Your Daily Crypto News on Steemit August 12, 2017
- Illinois: Blockchain to allocate medical license!
- Egypt's first Bitcoin exchange market!
- Bitcoin Core Developer vs SegWit2x!
The US state of Illinois, together with Startup Hashed Health, wants to organize the allocation and administration of medical licenses via a blockchain solution.
The aim is to implement a license register as well as a system for authorization checking on a blockchain and to process it automatically with the help of smart contracts. Accordingly, all records, in particular patient and insurance data, should be transparent in the blockchain network.
The pilot project is supported mainly by the Illinois Blockchain Initiative, a consortium consisting of companies and five authorities. The consortium has set three objectives:
- To create an innovation-friendly legal framework for blockchain companies
- Support programs to attract blockchain companies
- The development of blockchain prototypes, which can be used in public administration
Illinois is not the only US state to do blockchain research in this direction. In particular, the US state of Delaware is particularly active. On the one hand, of course, in the area of corporate and tax administration - Delaware is the tax paradise of the USA, like Illinois is in the health care sector.
Here too, the US state cooperates with start-ups to provide access to patient records for insurers and insured persons via a blockchain. Research efforts have been supported, in particular, by the recently passed legislation, which has created a blockchain-friendly legal framework for business and administration. Accordingly, from a regulatory perspective, Delaware is certainly the leading US state when it comes to the implementation of blockchain directories.
The crypt currency launch with the name "Bitcoin Egypt" becomes the first bitcoin exchange in the country.
Rami Khalil and Omar Abdelrasoul founded the startup. This month, they want to go to work because the launch date is 31 August. At first, however, not all functions are available.
Rami Khalil and Omar Abdelrasoul said that their exchange market was the first in the country. "No other exchange market is registered so far," he said. He acknowledged, however, that such services are likely to be offered on the black market.
First, the exchange market will only be able to exchange Bitcoin for the Egyptian pound. "The fees will be part of the transaction costs (<0.25%)," said Khalil. In the future, the stock exchange would also offer Ether and other Altcoins.
Only a few data are needed for the registration. Among other things, new customers must provide their full name, the identification number of the ID card and their address. Even though the exchange market is currently not bound by any guidelines, it wants to take some safeguards in order to be on the safe side and to protect against money laundering.
Currently, the Bitcoin industry in Egypt is relatively small. "Only a few hundred people use and act actively with Bitcoin every day," Khalil said. The reason for this is the stigma that Bitcoin is currently still affected. Because most people think Bitcoin is taboo, but Bitcoin Egypt wants to work naturally.
One reason for the stigma is the statements of Egyptian authorities. According to local media, Sheriff Samy, spokesman for the financial supervision authority of Egypt, said that crypto currencies such as Bitcoin and Ethers do not undergo quality control. This would put investors at great risk.
The Egyptian central bank also commented on the subject of crypto currencies. At first rumors were circulating that the bank would approve the circulation and trade of crypto currencies. These rumors, however, the bank director Lobna Helal rebuked.
Khalil also explained that there is currently no legal regulation for Bitcoin or other crypto currency. Even if the Finance Ministry understands the technology behind it, the worries about money laundering are too big.
Khalil nevertheless looks positively into the future and said:
Despite this week's SegWit activation period, the Bitcoin core developers are still against the planned scaling of the blocks.
The Bitcoin core team is still not able to deal with the compromise that, in addition to its targeted SegWit implementation, a block increase from 1 MB to 2 MB in November will take place. An increase in the block size would therefore be equivalent to a hard fork of Bitcoin blockchain, according to Bitcoin Core Developer.
Problematic here is the announcement of the developer that the Bitcoin Core Client from now no more nodes, which run on SegWit2x. A statement that the situation is anything but relaxed.
The developer's announcement is that the Bitcoin Core Client does not accept any more nodes running on SegWit2x. A statement that the situation is anything but relaxed.
Finally, the nodes ensure that the Bitcoin blockchain is kept up-to-date as well as confirming transactions quickly and reliably. In addition, the nodes have a kind of voting right that allows them to match what features the network is supposed to have.
If some of the nodes for SegWit2x blocks fail, this means a slowdown of the network. This is because there are fewer nodes that accept the SegWit2x code. This also reduces the degree of decentralization.
Although Bitcoin Core is now turning its back on SegWit2x, the scaling of the block size should be successful in November, as there is still sufficient hashing power for SegWit2x.
The bigger problem lies in Bitcoin's image and / or the outer perception. A large part of the community relies on the Bitcoin core software, which goes back to founder Satoshi Nakamoto. A break with this or an uprooting would mean a very historic turning point for Bitcoin. For this reason, there is a risk that some market participants will not want to be separated from the "true" Bitoin Core Client, even if the majority of SegWit2x accepts.
Accordingly, this conflict can create some tensions in the markets and in the Bitcoin ecosystem over the coming weeks and months.
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Wish you all a great weekend!!!
Best regards
@danyelk
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Scaling the Blockchain
In the meantime, we have been working on some fundamental changes to help scale Steem.We currently run 7 steemd nodes in AWS to support steemit.com and will need to continue to run more and more to support our growth.The key problem is that Steemd is single threaded, however, we are well along in the process of making it multithreaded.
Imagine the steemd server program is a stove.Right now, it has a single burner and we need to make a meal.A few of the dishes are the peer to peer network, accepting and evaluating blocks, and responding to API requests for data clients like steemit.com.We are rapidly switching pots, pans, and skillets onto the single burner to make each component of the meal.The increased request volume from steemit.com is delaying the meal.
Thus far, we have been buying extra single burner stoves to distribute the load because this was how blockchains were originally designed.But this is not ideal because all of our stoves (our computers) actually have 8 burners (CPU cores) and we are only using 1 each.We have been making changes to the steemd server program so that we can use all 8 burners and not need as many stoves.That way we can put a skillet on one burner, a pot on another, pan on another, you get the idea.
Yes I get it thank you very much for this very cool explanation and information. It is good to know that we can cook with a lot of pots and less stoves on Steemit ;) Are you a developer at Steemit? Wish you a great weekend and a good start in the next week.
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This post has received a 18.18 % upvote from @buildawhale thanks to: @danyelk.
about time they had an exchange in Egypt! It's been needed ever since the Arab Springs!
Yes it is very cool more people using BTC in the world will make it stronger.