Tag Archives: fintech

One Bad Mother Forker: Exploring the Various Forks of Bitcoin



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A wise man once compared Bitcoin to the Model T Ford. The ancestor of the modern day automobile, the Model T lacked any safety features, was difficult to navigate, got horrible mileage and offered far less comfort than its modern day counterpart.

And just as the subsequent automobile models aimed to improve upon the flaws of the Model T, so do the various forks improve upon those of Bitcoin. A Bitcoin fork doesn’t need to have a lot in common with the original protocol. In fact, some forks can deviate greatly from Bitcoin and some can be merge-forks with other cryptocurrencies.

There are over two dozen or so Bitcoin forks to date, with more to come this year. This is by no means a comprehensive list. Frankly, not every single Bitcoin fork is worth writing about. Some will be only briefly mentioned. And the ones that are based on extraordinary projects or mass market adoption will be described in length.

The original fork BCH is also the most successful to date.

Since the forking of Bitcoin Cash (BCH) last year, by far the most well-known of all the Bitcoin forks, roughly 20 forks have been created. Though BCH is not trading anywhere near BTC, the comparison between the two coins is interesting, as illustrated at TX Highway, a live side-by-side representation of the two networks.

Bitcoin Gold (BTG)

The runner up for most well-known fork is Bitcoin Gold (BTG) has been designed with the little guy in mind. BTG employs the Equihash algorithm instead of Bitcoin’s SHA-256, This lowers the barrier to entry for mining because the algorithm is ASIC-resistant, meaning that specialized equipment like ASIC miners will not be able to mine the coin faster than the average laptop.. Their development team is also working on integrating smart contracts and the beta version of BTGPay, an e-commerce platform and debit card centered around the cryptocurrency.

Next down the line is Bitcoin Diamond (BCD). Though its name suggests the exact opposite, Bitcoin Diamond is neither rare or expensive, as it has a supply cap ten times that of Bitcoin and only trades for less than $10 each. The BCD Foundation insists that the larger max supply of BCD is intended to make mining it easier, thus lowering the bar to entry for small-time miners.

As the Bitcoin network becomes more congested with increasing trade volume, its 1MB block size limit and its block interval time of 10 minutes (that is, the average amount of time it takes for a new block to be found), creates a very obvious bottleneck resulting in higher transaction fees and longer confirmation times, bringing confirmation times to a grinding halt..

The skyrocketing network traffic led to confirmation times last year that took weeks and cost between $30 and $40 in miners fees.. Many of these forks have come into existence to offer a solution of their own to the sluggish design of the Bitcoin network.

It’s also important to consider the rate of emergency difficulty adjustment (EDA) in respect to the overall speed of a cryptocurrency. If hash power decreases significantly for a network and the difficulty for mining is based on when the network previously had more hash power, then it will take longer for the blocks to be mined, thus contributing to the speed or lack thereof for confirmation times. Bitcoin is designed to change its difficulty rate every two weeks, which can be a severe drag on speed if the rate of hash power fluctuates every day or even in a few hours. Interestingly enough, almost all of the forks will integrate or already integrated the Lightning Network.

Oil Bitcoin (OBTC)

Bitcoin SegWit 2X X11 (B2X)  has a block time of 2.5 minutes and a block limit of 4MB. Oil Bitcoin (OBTC) has a block time of 90 seconds, has a block size of 2MB and performs an EDA after every block. Bitcoin Silver (BTCS) has a block time of 30 seconds and an EDA after every block. Not to be outdone, Lightning Bitcoin (LBTC) has a block time of 3 seconds, a block size limit of 2 MB and no EDA.

Bitcoin Private (BTCP)

The public viewability of all Bitcoin transactions have raised concerns among privacy advocates for some time. Several forks like Bitcoin Private (BTCP), which is technically a merge fork between Z Classic and Bitcoin, attempt to address this flaw. Bitcoin Private employs zk-SNARK or zero-knowledge proofs to ensure that transactions can be fully encrypted on the blockchain, yet still be verified as valid. Otherwise, Bitcoin Private has all the other familiar aspects of the original protocol.

Super Bitcoin (SBTC) and BitcoinX are two forks that have integrated zero-knowledge proofs in their protocols.  Bitcoin Faith (BTF) is in the process of implementing zero-knowledge proofs proofs to shield their transactions from prying eyes. There’s even a debate currently going on whether or not to add zero-knowledge proofs to BCH.

A few Bitcoin forks are built around proposed innovations which, if successful could revolutionize cryptocurrency. One such fork is Bitcoin Atom (BCA), whose underlying technology is based on the theory of atomic swaps. This allows for the swapping of cryptocurrencies without the use of a trusted third party.

Bitcoin Atom (BCA) is based on atomic swap technology.

This proposed technology involves the use of smart contracts to make the exchange. The development team is working on BCA to be able to make atomic swaps with ten major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, DASH and Litecoin with future implementations for all other ERC20 tokens.

Bitcoin Interest (BCI) offers users a sort of interest-bearing savings account for “parking” their coins in a specific wallet for a period of time and slowly accruing interest. Described as their “savings technology”,BCI blocks offer two rewards when mined, one reward for the miners and another smaller reward for users who hold their BCI in wallets they call “interest pools”. The theory is that crypto that is sitting in one place as opposed to being traded back and forth will reduce the overall volatility of the crypto market. If this technical innovation turns out to work, we just might be looking at the beginning of the end for traditional banking.

BitcoinFile (BIFI) integrates the Bitcoin network with the IPPFS protocol.

BitcoinFile (BIFI) bills itself as a blockchain-based point-to-point distributed file system. It integrates the Bitcoin protocol with that of the Interplanetary File system (IPFS), a file system  The coin’s blockchain should be fully integrated with the IPFS protocol by fall. Imagine cryptocurrency being transferred without access to the Internet! It would be akin to the first mammal crawling out of the ocean.

As the Bitcoin code base continues to evolve, one might wonder which forks will survive, which ones will wither away and perhaps even, which one will replace Bitcoin. It’s anyone’s guess at this point. The forking of Bitcoin may lead to something as revolutionary and groundbreaking as the invention of the blockchain itself.

Ep250: Vitalik Boycotts CoinDesk, Nasdaq Crypto Exchange, Hackers Keyboard

Nasdaq CEO talks crypto exchanges once the space matures. Amazon has won a patent to help law enforcement and tax authorities track your Bitcoin transactions. Coinbase shuts off service to Wikileaks Store and Cheapair.com. GetFreeDASH accidentally gives out too much DASH. Vitalik Buterin is boycotting CoinDesk Consensys 2018 and suggests you do as well. Arizona is very close to allowing residents to pay taxes in cryptocurrency.

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Continue reading Ep250: Vitalik Boycotts CoinDesk, Nasdaq Crypto Exchange, Hackers Keyboard

Friday the 13th at LBRY Headquarters – Pedro’s Picture Tour

One of the great things about being in the Blockchain industry and living in NH is being able to connect with people who are the entrepreneurs and developers in this space. LBRY (Lbry.io) based in Manchester NH is a great example of a Blockchain project with usable code. I had the opportunity to meet and get to know the LBRY employees at their “Jason Voorhees Memorial Friday the 13th Party with LBRY”.

LBRY allows users to own and control their content vs handing it over to large corporate entities and their advertising partners.  Their code base is open source and available on Github. There are currently 6 full time employees in their Manchester NH office and well as 15 remote employees from as far away as Brazil and India. In total, LBRY has raised over 5 Million dollars.  From their website:

We think users should own their content (and their privacy) instead of handing it over to a corporate giant and their advertising buddies.

For most users, LBRY will be a place where they can find great videos, music, ebooks, and more. A vast digital library that is available on all of your devices. But LBRY is many components working together.

LBRY is first and foremost a new protocol that allows anyone to build apps that interact with digital content on the LBRY network. Apps built on the protocol allow creators to upload their work to the LBRY network of hosts (like BitTorrent), and set a price per stream or download (like iTunes) or give it away for free (like YouTube without ads).”

the beveragesGreat refreshments was the first thing I saw upon entering!

Getting back to the fun. The LBRY office had all their worldwide 21 Full Time employees working at the Manchester office for an entire week culminating in a party Friday night. Upon entering I was greeted with a large table of premium refreshments and tasty snacks from around the world. I have personally known LBRY CEO Jeremy Kauffman and some other LBRY employees from our participation in the Free State Project (fsp.org) and it was great to meet other members of the team. The air was thick with excitement and passion around what LBRY is doing.

the food The local Blockchain community came out to join in the fun.

party goers minglingInteresting discussions all night.

Brinck tending to the iceBrinck helping keep beverages cold!

As more of the local Blockchain community arrived the party only got better.  Great conversations were had and ping pong games went late into the morning hours. It’s times like these that really make me appreciate living in NH as a Blockchain enthusiast and I look forward to seeing LBRY continue to grow.

LBRY CEO plays ping pongLBRY CEO Jeremy Kauffman (right) gets some ping pong in.

They play more ping pongDid I mention there was a lot of ping pong fun?

LBRY crew having funIt was clear the LBRY team was having a great time.

LBRY confessional booth

The LBRY confessional booth was available to give feedback to the team.

All pictures were captured by Pedro Aguiar and are published as Creative Commons – Attribution.

Ep249 Telegram ICO, Verge Hack, Centra Update, and Chicken on Blockchain

Centra Update: I found an address linked to the Centra crowd sale holding 100,000 ETH. Cryptocurrency exchanges charge as much as $3 Million to list tokens and coins. Verge XVG has suffered a 51% attack due to a mining bug. French mega-grocery Carrefour SA is using blockchain technology to show consumers where their chicken dinner came from. Telegram messaging app has already raised more than $1.7 Billion in an ICO but not handing over encryption keys has brought out the Russian Banhammer! News Flash: apparently there is still some sort of debate regarding bitcoin scaling going on — someone needs to tell them the war is over. Darren throws his support behind a DASH proposal for AnyPay. JJ and Pedro visited the 300th consecutive cryptocurrency meet-up in Manchester, NH.



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Bumper music by: Lamprey
Song: Stuck up
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Traditional Financial Markets Cryptocurrency Markets
Gold $1,346 Bitcoin Cash (BCH) $764
Silver $16.75 Bitcoin SegWit (SW) $7,991
Oil $66.49 Ethereum (ETH) $507
Dow Jones 24,814 points DASH $368
30Y UST Yield 2.998%

Continue reading Ep249 Telegram ICO, Verge Hack, Centra Update, and Chicken on Blockchain

Shivom Interview with CEO Dr Axel Schumacher

In this special episode of NeoCash Radio JJ interviews Dr. Axel Schumacher the CEO and Co-Founder of Shivom. Shivom aims to start out as “23 and me” on a blockchain but has goals to add more healthcare services. Dr. Axel discusses how the platform will be blockchain agnostic but that the initial token sale will happen on the Ethereum public blockchain. The token sale has a goal of 75,000 ETH or about $37.7 Million as of this writing and starts today!



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Music: “Searching” by Eric Skiff


Visit the Shivom website to find out more.

Shivom Genetics on Blockchain Logo Continue reading Shivom Interview with CEO Dr Axel Schumacher

Accessing the Money of the Future with Technology of the Past

While most of us in the cryptosphere have a pretty good handle on the mechanics of cryptocurrency, the rest of the world is still scratching their heads over it. The widespread ignorance of cryptocurrency poses a huge impediment to its global adoption, especially in parts of the world where reliable access to the Internet and the availability of smartphones is not consistent. However, CoinText, a new crypto wallet service whose user interface runs on the SMS network may be the key to bridging that gap.

The functionality of Cointext is similar to many other automated SMS-based platforms one might use such as online banking and promotional campaigns. Anyone can generate a seed for a Cointext wallet by texting a valid command to one of the service’s access numbers. The user can then enter additional commands to check their balance, send and receive digital assets, and so on. Currently, the platform only supports Bitcoin Cash and all transactions are immediately settled on the BCH blockchain via Cointext’s proprietary algorithm to translate the SMS commands to post to the blockchain.. .

The US-based fintech company launched the beta version of its platform last month and currently only offers access numbers for six countries (the US,.Canada, Australia, South Africa, the UK, Switzerland, Sweden and the Netherlands). Users outside of these six countries are still able to use the service by texting one of those countries’ access numbers.

Cointext’s unique wallet differs from traditional mobile crypto wallets mainly because Its SMS-based platform makes the service accessible to users of older, more basic mobile phones regardless of whether the devices are connected to the Internet. Users can view their BCH address by texting RECEIVE to an access number and can send funds either in the amount of BCH or in the amount of five different fiat currencies.

Users’ BCH addresses are linked to their phone numbers which allows for users to send BCH to other Cointext users using only the recipient’s cell phone number without ever having to see the recipient’s public key. Users can also delete their text chat history as a means of hiding evidence of a crypto wallet from law enforcement who may search their phone. Doing this does not affect their wallet at all.

As is the case with any developing technology, the platform is not without some security flaws. Users’ BCH addresses and by extension, their private keys, are linked to their phone numbers. This poses a serious problem as Cointext currently offers no resolution for the loss of funds if a user changes their phone number or loses their phone.

This revolutionary crypto service is particularly beneficial to billions of people in developing countries where neither smartphones, traditional bank accounts or consistent Internet access are common

Cointext plans to launch a wave of access numbers for additional countries next month and is looking for feedback from the 2,000 people experimenting with the beta version. The development team also plans to implement support for non-English speakers in the next version of the platform. From there, Cointext may become the first of many such services to introduce various digital currencies to the rest of the world.

Top 3 Crypto Hardware Wallets under $100 NeoCash Reviews

Pedro Picks the Top cryptocurrency hardware wallet under $100 in this special episode of NeoCash Radio. We take a look at the Trezor One, Ledger Nano S, and the KeepKey. In the video version we show how to initialize the wallets, send, and receive transactions. Finally Pedro shares his review of the wallets, likes/dislikes, and his top pick!

Please note the audio version of the show does not contain the wallet initialization and testing due to the need for a visual element.



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Music: “Hustle” by Kevin MacLeod

NeoCash Reviews Cryptocurrency Hardware Wallets

Let’s start by discussing how crypto wallets work and why they should be used.  The private keys to any cryptocurrency are used to both generate the wallet addresses as well as authorizing the transfer of coins.  Anyone with the private keys can spend from that wallet and this is why it is critical to keep these private keys off line and secure for any wallet with significant funds.  While mobile devices are great for convenience, think of them as your physical traditional wallet that contains cash, it should only have amounts you can live with losing.

Securing your private keys can be done with using a hardware wallet that keeps your private keys offline in a secure area of the device. These private keys can never leave the device so in order to spend funds, an unsigned transaction is sent to the device where you have to physically press a button that will allow the device to sign the transaction with the private key.  The signed transaction can then be broadcast without fear the private keys were ever exposed.

Hardware wallets are backed up with a 12 or 24 word passphrase which is the “backup” of the wallet.  Multiple copies of these should be secured in multiple locations. The passphrase should never be photographed, typed into any digital document, or photocopied.  Additionally, with these Hardware wallets you compare the address funds are being sent to with the address that will be displayed on the device. This protects you in case someone compromised the java code or app that is used for wallet functions on your computer

When purchasing any of these hardware wallets, it’s recommended to do so from either the manufacturer or a reputable vendor like Amazon.  Someone who purchased a Nano Ledger S from ebay lost funds because the scammer generated a key and then made the backup card look like a “scratch off” to reveal a unique private key.  All of these hardware wallets should be initialized and a new seed generated.

Be sure to store multiple copies of your seed phrase in multiple locations!

Any one of these wallets will secure the private keys to the coins they support and are much more secure than keeping private keys on computers & mobile devices.  If the hardware wallet is lost or destroyed, they can be restored using the backup passphrase.


If you are looking for a specific review please contact pedro@neocashmedia.com


Support NeoCash Radio!

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Travin Keith Interview : Episode 1

In this special NeoCash interview I discuss crypto with Travin Keith. Travin has been a big part of many projects in the blockchain space including: Hyperledger, NXT, ARDOR, SICOS, Agavon, Byteball, Smart Cash, and more! Travin is planning a move to Zug, Switzerland a hot spot for crypto development.



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Music: “Roads that burned our boots” by Jahzzar


Check out Travin’s website at: https://agavon.ch/


If you are looking for an interview on NeoCash Radio please contact jj@neocashmedia.com


Do you shop on Amazon.com? Want to spend bitcoin and support NeoCash Radio? Then sign up for purse using our affiliate link here: https://purse.io/?_r=neo

After your first transaction is complete you will earn 10$ from Purse! And anytime you set a discount above 5% you will be helping donate a small amount to NeoCash Radio!


Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!



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Bumper music by: Lamprey
Song: Stuck up
http://freemusicarchive.org/music/Lamprey/The_Greener_Grass/Stuck_Up


Traditional Financial Markets Cryptocurrency Markets
Gold $1,334 Bitcoin Cash (BCH) $715
Silver $16.43 Bitcoin SegWit (SW) $7,441
Oil $63.47 Ethereum (ETH) $406
Dow Jones 23,758 points DASH $339
30Y UST Yield 3.012% Litecoin (LTC) $129

Continue reading Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Neptune Dash Interview with Director Troy Wong

Pedro and I interview Troy Wong from Neptune Dash. A DASH masternode company that is publicly traded in Canada. We discuss the trend of blockchain companies starting up in Canada and what the future holds!



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Music: “Bacterial Love” by Role Music


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