Latest news & updates on Ethereum, Blockchain, Digital Currency and related world.
Cryptocurrency and China –
o Public Notice of the PBC, CAC, MIIT, SAIC, CBRC, CSRC and CIRC on Preventing Risks of Fundraising through Coin Offering
o BTCChina Exchange will stop all trading on 09/30
o China's Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline.
o Huobi, OKCoin to Stop Yuan-to-Bitcoin Trading By October's End.
o Why Bitcoin exchanges closed in China?
India Looking for a replacement of Rupee in cryptocurrency.
Blockchain Startup Stack Partners With Mastercard To Launch The First Digital Money Account With Mobile Tap-to-pay Functionality
Japan Becomes Largest Bitcoin Market as Traders Leave China.
Chiasso, Switzerland Municipality to Allow Citizens to Pay Taxes in Bitcoin
JP Morgan Bank buys 19000 BTC after it's CEO insults it.
GDAX - A new all time high in daily volume. Over $650 million of $BTC, $ETH and $LTC have been traded in the past 24 hours on September 17, 2017.
New Projects & Whitepaper
Hypergive- Secure digital food wallets for those in need.
Fizzy - AXA Launched Ethereum-based Flight Insurance.
Sweetbridge - liquid supply chains.
Escrow My Ether - escrow agent for offline transactions, on Ropsten.
Art of Ethereum -- original art tagged with a Chronicled nfc chip
Solidified - audit platform for blockchain code
Status Development Update for September 8 — 12, 2017.
Chronobank.io - [ChronoMint wallet](link url) upcoming features.
NEM - An interview with Lon Wong, president and founder of NEM Foundation
Good Reads on Blockchain
Why Is It Important to Organize Blockchain Meetups?
Understanding ERC-20 token contracts.
How to write clean, elegant Solidity code using function modifiers.
DomainSale: an on-chain secondary ENS market
Off-Chain Computation Solutions for Ethereum Developers.
Ethereum on Raspberry Pi: secure wallet and complete node with redundant storage
HiringConsensys is hiring.
Hackathon or Competition
CCpost Contest No. 1 - Announcement.
MBA BLOCKCHAIN VENTURE COMPETITION - MBA students will come together to develop product ideas and compete to win venture capital funding. Applications are open now through October 30th, 2017.
Geth 1.7 – Megara released on September 14, 2017.
Tentative date of October 9th for Bytantium hard fork.
The ERC-20 Standard is Formalized as EIP20.
EIP712: "Standard for machine-verifiable and human-readable typed data signing with Ethereum keys"
Vitalik explains pruning.
Infura now running an authority node on Rinkeby.
ICO or Token sale updates
Minerva token sale date changed to October 1, 2017.
REcoin ICO - the initial fundraising period and token pre-sale stage - is scheduled for August 7th - October 9th, 2017.
AIRSWAP - October 10, 2017
KICKICO - October 26, 2017.
Grid+ - Pre-Sale (currently ongoing) and the public token sale starting October 30, 2017.
DMarket – a decentralized marketplace to turn every virtual item into a real commodity - 1-15 of November 2017 (12:00 PM NYC Time, UTC-5)
Blockchain Live in London, England - September 20, 2017.
Europe’s Largest Blockchain Competition - September 22, 2017 Final cut-off for candidates.
INDIA BLOCKCHAIN WEEK - SEPTEMBER 22-26, 2017.
ConsenSys at Denver Startup Week - September 28, 2017.
Central Bank Meets Blockchain - Barbados - September 28th, 2017
Blockchain Solutions Forum 2017, Barcelona - October 3-5, 2017.
CORE - 6 City MeetUp's in India - October 4, 2017 - November 17, 2017.
ICO-Hypethon, Barcelona - October 6, 2017.
ETHWaterloo - October 13-15, 2017
BlockShow in Singapore by CoinTelegraph - Nov 29-30, 2017.
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Everything you want to know.
What is a Smart Contract?
Smart Contract can be defined as a virtual agreement of a transaction/exchange of goods or assets that may or may not involve money. Its main role is for two parties to conduct a business transaction/trade, that can be digitally self-executed and self-enforced, acutely eliminating the need for a ‘middleman’. This would transfer power away from those who currently manage or verify transactions – a seismic change to the way the world currently operates.
The origin of a ‘smart contract’ predates Bitcoin. The term was actually first coined by one of the alleged creators of Bitcoin, Nick Szabo back in the 1990’s.
What it means
The traditional contract like those created by legal professionals today, rely heavily on middlemen or third parties be it for validation, review or authentication. There is also risk of loss, destruction or theft. A smart contract eliminates all that.
The blockchain technology makes the same problem autonomous. Since it is based on a decentralized ledger, there is no chance of theft as several copies exist on various computers that host the blockchain. Any change induced by a party, results in the other party(s) being alerted instantaneously! A Smart contract saves time, conflict and is cheaper as the middlemen are cut out and hence no commission expenses.
The mutually agreed upon contact is coded onto the blockchain. The code is law! The parties involved remain anonymous but the ledger containing their contract is public. They conduct business by exchanging private keys. It can also be pre-programmed to execute the bill upon an expiration date or when a summit price is reached. Regulators of the blockchain keep track the transaction to ensure smooth operation in real-time.
“Smart contracts … guarantee a very, very specific set of outcomes. There’s never any confusion and there’s never any need for litigation.” - Jeff Garzik, Bloq
How it works
Since the business to be conducted is digital, it is very important that the code adheres to the requirements of the interested parties. Therefore, the logic must closely match those.
Usually Ethereum is used to code such programs as it provides the most modifiability of all blockchain platforms. But the basic principle is still the “If…this…else…this” statement. Pretty straightforward however the connotations may vary and hence it can be more complex.
The code is then encrypted using cryptography and then spread to other computers using Distributed Ledgers of the blockchain. Any changes in the code made by either or all parties is visible to all as the ledger is public.
The first party then initiates the transaction and the instruction is sent to the network for execution. No party can determine the outcome as the control of the program is not in their hands.
Let us take an example to understand it better….
Suppose you wish to buy a car from a man on the other side of the world. You set up the contract on the blockchain maybe in Bitcoin(BTC). The blockchain holds your money in escrow, while the private key (maybe the registration papers of the car, or other formalities) arrive from the seller. If the ‘key’ doesn’t arrive before the expiration date then as per condition of the Smart contract your money is refunded. See, so simple and fast.
We’ve talked about a financial situation. But the same can be extended to healthcare, real estate, management and general trade. Given below is a sample code for a basic smart contract on the Ethereum blockchain.
Sample code taken from https://www.ethereum.org/token
From the above discussion, we can clearly see the advantages of a Smart Contract: Speed, Safety, Accountability, Accuracy and is cheap all the way.
Key features of Smart Contract
Accuracy – smart contract come without the errors that may occur in manually filled out forms and no loss during transportation of assets/business. You’re the one making the contract. No need to deal with brokers, etc.
Accountability – decentralization and immutability of the blockchain is the main reason for its ever-increasing popularity. Parties involved are always in the loop; they are always made aware of what is happening when and when. The ledger on which it is stored can be viewed by anyone.
Safety – the data is stored across the entire network. So, it isn’t possible to hack/steal the data as there are copies on various other systems. It would take an exceptional hacker to break through the cryptographic encryption of the blockchain
Speed – the time that is wasted in physically writing all the forms and waiting for the middlemen to ascertain and complete all the formalities is non-existent here.
Perfection is still miles away….
Smart contracts are far from perfect. What if there are errors in the code? What if your intentions were correct but the logic applied in the program is incorrect? How will the government levy taxes on such transactions/sales? Who will keep a check on these contracts? The regulators mentioned above may be faulty or corrupted.
The future of smart contracts looks to be a combination of both digitisation and physical paper. The blockchain will be used to set up and conduct the contract, whereas paper will be used to substantiate all the claims made by the involved parties.
Nothing is set in stone but the future of our world looks to be very interesting indeed. Blockchain and the smart contracts will sure change the shape of the world.
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Blockchain based projects.
How to Start an EOS Meetup in your area
In order to build an environment where people of all expertise can come together through shared interests in the EOS.IO software, EOS is encouraging meetup in their local community.
In a communication shared to the registered user on September 17, 2017; project says that if you’d like to create an EOS Meetup in your community, there are a few simple steps you can take to get involved:
Join www.meetup.com and fill in the necessary details about yourself and your interests.
Click Create a Meetup and choose your location.
Choose the EOS as a topic related to your Meetup. This will link you to the EOS topics page, which will allow others to easily locate you when they want to find a Meetup in their area.Name your Meetup group. Keep it simple so people can find your group when they search (example: EOS London). You’ll also need to fill out a description of your Meetup Group. Invite people to join and create Meetup events within your group on desired topics.
The block.one team is willing to support these meet ups. You can contact email@example.com for access to written content, graphics, and other useful links. These materials can be used on your Meetup page or at related events and will continue to grow with relevant content. You can also find additional content on EOS resources page.
For any information on inviting speakers, additional material, or general enquires regarding your Meetup please contact the events team.
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All about cryptocurrency trading
Ethfinex announces the ERC20 Tether in collaboration with Tether
Tether.to, the first blockchain-enabled platform to facilitate the use of fiat currencies in a digital manner, is working to disrupt the legacy financial system through a more modern approach to money.
After the success of their Bitcoin-based USDTether, they have now announced the development of the first Ethereum-based Tether, compatible with the ERC20 standard in collaboration with Ethfinex on September 11, 2017.
Kasper Rasmussen, Ethfinex says that, "Ethfinex has collaborated on the deployment of the ERC20 Tethers. The team has contributed to the project through smart contract development and will work to integrate the ERC20 tokens on our exchange as a mechanism for funding and fiat trading.
“We see Tether as a crucial piece of public infrastructure for the Ethereum community and associated DApps. We are extremely excited about the possibilities this will enable for many other projects in the Ethereum ecosystem, and we look forward to working closely with many of them in the future.” Commented Will Harborne, Project Lead at Ethfinex.
“We continue to be committed to the Ethereum community, and we are excited to continue the development of tools and products which contribute to the widespread adoption of Ethereum.”
The Ethfinex Roadmap can be found here.
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