We already know that Bitcoin is slowly moving towards space. Now the National Aeronautics and Space Administration – NASA – also wants to use blockchain technology for its infrastructure.
An aero-computer engineer at NASA Ames Research Center suggested that blockchain networks and smart contracts could help decreasing some security problems and enable private and anonymous communication with air traffic services.
The U.S. government proposed a way to secure data about military and corporate activities using the blockchain.
“The design innovation is the use of an open source permissioned blockchain framework to enable aircraft privacy and anonymity while providing a secure and efficient method for communication with Air Traffic Services, Operations Support, or other authorized entities.”
By using Smart Contracts, NASA researchers also want to ensure that certificates are secured and communication channels with high bandwidth are available. The authority has already presented a prototype in its paper:
“This framework features certificate authority, smart contract support, and higher-bandwidth communication channels for private information that may be used for secure communication between any specific aircraft and any particular authorized member, sharing data in accordance with the terms specified in the form of smart contracts. The prototype demonstrates how this method can be economically and rapidly deployed in a scalable modular environment.”
As the basis for the prototype, NASA intends to cooperate with the Hyperledger Fabric Certificate Authority (CA). The NASA blockchain will differ from the Bitcoin blockchain. It is further said that NASA’s solution should be privacy oriented and also uses different ledgers to enable privatized data collections.
NASA had previously granted 330 thousand dollars to a professor at the University of Akron, to support research on ethereum blockchain tech to automatically detect floating debris. This shows that NASA is furthermore trying to explore blockchain for technological improvements.
Belgium’s FSMA Warns Against Rising Recovery Room Scams
These fraudsters target the existing victims of fraudulent investment schemes.
As Belgium’s Financial Services and Markets Authority (FSMA) remains vigilant against frauds, it issued a warning on Monday against the rising ‘recovery room’ frauds targeting the citizens in the country.
Recovery rooms are a well-known scamming tactic as fraudsters approach investment fraud victims with offers of compensation. These fraudsters often disguise as representatives of law firms or accountants, and even police services or financial supervisors.
The Belgian regulator pointed out that one of the key traits of these fraudsters is that they ask for charges for their services upfront and asked people not to fall for such scams.
“Victims of investment fraud must pay the fee in advance. This is a clear indication that it is a recovery room,” the FSMA stressed.
How to Acquire New Clients Using Content MarketingGo to article >>
“The payment is demanded, for example, allegedly to cover certain administrative or legal costs or to pay taxes. These are purely fictitious costs, however. Once the fraudsters have received the fees, they disappear without a trace, and it is almost impossible to recover the amounts paid.”
Already Known Perpetrators
The market watchdog also named six companies that are fraudulently approaching investment fraud victims, then pulling out such recovery scams.
The companies are Payback Ltd, a clone firm operating from www.payback-ltd.com; Funds Recovery Ltd, another clone with website www.funds-recovery.com; Lewis & Wright Advocates (www.lewiswrightadvocates.com); Main Trading Center / MTC Institute; LCT Capital, LLC (cloned firm) (www.lctcapitalllc.com); and South Texas Securities, Co. (cloned firm) (www.southtexassecuritiesco.com).
Meanwhile, the FSMA additionally warned investors against other forms of fraud as well. Last week, the regulator flagged trading and training products related to forex, contract for differences (CFDs), and cryptocurrencies that are promoting themselves using a multi-level marketing structure.
Israel Wants To Classify Bitcoin as a Currency to Amend the High Capital Gains Taxation
Israel is considering making Bitcoin a currency, according to a new bill that was tabled by four members of the Nationalist party Yisrael Beiteinu, which aims to regulate better the taxations of digital currencies in the country.
The four members, led by Oded Forer consider a 25% capital gains tax on Bitcoin to be outdated. They are looking to amend the current Income Tax Ordinance with a more adaptable version which reflects better the reality of digital assets and transactions.
The proposal referred to as a private member’s bill will add a new section to the Income Tax Ordinance in which digital currency is considered as an asset. This makes trading or converting any digital assets into fiat subject to capital gains. In the bill, the four members stated:
“The regulatory reality in Israel is not adapted to the existing reality in the field.”
New Bill: Qualities of a Real Digital Currency
The new bill stipulates that for a distributed digital currency to be considered a currency, it must have four characteristics. Any digital currency like Bitcoin which meets the set criteria will be considered a currency for both trading and taxation purposes.
First, it should be operated by a distributed network of nodes and not a centralized entity like state or financial institutions. The network should be in consensus as to the rules that govern development and transactions.
Secondly, the initial issuance of a currency unit need not have been intended as payment between either party and with a market cap of not less than 1 billion NIS ($287.4 million).
The last quality requires a digital currency to have a general utility purpose and not designated for certain uses or entities. The market cap requirement excludes the rest of crypto assets in the market, leaving only Bitcoin to be certified as a currency in Israel.
Amendment to Benefit Global Technology Development in Israel
Apart from reducing taxation on Bitcoin, the new bill also intends to boost innovation around blockchain technology in Israel, which already considers itself as a global high tech power.
The members believe that Israel has the capacity to be among the leading countries in digital currency innovation, which will play a central role in the future of world economic dominance.
“It is precisely in this period when the economic future is not clear that it is possible to promote digital payment options due to the social distance that has been forced on us.”
The Income Tax Ordinance was implemented in February 2018 declaring Bitcoin and other crypto assets to be taxed as capital assets. In May 2019, the Israeli District Court issued its first Bitcoin transactions ruling when it denied an appeal by a taxpayer to be exempted from paying 3 million NIS in taxes, from the profit he made selling Bitcoin in 2013.
The 18.5 Millionth Bitcoin Has Now Been Mined
Bitcoin miners have created over 88% of the total BTC supply—but it will still take over a century to produce all 21 million.
- Bitcoin miners have already created more than 18.5 million BTC.
- This is over 88% of Bitcoin’s total supply of 21 million.
- Still, it will take another 120 years to find every last Bitcoin due to regular halvings.
The total number of mined Bitcoin (BTC) in circulation has reached over 18.5 million—out of a maximum of 21 million—over the past weekend, according to block explorer Blockchain.com.
As a result, there is now less than 2.5 million BTC left for miners left to discover. However, while it might look like Bitcoin’s emission is closing on the finish line—just over 88% of all BTC are already mined, after all—the emission of the last Bitcoin is currently expected no earlier than the year 2140.
This is because, as time goes on, the rewards that miners receive for discovering a new Bitcoin block get smaller—slashed by half every 210,000 blocks (or roughly every four years)—due to a hardcoded process called the “halving.”
The last Bitcoin halving occurred on May 12 and reduced block rewards from 12.5 to 6.25 BTC per block. This will continue to happen every four years until the very last satoshi—Bitcoin’s smallest unit— is discovered.
Why only 21 million?
As Decrypt reported, it is not entirely clear why Bitcoin’s maximum emission was limited specifically to 21 million coins by the crypto’s creator Satoshi Nakamoto. However, there are some theories.
One explanation for the limit is the money supply replacement theory. An alternative suggestion is that the limit could be mathematically extrapolated from Bitcoin’s operating parameters.
In the first instance, the entire world’s money supply stood at approximately $21 trillion when Bitcoin was created. If it would become the world’s ultimate currency and replace all fiat, then each BTC would be worth $1 million while each satoshi would amount to $0.01. At the same time, while those two figures remarkably resemble each other, we can only guess whether it was a coincidence.
The second theory is a bit simpler. According to it, Bitcoin’s emission limit is mathematically tied to its halving cycles—since we roughly know when all the halvings are going to happen and can extrapolate it forward. As it stands, the sum of the block rewards for each cycle equals 100 (50 + 25 + 6.25 +3.125, etc). By multiplying this number by the 210,000 blocks/cycle figure, we get the maximum possible supply of 21 million.
And what will happen after all 21 million BTC are mined? Not much, really. The blockchain will continue to operate just as today—with the exception of miners’ rewards. Since no new coins would be discovered, miners will have to rely on transaction fees as the main source of income.
Luckily they have well over a century to prepare.
Blockchain1 month ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain3 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies