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Blockchain

How Blockchain is Going to Influence the World

Introduction If you want to understand what blockchain usually looks like, then in simple terms it would be a giant spreadsheet that is distributed all over the world digitally. If we take all the computers as a whole only then you will be able to say that the blockchain technology is complete. The owner of this spreadsheet is very one who is in the network. You make a change and others will be able to see that change. The technology works with peer to peer. Hence, there is no need for powerful intermediates. Every small change is viewed by the

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If you want to understand what blockchain usually looks like, then in simple terms it would be a giant spreadsheet that is distributed all over the world digitally. If we take all the computers as a whole only then you will be able to say that the blockchain technology is complete. The owner of this spreadsheet is very one who is in the network. You make a change and others will be able to see that change. The technology works with peer to peer. Hence, there is no need for powerful intermediates.

Every small change is viewed by the other, so the transaction gets the testimonial of all the viewers. Hence, it can be used as one of the safest ways to use for transactions.

The Key Components of the Blockchain

The blockchain technology is composed of three key components. Each component has its own share of the workload.

1.     Peer to Peer Networking

All the computers are connected with each other with the peer to peer networking. This network lack one main server to control the network. Here in this network is the main computer as well as the subpart of the network simultaneously. If a change is made in the one computer, the same change is made on the other comp[uters as well.

2.     Consensus Protocol

Consensus protocol means that with the peer to peer network, all the connected computers need to have a joint agreement for adding or removing the block from the computer. This is controlled by the consensus protocol.

The rules are written in the software, so everybody can see the rules as all the computers are in the peer to peer network system. The main purpose of this software is to make sure that all the computers in the network are in synchronization and are in agreement with one another all the time.

3.     Blockchains

The agreement that is made by all the users is known as the blockchains. The blockchain helps to verify the change in the data and notify all the users of the data change. All the data that enters the database are linked with the previous entries and the new link is been created.

How Blockchain can Influence the World?

This technology has already started to affect the socialization of the people. Blockchains are being thoroughly used in the trading market. All the traders share mutual trust when it comes down to the investment with blockchain technologies. And the things that are just being mentioned are just the tip of the iceberg.

One of, the product of the blockchain technology is the cryptocurrency. And we all know how effective this cryptocurrency has been in the oast few years. Many app-based platforms have been created to maintain the cryptocurrencies. One such platform is the Bitcoin Lifestyle App. This app is famous for its user-friendly approach. The Bitcoin lifestyle app is supported by the automated AI features that help you with the information you need to make trading decisions.

Blockchain Revolution

Blockchain has become an inseparable part of life. If you will notice carefully this technology is used on many platforms. The blockchain technology has already surpassed our expectations and is still going strong. The full potential of the blockchain will be decided by the time we watch how this technology gets saturated in our life.

Conclusion

Blockchain technology is still under the experimental phase, only time will tell what potential this technology holds when it matures into a complete technology. For the time being, you can only use what it has to offer.

This is a sponsored post. As it’s related to crypto trading, you should also read our risk warning. Read more in our editorial policy.

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Source: https://bitcoinsinireland.com/how-blockchain-is-going-to-influence-the-world/

Blockchain

Nym: The World’s First Generic Incentivized Mixnet Releases its Whitepaper 

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[PRESS RELEASE – Please Read Disclaimer]

In a time when mass surveillance and data harvesting are ever present and not a day goes by without news of companies selling user data for profit, Nym Technologies is building a next generation privacy network that can change the way people use the internet.

Chelsea Manning, a famous whistleblower and technologist, says “As methods for network traffic analysis have dramatically improved in the last decade, I have frequently called for research (most notably in 2016) into alternative methods to Tor that avoid exposing the data within the network to such analysis. Nym is one such viable alternative worthy of research, and developmental implementation.”

Nym was conceived in 2017 and was the first privacy project to receive funding from Binance Labs in 2018, followed by a $2.5M raise from other well known investors. Today, the actual design of Nym has been made public after extensive review by technologists like Chelsea Manning, academics like Carmela Troncoso, and venture capital firms like Polychain Capital.

Carmela Troncoso (EPFL) notes “I spent a long part of my career working on improving mix-based anonymous communications systems. It is thrilling to see how the Nym team, a unique combination of expert software engineers and privacy experts, have made mixnets a reality.”

The Nym network is a generic, decentralized, and incentivized infrastructure that provides privacy to a broad range of applications and services, including any blockchain. A core component of Nym is a mixnet that protects the metadata of the internet packets sent to it with privacy superior to both VPNs and Tor.

Metadata is “data about data”, and includes IP addresses of the users, geolocations, information about who talked to who, when, and how often. All of this metadata can be monetized or used without users knowledge. Now it can be protected by Nym.

Anyone can join the network by running a node and get rewarded in NYM tokens for providing privacy to the network. Nodes do useful work anonymizing packets for users and services.

NYM tokens can be transformed into anonymous credentials that allow users to privately prove their “right to use” of services in a decentralized and verifiable manner. This allows users to be private at the network level as well as the application layer. Cosmos and the European Commission are amongst the many who have been supporting the use of Nym’s anonymous credentials.

The 3rd-party applications and services that can integrate their systems to the Nym network to protect their users from malicious actors and preserve their privacy range from crypto apps (wallets or DeFi projects) to messaging applications, IoT devices, or literally any data transfers over the internet that can leak metadata.

Currently, Nym is running an incentivized testnet with a 1500 capped number of nodes on the Liquid network, but this limit will raise in the next major release due to the high demand of people who want to join the network and test its features out.

Throughout human history, privacy has been considered a great asset and a prerequisite for freedom. However as privacy was not built into the fabric of the internet, power is now in the hands of a few powerful players. Nym is setting off to change this and give power back to users so they can decide if and how they reveal their data. To know more about the technicalities, read the whitepaper or join the Nym Telegram channel to stay up to date.

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Source: https://cryptopotato.com/nym-the-worlds-first-generic-incentivized-mixnet-releases-its-whitepaper/

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This bullish Bitcoin options strategy lets traders speculate on BTC price with less risk

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Historical data shows that it is nearly impossible to consistently predict Bitcoin’s price action and many traders that attempt this end up losing money. Now that Bitcoin trades near $50,000, the ultimate goal for most traders is to hold on to their current holdings and incrementally add to them in a way that is not terribly risky. 

Options strategies provide excellent opportunities for traders who have a fixed-range target for an asset. For example, using leveraged futures contracts might be a solution for a scenario where one expects a price increase of up to 28% over the next month. Of course, using a tight stop loss lessens the viability of the trade.

On the other hand, using multiple call (buy) options can create a strategy that allows gains that are four times higher than the potential loss. These can be used in both bullish and bearish circumstances, depending on the investors’ expectations.

The long butterfly strategy allows a trader to profit from the upside while limiting losses. It’s important to remember that options have a set expiry date; therefore, the price increase must happen during the defined period.

The Bitcoin (BTC) calendar options below are for the March 26 expiry, but this strategy can also be used on Ether (ETH) options or a different time frame. Although the costs will vary, its general efficiency should not be affected.

Profit / Loss estimate. Source: Deribit Position Builder

The suggested bullish strategy consists of buying 1 BTC worth $48,000 call options while simultaneously selling double that amount of $56,000 calls. To finalize the trade, one should buy 1 BTC worth of $64,000 call options.

While this call option gives the buyer the right to acquire an asset, the contract seller gets a (potential) negative exposure.

As the estimate above shows, if BTC is trading for $48,700, any outcome between $49,380 (up 1.5%) and $62,630 (up 28.6%) yields a net gain. For example, a 10% price increase to $53,570 results in a $4,000 net gain. Meanwhile, this strategy’s maximum loss is $1,350 if BTC trades below $48,000 or above $64,000 on March 26.

This allure of this butterfly strategy is the trader can secure a $4,050 gain, which is 3x larger than the maximum loss, if BTC trades from $53,550 to $58,460 expiry.

Overall it yields a much better risk-reward from leveraged futures trading considering the limited downside.

The multiple options strategy trade provides a better risk-reward for bullish traders seeking exposure to BTC’s price increase and the only upfront fee required is the $1,350 which reflects the maximum loss if the price is below $48,000 or above $64,000 at the expiry date.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/this-bullish-bitcoin-options-strategy-lets-traders-speculate-on-btc-price-with-less-risk

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Transaction batching protocol Furucombo suffers $14 million “evil contract” hack

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The latest “evil contract” exploit has netted an attacker over $14 million in stolen funds. 

Furucombo, a tool designed to help users “batch” transactions and interactions with multiple protocols at once, fell victim to the attack which centered on token approvals from users.

The attacker’s address currently has $14 million worth of various cryptocurrencies, but the attack appears to be larger as they have been transferring ETH to privacy mixer Tornado Cash in batches over the last hour.

This attack is conceptually similar to the $20 million “evil jar” attack that struck Pickle Finance last year, as well as the $37 million “evil spell” exploit that hit Alpha Finance earlier this month. In these “evil contract” exploits, an attacker creates a contract that fools a protocol into believing it belongs there, giving them access to protocol funds.

In this case, the attacker ‘tricked’ the Furucombo protocol into thinking that their contract was a new verison of Aave. From there, instead of draining funds from the protocol as in previous evil contract exploits, the attacker instead leveraged the ability to transfer the funds of every user who had given the protocol token permissions. 

“Infinite permissions means you can wipe everyone who interacted with Furucombo,” said whitehat hacker and co-founder of DeFi Italy Emiliano Bonassi in a statement to Cointelegraph.

This type of exploit appears to be growing increasingly popular, now accounting for over $70 million in user funds lost in just a few months.

The team confirmed the attack in a Tweet, saying that they “believed” they’d mitigated the exploit but recommended revoking permissions “out of an abundance of caution:”

Users can leverage tools like revoke.cash to do so. 

The attack comes during a period of wider reflection in the DeFi world on security and the utility of auditing companies. In the last three months, three different auditing and code review services have emerged, each with a different incentive model designed to encourage more thorough and dynamic security practices.

Source: https://cointelegraph.com/news/transaction-batching-protocol-furucombo-suffers-14-million-evil-contract-hack

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