Tag Archives: smart contract

HolyTransaction supports five new crypto assets

HolyTransaction Five Crypto Assets

HolyTransaction has added five new crypto assets to the platform: USDC, MANA, ENG, ANT, and LINK.

USD Coin (USDC) is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE,

Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain. In this virtual world, users purchase plots of land that they can later navigate, build upon, and monetize. Decentraland uses two tokens: MANA and LAND.

Enigma (ENG) is a crypto platform that’s trying to solve the problem of privacy on the blockchain by giving access to data storage and privacy while remaining scalable. Enigma aims to extend Ethereum Smart Contracts by introducing secret contracts.

Aragon (ANT) is a decentralized platform built on the Ethereum network that offers a modularized way to create and manage dApps, cryptoprotocols, and decentralized autonomous organizations (DAO). The ANT ERC-20 token will enable its holders to govern the Aragon Network.

Chainlink (LINK) connects decentralized peer-to-peer networks and smart contracts to real-world data, events, and payments. Since blockchains cannot access data outside their network, oracles (a defi instrument) are needed to function as data feeds in smart contracts.

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Satoshi

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.

 

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Amelia Tomasicchio

Allianz Test the Blockchain for swaps and bonds

allianz_test_the_blockchain

Allianz test the Blockchain

The insurance company Allianz announced today its use of blockchain smart contracts to manage catastrophe swaps and bonds, which allow users to prevent losses in front of large -scale disasters.
Anyway it could also happen that insurers and investors money could drag on for a few months after the catastrophe.
But thanks to smart contracts the time could be reduced in a few hours, according to an Allianz spokeperson.
In fact, this test – done thanks to a partnership with Nephila company – showed that transactions can be “significantly accelerated and simplified”; it also demonstrated that it could help the increase of marketability for swaps and the growth of opportunities where it is possibile to use blockchain-based smart contracts.
Chief underwriting officer Richard Boyd explained to Coindesk:
“Blockchain technology will increase reliability, controllability and speed for both cat swaps and cat bonds because less manual processing, authentication and verification is needed through intermediaries to confirm the legitimacy of payments and transactions to and from the investors.”
He added:
 
“By replacing manual operations, which are currently embedded across the entire process, delays and the risks of human error are ruled out”.

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Amelia Tomasicchio

Smart Contracts through Rootstock, Ethereum and Bitcoin thanks to RSK Labs

smart contracts bitcoin ethereum blockchain
Some days ago Rootstock received $1m in seed funding for its own blockchain startup called RSK Labs who provides smart contracts through the bitcoin distributed ledger and compatible with the Ethereum platform.
The funding came from the bitcoin mining company Bitmain Technology and from the bitcoin companies Coinsilium and Digital Currency Group (DCG).
During a recent interview, Diego Gutierrez Zaldivar, CEO at RSK Labs, commented they aim at building a blockchain platform for bitcoin miners and for developers.
Zaldivar said to CoinDesk:
“Our idea is to leverage everything that has been built by the community so far. Not only on the network effect of bitcoin, because the miners will have an additional revenue stream by merge-mining Rootstock, but by providing Ethereum developers a place to build their applications.”
Probably RSK Labs will launch its platform within the end of 2016. 


Smart contracts with the Blockchain

Even if the RSK Labs is very good news, the most important thing we can learn from this event is the interesting development of contracts managed through the blockchain. 
Smart contracts were originally proposed 20 years ago by the famous cryptographer Nick Szabo
A decentralized blockchain with smart contract applications can allow a global financial inclusion, new democratic political systems and the improve of the Internet of things. 
In fact, smart contracts are technology protocols that verify and ease the stipulation of a contract. 
This way smart contracts can provide a better security compared to a traditional contract and allow a significant reduction in transaction fees. Also, smart contracts can provide a service with less risks and without central counterparties. 
To know more about smart contracts and RSK, read this article.

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Amelia Tomasicchio

Ethereum used for Car Charging in Germany

A German power company, RWE, started a partnership with the Ethereum-based startup Slock.it, to develop proofs-of-concepts (POCs) using the Eth blockchain.

Germany supports green power

On May 2011 the German Environment Minister Norbert Rottgen announced the government’s decision to close all the nuclear power plants within 2022.
During an interview conducted by the BBC, in fact, Mr Rottgen commented: 

It’s definite. The latest end for the last three nuclear power plants is 2022. There will be no clause for revision.”
So, RWE, company who provides coal and nuclear energy infrastructures in Germany, has now decided to invest money in a new sustainable energy and in an Ethereum project to reduce expenses.
To do so, RWE created a working team to test the blockchain technology to aim at trim costs by lowering expenses related to energy transmission.

Car Charging with Smart Contracts

In a recent interview conducted by CoinDesk, RWE Carsten Stöcker commented on a possible application of the blockchain: electric car charging stations that use smart contracts to authenticate users and manage the billing process.
“We would like to solve the problems and really push electric vehicle deployment forward by looking into establishing a seamless and affordable electrical charging infrastructure.”
This project debuted at the Lift 2016 conference in Geneva, Switzerland and it will play out within 2017.
According the RWE project, customers will use charging stations by accepting a smart contract programmed on the Ethereum blockchain.
Through this system users will save money thanks to a payment that is connected to the consuption of electricity during the charging, instead of paying according to the time connected to the station.

“What’s really exciting here is that people are going to be able to use smart contracts to contract with a machine directly, rather than contracting with a human being or a corporation,” he said to CoinDesk.


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Amelia Tomasicchio

Microsoft Opens to Bitcoin

Since the end of 2014 Microsoft Corporation has started to test the blockchain technology.

In fact, Microsoft wants to create its own blockchain-as-a-service (BaaS) product and since they have opened their Azure cloud computing platform, the American company has added a growing number of partners to its BaaS solution including ConsenSys, Emercoin and MultiChain.
With Azure and BaaS people will be able to use different technologies (from smart contracts to blockchain-based tax reporting services) in a safer and easier way than in the past.
We can’t wait to see the finished product and Marley Gray, Microsoft‘s director of technology strategy, promises that this “certified blockchain marketplace” will be ready within this spring.
The Importance of the Blockchain
Although blockchain is revolutioning the whole payments system, the real revolution are the bitcoins behind it.
The Blockchain is a secure ledger that records and stores every transaction in the network. Thanks to that there is no need for “trusted” third parties such as banks and this is why the Blockchain is a great game changer.
Its implications extend not only to bitcoin transactions, but it can be useful in various fields: from real estate to copyrights, from music to cinema, etc. In fact nowadays there is an increasing number of new startups that are working on innovative projects based on the blockchain with multipurpose uses and aims.
And one thing is certain: if anything was not invented yet, it is just temporary, because the blockchain allows all kinds of experimentation.

About the author: Amelia Tomasicchio is a writer and a journalist of Bitcoin-related news and articles. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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Amelia Tomasicchio

Smart Contracts as new laws? Better handle with care

(Sole24Ore) “A contract is an agreement”, this was the mandatory phrase for starting a private law exam test after which we would discuss the conditions for its validity. Today, university memories are coming back as contracts are revised in technological form; indeed they’re called Smart Contracts. This brilliant intuition came from Nick Szabo who proposed them in 1994, even before Bitcoin and the diffusion of the Internet.
Let’s start with the definition:
“Smart Contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that obviate the need for a contractual clause. Smart contracts aim to provide security superior to traditional contract law and to reduce other transaction costs associated with contracting.”
The words in bold about automatic performance of the clauses is a source of opportunities and risks, questions and doubts. One thing is certain: A Smart Contract isn’t a contract, but only the part related to agreements performance.
Until now, when one of the contracting parties feels the other party didn’t respect a clause of the contract then a third party need to be called in order to settle the conflict. This neutral authority has always been a human one. Now, we rely increasingly on technology to facilitate relationships between humans, even if this could seem an oxymoron. Maths (or should we say cryptography) intends regulating any operation between each one of us, close or far, a known or unknown stakeholder.
How do technology and economy meet at this point?
If a contract represents the formalization of an agreement, how can we make it secure between parties that remotely agree and maybe don’t even know each other? The answer is
Smart Contracts based on Blockchain technology.
The contract then becomes an instructions set. If it can be codified, it can also be “computed”, i.e. if the conditions are satisfied, it ensures that performance is automatic.
It sounds like a futuristic scenario, but in reality the Internet of Things (IoT) includes this form of contracts for new services. All is fine, in the end “equal justice for all”, not only for those who possess the power. Eliminating all excess of human discretion which leads to long and inconclusive civil lawsuits is actually one step forward.
But in which direction?
If we choose the one that leads to no human discretion at all, the risk may be even greater. These systems are fascinating, they open up incredible scenarios, but they also are autonomous and immutable. This isn’t good, machines must remain instruments. They mustn’t have the last word. Otherwise this will be the first step on a slope in which decision power is given to machines. Instead, we would like machines that assist us in the decision-making process. We must leverage them but not be ruled by them. The variability of emotions remains a human factor that we shouldn’t give up.
The third party, not human, to which we entrust the performance of contract can’t always be mathematics. We hope for a coexistence with the practitioners: the new generation lawyer will have to know how to write a Smart Contract, for example translating the clauses into computer code as shown in the figure.
All this to emphasize the fact that Smart Contracts should be used to control the performance, and never to judge. New technologies require for behavioral models to adapt. . We must use them according to their usefulness, without extremisms. We will use these instruments but wisely, because we don’t live in a deterministic world. Not yet.
Author: Massimo Chiriatti, technologist and member of Assob.it

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Satoshi

Imogen Heap Releases New Single Using Ethereum

In a recent event at Guardian live!, popular music artist Imogen Heap talked about the release of her new song, Tiny Human, on the Ethereum blockchain. By working with BitTunes, Ethereum Developers recently demonstrated smart contract functionality by purchasing the song using Ether. Imogen started with just a thought:
And I thought, wouldn’t it be nice if I could decide what I wanted to do with my music, who I wanted to have it for free, or not have it for free?
 

She eventually found her way to the bleeding edge of technology and has now officially brought her music to the digital age with blockchain smart contracts.

Music Is Finally Entering the Digital Age

Since the days of Napster, LimeWire, and even iTunes, music has come a long way in the digital age. Before physical mediums for music storage and music playing were developed, the only way to purchase music was to buy a single listen in the form of (likely) an orchestra or choral concert. With physical medium such as vinyl, cassettes, CDs, and now MP3s, the business model changed to allow consumers to buy “unlimited” listens by having the music file. Newer services such as Spotify, Pandora, and 8Tracks have created a newer business model that returns to using the “listen” as the basic unit of measurement. Music ownership has progressed and regressed; however, the connection between artist and music buyer has only continually grown wider and wider. Imogen commented:

“…now, you get a download, but often it’s not connected to the artist in any way.”

Blockchain Technology Allows for New Possibilities

After talking about blockchain technology with her friend Zoë, Imogen realized that technology had finally reached a point where users could get a download that is connected to artists in a financial way. Imogen described her realization:

“I realized there is actually a way that you can connect a file with its payment attached into a digital wallet. And so when somebody listens to a track — the technology is very close to being there — it immediately recompenses me, and then I can split it off to my choreographer, to Zoë for thanking her, to whatever, it can immediately go into their bank accounts. Instead of having to wait two years, sometimes, even more, for money to come back to me, it can be instant.”

It turns out that technology can benefit the fans, who can receive provable special attention from their favorite artist, and the artists, who can receive payments sooner and with less middle men in between. Imogen Heap’s decision to use Ethereum and blockchain technology now that she is free of the shackles of contracts made by record labels tells us something about the future. This same move toward smart contracts will be emulated in other industries. Ethereum, and by extension Bitcoin and blockchain technology as a whole, will change the world.

 About the author: Caleb Chen is a cryptocurrency advocate and research assistant at the Chamber of Digital Commerce.

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Satoshi

Infographic: Do the capabilities of the Blockchain end with Bitcoin?

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jorge

HolyTransaction opens it’s doors to the world of crypto 2.0 with new Mastercoin WebWallet

November 24, 2014 – SANTA MONICA – HolyTransaction announced today that they have extended support on their platform to the Mastercoin Protocol and all of Mastercoin’s Smart Properties which allow their users to host digital tokens recorded on the blockchain.
Since the introduction of Bitcoin in 2009, Decentralized Applications have been creating waves in almost all sectors of the world, especially in finance. HolyTransaction is positioning itself to support any and all developments in this space.
Mastercoin uses the Bitcoin Blockchain to store records/data. It has highly useful feature which allows a party to create their own digital tokens, thereby creating smart properties that can enable online exchange of assets (i.e. stocks, bonds, real estate and various finance and security features) with the security and cost-savings of Bitcoin protocol.
We believe that digital asset transfer protocols will replace outdated bureaucratic rituals in the near future and are extremely happy to push towards this direction,“ said Andrey Zamovskiy, CEO of HolyTransaction.
HolyTransaction is a transparent, accessible universal cryptocurrency wallet that allows users to store multiple digital assets in one location. HolyTransaction comes with a one-of-a-kind currency exchange feature that allows users to easily convert one asset to another. Francesco Simonetti, co-founder of HolyTransaction, says: “The Mastercoin Protocol can be used for things such as decentralized crowdfunding, asset management, and user currencies all by creating tokens built on top of the Bitcoin Blockchain”.
About HolyTransaction:

 

Typically if you want to hold 10 different cryptocurrencies (Bitcoin, Litecoin, Dogecoin, Peercoin, etc.) you need to have 10 different wallets, which makes cryptocurrency security hard to manage. HolyTransaction, your personal multi cryptocurrency wallet, solves this problem, plus it comes with currency exchange features so that you can easily convert one cryptocurrency to another.

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

Satoshi