Digital Currency Weekly Recap 7-10-2016
Netki Announces $3.5 Million in Seed Funding
Netki, Inc., a startup focused on digital identity and secure digital currency transaction systems recently announced that it has raised $3.5 million in its recently-concluded seed round. Investors included O’Reilly AlphaTech Ventures, Bitfinex, Digital Currency Group, Colle Capital – among others. Netki has emphasized secure and private digital currency transactions for cryptocurrencies like Bitcoin and Ethereum, with a focus on human-friendly wallet addresses using its Wallet Name Lookup service. In previous interviews, the company’s CEO, Justin Newton, noted that the company’s vision is to eventually become the “e-mail addresses of cryptocurrency.”
German University Creates Storage-Based Cryptographic Puzzle
A group of technology experts from the German university Ruhr-Universität Bochum have reportedly developed a new type of cryptographic puzzle that is less energy-intensive than those in the Bitcoin network, due to the puzzle’s reliance on computer storage space instead of computational power. Critics of Bitcoin’s current transaction energy cost – which some naysayers describe as wasteful and unsustainable – will almost certainly be delighted to see a more energy-efficient system developed. And unlike some previous attempts to provide an alternative to the way the Bitcoin blockchain operates, this new development still relies on the resolution of cryptographic puzzles; it just does it in a different way that reduces energy usage and costs.
According to reports in the university’s magazine, the group’s proof-of-space concept has been expanded on by groups in the United States and Austria. A team at Boston’s Massachusetts Institute of Technology, in partnership with a team at the Institute of Science and Technology Austria in Vienna, have used the German university’s research to create a new cryptocurrency. Meanwhile, the Bochum group continues to explore other areas of the current Bitcoin network, as they focus on security concerns and applications like smart contracts.
Ethereum Vote: Roughly 90% Opt for Hard Fork to Undo DAO Theft
In what has been described by some as a “unanimous” decision, roughly 90% of voters in the Ethereum community have voted to enact a hard fork that would reverse the recent theft of tens of millions of dollars’ worth of Ether from the DAO. The vote was conducted via the blockchain, with Ether holders voting by making a tiny Ether transaction to one of two Ether addresses – designated as Yes or No (the voting system automatically returned the transferred Either once the vote was cast. Setting aside the obvious fact that 90% is not actually unanimous support, the vote does appear to indicate that a clear supermajority of the community’s members favor the fork. Developers are reportedly working on the hard fork code, as various proposals for enacting the fork continue to be considered.
BLOCKCON 2017 to Be Hosted in Singapore March 2017
A recent announcement revealed that The Singapore Fintech Consortium and UBM Exhibition Singapore are currently working to organize a global conference for the blockchain industry that they are calling Blockcon 2017. The event is scheduled for March 28 and 29, 2017, and will be held at Marina Bay Sands Singapore. The conference hopes to welcome more than a thousand members of the blockchain community, as well as financial industry luminaries, regulatory officials, and outside investors. The goal is to provide a platform for knowledge exchange, offer education about the blockchain, and help to facilitate new partnerships. Registrations are currently open.