Experts Split on Practical Implications of Quantum Cryptography

Experts Split on Practical Implications of Quantum Cryptography

Scientists in China were able to exchange an encryption key at a distance of 1,120 kilometers, this exceeds the previous best attempt by 1,000 kilometers. Crypto experts discuss whether this could have practical implications for the industry.

Quantum computers are scarecrows for the crypto industry for years, with some speculating that the advances in this technology will make all existing cryptography obsolete. This time quantum entanglement was used to exchange a secret key that could be used to encrypt and decrypt messages. One could imagine if this technology becomes a commodity it could make crypto hacking obsolete as users would be able to authorize transactions outside of the Internet.

We reached out to crypto experts to learn whether this technology could have practical implications for the industry in the near future.

Cornell University professor and Ava co-founder Emin Gün Sirer told Cointelegraph that he has been hoping for this technology for the past 40 years. He believes it will become practical sooner or later. “Yes, I keep hoping! I first read about this in the 1980s. At some point, it’ll be practical,” he said.

But Bitcoin Core developer Wladimir van der Laan does not believe it will be adopted in his lifetime:

“Realistically, I expect it to be a long while before quantum computers are available commonly enough to be applicable for a decentralized network, if ever (like: not in my lifetime)”.

Ian Grigg, the inventor of the Ricardian Contract and a notable a cypherpunk does not believe quantum cryptography has something practical to offer:

“Nope. We don’t need quantum cryptography to securely distribute keys. We can do it cheaper with software methods.”

Sergio Demian Lerner, a Bitcoin (BTC) researcher and designer of RSK agrees with Grigg that there are less expensive ways to get the job done:

“There is no need for a quantum link to exchange keys. You just travel once, and exchange keys. And then you use those keys for the next 10 years. In my humble opinion, it has absolutely no application that can cover the infrastructure cost.”

While we await the advances in the quantum realm, a new interesting pattern in the way Satoshi Nakamoto was mining has been noted by Lerner.

Source: www.bit-cointalk.com


What Is Bitcoin Exchange Traded Crypto and What Impact Could It Have?

What Is Bitcoin Exchange Traded Crypto and What Impact Could It Have?

On June 18, ETC Group and HANetf announced the listing of a new exchange-traded bitcoin investment vehicle – named Bitcoin Exchange Traded Crypto (BTCE) – on the Germany-based Xetra exchange.

But what exactly is BTCE?

And what potential impact could this new exchange-traded product have on the wider crypto market?

In essence, BTCE is a new investment vehicle – akin to an exchange-traded fund (ETF). It tracks the price development of bitcoin (BTC) and claims to be the world’s first centrally cleared Bitcoin exchange-traded commodity (ETC).

The BTCE is 100% backed by “physical” bitcoin, trades on the Deutsche Börse’s Xetra exchange, and is denominated in euros.

It is also the first cryptocurrency ETC on HANetf’s white label exchange-traded product (ETP) platform, according to a press release shared by Xetra.

BitGo acts as the custodian for ETC Group and Deutsche Boerse’s Eurex Clearing service handles central clearing, which removes bilateral counterparty risk for BTCE investors.

ETC Group CEO Bradley Duke, said,

“BTCE brings the transparency and investor protection that regulators and institutional investors require to the world of bitcoin. Investors get the benefits of trading and owning bitcoin through a regulated security, while having the optionality of redeeming bitcoin if they choose.”

Michael Krogmann, a board member of the Frankfurt Stock Exchange, stated,

“With the new product, investors can easily participate in the performance of the Bitcoin price without having to use unregulated crypto-trading platforms. Separate infrastructure, such as a crypto wallet, is not required.”

He added,

“With the world’s first centrally cleared bitcoin ETN, we are also setting new standards in the post-trade processing of products on cryptocurrencies.”

Those expecting a major splash in bitcoin prices following the announcement of the new BTCE product will have been disappointed, as the market was largely unmoved by the news. Some, however, expected no less.

While the BTCE is effectively a bitcoin ETF, it is primarily targeted at retail investors and is currently only available in Germany, Austria, Italy and the United Kingdom.

That means larger Wall Street investment firms that would be expected to pile into a United States-based Bitcoin ETF (and thus drive up the price of bitcoin), will not be investing in the Xetra-listed BTCE.

While the United Kingdom and Germany have substantial retail investor bases, many investors in both nations already have direct exposure to bitcoin. And buying bitcoin through a bitcoin app is, generally speaking, easier than signing up for an online brokerage account to buy securities.

The BTCE also comes with a 2% annual fee, which makes it more expensive to hold exchange-traded bitcoin than physical bitcoin.

However, in exchange for that fee, investors do get a lot of benefits. For a start, they do not need to manage their own private keys or handle any of the other technical aspects typically associated with buying and storing bitcoin.

Additionally, the BTCE is regulated and centrally cleared, which reduces the risk of losing money due to outside factors, such as exchange hacks or counterparty disruptions.

Therefore, we will likely see demand for this new bitcoin product rise.

That said, at this stage, there is unlikely to be enough interest in the product to move BTC prices in any meaningful way. Regardless, if more products like this were to roll out elsewhere, that could change quickly.

Source: techheading.com


Trump’s Empty Bitcoin Threat; PayPal Prepping For Crypto Trading

Trump’s Empty Bitcoin Threat; PayPal Prepping For Crypto Trading

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

donald trump

It would be almost impossible for President Trump to implement a bitcoin ban.

Bitcoin had another calm week despite the expiration of nearly $1 billion worth of bitcoin options on Friday. Millennials remain confident that it will be a useful investment in the near term, with 44% of them in one survey saying they’re likely to buy bitcoin in the next five years and 47% trusting it more than big banks. But traditional investors like Jim Rogers are more reserved, believing that governments will not allow cryptocurrencies to survive and bitcoin’s value will “eventually become zero.”

crypto bitcoin price chart

Source: Messari. Prices as of 4:00 p.m. on June 26, 2020.

Donald Trump’s distaste for bitcoin is no secret, but banning it would be harder than President Roosevelt’s undertaking when he banned gold in 1933, allowing the government to seize citizens’ gold holdings during the Great Depression and requiring them to exchange the precious metal for cash.

Bitcoin proponents like to point out its similarities with gold, but they’re lucky in this context it has some obvious differences, too. Its online decentralization makes it easy to transfer around the globe instantaneously, and transactions off exchanges can be untraceable. “Bottom line: it would be nearly impossible to censor bitcoin transactions,” says early bitcoiner Marshall Hayner.

This Tuesday, the U.S. Senate Banking Committee will hold a virtual hearing titled “The Digitization of Money and Payments.” Chris Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission and the founder of the Digital Dollar Project, will be testifying about the importance of tokenized financial products.

Plus, all eyes will be on President Trump’s next nominee for the head of the SEC and its stance on crypto as the current chair, Jay Clayton, awaits Senate confirmation to become the U.S. Attorney for the Southern District of New York.

A growing number of crypto investors on social media have taken up “yield farming,” the act of leveraging decentralized finance products and protocols to generate high rates of return. The practice comes with risk, but users have been able to compound returns on high-yield interest income by using leverage to gain additional exposure to assets, in some cases generating annualized yields exceeding 100%.

Lending startup Compound dove into this space, and its governance token comp, which was listed on Coinbase on Monday, has quadrupled in value since last week.

DOJ Indicts Founder of Anti-Money Laundering Bitcoin Project for Money Laundering [CoinDesk]

Crypto Push by Republic Investment Platform Sparked by New Token [Bloomberg]

Blackballed by PayPal, Scientific-Paper Pirate Takes Bitcoin Donations [CoinDesk]

Source: techheading.com


Chainlink (LINK) Gets Listed Under Leading Crypto Exchange PayBito

Chainlink (LINK) Gets Listed Under Leading Crypto Exchange PayBito

Leading crypto exchange PayBito adds Chainlink (LINK) to its platform to provide its global users with more trading options in prominent cryptocurrencies.

PALO ALTO, Calif., June 27, 2020 /PRNewswire-PRWeb/ — USA based cryptocurrency exchange PayBito continues its coin listing spree with the latest addition of decentralized oracle network Chainlink’s native digital currency LINK to their trading platform. The globally renowned exchange has been expanding its cryptocurrency portfolio for a while to enhance the trading options for its users all over the world.

PayBito offers an extensive list of prominent cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, HCX, Litecoin, Ripple, Bitcoin SV with more in the pipeline to be added according to company sources. LINK’s addition diversifies the trading options for the trading platform’s global users.

“PayBito aims to offer the users with best prices in cryptocurrencies with an extensive list of crypto coins to trade-in. We follow a very stringent coin listing policy to ensure that the users have a fulfilling trading experience. Considering our consistent trade volume surges the addition of new coins will surely act as an encouragement to the traders and boost trading activity on the platform”, commented Raj Chowdhury, Managing Director, PayBito.

PayBito stands out from the rest of the exchanges owing to its steady and consistently high trading volume. One of its stand-out features is the seamless fiat to crypto on-off ramp transition of the trading platform. It comes with enhanced security protocols comprising of preventions, detection, and remedial cybersecurity, that fortifies the safety of the traders and their assets.

  • An Overview of Chainlink (LINK):
  • Developed by Sergey Nazarov and Steve Ellis, Chainlink is a decentralized oracle network with LINK as its native asset. It is used to smart contracts with the real-world data applications, and the node providers of the network are paid through LINK. The ICO for Chainlink was conducted in 2017, through which they were able to raise $32 million along with a 1 billion LINK tokens on supply.

    The Chainlink network has a reputation system, owing to which the node participants with a large number of LINKs get rewarded with major contracts. If one fails to deliver the desired results then is results in the deduction of tokens as well. LINK is an ERC-20 token. It has the added ERC223 call and transfers function of transferring which allows one to receive and process the tokens via one transaction.

    • About PayBito:

    PayBito is a leading cryptocurrency asset trading platform operating globally. The platform is designed and managed by a team with rich experience in Banking security systems, Cryptocurrency trading, and Blockchain technology. Available in the web version as well as in iOS and Android stores. PayBito services include white label cryptocurrency exchange, white label payment gateway, exchange affiliate, and coin listing. PayBito offers some of the best rates and top-notch security in the crypto world.

    SOURCE PayBito

    Source: finance.yahoo.com


    Experts Split on Practical Implications of Quantum Cryptography

    Experts Split on Practical Implications of Quantum Cryptography

    Scientists in China were able to exchange an encryption key at a distance of 1,120 kilometers, this exceeds the previous best attempt by 1,000 kilometers. Crypto experts discuss whether this could have practical implications for the industry.

    Quantum computers are scarecrows for the crypto industry for years, with some speculating that the advances in this technology will make all existing cryptography obsolete. This time quantum entanglement was used to exchange a secret key that could be used to encrypt and decrypt messages. One could imagine if this technology becomes a commodity it could make crypto hacking obsolete as users would be able to authorize transactions outside of the Internet.

    We reached out to crypto experts to learn whether this technology could have practical implications for the industry in the near future.

    Cornell University professor and Ava co-founder Emin Gün Sirer told Cointelegraph that he has been hoping for this technology for the past 40 years. He believes it will become practical sooner or later. “Yes, I keep hoping! I first read about this in the 1980s. At some point, it’ll be practical,” he said.

    But Bitcoin Core developer Wladimir van der Laan does not believe it will be adopted in his lifetime:

    “Realistically, I expect it to be a long while before quantum computers are available commonly enough to be applicable for a decentralized network, if ever (like: not in my lifetime)”.

    Ian Grigg, the inventor of the Ricardian Contract and a notable a cypherpunk does not believe quantum cryptography has something practical to offer:

    “Nope. We don’t need quantum cryptography to securely distribute keys. We can do it cheaper with software methods.”

    Sergio Demian Lerner, a Bitcoin (BTC) researcher and designer of RSK agrees with Grigg that there are less expensive ways to get the job done:

    “There is no need for a quantum link to exchange keys. You just travel once, and exchange keys. And then you use those keys for the next 10 years. In my humble opinion, it has absolutely no application that can cover the infrastructure cost.”

    While we await the advances in the quantum realm, a new interesting pattern in the way Satoshi Nakamoto was mining has been noted by Lerner.

    Source link

    Spread the love

    Source: www.cryptobitnews.co.uk


    What is the exchange rate of USD (US Dollar) / CHF (Swiss franc) on Sunday June 28, 2020

    What is the exchange rate of USD (US Dollar) / CHF (Swiss franc) on Sunday June 28, 2020

    USD CHF exchange rate

    Get the current mid-market rate for USD (US Dollar) / CHF (Swiss franc) for Sunday June 28, 2020 right here.

    The latest rates for USD (US Dollar) / CHF (Swiss franc) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest forex market data to bring you live information to help you make the best forex trading decisions every day.

    Sunday June 28, 2020 1 USD (US Dollar) is 0.947883 of CHF (Swiss franc) .

    Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

    Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

    Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case USD (US Dollar) and a quote currency CHF (Swiss franc).

    The price displayed for a currency pair represents the amount of quote currency, or CHF (Swiss franc) you will need to spend to purchase one unit of the base currency USD (US Dollar) In this example that means you need to spend 0.947883 of CHF (Swiss franc) in order to purchase 1 USD (US Dollar).

    Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies represent the most commonly traded currencies on the market. Different brokers will use different criteria, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • Commodity currencies are currency pairs whose price is closely tied to commodities such as oil, iron ore, and coal. Commonly cited examples are AUD/USD and USD/CAD
  • Cross currencies are all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.
  • Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.

    It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.

    Source: born2invest.com


    Experts Split on Practical Implications of Quantum Cryptography


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