Bitcoin Weekly Recap 4-1-2016
Cornell Institute Study on Block Size Scaling Yields Interesting Results
In a recent paper detailing a study from the Jacobs Technion-Cornell Institute’s Initiative for CryptoCurrencies and Contracts (IC3), researchers discovered that Bitcoin’s block size can be scaled to 4MB with no appreciable impact on its decentralization. Moreover, their tests concluded that this scaling would result in more than a tenfold increase in the number of transactions performed each second.
The study, On Scaling Decentralized Blockchains, documents a test of 4,000 nodes, and included monitoring of bandwidth performance measurements for each. The results found that fully 90% of those nodes remained operational with a 4MB block size, and that scaling increased the number of transactions performed each second from its current 2.5 transactions to roughly 27 each second.
The study also concluded that roughly half of those nodes were unfazed when the block size was increased to just short of 40MB, and about 10% remained operational at block sizes of 200MB.
Excel 2016 to Support Bitcoin Format
As part of its ongoing move toward greater acceptance of digital currency and blockchain technology, Microsoft will soon begin including support for the Bitcoin currency format within its Excel spreadsheet software. The inclusion of this support within the Excel program will allow users to manage, track, analyze, and perform calculations using Bitcoin data in its native number format. The initial integration will be featured in Excel 2016 for Windows, as well as the program’s online and mobile versions.
Putin Advisor Calls Bitcoin a Virus
Russian President Vladimir Putin’s Presidential Advisor for Internet Development, German Klimenko, recently made news when he called for Bitcoin to be abolished. In his remarks, he mocked other nations’ Bitcoin legislation and attempts to regulate the digital currency, called the world’s most well-known digital currency an internet joke, and likened it to a virus that needs to be done away with altogether.
Obviously, the continuing debate over the fate of cryptocurrency in Russia is as lively as ever…
First Arab Bitcoin Community Launched: AskBitcoiner
The first online meeting place for the Arab Bitcoin community launched recently. It’s called Askbitcoiner, and provides a forum for digital currency advocates and newcomers to exchange ideas, gain new insight, and learn about Bitcoin and its technology.
With Dubai making digital currency and blockchain news on a regular basis, many have wondered how Bitcoin was viewed in the rest of the Arab World. Apparently, there is a push on to gain greater acceptance for cryptocurrency throughout North Africa and the Middle East, and this new community is viewed by advocates in the region as an important part of that process.
Needham & Company Report: Bitcoin Considerably Undervalued
In a recent report released by investment bank Needham & Company, equity research associate Spencer Bogart asserts that Bitcoin’s current value is more than $200 below what it should be. Bogart notes that recent estimates suggest that about 75% of the currency’s market cap – which currently stands at $6.3 billion – is being managed by its owners as investments. In reaching his value conclusions, he compared that investment percentage estimate to similar investments in gold exchange-traded-funds.
Coinkite Reveals Plans for Disposable Bitcoin Wallet
Coinkite’s new shift away from software solutions and to a new model based on hardware offerings appears to be well underway, as the company recently announced plans for its Opendime Bitcoin wallet. The device, which will be no larger than a standard USB drive, is designed to be disposable rather than something that would be used to replace the wallets most Bitcoin users have grown accustomed to using.
The Opendime wallet generates its own private key – a key so private that even the user won’t know what it is. This is by design so that users can gift Bitcoins to one another by simply giving away the device rather than transferring currency from one wallet to another. Even more unique, however, is the fact that the device becomes unusable once the funds are expended – a feature that provides the most critical part of the company’s security for this wallet.