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Ignoring Innovation & Disruption

Regardless of the conventional banking system being threatened by the quantity of innovation, associations that are established turn a blind eye with. According to a Finextra article, those dividers come on.

When looking at a financial institution’s average board members, Generation X appears to be. These people constitute the pre-disruption generation who does not like change all that much. Moreover, since things have been going well for multiple decades, there is no point in changing a winning formula and bitcoin casino software for sale create free bitcoin casino.

Challenger banks are often touted as the ones to disrupt banking, but that may not be the case. Rather they are lured in by the allure of business models. In actuality, there’s a good chance some of challenger banks will end up a different»flavor» of traditional banking, despite trying to sound disruptive to the external world.

Bankers Lie At Every Turn

Bankers have a strong tendency to lie, or flip words. Than they need to admit financial institutions are concerned with individual customers. Independent Digital Banking Consultant Duena Blomstrom witnessed the situation first hand, and told the world:

Once we say we are building disruptive new models which will integrate money into bigger digital contexts, but we don’t have the backend technology to even begin to comprehend the information, we lie. We lie when we know as a human, that our needs are close to fulfilled in our interaction but we spend no time seriously studying those needs and feelings but say we do.

That statement appears to hold a whole lot of merit where blockchain technology in the financial sector is concerned. Multiple banks are researching technology that is Bitcoin to sound disruptive. But very few of time realize what it requires to yield results or how the technology works. Creating a new blockchain will not have any impact whatsoever, and it is nothing more than another lie.

It is necessary for bankers and customers to keep in mind the current status quo won’t hold forever. Change is coming, whether bankers like it or not. Consumers are directing these modifications, and developers are creating the technology to accommodate these needs. The open standard, such as the Bitcoin blockchain, is becoming the new standard.

What are your thoughts on these revelations in the world of bankers? Tell us in the comments below!

Source: Finextra

Images courtesy of Shutterstock, Business 2 Community

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FBI’s 130 Crypto-Related Cases

The Federal Bureau of Investigation (FBI) allegedly»has 130 cases tied to cryptocurrencies,» based on Supervisory Special Agent Kyle Armstrong. Speaking in the Crypto Evolved conference Wednesday in New York, he was quoted by Bloomberg:

The instances’threat tagged’ to monies encompass crimes such as illegal drug sales human trafficking, kidnapping and attacks that are ransomware.

Armstrong is in charge of the FBI’s virtual currency initiative, which has existed for around three years, the publication noted.

While acknowledging that his agency»takes a neutral view on electronic tokens, he noted several pros and cons,» the news outlet conveyed and lent him explaining that the FBI has noticed a rise in illegal activity facilitated by cryptocurrency payments. «There are thousands of cases in the agency, so it is a small sliver at this point,» he elaborated and planet 7 casino haveing trouble depositing with bitcoin bitcoin casino usa no minimum deposit.

Crypto Use on the Dark Web

According to Armstrong,»the opioid epidemic» has become a focus of the FBI since the agency sees»a surge in drug abuse,» enabled by the dark web. Moreover, he claimed that the agency has also»seen a substantial rise in extortion schemes related to virtual currencies on the southwest border of the U.S.»

In its budget request for Fiscal Year 2018, the FBI asked for»80 positions and $21.6 million» to improve its investigative technologies to combat cybercrime. The agency mentioned,»A number of our criminal investigators face the challenge of identifying online pedophiles who conceal their identities and offenses behind layers of anonymizing technologies, or drug traffickers who use virtual currencies to obscure their transactions.»

On Monday, the House of Representatives passed a bill to help stop the use of cryptocurrencies including bitcoin. This bill soon follows a testimony by a high-ranking official of the U.S. Secret Service prior to the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance. He asked Congress for help in preventing the illicit use of cryptocurrencies.

What’s more, the U.S. Department of Justice announced Tuesday it has captured»nearly 2,000 bitcoins and other cryptocurrencies, with an approximate value of greater than $20 million,» in a nationwide undercover operation targeting darknet sellers.

What do you think about the FBI tying 130 cases to cryptocurrencies? Tell us in the comments section below.

Pictures courtesy of Shutterstock.

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Fiat Credit Can’t Cut It

Students, from developing nations in particular, who study in the US face enormous difficulties obtaining credit — for them to afford basic living costs, that is all too often vital.

That’s based on co-founder of SelfScore, an Indian student and Kalpesh Kapadia. SelfScore is a startup which uses»a different pair of approval metrics» to provide credit cards to those who would otherwise be denied them due to various US requirements.

«I went to open a bank account for [my cousin] and get a social security number, and I found it was impossible for her to obtain an SS number on day one,» Kapadia explains in an interview with Tech In Asia. «You must have a job.»

Not only a project or social security: the absence of a credit report caused them to pay the deposit on an apartment and be denied the tool from the US — a vehicle.

While using more common sense standards to give students the money they need selfScore now manages audits and negotiations with credit institutions.

If a pupil has the money to study in the US the Kapadia motives, in the first place, they should make reliable credit candidates.

Bitcoin: Option in Waiting

While the traditional hurdles of the legacy financial system are shown up as absurd by the international student example, the situation even for SelfScore’s 5000 applicants is still precarious and Online Poker bitcasino bonus code.

Specifically, the issue begins when funds are in a different country — but bitcoin debit cards and remittance providers are already capable of providing an all-in-one solution.

Why tangle with fiat alternatives at all, when even SelfScore requires personal information and»public information from the students collected by the US Department of Homeland Security»?

Bitcoin can be sent from anywhere to anywhere. A debit card that is bitcoin can be purchased by A student in the usa with no kind of buoyancy checks.

This liquidity issue would be solved by a fast meetup in person to exchange money for BTC via LocalBitcoins if a student had no access to funds to cover the card.

Together with the cards the need for emergency money is catered for thanks to Bitcoin loans startups that are peer-to-peer, such as Credible and BTCJam Friends, which are currently becoming more widespread in 2016.

With a variety of card options available regardless of a person’s country of residence, even the downsides such as charges can be mitigated by the freedom that the cardholder feels because of the safety of their personal information and the flexibility they enjoy.

What do you consider Bitcoin’s capacity to help students become more independent abroad? Have you ever had experience of it yourself? Tell us your thoughts.

Images courtesy of Shutterstock, The Country.

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Immutable Prescriptions Held on the Blockchain

The project makes it possible for individuals to record and distribute property using iDIN technology. IDIN is an authentication service which connects the blockchain allowing a person a new way to acquire prescribed drugs.

The proof-of-concept developed by Engelen provides those who suffer from illnesses that are chronic overviews and up-to-date electronic prescriptions of the drugs. With expert help from Deloitte’s blockchain division, Prescrypt aims to put the users in control of their drugs and information as opposed to sharing it with third parties. Engelen details in his post:

«The inherent blockchain makes it possible for these consumers to decide for themselves which healthcare provider to talk about their advice with and which supplier to send their prescription to. There is always one set of information by placing the consumer instead of different parties; today a change compared to the multitude of siloed incomplete data sources healthcare providers and consumers face. This item brings information ownership back to the healthcare consumer and bitcoin casino game scripts bitcoin casino no deposit free spins bonus codes

Healthcare-related blockchain implementations such as Prescrypt cover a wide range of consumer information. Researchers are currently using Gem, in addition to a few other healthcare-focused digital ledgers with clinical trials .

Bitcoin.com recently reported on two clinicians John Holden, a General Practitioner, and Greg Irving of the University of Cambridge who invented a concept to make clinical trial documents immutable with the Bitcoin blockchain.

Engelen’s team at REshape Center for Innovation is focusing on prescriptions at the moment from completion. Engelen explains:

«PreScrypt is obviously in no way a comprehensive product. We’ve built this product in only a few days to demonstrate the ability of technology; to reveal it is technically possible to use Blockchain for healthcare scenarios. In our opinion this use case is the first step towards a digital health environment consisting of an abundance of applications. Think of approaches to streamline the financial activities in health from consumer to insurer to supplier, Internet of Things applications that can communicate within the Blockchain, an entire PHR rather than one just focusing on medication etc.. We envision that unique providers can build their software onto exactly the same infrastructure, each. We at REshape will continue to look into this amazing technology and you’ll be hearing from us soon.»

Blockchain technology combined together with health care appears to be a match made in heaven. With all the transgressions and manipulation such as the fraud with the Theranos firm, in the healthcare industry, projects like Lucien Engelen’s Prescrypt might be the method of data collection.

What do you consider Lucien Engelen’s proof-of-concept? Tell us in the comments below!

Pictures courtesy of REshape, Linkedin and Shutterstock.

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Large Insurers Getting into Crypto

While most big-name carriers are reluctant to give coverage some are coming around and quietly entering the space. Bloomberg, quoted two insurance brokers that help companies shop for crypto policies, Marsh & Mclennan and Aon on Thursday:

Business has been brisk this year.

Marsh has formed a dedicated team to support blockchain startups while Aon says it has»seen some insurers tweak overall company policies to include crypto-specific protections,» the book detailed, adding that Aon also claims to have over 50 percent of the crypto insurance market.

According to the company’s website,»Aon has been working to understand these evolving technologies and actively collaborates with the insurance marketplace to develop innovative risk transfer solutions.» Its subsidiary, Aon Risk Solutions, has»established a policy form to protect against the loss of cryptocurrency in addition to other initiatives designed to fulfill the emerging dangers posed by cryptocurrencies and digital ledger technologies,» Business Insurance magazine described and usa friendly bitcoin casino best casino for same day cash out with bitcoin.

Big Opportunities

Asset manager and european insurer, Allianz SE, has 88 million retail and corporate clients. The Munich-based company»started offering individual coverage for digital-coin theft in the past year,» the book conveyed and quoted the company’s spokesman, Christian Weishuber, stating:

Insurance for cryptocurrency storage is going to be a big opportunity…Digital assets are becoming more important, important and widespread on the actual economy and we are exploring coverage and product options in this field.

American International Group (AIG)»has also been adding crypto policy into standard policy forms» and has»met with cryptocurrency custodians and trading platforms about policy,» the news outlet detailed and quoted a source familiar with the matter:

Over a dozen underwriters, such as XL and Chubb provide coverage.

In February, Reuters reported that XL Catlin, Chubb, and Mitsui Sumitomo Insurance companies started providing protection.

Costly Premiums

Crypto companies are also increasingly seeking to obtain insurance coverage to help attract more customers. A startup focused Trustology, on crypto custody services, is just one of the businesses in talks. The company would like to insure its customer accounts for up to #85,000 (~US$111,630), that’s the same standard as a U.K. bank account.

However, insurance premiums for crypto-related coverage are expensive and policies can take weeks to get accepted, the publication hauled, adding that»exclusions can add up fast.» By way of example, while losses from an interruption of service may be covered, the theft of cryptocurrency that resulted in the interruption may not.

Citing that many startups cannot afford to pay the premiums, the information outlet elaborated:

From insuring such danger the premiums can be substantial. Underwriters can bill a crypto-related company upwards of five times or more against loss or theft.

Do you believe soon all big-name insurers will soon get into crypto? Tell us in the comments section below.

Images courtesy of Shutterstock, Allianz, and Aon.

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Proof-Of-DDoS Rewards Miners for Attacking ‘Victim Servers’

Benjamin VanderSloot and dDoSCoin theorists Eric Wustrow have devised. The paper suggests a new type of proof-of-work protocol developed by the researchers and explains the entire process.

Miners on the network of the coin are incentivized for receiving and sending significant amounts of network traffic to attack targets.

DDoSCoin will have the ability to be traded like bitcoin and other cryptocurrencies that trade Altcoins. The white paper also states the Altcoin provides an opportunity for helping with a DDoS attack that is decentralized to reap revenues to botnet owners and miners.

The paper explains:

The malicious»proof-of-DDoS» operates by having miners make a large number of TLS connections to a target web server, and using the server’s signed responses as a proof of relationship. During the handshake, the server signs a client-provided parameter in modern versions of TLS, along with server-provided values. This allows the client to prove to others that it has communicated with the host. Additionally, the value isn’t predictable to the customer, and is randomly distributed.

In addition to the proof-of-DDoS concept, the researchers picture miners selecting prey servers by consensus using the proof-of-stake protocol. Instead of selecting a random site the community is given on who is targeted, a decision by selecting a sufferer. The design of DDoSCoin enables miners to create links . If the parameters of the protocol are satisfied, it can be published by the miner as a valid block that was new.

To be able to validate the block, several steps need to be verified. First miners have to confirm merkle roots, similar to the Bitcoin protocol and the preceding block hash. They have to validate the certificate chain that’s tethered to the victim server that is validated. What’s more, following the victim server is supported, there is a public key supplied to the server exchange touch. Last, the block must be validated to meet with the current target difficulty of the network.

The consensus mechanism selection procedure is described by the paper:

In order to permit victims to be (temporarily) selected for DoS, DDoSCoin allows’bounties’ for targeting particular servers. DDoSCoin introduces a new payment opcode, PAY_TO_DDOS, that can be used in transactions subject to specific limitations to accomplish this. This opcode takes two arguments in an output script: a string and a target difficulty corresponding to the amount of connections the payer wants to be made.

Ethical Considerations

DDoSCoin seems like an interesting project for hackers who enjoy performing distributed denial of service attacks, and now they can be rewarded. However, questions concerning the integrity of such a coin are inevitable. The paper does get into the ethical considerations and clarify that there’s not any model for this sort of Altcoin.

The authors say they have designed a concept that takes»precautions to limit harm.» They think the system allows people to validate the miner and possibly their IP address because of the printed block in its blockchain.

But attackers probably won’t be simple. «Many attackers may use proxies, botnets, or bullet-proof hosting to execute their attacks,» the researchers state in their paper. «Finding an attacker’s IP address may not be enough for legal action.»

What do you consider the DDoSCoin concept? Do you think it’s a good idea? Let us know in the comments below.

Images courtesy of blackVPN via Moderate, DDoSCoin White Paper.

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There’s Never a Dull Day at EOS Land

The EOS soap opera has made for compelling viewing in recent weeks. The level of hype and funds invested in the project meant there was a soft launch not going to be possible. Satoshi seems to have launched bitcoin alone and the world unaware. EOS, on the other hand, alerted the other half and has launched following a 4 billion increase, having eager half of the crypto community.

The most recent issue was a bug which caused block production to stop over the weekend, forcing a conference call between Block and bitcoincasino site.one, EOS’ developers, and the 21 block producers tasked with running the network. The cause of the problem appears to have been a mistake in the latest build, obliging EOS to resort to an earlier version of the code. This raises the question of how much testing is being performed on new code; it resembles Block.one is issuing updates that haven’t been thoroughly tested, forcing them to fix problems as they occur on the mainnet.

Features, Bugs, and Anomalies

Bugs are to be expected when an blockchain starts while unfortunate, and ethereum and bitcoin weren’t without their issues from the early days either. But there are elements of EOS which are there by design, and whose presence is more difficult to explain. There’s the quantity of tokens that must be staked by developers, for example, in order to conduct EOS dapps. The amount payable ranges based on the amount of network resources the dapp requires. Had Crypto Kitties been operating on EOS at the height of the dapp’s popularity, it has been suggested that the quantity would have ran into the millions of dollars.

And then there is the complexity of creating an EOS wallet. For obtaining an present account-holder’s support creating an account calls. Without their input, it’s impossible for any newcomer to join the EOS ecosystem. In time, EOS dapps should make account creation easier, but until then, the blockchain operates more like a closed system, with participants reliant on the support of other EOS holders to get the ball rolling.

Attaining the quorum of votes to launch the network been shown to be a sticking point. Token holders were required to vote by means of a procedure that included entering their private keys. Due to the risk of being duped by fake EOS dapps, most holders chose not to vote, leaving the process stuck for days at below the threshold.

EOS Oddities Have Failed to Dampen Market Enthusiasm

Despite all of the drama, glitches, and oddities of EOS, the market has remained bullish on the blockchain of Dan Larimer. With so many token holders the community is ready EOS to succeed no matter what, and no quantity of negativity — or FUD as the acronym goes — will be allowed to prevail. Even when there was a major bug discovered prior to launch in EOS, followed by the discovery of several more bugs and a bounty program’s creation, the market shrugged off the issues.

The enthusiasm for all things EOS can partly be attributed to the demand for a scalable and rapid blockchain. The network’s most ardent supporters will concede that EOS is not perfect, but given the choices — a slow ethereum and a handful of untested and unused blockchains — there seems little choice but to pray Block.one could prevail. With each passing play, the pro and EOS brigades become firmly entrenched in their positions. No other blockchain in the history of cryptocurrency has turned out to be so polarizing. Whatever the future holds for EOS, it surely will not be dull.

Do you believe EOS can shrug off these early setbacks and overtake ethereum as the number one blockchain for dapps?  Let us know in the comments section below.

Images courtesy of Shutterstock, and Twitter.

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Bigger, Stronger, Better

In 1966, John Lennon courted controversy by saying that the Beatles were more popular than Jesus. 51 decades after and bitcoin is hitting biblical levels of its own. Boasting of what bitcoin is bigger than may seem childish; the equivalent of first graders arguing over whose father is bigger. Nevertheless, it provides a useful snapshot of where bitcoin is at right now, and how far it’s come. Additionally, it is a helpful way of quantifying an intangible asset.

It had been four years ago now that bitcoin surged past $1,000 for the first time. That milestone looks quaint now: bitcoin has gained $100 billion in the previous month alone and TrueFlip scam. The digital currency is officially now bigger than several venerable institutions and major countries.

Bitcoinity’s ticker on November 27 2013, when $1,000 actually did feel like the moon.

PayPal

Bitcoin surged past PayPal months ago, and is on course to double the market cap of the payment processing company soon.

McDonald’s

The world’s most famous fast food firm has a market cap of $135 billion. Bitcoin, at $163 billion, seems supersized in comparison.

Should have bought bitcoin.

IBM

The enterprise computing giant has a market cap of $140 billion. Bitcoin is worth almost $25 billion more.

Disney

The current value of Walt Disney stock is $155 billion. Who needs Disneyland when you have got the bitcoin rollercoaster to ride?

General Electric

You might have heard of GE; they were the largest company in the world and still retain almost 300,000 employees. Bitcoin, on the other hand, has zero official employees, and yet is worth a few billion dollars more.

Bill Gates and Jeff Bezos

Bill Gates is worth’just’ $87 billion, though when the benefactor hadn’t given away 700 million Microsoft shares plus other contributions to charity, he’d be worth $150 billion. The first person since Gates to exceed a net worth of $100 billion is Jeff Bezos. The Amazon CEO’s assets put him on a level with the cryptocurrency market excluding bitcoin and bitcoin money.

The Total Supply of Money in Denmark

Bitgo’s Jameson Lopp has bitcoin currently at 27th in the world’s top currencies, ahead of Denmark and par with Venezuela. His M1 index lists»the total quantity of money in circulation (notes and coins) plus demand deposits denominated in the national currency».

135 of the World’s 191 Countries

Bitcoin’s presently nestling between the GDP of Kazakhstan and Qatar. Next in its sights? Romania, Greece, Czech Republic, and New Zealand.

Korea’s Largest Financial Exchange

This one’s cheating, cos to outmuscle Korea’s Kosdaq exchange you have to include the value of the entire cryptocurrency market. Nevertheless, it’s another milestone: at $300+ billion, cryptocurrency is worth $25 billion more than Korea’s Nasdaq. The cryptocurrency marketplace is also worth $50 billion over Visa.

Bitcoin’s transformative value is about a lot more than its current cost against the US dollar — which merely gives an indication of the growing demand for the cryptocurrency. As veterans will confirm, the digital currency is just as effective at going sideways or south for lengthy periods. While it’s interesting to marvel at bitcoin’s growth, it is important not to get too carried away.

If you are new to bitcoin, start saving with it, transacting with it, using it for remittance, and repurposing it in any other way you see fit. Only then will you begin to appreciate the true value of bitcoin.

Do you think bitcoin can maintain its incredible trajectory, or is a correction inescapable?  Let us know in the comments section below.

Pictures courtesy of Shutterstock, and @charliebilello.

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Zaif Halts New Memberships

One of the 16 crypto exchanges in Japan, crypto exchange Zaif, has suspended signing up new members. «We chose to temporarily stop accepting new membership registration at 21 o’clock on September 28,» Zaif’s operator, Tech Bureau, announced Friday. The Business clarified,»Clients who are waiting for registration, such as being in the process of identity verification by applying for membership registration, will register as usual as a member,» adding:

We’re responsible for recovering the harm to all existing customers who were victimized by the current currency outflow that is digital, but to do so, [we want ] to concentrate our resources that are internal.

Zaif was murdered on Sept. 14 but the breach wasn’t discovered until Sept. 17. The total damage is estimated to be about 7 billion yen (~$62 million). Tech Bureau claims that roughly 5,966 BTC, 42,327 BCH, and 6,236,810 MONA were stolen and which bitcoin wallet is good for ignition casino bitcoin casino with no deposit required. The nation’s Financial Services Agency (FSA) has issued the company a third business improvement order.

Bitflyer’s Overhaul

Bitflyer announced Monday, Oct. 1, a change in the business’s organizational structure. «Today marks the institution of the holdings company, Bitflyer Holdings Inc.,» the firm announced. Bitflyer Inc., which operates Japan’s largest crypto exchange,»has turned into a wholly-owned subsidiary of Bitflyer Holdings Inc. by means of a stock transfer.» In a joint statement, Bitflyer Inc. and Bitflyer Holdings Inc. clarified,»Everybody will be able to use our services and transaction just as they always have,» noting:

The purpose for creating a holdings company would be to separate administrative and operational functions, to clarify the duties and obligations of each function, to strengthen corporate governance, and to produce a more thorough compliance structure.

On June 22, Bitflyer Inc. halted new account registrations after it was issued a business improvement order by the FSA. «In order to maximize our efforts towards building a suitable service and improving on the issues identified, we have voluntarily and temporarily suspended the onboarding of new clients,» the market explains on its website.

With the institution of the holdings company, Yuzo Kano has resigned as the representative director of Bitflyer Inc. to become the CEO of Bitflyer Holdings Inc.. Nobuyoshi Suzuki from Mitsui Bank Ltd has been appointed the new representative director of Bitflyer Inc..

Self-Regulatory Plans

On Sunday, Sept. 30, Jiji Press reported that the Japan Virtual Currency Exchange Association (Jvcea)»will set a ceiling on the amount of digital monies managed online,» citing unnamed sources. Members of the association are the 16 crypto exchanges, such as Bitflyer and Zaif. The group has registered to become an organization that can legally enforce self-regulation on its members. The information outlet added that according to the resources:

The ceiling is likely to be around 10 to 20 percent of customer deposits.

The group was established in response to Coincheck’s hack and has been working on implementing self-regulation. With the hack of Zaif, the group»plans to tighten self-regulatory measures it follows on the management of customer assets,» the publication described. The information outlet further detailed that the group»will update the self-imposed rules, drawn up in July, and implement them once it’s certified by the Financial Services Agency.»

FSA’s Priority Report

The FSA published a report entitled Financial Services Policy: Assessments and Strategic Priorities 2018 on Wednesday, Sept. 26.

The agency revealed that based on data of 14 regulated crypto trades and three deemed providers obtained from the Jvcea, 81.6 percent of all crypto trades going through these trades are»margin or potential trading.» Meanwhile, 18.4 percent are spot trading. Deemed providers are exchanges which have been permitted to operate in Japan while their applications are still being reviewed by the bureau. Japan has a total of Coincheck, Lastroots three deemed providers, and the Bitcoin of Everybody.

In its report, the FSA reveals that it will»Tighten registration screenings and observation, taking account of issues found in reviews,»»Review certification applications prepared by self-regulatory associations and encourage them to attain the early establishment of the self-regulating function,» and»Lead the discussion for global collaboration to form regulations as the chair of the G20 in 2019.»

What do you think of the improvements in Japan? Let us know in the comments section below.

Images courtesy of Shutterstock, Japan’s FSA, Zaif, and Bitflyer.

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What’s Moonbeam?

Bitcoin.com (BC): Can you describe, for the layman, what Moonbeam will bring to Bitcoin?

Timothy Stranex (TS): Normally once you send a Bitcoin payment, then you create a new unique Bitcoin trade and pay a fee to miners to include it in a block.

In Moonbeam, instead of every payment being sent as a single Bitcoin transaction, payments are instead collected together and then settled as a single Bitcoin transaction.

The miner fee is only paid once for the settlement transaction, even if the batch comprises a thousand payments. In spite of this batching behavior, the payments can be sent without the need.

This batching procedure is known as»payment stations». Moonbeam is a protocol which uses the payment channel concept and other techniques to form a practical system and casino bitcoin no deposit bonus the best payout for bitcoin casino.

BC: Is this an official job at Luno, or are you really doing so by yourself?

TS: Moonbeam is an open source protocol — it’s not a product as such from Luno, but it’s something that we would like to use within our products.

We used to pay the Bitcoin network fees for our clients but with fees increasing so rapidly over recent months, we and a number of other companies, have had to start charging network fees. This project grew out of the frustration. We want to provide our customers Bitcoin payments with prices, and Moonbeam seems to be the most practical way.

Moonbeam and the Lightning Network

BC: What is your goal for Moonbeam? Will it replace or compliment the Lightning Network?

TS: My aim with Moonbeam is to give a means for Bitcoin platforms to process quicker payments with lower prices that can be deployed on Bitcoin as it is today. It appears that changes to Bitcoin it may take to make progress and itself have become deadlocked. For the short term, it’s better to create solutions that don’t require changes to Bitcoin itself.

If Lightning gets practically available, I expect it’d co-exist with Moonbeam since each design has its pros and cons.

Utilizing Moonbeam

BC: Do wallet developers just need to run a Moonbeam node, implement a small code to their wallets, open a channel, and users will instantly be able to use it?

TS: A Moonbeam address looks like this:

mgzdqkEjYEjR5QNdJxYFnCKZHuNYa5bUZ2+mb7vCiK@example.com

The first component is a Bitcoin address. Wallets that do support Moonbeam treat it as a normal Bitcoin address, beyond the + symbol, and can just cut off everything. Wallets that do support Moonbeam send the payment more efficiently and can use the whole address. The key point here is that they could use addresses.

Wallets that do support the whole address can be used by Moonbeam and send the payment more efficiently. The essential point here is that with both new and old applications, they can use addresses from the end user’s perspective.

BC: How would users of a Moonbeam-enabled wallet find a station between their wallet supplier and whomever they are making a payment to?

TS: Users do not need to worry about finding stations — it is handled transparently by their wallet stage. Users will simply instruct their wallet to send a payment on the Moonbeam address (e.g. mgzdqkEjYEjR5QNdJxYFnCKZHuNYa5bUZ2+mb7vCiK@example.com).

Their wallet platform will send it via a channel already open to example.com, if there is one, or via a normal Bitcoin trade to the Bitcoin address.  Moonbeam is designed for multi-user platforms. You normally wouldn’t run a Moonbeam station as an individual by yourself.

BC: How can you handle domain name spoofing?

TS: In Moonbeam, we use DNS to track payments to domain names, quite similar to how email routing functions. As it means we do not need to re-invent a new system that is routing, this is a neat solution; DNS is battle tested and has been operating well on the internet for years.

Nevertheless, DNS is vulnerable to spoofing attacks. Moonbeam utilizes SSL certificates to protect against domain name spoofing and attacks, the identical way HTTPS websites are secured in your web browser. We’re also working on adding security.

Deploying Moonbeam

BC: When do you expect to release deployable code?

TS: We have already released a reference implementation which works both on production and testnet.

There is still some more work required before it has been tested sufficiently to use broadly in manufacturing, but we expect to be ready in a matter of weeks.

BS: Once fully set up, what sort of user interface do you imagine Moonbeam will have inside wallets?

TS: Wallet interfaces will look almost identical to those now. The wallet will have the ability to accept a normal Bitcoin address or a Moonbeam speech as the payment destination. Most of the changes will be behind the scenes.

BC: What are your preliminary projections on how Moonbeam can impact the mempool, block sizes, and penalties once well deployed?

TS: Given that cubes are already saturated, and that Bitcoin use is increasing generally, I don’t expect Moonbeam to impact these on-chain metrics.

It will instead supply more of the extra demand for Bitcoin payments which can not be handled on-chain.

Do you believe Moonbeam will help scale Bitcoin shortly? Tell us in the comments section below.

Pictures courtesy of Shutterstock and Luno

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