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Scaling Bitcoin 2017: Science Is Central in Stanford (and the Politics Ignored)

November 8, 2017 jody 0

Stanford University hosted the fourth edition of the Scaling Bitcoin conference over the weekend of November 4–5: “Scaling Bitcoin 2017: Scaling the Edge.”The annual conference, sometimes referred to as a “workshop,” has in its short history grown into somewhat of an institute within the Bitcoin space. It aims to be the main stage for Bitcoin’s technical and academic communities, with little room for commercial interests — and perhaps even less for the “scaling drama” that has grown to be the norm online.“This is the place where we want to focus on engineering, not politics,” said Anton Yemelyanov, this year’s planning committee chair, as he introduced the event on Saturday morning. “We want everyone to have objective discussions from an engineering standpoint.”Scaling Bitcoin Within the Scaling DebateScaling Bitcoin has a short but potent history.The first two conferences were hastily organized one after the other in the second half of 2015, both in direct response to the new-at-the-time block size limit dispute and a looming hard fork through Bitcoin XT. The Montreal edition, the first of the two conferences, was instrumental in bringing together Bitcoin’s technical community, which had up until that point mostly communicated through chat channels and mailing lists. And the second edition in Hong Kong introduced Bitcoin’s mostly Chinese mining community onto the stage for the first time, quite literally. Faced with a contentious hard fork, the events were instrumental in building community among developers and across continents.And the conferences proved pivotal in averting the crisis — at least temporarily. Hong Kong saw the introduction of Segregated Witness, presented by Blockstream engineer and major Bitcoin Core contributor Dr. Pieter Wuille. This innovation was included as a centerpiece in Bitcoin’s scaling roadmap, proposed by Blockstream CTO and Bitcoin Core maintainer Gregory Maxwell right after the conference, and was endorsed by large parts of the Bitcoin ecosystem. It finally activated on the Bitcoin network this summer.Now, two years and three Scaling Bitcoin conferences after the Montreal edition, another controversial hard fork looms. BTC1 — maintained by former Bitcoin Core contributor and Bloq CEO Jeff Garzik — is scheduled to hard fork next week as per the New York Agreement in order to double Bitcoin’s block weight limit — an effort dubbed “SegWit2x.”Yet, this upcoming hard fork did not demand much attention in Stanford. Apart from subtle remarks buried throughout some of the talks, the topic of SegWit2x was almost completely absent from the Scaling Bitcoin program. Illustratively, Bobby Lee, CEO of BTCC and one of the few outspoken SegWit2x proponents on stage, even refused to take any questions on the hard fork after his invited talk — instead focusing on Bitcoin’s meteoric price rise over the past years.The Talks and the ScienceScaling Bitcoin instead continued on the path set out last year at the third event, hosted in Milan. With a broader scope than scaling alone, privacy and fungibility were prominent topics, while smart contracts, fees, mining and more were part of the program as well.Perhaps the biggest innovations presented throughout the weekend, at least within the realm of features that could feasibly be implemented on Bitcoin without rigorous protocol changes, were presented by some of the veterans (by now) in the space.Tadge Dryja, co-author of the lightning network white paper and currently employed by the MIT Digital Currency Initiative, presented “Discreet Log Contracts.” If the math checks out like he thinks it does, these could effectively realize trustless oracle systems, arguably offering a superior (being simpler) alternative to the bulk of advanced smart contracts. Put bluntly, some think these kinds of solutions could make resource-intensive systems like Ethereum obsolete.Along similar conceptual lines, Blockstream mathematician Andrew Poelstra presented “scriptless scripts.” Utilizing clever cryptography — specifically, signature aggregation — smart contracts could be anchored into a basic blockchain without needing to embed the entire smart contract code itself. Originally designed for the Mimblewimble protocol, the concept could be leveraged by Bitcoin, too.And speaking of veterans in the space, Nick Szabo — partnered with (among others) Bloomberg contributor Elaine Ou — presented his proposal to broadcast Bitcoin transactions over radio waves. Not so subtly referencing China’s recent crackdown on Bitcoin, the two detailed how Bitcoin could travel around the globe (and over the great firewall of China) without so much as needing an internet connection.When the topic of Bitcoin’s block size limit — the “original” scaling issue that spawned the conferences — came up at all, it was mostly in the context of propagation speed. Perhaps no coincidence, the two most relevant presentations on this topic were based on work by some of the people involved with previous hard fork attempts. The Bitcoin Unlimited team presented their test results on the “Gigablock” network, which they believe safely supports blocks that exceed current limits by several orders of magnitude. And UMass Amherst professor Brian Levine presented the “Graphene” block propagation protocol, co-designed by Bitcoin’s former lead developer Gavin Andresen.To the extent that next week’s hard fork was discussed, Anthony Towns’s presentation probably came closest. Towns detailed how support for future protocol changes could be cleverly determined through market dynamics. Though, while interesting, this type of solution will not be ready in time for the SegWit2x hard fork.The Hard Forks and the PoliticsIndeed, in contrast to some of the previous events, a sense of urgency was mostly absent in Stanford.This could be in part because most of Bitcoin’s technical community has by now roughly settled on a path forward — and SegWit2x is no part of it. Similarly, the question is not so much whether Bitcoin will scale predominantly through second layers; for them, at least, it will. Rather, topics of research now focus on how these second-layer technologies can be optimized for performance, privacy and more.Additionally, as a somewhat loosely organized volunteer effort, the team overseeing the conferences consists of slightly varying people from one event to the next. And resulting from a difference in vision for the 2017 edition, some of the earlier organizers as well as a segment of Bitcoin’s technical community were absent for this round.Perhaps as a result, the sense of community building typical for some of the previous events was not as prominent in Stanford. And the question of how to deal with a looming contentious hard fork was a more central topic at the similar but more informal Breaking Bitcoin conference in Paris several weeks ago. In little over two years, Scaling Bitcoin instead transformed from what is best described as an emergency summit to something perhaps more akin to a regular academic conference — even though an emergency summit would not have seemed entirely inappropriate at this point in time.For a complete overview and videos of all presentations, visit scalingbitcoin.com. (Or follow this link for transcripts.)The post Scaling Bitcoin 2017: Science Is Central in Stanford (and the Politics Ignored) appeared first on Bitcoin Magazine.

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BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia

November 8, 2017 jody 0

BTC Inc., parent group of BTC Studios, BTC Labs and BTC Media, and Genesis Mining, a cloud mining service provider, recently announced a partnership to launch Genesis Engineering, a Hong Kong–based joint venture focused on promoting and developing the cryptocurrency mining industry worldwide, with a special focus on emerging and underserved markets.“We see opportunities in terms of excess capacity worldwide in such regions as the Americas and Eurasia, said David Bailey, CEO of BTC Media. “Centers of mining are often places with excess capacity and relatively cheap electricity rates. As a result, mining operations bring benefits to those areas in terms of both employment and resource allocation.”“The excess energy supply in certain regions is a big opportunity for mining worldwide,” added Genesis Mining CEO and Co-Founder Marco Streng. “We see the positives of mining ranging from individuals to large organizations. Whether it is a hobby, someone’s way to accumulate a certain cryptocurrency or a business with a profit motive, mining has been a positive endeavor for people all over the world. We look forward to growing the base of miners worldwide through promotion, education and new initiatives.”“The formation of a partnership between BTC Inc. and Genesis Mining to create Genesis Engineering is important because it combines the leaders in the cryptocurrency information space and the cloud mining space to grow the industry in underserved markets at a time when crypto is in a position to be embraced by and benefit new markets,” John Riggins, Head of Development for Eurasia at Genesis Engineering, told Bitcoin Magazine. “Genesis Engineering will be positioned as a mining information leader, promoting the industry through workshops and consulting in developing regions. We see an energy landscape that includes excess and unused electricity in markets that could benefit from the introduction of a crypto mining industry in their economy as China has benefited over the last few years.“The crypto industry is in a growth stage and mining is a cornerstone of the industry that must grow in lock-step,” added Riggins. “Markets with excess energy capacity are in a good position to benefit as the mining industry develops, benefiting local economies through job creation and energy utilization.”Riggins noted that the market of the post–Soviet Union is especially ripe for this sort of growth; therefore, Genesis Engineering will have a special focus in these countries. According to the company, these countries have the hallmarks of key regions for the development of cryptocurrency mining, including huge excess energy capacity, developed infrastructure and favorable climate conditions. For instance, oil producers in the region face an ecological tax on excess gases produced in oil excavation that is not put to use and is burned; this is gas that can be used to power mining facilities, create local jobs and make these countries regional leaders in the crypto industry.“On the information and promotion side, we will be opening the first of multiple showrooms and co-working spaces in November,” Riggins said. “This facility will house a mining museum and will be used as a venue to promote the industry through workshops and a speaker series. On the consulting and mining business side, we are in negotiations with the largest electro energy production companies in the region, consulting on the positives of mining and the opportunity to use their spare capacity in these territories.”Genesis Engineering will support the crypto mining industry broadly, including not only bitcoin but additional coins. It considers mining to be an important feature of the cryptocurrency sector, ensuring security and decentralization through incentives. The target market of Genesis Engineering ranges from hobbyists and small businesses reached by the company’s showrooms, co-working spaces and speaker series, to multinational energy companies and large-scale miners reached by the company’s consultancy and mining projects.Besides promotion of cryptocurrency mining and related consulting work, Genesis Engineering will offer cloud mining services through Genesis Mining, with an initial focus on markets that have been underserved in Eurasia. The pricing structure will be similar to Genesis Mining’s current offering, but with a focus on making the service and mining equipment attractive in emerging markets, as well as to organizations that are interested in large-scale mining but have not yet entered the industry and will need to be led through that process.Persuaded that cryptocurrency mining can be a boon to energy suppliers and populations in these regions, “Genesis Engineering will consider partnerships with energy providers and analyze how crypto mining could add value to different markets,” concluded Riggins.The post BTC Inc. and Genesis Mining Launch Genesis Engineering and See Opportunity in Eurasia appeared first on Bitcoin Magazine.

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Bitcoin Price Analysis: Bitcoin’s All-Time High Tests a Historic Reversal Point

November 7, 2017 jody 0

For months on end, BTC-USD had a strong bullish rally that has been well confined between both a linear ascending channel and (on a macro scale) a parabolic curve:Figure 1: BTC-USD, 1-Day Candles, Linear and Parabolic TrendlinesAfter a very strong, bullish rally, bitcoin managed to settle on a new all-time high in the $7,500s. This price peak bounced right off the upper linear ascending trendline shown in Figure 1. Historically, every time bitcoin has touched the upper ascending trendline, the market has gone through a corrective phase and entered into a relatively strong bearish reversal. At the time of this article, bitcoin is currently testing key, macro support of the lower $7,000 price range:Figure 2: BTC-USD, 1-Hour Candles, Macro SupportThe 23% Fibonacci support has been a point of interest in the market’s history and will prove to be strong support. BTC-USD has attempted to break this support level a couple of times already and we are currently making a third test. A break below this level of support could send the price down to the 38% retracement values and test the $6,700 prices. However, if we look at the previous price action (the red circle) that brought the price upward, we don’t see any consolidation or support in the market’s history. This tells us that the 38% price level most likely won’t prove to be significant support during a potential move downward and we can expect to find stronger support in lower values around the $6,400–$6,500 prices.Historically, during correction periods, bitcoin has retraced 50–61% of the initial bull run:Figure 3: BTC-USD, 12-Hour Candles, Retracement TrendThe 50–61% retracement trend has formed a very nice, consistent ascending trendline for the lower support values. Unfortunately in this case, a retracement to the lower trendline would shove us outside the parabolic envelope described in the last bitcoin market analysis. On a macro level, if we do continue on a macro retracement to the 50–61% retracement values, we will likely find support on the lower parabolic curve in the $5,300s. Overall, bitcoin appears to be experiencing a slow bleed and will likely continue until some buying pressure picks up on the market. In general, the bullish pressure is somewhat exhausted, and if there is a resumption of an uptrend, we will likely see support and bullish continuation off the 23% retracement and $6,500 values outlined in Figure 3.Right now, bitcoin is in a precarious situation because it’s sitting just above support at the $7,000 level and doesn’t appear to have any interest in climbing back up just yet. Keep an eye on this support level and watch for a rise in volume on the next test of support. If we break this support level, it’s likely to continue downward for several hundred dollars before finding support once again.Summary:Bitcoin topped out its all-time high at the upper boundary of a macro, linear trendline.Historically, a test of this trendline has prompted a market correction — it is likely that this trend will continue.We are testing key support at the $7,000 price level and a move below this support will signal a continuation of the down trend.Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.The post Bitcoin Price Analysis: Bitcoin’s All-Time High Tests a Historic Reversal Point appeared first on Bitcoin Magazine.

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NextBlock CEO Alex Tapscott Cancels Plans to Go Public and Will Return Money to Investors

November 7, 2017 jody 0

Alex Tapscott, CEO of NextBlock Global, a venture capital company investing in blockchain technologies, announced in a press release yesterday that he is canceling their plans to go public through a reverse takeover (RTO) of Nobelium Tech Corp., a c…

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Introducing a Programming Language so Simple, It “Fits on a T-shirt”

November 3, 2017 jody 0

Blockstream is introducing Simplicity, a new programming language for blockchain-based smart contracts, intended for inclusion in Blockstream’s sidechains and eventually in Bitcoin. The new language was presented by its creator, Russell O’Connor, Infrastructure Tech Developer at Blockstream, at the ACM SIGSAC Workshop on Programming Languages and Analysis for Security (PLAS 2017).”Simplicity is a blockchain programming language that is so simple, it fits on a t-shirt,” O’Connor told Bitcoin Magazine. “It is critical that smart contracts behave in ways that all participants expect, and applying formal verification to Simplicity allows us to achieve that.”Simplicity is still a Blockstream Research & Development project, but there’s potential for its use in Blockstream products in the future, according to the company’s announcement.“Simplicity is flexible enough that I anticipate many new, domain-specific, languages will generate Simplicity, and this will give users the freedom to generate smart contracts using the tools that most suit their needs,” added O’Connor.O’Connor’s paper, titled “Simplicity: A New Language for Blockchains,” presents Simplicity as “a new programming language, designed to be used for cryptocurrencies and blockchain applications, which aims to improve upon existing cryptocurrency languages, such as Bitcoin Script and Ethereum’s EVM [virtual machine], while avoiding some of the problems they face.”Bitcoin script is limited by design and unsuitable for complex smart contracts that need more than a small set of simple templates to perform tasks like digital signature verification. Ethereum, on the other hand, includes a more expressive and flexible, Turing-complete programming language, which allows for arbitrarily complex smart-contracts in principle. But, in practice, Ethereum doesn’t support static analysis to pre-determine the computing resources that a program will require and, thus, filter out too costly contracts and infinite loops. Therefore, pre-paid “gas” fees are lost when an Ethereum program “runs out of gas.” The simpler Bitcoin scripting, which supports static analysis, doesn’t present similar issues.In a post to the bitcoin-dev mailing list, O’Connor proposed Simplicity as an alternative to Bitcoin Script, noting that static analysis is important for both node operators and for Simplicity program designers.“Static analysis is a technique that provides a universal algorithm to determine how much any Simplicity program will cost to run before you stake your money on it,” O’Connor told Bitcoin Magazine.Simplicity can be seen as a more flexible alternative to Bitcoin scripting, not Turing-complete but expressive enough to build useful smart contracts for blockchain applications, or as an alternative to Ethereum, which will support static analysis and other desirable features including improved safety, formal semantics, and Merkelized Abstract Syntax Trees (MASTs). While Simplicity is intended as a low-level language for smart contracts, O’Connor envisages the possibility of compiling programs written in higher-level languages (like Ethereum’s Solidity) to Simplicity.“Ivy and the Σ-State Authentication Language are existing programming language development efforts that may be suitable for being compiled to Simplicity,” notes O’Connor in the paper. “For the time being, generating Simplicity with our [Haskell] and [Coq] libraries is possible.”The next step in Simplicity’s development will be a bare-bones SDK (Software Developer Kit) that will include formal semantics and correctness proofs in Coq, a Haskell implementation for constructing Simplicity programs and a C interpreter for Simplicity. Then, the new language will be ready for initial deployment in the Elements project, Blockstream’s open-source codebase for sidechains, so that developers can start experimenting with the code.But, as O’Connor stated on bitcoin-dev, “Only after extensive vetting would it be suitable to consider Simplicity for inclusion in Bitcoin.”The post Introducing a Programming Language so Simple, It “Fits on a T-shirt” appeared first on Bitcoin Magazine.

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Funding the Blockchain Future of the Digital Media Industry

November 3, 2017 jody 0

BTC Media, the largest media group in the blockchain and cryptocurrency space, announced the launch of BTC Labs, a venture studio focusing on launching and incubating blockchain applications for the digital media industry on September 25, 2017.  BTC Labs, in turn, introduced Storyboard Ventures, a venture financing arm of the organization, seeded with $2 million to fund forward-thinking and promising media projects. According to BTC Media, Storyboard Ventures will be vigorously searching for those entrepreneurs who are “building use cases that leverage decentralization to disrupt longstanding inefficiencies” within the digital media industry.“The internet drastically altered how we consume and distribute information, but the media industry has failed to adapt its underlying business model,” Jeremy Kandah, Storyboard Venture’s Portfolio Manager, said in a statement. “Blockchain technology is revolutionizing the way that digital information is transacted, creating a host of new monetization models and connecting content creators directly with consumers. Storyboard Ventures will support the projects and pioneers shaping this media landscape of the future.”On November 1, 2017, BTC Labs announced their second project, the MAD Network, a decentralized ecosystem for the ad tech industry designed to return lost value to advertisers and publishers. The MAD Network will become the programmatic advertising platform within BTC Labs’ decentralized media suite, a collection of blockchain-based tools for the media industry. BTC Labs is working closely with the MAD Network to develop its technical architecture, as well as advising them on their upcoming token sale, which will take place on November 30th, 2017.“The MAD Network is one example of the suite of decentralized media applications that BTC Labs will support through research, development and funding,” Tyler Evans, CEO of BTC Labs, said to Bitcoin Magazine. “It is a perfect use case for distributed ledger technology because it takes the value that is traditionally captured by middlemen and brokers in the digital advertising ecosystem and instead, redistributes that value to the stakeholders in the network.”“BTC Labs has been instrumental in the development of the MAD Network,” Adam Helfgott, Project Lead at the MAD Network, said. “We’ve been able to leverage their breadth of expertise and knowledge in the blockchain space to help formulate our development plan and go-to-market strategy.”The first project backed by the venture studio was Po.et, a protocol utilizing and implementing blockchain technology and timestamped metadata to accelerate solutions for the publishing industry. BTC Labs developed the core architecture behind Po.et and helped guide the organization through a successful token sale process. As Bitcoin Magazine is a brand of BTC Media, all content of the publication is verified via Po.et.Blockchain technology has allowed for increased innovation, resulting in more equitable ways of sharing data and exchangin value. These new benefits of blockchain technology can be also implemented within the media industry to tackle numerous issues, including intellectual property registration, content monetization, licensing, ticketing and ad-tech. BTC Labs will focus on both the blockchain and media industries with an aim to support disruptive, open-sourced and decentralized networks. It recognizes that, in a decentralized network, every stakeholder can retain the fair value of their work. Thus, the innovation studio will develop decentralized networks to empower not just content creators but also brands and consumers.Disclaimer: BTC Inc. is the parent company of BTC Media and Bitcoin Magazine.The post Funding the Blockchain Future of the Digital Media Industry appeared first on Bitcoin Magazine.

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Bitcoin Price Analysis: Bitcoin’s Parabolic Envelope Could Push to $8000s

November 2, 2017 jody 0

Bitcoin has had a quite a year thus far, to say the least. A 10x return since the beginning of the year has put bitcoin on a parabolic growth path that is testing the limits of this 2-year long bull market:Figure 1: BTC-USD, 3-Day Candles, Parabolic Growth EnvelopeThe gains have been incredible for those trading bitcoin for the last couple years, and it appears that this parabolic envelope is coming to a close. In order for this bull market to remain viable, it will need to keep up on a very aggressive, parabolic growth path that has the immediate upper resistance at between $8,000 – $9,000. Similarly, the lower support is around $5,800. A break of either the support or resistance will put bitcoin in a very precarious position. If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market. However, if bitcoin breaks the lower support, this would send a very, very bearish signal to traders, indicating a breakdown of the 2-year long bull market.Given the trend we have seen over the last two years, it would not be at all surprising to see a test of the $8,000s before any sort of market correction (micro or macro) takes place. We are on a very aggressive growth path and, on a macro-scale, one that has has shown a consistent trend of testing the upper curve prior to correction. This is a very strong bull market and it it should not be underestimated. However, in an effort to remain objective, it’s important to present the not-so-obvious argument and state the consequences of a disruption of this macro bull market.Figure 2: BTC-USD, 1-Day candles, Retests of Previous All-time HighsThroughout the life of this parabolic run, bitcoin has shown a penchant for retests during market pullbacks. We can see in the image above that every time the market peaks the upper resistance curve, it has pulled back to retest the previous all-time high before the resumption of uptrend. Part of the consequences of this parabolic growth is we are at a point where the growth is so aggressive that a retest of the previous all-time high would throw the market trend well outside the parabolic envelope. And, as stated above, that would send a very strong macro bearish signal to traders and investors as this marks a breakdown of the 2-year long trend.Summary:The parabolic trend bitcoin has seen over the last two years is approaching a very aggressive level that could make bitcoin see aggressive price swings in the coming weeks.The upper boundary of the parabolic curve could have bitcoin testing the $8,000s.A break below the lower curve could spark a macro bear market as this signals the breakdown of the bull market’s multi-year trend.Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.The post Bitcoin Price Analysis: Bitcoin’s Parabolic Envelope Could Push to $8000s appeared first on Bitcoin Magazine.

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Confideal’s Crusade to Harness the Power of Smart Contracts

November 2, 2017 jody 0

<br /><br /><br /><br /><br /><br /><br /><br /><br />In his book “Down The Rabbit Hole: Discover The Power of Blockchain,” author Tim Lea<br />highlights the evolution of smart contracts and their use ensuing from the<br />blockchain. <br /><br />“The term smart contract was first coined by a<br />computer scientist Nick Szabo,” Lea writes. “In his 1996 article in the<br />magazine Extrophy, he broadly described a smart contract as the<br />ability to bring refined legal practices of contract law to the e-commerce<br />protocols between strangers and the internet.” <br /><br />In their most basic form, smart contracts are<br />self-executing contracts that function within mutually agreed upon terms<br />between two or more parties. These agreements, which are written into lines of<br />computer code, exist as part of a distributed, decentralized blockchain network facilitating the<br />automatic execution of contractual terms with no further involvement from any<br />of the parties involved, including external third-party intermediaries. <br /><br />This disruptive approach runs counter to the prevailing tradition of<br />drafting and enforcing deals through involvement with external players like<br />banks, lawyers and escrows. This practice is both time consuming and costly,<br />especially in cases involving overseas deals. While smart contract<br />technology helps to overcome these and other administrative and legal<br />roadblocks, a complex set of programming skills are required to draft<br />blockchain-based digital contracts. <br /><br />Enter Confideal<br /><br />One company that’s making major inroads in this new<br />age of smart contracts is Confideal, a platform for<br />managing and enforcing smart contracts. Based in Ireland, a hub for crypto<br />adoption in Europe, Confideal is forging a path toward the removal of barriers<br />to digital transactions throughout the world. The company champions<br />transparency, opening up essential business tools to those without legal or<br />coding skills. <br /><br />“Confideal is a service designed for a wide audience<br />from individuals to business owners, and available for everyone,” said Petr Belousov, Confideal’s founder and<br />CEO.<br />“Our ultimate goal is mass adoption of blockchain among real sector businesses worldwide.”<br /><br />Because Confideal’s data is encrypted and<br />protected by the Ethereum blockchain, the immutability of the agreement terms<br />is assured. In addition, Confideal offers the following value propositions:  <br /><br />•    <br />An internal arbitration module with top-rated arbiters<br />and unbiased ratings. Arbiters selected to resolve a dispute on the Confideal<br />platform are either a qualified third-party legal firm or a professional.<br /><br />•    <br />A smart contract management option that provides<br />full control over transactions (e. g. close deals, end them, set up fines and<br />down payments).<br /><br />•    <br />Cryptocurrencies are utilized to eliminate all<br />payment barriers. No need for intermediaries which results in lower costs. <br /><br />With the groundbreaking advancements of blockchain<br />technology, Confideal is on a<br />steady path to bridge the gap between the smaller circle of computer<br />programmers and coders who understand the inner workings of the technology and<br />the larger population of average, everyday users. With efforts to move smart<br />contracts toward mainstream adoption, efficient models of user interface become<br />vital. With Confideal’s efforts as a visual smart contract builder, it’s clear<br />that momentum in this space is heading in the right direction. Of course,<br />Confideal is not only about the builder itself. The three main features of<br />Confideal are: smart contracts, built-in arbitration, and CDL tokens. There are<br />tons of projects out there that offer only one feature and often they don’t<br />even have a ready to use product. Confideal, on the other hand, does have a<br />product and the project created a complete ecosystem that comes together into a<br />harmonious product. The built-in arbitration module is used in case of a dispute and basically it means that a<br />third party arbitrator will help you resolve or mediate the dispute. <br /><br />Confideal’s initial coin offering (ICO) will commence on November 2,<br />2017, under the token name “Confideal” or “CDL.” The total supply of CDL tokens<br />will be 100,000,000 with a price breakdown of 1,000 CDL to 1 ETH. The total<br />supply will never increase and no additional tokens will ever be released. <br /><br />CDL tokens are the internal, native currency for the Confideal<br />platform. For all transactions made in CDL, 1 percent of the contract fee is<br />exempted. Moreover, token users can participate in voting for arbiters. <br /><br />Of the total ICO supply, 74 percent of the tokens will be sold via the<br />ICO. The remainder will be distributed as follows: 6 percent were sold during<br />the pre-ICO; 10 percent have been set aside for the team behind the platform; 4<br />percent for promotional activities; 4 percent for advisors; and 2 percent for a<br />bounty campaign. <br /><br />“Following our ICO, we have a detailed roadmap<br />planned for developing the product,” Belousov said. “It includes the launch<br />of the arbitration module, API and widget, implementation of multiple smart<br />contract templates for various purposes, multi-language support, integration<br />with other technologies and blockchains. It is with this that we are excited<br />about the future of smart contracts.” You can reach out for more on Confideal through Telegram.Note: Trading and investing in digital assets is speculative. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.<br /><br />The post Confideal’s Crusade to Harness the Power of Smart Contracts appeared first on Bitcoin Magazine.

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