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0chain Team Talks AWS Partnership and Decentralized Enterprise Blockchains

0chain describes itself as the “worlds fastest enterprise blockchain.” The company provides a combination of blockchain-as-a-service and decentralized cloud storage to enterprises wishing to adopt blockchain solutions. The 0chain protocol is self-forking, meaning 0chain is completely customizable to the requirements of different organizations, which can use it to create dapps designed to serve their own needs. 0chain is super-fast, processing 1000 transactions per second. The protocol was conceived out of a recognition of the current problem set with existing blockchain including scalability and energy consumption. It runs on a unique consensus protocol with different parties called miners, sharders, and blobbers participating in block production. Miners generate the blocks, sharders store the blocks, and blobbers store unstructured data for web and IoT applications. The company has recently announced a partnership with Amazon Web Services (AWS) and is about to launch its mainnet. We recently had a chance to catch up with three of the 0chain team to discuss these developments. Saswata Basu (SB) is a founder and co-author of the 0chain white paper. Phil Castillo (PC)) joined 0chain in July this year as Chief Revenue Officer from his last role in Hewlett Packard. Derick Fieberger (DF) is 0chains Operations Director, alongside his role as Founder/Chief Investment Officer at Arturo Capital. (L-R) Basu, Castillo, and Fieberger from 0chain Here’s what they had to say: 0chain recently announced it has achieved the Standard Partnership Certification with the AWS Partner Network. For our readers, can you explain in more detail what this means? What’s the scope of the interaction between AWS and 0chain and how is this beneficial for each party?    PC: Our AWS Standard Partnership is one small piece of our relationship with AWS and enables 0chain to be marketed as an AWS solution partner to their thousands of customers. Our devnet today is built on AWS. When companies use 0chain’s blockchain, this benefits AWS as it means the likely consumption of their cloud services. We are one of the first companies providing not only blockchain-as-a-service but also decentralized storage via blockchain which is very appealing to AWS and their customers. We are working on the Advanced level partnership and have numerous conversations and touch points with AWS on a number of different fronts promoting our joint solution. They have been very generous investing in us and defraying much of the cost of our existing global cloud consumption. Custom forks of our blockchain will likely be created leveraging enterprise-grade service providers like AWS. As a result, miners and blobbers don’t need to invest in specialized hardware to participate with 0chain and can leverage AWS and other cloud solution providers. 0chain also partners with other crypto- and blockchain-based projects such as Bitclave and NEO. Can you provide more details about how these partnerships work? SB: The partnerships with these projects are to enable applications to use the 0chain platform to store, read, and monetize their data automatically without having to write elaborate smart contracts. Aside from high reliability, availability, and faster performance, the 0chain protocol will provide transparency of data reads and writes, and enable disbursement to different entities associated with the data.  DF: There are several angles we can approach a partnership with a crypto project and provide benefits. For simplicity’s sake, we can focus on our dCloud, which is our most popular innovation. How can dCloud help a crypto project? In order for a public ledger or a decentralized application to operate properly – in most cases – it must utilize enterprise-grade hardware to accommodate the storage and compute demands of the protocol or application. Also in most cases, dapps and validators are using the public cloud to address these storage demands. 0chain will offer a decentralized public cloud solution. Since crypto is very focused on preserving decentralization, offering a decentralized cloud (dCloud) in place of the standard public cloud, at less cost without sacrificing performance provides a very appealing offering to these projects. This is why several crypto projects have already sought us out. Many enterprise-standard blockchains have come under fire within the blockchain community for failing to deliver on the promise of decentralization. How do you feel about this? How does 0chain operate in a way that allows it to balance decentralization against the privacy, scalability, and the resilience requirements of an enterprise-level distributed ledger? PC: The criticisms of current 1.0 blockchain solutions are understandable, some are even block-less environments and others don’t fully encompass blockchain’s core decentralized benefits as you have pointed out. At 0chain we saw the need for a truly enterprise-class, ultra-fast, fully featured blockchain with added innovations relative to storage via blockchain. So we built ours from the ground up. One of our core differentiators is that our primary go to market system is a public, fully decentralized blockchain (our mainnet) that is designed for miners, blobbers, and sharders to participate independently. We have unhooked the need for specialized mining hardware so miners/blobbers may leverage any cloud infrastructure they choose. Another attractive offer for enterprises is the ability to fork from our mainnet and create a custom dApp. In these instances, an enterprise can customize the miner profiles and other parameters to suit their applications’ needs. Miners and blobbers will be encouraged to participate in building consensus and providing storage for these forks and thus be decentralized. SB: Of the privacy, scalability, and resilient requirements of an enterprise ledger, the latter two are inherent in our system, and in fact, we are better.  By decoupling miners, sharders, blobbers we’ve made our network faster, more scalable, and more resilient to failure or any Byzantine condition. The privacy part of the requirement can be implemented through smart contracts, and this will provide a faster and more secure execution of the transaction than using Hyperledger or Corda channel constructs.  A mini-explainer of how 0chain works Blockchain-as-a-service is a pretty broad scope. Can you tell us what kind of clients you foresee being the first ones to take up the 0chain BaaS offering? PC: Some of our conversations currently include: Solution providers wanting to add blockchain as an immutable record for storing JSON IoT data from sensors on cold storage trucks. With 0chain, they are able to quickly provide real-time food safety data in case of recalls, or other uses. Another company is using our solution to provide a layer of secured data storage, tracking all reads/writes, to deliver permissioned access for a portion of their storage. We also see interest in companies wanting to have their own service storing data via a wallet that enables better control over privacy, security, and economics compared to Dropbox or Box. BaaS is pretty straightforward, but when you add in being able to store JSON and other small datasets on the chain or storing large data sets via blockchain, it allows for the creation of many new and emerging uses. One of the main blockers to enterprise adoption of blockchain is privacy and confidentiality – particularly in the financial sector. How does 0chain seek to assure potential clients that data held in its public blockchains is protected against hacks, and cloaked with the necessary confidentiality? SB: 0chain has a secure software wallet, the first of its kind, to prevent hacks to companies’ tokens or data. Additionally, enterprises can encrypt their data to protect their privacy. 0chain’s blockchain platform enables users to track writes and reads to provider further transparency regarding any access to their data. Recent blog posts indicate that the 0chain PoS consensus protocol is still under testing. Can you provide us with a brief overview of how the consensus protocol will work and the anticipated transaction speeds? SB: We are a variant of DFinity consensus, where we have a smaller active set that is shuffled based on stake from the pool. The pool is not connected to the network, but connects during the shuffling rounds and syncs up with the network. Additionally, we have optimized our communication mechanism to provide faster finality. Furthermore, our consensus is achieved based on a count-and-stake model to enable a higher level of security. Shortly, we will release our consensus protocol paper and will explain all these aspects in detail. How can miners or other service providers get involved in the 0chain network? PC: We welcome all miners, sharders, and blobbers to reach out to us via our Telegram channel or directly at zero@0chain.net. Service providers are best to contact me (Phil Castillo), our CRO, at phil@0chain.net and can learn more about us at www.0chain.net. 0chain is purposely designed to be self-forking so that enterprises can have a blockchain that meets their specific requirements. Can you explain (as non-technically as possible) how this works in practice to ensure sustainability? Is there any risk of decreasing the size of the miner pools from having multiple chains? PC: Simply put, adding forks increases the opportunity for miners and blobbers, without diluting the size of the miner pool. They will be able to participate in mainnet as well as forks where appropriate and receive ZCN in either cases. SB: The self-forking aspect of our architecture allows us to grow infinitely, and we expect the miner/sharder/blobber pool and their infrastructure to grow linearly with demand. The 2018/2019 roadmap seems to indicate that all hands are on deck to put the mainnet live. At that time, a token swap will happen once 0chain is no longer using ERC20 tokens. How are the mainnet development efforts progressing? What are the main challenges and focus areas for 0chain to achieve its goals in putting the mainnet live? SB: We are very close to launching mainnet and our main focus is now implementing the storage protocol, miner protocol, and token economics. We have had very good performance on our core blockchain with billions of transactions completed in our test-net. We have an early version of the storage protocol implemented and have been showing it privately. Before our mainnet goes live, we will do a token swap from ERC-20 to native 0chain tokens. If widespread/mainstream adoption of blockchain is the goal, what do you see are the important next steps to achieve this within businesses and other enterprises? PC: Blockchain by itself as a transactional system has some interesting 1.0 use cases in supply chain tracking, collapsing financial processes, and a few others. When storage of small data sets (i.e. IoT) can be accomplished on chain or storage of petabytes of data via chain is understood by enterprises, there will be a host of new and more widely adoptable use cases. Decentralized storage via blockchain provides an immutable record of all data stored, allows tracking of all reads/writes, permissioned access, and CDN like performance based on multiple parallel paths for data to traverse. Decentralized storage and cloud are bound to revolutionize the business environment but we will have to show enterprise customers, pilot and then publicize the results to see wide adoption. Having partnerships with trusted cloud providers adds credibility to our solution, lowers the barrier to entry with conservative enterprises while not sacrificing the decentralized and immutable attributes of blockchain. Thanks, Saswata, Phil and Derick, for your insights and good luck with the launch!    The post 0chain Team Talks AWS Partnership and Decentralized Enterprise Blockchains appeared first on CoinCentral.
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US CFTC Plans to Seek Public Feedback to Better Understand Ethereum Blockchain

The latest report on Ethereum future contract unveiled that the Commodity Futures Trading Commission (CFTC) is looking for an in-depth analysis of Etherum blockchain. In order to improve the commission’s understanding of Ethereum and its underlying technology, the CFTC has announced its intention to publish a respective Request for Information (RFI) with the Federal Register. According to the statement: “The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.” The Commission has put up a total of 25 questions which include topics such as the impetus for developing Ether and the Ethereum Network, especially relative to Bitcoin; the use of the Ethereum network by the developer community; scalability challenges, if any, of the Ethereum network; proof of work and proof of stake; similarities and differences in the governance of Ethereum and bitcoin networks; introduction of derivative contracts on Ether; and security issues, among others. Notably, one question asks: “How would the introduction of derivative contracts on ether potentially change or modify the incentive structures that underlie a proof-of-stake model?” A number of questions following this go further into detail about how the ether market might impact a derivatives market built on top of it – or vice versa. The CFTC said the comments received will benefit LabCFTC, the CFTC’s Fintech initiative, and help to inform the Commission’s understanding of these emerging technologies.
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Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market

Currently, when crypto believers generalize every Wall Street banker to be a Bitcoin critic, a celebrated hedge fund manager and former Goldman Sachs executive changed his perception. Mike Novogratz is a now a name beyond the mainstream finance, and perhaps among the only consistent voices speaking in favor of bitcoin even after its 80 percent-plus drop this year. The 54-year old financial veteran sat before Bloomberg’s Erik Schatzker recently to discuss how the crypto market crash impacted their ventures and how he remains confident about crypto’s long-term potential. Novogratz admitted being on the losing side, stating that his cryptocurrency merchant bank, dubbed Galaxy Digital Holdings Ltd, brought $136 million in losses to its investors when he was raising funds for it. Nevertheless, the crypto crash couldn’t put Galaxy beneath the grounds, and the project was still on its way to – at least – break-even in 2019, he explained. “We’re not nervous; we’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” Digital Gold in Making Analysts have continuously argued whether or not bitcoin has a use-case in the mainstream. A majority of them believes that the digital asset’s lower adoption make it an overvalued bubble similar to the infamous Tulipmania from the Dutch Golden age. Investors have entered bitcoin markets on a promise of getting rich quickly, and it is no more stable than a pyramid scheme, i.e., it is all horns but no product. Novogratz, on the other hand, interpreted bitcoin as a digital gold in the making, counterarguing that it is one of the only crypto assets that “gets to be a legal pyramid scheme.” Because, to him, it is the belief that denotes value to a store of value- nothing more, nothing less. “All the gold ever mined in the history of the world fits in an Olympic-size swimming pool,” reasoned Novogratz. “You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is.” As a metal, a store of value asset like gold does have plenty of use cases. Most notably, it is a good reflector of electromagnetic radiation such as radio and infrared rays, as well as visible light. Therefore, gold makes an ideal metal when it comes to protecting artificial satellites, astronauts’ helmets and in electronic warfare planes. But, in reality, only about 17% of the mined gold gets used in industrial applications – minus jewelry – while the rest gets stored inside vaults. That being said, the value of gold bullion itself is 83% speculation and 17% use case. Bitcoin, according to Novogratz, strictly possesses such characteristics. “The fact that David Swensen [Yale University’s chief investment officer] put an investment into Bitcoin, with his reputation on the line, his endowment on the line, tells you something. Some of the smartest people in the investing world think it’s a store of value,” Novogratz asserted. Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market was last modified: December 12th, 2018 by Davit BabayanThe post Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market appeared first on NewsBTC.
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Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now

CoinSpeaker Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now A former partner at Goldman Sachs who is popularly called the “pretty face of cryptocurrency” Mike Novogratz, said that he is now the ugly face of the bust. Talking to Bloomberg, he pointed at SEC sanctions on certain ICOs and the uncertainty surrounding Bitcoin Cash’s hard fork as the reasons behind Bitcoin’s drastic fall from $6,200 to $3,400. However, Novogratz remains confident that Bitcoin will make a comeback. “I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” First, says Novogratz, they thought of crypto as of a bear market. “I went into it thinking in the long run crypto is going to be a real structural shift in the world and I can just hedge my portfolio. And to be fair, we did a really great job not losing money the first 60 percent down. What you forget is that a market like Bitcoin that’s down 84 percent has dropped 60 percent—and then another 60 percent. That’s where the pain happens. You start buying Ether again, because it’s only $400 after being at $1,300. But then it drops to $100, and you’ve lost 75 percent of your money. We haven’t done horribly in that context, but we’re still down.” He then explains what he thinks it’s next for crypto-world. He invested in a company called High Fidelity, which is a virtual world. “Me and you, we’ll sit down, and we’ll have virtual beers. People think I’m crazy when I say that, but Second Life does $500 million a year of GDP, real money traded back and forth in a virtual world with old technology. That’ll be the first use case where blockchain really works.” One of Novogratz ventures in the field of digital currency is the cryptocurrency bank Galaxy Digital LP which began trading back on August 1st, 2018. The bank was off to a very slippery start, losing 20 percent per share in a single day, which added to the company’s overall estimated losses of about $134 million in Q1 of 2018. At the time, the former Goldman Sachs partner once again said that he thinks “we’ve pretty much bottomed.” However, the market has plummeted since, as Bitcoin lost roughly another 60 percent of its value. Yet, Novogratz says that the situation is “not as dramatically as one would think.” Bitcoin Price Rise was Like a Drug High Addressing the fears surrounding Bitcoin he explains the price rise as a drug, “an instance of testosterone boiling over and its fall led to pessimism and rampant fear.” He said: “That was a drug, and I don’t say that lightly…there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero. We’re at the methadone clinic.” Novogratz had already been saying that the Bitcoin could hold its position till the end of the year and maybe rise, but then disaster struck. He thought Bitcoin, “was going to hold at $6,200…. but then Bitcoin Cash decided to fork again.” He also mentioned that ICO legislation by the SEC increased investor panic: “The SEC came out and sanctioned a few ICOs and said- oh, by the way, your investors can sue for damages. That scared the heck out of a lot of people.” Novogratz further added that “the ICO market is pretty much dead right now,” however, the regulatory body, “doesn’t want to kill this innovation.” Many crypto proponents of Bitcoin have equated the top crypto to digital gold, Novogratz is one among them, he said: “That means Bitcoin is the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is. All the gold ever mined in the history of the world fits in an Olympic-size swimming pool. You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is. While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying that this is going to change the world. Revolutions don’t happen overnight. I’d be walking down the street, and people would come up to me wanting to take selfies. That’s when I started to think, OK, this is weird.” Always Cautious About Bitcoin as a Currency It’s more than obvious that he is still being cautious. A year ago, he was known as one of the biggest pro-bitcoin advocates but always saying that bitcoin will be difficult for governments to shut down. “I’ve got concern that if price movements go higher we’re going to get more regulation, but I think it’s hard to shut down. I don’t think that’s a probability. Banks will be slow to move into the industry,” Novogratz then said, adding that he “doesn’t see quick adoption of bitcoin as a currency.“ He also said that one of the big risks out there right now is that prices are moving so fast that regulators are going to get nervous. “I could legitimately see bitcoin go $13,000, $14,000, $20,000, $25,000 and see somebody balk.” He also warned on the fact that right now most regulators, including those in the U.S., are working with the digital currency system and are “intrigued” by it. Today, one thing where Novogratz remains firm is that he reiterates his view saying institutional entry is key for the Bitcoin price surge. Unless that happens, a sustainable price surge in Bitcoin seems a distant dream. Novogratz says that perhaps we can see a significant institutional money flow in the first half of next year, 2019. Steady Growth or Nuclear Winter for Crytocurrency? Despite a huge cryptocurrency market crash, VC billionaire Tim Draper believes, the value of Bitcoin will keep going higher in the upcoming years. Speaking to Thiel Macro’s Mike Green earlier this month, the billionaire said he believes virtual currencies will eventually overtake fiat currency, making up two-thirds of the world’s currency value. “Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,” Draper told On the other hand, the billionaire investor and venture capitalist Jim Breyer believes that the promise offered by the technology is too great for it to be permanently buried by short-term market movements. Breyer kept saying that the technology is too big to be dismissed just because of a temporary bear market. He warned that “we’re close to a nuclear winter right now with cryptocurrency.” Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now
Coinspeaker

Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed

Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds. Cubits Owner: Funds Recovery ‘Unsuccessful’ In a press release dated December 11, Dooga Ltd., the UK-based entity trading as Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of €29 million ($33 million) in February 2018 had forced it to shut down. “Since February, Dooga has made every possible effort to recover these funds,” the release reads. Unfortunately – contrary to expectations – these efforts have been unsuccessful up until now. As Bitcoinist reported December 11, officials had told users on Twitter that Cubits was undergoing “maintenance” and would “be right back.” An identical message had appeared on the company’s website, but on Tuesday this changed to a 500 error message and the website went offline. A fresh tweet then confirmed Dooga had entered administration, leaving already frustrated users bewildered at the conflicting official information. Cubits had begun delaying withdrawals by weeks, some said, while another told Bitcoinist he was looking to involve law enforcement as a result of the company withholding his money. Payments Coordinator Endorses OneCoin At the same time, curious activity among senior management revealed the company’s payments coordinator Eloise Debono to be an advocate of OneCoin, a defunct Ponzi scheme, which has attracted warnings from multiple countries’ authorities over illicit practices. “Bitcoin can be bought and sold on many different exchanges, meaning you could be paying or receiving more or less than you should be,” she wrote in a bizarre article in 2016. OneCoin uses one centralised exchange called OneExchange, where there is a fixed rate for buying and selling. I personally think this is more secure and less volatile. COO Max Krupyshev, listed on LinkedIn as Cubits’ “head of crypto business,” left in November, weeks before users began to complain about withdrawal and funds access problems. Liquidator: Cubits Operator ‘Secure’ According to the company’s administrators, users will receive official correspondence about the debacle in the coming days. “Our goal is to achieve the best outcome for creditors generally at the earliest possible date,” Steve Parker from insolvency firm Opus Business Services Group commented. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week.” What do you think about the ongoing Cubits debacle? Let us know in the comments below! Images courtesy of Shutterstock The post Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed appeared first on Bitcoinist.com.
Bitcoinist

Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing

Tezos [XTZ], the token which ranks on the 20th position on CoinMarketCap’s list, has been going through a rough patch, owing to the strong bear market. However, the time appears to have been changing for XTZ as it has been seen siding the bull. Source: CoinMarketCap According to CoinMarketCap, the coin was valued at $0.41 with a market cap of $252 million, at the time of press. The coin reported a 24-hour trade volume of $2 million and grew by 1.80% in an hour. The maximum trade volume of the coin was registered by Gate.io, with a market cap of $510,404 with XTZ/USDT pair. It was followed by UEX on the second and third position. UEX on the second position registered a trading volume of $398,341 with XTZ/USDT pair and on the fourth position, the market cap was noted to be $394,993 with XTZ/BTC pair. Source: CoinMarketCap This comes after the coin was valued at its lowest at $0.31 recently, with a low market cap of $192 million. The trading volume of XTZ was reported to be $3 million. The rise in the coin’s prices is speculated due to getting listed on Huobi Global. Huobi released a statement informing the crypto world about this. It read: “Tezos (XTZ) will be launched on Huobi Global on December 12, 2018 (GMT+8). Deposits will be available from 14:30, December 12, 2018 (GMT+8). XTZ/BTC and XTZ/ETH trading will be available from 18:00, December 13, 2018 (GMT+8). Withdrawals will be available from 14:30, December 16, 2018 (GMT+8).” Even though the coin is struggling to make over $2 million in trading volume, it has reported an uptrend by 13% over 24 hours. Meanwhile, there have been constant talks about Tezos being listed on Coinbase over the past couple of months and many holders are hopeful about the same. On December 7, Coinbase released a list of potential cryptocurrency list, which may be a part of the new listing. This listing included tokens like Cardano [ADA], EOS [EOS], Stellar [XLM], XRP [XRP], and also Tezos [XTZ]. An update is awaited on Coinbase’s end about the final listing. Tezos seem to be upping its game and fighting the bear head-on. The post Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing appeared first on AMBCrypto.
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