TxTenna looks to combine mesh network with bitcoin transactions, allowing for users to transact offline. A partnership between Samourai Wallet and goTenna makes this possible. Samourai Wallet is an Android application that when used with goTenna’s antennas, will allow users to send transactions to their recipients.
The Last Push for Decentralization
Mesh networks are a concept where users connect directly with each other. This aligns with the philosophy of Bitcoin and cryptocurrency of using a P2P infrastructure.
goTenna’s offerings are also affordable, making mesh networks a practical alternative to traditional networks. Less than 25 nodes are needed for a well-connected network in a three-by-three-mile area; similar technologies would need hundreds of nodes to achieve similar results.
Most transactions today require a connection from either an ISP or cellular tower, a centralized choke point in an otherwise decentralized system.
This raises concerns in case of a cybersecurity attack, or periods of downtime if a natural disaster were to destroy infrastructure. goTenna’s Decentralized Applications Engineer Rich Myers told Bitcoin Magazine:
“Mesh networks are the only legitimate alternative to these traditional centralized communication networks. They are completely decentralized and democratized, leaving the power of communication in the hands of the people. Beyond that, they are much more resilient to unforeseen disasters — the only thing these networks need to function is a mesh networking device paired with a smartphone.”
How Does TxTenna Work?
In terms of what this means for bitcoin users, txTenna will enable transactions to be sent and received with virtually 100 percent uptime. Once a transaction is signed in the mobile wallet, the offline transaction is passed to the TxTenna app and broadcast to nearby mesh nodes with a paired goTenna mesh device. The transaction is relayed by goTenna devices in the area until an internet-connected node receives it and forwards to the Bitcoin network.
After discussions with Samourai, the goTenna team’s suggestion was taken on board, as In the Mesh wrote on May 14:
“We suggested using the free goTenna SDK to build an app for broadcasting offline bitcoin transactions via goTenna Mesh devices. Today we are pleased to announce that the Samourai team took our suggestion, and went well beyond our expectations! The result is the TxTenna app.”
With no reliance on a third party, there is no risk of downtime or security. Samourai has always been a privacy-conscious wallet with features like PayNyms and Ricochet, features that increase fungibility and security.
There is no specific release date, but progress on the project will be announced later in 2018. While it’s not the first to look into alternative ways to access the blockchain, it is the most viable. The software and hardware required already exists, and all that’s needed is a bridge between the two to make it a reality. Along with initiatives such as Blockstream’s satellite, TxTenna will aid individuals in developing economies where bitcoin adoption may have been lagging due to inadequate infrastructure.
EXCLUSIVE: Bitcoin ETF approval is imminent
Could Securities and Exchange Commission (SEC) commissioner, Elad Roisman be the missing piece to the approval of Bitcoin ETF? That thought is as a result of a meeting between commissioner Roisman and options exchange CBOE, investment management firm VanEck alongside blockchain technology company SolidX.
The Bitcoin exchange-traded fund (ETF) was proposed in June but got denied by the federal regulation. The next deadline for the decision to be made is December, and for now, it seems that the approval confidence is ‘high’.
All issues seem to be resolved, Bitcoin ETF approval imminent
The SEC had highlighted some issues on the bitcoin ETF proposal that they said were the major reasons for the denial. Now if we look at the meeting comments, during the discussion, SolidX, VanEck, and CBOE convinced Roisman that all the cited issues had been addressed and the proposal is ready for approval.
According to sources, the issues raised and cited by SEC concerning the approval of Bitcoin ETF earlier are now fixed; such as the existence of a significant regulated derivatives market for Bitcoin, relevant markets such as bitcoin futures, CBOE, and OTC desks are all regulated. The presentation also emphasized that two other major SEC anxieties including Bitcoin price manipulation concerns mitigation as well as investor protection are ensured now.
Reasons to be Optimistic
First, it’s reported that commissioner Roisman is the first federal regulator to publicly meet with the representatives from the three groups. Furthermore, the current wisdom has it that Roisman is a strong supporter of cryptocurrency (which is yet to be proved until Roisman officially votes). But the fact that he’s taking this consideration seriously, at least for now, is a reason to be optimistic.
If Roisman is indeed a supporter of the Bitcoin ETF, it means two out of five SEC commissioners will be ready to approve it, with Hester Pierce being the other SEC commissioner who has indicated her friendly position already.
Besides, SEC’s Kara Stein, who voted ‘NO’ to ETFs before, is expected to leave office in December and it’s rumored that democrat Allison Lee will replace Stein. Perhaps, this seems to be another potential opening for the approval of ETF.
Subsequently, VanEck has all investor protection issues taken care of with zero leverage as well as accredited investor protection. All these factors only indicate that a bitcoin ETF approval is imminent. Also, with the date set for the ICE’s Bakkt exchange on December 12this year, this will begin to clear bitcoin futures which were among the issues that led to the denial of the proposal initially.
— Barry Silbert (@barrysilbert) October 23, 2018
With all indications pointing only to one direction – approval, it’s merely a matter of time before Bitcoin ETF gets approved or it’s even inevitable.
Champion Shave to Launch Champion Coin ICO with Usain Bolt, Ronaldinho and Dominique Wilkins
Champion Shave to Launch Champion Coin in an ICO in 2019 Q2
Champion Shave, a superstar-owned shaving company, has outlined its intentions to launch its own cryptocurrency token. The company was established in 2016 by 100m world record holder, Fusain Bolt, soccer legend, Ronaldinho, and NBA legend, Dominique Wilkins.
Since its inception, the company has sold over 10 million razor products. The products are available in 17 countries across the world. According to Manny Bains, the CEO of Champion Shave, the firm is revolutionizing the men’s grooming sector that is valued at $47 billion. They intend to further this transformation by adopting a blockchain-based solution for their supply chain and customer data management.
Manny states that Champion Shave will use blockchain technology to track the entirety of the supply chain. This would reduce expenses and enhance efficiency by offering a transparent, unalterable and decentralized ledger for tracking movement of freight. Moreover, Champion Shave will conduct an ICO where it will issue its cryptocurrency token, called Champion Coin.
The objective of the Champion Coin and Champion Shave blockchain ecosystem is to eliminate intermediaries and charges in cross-border transactions. In addition to increased efficiency, Champion coin users will get rewards and discounts for shaving products.
Champion Coin ICO
The presale phase of the Champion Coin ICO is expected to start on October 29. The event will be backed by a specially curated marketing campaign meant to appeal to sports fans as well as crypto hobbyists. The main token sale is expected to go live in Q2 2019.
David Trezeguet, a former football star, will represent tie Champion Coin ICO during the Malta Blockchain Summit scheduled for November 1. Trezeguet said that he was excited by the launch of the token, adding that it would be useful to all members of the Champion Shave fraternity.
Debating Satoshi Nakamoto’s Original Vision Between Blockchain Ledgers or Tokens
According to Adam Krellenstein, co-founder and CTO at Symbiont.io, says that ten years after the anniversary of Bitcoin’s creation, the community is in a crisis. Symbiont.io is a fintech company that focuses on traditional financial markets and blockchain technology.
Mr Krellenstein says that he has been working during the last decade in order to produce new blockchain protocols that go beyond Satoshi’s original proposal. However, it seems that the industry is still struggling to answer important questions related to the nature of this technology and how it should improve society.
The author explains the struggle to understand the relationship between Bitcoin and distributed ledger technology (DLT). For him, there are some blockchains that want to create smart contracts, while others aim at creating tokens. Additionally, there is a debate on whether blockchain networks should be permissioned or not. Krellenstein believes that token systems are more useful than smart contracts when they are based on a public blockchain consensus protocol.
He mentions that Satoshi Nakamoto was right about the best use of blockchain technology. In this way, he created a payment system and a virtual currency (Bitcoin) that is nowadays the most popular and, perhaps, one of the most resilient in the market.
However, Krellenstein says that he spent a lot of time thinking about this issue and that he analyzed it very well when he created the cryptocurrency Counterparty and Symbiont. He goes on describing how Counter-party and Symbiont work and how they were created.
On the matter, he explained:
“Counterparty is a public blockchain smart contracts platform, albeit one focused on token issuance and trading, while Symbiont is a fintech company that develops and licenses its permissioned blockchain-based smart contracts system to improve the infrastructure of traditional financial markets.”
He said that while working on Counterparty and watching Ethereum – one of the largest virtual currencies and blockchain networks in the market – he saw that although both systems were built to support smart contracts, they were primarily used to create and transfer tokens.
Moreover, he explains that their vision was to create a trustless network of decentralized finance, and in order to do so, they implemented smart contracts for token balances, prediction markets, transparent elections and many other features. Nonetheless, those using Counterparty were focusing around its token rather than on other applications.
Krellenstein says that Ethereum makes it difficult to create real applications using the Solidity language. For him, one of the most advanced Ethereum smart contracts is related to CryptoKitties, something that is very similar to other games launched on Counterparty before. Although both platforms, Counterparty and Ethereum, were created to perform many other powerful things, they are exclusively used for tracing tokens.
This is why he thinks that smart contract systems for the general public are not a good idea. Additionally, he says that efficiency is sometimes more important than universality and that interaction among individuals is not yet as complex enough to justify a not efficient decentralized computer program.
Permissioned blockchains could work properly for some participants such as insitutions, governments or corporations. With these blockchains, it is possible to improve consistency and correctness of the current infrastructure.
This is something that some companies such as JP Morgan are already implementing and something that they properly understood.Quorum is the network that has been developed by the recognised bank and that is being used by different institutions and parties.
Krellenstein explains that blockchain can be valuable when replacing a consistent centralized system with a consistent decentralized one. He concludes saying that blockchain technology could become valuable as well when turning an inconsistent decentralized system into a consistent decentralized system.
“The conclusion that I’ve come to is that, just as was originally envisioned by Satoshi Nakamoto, the greatest use of a public blockchain is in fact as a digital currency and payment system,” he says. “Generalizations of Satoshi’s innovations in the time since he launched bitcoin, manifest partly in the enterprise DLT space, are not competitive with bitcoin.”
Perhaps, instead of replacing fiat currencies, blockchain technology could be used to build new databases that support workflows that are un-amenable to management within traditional client-server frameworks.