Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second.
Craig Wright, the Australian who claims to be the inventor of bitcoin, is attempting to build a large patent portfolio around digital currency and technology underpinning it, according to associates of his and documents reviewed by Reuters.
Since February, Wright has filed more than 50 patent applications in the United Kingdom through Antigua-registered EITC Holdings Ltd, which a source close to the company confirmed was connected to Wright, government records show.
A slew of new companies are betting on a new way to verify ownership of online content: Blockchain. In short, they are using the technology behind Bitcoin to protect and monitor content rather than currency and transactions.
But will this technology really work and will it motivate creators to sign on? The answer is unclear but what is obvious is that, while Blockchain-based solutions do have new capabilities to bring to the table, they also face many of the same challenges as their more centralized counterparts.
An investigation by Spanish authorities into the illegal distribution of paid television content has resulted in the seizure and destruction of six bitcoin mines used to launder proceeds from the alleged scheme.
European law enforcement agency Europol, which took part in the investigation, said today that 30 individuals had been arrested during an operation on 18th May. Thirty-eight homes across seven Spanish cities, including Madrid, were searched during the event, according to the agency.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
Leading Bitcoin wallet developer Blockchain this week announced the open-source alpha release of the Thunder Network, which it describes as “the first usable implementation of the Lightning network for off chain bitcoin payments that settles back to the main bitcoin blockchain.”
Though only a first step, the Thunder release could help pave the way to enabling the sort of high-speed, high-volume transactions and micro-payments on which many media-related uses of Bitcoin are likely to depend.
“Thunder has the potential to facilitate secure, trustless, and instant payments. It has the ability to unleash the power of microtransactions, to allow the bitcoin network to handle heavy loads, and to increase user privacy.,” Blockchain co-founder Peter Smith wrote in a blog post. “In this Alpha version, we prove that it can be done.” Continue reading “Thunder Road: Adding Speed and Scale to the Bitcoin Blockchain”
The Thunder network is an alternative network of nodes that lets you make off-chain bitcoin payments in seconds and settle back to the bitcoin blockchain every now and then.
This sounds complicated but it’s quite neat and could be a powerful innovation for bitcoin transactions.