Your Daily Crypto News on Steemit August 22, 2017
- Viberate allows crypto payment for performances by musicians!
- Lightning Network for Bitcoin is to be imminent!
- Retailers can destroy Bitcoin anonymity!
- Credit Suisse plans to launch a blockchain based loan platform!
With the support of the "Music Moves Europe" initiative of the EU Commission and the Slovenian Ministry of Economic Development and Technology, as well as advice from Charlie Shrem and Stanford Professor Dr. Jure Leskovec has set Viberate to intertwine the global live music market.
The musician platform Viberate, which operates on the Ethereum-Blockchain, is specialized in the market for live music, in contrast to many other music projects. The implementation of blockchain based solutions addresses problems that have been affecting this market for decades. The Viberate team is composed of a number of industry leaders with years of experience in the live music business.
The goal of the Viberate initiative is that every musician around the world has the opportunity to create a free profile on a decentralized marketplace for musical talents, through which he can offer pieces or performances. The musicians in the form of a crypto currency are to be paid in addition to the well-known Token Bitcoin and Ether in Vibe, the specially created crypto currency.
In order to achieve the goal of portraying the entire global music industry, Viberate has already created a database of over 120,000 profiles of registered musicians - a kind of "IMDb for musicians". Musicians can add their profile, or, if they already exist, use their existing profile. Robbie Williams and Linkin Park are among the best known performers.
Viberate wants to offer the specially created Vibe Token (VIB) on 5 September in a Public Crowdsale to finance the establishment of the blockchain and the virtual marketplace in the system. The tokens are then used to reward the users who contribute to the growth of the network through their activities.
This can be done by creating new profiles or by monitoring and correcting existing ones. The Vibe Token can also be used to book and pay live music acts via Viberate, in addition to the classical function of trading and value storage. The platform wants to create a new digital currency for the global live music industry.
To provide more information about the project and its future development, the founders of Viberate have prepared a short video. They are also supported by Bitcoin pioneer Charlie Shrem.
According to rumors, transactions via the Lightning Network are already very soon, possibly even today, also possible for Bitcoin.
As the user Ferdous announced yesterday on Twitter, the application is supposed to be activated already today on the Bitcoin blockchain. In this context, he promised immediate, almost free transactions, profit-maximizing effects for all users and thousands of new apps. However, he did not provide a source.
If Lightning is still going to start this week, this step would be much earlier than originally planned and quite surprising. The SegWit extension of the blockchain, which is necessary for the implementation of the Lightning Network, is currently logged in and thus theoretically applicable, but has not yet been activated by the users. The activation would probably be another boost for the Bitcoin network.
The technology on which the Lightning Network is based was originally conceived as a solution to the emerging scaling problems of bitcoin blockchain. It should increase the speed of Bitcoin transactions, thus reducing transaction costs in the network. For a long time, however, disagreements among the users had led to a halt in this development. In the end, a hard fork and the development of Bitcoin Cash came before the SegWit activation.
SegWit and the associated Lightning Network were already implemented in the Litecoin-Blockchain already in May and has been supported by the users in the network since then.
The Lightning Network can be viewed as a peer-to-peer application, which is placed on a blockchain to simplify transactions. The trick is that payments are executed through many separate micro payment channels, which make it possible to pass bookings virtually past the blockchain. Instead, two users can make any number of transactions with one another without informing all the participants of the blockchain about the cash flow. Only the final amount of your transaction will be recorded in the blockchain for all transparent. Smart contracts and established deadlines and time frames create both mutual and collective trust in the technology.
The fact that it will come to the implementation of the Lightning Network on the Bitcoin-Blockchain, is only a matter of time. This is probably done when SegWit is finally activated. From this moment on, it will also show the direction in which Bitcoin will move in the long term. Will it continue to be an investment object primarily used for value preservation and speculation, or will it ultimately become a globally accepted form of payment for transactions of all kinds?
Many merchants who accept Bitcoin endanger the anonymity of the users by passing on tracking data. Transferred data such as the target wallet and the transfer amount can be used to draw conclusions about further transactions by the users.
Users of the crypto currency Bitcoin use these in many cases because they promise themselves anonymity - for example, when paying a VPN service. However, a recent investigation shows that many traders can also destroy the anonymity of the user, which is also possible due to the currency, against third parties.
The researchers Dillon Reisman, Steven Goldfeder, Harry Kalodner and Arvind Narayanan write that many onlineshops in part give very extensive data about the Bitcoin users. This is often done via the shopping cart. From there, contents of the shopping basket, for example, are distributed to advertisers, in order to make personalized offers possible. In some cases, however, the target wallet address was also transferred, which would allow for an accurate analysis of payment flows. Bitcoin's use of anonymity is not always the focus, but it is still an important criterion for many users.
Of the 130 pages examined, 107 different information on the transactions had been passed on, according to the paper. 31 of the pages would have given various scripts from other companies access to the address of the Bitcoin wallet, 104 the value of the transaction in actual currency, and 30 the value of the transaction in Bitcoin. Many users have also been given a lot of information by users with tracking protection. The connection of the target wallet with the exact amount of the payment can lead to the identification of individual users.
Other personal characteristics, which have been disclosed according to the researchers, are the e-mail address, name, user name, address and telephone number. To protect yourself from a de-lightening, the authors recommend the use of Bitcoin mixers such as Coinjoin. These, too, do not provide comprehensive protection, in many cases the identification of individual users is possible.
A group of banks led by Credit Suisse is working on the launch of a commercial platform for blockchain based syndicated loans.
Speaking with the financial magazine EuroMoney, Emmanuel Aidoo, head of the Credit Suisse Blockchain Group, said the negotiations on syndicated loans (jointly contracted loans) are progressing well. Work on the project has been going on since last fall.
Emmanuel Aidoo says in a statement:
Emmanuel Aidoo also said this:
The group involved completed the second test phase in March. Conceptually, the test provides for the creation of a syndicated credit market based on the blockchain. Several lenders bundle their capital for individual borrowers. The group hopes that the technology can reduce the barriers between the parties, thus reducing time and costs. Through the savings the necessary capital can be made available.
The use of Smart Contracts is intended to reduce turnaround times and increase the attractiveness of the market for potential lenders and investors.
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