ETFs are not yet out, and the dream lives on

ETFs are not yet out, and the dream lives on

Among the highlights: Bitcoin Cash hard fork, huge profits of Bithumb, regulatory tightening in China and Russia

Bitcoin Cash

BCH
Price
437.73 USD 2.59%
0.05000000 BTC 1.32%
Volume, 24h
413,284,164 USD
0.00%
Marketcap
7,654,144,761 USD
2.8%
Emission
85%

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How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs

A recent video by Chris Troutner, Senior Javascript Developer at Bitcoin.com, points out a problem with anti-profit seeking approaches to crypto development, and how devs can incentivize growth and attract business using REST APIs to earn BHC. Without incentives, Troutner notes, many promising services and applications run the risk of succumbing to an economic tragedy of the commons, when user demand surpasses developer ability to accommodate these needs. Also Read: Running Bitcoin Cash: An Introduction to Operating a Full Node Profit Protects Quality There’s nothing wrong with free, but at the end of the day, everybody has to eat. In the cryptosphere this fact of reality shouldn’t be looked at as an obstacle, but rather an opportunity for growth. This is the view of Chris Troutner, who in his latest video expounds on the possibilities of economies of scale within the Bitcoin Cash ecosystem. A REST API is a ubiquitous type of API (application program interface) used all over the internet today and on popular sites like Amazon and Twitter. As Troutner says in his presentation, the acronyms aren’t all that important. An API is simply a “way for a computer on the internet to talk to another computer on the internet.” Some examples of free APIs in the BCH space are Electrumx servers, Cashshuffle, SLPDB, Bitdb and Rest.bitcoin.com. While free APIs are a wonderful thing, there are also risks when demand outruns scalability. Speaking of Rest.bitcoin.com, the developer notes: It’s not that people aren’t using the service, it’s that too many people are using the service and we don’t have a pro tier. We don’t have a way to move people from the free service to a paid service so that the end users can pay for the services they’re using. The reasons for incentivizing REST APIs are myriad, and it’s not just about making a buck. According to Troutner, “What this tragedy of the commons is specifically with REST APIs is that they’re open to abuse and they’re open to disproportionate use.” He notes that serious developers trying to create a great user experience and make crypto accessible to all have to compete with malicious entities and less experienced developers, all utilizing the same free infrastructure. For a business looking to build on a solid foundation, this presents significant risk. Troutner’s proposed solution is to wrap a full BCH node around a REST API, and charge a small fee to serve multiple people. The developer elaborates: Now all of the sudden, you have 30 people paying one dollar, instead of 30 people paying 30 dollars to run their own [full node] infrastructure. So that’s a huge economy of scale … Businesses need to focus on their core business value, and running infrastructure like full nodes is not a part of that. Payment button on Troutner’s demo application, allowing a user to access greater permissions on an API via BCH. Payment for APIs via BCH One proposed way users could access REST APIs via bitcoin cash is through leveraging JSON web tokens (JWT). JWTs are access-granting credentials. The long and short of Troutner’s demo in the video, and proposed solution to the ‘tragedy of the commons,’ is as follows: An API (such as for a crypto wallet) has a limit imposed on running requests. In order to access the next tier of usage allowance, the user must provide a JWT credential. To obtain the JWT, users can pay the REST API in BCH. Things like subscription duration, refund options, rollover credits and other parameters can be put in place on the JWTs as well, increasing options for developers. The entire process can be automated, according to Troutner. Permissionless Profit For some reason, many in the crypto space seem to view profit as an evil boogeyman. A strange thing considering the whole mission is to make sure the world is spending and using crypto as money. Troutner provides the code used for his demo via his organization, the Permissionless Software Foundation, on Github, and a couple other sources detailed in-depth in the video. Hardly the move of a heartless, greedy profiteer. The confusion in the crypto space surrounding profit seems to often take the form of conflation. The confusion of “not free” with “not fair.” The truth is, there can be world of incentivized development happening via open source software and code, and all degrees of usability and tiered access. This kind of robust environment can only happen in one context, though: a free and permissionless (non-authoritarian) open market. As Troutner puts it: The fix to the typical tragedy of the commons scenario is to create a marketplace. What do you think about Chris Troutner’s proposed incentives for devs? Let us know in the comments section below. Images courtesy of Shutterstock, fair use. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs appeared first on Bitcoin News.
Bitcoin News

Russia to Ban Facebook if US Blocks Libra Cryptocurrency

A Russian government official says the nation will ban Facebook if the US decides to block the company’s Libra cryptocurrency. Putin Aide: Ask US About Libra Speaking to reporters on Oct. 22, Dmitry Peskov, President Vladimir Putin’s special representative for IT confirmed his official position on Libra, as well as Telegram’s prospective cryptocurrency, Gram. “If Libra launches without controls, or Gram, the likelihood of the scenario appearing in which we block (Facebook) significantly increases, not just in Russia but in every country,” he said. According to Peskov, Russia would take its cue from the US regarding Libra, given Facebook’s heritage.  There, the government has already spent several months quizzing executives including CEO Mark Zuckerberg about the digital currency’s likely implications.  “But this… does not depend on the Russian government, but on the American one,” he continued, striking an ironic tone.  “Therefore it would be apt to direct your queries to the American government once it blocks Facebook and Telegram.” Russia has already threatened to block Facebook, which has a limited following in the country, due to a separate row over data storage. Russia Making Threats Again As Bitcoinist reported, authorities have already attempted to block Telegram, albeit with almost no success. Gram, the messaging service’s cryptocurrency, is currently subject to scrutiny from US securities regulator, the Securities and Exchange Commission (SEC). Gram raised a reported $1.7 billion in a token sale to private investors in 2018. Executives planned to distribute the tokens to investors by the end of this month, but the SEC intervened. “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require,” a press release stated at the time. Libra meanwhile still has no launch date, as Facebook works to appease regulators about its plans. Last month, France revealed it would not allow a private entity to issue an alternative to fiat currency, while some of Libra’s principal backers have already pulled out. The reason, PayPal, Visa and MasterCard, say, is the potential for their reputation to be harmed by facilitating such a fiat alternative. Cryptocurrency voices are also skeptical. Brad Garlinghouse, CEO of Ripple, thinks Libra will not launch before 2023. What do you think about Russia’s view of Libra and Gram? Let us know in the comments below! Images via Shutterstock The post Russia to Ban Facebook if US Blocks Libra Cryptocurrency appeared first on Bitcoinist.com.
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