I/O Digital to Release World’s First Decentralized Identity SideChain For Bitcoin

IO-Digital-Screenshot

Bitcoin Press Release: I/O Digital sets to release the first ever decentralized identity sidechain using a distributed  blockchain based DNS system. This system, known as DIONS (Decentralized I/O Name Server) will utilize the I/O Digital blockchain to attach sensitive identity credentials to a specific Bitcoin (XBT) or I/O Coin (IOC) address.

The system allows for the registration of aliases, avatars, documents, making them fully transferable between users. DIONS will offer strong security by integrating a fully fledged RSA cryptosystem (using a 2048 bits long key).

DIONS will support a decentralized messaging system. The system will enable fast, easy and secure communication between users. Not only will users be able to send encrypted private messages, they will also have the option to broadcast messages to the wider world via a decentralized Twitter-esque micro-blogging service. This service could also be used as a “reddit” like service, that could revolutionize the centralized service, into the first one of a kind decentralized blogging service.

Businesses, as well as being able to make use of their own brand names, can now use unique IDs to serve as a customer, invoice, or reference numbers (e.g. HSBC:8008135). This provides a more familiar format for customers more accustomed to the naming conventions of email. It also allows businesses to benefit from vastly reduced fees and the robustness and easy auditability of a decentralized distributed database.

I/O Digital’s Blockchain also aims at servicing holders of intellectual property, rights management, certificates of authenticity and condition reports. A hash value included in an I/O transaction can serve as Proof of Existence for any digital file, be it a legal document, an application’s source code, artwork or a piece of music. The timestamp of the block that the hash value is included in, becomes a timestamp of the file itself, creating immutable proof that it existed in that form at that particular moment in time.

I/O Digital is also departing from the normal Bitcoin QT wallet. The team has developed the first full HTML5 cryptocurrency wallet in the world, that doesn’t use the classic Bitcoin-QT wallet. Allowing for a more user friendly front end and a more versatile wallet system.

How will I/O Digital deal with data bloat?

To alleviate data bloat and to enable bitcoin users the ability to use DIONS, I/O Digital introduced a Project Codename “I/O Chameleon”. Developed over a twelve-month period, I/O Chameleon is a framework which will allow for the creation of any number of unique and interoperable I/O Digital sidechains. These auxiliary blockchains will each have unique properties suited to the particular set of services and applications that they will support. This network of blockchains, or “superchain”, will afford unparalleled flexibility to I/O users, allowing any of a number of configurations and features to be seamlessly adopted depending on the use case.

The framework itself will collate data from the various chains and allow the application of generic control policies via an extensive high level API. For end users this means access to the full range of I/O Digital functions, applications and services from a single interface – a web front end from which to easily manage an array of advanced decentralized applications.

Though the blockchains comprising the Chameleon network will initially be limited to I/O Sidechains, they will incorporate a 2-way Peg to the Bitcoin Blockchain, that will allow Bitcoin users the ability to use the DIONS system. In the near future, it will be technically possible to include other projects, should another project develop an especially secure, useful feature or application, the development team with consensus from the community, may choose to integrate it into Chameleon so that I/O Coin and Bitcoin users may also benefit from it.

I/O Coin was founded in July 2014 by Joel Bosch, the CEO of an Apple IT Services company, with over 10 years experience in Management IT Services. with an idea and vision to create a legitimate cryptocurrency focusing on user friendly applications. As the blockchain project progressed, I/O Digital was branded as the umbrella for various applications and their focus is to provide advanced blockchain services to individuals and companies interested in the economic and security benefits offered. I/O Digital’s core development team is fully transparent. The team is led by Joel Bosh, Lead Developer Derek Hatton, POS Security & Systems Management Sam Gabsi, HTML5 Wallet Developer Pat Smuk and Community  & Investor Relations Richard Groen.

I/O Digital is not just a cryptocurrency, but an entire blockchain based decentralized application development project, built out on I/O Coin’s blockchain. Anyone is welcome to use the I/O Digital blockchain for their own services, and interested parties can contact Richard Groen, the I/O Digital community and investor relations manager at richard@iodigital.io

To learn more about I/O Digital please go to: http://ift.tt/1Htzd2d

To trade I/O Coin (IOC) with Bitcoin please go to:
http://ift.tt/1HtzfHo

Visit I/O Coin on bitcointalk: http://ift.tt/1nlhzTi

View the I/O Coin roadmap infographic at: http://ift.tt/1Htzd2f

Media contact:

Name: Richard Groen

Email: richard@iodigital.io

Phone: +31(0)853 011 010

 

This press release is for informational purposes only. The information does not constitute investment advice or an endorsement by Bitcoin Magazine or BTC Media, LLC. Bitcoin Magazine does not certify the accuracy of the above information provided by I/O Digital.

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China and Greece Wobble, Canada Dips Into Recession, Yellen Unfazed

China and Greece Wobble, Canada Dips Into Recession, Yellen Unfazed

By Pam Martens and Russ Martens: July 16, 2015  Protesters were throwing fire bombs in the streets of Athens last evening over harsh new austerity measures being imposed on Greece, where banks and the stock market remain shuttered. One third of the stocks on the Chinese stock market remain suspended from trading in an effort to avert a crash. Bloomberg Business is reporting that institutional investors are holding the highest levels of cash since shortly … Continue reading →

China and Greece Wobble, Canada Dips Into Recession, Yellen Unfazed is a story from: BitcoinWarrior.net

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How Did the Bitcoin Industry Fare in the First Half of 2015?

The bitcoin industry had its ups and downs so far this year, a decent performance relative to the massive downturn it saw last year. What kind of developments did we see so far and how did these affect bitcoin prices?

Greek Debt Crisis

Perhaps one of the biggest drivers in bitcoin price action so far is the Greek debt issue, which led to the imposition of capital controls in the country and left citizens with no other option but to move funds using bitcoin. Apart from that, the prospect of returning to a potentially worthless drachma in case the country is kicked out of the euro zone led many to put their money in other types of currencies.

This has led to significant price volatility in the past weeks, even pushing prices up to $300 after the Greek referendum. The parliament has already approved the latest bailout proposal though, which explains the relative calm in bitcoin trends these days.

Rise of Blockchain Technology

Blockchain has somewhat taken a backseat while bitcoin as a cryptocurrency stole most of the spotlight. However, the underlying blockchain technology drew more attention in the recent months, thanks to companies and initiatives exploring its practical applications.

Blockchain refers to the public ledger of bitcoin transactions, which is updated by a network of computers solving complex algorithms for verification. As such, this record is considered secure and irreversible, as the entries cannot simply be altered without any access to the rest of computers in the entire network. This has led to the creation of more secure databases, such as the land registry in Honduras, and various applications in the music and arts industries.

Strong User Growth Outside the US

Other developing nations are also starting to develop appreciation for bitcoin, as this has served as a means for money remittance in the Philippines, Hong Kong, Tanzania, and Romania. According to data from Coinbase, the market is rapidly expanding outside the US.

These bitcoin industry trends could continue to unfold throughout the latter half of the year, although the industry also faces challenges from regulation.

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Factom Team Launches Release Candidate One, Calls for Test Participation

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Having recently reached its seed-round fundraising goal of $1 million on Bnk to the Future with Factom Inc., their sister entity the Factom Foundation has now launched a Release Candidate One (RC1), a critical step for launching the Factom network.

In a blog post on the Factom site, the company is calling on developers and interested participants to join their efforts to help test and debug the beta client in advance of making it available to the broader community. Beta will be released once the release candidate passes all necessary tests and meets all the requirements set out in Factom’s Milestone 1.

According to the blog, Factoids — the Factom currency used to purchase Entry Credits — will become tradable on Cryptsy and ShapeShift initially, with the release of the beta Factom client and the launch of the Factom network. More exchanges will be added down the line. Early contributors and purchasers of Factoids will have access to them once the genesis block has been created, which is part of beta.

Anyone interested in participating in testing the beta client can email Factom for more information or to be included on the developer Skype channel.

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Images courtesy of Factom

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Standard Chartered Innovation Chief Bullish on Bitcoin for Financial Institutions

tandard Chartered Chief Innovation Officer Anju Patwardhan is the latest senior banker to praise the potential of the blockchain technology behind Bitcoin as a way to cut costs and improve transparency for financial transactions, Finextra reports.

Standard Chartered is a British multinational banking and financial services company headquartered in London. It operates a network of more than 1,700 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people.

Patwardhan has 25 years of banking experience, with Standard Chartered and Citibank, in regional and global roles in Credit Risk and Operational Risk Management. She is an IBF distinguished fellow, the highest banking accolade in Singapore, and a fellow of Singapore Management.

Finextra notes that Citi, UBS and Barclays all have recently confirmed that they are exploring the blockchain, while a BNP Paribas analyst speculated that the distributed ledger has the potential to completely upend post-trade infrastructure.

Writing on Linkedin, Patwardhan proposes that Bitcoin could be a disruptive force for good. The financial services industry is being disrupted and digitally re-imagined, and some of the disruptors, who are working to revolutionize current business models from the ground up, could become mainstream.

“Bitcoin has been viewed uneasily as an exotic alternative currency,” notes Patwardhan. “But the banking industry is starting to see the many potential benefits of its underlying technology. For banks, the blockchain has the potential to become a technology model for a low-cost and transparent transaction infrastructure.”

Patwardhan is persuaded that the technology of Bitcoin could permit drastically reducing the price of financial services to the benefit of consumers, and be adopted to make financial transactions more secure and traceable for banks and regulators.

Of course, Standard Chartered

Originally appeared at: http://ift.tt/1fMm2mh

Standard Chartered Innovation Chief Bullish on Bitcoin for Financial Institutions is a story from: BitcoinWarrior.net

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UK Government: No Plans to Ban Encryption? Hooray Bitcoin!

Days after Prime Minister David Cameron shared hints on a potential crackdown on bitcoin transactions, UK government officials clarified that they have no plans to ban encryption. Cameron’s comments against cyrptocurrency transactions came after the deadly terrorist attack in Tunisia, which led to fatalities of 30 UK citizens.

At that time, Cameron dropped strong remarks against terrorist groups using encryption technology, citing he wanted to “ensure that terrorists do not have a safe space in which to communicate.” This led to speculations that bitcoin firms in the UK might be in trouble, as the exposure of customer transactions could hurt the appeal of using cryptocurrency.

Bitcoin and Encryption

Bitcoin transactions are considered anonymous since these do not keep track of counterparties exchanging the funds. Instead, transaction verifications are conducted by a network of computers solving complex algorithms to add blocks of code to the blockchain, which is the public ledger of bitcoin transactions.

“The Prime Minister did not suggest encryption should be banned,” clarified a UK government representative. Officials added that they recognize the need for encryption, as this is an added security measure for keeping online banking transactions and other forms of communications private. However, the recent terrorist attack has highlighted the complexity of the issue, as the government would still like to be able to foresee future attacks and prevent them.

Nonetheless, bitcoin firms in the UK were able to breathe a sigh of relief on this report, as many cryptocurrency companies are currently based in London. In fact, the city is touted to be a global bitcoin hub, with authorities keeping a relatively open mind when it comes to fostering industry developments. The UK government has even made a call to information regarding digital currencies a few months back in order to enhance their understanding of the industry.

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Snapcard Announces Partnership with ifeelgoods to Offer Bitcoin as a Reward for Major Retailers

ifeelgoods

Snapcard, the San Francisco-based bitcoin wallet provider, announced today that it had formed a partnership with ifeelgoods, a digital gifting platform. The partnership is meant to give the companies using ifeelgoods the ability to create, launch and monitor campaigns that offer end users the chance to earn bitcoin as a reward.

The company is using Snapcard’s MassPay API, which allows companies to instantly and programmatically send payments to either a phone number or email address. Because of this, companies that use ifeelgoods will be able to offer bitcoin as an incentive tool for marketing campaigns, employee recognition and loyalty programs.

Since its launch, ifeelgoods has delivered more than 30 million rewards and has worked with companies such as Walmart, GAP and L’Oreal.

This partnership also opens up the countries where ifeelgoods rewards are available in. Before, the platform worked only in a little more than 30 countries. By utilizing bitcoin, ifeelgoods rewards can now be earned in every country in the world. For users to withdraw the bitcoin to local currency, they will need to spend less than 0.25 percent.

Snapcard has been pushing to get other companies to use its API since it launched MassPay on June 25. It launched with Tango Card, which is the largest rewards-as-a-service platform in the world.

 

Image via ifeelgoods

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