Dr. Craig Wright on smart contract registries

Dr. Craig Wright took to one of his favorite stages recently to talk about Bitcoin BCH and smart contract registries. In a Medium post, Wright set out to detail how smart contracts could be introduced successfully on the blockchain and did an incredible job breaking down the specifics of any registry platform.

Wright points out that one of the major issues with contract management is the overwhelming amount of redundancy. Copies of the same contract are kept in a number of different locations, which is a logistical nightmare when any change or addendum is needed. Since contracts are often written in natural language, they can also be open to interpretation if not properly dissected during the drafting phase.

These obstacles, among several others, are the reason smart contacts make sense. However, several steps must be followed to have them implemented properly.

Some of the main requirements include formal definition of the contract so that it “can be formally interpreted and implemented by a machine, as well as converted into natural language,” explains Wright. Additionally, it’s important to be able to publish a contract so that everyone knows it exists, while not divulging any of the details, except to those with the need to know.

It is also important to consider including mechanisms that allow the contracts to be configured based on time and/or conditions. Perhaps a contract is only valid for 18 months or expire once the contract’s target has been fulfilled. Smart contracts will need to know what actions to take based on these criteria if they are to be effective.

The Bitcoin BCH blockchain already includes a number of features that make contract creation a breeze. Once the proper controls are added to the contract and it is registered in a repository, “the associated URI and hash can be used in accordance with using metadata within a Blockchain transaction to associate the transaction on the chain with the controlling contract itself,” explains Wright.

To ensure that any machine-readable contract can also have a human-readable version, Wright points out that he and the group at nChain are already working on a tool that will generate a readable document. This version would be delivered in in pdf format, or something similar that doesn’t allow for easy editing.

To ensure that only authorized individuals have access as appropriate to the contract, it can be secured by several means. The most basic security is offered through a hash check to ensure that there haven’t been any alterations. Additionally, the repository itself can be locked down and the contract can be digitally encrypted to limit access only to those who have the corresponding decryption keys.

Says Wright, “In many cases, the Contract itself will have partial protection on it. For example, some sections within the file are protected but the overall content is public. For example, the details of how to implement a fixed rate loan are published but the knowledge of who took out the loan, for how much and at what rate is known only to the contracting parties.”

Wright provides further details on the intricacies of contract creation and manipulation using the Bitcoin BCH blockchain, but it’s evident from the insightful piece that Bitcoin BCH already has everything it needs to facilitate contract creation and storage, and doesn’t need any modifications to enhance the platform.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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An evening of blockchain and Bitcoin Cash with nChain and Dr. Craig Wright recap

On the evening of October 4th at the St. David’s Hotel in Cardiff, nChain’s Jimmy Nguyen and Dr. Craig Wright keynoted an evening of Blockchain and Bitcoin BCH education, hosted by IP law experts, UDL.

After enjoying a happy hour session of cocktails, nibbles, tea and coffee, Blockchain and Bitcoin BCH enthusiasts from across the UK, Spain, Slovenia and beyond gathered for a short refresher on why Blockchain and Bitcoin BCH are set to change the world with Nguyen, a lesson on economics and how BCH fits in with Dr. Wright and a fruitful Q&A session with both experts covering more specific topics of interest from the audience.

Nguyen’s “The Power of Blockchain and Bitcoin Cash” presentation was high-energy and entertaining as always, highlighting the point that companies want to be the Netflix and not the Blockbuster of their industry and the key in doing so is by staying on top of the latest technology.

Nguyen walked the audience through Blockchain basics, explaining how Blockchain tech is a ledger system or a record keeping system, but without the intermediaries.

“Think of it is a big, giant excel spreadsheet in the sky, maintained by nodes and servers that are distributed throughout the world,” Nguyen explained.

He then went on to explain why Bitcoin Cash is going to be the leading, if not the only, Global Public Ledger. “Bitcoin BCH is the true Bitcoin and should be used every day, its fast, cheap and easy to use,” he said.

With Smart Contracts and Tokenization on the way, Bitcoin BCH is the “all-in-one” coin, the ledger of the future, Nguyen explained. Use cases for BCH and smart contracts include:

-IP registry

-Music & Content Rights Management

-Insurance information

-Property titles

-Smart insurance policies- no need to submit a claim!

And nChain is creating the building blocks to accomplish the above, he said.

Towards the conclusion of Nguyen’s presentation, he touched on Bitcoin SV, a new software implementation publicly supported and spearheaded by CoinGeek and nChain, a software implementation that is unique in fulfilling Satoshi’s vision.

“We believe Bitcoin needs an open protocol that is stable, scalable and secure,” Nguyen explained.

“We believe that path to that is Bitcoin SV. We want to put the control in the hands of the miners. Lets stop playing around and experimenting with the Bitcoin protocol. If we do that, we will unlock the full power of Blockchain. The BCH protocol needs to be built on solid rock, not sand, for global businesses to build on top,” he said.

Wright’s presentation echoed Nguyen’s call for Bitcoin SV support, explaining if you want to build a stable business, you need a stable protocol. He said a business needs certainty and if you create an app, a smart contract as a service, you need to know if will be valid in three, five or even ten years.

“Bitcoin is not just money…it is the foundation for everything that we see. Bitcoin was always the future—some want to stop this, it cannot be stopped. It’s a better technology—we’re going to stop it where it is and let businesses grow,” Wright said.

During the Q&A session with Nguyen and Dr. Wright, the role of miners in the Bitcoin BCH ecosystem was mentioned throughout with both parties emphasizing the vital importance of “miners choice” in bringing the Bitcoin BCH chain forward.

In response to concern from the audience that there could be a chain split due to disagreements over the direction of Bitcoin BCH, Both Dr. Wright and Nguyen independently said nChain does NOT want a chain split and Bitcoin SV’s intent is NOT to create a new token or a new coin.

“We are doing this to create a new choice for miners for implementation for Bitcoin Cash, one that doesn’t change,” Nguyen explained.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Dr. Craig Wright on why smart contracts aren’t so smart

Dr. Craig Wright, an expert in blockchain technology and dedicated Bitcoin BCH supporter, took to Medium yesterday to pen a thoughtful piece on smart contracts. The insightful article provides valuable information on the topic and some of the underlying flaws in the system, and is a further example of how breaking away from the core essence of Bitcoin BCH would undermine the progress the world’s leading retail digital currency has already made.

Wright was responding to another post that asserted, “Electronic contracts do not have to be re-read when they are returned because there’s generally no mechanism (unless it’s built into the electronic process) to alter the contract terms, scratch out a line, insert text, etc. What you send is what is being signed.”

However, this assertion is flawed and shows the danger of not having enough information to reach a full and qualified conclusion. Wright points out that collisions on a blockchain have proven that a hash signature has certain inherent vulnerabilities. He states, “[T]he collision allows two versions of the document to be created with the same hash and thus same electronic signature. For now, SHA256 is considered secure, but, not all hash functions are.”

He uses an example of someone generating two documents – one with an order to sell at $500,000, which Wright calls Order 1, and the other with an order to sell at $1 million, or Order 2. The individual wants Order 2 to be the document that signed, which would result in the sale contract being increased by $500,000. That person can use Confoo or Stripwire to create an MD5 hash – or collision – that is exactly the same for both documents.

Confoo has already been shown to be able to create two web pages that look completely different, but which have the same MD5 hash. This is a concern, as it would allow someone to easily create a fake MD5 hash signature that mimics a different contract.

Wright explains, “This attack works due to the nature of hashing algorithms (in this case, a flaw in the now depreciated algorithm MD5). If you have 2 documents, x and y that have the same hash (i.e. a collision) then by appending an additional block of information — q to the documents will also result in a collision. This is (x+q) will have the same hash as (y+q).”

He concludes, “This is why SV Pool and CoinGeek (and Bitcoin SV) plan to start processing non-standard scripts. To us, your long term security matters. Non-standard scripts are processed in P2SH. The myth was that this is bad for nodes, but, this is again the myth of the Raspberry Pi. Miners are competitive. The fight to be paid. [They] are paid more for larger scripts, so this is not an attack, it is the market at work.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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比特币SV的愿景是为矿工提供一个选择

中本聪的早期著作之一中写道:“比特币的本质是,一旦0.1版本发布,其核心设计将在其今后的生命周期中保持稳定。”但这是否意味着完全不会发生任何变化?

这是最近在泰国召开的2018比特币未来曼谷峰会上,nChain的首席执行官吉米·阮(Jimmy Nguyen)提出的问题之一。在为期两天的峰会中,吉米·阮和首席科学家克雷格·怀特博士(Dr. Craig Wright)向参会的矿工和开发者发表讲话 ,提醒大家比特币现金(BCH)的目的是“恢复来自BTC的比特币原貌”,并且他们认为自己汇集在一起的目的是想要创建“我们认为将满足中本聪愿景的比特币协议”。由Yours.org用户cryptomic记录的吉米·阮和克雷格·怀特博士的讲话全文可以在此处查阅。

“我们认为现在是比特币作为一个完整世界和生态系统组织起来并实现专业化的时候了,而这正是我们所倡导的。” 吉米·阮说道,“我们这么说是什么意思呢? 我们指的是一个稳定的协议。”

最有希望的比特币现金节点实现之一是比特币SV,这个项目最初的目的是为矿工提供支持,让他们可以对关键协议升级做出明智的决策。与广泛持有的观点相反,比特币SV不是一个分叉——它将锁定“经过实战检验”的现有比特币现金协议。进而,矿工们将有选择权和发言权来推动将比特币恢复到最佳状态的进程。即无界区块(unbounded block)和原始OP_Codes的状态。

今年11月,运行比特币SV的采矿节点将在比特币现金网络上进行有限的几项升级,其中最重要的是将默认最大区块大小从32MB增加到128MB。

但是为什么现在扩展并且在区块大小方面快速扩展很重要?在与业务分析师进行一些建模后,吉米·阮说原因很简单:矿工有直接的经济需求。

“在两年内,区块奖励将再次分成两半,降到6.25比特币现金。因此,开采的人在两年后获得的报酬将是现在的一半。要保持目前的盈利能力,意味着在两年内他们必须以其它方式弥补6.25个币值,这必须来自交易费用而且必须有更高的交易量”,吉米·阮解释说。

他补充说:“如果我们想在两年内接近4.16GB,我们就不能等一年再行动。我们必须现在开始这个过程。这至关重要,因为如果不这么做,当矿工们无法通过交易量和交易费弥补他们所需的实际收入,则两年之后挖矿就将变得无利可图,进而会威胁到整个网络的可行性和安全性。”

吉米·阮表示,倡导快速安全地扩展并不是出于对更大区块的需求。

“系统中必须这样做,并且立即开始,这有着迫在眉睫的经济原因。我们希望
锁定原始的比特币协议,以便可以在其上可靠地构建业务。通过质量保证和安全审计使整个过程专业化。促进零配置安全性。”他说,“我们希望创造一条通向全球快速采用的途径,不仅仅用于支付,而是被大企业采用,这会增加矿工的收入,这点是至关重要的。除非挖矿有利可图并且能挣钱,否则两年之后就不会有矿工继续挖矿了。而我们所倡导的方法也将为他们带来优质服务,例如数据,例如这种财产登记类型的风险投资,考虑到所需的数据容量,他们会以此挣到更多的钱。”

可以在这里查阅吉米·阮和克雷格·怀特博士的讲话全文。本次为期两天的泰国会议的录音可以在这里获取。

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Dr. Craig Wright on Bitcoin as a notary

Dr. Craig Wright, nChain co-founder and Bitcoin BCH visionary, is one of the most educated individuals in the crypto realm. He understands better than many what is happening with the ever-changing world of digital currencies and blockchains and also sees what has to be accomplished to take crypto to the next level. Yesterday, he responded on Medium to a message he received regarding Bitcoin notarization and provided some important insight into the fallacy of the belief.

Wright says that he was forward a quote made by Vitalik Buterin, Ethereum’s co-founder, which reads, “The value of blockchain ‘notarization’ is not proof of existence; it’s *proof of inexistence*. The ability to prove that message M is the *one and only one* of a certain type that has been signed, or that a message of some type *has not* been published yet.”

He responds by pointing out that notarization does not provide any proof of existence – it only provides evidence of existence. Wright explains, “Let us start with a message M. M is a certain type of message. Let us say, for simplicity, there are two options. M signs a message saying X or M signs a message saying Y. M could be a contract offer. We want to show definitively that the signed contract is not the only one available on a Blockchain. That is, M~X and M~Y cannot both exist. In fact, there are ways to have a version of M~X and M~Y co-exist.

“The simplest means comes from the collusion of the parties to a contract. Party A signs both X and Y to B, and now can choose the particular path they wish to prove “always existed”. In effect, we could have two sets of books. A block chain does not stop this and it is the adducing of other extrinsic evidence in support of the ledger and system used by the parties that leads to a court selecting from the two options.”

To further explain the problem, Wright points out the Enron scandal from about 20 years ago. Enron set up a series of fake companies and all of the books technically looked correct on the surface. Only through independent vigilance did the truth emerge about the company manipulating the books. The same, asserts Wright, can be seen with blockchain transactions.

Wright adds, “Mostly, the foolishly small minded idea of non-repudiation that so many ‘coders’ and ‘cryptographers’ tout is not something that is valid in law. I can always repudiate a transaction. The perfect code and cryptographic system does not preclude me from simply stating I was under duress or the key was stolen.”

Notaries are important that it provides authentication of virtually any type of transactions. They are responsible for not just publishing a document, but for verifying the authenticity of the document. The same type of notarization is needed for the blockchain, as a hash only indicates that the transaction existed at a particular time – it doesn’t validate the transaction.

“Just loading the hash on the blockchain is evidence of it having existed at a point in time, it is not a notarisation of that document,” explains Wright. “Signing a document with [an] unverified key is not proof. More, even if you come back later and hold access to a private key, you have not demonstrated that you had access in any prior time. You could make an attestation for this key and register it using an approved and regulated PKI based CA (Certification Authority) to the level required to show that this is your key to a level required to sign a deed, but then, it is no longer private. You now have a Bitcoin address that is associated to you unless revoked formally.”

In closing his response, Wright points out one last vital piece of information. He says, “Code is not law. Law is law and code is at best evidence.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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The Bitcoin SV vision is to give miners a choice

In one of Satoshi Nakamoto’s early writings, it was noted that “the nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.” But does that mean that not a single change can ever happen?

That was the one of the questions posed by nChain CEO Jimmy Nguyen at the recently held The Future of Bitcoin Summit Bangkok 2018 in Thailand. During the two-day summit, Nguyen, along with Chief Scientist Dr. Craig Wright, addressed an audience of miners and developers to remind everyone that the Bitcoin Cash (BCH) was birthed “to restore what Bitcoin was from BTC,” and that they pooled together because they want to create “a Bitcoin protocol that we believe will fulfil Satoshi’s vision.” The full transcription of Jimmy Nguyen and Dr. Craig Wright’s speech by Yours.org user cryptomic can be read here.

“We believe it’s time for Bitcoin as an entire world and ecosystem to group up and professionalize, and that’s what we’re advocating,” Nguyen said. “And what do we mean by that? What we mean by that is a protocol that is stable.”

One of the most promising Bitcoin BCH node implementation is Bitcoin SV, a project born out of the desire to empower miners so they’ll make informed decisions about critical protocol upgrades. Contrary to widely held belief, Bitcoin SV is not a fork—it will lock the “battle-tested” Bitcoin BCH protocol in place. In turn, miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state. That of unbounded blocks and original OP_Codes.

This November, mining nodes running Bitcoin SV will enable a short list of upgrades on the BCH network, the most important of which is increasing the default maximum block size from 32MB to 128MB.

But why is it important to scale now, and scale fast in terms of block size? After some modelling with business analysts, Nguyen said the reason is simple: There’s a direct economic need for miners.

“In two years the block reward will be split in half again to 6.25 BCH. So anyone who’s mining now will in two years receive half of what they’re receiving today. In order to maintain even current profitability, what that means is in two years they have to make up that 6.25 coins worth of value in something else, which has to come in transaction fees and which has to come in higher transaction volume,” Nguyen explained.

He added, “If we have to get anywhere near 4, 16 gigabytes in two years, we can’t wait a year from now. We have to start that process now. That’s critical because otherwise in two years mining is going to become less profitable and that threatens the whole viability and security of the network if the miners cannot make up the actual revenue they need to make up in transaction volume and fees.”

Nguyen said the advocacy to scale quickly and safely was not born out of a desire for bigger blocks.

“There is an imperative economically built into the system to do this and do it now. We want to lock the original Bitcoin protocol so that businesses can reliably build on it. Professionalize the whole process with quality assurance and security audits. Promote zero-conf security,” he said. “We want to create a pathway to rapid adoption globally, and not just for payments but by the big enterprises which will lead to the miner revenue which is critical. Unless they are being profitable and making money, miners will not continue doing this after two years, and the approach we’re advocating will also lead to premium services for them, such as data, such as this property registry type venture for which they’ll get paid more money given the data capacity needed.”

Read the full transcription of Jimmy Nguyen and Dr. Craig Wright’s speech here. Audio recordings of the two-day proceedings in Thailand are available here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post The Bitcoin SV vision is to give miners a choice appeared first on Coingeek.

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Dr. Craig Wright on how Bitcoin BCH will open Africa to global trade

CoinGeek’s Becky Liggero caught up with Dr. Craig Wright, chief scientist of nChain, to discuss what Bitcoin Cash (BCH) can bring to developing countries around the world.

For nChain’s chief scientist Dr. Craig Wright, the use of Bitcoin Cash (BCH) as means of payment in Africa should not be confined to within the continent. The potential of a universally accepted currency making instant transactions possible should be explored farther.

“I think trade globally is what matters. Trade forms markets because of an emergent property in markets, all those people interacting without regulations stopping them,” he said.

Goods in one country in Africa are often available elsewhere in region, where trade opportunities are not maximized. “There’s coffee beans in Rwanda, there’s coffee beans in Ethiopia, there’s coffee beans in Kenya. Do you think Rwandans are going to buy Kenyan coffee beans and swap their coffee beans for the other? So what we need is a world market. Right now, that is a very primary market, one where people haven’t opened up and developed. That can be services and other things as it develops more and it can be global. With the internet, with the ability to trade from here to America, from here to Europe, that brings money in and can be used to further develop the country, to build infrastructure,” he said.

Bitcoin BCH might eventually serve as a medium of exchange to a greater capacity than the U.S. dollar and other fiat currencies.

“Bitcoin Cash, first of all, enables a payment system. So that’s going to open up the markets, the ability to trade, not just locally, which is part of it. Within the regions, but [also] globally. A global money becomes trusted because you know it’s liquid everywhere. But we can take that further. With the introduction of smart contracts, we can do things like enabling people to invest here in maybe even coffee plantations, maybe other forms of agriculture, maybe growing plantains that not get sold locally but become sold everywhere so that you can then get more money back and buy more goods and services, maybe educate your children and develop a future,” he said.

Because of BCH’s great exchangeability, the products for which BCH serves as remuneration ought to be something usable on a global scale. “I think the real issue is actually creating something that is going to be globally distributed. We don’t want to localize. This is the whole point of specialization. What are you building here? And there are some new industries that are starting to pop up, and that’s what they need to focus on, whether it’s developing new technology, whether it’s having the agriculture in a way that [you] can sell to the world, whatever else. But to do that, you’re not looking at selling between Africans. You want to sell to the world, you want to sell to Europe, you want to sell to Asia, you want to sell to America. That’s when it really becomes powerful. And having Bitcoin Cash will help and enable that,” Wright said.

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Dr. Craig Wright on how Bitcoin BCH will open Africa to global trade appeared first on Coingeek.

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An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright

Join trade mark experts UDL for an evening with nChain, global leader in the research and development of blockchain technologies, and ardent advocate of Bitcoin Cash (BCH). The event will be held at The Principal St David’s Hotel, Cardiff at 630pm.

The chief speakers will be nChain Chief Scientist, Dr Craig Wright, who has been involved in Bitcoin since the beginning, and Jimmy Nguyen, who has served as nChain Group CEO. They will share their vision for where this technology can take us in the future — not just as a cryptocurrency, but as a powerful new data network which can revolutionise our world in so many ways. Tickets are priced at £20 but after costs, but profits will go to UDL’s charity of the year, Mind. Find out more about Mind and mental health here.

You will hear from nChain leading executive Jimmy Nguyen speaking about: A bComm world and how Bitcoin Cash will power the future of bCommerce. Learn how Bitcoin Cash (BCH) has the power to change transactions fdor the benefit of both the customer and the merchant, how regulation fits into that vision, and why mass adoption of Bitcoin Cash matters around the world.

Hear from Dr Craig Wright, Chief Scientist, nChain Limited speaking about: The power of Bitcoin Cash for merchants and other enterprises. The discussion will cover questions such as; why merchants and other enterprises should choose Bitcoin BCH over the segwit Bitcoin, or, indeed other cryptocurrencies.

After their presentations, there will be an interactive interview andparticipants will also be able to engage in a Q&A with two of the most important figures in the Bitcoin world. Tickets are on sale here (with profits going to mental health charity Mind).

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright appeared first on Coingeek.

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An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright

Join trade mark experts UDL for an evening with nChain, global leader in the research and development of blockchain technologies, and ardent advocate of Bitcoin Cash (BCH). The event will be held at The Principal St David’s Hotel, Cardiff at 630pm.

The chief speakers will be nChain Chief Scientist, Dr Craig Wright, who has been involved in Bitcoin since the beginning, and Jimmy Nguyen, who has served as nChain Group CEO. They will share their vision for where this technology can take us in the future — not just as a cryptocurrency, but as a powerful new data network which can revolutionise our world in so many ways. Tickets are priced at £20 but after costs, but profits will go to UDL’s charity of the year, Mind. Find out more about Mind and mental health here.

You will hear from nChain leading executive Jimmy Nguyen speaking about: A bComm world and how Bitcoin Cash will power the future of bCommerce. Learn how Bitcoin Cash (BCH) has the power to change transactions fdor the benefit of both the customer and the merchant, how regulation fits into that vision, and why mass adoption of Bitcoin Cash matters around the world.

Hear from Dr Craig Wright, Chief Scientist, nChain Limited speaking about: The power of Bitcoin Cash for merchants and other enterprises. The discussion will cover questions such as; why merchants and other enterprises should choose Bitcoin BCH over the segwit Bitcoin, or, indeed other cryptocurrencies.

After their presentations, there will be an interactive interview andparticipants will also be able to engage in a Q&A with two of the most important figures in the Bitcoin world. Tickets are on sale here (with profits going to mental health charity Mind).

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post An evening of blockchain and Bitcoin Cash with nChain and Dr Craig Wright appeared first on Coingeek.

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Summary of Dr. Craig Wright Medium interview

Dr. Craig Wright, Bitcoin BCH expert and founder of nChain, recently agreed to participate in a lengthy interview through Medium that garnered a total of 60 user-based questions. While the first part of the interview covered questions that were designed to illicit a mental image of the man behind the scenes, there is a great deal of information to help the cryptocurrency community understand what is going on with Bitcoin BCH, and with crypto itself. The entire interview can be found beginning here.

Dr. Wright’s responses show that a great number of individuals have strayed away from the original concept of cryptocurrency. Where the development process should be simple, many have bastardized the projects in an effort to make them socialists. He rightfully points out, “There is no way to make a socialist chain that works. There is a single protocol and competition.”

As Dr. Wright refers to numerous times throughout the interview, the only cryptocurrency in existence today that is adhering to the original formula of creating a capitalist peer-to-peer currency is Bitcoin BCH. Bitcoin Core (BTC) strayed away from this concept – which was the impetus for the creation of a digital currency. In seeing that BTC was more concerned with serving as a storage tool, and not a digital currency, supporters of the original concept broke the chains that led to the hard fork that gave rise to Bitcoin BCH. This was the only way to ensure that cryptocurrency would be developed as a legitimate currency and not just another financial trading vehicle.

When asked about private permissioned blockchains, such as the HyperLedger project by IBM, Dr. Wright pointed out that it has no place. He explains that HyperLedger will fail, predicting, “[IBM] failed to understand the Internet and tried to capture closed networks and systems. This led to large losses for IBM. Here again, they fail to understand the basics of Bitcoin and have made a joke of themselves long term.”

There is a great deal of discussion over privacy and anonymity, with many believing that they are one and the same. As Dr. Wright so creatively put it, they are “chalk and cheese.” Any time anonymity has been introduced throughout history, it has been corrupted. However, privacy – which is more closely aligned with confidentiality than anonymity – will give the ability for transactions to be legally binding without divulging too much personal information. Dr. Wright points out, “Unfortunately, the words, “privacy”, “confidentiality” and “anonymity” are used loosely and interchangeably. These however represent very distinct and different things. The different meaning of these words, in law and in contract are important for a start. This distinction matters greatly when it comes to data ownership, rights, responsibilities, and protections.”

The Bitcoin BCH ecosystem continues to evolve and introduce real-world applications that will help the digital currency advance as the ultimate, and possibly only, cryptocurrency offering. Dr. Wright explains that cryptocurrency needs to be cash first and adds, “To deliver this, we need stability and a business-friendly system. That was all [BTC] was lacking. In Bitcoin Cash, this will not be an issue again. We are locking the protocol to one as close as we can achieve to version 0.1 (there are some crap additions that are not easy to remove as you cannot roll back changes in [BTC] script).”

Dr. Wright raises a good point when he talks about how bank savings accounts doesn’t produce the results most people believe they do. He says, “The reality in ‘savings’ accounts is that you pay for the privilege of having the bank ‘protect’ your money. That is, they slowly eat away at what you save. If you are earning 1% interest and your marginal tax bracket is 30%, then for a £100,000 GBP saving and investment, you are earning £1,000 GBP before tax. This requires that you pay £300 GBP in tax. So, you earn a real return of only £700 GBP.”

He added, “BCH is a deflationary system. You gain value long term by saving, and a BCH bank would pay you to have the use of the money you invest. This is how banking used to work.”

The entire interview is a fascinating read and well worth the time it takes to digest all of the information. Even those – especially those – who are die-hard BTC supporters simply because BTC was the first could benefit from the interview.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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