Author: North Anderson

What is a Sidechain?

WHAT IS A SIDECHAIN? Bitcoin was the only blockchain for a long while. At the moment, there are hundreds. To use features offered on one blockchain, users have to purchase tokens for another blockchain.   However, this is set to change some time soon. There is a technology being developed called “SIDECHAINS”, this technology proposed to make moving digital assets across blockchains easier. This will result into more possibilities, which includes bridges to legacy financial systems of banks.   Sidechain is a technology that will allow people to move their crypto currencies from one chain to another, use their moved tokens on another blockchain and move them back without needing a third party.   Prior to this development, the parent blockchain has always been Bitcoin. However, parent chains could be any blockchain. One advantage of sidechains is the capability of users to access a host of new services. Other uses would be a more secure way for upgrading protocol, it could also serve as a security firewall, in any case there would be issues on the sidechain, the parent chain will not be affected.   Sidechains first came about on Bitcoin chat rooms, back when Bitcoin Core developers were figuring out ways to upgrade the Bitcoin protocol safely.  A pervious proposal was a “one-way peg”, which basically means that users will be able to move bitcoin to another chain...

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Segwit 0.16.0

Most of us have heard about Segregated witness, more popularly known as SegWit. SegWit focuses on the bitcoin code change and paving a way for a new technology that is anticipated to be cheaper and faster. After a long wait, SegWit was activated in August last year. It has since then urged developers to provide a more structured and cohesive release for the software.   Generally, when code changes are introduced by Bitcoin Core, a group of volunteer developers simply combine these updates together. However, the 0.16.0 release, also coined as the “major release”, will be a bit different.   It is anticipated to launch this coming week. The prior software update mainly focused on understanding the network rule. This next upgrade will make it possible for users to maximize their benefits.   Andrew Chow, Bitcoin Core contributor made a statement to coindesk, saying “The primary change is the addition of SegWit in the waller. This lets users to create SegWit addresses.”   He also listed a few SegWit features, explaining that there are upgrades to the command line set and the wallet’s interface, which would make it easier for programmers and customers to use it.   These new addresses will be automatically compatible with the scaling feature. It also will be the first release of the full support for “native SegWit Addresses”, also known as bech32 addresses.  ...

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Bitcoin’s Comeback

  Over the weekend, Bitcoin’s value climbed back again through the $11,000 mark since its dip during the end of January. For the past few weeks, the price slowly rose succeeding a significant sell-off on the first week of this month.   On Sunday, the value went as high as $11,279.16. It is considered to be the highest price recorded after January’s sudden dip. According to the bitcoin price index by CoinDesk, On Monday, the cryptocurrency traded nearly $11,000.   People are optimistic that the value will continue to rise even after the sell-off last February. The said sell-off was a result of investor’s cashing out with the rumors over market manipulation and tighter regulations, in addition to the $500 million loss due to a hack.   Christopher Giancarlo, Chairman of the CFTC (Commodity Futures Trading Commission) and Securities and Exchange Commission Chairman, Jay Clayton, presented a positive statement to the Senate Banking Committee, with the CFTC Chairman saying that regulators should implement a “thoughtful and balance response, and not a dismissive one.”    ...

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Will Bitcoin Price double by the end of 2018?

All over the world, analysts are separated on the bitcoin price topic. Researchers have stated that bitcoin’s value will most likely break through the $25,000 mark in the next twelve months.   Cryptocurrencies suffered a major drop on during the start of this year. Leaving markets to loses almost 50% of their value in just a matter of weeks.   According to Tony Vays, a consultant and analyst, the price of bitcoin and other digital tokens will recover sooner than later. The only thing he is uncertain of would be how high the value will increase and if the markets would stabilize. While bitcoin’s value will not reach six-digit figures, it is highly possible to reach the $25,000 mark. In addition, Bitcoin Enthusiast, Ronnie Moas, predicted that bitcoin is likely to hit $28,000.   However, not everyone in the industry share the same sentiment. James Rickards stated that the current valuation of bitcoin is still incredibly high.   “I don’t know how anybody could set and justify a price target that high for this year. I think bitcoin is going to go to $200. The only residual use is for criminals, and it will keep grinding down.”   What about Bitcoin Futures?   A growing interest in Bitcoin futures was offered by CME. On February 2018, the volume is at 1,101, which is the second-highest number for this week....

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Bitcoin’s value rising up to $10,000

  For a hot minute, Bitcoin’s price has taken a drastic dip. On Thursday, the value rose above $10,000, leaving analysts to believe it could be a possible factor to attract new buyers.   Previously, Bitcoin’s value had a loss in value due to the dip from the $19,000 high it reached during the second week of December last year to the lowest of below $6000 last week.   Bitcoin has slowly begun to recover since then and with the help of positive statements from regulators, uncertainties and talk about a heavy-handed crackdown was dismissed. Potentially, the increase will serve as a selling point for new buyers to engage in the market.   According to the co-founder and Chief investment officer of Atlanta Digital Currency Fraud, Alistair Mine…   “For most of December and all of January investors were focused on a regulatory crackdown, mostly in Asia,” said Brian Kelly, a CNBC contributor and head of BKCM, which runs a digital assets strategy for clients. “That all changed when CFTC Commissioner Giancarlo spoke at the Senate Banking Committee and changed the regulatory tone. It appears the negative regulatory news is behind us and investors feel more confident investing.”   Bitcoin first broke through the $10,000 price point back in November 2018.   Coinbase, have added 300,000 users during thanksgiving week, raking up their client base to around 13 million....

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