A decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is an organization that is run through rules encoded as computer programs called smart contracts. A DAO’s financial transaction record and program rules are maintained on a blockchain. Examples of this business model are Dash governance, The DAO, and Digix.io. The precise legal status of this type of business organization is unclear.
One well-known example was The DAO, a DAO for venture capital funding, which was launched with $150 million in crowdfunding in June 2016, implementing its smart contracts through Ethereum, and was immediately hacked and drained of US$50 million in cryptocurrency. This hack was reversed in the following weeks, and the money restored, via a hard fork of the Ethereum blockchain. This decentralized bailout was made possible by a majority vote of the blockchain’s hash rate.
Archive | December, 2017
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Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Over the course of Bitcoin’s history, it has undergone rapid growth to become a significant currency both on and offline – from the mid 2010’s onward, some businesses on a global scale began accepting bitcoins in addition to standard currencies.
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R3 (R3CEV LLC) is a distributed database technology company. It leads a consortium of more than 70 of the world’s biggest financial institutions in research and development of blockchain database usage in the financial system. It is headquartered in New York City. It was founded in 2014 by David E Rutter. The current CTO is Richard G Brown.
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of Bitcoin. The first hard fork of Bitcoin happened on August 1st 2017, resulting in the creation of Bitcoin Cash. A list hard forking from Bitcoin by
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Consensus Systems, better known as ConsenSys, is a blockchain software technology company founded by Joseph Lubin.
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Bitcoin Classic was one of several forks of the Bitcoin reference implementation Bitcoin Core aiming to increase the transaction processing capacity of Bitcoin by increasing the block size limit. Blocks, which contain transaction data, form the basic structure of the immutable blockchain. Bitcoin Classic started out as similar to, though less aggressive than, the Bitcoin XT fork, which never managed to get the support it needed. Bitcoin Classic in its first 8 months promoted a single increase of the maximum block size from one megabyte to two megabytes. In November 2016 this changed and the project moved to a solution that moved the limit out of the software rules into the hands of the miners and nodes.
Bitcoin Classic is also an attempt to move the technical governance of this decentralized and independent Bitcoin project from the developers of the original Bitcoin to a voting process involving a larger community of miners, businesses, developers and users. There is no formal activation method for the software, but due to the nature of Bitcoin a supermajority needs to support it.
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The bitcoin scalability problem exists because of the practical limits on the maximum number of transactions the bitcoin network can process. It is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. Bitcoin blocks carry the transactions on the bitcoin network since the last block has been created. In contrast to Visa’s peak of 47,000 transactions per second, the bitcoin network’s theoretical maximum capacity sits between 3.3 to 7 transactions per second.
The one-megabyte limit has created a bottleneck in bitcoin, resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block. Various proposals have come forth on how to scale bitcoin, and a contentious debate has resulted. Business Insider in 2017 characterized this debate as an “ideological battle over bitcoin’s future.”
On 21 July 2017 bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, meaning that the controversial Segregated Witness upgrade activated at block 477,120. SegWit alleviates the scaling problem in two ways:
One can fit roughly 2 times as many SegWit transactions per block because the one-megabyte limit will only apply to their “witness-stripped” versions, which are smaller in size.
SegWit enables the Lightning Network, a second layer to run on top of the base blockchain layer, hypothetically resolving the scaling problem by enabling virtually unlimited numbers of instant, low-fee transactions to occur “off chain”.
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Blockchain Capital (formerly Crypto Currency Partners) is a venture capital company that invests in blockchain related companies.
It is headquartered in San Francisco, California. It was founded in October 2013 by Bart Stephens, Bradford Stephens and Brock Pierce.
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Bitcoin is a cryptocurrency and worldwide repayment system. It’s the first decentralized digital money, as the machine works with out a central lender or sole administrator. The network is peer-to-peer and orders happen between users straight, lacking any intermediary. These trades are confirmed by network nodes and registered in a general population sent out ledger called a blockchain. Bitcoin was developed by an unfamiliar person or group of men and women under the name Satoshi Nakamoto and released as open-source software in ’09 2009.
Bitcoins are manufactured as an incentive for an activity known as mining. They could be exchanged for other currencies, products, and services. By Feb 2015, over 100,000 retailers and sellers accepted bitcoin as repayment. Research made by the College or university of Cambridge quotes that in 2017, there are 2.9 to 5.8 million unique users by using a cryptocurrency wallet, almost all of them using bitcoin.
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Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
