EB45 – State of Bitcoin Q3 2014: Price, Payment Infrastructure, Adoption, Investment, Regulation
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Every quarter CoinDesk puts out its excellent State of Bitcoin Report providing a snapshot of where the Bitcoin ecosystem is at. We took this opportunity to go back to our original formation and have a discuss of the report and the state of Bitcoin in general. It was lots of fun!
The topics we covered included: - Bitcoin Adoption Metrics - Our January Predictions - The continually slumping Bitcoin price - Merchant adoption - Startup activity and VC investments
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From BitShares to his central role during the inception of Ethereum Charles Hoskinson has continually influenced key projects in the blockchain and cryptocurrency space. After departing the Ethereum project in 2014, he has recently stepped back into the limelight by pledging support and resources to turn the fledgling Ethereum fork ETC into a viable project.
Charles joined us together with Alex Chepurnoy, a developer at his company IOHK. Besides Ethereum Classic, we talked about IOHK and Scorex, IOHK's modular blockchain framework project that Alex Chepurnoy has been leading.
Topics covered included:
- The vision and activities of IOHK
- Scorex: A Modular Blockchain Framework
- Conflicts of vision that lead to Charles' departure as original CEO of Ethereum in 2014
- Why the hard fork broken Ethereum's social contract
- Why ETC should differentiate and find its own path
- The role governance could play in ETC's future
Links mentioned in this episode:
- IOHK Scorex http://bit.ly/2bqM65q
- IOHK - Input Output Hong Kong Website http://bit.ly/2aRE2sN
- Charles Hoskinson: Hoskus Parvum Opus: A Brief Sojourn Back to Ethereum http://bit.ly/2aTQH44
- Ethereum Classic: keep censorship-resistant Ethereum going http://bit.ly/2brVMzc
- ETC Declaration of Independence http://bit.ly/2bq8QmI
- Let's Talk Bitcoin #304 Immutability vs Consensus Debate http://bit.ly/2aSjxvE
Sponsors:
- Ledger Nano: Smart card security for your Bitcoins - Get 10% off your first order when you use the code EPICENTER at http://ledgerwallet.com
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices http://jaxx.io
Show notes: http://epicenterbitcoin.com/podcast/144
YouTube: http://youtu.be/5040I0PW7rc
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-144
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
- Visit our website: http://epicenterbitcoin.com
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With Proof-of-Stake (PoS) a blockchain is secured not by spending an external resource such as electricity but by using value internal to the chain itself. The promise of higher security at a lower cost is what also drives Ethereum to plan a move away from Proof-of-Work to PoS in the future.
Ethereum researcher Vlad Zamfir, who leads their effort in the complex search for the optimal PoS consensus system joined us for an in-depth discussion of the challenges of PoS, the approach Casper is taking and what consensus in Ethereum land could look like in the future.
Topics covered included:
- How he became interested in consensus and Proof-of-Stake (PoS)
- Why Ethereum plans to switch to the PoS systems Casper in the future
- What the Long-Range Attack and Nothing-at-Stake problems are and how Casper addresses them
- How a betting mechanism is used to get validators to reach consensus
- What centralization pressures exist for validators and what operating a validator will look like
- The role of security deposits in Casper
- The difference between Tendermint and Casper
- Whether forks create big UI/UX issues for Casper
- Why Casper is very light client friendly
Links mentioned in this episode:
Links:
- Introducing Casper - Ethereum Blog http://bit.ly/1ONermJ
- Review of Casper, Ethereum’s proposed Proof of Stake Algorithm http://bit.ly/1YcWG1G
- Casper Protocol Specification http://bit.ly/1Nzi8GI
- Slasher, Ghost and Other Developments in Proof-of-Stake http://bit.ly/1NziInC
- Epicenter Bitcoin Episode 58 with Vitalik Buterin on Proof-of-Stake http://bit.ly/1PKdHNK
Sponsors:
- Hide.me: Protect your privacy and personal data with a free VPN account at Hide.me/epicenter
Show notes: http://epicenterbitcoin.com/podcast/105
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-105
Epicenter Bitcoin is hosted by Brian Fabian Crain & Sébastien Couture.
- Visit our website: http://epicenterbitcoin.com
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- Twitter: http://twitter.com/epicenterbtc
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In their relatively short lifespan, blockchain technologies have already undergone significant milestones. Bitcoin’s blockchain, often referred to as Blockchain 1.0, features a simple database ledger that records transactions in a chronological order and represents the state of the network to participants. Ethereum, or Blockchain 2.0, introduced the notion of smart contracts. Microsoft’s Bletchley Project introduces a new modular architecture which might mark a new milestone for blockchain technologies.
Marley Gray, Principal Program Manager Blockchain at Microsoft, joins us to talk about Microsoft’s approach to blockchain architecture. With enterprise in mind, Bletchley introduces the concept of “Cryptlets”, the core building blocks for introducing a secure middleware tier into blockchain application infrastructure. These computational units, running off-chain, on secure trusted container enclave hardware, could provide trusted data to on-chain smart contract logic.
Topics discussed in this episode:
- Marley’s background and experience at Microsoft
- Why Microsoft is aggressively pursuing blockchain technologies (compared to other large tech companies like Amazon, Google, Facebook, etc)
- Microsoft’s Azure Blockchain-as-a-Service offering
- Project Bletchley, its goals and the problems it is trying to address
- The primary use cases in which Bletchley may provide value
- How Bletchley addresses the issue of deploying consortium style blockchains
- What are Cryptlets and how do they relate to Bletchley
- How Cryptlets are different from Oracles
- How Cryptlets could provide data to Ethereum-style smart contracts
Links mentioned in this episode:
- Bletchley Whitepaper: https://github.com/Azure/azure-blockchain-projects/blob/master/bletchley/bletchley-whitepaper.md
- Blockchain as a Service (BaaS) | Microsoft Azure: https://azure.microsoft.com/en-us/solutions/blockchain/
Sponsors:
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices - http://jaxx.io
This episode is also available on :
- Epicenter.tv: https://epicenter.tv/161
- YouTube: http://youtu.be/avAouD1UHH4
- Souncloud: http://soundcloud.com/epicenterbitcoin/eb-161
Watch or listen, Epicenter is available wherever you get your podcasts.
Epicenter is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
Support the show, consider donating: 1MiCgB2bRo1kRgzHx2QbahX6vbmgTbxQ2H (http://bit.ly/1Yt7I2n)
One of the foundational problems in payment networks is that they are mostly uninteroperable. This problem exists at all levels, from consumer payment solutions like PayPal, to national and multi-national banks. This complexity is brought on by the proprietary nature of payment networks, and moving value from one to another requires a negotiation between parties on which common payment network to use in a transaction. We saw similar problems in the early days of the Internet, assembled around protocols which allow for data to be routed and move between networks in a standardized way.
We're joined by Stefan Thomas and Evan Schwartz, co-creators of Interledger. This neutral protocol would bring the same level of interoperability we know take for granted around the flow of data, to payments, thus allowing money to move freely across networks. A market maker, who holds accounts in both networks, would receive funds in escrow from a sender, and move funds to an escrow account with the receiver, getting paid by the sender when he shows the proof the funds were delivered to the receiver.
Topics discussed in this episode:
- What is Interledger and what problem is it trying to solve
- Interledger's architecture
- How connectors and routing works, and how we may compare it to the way data flows on the Internet
- Cryptographic Escrow and its role in Interledger
- Requirements for payment solutions to become Interledger compatible
- Interledger's community group at the W3C
- How Interledger applies to micropayments
- Ripple's role in Interledger
Links mentioned in this episode:
- Interledger: https://interledger.org/
- Interledger Whitepaper: http://interledger.org/interledger.pdf
- Interledger + WebTorrent - Demo by Evan Schwartz: https://www.youtube.com/watch?v=525Z7Ck0ffY
- Interledger Architecture: https://stackedit.io/viewer#!provider=gist&gistId=f534bfb53dfffb980c66&filename=interledger-architecture.md
- Interledger Github: http://github.com/interledger
- Interledter Slideshare: http://slideshare.net/interledger
- Ripple Labs: https://ripple.com/
- Episode 92 with Stefan Thomas: https://epicenterbitcoin.com/podcast/092/
Sponsors:
- Hide.me: Protect your privacy and personal data with a free VPN account at Hide.me/epicenter
Show notes: http://epicenterbitcoin.com/podcast/131
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-131
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
- Visit our website: http://epicenterbitcoin.com
- Subscribe to our newsletter: http://epicenterbitcoin.com/newsletter
- Twitter: http://twitter.com/epicenterbtc
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A pioneering feature of Bitcoin is verifiability of transactions: It is designed to enable low-power devices and high end computers alike to be able to verify occurrences on the blockchain.
This observation led our guest, Adam Gibson, to wonder why webpages aren't so easily verifiable as a Bitcoin transaction? Can I prove to you that I have certain bank account balance over the internet? Why do we submit photocopies of passports rather than furnishing a cryptographically verifiable proof of citizenship by logging on to a Government site?
Born out of this intellectual itch is the TLS Notary protocol. It pioneers a new kind of auditing that enables participants to prove that a certain https page was in their browser. This protocol paves the way to brilliant designs for Proof of Reserves, Smart contract oracles and Decentralised fiat-to-bitcoin exchange.
Topics covered included:
- Why is the current Web structured to be not easily verifiable?
- What is TLS and how does it work?
- How TLS differs from SSL.
- The TLS Notary protocol
- Capabilities and limitations of TLS Notary.
- Applications of TLS Notary including provably honest smart contract oracles.
Links mentioned in this episode:
- The TLS Notary website: https://tlsnotary.org/
- Oraclize, the provably honest oracle service: http://www.oraclize.it/
- The TLS specification (TLS 1.0 RFC 2246): https://www.ietf.org/rfc/rfc2246.txt
Sponsors:
- Ledger Nano: Smart card security for your Bitcoins - Get 10% off your first order when you use the code EPICENTER at http://ledgerwallet.com
- GTEC: Apply now to enter the GTEC Blockchain Contest and win prizes worth €50k http://epicenterbitcoin.com/gtec
Show notes: http://epicenterbitcoin.com/podcast/119
SoundCloud: https://soundcloud.com/epicenterbitcoin/eb-119
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
- Visit our website: http://epicenterbitcoin.com
- Subscribe to our newsletter: http://epicenterbitcoin.com/newsletter
- Twitter: http://twitter.com/epicenterbtc
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As the cost of computing continues to plummet, the number of connected devices is increasing dramatically. In the future powerful computing capacity will be in billions of devices ranging from the lightbulb to the car door to new wearables. This new internet of things (IoT) will dramatically change our lives.
Paul Brody, a Technology Strategist and the former VP of Mobile and IoT at IBM, joined us for a discussion of where the IoT is going. We discussed their white paper on why a decentralized, blockchain-based internet of things could solve the problems of the current IoT in terms of privacy, scalability, and business models.
Topics covered included:
- What the Internet of Things and its core value proposition is
- Why the current IoT business models are broken
- How a decentralized IoT infrastructure would be more secure, scalable and economically feasible
- What role the blockchain could play in a decentralized IoT
- The three components of IBM’s ADEPT proof-of-concept
Links mentioned in this episode:
- IBM Democracy of Devices Whitepaper: http://ibm.co/1HKIVAF
- Paul Brody IFA Talk: http://bit.ly/1aJYLOp
- IBM Empowering the Edge Report: http://ibm.co/1EiZlAF
- IBM Empowering the Edge Use Cases: http://ibm.co/1H7b0TM
- IBM & Samsung ADEPT Demo at CES: http://bit.ly/1zAXDTL
Sponsors:
- Buy and sell alt coins instantly with http://ShapeShift.io
Show notes: http://epicenterbitcoin.com/podcast/075
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-075
Epicenter Bitcoin is hosted by Brian Fabian Crain & Sébastien Couture.
- Visit our website: http://epicenterbitcoin.com
- Subscribe to our newsletter: http://epicenterbitcoin.com/newsletter
- Twitter: http://twitter.com/epicenterbtc
Support the show, consider donating: 17JDvCdr45fkEppAtJpx8fuCcezvY6WFgg (http://bit.ly/2dZUdqN)
In 2012, a year after discovering Bitcoin in Argentina, Dutch economist Tuur Demeester became one of the first people to advocate investing in Bitcoin to a mainstream audience. Tuur joined us to discuss his thesis for investing in Bitcoin and how it has evolved over time. We also talked about the road ahead and how other cryptocurrencies and Ethereum compare as investment opportunities.
Topics covered included:
- How Tuur discovered Bitcoin in Argentina in 2011
- The case for investing in Bitcoin
- The current state of Bitcoin and metrics he looks at
- Projections for the Bitcoin price
- How Bitcoin compares to gold
- The current state of the financial markets
Links mentioned in this episode:
- How to Position for the Rally in Bitcoin Report http://bit.ly/2dra54G
- Why I'm Short Ethereum (and long Bitcoin) http://bit.ly/2d7Ns4p
- Why Bitcoin is the Petroleum of Our Time http://bit.ly/2e0CWwE
- Bitcoin - Why It Now Belongs in Every Porfolio http://bit.ly/2dEgb4L
- Adamant Research Podcast on Soundcloud http://bit.ly/2ekfQ8f
- Tuur Demeester Twitter http://bit.ly/2dPaYp8
Sponsors:
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices http://jaxx.io
- Hide.me: Protect your privacy and personal data with a free VPN account at Hide.me/epicenter
Show notes: http://epicenter.tv/152
YouTube: http://youtu.be/45TVlYsXgCU
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-152
Epicenter is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
Support the show, consider donating: 1C2hPWvXCNG7GPk5rzkKfXwHoqjKMZuy7e (http://bit.ly/2dg5ipO)
Last week the biggest blockchain-focused developer conference took place in Shanghai, China: Ethereum's DevCon 2. Epicenter show host Meher Roy was at the conference and brought back his impressions and insights for a comprehensive discussion of the current state of Ethereum projects and the Ethereum community.
Topics covered included:
- What Ethereum's developer conference DevCon 2 was like
- The big change in going from concepts to alpha version over the last year
- The continued lack of sustainable business models in Ethereum
- The lack of interest by Venture Capitalists and the big tech companies in Ethereum and blockchain technology
- The current state and incentive problems of crowdsales
- Three areas of focus in Ethereum: Scalability, Privacy and Governance
- The search for the next protocol
Links mentioned in this episode:
- Ethereum Foundation Website http://bit.ly/1IBWsHV
- Ethereum YouTube Channel http://bit.ly/2dls6Wl
- Insanity and Brilliance at Ethereum's Developer Conference http://bit.ly/2dmqSX4
- Melonport: Decentralized Asset Management on Ethereum http://bit.ly/2dwAGkD
- Golem: Worldwide Supercomputer http://bit.ly/2dwAVvR
- Metamask: Ethereum Browser Extension http://bit.ly/2dtZFCa
- Cosmos Whitepaper http://bit.ly/2du03Au
Sponsors:
- BitFiniti Conference in Miami Beach Oct 30 - Nov 2: Go to bitfiniti.com/epicenter for discounts on registrations and presenter packages
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices http://jaxx.io
Show notes: http://epicenter.tv/150
YouTube: http://youtu.be/fZEgDubXtpU
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-150
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
Support the show, consider donating: 1PDMqgBrD6jP5Deh33Xw6PUMFm1ZUY9u66 (http://bit.ly/1VLG29H)
As the blockchain field continues evolving rapidly, Sebastien, Meher and Brian take some time to discuss the current environment and the longer term implications of blockchains. We discussed how smart contracts could affect the pace of innovation and the competitiveness of industries. We also talked about the role DAOs will play and what we can take away from the current DAO crowdsale and its connection with Slock.it.
Topics covered included:
- How companies running on smart contracts could impact the pace and cost of innovation
- A smart contract-based insurance example
- Why smart contracts and blockchains will challenge our understanding of organizations
- The current state of DAOs
- Slock.it and the DAO crowdsale
Links mentioned in this episode:
- Maciej Olpinski's Blog http://bit.ly/1TpCHrO
- Slock.it http://bit.ly/1TFubHO
- The DAO http://bit.ly/1rqMnvJ
- EB108 - The Big Chain Powwow http://bit.ly/1QMZvQp
Show notes: http://epicenterbitcoin.com/podcast/129
SoundCloud: http://soundcloud.com/epicenterbitcoin/eb-129
Epicenter Bitcoin is hosted by Brian Fabian Crain, Sébastien Couture & Meher Roy.
- Visit our website: http://epicenterbitcoin.com
- Subscribe to our newsletter: http://epicenterbitcoin.com/newsletter
- Twitter: http://twitter.com/epicenterbtc