Connect with us

Blockchain

Justin Sun Plans To Buy BitTorrent

Published

on

Justin Sun, the CEO of TRON, is finalizing an agreement to buy BitTorrent, inc. Most people know BitTorrent as the creator of the popular torrenting client, uTorrent, which at its peak had over 100 million users.

According to Torrentfreak.com, BitTorrent has been in a steady decline to some poor decisions and potentially illegal missteps by their management.

In an interview with BitTorrent founder Bram Cohen, the management was painted by Cohen as incompetent narcissists who had no business plan and no idea what they were doing besides chasing some nebulous idea of celebrity endorsement.

This can be seen in Cohen’s statement, “They were just incompetent fuckups. I mean they’re losers. Basically, Accel took their share in BitTorrent and pretty much just gave it away to these total strangers who they didn’t know. And not only gave away their stock but gave away control of the company.

Human beings are a bunch of starfuckers, right? The United States has become this celebrity-obsessed culture, and everyone’s all about, oh, we’ll gain access. That’ll be great, and we’ll make money off of it, everybody thinks this.”

It is against this backdrop that Sun’s alleged acquisition is taking place. The TRON projects alleged goal is to “decentralize the web.” Owning one of the most recognizable brands aligned with these goals would be a major coup for the ambitious CEO.

This is due to the fact that the most likely use case of uTorrent by TRON would be to simply parlay its user base into usage of the TRON blockchain.

Since a huge part of TRON’s model relies on advanced content search for media files, simply making use of the uTorrent brand but integrating it with Tron’s decentralized search would instantly transform TRON into one of the most actively utilized blockchains on earth.

The information stems from the fact that BitTorrent changed their company name recently to Rainberry according to their chief product officer. “Rainberry Inc is the official name of the company; it was changed right around the start of 2017.” He stressed that it was a purely corporate decision and that none of the existing product brands would change.

Despite this blanket denial, it seems like the acquisition was proceeding swiftly, and was even overcoming some initial hurdles. BitTorrent had already tried to find a better acquisition offer during the first round of negotiations, to the point that Justin Sun took them to court in an attempt to stop them from negotiating with other buyers.

However, it seems that these initial roadblocks have been overcome, as a new company called Rainberry Acquisition, (BitTorrent recently changed their official company name to Rainberry) was formed and registered directly to Justin Sun. How Sun plans to integrate the platform with Tron is an open question, but it is likely to result in some interesting synergies.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
3 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 53 votes, average: 3.33 out of 5 (3 votes, average: 3.33 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 8 rated posts




Feedback or Requests?

Blockchain

How Blockchain Can Help Companies Face the New GDPR Rules

Published

on

The new General Data Protection Regulation (GDPR) guidelines governing the European Union (EU) officially come into play on May 25. Businesses and their associated websites had about three years to comply with the new set of rules. The companies that didn’t bother adjusting their data collection methodologies could face stiff fines.

Most companies issued a new “Terms of Use” to be on the safe side of the road. However, a blockchain system could solve the problem once and for all.

According to the GDPR, companies are expected to follow new guidelines in order to be allowed to operate for European citizens. Those regulations include the ability for the user to consent to their data being processed, the knowledge of who is processing the data and the ability to withdraw consent at any time..

Blockchain can play a vital role in this process. Websites that have users register on a distributed ledger system provide an upper hand, allowing them to be in charge of the data they provide.

Blockchain’s Role

When applied to systems in need of identity management, blockchain can operate in a level no other protocol can. The way it stores, collects and distributes data is revolutionizing. There is a brand new set of capabilities not available on any existing data protection method.

Blockchain verifies data usage through a complicated combination of public and private signatures, data hashing and encryption. This allows a person’s data and identity to be saved only on his end, rather than on a server. When that data is requested, it has to be provided from the user’s device instead of the main server.

While running on a blockchain system, the user is able to process exchanges personally, meaning the company that wants his data will have to get his consent in order to access them. This allows the user to have absolute control over his information, as well as know the company that uses it, meeting the GDPR’s “Right to Erasure” condition.

The use of blockchain also eliminates the need for massive databases since each user stores his own data. Blockchain makes it possible for each user to connect when needed, allowing companies to keep minimum information on customers and employees. Applying those changes to their products as well allows the company to meet GDPR’s “privacy by design” condition.

Privacy by design is, in essence, a new GDPR provision. According to it, companies are obligated to have platforms that are built on data privacy, with their products or services privacy in the cognizance of the rightful user. With blockchain technology, the process is automatically private, thus meeting the privacy by design criteria.

It remains to be seen if GDPR rules come into place on May 25 and whether fines will actually be levied on websites that do not comply. According to GDPR, the fees may come up to 4% of its annual global turnover, or €20 million, whichever is greater. This amount is enough to deter both small and large companies, although implementation will be key.

Blockchain can be the pioneer system behind the web sooner than we think. GDPR paves the way for greater blockchain adoption at a level that extends far beyond core business functions and cryptocurrency transactions.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

Continue Reading

Blockchain

The First Governmental Elections Powered By Blockchain Technology

Published

on

While blockchain technology can be used in countless different ways and applied in any possible industrial and/or governmental sector, not all of them have been explored so far.

One of these yet unexplored regions is using the disrupting tech for elections, allowing users to vote in a decentralized fashion from anywhere at any time, while secured by blockchain technology.

United States’ West Virginia took the first step and started the first-ever government-run, blockchain-mediated vote globally.

In the primary elections that concluded on May 8th, blockchain voting was trialed on a limited amount of people, namely deployed military members and Americans eligible to vote absentee under the Uniformed and Overseas Citizens Absentee Voting Act (UOCAVA), as well as their spouses and dependents.

Participation in the trial was further restricted to voters registered in two of the state‘s 55 counties: Harrison and Monongalia.

Voatz, the company behind the voting system has created an application that basically allows you to vote regardless of your geolocation, while the company makes sure the person voting is eligible to do so.

If the trials prove to be successful and trustworthy, Mac Warner, the West Virginia Secretary of State, is considering making the system available to all UOCAVA voters registered in West Virginia for the general election this November.

He is expected to make the decision during this summer so that the process is as smooth as possible during the election period, already tested and “ready-to-go”.

“Our team believes blockchain does provide a heightened level of security on this type of mobile voting app. We’re genuinely hoping that will allow this type of a mobile app to be made available in the future – as early perhaps as our general election – to military voters.” 

Mike Queen, communications director for Mac Warner stated on Ethnews.

In charge of conducting the results of the audit will be Voraz, clerks representing Harrison and Monongalia counties and the state’s governor among other parties.

“The Secretary’s office is very encouraged so far today and we believe that [blockchain-based voting] is a real viable option. There are a lot of other states who are asking about this mobile voting solution and who are also interested in it.” 

However, despite all the excitement of the Secretary of Office state, the whole exercise was questioned by third parties.

Professor Duncan Buell, a computer scientist in the University of South Carolina, doesn’t seem to trust the process, as he considers that Voraz application does not run a trustworthy fingerprint-scanning and facial-recognition technology, meaning the results could be vulnerable to hacking. Thus voting actually becomes trusting a company instead of the government.

While the traditional way people participate in the election process is working for some political systems, it might not be ideal for other.

In traditional elections, participants are required to travel to the city they are registered in order to take part in the process, and even if they do so, they are obliged to vote for a decision that in most common scenarios will not be able to be altered until the next planned elections.

Blockchain technology may empower voters, allowing them to actually make direct decisions regarding their residential location, rather than deciding the person to represent their decisions.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 13 rated posts




Feedback or Requests?

Continue Reading

Bitcoin

Is Bitcoin Truly Decentralized?

Published

on

The top buzzword you hear associated with bitcoin is “decentralization.” Everyone talks about the weaknesses of a centralized fiat currency and how a digital currency that runs on the blockchain can solve many of these problems.

Bitcoin (and other cryptocurrencies) have gained a lot of steam over the last year, but nobody has stopped to ask the question, is bitcoin moving towards decentralization?

Exchanges and Gatekeepers

Right now, almost all of the top exchanges for cryptocurrencies are centralized. They have a few shareholders who hold the majority of control, and with this comes the ability to censor the flow of funds.

Decentralized exchanges are on their way, but all of the currency decentralized solutions only allow for crypto-to-crypto trading, which is limited in its use.

Centralized exchanges also often manage the online storage of cryptocurrencies as well. The private keys stay in control of these exchanges, which is not only the exact same set up as leaving your money with a bank (and placing a large amount of trust in a single institution), but also creates a honeypot for potential hackers.

Maintaining custody of your private keys is something that is generally encouraged from a risk management perspective, but is also in line with the ethos behind bitcoin. Centralized exchanges retain a ton of data and have the power to censor the movement of funds.

Future regulation is still hazy for cryptocurrencies, and know-your-client laws require a certain amount of data to be stored by companies, but it is possible that these companies retain or sell this information in the future. The fact that your private key can be associated with you instantly takes away the anonymous aspect of cryptocurrency, which means you and your funds can be censored.

Mining in China

Examining this from a different angle, mining is an essential part of the governance and maintenance of the bitcoin network. The original idea was to have a widely distributed network that was so large that it was immune to any single entity that wished to dominate 51% of the currency and therefore control the fate of bitcoin.

However, this has not proven to be the case. There are an estimated 12,000 nodes currently in operation on the Bitcoin network, and they collectively have the power to vote on resolutions like SegWit 2x. As more nodes are added to the network, it has begun to trend towards a higher level of concentration in China. Now, have approximately 70% of the nodes controlled by entities within China.

Bitcoin doesn’t suffer from some of the same problems as other cryptocurrencies like Ripple, where the management is explicitly controlled by a single person, the CEO of the company. Satoshi Nakamoto designed and released bitcoin, then disappeared. The development team has the power to propose certain innovations, but it is far from an autocracy.

Many cryptocurrencies are set up in a way where a single player can steer the future with little oversight. This past form of governance is beginning to disappear and presents another reason why a democratic (and decentralized) solution like bitcoin has future potential.

The Bitcoin Ethos

Bitcoin’s promise is to deliver a digital currency that runs independently of any meddling top-down management, but right now this doesn’t seem to be the case.

Until the crypto ecosystem is run in a way that makes it possible to acquire, exchange, and store cryptocurrencies in a completely private manner, the innovations are negligible. Additionally, having a high proportion of the nodes in operation controlled by a country that doesn’t allow free access to the internet is another point against the decentralization of bitcoin.

None of this is to say bitcoin is going to fail or has no merit, but that “decentralization” isn’t a core trait it currently possesses. Certain changes are necessary to improve the robustness of the network, and it is highly possible they will be enough to maintain bitcoin’s dominance in the cryptocurrency world.

Featured image courtesy of Shutterstock.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
6 votes, average: 3.00 out of 56 votes, average: 3.00 out of 56 votes, average: 3.00 out of 56 votes, average: 3.00 out of 56 votes, average: 3.00 out of 5 (6 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.5 stars on average, based on 12 rated posts




Feedback or Requests?

Continue Reading

10 of 15 Seats Available

Learn more here.

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending