CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork

Yesterday morning, CoinEx, a company whose CEO, Haipo Yang of ViaBTC, supports Bitmain on the ABC stance, issued the following statement concerning the Bitcoin Cash hard fork in November:

The statement has caused confusion among investors, who were otherwise led to believe by Bitcoin SV supporting teams that the competing client would not produce a split.

nChain and CoinGeek, two of the biggest mining backers of the Bitcoin SV client, categorically deny any willingness or attempt to create an alternate fork chain, and will instead be competing over Bitcoin BCH directly, by the very definition of ‘Nakamoto consensus’. That is, the consensus mechanism inherently built into Bitcoin, as referenced in the founding whitepaper.

CoinGeek has noted a number of factually incorrect statements and issues the following responses:

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols.”

This point is blatantly false. CoinGeek would like to request from CoinEx, a definition of ‘Bitcoin Cash protocols’. By implying that Bitcoin SV introduces an altered set of protocols, then by definition, so does ABC with their November hard-fork. Any upgrade would be effectively doing this.

Interestingly, ABC lead dev also made a remark in similar vain, stating the following:

We are therefore led to believe the only possible explanation to this statement is that CoinEx believes that ABC holds literal ownership of the Bitcoin Cash (BCH) brand.

This is not too dissimilar to a time in 2015, when Bitcoin XT, a competing client to the ‘BitcoinCore’ client was incorrectly labelled an alt-coin. Despite being an optional fork of the client with slightly different network protocols, Bitcoin XT was misleadingly branded an alt-coin on all BitcoinCore backed websites and forums. We fear the implication here is similar.

The next point on CoinEx’s statement follows on:

“BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset – Bitcoin-SV (Token: BSV)”

If Nakamoto consensus rules that Bitcoin SV is the dominant client, then there is no “incompatibility”. In fact in such a scenario, the only incompatibility will come from non Bitcoin SV compliant nodes in that case, which would mean ABC in this case.

Fundamentally it is premature to specify which client is “incompatible” and which client will be majority or minority. Nakamoto consensus determines this, not exchanges. Bitcoin is not democratic. The vote isn’t 1 vote per person, but 1 vote per CPU (hash).

In response to the statement, CEO of nChain Group, Jimmy Nguyen makes the key point that “Bitcoin SV is not intending nor trying to fork off from Bitcoin Cash, and Bitcoin SV is not intending to create a new coin or token. Instead, as stated in its announcement, Bitcoin SV is a professionally-driven implementation of the Bitcoin full node software for use on BCH, and is intended to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision. Bitcoin SV intends to compete for miners’ votes (under Nakamoto consensus) to be the winning BCH chain”.

It is worth also noting, that recently, yet another team announced a new BCH implementation, like Bitcoin SV, it intends to fulfill the original Satoshi vision. This is called “Protocol Client” and its github repository can be found here:

CoinEx has made no mention of “Protocol Client” however, despite this being another client with different rules.

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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Wal-Mart files patent for blockchain-powered army of autonomous robots

First it was a crypto-powered electrical grid. Then came a  system for health records stored on the blockchain. Now, Wal-Mart has turned to blockchain again, this time to create an army of autonomous robots that will be controlled by the technology.

On Thursday, the U.S. Patent & Trademark Office published a document explaining Wal-Mart’s patent application for a system of in-field authentication electronic devices that will use blockchain keys for authentication. Wal-Mart’s proposal, filed in January 2018, will create a system involving several robots that will handle package delivery throughout the supply chain. The robots will use wireless signals to communicate and authenticate the identity of each another.

As autonomous technologies become “more affordable and available for use,” this could result in increased likelihood of security breaches, such as hacking. This is why Wal-Mart wants to use distributed ledger technology to develop “a medium for autonomous vehicles to authenticate each other, which allows for the security and authentication of the autonomous electronic devices.” The proposed system will also record the delivery information on the ledger making it possible for clients to access and track their products.

“In some embodiments of described above, blockchain technology may be utilized to record authentication signals and identification information to facilitate or resulting from in-field authentication between autonomous electronic devices. One or more of the autonomous electronic devices described herein may comprise a node in a distributed blockchain system storing a copy of the blockchain record. Updates to the blockchain may comprise authentication signals or identification information, and one or more nodes on the system may be configured to incorporate one or more updates into blocks to add to the distributed database,” according to Wal-Mart’s patent application.

Walmart has applied for several blockchain-based patents for systems to help in the delivery process. Last year, the company applied to patent a system that would use distributed ledger technology to manage package delivery hubs like a locker. This system would automatically reserve a locker space for packages and make sure the good are only delivered to a locker with enough space.

The company also applied for a patent for a system that uses blockchain technology to track delivery drones as they transmit packages from physical sores to customers.

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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Kenya’s cryptocurrency project seeks to improve logistics quality

Several days after Kenya’s electoral agency decided to integrate blockchain into its voting system, the East African country is now reportedly preparing to launch its first blockchain-based cryptocurrency for value supply chain by the end of September.

According to the Daily Nation report, the cryptocurrency project, called TMX Global Coin, aims to solve the problems in the logistics industry in Africa.

TMX Global Coin was reportedly developed in 2017 as a decentralized platform that utilizes smart contracts to eliminate problems associated with both domestic and international import and export business.

Speaking to nation.co.ke, TMX Global CEO Anthony Njoroge pointed that the numerous reports and complaints arising from the supply chain sector especially in Africa, led to the development of Kenya’s own cryptocurrency. He said, “We are using blockchain technology to enhance cargo logistics business to have more open, transparent and democratized process using a decentralized system where all users are able to talk to each other on an open platform.”

With the TMX platform, customers can place their orders online and monitor the whole supply chain process. They can also review all of the required documentation before they start the trading. According to Njoroge, “The consumer as well gets to know the amount of money required through the different processes the cargo goes through and the estimated amount of time.”

Kenya’s landmark crypto project is set to launch by the end of September 2018, with a goal of gaining adoption in the trading sector by May 2019.

Kenya has recently turned to blockchain for help in its bid to boost its economic and political development. The East African country’s Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati announced that the government is eyeing distributed ledger technology (DLT) to improve the efficiency and transparency of Kenya’s electoral system.

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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Squire Closes $25,500,000 Private Placement Financing; Signs Exclusive Distributor Agreement

VANCOUVER, British Columbia, Aug. 10, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE: SQR) – Further to the Company’s news release dated July 5, 2018, the Company is pleased to announce that it has closed its non-brokered private placement equity financing of $25,500,000 (the “Financing”) to fund its change in business (the “Change in Business”) as more particularly described in the Company’s Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) posted under the Company’s profile on the Canadian Securities Exchange’s website at https://thecse.com/ and on SEDAR at www.sedar.com.  The Company is now engaged in the business of developing, manufacturing and selling data mining infrastructure and system technology (including ASIC chips and mining rigs) to support global blockchain applications in the cryptoasset mining space. Shareholder approval for the Change in Business by a majority of the Company’s disinterested shareholders has also been obtained by way of written consent resolution.

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Squire Posts Listing Statement for Change of Business

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 

VANCOUVER, British Columbia, Aug. 02, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE: SQR) Further to the Company’s news releases dated July 5, 2018 and August 1, 2018, the Company has now posted its Form 2A Listing Statement dated July 31, 2018 (the “Listing Statement”) with respect to its previously announced change of business (the “Change of Business”) on the Canadian Securities Exchange’s website at https://thecse.com/.  A copy of the Listing Statement has also been filed and is available for review under the Company’s profile on SEDAR at www.sedar.com.

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Squire Signs Design Service Agreement for ASIC Chips; Announces Officer Changes

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – Further to the Company’s news release dated July 5, 2018 announcing its change of business (the “Change of Business”) to the development and manufacture of data mining infrastructure and system technology to support global blockchain applications in the mining space, the Company has entered into a design service agreement (the “Design Agreement”) with an arm’s length design fabrication company (the “Design Firm”) for the back-end design, testing and initial mass production run of the Company’s next generation ASIC chip for mining bitcoin.

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Squire Announces Change of Business; Arranges C$25,500,000 Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, July 05, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – The Company announces that, subject to shareholder and regulatory approvals, it is undertaking a change of business (the “Change of Business”) from a mineral exploration company to a developer and manufacturer of data mining infrastructure and system technology to support global blockchain applications in the mining space.

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Squire Announces Final Closing of Non-Brokered Private Placement and Change of Officer

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – The Company has now completed the second and final tranche of its non-brokered private placement announced on March 14, 2018, as amended May 4, 2018.  The Company issued an additional 3,744,500 units (the “Units”) at a price of C$0.25 per Unit for gross proceeds of $936,125. Each Unit consisted of one common share and one-half (1/2) of a share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of C$0.50 for a period of two years. The Company completed an initial tranche of 9,430,000 Units for gross proceeds of $2,357,500 on May 16, 2018 for a total combined offering of 13,174,500 Units or $3,293,625 (the “Offering”). The net proceeds of the Offering will be used for the purposes disclosed on March 14, 2018.

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Squire Increases First Tranche of Non-Brokered Private Placement and Grant of Stock Options

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, May 16, 2018 (GLOBE NEWSWIRE) — Squire Mining Ltd. (CSE:SQR) – The Company announces that it has increased the first tranche of its non-brokered private placement announced on March 14, 2018 and May 4, 2018.  In addition to the 2,000,000 units announced on May 9, 2018, the Company has issued an additional 1,430,000 units, for a total of $2,357,500 raised to date.  The units were issued at a price of C$0.25 per unit, with each unit comprised of one common share and one-half (1/2) of a share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of C$0.50 for a period of two years. (more…)

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Squire Closes First Tranche of Non-Brokered Private Placement

VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) —

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Squire Mining Ltd. (CSE:SQR) – The Company announces that it has closed the first tranche (“Tranche 1”) of its non-brokered private placement announced on March 14, 2018 and May 4, 2018.  A total of 8,000,000 units (the “Units”) were issued at a price of C$0.25 per Unit for gross proceeds of C$2,000,000.  Each Unit is comprised of one common share and one-half (1/2) of a share purchase warrant, each whole warrant entitling the holder to purchase an additional common share at a price of C$0.50 for a period of two years.

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