Energy Web Foundation Launches Public, Open-source, Enterprise-grade Blockchain Tailored to the Energy Sector

Zug, Switzerland, 19 June 2019 – The Energy Web Foundation (EWF) today announced that it has launched the world’s first public, open-source, enterprise-grade blockchain tailored to the energy sector: the Energy Web Chain (EW Chain). More than 10 EWF Affiliates—including utilities, grid operators, and blockchain developers—are hosting validator nodes for the live network. In addition, EWF is currently tracking 17 decentralized applications (dApps) running on Energy Web test networks that are expected to transition to the live network over the coming weeks. This first wave of dApps focuses on making it easier for individuals and companies to buy renewable energy, enabling customer-owned devices like batteries or air conditioning units to balance the grid (and be paid for doing so), and simplifying the way electric vehicles are charged.

“We started Energy Web Foundation in 2017 with a promise: a production version of Energy Web Chain by Q2 2019. We are proud to announce that we kept our promise. Energy Web Chain is now running in production mode,” said Hervé Touati, co-founder and chief executive officer for EWF. “Our next target, to be reached latest by Q4 2019, is to fully decentralize the chain. At that point, it will no longer be ‘our’ chain; it will be the energy sector’s blockchain—the first public blockchain where blocks are validated by energy sector companies.”

“EW token holders are alongside our worldwide EWF Affiliate community, supporting a platform capable of underpinning hundreds of different dApps that can fundamentally transform the energy sector,” added Jesse Morris, chief commercial officer of EWF. “Global energy sector investment last year totaled $1.8 trillion. And the Energy Web Chain—with its 100+ network of supporting Affiliates—boasts an unprecedented pathway to blockchain solution adoption and global scale across that massive industry.”

Over ten organizations are hosting validator nodes for the Energy Web Chain. These organizations are the foundation of the Energy Web chain’s public Proof-of-Authority (PoA) network design: a publicly accessible, ethereum-based network with permissioned validators. The chain itself is public; any company, individual, or internet-connected device can transact across the network without permission. This dramatically increases network interoperability and reduces solution development cost. At the same time, the chain’s validators are permissioned—they are known energy market participants identified and affiliated with EWF, and who has in essence “staked their brand” to help stand up this energy-specific blockchain. This PoA-based design comes with three additional benefits for the energy sector: scalability, energy efficiency (which also equates to low transaction costs for energy market participants using the network), and increased regulatory compliance.

“The Energy Web is essentially a new operating system—a new digital DNA—for the electricity grid,” explained EWF’s Morris. “Other token-based energy blockchain projects are focused on delivering singular decentralized applications. By contrast, the Energy Web is a blockchain infrastructure project focused on supporting all blockchain developers looking to accelerate the global transition away from fossil fuels toward efficiency and renewables. That’s a huge and exciting distinction.”

Today’s EW Chain launch represents the latest major milestone in the Energy Web’s fast-growing ecosystem. EWF formed in early 2017 with support from co-founders Rocky Mountain Institute and Grid Singularity, as well as a cohort of ~12 initial Affiliates. By early 2018 EWF had surpassed 40 Affiliates and by early 2019 had crossed the 100-Affiliate threshold. Meanwhile, a growing list of respected utilities and grid operators have launched demonstrations, pilots, and even pre-commercial deployments on Energy Web test networks, including PJM-EIS, SP Group, Acciona, Iberdrola, Elia, and Stedin, among many others.

Like most public blockchains, the Energy Web Chain uses a native token to pay transaction costs and reward validators. But organizations are already experimenting across the Energy Web test networks and mainnet with additional uses of the token including: a) token staking to enhance data reputation and quality from internet-connected devices (e.g., electric vehicles, solar farms), b) directly using EW Tokens to pay prosumers and others for participating in the energy market, and c) decentralized finance for energy (e.g., stablecoins produced via EWT staking).

Beyond novel uses of the token, an expanding set of open-source software development toolkits (SDKs) help speed the time to commercial dApps, while the EW Link protocol allows everything from utility SCADA systems to smart meters to edge devices (e.g., inverters, EVs, thermostats) to connect to the EW Chain and transact via their digital identities. With billions of connected energy devices forecasted in the years just ahead, enabling them to easily transact on the Energy Web Chain is paramount.

“The electricity sector is on a clear pathway: more renewables, more distributed energy, more electric vehicles. According to industry forecasts, by 2030 consumers would invest more money in distribution-edge devices—solar PV, batteries, charging stations, electric vehicles, smart controls—than electric utilities would invest in power generation and electricity grids. This is a massive and unprecedented shift,” observed EWF’s Touati. “That shift will put enormous pressure on utilities to integrate all these investments and make good use of them. Customers will not want to pay twice. For that, utilities need new kinds of software technology, like the Energy Web Chain—distributed, open source, run by the industry—allowing low cost interoperability and trust between millions of devices and retailers or grid operators. Energy Web is bringing energy—if not power—back to the people.”

About Energy Web Foundation

Energy Web Foundation (EWF) is a global, member-driven nonprofit accelerating a low-carbon, customer-centric electricity system by unleashing the potential of blockchain and decentralized technologies. EWF focuses on technology integration and development, fostering market innovation, speeding adoption, and building community. 

In mid-2019, EWF launched the Energy Web Chain, the world’s first enterprise-grade, open-source blockchain platform tailored to the sector’s regulatory, operational, and market needs. EWF also fostered the world’s largest energy blockchain ecosystem, comprising utilities, grid operators, renewable energy developers, corporate energy buyers, and others.

The Energy Web has become the industry’s leading energy blockchain partner and most-respected voice of authority on energy blockchain. 

For more, visit https://energyweb.org

AI Personal PERSONAL Assistant – Meet Peter Voss of Aigo.ai

We know AI is improving. So let’s look at where an investment in AI and Blockchain technology might pay off big.

This conversation with Peter Voss of Aigo.ai is a great place to start. A scientist who has founded a startup to make personal assistants personal.

Imaging Siri, Alexa, etc actually learning so they do what you want!  Every time I get a chance to chat with Peter, my mind expands with ideas about a future when artificial intelligence really works in our everyday lives.

And right now, there’s a token sale. Learn more at https://aigotoken.ai

Everything You Need To Know About Staking Coins

“Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn’t require external institutions or trusted third parties to validate things.” – Naval Ravikant

Blockchain based cryptocurrencies provide an alternative way for people to make money. Digital currencies remove the need for relying on the stock exchange or traditional brokers. Millions of people around the world are making money through crypto trading, mining operations or staking coins.

What is Proof of Staking Coins?

Proof of staking (PoS) is a relatively new consensus algorithm for some digital currencies. It creates new blocks that are added to the blockchain. These blocks are staked by a person who is already holding some coins and helps in validating a new transaction on the platform.

An individual is only able to mine or validate new transactions for coins equal to the number of coins they have staked. The more coins a person stakes, the higher their power to validate transactions.

How Does the Process Work?

In a regular crypto network like Bitcoin, transactions are randomly processed by the mining node that is the first to solve a complex algorithm at the end of a timeframe. Investors holding Bitcoins have no say in which network operator validates the transaction.

In Proof of Staking protocol, miners are chosen randomly from a pool by holders of the digital coin. A miner can be added to the pool by staking a certain amount of coins in a bound wallet.

The chosen node stakes the coins in the bound wallet and creates a new block that is proportional to the percentage of coins staked. For example, if the number of coins staked is 5% of the total coins on the network, the node can mine 5% of transactions for new blocks.

Benefits of Staking Coins

Staking coins offers a number of benefits to mining operators.

The consensus mechanism removes the need for purchasing high-end computer hardware. When a mining node stakes bound coins from an e-wallet, it is guaranteed a fixed percentage of transactions on the network irrespective of its processing power. Investors with enough holdings in the coin can validate transactions on the network.

The value of assets staked through PoS does not depreciate with time unlike ASIC and other mining hardware. The value of the stake can only be affected by fluctuations in the currency prices.

Proof of stake is environmentally friendly and more energy efficient than proof of work mining used in Bitcoin. The threat of 51% attacks is reduced in a staking coins system.

The major benefit of staking coins is that it removes the need for purchasing expensive hardware. The system offers a guaranteed return and predictable source of income for miners unlike proof of work system where coins are randomly rewarded to the most high-level computing systems.

The Risks of Staking Coins Staking coins in a bound wallet has one drawback. The coins are locked up for a period of time and cannot be sold.

This may not be a problem while the value of the currency is rising, it can lead to losses when the price is falling. The amount earned through staking might not be enough to cover the price depreciation during a bearish run.

Popular Cryptocurrencies for Staking Coins Coin staking gives currency holders some power on the network. It gives them the ability to earn a regular income for their investments. This is quite similar to how someone would receive interest for holding money in a bank account.

The ability to stake coins to get mining preference has been seen received favorably by crypto investors. Many new currencies have built this model into their platform. Some of the popular currencies for coin staking are listed here.

DASH

DASH stands for Digital Cash. It was one of the first currencies to introduce the coin staking mechanism. The currency was built upon the core of Bitcoin. It made further improvements by implementing PrivateSend and InstantSend features.

The currency allows its investors to stake coins through a masternode. The minimum requirement to run a masternode is 1000 DASH units. DASH is currently priced at $320 which makes the cost of running a masternode somewhere close to $320,000.

NEO

The purpose behind NEO is to create a smart economy using the blockchain technology. NEO’s proof of stake algorithm uses the dBFT algorithm. Participants on the platform can stake their coins by binding coins in a NEON wallet. Stakeholders can expect to earn new coins at 5.5% annually for all the coins that they stake.

NEO is quite popular and the number one currency at Bitfinex, a Chinese virtual currency exchange based at Hong Kong. The coin is expected to rival Ethereum which has held the number two position in cryptocurrency markets for quite some time.

OkCash

This currency was launched in 2014. It is designed to be suitable for micro-transactions. It has a pretty good ROI on staking. The coins can earn an annual return of 10% the value of the stake. It is currently trading at $0.121 in the markets.

Source: Krohn Media

PayPal Is Seeking Faster Crypto Payments Tech – CoinDesk

Looks like PayPal wants to move crypto faster. 

An application for an “Expedited Virtual Currency Transaction System” published on March 1 by the U.S. Patent and Trademark Office (USPTO) details a method by which private keys – the strings of numbers and letters used to transact or otherwise control one’s cryptocurrency holdings – are swapped from a buyer to a seller behind the scenes.

The aim of the concept is to narrow the amount of time it takes for payments to go through between a consumer and a merchant, avoiding the process of sending a transaction and waiting for it to be included in the next block on the network. To do this, PayPal proposed a way to create secondary wallets with their own unique private keys for buyers and sellers. The system would transfer private keys corresponding to an exact amount of any given cryptocurrency.

As the filing explains:

“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”

The submission is a notable one, coming years after PayPal announced partnerships with several bitcoin payment processors that allowed merchants to accept the cryptocurrency through the company’s Payments Hub starting in 2014.

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Cats are taking over the blockchain

CryptoKitties is the newest craze in cryptocurrency. So many people are buying, selling, and breeding CryptoKitties that the Ethereum blockchain is struggling to keep up with all the activity.

The average cat is trading for $100 in ether and users have spent over $3M total on breeding, buying and selling the in-game items (up from $1M yesterday).

Two days ago, a true believer of cat-based technologies bought the genesis cat (the first cat) for 250 ETH, which is over $100,000. Today, CryptoKitties is the most active smart contract on the Ethereum network, accounting for over 16% of all Ethereum transactions.

CryptoKitties launched on Product Hunt six days ago, where maker Mack Flavelle explained the idea behind it:

“Blockchain technology could be the biggest revolution since the internet, but the majority of projects in this space are unapproachable to muggles. That’s something we wanted to change with CryptoKitties. We figured- if you want to speak to regular people speak in regular language. And cats are the regular language of the internet.”

 And went on to explain the dynamics of CryptoKitty:

“In CryptoKitties, users collect and breed digital cats. Through breeding, unique cattributes can be unlocked. Each CryptoKitty has a 256-bit genome that dictates its appearance and hidden traits, with 4-billion possible combinations. And we have Fancy Cats – kitties with custom art, including a little treat for Product Hunt fans.”

Right now the best way to try out CryptoKitties is by downloading MetaMask, a chrome extension that makes it easy to interact with the Ethereum blockchain directly from your browser. You’re also going to need a little Ether, which you can buy from exchanges like Coinbase.

By leveraging the power of cats on the internet, CryptoKitties is introducing the public to cryptocurrencies and blockchain based technologies. If you want to learn a bit more about how the game mechanics work you can check out Fitz Tepper’s excellent post on TechCrunch.

This article originally appeared at: https://www.producthunt.com/newsletter/493

ICO Tokens: A Serious Barrier to User Acquisition?

Anyone even moderately following tech right now knows that ICOs are exploding in popularity as entrepreneurs seek to raise large sum of non-dilutive capital for their company — while they can.

I have spent the year advising several tech companies, many of which have raised capital in the ICO market. Through this process, I have stood side-by-side with CEOs while they think through the challenges that inevitably come up during an ICO. I recently wrote about the conflicting legal advice around token sales and provided a framework that may be compliant within US law.

Today, I turn my focus towards another issue that blockchain companies don’t even realize they’re facing yet. Here it is…

Utility tokens, which customers must purchase in order to use the services of a blockchain platform, may be an insurmountable barrier to user acquisition.

Understanding the “holy” conversion funnel

An optimized conversion funnel is vital to successful online marketing, and blockchain companies are no exception. This practice of funnel optimization focuses on finding and removing “leaks” at various points through a visitor’s journey across a website in order increase the likelihood of the visitor taking a desired action.

Companies that ICO will ultimately be under pressure from their token holders to increase their token’s value, which over the long run must come from legitimate demand of the underlying platform. Unfortunately, there are substantial user acquisition problems that emerge when a token is added to the conversion funnel.

Let’s dive into this further with an example.

The fight is on: Airbnb vs. CryptoBNB

Imagine that you are a vacationer searching for a place to stay. You start by Googling “rent a vacation home” and see various results, including Airbnb, VRBO, HomeAway and the other usual players. You also find a couple of new names, which happen to be well-funded ICO projects, including Zangll and CryptoBNB, which is a company I made up in order to not spend this article trashing Zangll.

1*QbXKUhnEKOpxPYRIotXRVQ.png

You take the next step and visit Airbnb’s and CryptoBNB’s websites to compare their offerings.

On Airbnb, you find a refined site with tons of listings and the ability to pay by credit card.

On CryptoBNB, you find a site that uses decentralization and blockchain terminology, with few listings and the ability to pay only in CBNB tokens.

It is clear that one of these companies has an advantage for converting the average consumer… Airbnb. Over the course of years, their company has had time to grow its listings and optimize its user acquisition funnel down to a science.

Lost customer at the last minute, again!

Ignoring the fact that Airbnb has a multi-year operating advantage over CryptoBNB — which this is NOT an insignificant issue — let’s focus on the role that payment options play in user acquisition.

E-commerce companies spend considerable time reducing friction in the checkout process. Here are a few points that digital marketers focus on related to payments:

  • Reducing the information required from the customer
  • Optimizing the site for mobile visitors
  • Taking advantage of AutoFill
  • Accepting many types of payment options

Requiring payment in the form of CBNB tokens will present CryptoBNB with problems on all of these points. The checkout process for a typical user would go something like this… Visit site > select listing > go to checkout > be asked for CBNB tokens > don’t have any CBNB tokens? no problem! purchase them from a third-party foreign exchange > customer gets confused > customer goes to Airbnb.

1*2vDxwAwVmrFRlwlFnrUzMw.jpeg

Guy must be thinking through user acquisition of a tokenized blockchain platform.

Let’s not forget that cryptocurrency is challenging to obtain and use for the average consumer, and it is certainly not as easy to use as a credit card. Consequently, every consumer-oriented blockchain company with a token has a conversion problem lying ahead.

Decisions, decisions…

For companies whose token acts a means of payment (very common), there are two primary approaches that I currently see companies taking:

  1. Decentralized approach. Customers will pay the network directly using the token. While this option is more in line with the goal of decentralization, the need for users to acquire tokens via a third party website is a critical point of failure for conversion. There are additional costs to the consumer too, including exchange fees, which is a situation that is clearly inferior to the status quo where they earn points with their credit card.
  2. Centralized approach. In this method, customers will pay the company by credit card, and the company will in turn pay the network with tokens behind the scenes. This approach cuts out the barrier to conversion, but the company will assume several costs that Airbnb will never have, including exchange fees, implied cost of the bid/ask spread, order book slippage, Ethereum network fees and more.

It seems that companies are unnecessarily putting themselves in a disadvantaged competitive position in order to raise capital through an ICO. This is one reason why I am bearish on utility tokens whose primary purpose is as a payment method. I don’t believe that the advantage of “blockchain” will add enough value in most consumer applications to compete with lower cost competitors.

1*r-rD0L6yCRhHAzDuof1biw.jpeg

Why do you even have a token, broh?

In e-commerce, it is hard to see how a tokenized blockchain company could ever compete against an equity-backed tech company on a “per unit” cost basis, unless the existence of a blockchain…

  1. Is mandatory.
  2. Adds value that consumers care about.
  3. Creates significant cost reductions elsewhere.

Offering tangible value over competitors on the order of a magnitude is critical for blockchain companies. Over the long run, the value of every utility token will rely on the existence of real demand for an underlying platform, which may never materialize if a company has tokenized barriers to user acquisition.

In most cases I have seen, companies whose ICOs revolve around a payment token have not found a strong enough purpose for issuing a token or using blockchain. One rule of thumb I commonly ask companies is: “Why can’t your platform just accept ETH and charge on a typical SaaS model basis?” The answer to this question will generally shine light on whether the platform‘s token is useful, or if the company is simply creating the token as an excuse to raise capital through an ICO.

Payment tokens will be the first to fail

In the second half of 2018, investors will begin focusing on the adoption metrics of tokenized blockchain platforms in order to make newly informed investment decisions. In this process, blockchain platforms that don’t provide meaningful value over competing technologies will be discovered and “punished” by the market through their token price.

Companies who have created a token solely as a means of raising funds through an ICO have not set themselves up for long term success once the market becomes less speculative. Because payment tokens have an inherent disadvantage on conversion and platform adoption, I believe they will be the first type of utility token to fail.

There will still be a few success stories, of course, but most entrepreneurs won’t be able to create enough tangible value for their customers to overcome their user acquisition hurdles.

In search of tokens with merit…

ICO investors looking for longer term viability in their investment should look to tokens whose existence won’t be a barrier to user acquisition. This means that the token’s purpose within the platform is likely “inventive” in some way, plays an operational role and is abstracted so as to be user friendly.

One example of a token that fits these qualifications is that being created by AQUA, whose company is building an IP rights platform with a primary focus on pharmaceutical R&D. Their token enables the assignment of fractional Intellectual Property (IP) rights, which could create an ecosystem for global collaboration in R&D. AQUA’s token has two characteristics that I find particularly interesting. The first is its flexible architecture that allows one group’s IP to be combined into another group’s IP later on, which allows research to build on top of prior research. The second is its fundamental token value structure, which gives token holders a stake in the success of all IP on the AQUA platform.

Conclusion

Within the next 12 months, asset fundamentals will begin eclipsing speculation to drive token valuations. Investors in ICOs should therefore assess each token’s impact on the underlying platform’s long term viability. Tokens whose primary purpose is to serve as a payment mechanism seem to have an inherent disadvantage on this point. Voting rights, power, operations and other areas where traditional equity funding does not exist are use cases where tokens are more likely to retain long term value.

This article originally appeared at: https://medium.com/@jaronlukasiewicz/ico-tokens-a-serious-barrier-to-user-acquisition-21ed2661bbad.

Gold Mining Company’s Shares Jump 1,300% After Switch to Bitcoin – Bitcoin News

 

Gold Mining Company's Shares Jump 1,300% After Switch to Bitcoin

Gold Mining Company's Shares Jump 1,300% After Switch to Bitcoin

Natural Resource Holdings is a little-known company whose investments so far consist mostly of land and mineral assets of gold, silver, zinc, and lead deposits.

The company’s shares, which are publicly traded on the Tel Aviv Stock Exchange, have jumped about 1,300% in price since the company announced it is refocusing on blockchain and cryptocurrencies just a month and a half ago.

Now it appears that the company actually has a plan how to diversity into bitcoin mining and it is not just all hype. According to reports today in the Israeli financial media, Natural Resource has revealed its first step towards entering the market: acquiring a Canadian bitcoin mining farm.

Mining Is Booming

The company has announced that it is in negotiations with BACKBONE Hosting Solutions, operating under the commercial brand Bitfarms, to buy 75% of its shares in exchange for 75% its own stocks. In response to the report, investors have poured in, making the relatively small company the tenth most traded on the TASE by volume.

Gold Mining Company's Shares Jump 1,300% After Switch to Bitcoin

The Canadian company is said to have 4 server farms in the province of Quebec, providing services for mining bitcoin, ethereum, bitcoin cash and litecoin. It is also said to have two more server farms under construction that will come online early next year. The company supposedly brings in over $8.3 million a month, at an operational cost of just 12%.

According to its own website, BACKBONE started operating in 2016 with a primary focus to offer cost effective mining hardware hosting solutions for cryptocurrency hobbyists and professionals. Boasting an ‘eco-friendly’ operation, the company says its power is generated from an hydro-electrical plant located close to the facility and that it benefits from being in a Tundra Climate where cooling is not an issue 10 months a year.

This article originally appeared at: https://news.bitcoin.com/gold-mining-companys-shares-jump-1300-after-switch-to-bitcoin/.

World Computer? New Protocol Could Supercharge Ethereum Blockchain

With scaling the center of attention in the public blockchain sector, an older but lesser known attempt to overcome the restrictions inherent in ethereum is getting a refresh.

Revealed in an exclusive interview with CoinDesk, a new TrueBit protocol is being released this December, one that removes the ethereum “gas limit,” which today puts an upper-bound on the number of computations the network can achieve, bringing the second largest blockchain by market capitalization closer to its oft-touted goal of becoming a “world computer.”

While TrueBit is one of many in-progress scaling solutions being engineered for the ethereum platform – working alongside mechanisms such as sharding, state channels and Raiden – it distinguishes itself by focusing on the computational power of the network at large, instead of just transaction speed.

Geared specifically towards heavy computations, such as those video broadcasting and machine learning would require, TrueBit could resolve the fact that ethereum is still about as fast as a “smartphone from 1999,” as ethereum creator Vitalik Buterin joked last year.

“In short, the new scheme would be a vast simplification of the current TrueBit protocol,” said Zack Lawrence, the co-founder of 1protocol, who developed the technology.

And these gains all came about after speculation that someone could exploit the protocol, after an amendment to its white paper was released last month.

Jason Teutsch, a mathematician and co-founder of TrueBit, framed the speculation, and the process for patching the vulnerability, with a silver lining:

“When so many people have eyes on the papers, over time, you get more and more confident that it’s correct, but it’s always an ongoing process for these things that are living systems… Now, we go another layer down the protocol rabbit hole, it’s this iterative process of getting deeper and deeper into this.”

Hit the jackpot?

And going deeper led the devs to the incentive mechanism used in the protocol.

TrueBit aims to remove the gas limit on ethereum by moving computations off-chain – outsourcing them to an external marketplace that rewards participants for solving and verifying the computations. Within the marketplace “task givers” pay “verifiers” to solve computations in exchange for rewards, while “validators” check that the computations are correct.

To make sure everyone runs effectively, Truebit relies on an incentive scheme dubbed the “forced errors jackpot,” which ensures validators are actively checking for correctness by requiring verifiers to occasionally submit incorrect information. If a validator finds these forced errors, they’re rewarded with a substantial payout: the “jackpot.”

But according to Lawrence, that process can be a lot less complicated.

Within the new protocol, instead of limiting the participants’ tasks, everyone can participate openly.

Those that verify correct computations still get paid, but if another participant finds an error, they can submit what they believe the computation should be and enter that into the verification game. All the potential answers are then pooled together until a consensus is reached.

Because that verification pool is costly to participants, the protocol incentivizes them to work together honestly so disputes do not occur, since the reaching consensus within that verification pool would be costly for everyone.

Not only does this iteration eliminate the security flaws pointed out when the amendment was released, but it’s also easier to implement and could increase the number of computations participants are willing to perform since it eliminates the once-every-so-often jackpot, Lawrence told CoinDesk.

Security challenge

Still, the new protocol may not be the last step in evolving TrueBit to achieve optimum efficiency.

Teutsch explained that both versions of the protocol will still hit against eventual limits when it comes to massive computations. If, for example, verification takes too long or gets too expensive, those who notice errors might be inclined to keep quiet, and just let them go.

“Remember that the verification game is really slow compared to native computation, so my concern expressed here is more than just theoretical,” he said.

Plus, because TrueBit is a protocol built on game theory (rather than relying on more familiar security auditing processes), Teutsch said, its “security is an observational science,” in which devs try to put themselves in every position an attacker might be in.

Because of this, Teutsch said the developers may decide to run both the original protocol (now internally nicknamed TrueBit Classic) and the new protocol in parallel for better security.

But nodding to the fact that digital security is an immensely challenging prospect that takes continual work, Teutsch told CoinDesk:

“Full confidence happens once you have all the money in the world behind it, and it’s sat there for a few years.”

This article originally appeared at: https://www.coindesk.com/world-computer-new-protocol-supercharge-ethereums-blockchain/.

Blockchain’s Big 3 Societal Changes

Proselytizers of blockchain often speak of its inherent and inevitable benefits to society. While you might not yet be a crypto trader, you might still be interested in – and affected by – blockchain’s apparent power to change our current centralized financial systems.

Bill Carmody of Inc.com has these big 3 benefits in sight:

  1. No more intermediaries
  2. Security
  3. Financial tools and digital assets

In his Inc.com article, Carmody writes: “With widely-scaled decentralized systems, we can eradicate fraud, automate manual processes, and control for issues of authentication and trust. The power of blockchain can enable humans to redefine legacy architectures of governance and law, reinvigorating lost concepts of true democracy and meritocracy.”

Read more in the full article at Inc.com