Connect with us

Blockchain

Double-Spending: Potential Risks and Integrated Solutions

Many people are unfamiliar with the term “double-spending”. That’s completely normal since it’s a term only associated with cryptocurrencies. As the name suggests, double-spending refers to the risk of a cryptocurrency being used twice.

The post Double-Spending: Potential Risks and Integrated Solutions appeared first on CoinStaker | Bitcoin News.

Published

on

Many people are unfamiliar with the term “double-spending”. That’s completely normal since it’s a term only associated with cryptocurrencies. As the name suggests, double-spending refers to the risk of a cryptocurrency being used twice.

If we take a look at bitcoin’s white paper, double-spending is specifically mentioned a few times. There is also a clear way defined by the white paper to deal with the problem:

“We propose a solution to the double-spending problem: The use of a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.”

Double-spending was a huge problem, it literally had no viable solution until Satoshi introduced his own. It was impossible for a digital system, to prove how many people spend or did not spend the same cryptocurrencies. Back before the peer-to-peer solution, all internet transactions required a third-party. It was necessary that the party was either a government, a card company or a bank. There were simply no other “trustworthy” options.

This is no surprise since trust is the biggest component of payment schemes like credit cards or bank wires. That being said, the introduction of a third-party is always costly. These schemes are all aimed at the problem of fiat money being paper-based. As such it’s an instrument, which can only be transferred peer-to-peer in person. Unfortunately, that’s all built around the idea that fiat money cannot be copied. As most of us already know, it can and it’s being copied and printed all the time.

The solution for double-spending was a gateway for future development

With the way double-spending is solved in the virtual space, it changes the real life situation as well. Real-time commerce is possible all across the world without any regard for bank access, geographical location or currency denominations. When bitcoin came out in the heat of the 2008 crisis, banks were inaccessible and “stuck” in the cash economy.

With the double-spending problem being solved, this opened a huge gateway of development to be explored. A brand new financial sector was on the horizon. 10 years later, we can see the far-end results that a permissionless, distributed economy can bring.

With the elimination of the “middle-man” or third-party, cryptocurrencies set the building blocks for an entirely new financial structure. Of course nothing is as stable as it looks on paper and even though everything seems incredibly secure, a mountain of measures will need to be taken to integrate and develop this structure.

Every person, who favors financial freedom and technological development should be excited. Excited thanks to all that was made and will be made possible by cryptocurrencies. This is a real chance for a future with sound, reliable and safe programmable money. Investments will also be radically changed thanks to cryptocurrencies’ programmable money attributes.

There will be a whole new world of micro-investing to explore. Stocks, bonds, mutual funds, they will change and will be available on a global scale. With the double-spending issue solved, the sky’s the limit.

You can also check out:

The post Double-Spending: Potential Risks and Integrated Solutions appeared first on CoinStaker | Bitcoin News.

Source: https://www.coinstaker.com/double-spending-potential-risks/

Blockchain

European Union will introduce crypto-asset regulations by 2024 – a report by Saumil Kohli.

Published

on

According to the Reuters report, the European Union will introduce new rules within four years to make cross-border payments quicker and cheaper using blockchain and crypto-assets like stablecoins. The European Commission is due to set out its strategy for encouraging greater use of digital finance at a time when 78% of payments in the eurozone are in cash. The commission also wants a rapid shift to “instant” payments, generally as pandemic lockdowns showed the growing role of cashless payments.  

The EU executives will set out new rules for cryptocurrencies. 

The European Union executives will present a draft law to clarify how existing regulations apply to crypto-assets and set out new regimes where there are gaps, the documents said. “By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector,” the documents said. “It should also address the risks associated with these technologies.” Stablecoins came on the policymakers’ agendas last year when Facebook revealed plans for its Libra token. Central banks across countries are now studying whether to launch their own. 

Instant payment systems should become the “new normal” by the end of 2021.

Brussels wants to make it easier to share data within the financial sector to encourage competition and a wider range of services while upholding the principle of “same risk, same rules, same regulation,” the documents say. The bloc should also have rules in place within the next four years to allow new customers to start using financial services quickly once anti-money laundering (AML) and identity checks have been completed, it said. The report further states that the commission will assess the impact of charges levied on consumers for instant payments and make sure that they are no higher than those for regular credit transfers.  

Source: https://coinnounce.com/european-union-will-introduce-crypto-asset-regulations/

Continue Reading

Blockchain

UNI Token Price Stable Above $5.50 As Negative Funding Rates Rise

Published

on

ADVERTISEMENT

The UNI token price remains stable above the $5.50 level after seeing a massive inflow of investments in the past day. The biggest buy-side order outweighed the relative small sell orders from the users that got the 400 tokens after the airdrop as we reported in the altcoin news previously.

The uptrend was further perpetuated by other exchange listings such as Coinbase listing the UNI token, and binance listing the token within a day of the launch. This also gave the retail investors unprecedented access to the token which seems to be helping to offset the instant sell-side pressure which came as a result of the airdrop. It’s also important to note that the funding for the UNI token is giving bulls more fuel to push it higher with the rates sitting at more than $280,000 per year. The huge negative funding rates are also incentivizing traders to open the long positions on the cryptocurrency. The nature of the short positions will reduce the selling pressure that comes from the people that are trading UNI perpetual swaps.

uni token chart
Image Courtesy of DegenSpartan.

At the time of writing, the  UNI token price is sitting at $5.80 which marks a new all-time high for the cryptocurrency that has been climbing slowly higher over the past few days. it’s also important to know that this marks a huge rise from the $1.00 lows that were set shortly after the listing. The lows came above because of the intensity of the initial selling pressure from the users that sold the tokens that were initially airdropped to them.

uniswap
Source: Uniswap

After the launch, the token garnered listing on a few exchanges including Binance, Coinbase, and FTX. This led to a huge inflow of buying pressure from investors and helped fuel the upswing. The cryptocurrency is trading around the all-time high as the bears are having a hard time making an impact. another factor that could influence the uptrend of the token is the massive negative funding rates for the perpetual swaps of the token. One trader also spoke about this explaining that about 0.1% of the users are paying each other to short the token which is making a strong bull case for the asset:

ADVERTISEMENT

 “At -0.75% every 8 hours, or -0.0994% every hour, you are being paid 2.2% – 2.4% a day to be long UNI via perps.”

Assuming that this trend will surround the perpetual futures, UNI could rally higher in the upcoming days and weeks.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/uni-token-price-stable-above-5-50-as-negative-funding-rates-rise/

Continue Reading

Blockchain

ArbiSmart Users Get What They Wished For, Good ROI and Newly Added USDT Support

Published

on

In the crypto space, the term Decentralized Finance (DeFi) has become the buzz word of 2020 as interest continues to pick up in the space. While there are several financial services verticals that falls under the broad DeFi spectrum, the ones that allow investors to earn a steady stream of passive income is something that is sought by many. It is even more exciting if the service does not require them to constantly keep track of such investments for profit optimization.

Such a solution is made possible by proprietary smart AI-based machine learning algorithms implemented by ArbiSmart. The EU based crypto arbitrage platform offers a reliable automated trading platform that allows users to leverage the price difference in crypto assets across leading exchanges to generate profits.

Unlike manual trading, ArbiSmart’s automated solution is capable of placing round-the-clock high-frequency trades across more than 20 leading global exchanges, in real-time. The platform has the potential to generate profits of up to 45% while exposing the users’ funds to minimal risk, close to 0%. In fact, even during the prevalent economic slowdown that is currently affecting global markets, ArbiSmart has managed to consistently maintain good profit margins.

Apart from its ability to generate decent profits on crypto investments, ArbiSmart is a regulated platform licensed by Estonia’s Financial Intelligence Unit to provide cryptocurrency-related financial services. It is also known to maintain high standards when it comes to customer service and security features protecting clients’ personal information and funds. All these factors have contributed to its growing reputation, making it an attractive option for investors.

Customer Satisfaction Always Takes Priority on ArbiSmart

If the platform’s customer service is any indication, one will know that ArbiSmart takes customer satisfaction seriously and is willing to go to great lengths to keep them happy. Users can provide inputs and feedback to the team which will be reviewed and considered for further improvements to the platform. The latest such development to feature on ArbiSmart is the inclusion of support for USDT deposits. Apart from the newly introduced USDT, users can also make deposits with other leading cryptocurrencies, credit and debit cards, and wire transfer.

All it takes to earn passive income is an account and a minimum EUR 500 deposit on ArbiSmart. The Smart Investment Calculator on the platform further assists users in deciding the investment amount that is right for them to enjoy preferred returns. It also provides a smart wallet feature where users can park their crypto assets and earn interest.

Meanwhile, the team at ArbiSmart continues to work on developing new features and services as per their well-planned product roadmap and user requests. Eventually, users can start benefiting from these updates as and when it happens.

Learn more and start investing on ArbiSmart at – https://arbismart.com/

Image by Nattanan Kanchanaprat from Pixabay

Source: https://www.newsbtc.com/2020/09/19/arbismart-users-get-what-they-wished-for-good-roi-and-newly-added-usdt-support/?utm_source=rss&utm_medium=rss&utm_campaign=arbismart-users-get-what-they-wished-for-good-roi-and-newly-added-usdt-support

Continue Reading

Trending