The Proposal of Establishing the Bitcoin Cash Standard Organization 7275

On August 31 the CEO of the firm Viabtc, Haipo Yang, published a blog post proposing the establishment of a standardization organization like the World Wide Web’s W3C consortium. Haipo Yang wants to start a similar group called the Bitcoin Cash Standard Organization (BCSO) in order to create standards and achieve better transparency when it comes to BCH consensus proposals.

Haipo Yang: In the Statement, “Bitcoin” always stands for Bitcoin Cash

As a consensus protocol, Bitcoin has been defined by its softwares since its birth in 2009. Though we have a Bitcoin white paper, the white paper doesn’t give any definition of the details of consensus protocols, e.g., block size, time, difficulty adjustment rules etc. This leads to big differences in regard of “What is Bitcoin” and is not good for implementation of multiple clients and the competition between them. Clients with major market share have too much say in changes of protocols. For example, in the debate of Bitcoin scaling, Bitcoin Core team led to the split of Bitcoin community, doing huge harm to Bitcoin development. I believe that Bitcoin needs to separate protocols from implementations because this will help improve participation of more developers, and market diversity with multiple clients running, which also introduces effective competition. I don’t think that the Bitcoin protocol should be tied to any specific client, and rather, developers should focus on building faster, more stable and user-friendly software implementations compatible with standard protocols, instead of modifications of protocols. And I believe that the Bitcoin protocol should keep evolving to meet the demands of scaling and the market. By standardizing Bitcoin, we can give a clear definition of Bitcoin and therefore solve community disparity.

We can find many examples of standardization in the development of the internet. There are standardization organizations like W3C in the development of the World Wide Web, who sets standards to improve cross-industry compatibility and protocols. Browser companies competed to win market share with better browser products and push forward growth of the Web with protocol improvement by W3C. Email protocols are the oldest and most influential protocols in the internet history. Bitcoin’s consensus protocol is similar to email protocols — it’s impossible to send emails if the client is incompatible with the protocol. Email protocols are now defined by a series of RFC files. It’s hard to imagine if the protocols are defined by one client with which the diversified clients and applications today won’t be possible. Another example is the development of computing languages. C language was born in the 1970s, and was so influential that almost all operating systems now are using C. In the early stage, grammars of different compilers were not completely compatible. In the 1980s, the National Institute of Standards and Technology of the US standardized C language with “ANSI C”, putting an end to the chaos. Now the C language is defined by standardized documents instead of any certain compiler.

Bitcoin is a consensus protocol which should be defined by documentation instead of software codes. The consensus protocol includes block format, block size, transaction format, opcode, difficulty adjustment algorithm, transaction ranking rules etc. It does not include P2P protocol or RPC command. Any client that compatible with the consensus protocol can come to the same the results by resolving the blockchain. Client protocols should avoid undefined operations to lower down forking possibilities. We should be extremely careful when it comes to any protocol modification because any modification will require consensus of all clients, otherwise, a fork will happen.

Together we will standardize Bitcoin by establishing the Bitcoin Cash Standard Organization (BCSO). BCSO will give the definition of “Bitcoin” with standard protocol documentation. With the BCIP (Bitcoin Cash Improvement Proposal), BCSO will collect advices and suggestions of protocol standard as well as feedbacks for BCIP from the community. BCSO will regularly release the BCIP with updated standard documentation and help all clients with the updates. BCSO will also hold developer conferences to explore new Bitcoin technologies and growth.

With BCSO, the modification process of Bitcoin consensus will be more public and transparent. While proposing a BCIP, a developer should include essays, reference implementation, test results etc. so that the public and peers could have a more profound understanding of the change. BSCO will allocate BCIP No. for each proposal, collect suggestions from the community and call votes for the proposal via a method that’s commonly agreed by the community. According to the result of BCIP, BCSO will update the Bitcoin Standard Protocol regularly and set a timetable for software implementation and network activation in coordination with network upgrade.

I believe that Bitcoin Cash Standard Organization (BCSO) will guarantee the development for Bitcoin, and help the community reach a broadest consensus.

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Bitcoin Association launches Introduction to Bitcoin Development online course at Bitcoin SV Academy 16843

Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces the official launch of the Introduction to Bitcoin Development course at Bitcoin SV Academy. The course is available free of charge and can be accessed from today at http://bitcoinsv.academy.

Introduction to Bitcoin Development is part of the Bitcoin Development stream of Bitcoin SV Academy and has been designed to equip application developers with the skills, tools and techniques required to build applications on the Bitcoin SV network. The course covers Bitcoin as a data protocol – including reading, writing and advanced functionalities with the Bitcoin ledger, payment protocols, token protocols and smart contracts. At the conclusion of the course, participants will be tested on their knowledge through an online examination, with a course certificate available upon successful completion for those who have demonstrated proficiency and understanding of the subject matter.

Bitcoin SV Academy is an online education platform for Bitcoin which offers academia-quality, university-style courses and learning materials in three distinct streams, Bitcoin Theory, Bitcoin Development and Bitcoin Infrastructure. Developed and run by Bitcoin Association, Bitcoin SV Academy has been created to make learning about Bitcoin – the way creator Satoshi Nakamoto designed it – accessible, accurate and understandable.

The launch of Introduction to Bitcoin Development today follows the successful rollout of Introduction to Bitcoin Theory – the first course to be launched on Bitcoin SV Academy – in December 2020. Later this year, the first module in the Bitcoin Infrastructure stream Introduction to Bitcoin Infrastructure is due to launch, followed by intermediate and advanced level courses across the three streams.

ZIM & Marius Nacht complete additional investment in WAVE BL, a leading provider of a paperless Bill of Lading solution 16986

ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) and Marius Nacht, one of Israel’s leading serial entrepreneurs and investors, announced today that they have jointly invested in a Series B Financing round of WAVE BL, a developer of groundbreaking blockchain network supporting paperless trade in the shipping industry. The two investors co-lead a round of approximately $8 million that will accelerate global implementation of WAVE BL’s proven technology.

ZIM pioneered the first paperless electronic bill of lading pilot in the shipping industry in 2017 using WAVE BL’s platform and has since widely expanded its use to become the industry leader. Electronic bill of lading is currently offered to ZIM customers worldwide, requiring only a simple onboarding process which is supported by ZIM.

Digitization of bills of lading is revolutionizing shipping documentation, sharply reducing time, complexity, errors and costs for all parties involved, while maintaining a high level of security and, importantly, being far more sustainable than the traditional paper bill of lading.

Aligning with international rules, standards and insurance coverage such as IG P&I Clubs and eUCP 600, WAVE BL’s one of a kind decentralized, digital documentation solution is changing the shipping industry as it becomes the new industry benchmark enabling secure and efficient remote business continuity.

Proceeds will be used to support development of WAVE BL’s business and further implementation of its pioneering technology supporting paperless trade in the shipping industry, as well as in other sectors.

ZIM President and CEO Eli Glickman: “Our early adoption of WAVE BL’s blockchain based platform to promote paperless trade highlights our leadership in utilizing digital strategies to best serve customers and has proven extremely successful for ZIM and for changing the industry. Today, ZIM is an industry leader in paperless shipping processes, and we are seeing growing interest from others in our sector to adopt the platform reflecting the significant benefits it provides to both customers and carriers. This new investment in WAVE BL is a step forward in the path to a more digitized and sustainable future, in accordance with our vision and values.”

ZIM CIO Eyal Ben-Amram: “Since completing the integration of WAVE BL’s platform with our system, we can offer every customer the ability to enjoy the vast benefits of paperless shipping, which is especially crucial during COVID-19. We are pleased and proud to continue our support of this exciting and leading company.”

WAVE BL CEO Gadi Ruschin“Our partnership with ZIM has enabled us to introduce our pioneering technology to a vast audience as we endeavor to become the shipping industry standard in paperless trade. We are extremely pleased with the continued faith and commitment of ZIM and Marius Nacht in our company and look forward to leading the wave of the future in shipping.”

Ophir Shoham, who leads Marius Nacht’s investments in high-tech: “We are proud to continue supporting WAVE BL’s remarkable technology and believe in its disruptive potential, leading to a fundamental change in the way business is conducted across countless sectors and industries. We are very impressed with the great progress the team has made and excited to invest in WAVE BL’s trail-blazing platform.”

River Financial raises $12M Series A to continue explosive growth of its Bitcoin financial services for traditional investors 16403

San Francisco-based Bitcoin financial services provider River Financial closed a $12 million Series A equity financing round to continue growing its financial service offerings for traditional investors. The investment round was led by Goldcrest Capital with participation from Craft Ventures, Polychain Capital, M13, Castle Island, Slow Ventures, and The Kraft Group.

River Financial previously announced a $5.7 million seed round in June 2020. In the nine months since the company’s seed round announcement, River’s client base has grown by almost 600%, and order volumes have increased by 3,500%. River’s recent iOS app has accelerated the company’s growth, already accounting for over 30% of all River’s order volume within five weeks of launch. River Financial continues to experience exponential growth in new customers and order volume month-over-month as global interest in Bitcoin continues to grow rapidly. Social unrest, inflation fears, and recent elections are driving droves of traditional investors to Bitcoin and River.

River is investing heavily in team growth and product development. According to Co-Founder and CEO Alex Leishman, “Bitcoin is on a trajectory to becoming a global reserve asset, and we are building the financial services that our clients will need for that future.” River’s focus on premium client services and traditional financial tooling, including tax lot tracking and account statements, is attracting increasing numbers of high-end clients who find incumbent solutions intimidating and confusing.

The majority of volume on River is driven by clients over the age of 50, but Co-Founder and COO Andrew Benson believes there is still a large underserved segment of the population, “River’s mission is to bring Bitcoin to investors around the world. Even as global interest in Bitcoin grows rapidly, most Americans over the age of 45 who want Bitcoin still don’t own any. River is helping to fix that by creating familiar, high-end financial solutions for investors who are new to Bitcoin.”

Max Dilendorf Serves as a Bitcoin Expert Witness in USCIS EB-5 Green Card Adjudication Proceedings 15719

The United States Citizenship and Immigration Services (USCIS) has frequently denied EB-5 applications that list Bitcoin exchange-traded-funds as a legitimate “source of funds”. Yet, in an unprecedented approach that included forensic reporting analysis, attorney Max Dilendorf provided an expert legal opinion and due diligence report proving that a green card applicants’ source of funds met the standards to be qualified under this program.

Because USCIS only requires a “preponderance of evidence” showing the legal acquisition of investment funds in EB-5 petitions and offers little guidance for applicants whose funds originated in cryptocurrency, Dilendorf’s confirming evidence was a significant achievement.

The Dilendorf Law Firm, NYC’s top law firm for the digital age, represented several clients in EB-5 matters with the USCIS concerning the clients’ EB-5 investments funded with cryptocurrencies. By submitting blockchain and cryptocurrency expert reports in these cases, the firm has provided evidence to support the legitimate “source of funds”.

The firm’s clients were software engineers and early cryptocurrency adopters who, in the opinion of the crypto compliance law firm, are legally qualified for obtaining EB-5 investor green-cards, as there was little doubt on the legality of the source of the clients’ cryptocurrency funds.

Dilendorf’s legal opinions and blockchain forensic reports, as submitted to the USCIS, included an expert assessment of the following:

  • legality of the specific digital assets and regulatory framework for the involved financial institutions dealing with cryptocurrencies;
  • origin and flow of cryptocurrencies funding the EB-5 investments;
  • mechanism and sufficiency of digital wallets, private cryptographic keys, crypto trading platforms and accounts establishing ownership of the clients’ cryptocurrency funds;
  • KYC/AML compliance measures taken at each point of the funds’ journey by clients and third parties, including crypto exchanges and OTC traders.

Max Dilendorf, Esq. is also a top forensic Bitcoin and crypto expert witness. His expertise has also made him one of the top cryptocurrency consultants for Fortune 500 companies.  Mr. Dilendorf’s recent speaking engagements have included the Thailand SEC, IBM, Berkshire Hathaway, and New York University, to name a few.

Pastel Network Announces the Listing of PSL on the Bitcoin.com Exchange 15006

Pastel Network, the first truly decentralized and scalable blockchain project designed specifically for rare digital art, has officially announced its pending listing on Bitcoin.com, scheduled for March 5, 2021. Pastel Network is a blockchain for rare digital art (also known as “NFTs”) that is built on the secure, battle-tested codebases of the Bitcoin, Dash, and ZCash cryptocurrency projects. Pastel introduces several important innovations to the world of blockchain art, such as the decentralized storage of art image files natively in the network, as well as a decentralized validation process for registering new artworks that prevents near-duplicate images from being added to the system. Pastel’s novel near-duplicate detection algorithm is based on robust image fingerprints that are generated using state-of-the-art deep learning image models and introduces a new form of digital scarcity which makes pixel patterns themselves “rare.”

Pastel takes a different technological approach than competing digital art blockchain projects, which are primarily built on top of the Ethereum platform. Because Pastel is an integrated platform specifically designed for the application of rare digital art, it has its own native Bitcoin-like currency (called the PSL coin). Having a native currency token makes the Pastel Network’s fees for registering, storing, and trading rare artwork very low, which makes it affordable to artists and collectors all over the world. Furthermore, the system includes a native mechanism based on changes in the mining difficulty of Pastel’s proof-of-work algorithm for maintaining these fees at affordable levels long into the future — even if PSL appreciates significantly in value. This is in stark contrast to Ethereum-based art projects, where the cost to create new artworks is currently hundreds of dollars, creating unnecessary financial risks for artists and making these other platforms out of reach for all but the wealthiest artists and the most expensive digital artworks. Even if an artist can afford to pay these egregious fees, the cost of simply transferring the artworks to users is prohibitively high. Pastel offers digital artists a secure and robust environment for registering their rare digital artworks with very low transactional costs, making digital art accessible to artists from anywhere in the world, and allowing a different business model for artists where they can sell larger numbers of their limited-edition digital art “prints” at a price point of under $5, while still making a healthy profit margin.

At the same time, Pastel allows art collectors and fans to purchase rare digital artworks directly from their favorite artists — with most of the value going to the artist instead of being wasted on unproductive network fees and overhead. This allows fans to participate in the long-term success of their favorite artists, creating a reciprocal relationship that transforms an artist’s fans into partners that have a financial stake in promoting the artist’s work. Furthermore, buyers of rare artworks on Pastel are able to trade their owned artworks with other Pastel users in a decentralized exchange that is native to the platform, all while paying modest trading commissions and transaction fees that are closer to the ~2% charged by payment processors such as Paypal and Stripe than the 15% or more charged by art dealers and auction houses, and other NFT platforms. Pastel Network’s low trading fees will lead to a much more dynamic and liquid marketplace for rare digital artwork that has the potential to radically transform the way art is created and collected. Best of all, the trading fees are sent by buyers and sellers to an unspendable PSL address, thus, “burning” them and removing them permanently from circulation. Over time, this natural deflation will offset the new PSL created through the mining process, making PSL scarcer and more valuable.

As Pastel Network’s founder Jeff Emanuel explains, “Today marks an exciting milestone for our project, which has been under continuous development since 2018 with the singular mission of serving the world’s artistic community. We have created an open platform that frees artists from the restrictions of the traditional art market, with its outrageous commissions and dealer fees, as well as its elitist ‘gatekeeping’ mentality that excludes the vast majority of talented artists around the world from earning a living as an artist. With the listing of Pastel on the Bitcoin.com exchange, as well as the public launch of our wallet software for artists and collectors in the next months, Pastel is now poised to disrupt the NFT space with a radically better network design that solves the high transactional fees and scalability issues that plague existing Ethereum-based NFT marketplaces and platforms.”

Pastel Network originated as a fork of the Animecoin blockchain project originally introduced in 2014. Animecoin was based on a modified version of the Bitcoin code and was fairly distributed with zero “pre-mine” to thousands of users around the world. After the fork, the Pastel team raised over $3 million from Innovating Capital and other blockchain investors to fund the development of the Pastel software and to further the goals of the project through community engagement and exchange listings, culminating in Pastel’s pending listing on Bitcoin.com.

Celo Receives Additional $20 Million In Institutional Backing Amid Launch Of Global Payments Application And Exponential User Growth 18682

Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, today announced $20 million in new backing from purchasers and partners including Andreessen Horowitz, Greenfield One, and Electric Capital. To date, Celo has garnered more than $65 million from backers including Polychain Capital, Reid HoffmanJack Dorsey, Coinbase Ventures, Social Capital, Dragonfly Capital, Version One Ventures, SV Angel, and Valor Capital, among others.

“We now have the technology to create a better financial system – a rich ecology of digital assets and products that allow individuals and organizations to more seamlessly transact and manage risk,” said Rene Reinsberg, co-founder of Celo. “It’s been great to work alongside hundreds of like-minded, mission-driven organizations and entrepreneurs all over the world to bring this technology to life.”

Since the initial development of the Celo Platform in 2017, the Celo community has developed and launched a Mainnet, a native asset (CELO), a stablecoin (cUSD), a mobile payments app, and has been listed on major exchanges including Coinbase and Binance. To date, more than 2M transactions have run across the Celo network, making it one of the most actively used decentralized payments platforms on the market today.

“When we first began supporting Celo two years ago, we saw the opportunity to build a ‘full stack’ global payments platform that anyone with a smartphone could use to send, receive, and store money,” said Katie Haun, General Partner at Andreessen Horowitz. “Celo can dramatically reduce fees and fraud while also making payments instantaneous and global.”

“Celo’s mobile-first approach combined with cross-chain interoperability is truly unique,” said Avichal Garg, Managing Partner at Electric Capital. “A mobile-first philosophy means anyone can onboard into the Celo ecosystem quickly and with just a mobile phone number. Combined with the interoperability bridges that the Celo community is building, people anywhere in the world will soon be able to send Bitcoin, Ethereum, and other digital assets using only their smartphones. We are quickly moving to a world where cryptocurrencies and digital assets are accessible to anyone, globally.”