Blocknet prepares for the launch of the product Blockchain

As a significant step towards the launch of the decentralized exchange, Blocknet (blocknet.co) is ready to end its temporary wallet and launch the service that serves the intrinsic value of its tokens.

Since the ICO in October 2014, the temporary wallet has served to secure its own tokens until the launch of the first intermediate blockchain application. The main focus in the development was on the application as a decentralized exchange: the start of the final blockchain is now the next step towards the application as a decentralized exchange, which offers the user the same functions as a central exchange, but with full data protection, freedom and the security to keep control over one’s own values.

With the successful testing of more and more trades on the decentralized exchange – now already with Bitcoin, Litecoin, Dash, Syscoin, Digibyte, Vertcoin, Duality Solutions, Viacoin, and Bitbay – Blocknet is now ready to close the preliminary wallet and create the basis for the emerging token ecosystems, with the core services of the decentralized exchange, control of blockchains and data exchange between different independent blockchains.

What is the business model of a Bitcoin formula?

Every service between the Bitcoin formula requires an impeccable cryptoeconomic architecture to ensure security and to guarantee the maintenance of the value of its network; but to be decentralized it is necessary to create a system without acting as an intermediary. This becomes very clear in the case of the use of Bitcoin formula as a decentralized exchange, which explicitly aims to exclude intermediaries or traders from trading tokens. Blocknet’s solution not only aims at creating the value of the own protocol for tokens, but also at the representation and pairing of the orders, while the user manages all the time his coins/tokens on his own system on his own responsibility. The key to this is called service node (in the following technical term service node).

Start of the Bitcoin trader Service

Service nodes receive trading fees on the decentralized exchange without having any control over the Bitcoin trader coins and without mediating between buyer and seller. They ensure the quality of the application on the decentralized exchange (Quality of Service, QoS), mainly by preventing unwanted spam requests – the structure will be explained in more detail in the soon to be published White Paper. In return, service nodes receive trading fees in the form of Blocknet tokens, which also increases the intrinsic value of the Blocknet tokens, mainly because each Bitcoin trader on the exchange generates buying pressure on its own tokens through a continuous stream of micropayments. With the launch of the Blocknet product blockchain, the technology of the service nodes will also move from the test network to it, enabling for the first time those wishing to offer such a service node to earn balancing fees. The development of the service nodes is not finished with the start on the main blockchain. Your development will be further developed as with any good software.

Strategic Advantages
The start of the final blockchain offers several strategic advantages. First of all, it serves to switch the code base to one that is properly branched with the Bitcoin core, significantly simplifying the implementation of BIPĀ“s (Bitcoin Improvement Suggestions), which leads to an improvement in development time.

Bitcoin news all-time high: Ether breaks 100 US Dollar mark

This week is also proving very successful for the second largest digital currency, ether. In the morning hours between 3 and 4 o’clock the ether even reached a value of 106 US dollars.

The Bitcoin news of digital currencies

Probably more people know Bitcoin news, but Ethereum should be familiar to most people by now. Ethereum’s token is called Ether, ETH for short. Ethereum is a decentralized blockchain on which smart contracts can be executed. These Smart Contracts are decentralized programs and cover everything we somehow associate with the future: decentralized autonomous organizations (DAO), decentralized management of entire cities, new coins (indeed, Ethereum is also the basis for creating new coins on them) and much more Bitcoin news … As we can see, 7 of the Top 10 CryptoAssets are on the Ethereum platform. Anyone can design their own digital currency, with Ethereum it will work like child’s play in the future.

Share price development
The price of ether fluctuated within the last year. After its launch, the price was below USD 1. After rising awareness, the price exploded in January and February 2016 and reached a value of 13 US dollars within this period.

In the summer of 2016, the DAO disaster occurred. A platform built on Ethereum, The DAO, contained bugs that allowed a hacker to extract funds from the DAO. The disaster led to the split of Ethereum ETH and Ethereum Classic ETC. After a long and quiet year, the Ether Prize hardly developed – until recently.

The increasing popularity through the series “Silicon Valley” and lectures at universities led to a renewed increase for the top 2 crypto currency.

Ether was traded on Polonix in the last 24 hours for 122 million US dollars. Prices of up to $106 are said to have been reached on Bithone and Coinone, which in turn had a trading volume of $65 million and $34 million respectively.

Bitcoin news Lecture in Toronto, Canada

In addition to the Bitcoin news, Ethereum now gets an Ethereum Domain System (ENS). We use Domain Name System without noticing it in everyday life. None of us enter Google’s IP address into the URL search bar, instead we write “www.google.de” – an enormous relief.

Exactly this relief is now introduced in Ethereum by the ENS. Complicated and long addresses can be abbreviated by short names like “alice.wallet.eth”.

BTC-ECHO also asked Ethereum developer Fabian Vogelsteller at CeBIT about the new Ethereum upgrade. Ethereum itself has drawn up a plan. This plan consists of its own phases, the first two of which have already been implemented (Frontier and Homestead). It is expected that the next step will not be too long in coming.

At editorial time, the Ether price is 99.89 US dollar/ether.

Bitcoin – Competition to the Dollar?

But it was not an advertising event by Blockstack: in addition to developers who used this platform, representatives of the Democracy Earth Foundation and Union Square Ventures were also on hand. Of particular interest was what Santiago Siri had to say to the Democracy Earth Foundation on the subject of “money”: he explained that the US dollar is not in itself a fiat currency, but is now tied to oil. Since this has been the case since 1974, he believes that the US has a hand in the energy market.

Here, in my opinion, he has quite originally reversed a criticism against Bitcoin that is currently frequently voiced: Just as the US dollar is tied to oil, Bitcoin can also be regarded as covered by energy – strictly speaking, thanks to transparency, much more, since the link between Bitcoin mining and energy is well known. Therefore Bitcoin is, in his view, a direct competitor to the currencies linked to oil, such as the US dollar or, more recently, petroleum.

This is also the reason for the attacks on Bitcoin

Albert Wenger of Union Square Ventures has given some food for thought on the subject of “privacy”. He began with the provocative thesis that privacy is not a value in itself, but part of the solution. The Cypherpunk in the listener was of course irritated, but his thought was not bad per se. He showed that privacy brings with it various challenges: First and foremost, privacy alone does not protect against deep fake. Nowadays, it is easy to fake photos that, for example, fake compromising situations with which people could be blackmailed. If someone could prove an alibi beyond doubt, such blackmail scenarios would be out of the question – at the expense of privacy.

His approach is not “anti-anonymity”, he simply states that privacy is not a value in itself, but one of the many pieces of the puzzle that brings freedom.

Nick Szabo and Edward Snowden on society and privacy

With these remarks Albert Wenger did not want to turn against the two most famous speakers: With Nick Szabo and Edward Snowden, two giants of the Blockchain and Digital Rights movement were present. In the case of Edward Snowden, this was of course only a virtual presence via Google Hangout.

Nick Szabo, inventor of the concept of smart contracts and one of the supposed Satoshi Nakamoto’s, presented the dilemma of social scalability in his lecture. On the one hand, man, or life in general, strives for larger communities, larger networks or ecosystems. On the other hand, communism showed very well that societies and trust scale badly. But what can scale is money. Cowrie snails show that this has been the case for centuries. Money as a medium of exchange can reduce the need for trust in large societies or when they interact with each other. On a worldwide level, the blockchain is therefore an effective means of establishing a larger society.

But the blockchain also faces challenges: Just as money, when it becomes a medium of regulation, is less suitable as a medium of exchange, a block chain in which governance makes too many decisions loses trustlessness. Specifically, he addressed the rollbacks (i.e. changes in the blockchain) and the EIP 867 of Ethereum, i.e. the fundamental possibility of reversing transactions, as was done, for example, after the DAO exploit.

Edward Snowden was connected for an interview from Russia via Google Hangout. He presented the big problem in the regular Internet: All transactions, even if they are encrypted, leave fingerprints. If it is known that I regularly send money to a certain person, it is secondary what the reason for the payment is. Observers from outside then know that there is a connection here. Via e-mails, chat logs, Facebook and Google, networks can be constructed from relationships that give NSA employees or Google employees enough information about the individual. According to Snowden, projects like Tor or ZCash can do a lot to protect one’s own privacy.

Even though Edward Snowden finds the concept behind ZCash very convincing, he still speaks out against maximalism regarding crypto currencies. Maximalism was presented by another speaker very suitably as nationalism in the crypto ecosystem. It is about the focus of individual groups on a crypto currency – be it the focus on Bitcoin alone, be it the dream of flipping or something similar. This kind of maximalism contradicts