Connect with us

Blockchain

Limitations Hindering The Wide Adoption Of Blockchain Technology

Avatar

Published

on

Blockchain Technology

The implementation of blockchain technology is being explored in many sectors ranging from financial services to shipping. However despite the excitement surrounding the technology the mass adoption of blockchain is going to take a while due to the fact that there are still a couple of challenges bedeviling it.

One of the limitations that blockchain technology faces is scalability. Currently the technology is facing problems supporting a big number of users on a network. This has been exemplified by the two leading blockchain networks, Ethereum (ETH) and Bitcoin (BTC), experiencing higher fees and slowed transaction speeds due to the substantial increase in the number of users. To solve the problem of scalability a lot of research has been conducted and this has led to widely varying proposals meaning that it will take a long time before there is agreement on a solution.

Shadowy connection

While unfair and not representative of the whole picture blockchain technology has long been associated with the criminal underworld. This is because initially one of the places where Bitcoin (BTC) was widely used as a means of exchange was in the dark web and the black market. Since this is how many people came to learn of Bitcoin they have tended to associate blockchain technology and cryptocurrencies with criminals.

While this is not the whole story matters are not helped by the fact that research continues to show that digital currencies are still favored by criminal elements as a money-laundering tool, in purchasing restricted materials and a means of payment in ransomware cases.

Though all these illegal activities can be carried out using fiat currencies digital currencies are especially convenient for criminals. Blockchain technology must therefore shake off this association with crime if it is to be widely adopted.

Poor coding

Some blockchain networks are also suffering from inefficient technological design and this is hampering the adoption of the blockchain technology. The smart contract platform of Ethereum for example allows the development of decentralized apps (DApps) for a variety of use cases. Though the leading virtual currency is Bitcoin the network of Ethereum lets users integrate real-world applications in the blockchain. But reports demonstrate that some smart contracts deployed on the platform of Ethereum are coded poorly and thus suffer from vulnerabilities.

In the case of the Bitcoin network, there is a tendency to include a lot of information some of which is not essential and making the blockchain heavy and slow. For blockchain technologies to find more users there is need to streamline and optimize their design with a view to minimizing the inefficiencies inherent in them.

Power hungry

Since most blockchain implementations apply the proof-of-work concept with a view to achieving consensus, this technique results in massive energy consumption. It has been estimated that Bitcoin ?miners? use up around 0.2% of the electricity in the world annually.

While that would be manageable at current levels, the consumption is increasing rapidly and by 2020 the network of Bitcoin will require more electricity than the world?s total generation capacity.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at [email protected].

The post Limitations Hindering The Wide Adoption Of Blockchain Technology appeared first on dippli.

Source: https://dippli.com/2018/05/20/limitations-hindering-the-wide-adoption-of-blockchain-technology/

Blockchain

TrustToken and Syscoin Partner on a Stablecoin Bridge

Avatar

Published

on

Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

Continue Reading

Blockchain

Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

Avatar

Published

on

  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

Continue Reading

Blockchain

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

Avatar

Published

on

The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

Continue Reading
Blockchain1 day ago

Greenheart Punt World Debut on DigiFinex

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain4 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain4 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain4 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Mining City: A Blueprint for Success?

Blockchain14 hours ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain4 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain4 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain4 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain4 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain4 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

Blockchain4 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain3 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Trending