Canadian Entrepreneur Seeks to Recycle Heat Generated by Cryptocurrency Mining

Canadian Entrepreneur Seeks to Recycle Heat Generated by Cryptocurrency Mining

A Canadian entrepreneur has sought to recycle the heat generated through bitcoin mining by growing plants and fish suited to the temperatures produced by cryptocurrency mining rigs by utilizing an aquaponic system.

Also Read: Bitcoin Pushes Canada Toward State Crypto Coin

Canadian Entrepreneur Recycles Heat From Cryptocurrency Mining to Grow Food

Canadian Entrepreneur Seeks to Recycle Heat Generated by Cryptocurrency MiningBruce Hardy, a Manitoba-based entrepreneur, has sought to repurpose the heat produced by his bitcoin mining rig to produce edible plants and fish that are suited to the temperatures generated by cryptocurrency mining equipment. Mr. Hardy owns and operates 30 mining rigs, which are housed in a 20,000-square-foot building situated in the Rural Municipality of St. Francois Xavier, Manitoba. The heat produced by the miners is then circulated throughout the building, and used to grow edible plants and fish.

Approximately 800 Arctic Char are raised in a large fish tank located on the first floor of the building. The water that the fish are raised becomes highly rich in nitrates – and thus comprises an excellent plant fertilizer. With the press of a button, Mr. Hardy is able to remotely pump the nitrate-rich water to feed the lettuce, basil, and sprouted barley fodder which is grown aquaponically on the floor above the fish. “It’s all connected, much like Earth,” Mr. Hardy told local news. Mr. Hardy is also the president of Myera Group – a company that seeks to develop innovative and sustainable systems for food production.

Mr. Hardy states that he has mined bitcoin for approximately two years. After initially investing in large-scale air conditioning to cool his mining rig, Mr. Hardy states that he realized the heat produced by mining could be diverted to be used for agricultural production. “When bitcoin came, they were an excellent proxy for what a server could do in terms of emulating heat, and whether we could use that heat for agricultural purposes,” said Mr. Hardy.

The Reeve of the Rural Municipality of St. Francois Xavier, Dwayne Clark, has spoken in support of Mr. Hardy’s project, stating “From what we’ve seen so far, it looks like a popular move for the community. It’s already cleaned up what used to be an eyesore for a number of years.” Mr. Hardy also attested to the benefits reaped by the local community through his operations stating that “The revenue from those bitcoins has helped me to keep staff on, it’s helped me create these displays so we can show people what we’re doing in agriculture innovation.”

Manitoba Increasingly Attracts Cryptocurrency Miners

Canadian Entrepreneur Seeks to Recycle Heat Generated by Cryptocurrency MiningMr. Hardy states that the project is still in its infancy, with only a quarter of the building’s second floor presently housing mining equipment and plants. Mr. Hardy claims to have received interest in his operation from Chinese investors and Australian researchers, and hopes to soon be able to expand his project to fill the unused space in his building.

Canadian provinces such as Manitoba are increasingly being seen as an enticing locating for cryptocurrency companies to establish operations in, owing to the province’s cheap and plentiful hydropower. “Hydro is one of our best assets in the province,” said Mr. Hardy, “If we can take our energy and use it here in Manitoba, we value-add that energy, and we can do all sorts of great things,”

Aside from offering cheap commercial hydroelectricity, Manitoba experiences among the lowest temperatures of major cities in North America – which has recently garnered the attention of major cryptocurrency mining companies seeking to flee the regulatory uncertainty presently associated with China. According to Manitoba Hydro, the company has received over 100 inquiries from cryptocurrency miners in the past three months about specific sites, including from North American brokers representing Chinese investors.

Despite such, Reuters reports that “Manitoba Hydro is asking the province’s utilities board to approve a rate increase of 7.9 percent across the board, effective April 1, 2018,” – which would render the cost of electricity in Manitoba considerable higher than that offered by the nearby Canadian province of Quebec.

Do you think that more companies will seek to repurpose the heat produced by cryptocurrency mining for food production? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The Twelve Billion Dollar Ripple Lawsuit Saga Deepens

A decision made back in 2016 by former Ripple boss Chris Larsen causing a rift between him and the company took another twist this week. A deal was signed with a bank consortium which included an option for its partner to buy 5 million tokens at when they were valued at a pittance. Ripple has countersued, claiming the deal was made in bad faith.   


Following the meteoric price rise of XRP in the past month that contract is now worth $12 billion and both sides are locked in a courtroom battle that could influence the future of the company and its digital currency.

Counterclaim

Ripple filed a counterclaim this week in a New York state court with accusations that the R3 consortium signed the deal in bad faith according to Fortune. The San Francisco blockchain company also claims that R3 used the partnership to leech expertise and develop a competing product. The filing includes emails from R3 CEO and represents almost 10% of the company’s 55 billion XRP allocated from the 100 billion total.

The filing claims that Ripple does not need to honor the contract as the consortium failed to hold up its end of the deal which was to sign Ripple up with a bank. It also claims insider knowledge that R3 knew both JP Morgan Chase and Goldman Sachs were pulling out of the consortium.

A key paragraph in the countersuit states:

Rather, R3 had misrepresented its resources and current ability to perform solely to induce Ripple into executing the Agreements. For example, although R3 represented to Ripple that it would have access to its large consortium of leading banks, R3 knew and had reason to know that several key banks that would be instrumental to Ripple’s success would soon be departing from its consortium.

In R3’s complaint, it claims a decision by Ripple last June to terminate the option was unjustified, and the real motive behind the decision was related to XRP’s sudden increase in value.

Ripple Rollercoaster

Ripple Rollercoaster

Banks are betting that blockchain technology will ultimately replace the slow and costly existing methods of fund transfers. Ripple offers its own solution in XRP but many of the banks want full control and are developing their own blockchains, such as R3’s Corda platform.

XRP has fallen heavily in the past few weeks from an all-time high of $3.80 down over 33% to $2.53 where it currently trades at the time of writing. It is currently the third largest cryptocurrency with a market capacity of just under $100 billion according to Livecoinwatch.

Is Ripple the future of banking or will they use their own platforms? Add your comments below.


Images courtesy of LiveCoinWatch, Shutterstock

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Crypto Derivative Platform Counterparty Is Coming to the Bitcoin Cash Network

Crypto Derivative Platform Counterparty Is Coming to the Bitcoin Cash Network

This week a new forked counterparty protocol has been announced that will be solely dedicated to the Bitcoin Cash (BCH) network. The team plans to launch its native currency XCPC on March 1 while also detailing there will be a ‘burning’ as well.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

An Independent Counterparty Protocol Dedicated to Bitcoin Cash

Bitcoin cash supporters were greeted this week by a new development — A counterparty protocol for the BCH network. The original counterparty network is a peer-to-peer platform launched in 2014 that allows the creation of financial assets derived from the BTC chain. In order to bootstrap the protocol’s native currency, developers performed what’s called Proof-of-Burn. This method requires the initiation of sending a cryptocurrency to an address that is unspendable. During the creation period of XCP in January of 2014, 2125.63 BTC were ‘burned’ by being sent to an unspendable address. Essentially the counterparty protocol can create other types of assets like bond notes, collectible cards, and loyalty rewards that are backed by the security of the BTC blockchain.

“Now a new forked version of the counterparty protocol is being created for the bitcoin cash blockchain — The counterparty protocol for BCH will have its own native currency called XCPC, and will be used to pay for the registration of asset names,” explains the XCPC team.

More generally, XCPC represents stake in the counterparty.cash platform on the Bitcoin (Cash) blockchain and it is the voting currency for changes to be decided on by the user community.

Crypto Derivative Platform Counterparty Is Coming to the Bitcoin Cash Network

Counterparty.cash Nodes Will Communicate With the Bitcoin Cash Network

At the moment the team is having a “community consultation” to discuss the best ways to get counterparty for bitcoin cash operating smoothly. Interested volunteers and those who want to pitch ideas to the XCPC team can join the conversation to discuss the project’s goals. On February 1 the team will outline the platform’s logistics and the official launch will be on March 1, 2018. According to the XCPC developers, the forked counterparty protocol will allow full communication with the BCH network.  

“The technology will allow counterparty.cash nodes to communicate with each other via the Bitcoin (Cash) blockchain,” the XCPC team emphasizes.

A Counterparty Platform Is Coming to the Bitcoin Cash Network

Bitcoin cash supporters have been talking about a counterparty implementation for quite some time and people have discussed creating implementations for the client. There was even a counterparty pull request submitted to the Bitcoin Unlimited codebase back in March. BCH proponents seem excited about a counterparty platform for bitcoin cash as it could lead to asset creation alongside possibilities like a Turing complete system.

What do you think about a counterparty concept applied to the BCH network? Let us know in the comments below.

Disclaimer: Bitcoin.com does not support this product/service. Readers should do their own due diligence before taking any actions related to the mentioned protocol or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. 


Images via Shutterstock, and XCPC


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Ditch University and High Transaction Fees – Praxis Accepts Bitcoin Cash

Ditch University and High Transaction Fees - Praxis Accepts Bitcoin Cash

Praxis is an intern, apprentice-like placement company, acting as a practical, resumé building experience for those who believe university is a waste of intellect and time and treasure. Recently, they’ve announced tuition can be paid in bitcoin cash, which offers near instant transaction times and low fees.

Also read: India’s Bitcoin Exchange Banking Problems

Praxis Accepts Tuition in Bitcoin Cash

“We want to provide the best payment options available to our customers,” Derek Magill of Praxis responded when asked by News.Bitcoin.com why the education company decided to accept bitcoin cash in payment toward tuition. “We started accepting bitcoin (core) in 2014 after some customers requested it. It was great,” he continued, “but by the end of 2015 nobody was using it. We’ve recently gotten a ton of interest in accepting it again, though, in the form of bitcoin cash because it is usable like core once was.”

Praxis started in 2013 as a response to what some graduates find, especially in the US, once leaving university: they’re saddled with debt, have acquired no real new skills to speak of, and they’ve been out of the job market for half a decade, leaving resumes flat. It’s a combination for frustrating entrance into working life. Praxis eschews the university experience, preferring to match student interest with real-world business, small and start-up. Participants have landed experiences with companies the likes of Bitpay to Seasteading to Major League Baseball. And while working, they’re given courses on how to improve personally and professionally. 

Ditch University and High Transaction Fees - Praxis Accepts Bitcoin Cash

“Incidentally, we’ve seen dozens of our customers, ages 16-26, sign up for Yours.org accounts and start making their first transactions in bitcoin cash,” Mr. Magill detailed. “These are people who were previously totally uninterested in cryptocurrency who are now using it daily. That’s telling.”

Praxis Accepts Bitcoin Cash: Ditch University and High Transaction Fees
Derek Magill

Bitcoin cash (BCH) is the younger twin brother of bitcoin core (BTC), created through what’s known as a hard fork in the Bitcoin network. Enthusiasts worried BTC was becoming too cumbersome. Transaction times lagged and fees were excessive, souring user experience and, they believed, accessibility and adoption.

Core supporters suddenly repeated the mantra BTC was a store of value, like gold, better used for settlement between large institutions, and so its medium of exchange properties were moot. They also argued a hard fork would confuse people and potentially expose the network to security risks. BCH advocates wanted both a store of value and a medium of exchange, a currency capable of holding its value and more…with the ability to buy a cup of coffee.

Passion

The two positions became irreconcilable, and BCH was born August of last year. In under six months, bitcoin cash has developed a relatively stable price, hovering around the 2,500 USD point, and its fees and confirmation times are reminiscent of BTC’s early days.    

“What it will do for our business remains to be seen,” Mr. Magill admits. “Short term, it might just be a couple customers here and there who use it and we’re excited enough by that, but long term the ability to process payments at much lower fees will do wonders for us financially. And keep in mind too that we’re in the education business,” he urged. “I’d love to see more and more of our customers be inspired to learn about bitcoin cash and use it because we offer it as an option. I think it will be great for them personally and financially.”

Praxis Accepts Bitcoin Cash: Ditch University and High Transaction Fees

Bitcoin cash has been on an adoption tear, with exchanges like Coinbase and, if rumors are to be believed, Cboe, accepting the currency, along with plans from a prominent debit card provider to include it for loads. Sites are popping up all the time as more merchants onboard.

Mr. Magill practices what he preaches. Not only did he drop from a top ranked university to start his own business, he’s also a passionate advocate for bitcoin cash. An event he hosted shortly before leaving college included crypto evangelist Jeffrey Tucker. That was it. Mr. Magill became intrigued and then, ultimately, disillusioned with bitcoin core’s user experience. A Steve Patterson podcast interview on bitcoin cash years later re-lit Mr. Magill’s fire, and “that excited me about bitcoin in a way I hadn’t felt for years. I’d stay up all night reading reddit forums, listening to Youtube videos and debates, and pretty soon I was sold,” he explained. “I want decentralized digital cash that I can send anywhere in the world for next to no cost and that is also a store of value. Now I have it.”Praxis Accepts Bitcoin Cash: Ditch University and High Transaction Fees

He’s lectured all over the world, traveling and teaching about the value of self-initiative and breaking away from legacy institutions of learning. “My obsession with Praxis and what we’re doing is similar to my obsession with bitcoin cash,” he emphasized.

“I want to be able to live as freely and as wealthy as possible and I want others to be able to do the same.”

Do you think more merchants will adopt bitcoin cash? Let us know in the comments section below.


Images courtesy of Pixabay, Praxis. 


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India Eyeing Opportunity Amid China’s Crypto Mining Exodus

“When one door closes, another one opens,” so the saying goes. This is particularly relevant in crypto land where digital doors open and close daily. China’s crypto mining clampdown last week has sparked an exodus from the country to friendlier climes, and India has seen an opportunity.


Cryptocurrency enthusiasts in India are being made offers to set up mining facilities according to reports. This has come despite the government’s still cautious stance on digital currencies. In recent weeks Indian banks have been flexing their muscles with crypto exchanges and clamping down on transfers for crypto trading.

Digital Offers

According to one crypto engineer associated with mining operations:

We have received several offers over the past few days. We are considering it as a business opportunity as mining operations. We are now waiting for the government of India’s guidelines for crypto business.

Entrepreneurs are hoping for clear incentives from the government in order to legally operate mining facilities within the country. India has some of the lowest priced electricity in the world so, like China, is an ideal country to base mining operations. According to Statista, power rates in India have averaged $0.08 per kWh in 2017, with China averaging $0.09.

BFXCoin promoter Manu Prashant Wig, who is planning to open a mining center in India, told local media:

There are countries across the globe inviting miners to initiate mining activities. They are offering free electricity, rebates on set-up as well as tax advantages, along with citizenship offer.

China's Dominance

China’s Dominance

As many as 75% of the world’s computers dedicated to mining cryptocurrencies have been set up in China. As a result, the People’s Republic is responsible for as much as 80% of the global supply of Bitcoin and miners are concerned about the threat of ever-present government restriction. India, on the other hand, is only accountable for around 2% of the supply and is behind countries in Scandinavia and the Czech Republic.

All eyes are now on the Indian government which is poised to make a decision regarding digital currencies. If the outcome is favorable, India could be the next hub of mining and blockchain innovation as Beijing is slowly distancing itself from the nascent industry.

Will India be crypto friendly or are more clampdowns inevitable? Add your thoughts below.


Images courtesy of AdobeStock

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A Visual Comparison Between Bitcoin and Other Markets

A Visual Comparison Between Bitcoin and Other Markets

The market cap of cryptocurrencies, the world’s fastest growing asset class, has surpassed $677 billion. And bitcoin itself has surged past the payment processing company Paypal and the fast food company McDonald’s. Still, it looks tiny compared to other global markets.

Also Read: Chinese Bitcoin Mining Giant Bitmain Establishes Branch in Zug, Switzerland

A Visual Comparison Between Bitcoin and Other Markets

The site The Money Project has put together a series of interesting pictures describing the market cap of the world’s money and markets. Each block square is worth $100 billion.

Apple, a world leading tech giant, has a market cap of over $800 billion. But Bitcoin prognosticator Ronnie Moas, founder and director of Standpoint Research, predicted that “Bitcoin needs to be taken seriously as within five years it could reach $800 billion.”

A Visual Comparison Between Bitcoin and Other Markets

The world top 50 richest people are worth a whopping $1.9 trillion. Bitcoin’s pseudonymous creator Satoshi Nakamoto with his coins unmoved from day one is also in the billionaire league. And in recent weeks, ripple’s record highs have propelled its co-founder creator Chris Larsen to one of the world’s richest people. He owns 5.19 billion of its XRP cryptocurrency, which gives his holdings a rough value of $12.82 billion, according to Forbes.

A Visual Comparison Between Bitcoin and Other Markets

The total value of the world’s coins and banknotes is roughly $7.6 trillion.

A Visual Comparison Between Bitcoin and Other Markets

The World Gold Council estimated that the world’s total above ground gold reserves are 187,200 tonnes. Bitcoin has a maximum of 21 million coins.

A Visual Comparison Between Bitcoin and Other Markets Both gold and bitcoin are generated with the process of mining, but with different means. Hundreds of tons of gold are mined every year through means that include placer mining, hard rock mining, byproduct mining, gold ore processing. New bitcoins are generated by a competitive and decentralized process also called mining. And miners need to process transactions and secure the network using specialized hardware.

We really have come a long way in the past decade. Do you think Bitcoin will surge over Gold? When? Leave your comments below.


Images via Shutterstock, Money.visualcapitalist.com


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Bitcoin Price Driver: Ownership becomes a Matter of Social Status

The most popular cryptocurrency bitcoin also referred as digital gold, has had an exciting and sumptuous year. Bitcoin’s price grew over 1500 percent in past 12 months, making it one of the best investment options. The digital asset is now used as a social status boosting element due to its escalating price.

Bernstein Research has compared China’s status boosting alcoholic drink Baijiu that could define the economics of bitcoin. To further understand what actually raises demand, the researcher also compares the virtual currency to the traditional Chinese medicine dubbed E Jiao.

The Bernstein analysts said:

“Bitcoins do not provide investors with cash-flows or other benefits, but the maximum supply of bitcoins is fixed, and so the price is driven by speculation on the potential demand for bitcoin.”

Limited supply is key factor

Bitcoin has a supply limit of 21 million coins after which it can only be exchanged but not mined. As it reaches the end point, the complexity increases to mine the currency. Therefore, miners have to use more resources to receive a smaller reward. Additionally, the crypto market has unreliability on what the actual demand of the cryptocurrency is? Many experts claim that around 1,000 people, commonly referred as crypto whales, control 40 percent of the market. Moreover, the crypto market is uncertain of the future.

The unpredictability nature of bitcoin causes the volatility in its price. Also, Bitcoin exchanges around the world have different prices which could result in sudden drop and peaks in its value.  

The analysts pointed “In this world, investors vacillate between the holy grail of bitcoin pricing becoming widely adopted and the price ‘going parabolic’ and the risk that actual value is close to zero.”

Bitcoin compared to E Jiao

E Jiao, a Chinese traditional medicine, is extracted from donkey skin which is mainly used for anti-aging and blood enrichment. The analysts compared bitcoin’s demand with the popular E Jiao medicine.

As per the researchers, in 2016 China churned out 5,000 tons of E Jiao from 2.5 million donkey skins. This has considerably decreased the population of donkeys, leading to entry of fake medicines made out of cow and horse skin. The demand has benefited the E Jiao which increased its price by 18 times over the last ten years.

Limited Supply = Credible Scarcity

Bernstein calls the limited supply situation as “credible scarcity,” something that can relate to bitcoin which also has a limited supply. The only upper hand E Jiao has it that it has predictable demand.

Whereas the demand for the popular Fetien brand of baijiu, a high-end Chinese liquor falls between bitcoin and E Jiao. According to Chinese social status serving the drink indicates a higher status, similar to that of Veblen goods.

“This sort of Veblen demand was one of the factors which drove the consumer price of Fetien up by around 400 percent between 2007 and 2012 and is once again contributing to the 64 percent rise over the last 12 months,” said the analysts.

The Veblen Demand

The ‘law’ of demand and supply states that when prices of particular good falls, more it is purchased. However, for Veblen goods, the higher the price the more it is alluring. Therefore we see people buying luxury products at unusual prices. Bernstein refers this value of the product as “snob value.”

According to analysts, bitcoin is showcasing similar features that of Veblen goods. People owning bitcoin feel superior and cool and even more exclusive as the price rises. Owning bitcoin, the digital gold indicates the social status of a person.

Bernstein analysts said:

“In mid-2017, we conducted a consumer survey of 1,070 Chinese Premium Goods Consumers which showed that Veblen Demand is the third most important motivator of brand choice in Ultra Premium Baijiu brands like Fetien and its key competitor, Wuliangye. 32 percent of respondents cited ‘serving it shows respect to my guests’ as a key reason for choosing the brand. ‘It is appropriate for people like me to drink this brand’ also came in the top five cited by 23 percent of respondents.”

In the end, be it bitcoin, Fetien or E Jiao, all have gained its value due to the idea of limited supply. The first half of 2018 will be important and interesting for crypto enthusiasts on how the bitcoin market plays.

The increasing popularity around the world has already put it under surveillance of governments and regulatory authorities. South Korea and Australia recently have tightened their grip on crypto traders. Although, it is uncertain how much will the regulatory movement affect the speculative demand for bitcoin.

 

Is the road ahead for bitcoin difficult or smooth? Let us know your opinion in the comments section.

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Indian Think Tank looks to Launch Blockchain-based Pilot Projects

An Indian news publication, Economic Times, reported on January 4, 2018, that the government’s policymaking subsidiary is actively looking into the applications of blockchain technology in the areas of education and agriculture. The body of the government currently exploring the technology is Niti Aayog, also known as the National Institution for Transforming India and the policy think tank for the government. The committee is interested in developing a proof of concept to establish the utility of blockchain technology and its viability.

The government body behind the exploration, Niti Aayog, was instituted in 2015 with a view to achieving sustainable development goals and the reconcilement of technology with ordinary governance. A recent hackathon held by the body saw the development of numerous blockchain-based prototypes across many sectors.

An unnamed government representative, speaking to the press, stated that the technology “is a safe system for document verification and hence can be adopted in sectors like education, health, and agriculture.” Indeed, startup companies around the world are in a race to find novel, yet practical uses for blockchain technology. The same goes for the governments of several developed nations, with most of them announcing a slew of pilot projects aimed at improving efficiency.

The Indian government is clearly trying to make the most of the benefits offered by blockchain technology to provide an efficient way of maintaining trust within transactions. The immutability offered by a blockchain allows monetary exchanges to be permanently recorded and impossible to modify. After all, digital currencies have used the same technology for close to a decade now.

Even though the Indian government continues to be indecisive about the legislation and taxation of cryptocurrencies, it has always made its interest in the underlying blockchain technology very apparent. For instance, the country’s central bank, the Reserve Bank of India (RBI) issued multiple press releases cautioning citizens of the country against cryptocurrencies such as bitcoin and even compared digital currencies to a “Ponzi scheme” in December 2017. However, in the same time frame, the RBI not only explored the possibility of their own state-backed cryptocurrency but also dabbled in several areas surrounding blockchain technology.

In November 2017, it was reported that the State Bank of India, India’s largest nationalized bank, was starting the rollout of its blockchain enabled smart contracts, with a similar Know Your Customer (KYC) initiative expected to launch soon as well. The programs are part of an ongoing effort by 22 Indian banks to find applications of blockchain technology in the banking sector. The effort, named “BankChain,” was launched almost a year prior to the initial rollout of its applications.

The Indian government is aware that the adoption of blockchain technology can be done without the need also to embrace the potentially disruptive and risky nature of cryptocurrencies, all while still enjoying the advantages of a distributed and decentralized ledger. As a consequence, India is joining the ranks of several other countries, including Australia, Germany, and even China, by exploring the use of the technology in various aspects across the country.

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Viacoin Eyes All-time High Against Bitcoin

Viacoin (VIA) looks set to test the all-time high against bitcoin at 0.0008599, the peak achieved in June 2017. The altcoin has a promising roadmap and will become a contender in the privacy space with styx, a zero-knowledge proof protocol that enables unlinkable atomic payments for for VIA.

As one of the pioneers of atomic swaps and the Lightning Network, along with Decred, Viacoin has one of the strongest technical foundations for a cryptocurrency. With the lead developer, known as Romano, having contributed to both bitcoin and litecoin, viacoin is one project that has a bright future.

Fundamentals

BTCManager reported on the altcoin’s implementation of atomic swaps in October 2017 and the new roadmap for 2018 will be released soon. Moreover, the altcoin is certain to get more attention as it is expected to be rolled out across bitcoin ATM’s in the near future.

Privacy Enhancements

In 2018, we can expect the release of Viacoin Core 0.15, which should implement the MAST protocol upgrade, improving transaction sizes and bringing smart contracts to the blockchain network. Styx, the layer on top of viacoin that will allow for anonymous atomic swaps, will be based on TumbleBit. With masternodes acting as tumblers, the development ported over to viacoin could mean that users will be able to stake their VIA to receive payments for tumbling transactions.

Wider Support for VIA

Finally, we should see a wider array of wallets for the altcoin; most notably, Ledger and Trezor are anticipated to support VIA soon, and there are plans for a Lightning Network-enabled wallet based on Jack Maller’s Zap and a Java-based wallet based on the popular bitcoin wallet Samourai.

Technicals

Since we have gone over some of the fundamentals of viacoin, we now look at the technical picture.

Weekly Price Action

The chart below shows the weekly timeframe for VIA-BTC, illustrating that a downtrend was in place from October 2017 to December 2017. As we entered into 2018, the weekly close for VIA-BTC was higher than the Alligator, suggesting the start of an uptrend around 0.00032449. The price has since risen to around 0.00047 at the time of writing.

VIA-BTC (Weekly, Bittrex)

So far this week, the price action has tested the fractal resistance at 0.00054, with a weekly close above this level opening up the all-time high at 0.0008599. These two fractals are the only resistances for VIA on this timeframe.

Moreover, we see that the Awesome Oscillator looks to make a move above zero, which will indicate a strengthening of the bullish momentum. The weekly price action also displays a Cup and Handle, a famous trading pattern that suggests bullish continuation:

Using the Ichimoku indicator, we see that viacoin is attempting a bullish Kumo breakout; a weekly close above the cloud will give a signal that an uptrend will begin. Moreover, we see that the lagging line (purple) has moved above the previous price action, providing yet another buy signal on this week’s close.

VIA-BTC (Weekly, Bittrex)

Monthly Price Action

Looking at the monthly price action, we see that a strong bullish signal may be given on January’s close. The market is currently within equilibrium, resting near the conversion (blue) and base (red) lines. A monthly close higher than these two indicators will give a buy signal and suggest a drift toward 0.0008599. A break above 0.0008599 would open up the Fibonacci extension level at 0.00137491, shown below.

VIA-BTC (Monthly, Bittrex)

 

The author has been long VIA-BTC since January 1, 2018. Do you own research and do not take this article as investment advice.

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How Can Blockchain Help Science?

Blockchain technology has undoubtedly a massive potential in fields of finance. However, several institutions are planning to introduce the revolutionary technology into scientific organizations. Many already have initiated pilot programs to embrace the distributed ledger technology.

Jack of All Trades

The much-hyped technology also can transform the scientific landscape. According to a report conducted by Digital Science, the technology can solve several problems in the science industry primarily related to authorship.

Additionally, blockchain has the potential to store data that can neither be erased or corrupted allowing publications to record permanent decisions which in return improves the review process. As with the crypto space overall, some are still doubtful of its use in science mainly due to the cost.

Scientists predict the cryptographic technology can not only help the environment but also can bring a lot of change in the food safety, medicine, and research fields. Moreover, it can be instrumental in the animal safety industry by recording an animal’s date of birth, their medications and also can accurately record locations as to where they are kept.

Blockchain Scientific Record Keeping Projects

Scienceroot, a blockchain based scientific ecosystem, has joined hands with Pluto to work on a pilot project that will assist authors and peer reviewers via a reward system. The firm prides itself on being the “first blockchain-based ecosystem enabling the academic community to reap its rewards.”

The company hosts a collaboration platform, funding platform, journal and plans to raise $20 million by the first half of 2018. Scienceroot will trade its science tokens with Ether, another virtual currency. Pluto, as mentioned earlier, provides a decentralized scholarly communication platform that aims to “make scholarly communication reasonable and transparent.”

Trustworthy

The blockchain technology can be very beneficial for researchers as it can assist them in gathering and conserving data of research activities. As per Joris Van Rossum, special projects Director at the London based research company Digital Science, the nascent technology will make it easier to emulate results where published accounts do not have a clear set-out method or system.

Moreover, the revolutionary technology can help track activities through the peer-review process. This in return would award critics with virtual currency. Additionally, the public ledger will also allow reviewers to monitor how often scientific researchers gather computations.

Currency free science

Gideon Greenspan, the founder of Coin Science, another London-based blockchain technology company, says Scienceroot and Pluto are both elements of the same “universe.”. The company is planning to provide an open-source, decentralized platform dubbed Multichain. Researchers could use the platform to upload data to the publicly shared digital ledger which won’t be controlled by any individual or group.

Greenspan opposes blockchain projects of Scienceroot and Pluto as it can get very costly to record and maintain all data in the long run. According to Greenspan, recording research data can be even more expensive than cryptocurrencies as it produces more data than virtual currencies.

Tamper Proof Technology Can Be a Drawback

Claudia Pagliari, a researcher of digital health tracking, also believes blockchain will find a prospective home in the scientific field. Although, a drawback of the technology is that if someone adds fake data on the network, it is impossible to erase it due to its tamper-proof feature.

Contrary Martin Hamilton, futuristic at Jisc, a digital solution provider for education and research, said, “There will be things that we try which simply blow up in our faces. But the rewards can be huge if you’re willing to take a calibrated risk.”

Will scientific research institutes embrace the blockchain technology? Let us know your thoughts in comments section.

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