Ep210: When the Community Forks the Code Will Follow. TenX, Bancor, Dash News

TenX Bitcoin Ethereum Dash and Token Debit Card. COMIT payment channels enable cross-blockchain asset exchange. Bitcoin no longer regulated by money transmitter law in New Hampshire. BitCart drops Bitcoin and goes DASH only. Ethereum founder Vitalik Buterin meets briefly with Russian President Vladimir Putin. Singapore starts the process of tokenzing their national currency on a private Ethereum blockchain. The Bancor Protocol looks to meld smart contract and tokens into smart tokens. Bitcoin UASF and the great divide.

All this and more on the Neocash Radio podcast, episode 210 — Wednesday, June 7th, 2017!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Pedro!


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Traditional Financial Markets Cryptocurrency Markets
Gold $1,287 Bitcoin (BTC) $2,684
Silver $17.56 Ethereum (ETH) $258
Oil $45.78 DASH $140
Dow Jones 21,173 points Litecoin (LTC) $29.11
30Y UST Yield 2.84%

TenX Bitcoin Ethereum Dash Debit Card

We’ve talked about the TokenCard and Monaco’s proposed Ethereum and token based debit cards but TenX is ahead of the pack. Having already laid the foundation for a beta tested debit card TenX is looking beyond bitcoin. The Ten X wallet and card is ready and it supports Bitcoin, Ethereum, ERC20 Tokens, and Dash with plans to add more. Naturally the TenX team is having a Token Sale at the end of this month.

The whitepaper draft has a goal of 100,000 Ether currently about $$$$$$. The token is going to be call PAY and will be launched on the Ethereum blockchain. The tokens will be distributed at a rate of 200 PAY per 1 ETH and 51% of all tokens will be sold at the token sale. 29% of tokens are reserved for distribution to the public over the next 4 years and business development. The remaining 10% of tokens will be held by the company and the remaining 10% will be used to pay the founders, employees, and development team.

Given the recent history of token sales lasting minutes or even seconds, TenX plans to do something new by having a minimum sale length of 1 hour giving most people a better chance. This could be good for getting the tokens in more hands but it could also see a massive influx of funding. The economics of this are interesting to consider: if a few whales come along and buy large amounts that won’t stop the masses from buying small amounts. If a speculator is simply buying to flip the coin asap there may be far more available and thus less demand than is typically present after a flash sellout.

TenX has had some notable investors including Vitalik Buterin and Bo Shen from Fenbushi Capital.  They have already signed Visa and Mastercard as strategic partners. The card offers some perks as well. Card holders will earn PAY tokens when they use the card and PAY token holders will receive 0.5% of the total payment volume on the TenX payment platform.

The plan is for any blockchain asset integrating with the TenX card through COMIT payment channels. COMIT stands for Cryptographically-secure Off-chain Multi-asset Instant Transaction. The white paper describes how part funds raised during the token sale will be used to hold reserves of numerous coins to provide liquidity.

From the COMIT whitepaper:

“COMIT is a super blockchain network that allows for instant transactions which are enforced using off-chain smart contracts. It leverages Payment Channels and Hashed Timelock Contracts (HTLC) across chains to solve the problem of double spending attacks without requiring a settlement onto the underlying blockchains. COMIT’s connectivity is provided by Liquidity Providers (LP), who operate on one or more blockchains, acting as payment hubs and nodes on a single chain and market makers in a decentralized network for cross-chain asset conversions.”


Bitcoin Deregulated in New Hampshire

New Hampshire Governor Chris Sununu signed a bill into law that exempts Bitcoin and virtual currencies from regulation under the money transmitter statues. Goes in effect August 1st


BitCart Drops Bitcoin in Favor of DASH

Earlier this year BitCart added a DASH payment option for gift cards. The response was overwhelming and business picked up. The removal of Bitcoin as a payment option comes when the networks is under serious stress with transaction wait times and fees skyrocketing.

BitCart CEO Graham de Barra:

“From a merchant’s point of view, Bitcoin is extremely problematic. The backlog is vast and transactions speeds are terribly slow. I had to wait three entire weeks to fill two customer orders, simply waiting on the Bitcoin network to clear. Bitcoin as a method of payment on BitCart is simply not sustainable and it’s a nightmare from a merchant point of view; every twenty or so transactions the platform would stop working and we would have to reintegrate the API.”

De Barra also cited instant transaction settlement and low fees as two big reasons to make the switch to DASH only. He also claims the increase in volume has had no effect on transaction times.


Ethereum inventor Vitalik Buterin meets Russian President Vladimir Putin

cryptocoinsnews.com

Vitalik Buterin had a “brief conversation” with Vladimir Putin “at the end of a private CEO meeting,” according to a public statement by Ethereum’s inventor who confirmed he spoke to the Russian President in what is likely the highest level meeting for this space.

According to Russia’s Press Secretary, after communication with CEOs of the largest corporations, the Russian president briefly communicated with the founder of Ethereum, Vitalik Buterin, who spoke about the possible use of blockchain technologies in the Russian Federation. The Russian president has supported the idea of establishing business contacts with possible Russian partners, the press secretary said.


Singaporean Dollar Tokenized Through Ethereum’s Blockchain by the Monetary Authority of Singapore

trustnodes.com

A report by the Monetary Authority of Singapore (MAS), in collaboration with a number of banks and blockchain technology firms recently announced that phase one of tokenizing Singaporean Dollars through an ethereum blockchain has been successfully completed.

The project connects current systems, such as clearing houses and processes running through MQ Clients or other software such as MAS’s MEPS, to an Ethereum private blockchain as, according to the report, there can be a number of benefits. The report says:

“MAS can create “atomic” transactions for the first time for cross-border fixed income products with payments directly on central bank money.


The Bancor Protocol and Smart Tokens

You like tokens right? And smart contracts? Well how about a smart token? Bancor will be launching with a token sale distributing the Bancor Network Token (BNT). Bancor reminds me of Prism, the new service from Eric Voorhees. The idea behind it revolves around anyone being able to create smart tokens. While you could simply use the tokens for any number of things one application caught my eye. The Bancor Network Token is backed by 20% of the Ether contributed through the token sale. The rate of distribution is 100 BNT per 1 ETH with a hidden cap that is revealed after 80% has been reached. Just as with TenX the token sale will last a minimum of 1 hour with a maximum of 14 days.

Through the Bancor Protocol you could create a smart token backed by BNT, and any number of other currencies. The goal of the development is to ensure cross-blockchain compatibility.


When the community forks, the code will follow.

Here is a current look at the health of the Bitcoin Network:

Hashrate: 5.2 Million TH/s with a difficulty of nearly 679 Billion
Mempool: Hovering between 65 and 70 Million bytes and holds roughly 50,000 transactions
The Blocks are averaging 99% full.
Mining rewards have risen to $6.7 Million per day.
As far as signaling; Bitcoin Unlimited remains on top with 39.5% of the last 1000 blocks while SegWit has 32.4%.

Game Theory Scenarios of BIP 148
From Reddit:
Is Segwit a Trojan Horse to replace Bitcoin with Blockstream’s Liquid payment system?
It’s not a conspiracy theory, it’s a conspiracy. Blockstream exists to cripple Bitcoin and allow the legacy banks to retain control over us.


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