortcomings, all about smart contracts, and much more.

    FinTech: Understanding Financial Technology and its Radical Disruption of Modern Finance

    This book covers everything from future trading, online banking, conducting business, daily living, and much more. You’ll discover the exciting opportunities that await in the coming years and how you can capitalize on them.

    Investing in Ethereum: The Ultimate Guide to Learning—and Profiting from—Cryptocurrencies

    Ethereum is one of the most profitable and promising platforms to trade cryptocurrency on to date. In this book you’ll learn all about this amazing platform, how to trade on it, how set up smart contracts, and how to program the right software to use it.

    Smart Contracts: How to use Blockchain Smart Contracts for Cryptocurrency Exchange

    Smart contracts are speculated to lower legal disputes, re-structure banking and finance, and change the way people shop and make money forever. This book will teach you how to create them.

     

    Bankruption: How Community Banking Can Survive Fintech

    by John Waupsh

    12 New Fintech Books To Offer This Christmas fintechCommunity banking can flourish in the face of fintech and global competition with a fresh approach to strategy. Bankruption: How Community Banking Can Survive Fintech offers a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups.

    Author John Waupsh is the Chief Innovation Officer at Kasasa, where he helps spearhead financial product development and implementation across hundreds of institutions.

    In this guide, he draws on more than a decade in the industry to clear, practical advice for competing with the megabanks, direct banks, non-banks, and financial technology companies.

     

    Fintech: Financial Technology Beginner Guide CherryTree Style

    by Mark Jobs

    12 New Fintech Books To Offer This Christmas fintechFinTech, or financial technology, a financial technology service industry, is defined as &;innovation in financial services&; by National Digital Research Centre. With $ 138 billion market opportunity in the United States, FinTech has become a hot topic for entrepreneurs, visionaries and investors. However, with it&8217;s rapid growth, little in-depth information can be found regarding to FinTech, especially the relationship between FinTech and wealth management.

    Fintech: Financial Technology Beginner Guide CherryTree Style aims at demystifying fintech, providing a comprehensive overview of the industry, the impact of fintech in different sectors, the leading fintech players, among other things.

     

    Blockchain: Blueprint to Dissecting The Hidden Economy!- Smart Contracts, Bitcoin and Financial Technology

    by Tony Scott

    12 New Fintech Books To Offer This Christmas fintechBlockchain: Blueprint to Dissecting The Hidden Economy!- Smart Contracts, Bitcoin and Financial Technology provides informative and easy tips that will let you know everything you need to know about the hidden economy and how to capitalize on this amazing technology.

    The book covers blockchain technology, smart contracts, fintech, among many other topics.

    It breaks training down into easy-to-understand modules and starts from the very beginning of blockchain, so you can get great results &; even as a beginner.

     

    Digital Banking Tips: Practical Ideas for Disruptors! 2nd Edition

    by Tolga Tavlas

    12 New Fintech Books To Offer This Christmas fintechDeveloping a digital banking presence is a daunting task, especially when you consider the financial resources and education needed to achieve telephone, online, mobile, and other digital banking capabilities.

    Digital Banking Tips: Practical Ideas for Disruptors! 2nd Edition is a quick and easy read that provides you with tips that are simple to implement, and which will help you through the process.

    Even if your company has been offering digital banking services, this book can help you build out that part of your business further by assisting with areas such as identifying users&8217; needs, increase usage, improve systems, multi-channel business needs, among other topics.

     

    Blockchain: The Comprehensive Guide to Mastering the Hidden Economy

    by Timothy Short

    12 New Fintech Books To Offer This Christmas fintechBlockchain: The Comprehensive Guide to Mastering the Hidden Economy provides you everything you need to know about blockchain technology including how it was created and where it is likely to be headed in the near future.

    You will also learn how to tell if a blockchain distributed database can replace your current database as well as how to create one and common mistakes to avoid while doing so.

    In this book, you will find:

    • Arguments against blockchain and how and why they are misguided
    • The best ways to put blockchain to use for you
    • The many impressive uses for smart contracts and even how to make your own
    • And much more…

     

    Frontiers of Financial Technology: Expeditions in future commerce, from blockchain and digital banking to prediction markets and beyond

    by David Shrier (Author), Alex Pentland (Editor)

    12 New Fintech Books To Offer This Christmas fintechFinancial technology innovation has exploded in the popular consciousness, and promises a radical transformation of the global financial services industry. Over US$ 20 billion is expected to be invested in fintech projects in 2016.

    MIT Professor Alex Pentland is joined by fintech intrapreneur and educator David Shrier in curating an exploration of several major trends and technologies that are changing the face of financial services.

    Co-authors include Deven Sharma, the former President of S&P, and Alex Lipton, the former head of quantitative analytics for Bank of America Merrill Lynch.

    From blockchain to artificial intelligence, this series of articles helps the reader grapple with this exciting area of technology innovation.

     

    Blockchain: Quick Start Guide to Understanding Blockchain, the Biggest Revolution in Financial Technology and Beyond Since the Internet

    by Seth Ramsey

    12 New Fintech Books To Offer This Christmas fintechBlockchain is a revolutionary technology that was created for bitcoin, but has since found a wide variety of other applications from ecommerce and retail, to securing health care records, to maintaining all kinds of important databases.

    Chances are your life has already been impacted by a blockchain database. The influence of blockchain continue to grow exponentially in the coming years, leading some people to call it the greatest technological revolution since the internet.

    Blockchain: Quick Start Guide to Understanding Blockchain, the Biggest Revolution in Financial Technology and Beyond Since the Internet provides a quick start to understanding how blockchain technology works. The book explores the opportunities and challenges related to distributed ledgers and what&8217;s to expect in the future for the technology.

     

    Fintech: Financial Technology &8211; 2 Manuscripts &8211; Bitcoin & Blockchain

    by Luke Sutto

    12 New Fintech Books To Offer This Christmas fintechFintech: Financial Technology &8211; 2 Manuscripts &8211; Bitcoin & Blockchain combines two books:

    Bitcoin Trading &8211; A Complete Beginner&8217;s Guide

    Bіtсоіn Trаdіng: A Beginner’s Guіdе to a Strategic Trading & Invеѕtіng offers іnѕіghtѕ into this vital subject mаttеr rеlаtіng to financial іndереndеnсе. Thіѕ book рrеѕеntѕ an exploration into thе іntrісаtе but profitable wоrld оf Bіtсоіn trаdіng thrоugh аn еxрlісіt аnаlуѕіѕ оf the nіttу-grіttу as wеll аѕ expounding on its mоduѕ operandi ѕо as tо bеttеr еduсаtе trаdеrѕ аnd investors аlіkе оn thе bеѕt роѕѕіblе wауѕ tо mіnіmіzе thеіr rіѕkѕ whіlе аt the same tіmе, rеwаrdѕ аrе bеіng mаxіmіzеd.

    Blockchain &8211; A Complete Beginner&8217;s Guide

    Bitcoins as a game changer have virtually set people&8217;s imagination into flight. Bitcoins are based on the blockchain technology. Increased exploration of the further uses of blockchain technologies have showed that there is immense promise in blockchain technologies.

    The post 12 New Fintech Books To Offer This Christmas appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 3:35 am on December 13, 2016 Permalink | Reply
    Tags: Cinema, cryptocurrency, , Financed, , , Movie, Very   

    The Very First Ethereum Financed Movie For Cinema 

    The Very First Ethereum Financed Movie For Cinema fintechThis autumn the Pitts Circus announced to produce the movie for , TV and VOD in 2017. The film which is going to be presented on film festivals and cinemas in 2018 will bring a long term benefit to the Ethereum ecosystem and will bring in new people into the crypto currency space.

    The movie corporation who collected Ether from Ethereum investors trough a smart contract recently announced lots of B2B cooperations, sponsoring and product placement deals, which will support the production process of the first Ethereum based Independent movie.

    While the first scenes are going to be shoot from the end of January 2017 in West-Australia the Pitts Circus team used the last month to coordinate some important business deals to make the movie look and feel like a crypto-related film. While the Pitts Circus Family (a popular artist family from Australia) will head the cast the movie production the production team around Tony Caradonna signed with Matto Kämpf and Carlos Henriquez movie actors who already have years of TV & film experience. Mera film, a swiss based digital cinema production company supports the production progress and will help to bring a high-quality movie in 2018 to film festivals followed by international cinemas all around the world.

    The Very First Ethereum Financed Movie For Cinema fintech

    The Ethereum based project closed some important business deals in the last time. In the last month the team closed several sponsoring and product placement deals. Ledger Wallet, will come up with a new version of their cold wallet soon. The hardware wallet, which will also support smart contracts will be part of the movie. Also Trezor Wallet confirmed to support the first Ethereum founded movie in terms of sponsoring and product placement. The Pitts Circus movie recently also received financial support from bilinguisme.ch

    The Very First Ethereum Financed Movie For Cinema fintechThe movie production announced to feature Ether Card products in their film. Customized Pitts Circus Ethereum gift cards are available to give away shares of the movies venture as a present. While the team works on more B2B deals inside the crypto space they also brought other companies to the scene who are going to sponsor the crypto related film.

    The Giant Squid Audio Lab Company, who produces high fidelity microphones will spons o r the mov i e and many mo r e cooperations are on negotiations. Moreover the project signed the experienced sound engineer Rainer Jesky from Berlin.

     

    The Very First Ethereum Financed Movie For Cinema fintechFirst results of production will be shown on the COVAL/ VOCAL podcast early next year. The movie will also include a COVAL placement (Circuits of Value ). It will be the first movie which shows the innovative use case of storing and sending cryptocurrency inside a MP3 file or ordinary usbsticks. The movie soundtrack is in progress but independent musicians will be able to upload their music on the aurovine platform (Audiocoin cooperation) and the audience will decide which music will be part of the film.

    In sum the Swiss movie production was able to collect financial resources, equipment and human labour time of more than 80,000 USD. Parts of it come from donations during the summer, followed by their first sold smart contracts (Ether investment) as well from closed business deals with sponsors and partners. There will be some more deals signed in the next weeks. Currently the project also announced a partnerships with other companies e.g. Mycolab or Aardvark Film Emporium.

     

    The Very First Ethereum Financed Movie For Cinema fintechTony Caradonna producer of the Pitts Circus movie also announced, that there will be an Ethereum Movie Venture coin in future. This coin will be used to give out the yearly movies (ETH) dividends, while the investment can be traded on exchanges. One reason for this action was the wish of many investors to make the investment able to trade on a short-term basis. Moreover, the Ethereum Movie Venture coin will be used to produce more independent film project and eventually provide a ethereum based VOD solution.

    Right now the the team is exited to see so much progress and support all over the world and would like to thank all partners and the international community members who are supporting the production process. In that way the Pitts Circus movie also cherish the work of Jose Antonio Leon Rojas, Ludwig Amadeus Moncrieff and the team of Social Husky international who support the project from Venezuela, who will produce merchandise material for film festivals.

     

    The post The Very First Ethereum Financed Movie For Cinema appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 12:19 am on December 4, 2016 Permalink | Reply
    Tags: , , Chris, Corda, cryptocurrency, Larsen, , , ,   

    In Blockchain News: R3 Releases Corda, Chris Larsen Talks Ripple 

    Welcome to another crazy week in ! There’s been a lot for enthusiasts to digest this week, but let’s start with consortium . The R3CEV blockchain consortium of opened its codebase up to the larger developer community this week, in the hopes that independent experiments based onRead More
    Bank Innovation

     
c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
l
go to login
h
show/hide help
shift + esc
cancel