Bitcoin is 10 years old
Between the 3rd and 9th of January 2009, Satoshi Nakamoto created the first block of the Bitcoin Blockchain. For what the genesis block actually is, there’s little to tell. The first block on the network, it includes a single transaction: the 50 BTC block reward sent to Satoshi for mining it (which, along with his other mining rewards, he still hasn’t touched). In the years that followed, as exchanges were founded and trading became more organized among Bitcoin evangelists, the difficulty of mining rose significantly, requiring more and more powerful processors.
Argentine journalists protect their work with NEM
NEM Foundation in Argentina has signed a memorandum of understanding with a local trade union of journalists. The goal of the agreement is to develop a blockchain-powered solution for copyright protection. CISPREN, the journalists’ trade union of the city of Cordoba in central Argentina, hopes that blockchain can solve different issues associated with the protection of intellectual property rights, such as content theft, failure to pay royalties and others. By using the new system, authors would be able to upload their content to blockchain, thereby creating a timestamp which would serve as a proof of authenticity. Each piece of content will be assigned a unique QR code as well as a digital signature, serving as additional safeguards in case of disputes.
Blockchains in real time
Blockchains promise widescale open Internet applications that are organized decentrally, but this comes at the price of slow performance for every transaction processed by the system. Cryptography researchers working with Professor Sebastian Faust have achieved global awareness with their approach to facilitating real-time transactions using blockchains such as Ethereum. Using a cryptocurrency such as Bitcoin, where transactions are processed locally via a blockchain, a maximum of seven transactions can be processed per second – a tremendous difference that greatly hinders applicability of the technology. Even worse, it can also take several minutes to process a single transaction. These drawbacks do not only apply to Bitcoin. Even more complex applications that are processed using smart contracts over Ethereum are expensive and slow as well.
Tax returns and speculative losses from cryptocurrency
Cryptocurrency is just like any other asset class when tax season comes around. Unfortunately, cryptocurrency taxes appear so complex that few people file them. Others see cryptocurrency as a means to move money illegally – which means avoiding cryptocurrency taxes entirely. As cryptocurrency becomes more mainstream and the Internal Revenue Service shifts its focus to digital assets, it’s more important than ever to pay cryptocurrency taxes.
Blockchain Stories: New Bitcoin series on Deutschlandfunk infosat.de
Energy consumption: Ethereum plans to reduce energy consumption by 99% ccn.com
World Food Program: Bitcoin technology in action coin-hero.de
Blockchain contracts: Researchers realize decentralized data source heise.de
In the original whitepaper for Bitcoin, creator Satoshi Nakamoto defined that the supply will be finite and will be equal to just under 21 million coins. That means that there will be no additional Bitcoin mined after the final figure. The projected exact supply is 20,999,999 Bitcoins, no more, no less.
„There is a clear sense that blockchain is a potential game-changer. However, there are also emerging doubts. A particular concern, given the amount of money and time spent, is that little of substance has been achieved.“
Blockchain has yet to become the game-changer some expected, according to a new report by McKinsey & Company, an American management consulting firm.
Nevada issues marriage certificates on Ethereum
Blockchain technology has already found its way into local government services in the United States, but Nevada particularly is proactive: As per reports from January 7th, two counties, Washoe and Elko, in the state have started trialing and using Etherium blockchain for security to store and hand out digital copies of birth certificates and marriage licenses. At the moment, about 950 such certificates have been issued out, since its inception in April. Nevada is the first US state to recognize the opportunity and has excluded the nascent industry from tax obligations. Meanwhile, Colorado is also following suit with the state looking to promote blockchain innovation in the state by introducing an exemption for cryptocurrencies from securities laws.