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uasf bitcoin

UASF Bitcoin: a Crypto Guide for Beginners and not

Yesterday we published the image below on Facebook, related to UASF Bitcoin we support. But what does it mean?

uasf bitcoin

What is UASF Bitcoin?

UASF is an abbreviation that stands for User Activated Soft Fork.

It’s a mechanism for the activation of a soft fork that might occur on a specified time enforced by full nodes, a concept that is also called “economic majority”.

In the past years, a UASF was successfully developed to activate the P2SH soft fork (BIP16).

Instead, currently, the UASF is combined with the so-called SegWit activation in the BIP148 proposal you can read here: github.com/bitcoin/bips/blob/master/bip-0148.mediawiki.

What is a MASF?

MASF means Miner Activated Soft Fork. It’s a system by which miners can trigger the activation of a soft fork when a majority decides to execute an upgrade. This allows a faster activation of the soft fork, leaving full nodes to upgrade when they decide to do it.

This mechanism is a tradeoff because it puts trust in the hash power,  enforcing the new rules. Conversely, it can cause invalid chains. This was the case with BIP66.

What is BIP148?

BIP148 is a UASF designed to run the current SegWit MASF deployment in order to activate it in all the existing SegWit capable node software (80% + at this time).

From August 1st, 2017, miners have to signal their readiness for SegWit creating blocks with the version bit 1.

What is Segwit?

SegWit is an upgrade to the bitcoin blockchain that might be able to solve the so-called block size debate, by increasing the capacity of each block of the digital currency chain in order to allow more transactions in less time and with fewer fees to be executed and registered on the blockchain itself.

Right now, Bitcoin supports up to 2000 transactions per block in 10 minutes, but SegWit will be able to double this capacity up to 4000 transactions.

Read this infographic to know more about SegWit.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin regulation

Bitcoin regulation in Europe: “it’s too early”

bitcoin regulation

During a recent event held by the European Parliament, members talked about new technologies including the Blockchain and Ethereum and Bitcoin Regulation.

According to them, the European Parliament will have to regulate and monitor the new tech but “it’s too early to intervene at this stage, because we as legislators don’t yet see sufficiently clearly to know what the main issues are going to be – so in order to not to stifle innovation, we don’t want it to be now.””, said MEP Jakob von Weizsäcker.

So, the EU wants just to monitor blockchain and smart contracts in order to allow developers doing their job.

Also, MEP Eva Kaili from Greece explained that regulation is necessary to protect citizens, but EU doesn’t want to suffocate innovations.

“[In] 2008 when the crisis started in the European Union, especially in my country [Greece], people lost trust in banks and in the politicians. I woundn’t blame them because we didn’t protect them and the reaction was that some young people that we don’t really know discover this technology that actually makes unnecessary to have banks, politicians and intermediaries. So the potential is there, but it is still under progress”.

Also, she continues by saying the following:

“Blockchain is not just bitcoin and bitcoin is not just blockckhain. We need to understand how to protect citizens because if we help them trust this technology, they will actually start to using it. I do believe that banks will outsource a lot of their services,” she said.

Bitcoin regulation to regain trust by citizens

“We’ll have to educate citizens on how to use it […] Hopefully, [bitcoin regulation] will come and we’re going to try to protect the technology and not to stop it. I know that usually politicians and banks don’t want to change and they want to keep control, but I think this technology is unstoppable and we have to give control back to the citizens and maybe this way we can regain some trust,” Kaili argues.

Watch the full conference video here.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
decred-logo

Decred: the younger brother of Bitcoin

Decred (DCR) is a digital currency created back in 2015 by Bitcoin’s BTCSuite developers, an alternative full node bitcoin implementation written in Go.

“Decred uses a hybridized consensus system to strike a balance between miners and users to create a more robust currency”, as it was created both with proof of work (PoW) and with proof of stake (PoS).

This hybrid consensus system allows users to create a balance between proof-of-work miners and proof-of-stake users in order to have a much more robust consensus.

This relatively new cryptocurrency aims at addressing issues related to the increasing centralization of power within the bitcoin blockchain and the growing conflict of interest between the bitcoin community and those who fund the Bitcoin core project.

Also, it is important to say that Decred can be both mined and staked.

Why is another cryptocurrency needed?

When Bitcoin was originally released, it was working in a market that didn’t exist before. There were issues that could be fixed thanks to new digital currencies such as Litecoin or Dogecoin.

Of course, time is showing that Bitcoin is not a failure at all and it radically changed the idea of money.

Decred has several new features in order to combine the very best of proof-of-work and proof-of-stake chains with the main objective of utilising both systems in Decred.

Also, Decred defines itself as “self-funded and progressive” and it relies completely on a community governance and opensource features.

Decred developer Christina Jepson explained:

“The intention is not to attack what we currently have in Bitcoin. We want to recognize what has been done well, but instead, we want to take that and improve on what we think can be done better… That is the spirit that started the technology and we want to return to that to explore options to problems we cannot explore in the current system while we continue to support the Bitcoin software. Alternatives are progress and a way forward to improve the greater ecosystem.”

Decred Wallet

That said, if you want to start buying and selling Decred coins, you will need the right wallet to store them properly.

Recently, we at HolyTransaction added a new wallet on our platform in order to allow you to store your Decred right behind your bitcoin and more than other 20 digital currencies.

Within the same login, in fact, you can store all your cryptocurrencies in a safe place with low fees.

Open here your new wallet to store, buy and sell your favorite coins. 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
wallet-zcash

Wallet Zcash: how to store Zcash

wallet-zcash

We always work to provide you with a better service, and now we are glad to announce our new Wallet Zcash.

We are very proud about this new implementation for storing safely this disruptive digital currency.

So, from now on you can instantly purchase Zcash through your own Holytransaction wallet, transfer them to
any HolyTransaction’s user for free, and make crypto-to-crypto transfers from/to Zcash, and seven more cryptocurrency’s networks.

All HolyTransaction customers can create a new address for their own Wallet ZCash and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other supported cryptocurrency.

Just like Bitcoin and all the supported cryptocurrencies we currently support, you can now:

  • Send ZCash to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange Zcash with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

If you can’t see your newest Wallet Zcash, you just need to click on the “plus” button that you find at the top right of the balance page, once you successfully enter into your wallet.

You can use the “plus” button to select the wallets you want to see in the main page like shown in the picture below.

Add new cryptocurrency

We’re really excited to be part of this new community!

NOTE: on our multicurrency wallet you can store 21 digital currencies, including: Bitcoin, Dash, Ethereum, Dogecoin, Faircoin, Gamecredits, Litecoin, Dogecoin, Blackcoin, Gridcoin and Zcash, among the others.

Click here for more info.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin regulation is necessary for its success, said Bank of Canada

According to a recent paper published by Bank of Canada, researches explain that Bitcoin regulation is necessary for it to reach worldwide success.

A paper published this week, in fact, suggests that digital currencies like bitcoin won’t succeed in the long-term without any government support.

To write this research, experts examinated the viability of virtual currency, looking to previous examples of Canadian currency such as the so-called “Dominion” as a guide.

This is not the first time Bank of Canada is involved in blockchain and bitcoin-related projects.

A few months ago, in fact, we saw Bank of Canada involved in the so-called “Project Jasper” to develop a prototype system for issuing a bank-backed digital currency and a payment system using the technology.

While we are still waiting to know more details about Project Jasper, the just released paper explains a common thinking among central banks on the topic of cryptocurrencies: bitcoin and other private digital currencies need goverment support to succeed.

“We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity.”

Bank of Canada has already expressed its concern about digital currency, saying a few years ago that digital money popularity could reduce the effectiveness of monetary policy.

“A central bank can always get its digital currency into circulation, but its digital currency will not necessarily drive out existing private digital currencies,” wrote the authors of the paper.

Bitcoin regulation worldwide

From Poland to Denmark, from Switzerland and Japan, several countries all around the world are working on Bitcoin regulation projects.

Recently European Commission created also a task force to study and regulate digital currencies and the blockchain within the whole country.

Click here to read more about Bitcoin regulation in Europe and beyond.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
game credits api

Gamecredits wallet: the ultimate guide about Gamecredits

A few days ago we at HolyTransaction decided to allow you to store a new digital currency on our platform, by creating a Gamecredits wallet. 

Gamecredit is a new payment gateway for the gaming industry that aims at avoid limitations and challenges linked to the traditional payment solutions.

This digital currency is backed by its blockchain (proof of work), providing gamers and gaming companies with a variety of unique benefits such as:

  • Variable coin value;
  • Security;
  • Large deposit limits;
  • Pseudononymity;
  • Possibility to transfer currency from game to game.

With a genesis block created back in 2014, Gamecredits was developed by a team of developers and game lovers that launched their innovative payment solution in the popular game called Fragoria, a 8 million player RPG (Role-Playing Game) designed by Datcroft Games.

The VP of Development at GameCredits and owner of Datcroft Games, Sergey Sholom explained:

“As a Game developer I experience many problems with traditional payment methods. These problems include chargebacks/fraud, payment processing periods, and consumer deposit limits”.

In fact, traditional payment methods often take a few days to process transactions and your deposit limits can be very low.

GameCredits allow you to process payments in minutes and give players higher purchasing power, so you can enjoy transferability and control over cash flows.

Also, according to the recent article published by Forbes you can read here, Gamecredits could be able to popularize cryptocurrencies all around the world.

In the next future, Gamecredits will also launch a new mobile store, or a blockchain based mobile game platform where you will find over 300 games from 150 different game developers. This app will be available in early second quarter 2017, as revealed in a press release.

Gamecredits Wallet

As I said, HolyTransaction is very proud to include this new digital currency among its multicurrency wallet.

From now on, in fact, you can store your Gamecredits on our platform.

Just like Bitcoin and our other digital currencies, you can now:

  • Send Gamecredits to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange Gamecredits with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

So, HolyTransaction multicurrency wallet can now support: Bitcoin, Litecoin, Dogecoin, Ethereum, Dash, Tether, Blackcoin and the recent added Gamecredits and Faircoin.

Open your Gamecredits wallet by clicking here.

Once you successfully enter, if you can’t see the newest Gamecredits wallet, you just need to click on the “wheel” button you find at the top right of the main page. You can find the “wheel” button to select the wallets you want to see in the main page.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
HolyTransaction add Faircoin and Gamecredits

Faircoin and Gamecredits join HolyTransaction

HolyTransaction add Faircoin and GamecreditsWe’ve been working to provide you with two new Cryptocurrency portfolio options.

As of today, you can instantly purchase Faircoin and Gamecredits through your Holytransaction wallet, transfer them to
any HolyTransaction’s user for free, and make crypto-to-crypto transfers between Faircoin, Gamecredits, and seven more cryptocurrency’s networks.

Today Faircoin and Gamecredits join HolyTransaction.

All HolyTransaction customers can create new addresses for FAIR (Faircoin) and GAME (Gamecredits) balances and use the simple HolyTransaction Web Wallet to send and receive transactions or to instantly convert them to any other cryptocurrency.

Just like Bitcoin, you can now:

  • Send Faircoin or Gamecredits to any address, even to addresses of other cryptocurrencies with instant conversion on the fly;
  • Receive transactions;
  • Exchange Faircoin and Gamecredits with any supported coins;
  • Make instant transactions between HT users;
  • Get real time exchange rates on the website;
  • Set OTP for additional protection.

If you can’t see one or both the newest digital currency wallets, you just need to click on the “wheel” button you find at the top right of the main page, once you successfully enter into your wallet.

You can find the “wheel” button to select the wallets you want to see in the main page like shown in the picture below. Click on the image to enlarge it:

Add new cryptocurrency

We’re really excited to be part of these two new communities!

Track your transaction on the Blockchain

We’ve added email notification to track your cryptocurrency’s transactions on the blockchain.

When your transaction is confirmed you will receive an email with your tx id.

 

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin
glasgow_digital_currency

Glasgow digital currency: hope or reality?

Soon many cities around the world will issue their own digital currency.

According to Pavel Bains, in fact, within the next 10 years we’ll see the first city that have its own digital money and that is separates from the national fiat currency.

The Blockchain Role

This could be the right time for cities to exploit the blockchain and adop their own currency.

But for a new digital currency to be adopted quickly it needs the following characteristics, according to Bains (and we tent to agree with him):

  1. Cheap: fiat currencies are very expensive to produce, manage and distribute. Conversely, a digital currency deletes all those costs and can easily be distributed;
  2. Secure: as it is digital, cryptographic and based on pure algorithms, the chance of forgery or distrust is removed;
  3. Safe: a digital currency can be backed by other assets like gold, treasury bills, foreign exchange or equities, just like fiat money;
  4. Usable: cities such as Stockholm are going purely digital, so a digital city currency could be massively adopted quickly.

The newest Glasgow digital currency

Bains is pretty sure that the first city to adopt a digital currency will be Glasgow.

This because the Scottish city failed to benefit from the England pound and it came close to a recession back in 2015.

Also, Brexit opened a real issue for Scotland’s future with the potential loss of trades. Demand for Scotland’s products is already declining: in that year there was an 11% drop in exports compared to 2.7% for the UK and with Brexit the situation can only get worse.

But Glasgow has the right tools to adopt its own digital currency. These the major reasons according to Bains:

  1. It has the regional size and population: this could make the difference compared to smaller cities such as Dundee;
  2. It has a high record of academia, government and business working together. This unity could be great to manage a new-born digital currency
  3. Glasgow has a thriving financial base, moving to 74th in the world for financial centers and this demonstrates the city has a good base and an educated population to operationalize the new digital currency system.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
blockchain_tourism

Blockchain Tourism: a task force in Hawaii

A new Blockchain Tourism project will be created in the State of Hawaii, where legislators decided to form a new working group focused on the blockchain tech.

If approved, the House Bill 1481 will lead to the creation of a task force with the goal of researching the use and practices related to the  distributed ledger technology.

This project is sponsored by Democratic Representatives Chris Lee and Mark Nakashima.

The official bill explained:

“The legislature finds that highly innovative technologies such as blockchain require an educated and measured approach so that regulations do not stymie innovation and growth in this State.”

The long-term goal, the bill states, is to seek ways for the technology to benefit local industries, residents and the State of Hawaii.

Should the measure be approved, the working group will have to prepare a report about the potential use cases specific to the State of Hawaii.

This research would also provide information on how the state itself could leverage the blockchain.

Among the areas of interest, of course, there would be the topic of tourism payments.

The bill also suggests that Hawaii should look to the technology as a way to encoure tourists from abroad to spend, improving the local economy.

“Digital currencies such as bitcoin have broad benefits for Hawaii. A large portion of Hawaii’s tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding,” the bill reads. “Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”

This Hawaiian bill is only one of the latest legislative efforts to be issued regarding the blockchain technology topic.

For example, in 2016 the State of Vermont proposed to modify a few laws of the country to allow blockchain data to be valid during trials.

This Legislative record also explained that the Vermont Senate introduced another bill to edit the country’s financial regulations to account for businesses that work in the digital currencies industry.

Recently we also talked about another project related to Blockchain Tourism: read more about the newest Webject project by clicking here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
webjet_blockckchain

WebJet Blockchain project for travel bookings

Microsoft is working on the newest Webjet Blockchain project to allow users booking travels through the distributed ledger.

Microsoft, in fact, is testing a blockchain proof-of-concept developed together with the Australian travel agency called Webjet for a pilot that will be ready during this year.

During a speech given at the CoinDesk’s annual conference titled Construct 2017, Cale Teeter and Eric Maino, or Microsoft senior software development engineer and technical architect, commented that they think that the project, which looking for make travel bookings  easier by using a blockchain-based system, will reach its development status during the next few months.

“Webjet wanted to see, instead of everyone running their own proprietary systems, a system that connects companies they own. They’ve been running their real data through it and they’ve been finding interest discrepancies in the business, and they’re hoping to expand it out,” said Maino.

Revealed in November, the Webjet managing director John Guscic explained that the online booking system has become apt to be developed thanks to the several systems used for its business projects including the hotel room wholesaling.

“Between five and 10% of bookings can be impacted or, in other words, up to $10bn-worth of transactions,” Guscic explained in a previous statement.

Microsoft is not new to blockchain-based project. Earlier this year, in fact, the computer well-known company revealed its project called Manifest for tracking products worldwide. Read more by clicking here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio