cryptocurrencies

The Coinmine One is a box that mines crypto at home

Posted by | amd, blockchain, celeron, computing, cryptocurrencies, decentralization, economy, Gadgets, Intel, mining, Monero, TC, technology | No Comments

For $799 you can start mining cryptocurrencies in your home, a feat that previously either required a massive box costing thousands of dollars or, if you didn’t actually want to make any money, a Raspberry Pi. The Coinmine One, created by Farbood Nivi, soundly hits the sweet spot between actual mining and experimentation.

The box is about as big as a gaming console and runs a custom OS called MineOS. The system lets you pick a cryptocurrency to mine — Monero, for example, as the system isn’t very good with mature, ASIC-dependent currencies like BTC — and then runs it on the built-in CPU and GPU. The machine contains an Intel Celeron Processor J Series processor and an AMD Radeon RX570 graphics card for mining. It also has a 1 TB drive to hold the massive blockchains required to manage these currencies.

The box mines Ethereum at 29 Mh/s and Monero at 800 h/s — acceptable numbers for an entry-level miner like this one. You can upgrade it to support new coins, allowing you to get in on the ground floor of whatever weird thing crypto folks create tomorrow.

I saw the Coinmine in Brooklyn and it looks nice. It’s a cleverly made piece of consumer tech that brings the mystery of crypto mining to the average user. Nivi doesn’t see this as a profit-making machine. Instead, it is a tool to help crypto experimenters try to mine new currencies and run a full node on the network. That doesn’t mean you can’t get a Lambo with this thing, but expect a Lambo to take a long, long time.

The device ships next month to hungry miners worldwide. It’s a fascinating move for the average user to experience the thrills and spills of the recent crypto bust.

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Kik launches beta product after $100 million ICO

Posted by | Android, Apps, blockchains, cryptocurrencies, distributed computing, e-commerce, ethereum, Kik, kin, Startups, TC | No Comments

Kik made waves last year after a successful $100 million ICO. Now the company has released its first beta product related to its Kin token. Called Kinit, it’s a simple wallet that enables users to earn, store, and spend its tokens.

“Kinit is a fun, easy way to earn Kin, a new cryptocurrency made for your digital life. Earning Kin is just like playing a game, only better, because you get rewarded for completing fun daily activities like surveys, quizzes, interactive videos and more,” reads the Google Play Store description. You can download the app for Android here.

The Kin token is unique for a few reasons. First it is not a traditional ERC-20 token and is instead uses Ethereum for liquidity and the on the Stellar network to improve transaction speed. Further, the company is spending a great deal – about $3 million – to get developers to develop on the token through its KinEcosystem site. The Kinit app is the first effort to get normal users to adopt the tool.

The app makes it possible for users to generate a few dollars in value per day and then exchange those dollars for gift cards and perks. According to CCN, Kik has created a product without a business model and instead it wants to drive the adoption of the token through giveaways.

“Kinit is the first publicly available app dedicated to Kin. Our goal with Kinit is to get Kin into more consumers’ hands. It’s a major step towards making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on real-world user behavior. We’re excited to get even more people earning and spending Kin — all on the Kin Blockchain,” wrote Rod McLeod, Kik’s VP of communications. The app currently asks you to complete surveys in order to get discounts and gift card codes for products.

With the rise of the product-less ICO it’s clear that Kik has the right idea. By encouraging usage they drive up the token price and token velocity and by launching a general beta full of cutesy imagery and text they are able to avoid the hard questions about developer adoption until far into the future. While the KinIt app is probably not what most Kin holders wanted to see, it’s at least an interim solution while the team builds out sturdier systems.

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Bag Week 2018: The Bitcoin Genesis Block backpack will centralize your belongings

Posted by | Bag Week 2018, Bitcoin, blockchain, computing, cryptocurrencies, ethereum, Gadgets, TC, technology, United Kingdom, vitalik buterin | No Comments

Welcome to Bag Week 2018. Every year your faithful friends at TechCrunch spend an entire week looking at bags. Why? Because bags — often ignored but full of our important electronics — are the outward representations of our techie styles, and we put far too little thought into where we keep our most prized possessions.

It’s difficult to show people that you love blockchain. There are no cool hats, no rad t-shirts, and no outward signs – except a libertarian bent and a poster of a scantily-clad Vitalik Buterin on your bedroom wall – to tell the world you are into decentralized monetary systems. Until, of course, the Bitcoin Genesis Block Backpack.

Unlike the blockchain, this backpack will centralize your stuff in a fairly large, fairly standard backpack. There is little unique about the backpack itself – it’s a solid piece made of 100% polyester and includes ergonomically designed straps and a secret pocket – but it is printed with the Bitcoin Genesis Block including a headline about UK bank bailouts. In short, it’s Merkle tree-riffic.

The green and orange text looks a little Matrix-y but the entire thing is very fun and definitely a conversation starter. Again, I doubt this will last more than a few trips to Malta or the Luxembourg but it’s a great way to let Bitcoin whales know your ICO means business.

The bag comes to us from BitcoinShirt, a company that makes and sells bitcoin-related products and accepts multiple cryptocurrencies. While this backpack won’t stand up to 51% attacks on its structural integrity, it is a fun and cheap way to show the world you’re pro-Nakamoto.

So as we barrel headlong into a crypto future fear not, fashion-conscious smart contract lover: the Bitcoin Genesis Block backpack is here to show the world you’re well and truly HODLing. To the moon!

Read other Bag Week reviews here.

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Rare Bits launches a market for digital collectables

Posted by | cryptocurrencies, cryptocurrency, farmville, Gaming, Rare Bits, Startups, TC, Zynga | No Comments

As we plunge into our baffling future, it is believed that, at some point, we will be trading in cryptographically secure kittens, monsters, and playing cards. While it is unclear why this will happen, Rare Bits and their new service, Fan Bits, is ready for the oncoming rush.

Co-founded by Dave Pekar, Amitt Mahajan and Danny Lee (who met after selling their gaming startups to Zynga) and Payom Dousti (formerly of fintech VC fund 1/0 Capital), the company trades in digital goods and has built a blockchain-based solution for buying and selling digital collectables. Lee brought in a team of ex-Zynga and other digital platform creators to build a blockchain-based solution for buying and selling digital collectables. For example, on Rare Bits you can buy this monster and battle it against other monsters on the blockchain. Further, with their new platform called Fan Bits, you can buy actual collectables that are tied to the blockchain. For example, you can sell collectible cards and give some of the proceeds to charity. If the new owner resells those cards then some of the resell price also goes to charity, an interesting if slightly intrusive use of smart contracts.

The team has raised $6 million in Series A. Fan Bits launches on May 17.

“To date, collectible content has only been created by developers for their own dapps – which I suppose could be considered our competition,” said Lee. “Fan Bits is the first to let anyone, especially people who are not technical, to create collectibles. It will create an abundance of supply that didn’t exist before.”

“We started Rare Bits to let people buy, sell, and discover crypto assets. We believe that assets on the blockchain mark a fundamental shift in how we own and exchange property. Our overall mission is to enable the worldwide exchange of online and offline property on the blockchain,” he said.

Lee sees this as a Trojan horse of sorts, allowing non tech-savvy creators sell digital art and designs online without having to understand the vagaries of blockchain.

“For creators, it’s a DIY platform to turn their content into unique collectibles and earn Ethereum on every sale,” he said. “For the first time, a creator can go from idea to published cryptocollectible on a live marketplace without having to have any technical knowledge.”

Given the popularity of other digital collectables – including in-game gear for many multi-player games – things look like they’re going to get pretty interesting in the next few years.

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Meet the quantum blockchain that works like a time machine

Posted by | Bitcoin, blockchain, computing, cryptocurrencies, decentralization, Gadgets, information, Startups, TC, technology | No Comments

A new — and theoretical — system for blockchain-based data storage could ensure that hackers will not be able to crack cryptocurrencies once the quantum era starts. The idea, proposed by researchers at the Victoria University of Wellington in New Zealand, would secure cryptocurrency futures for decades using a blockchain technology that is like a time machine.

You can check out their findings here.

To understand what’s going on here we have to define some terms. A blockchain stores every transaction in a system on what amounts to an immutable record of events. The work necessary for maintaining and confirming this immutable record is what is commonly known as mining. But this technology — which the paper’s co-author Del Rajan claims will make up “10 percent of global GDP… by 2027” — will become insecure in an era of quantum computers.

Therefore the solution to store a blockchain in a quantum era requires a quantum blockchain using a series of entangled photons. Further, Spectrum writes: “Essentially, current records in a quantum blockchain are not merely linked to a record of the past, but rather a record in the past, one that does not exist anymore.”

Yeah, it’s weird.

From the paper intro:

Our method involves encoding the blockchain into a temporal GHZ (Greenberger–Horne–Zeilinger) state of photons that do not simultaneously coexist. It is shown that the entanglement in time, as opposed to an entanglement in space, provides the crucial quantum advantage. All the subcomponents of this system have already been shown to be experimentally realized. Perhaps more shockingly, our encoding procedure can be interpreted as non-classically influencing the past; hence this decentralized quantum blockchain can be viewed as a quantum networked time machine.

In short, the quantum blockchain is immutable because the photons that it contains do not exist at the current time but are still extant and readable. This means the entire blockchain is visible but cannot be “touched” and the only entry you would be able to try to tamper with is the most recent one. In fact, the researchers write, “In this spatial entanglement case, if an attacker tries to tamper with any photon, the full blockchain would be invalidated immediately.”

Is this possible? The researchers note that the technology already exists.

“Our novel methodology encodes a blockchain into these temporally entangled states, which can then be integrated into a quantum network for further useful operations. We will also show that entanglement in time, as opposed to entanglement in space, plays the pivotal role for the quantum benefit over a classical blockchain,” the authors write. “As discussed below, all the subsystems of this design have already been shown to be experimentally realized. Furthermore, if such a quantum blockchain were to be constructed, we will show that it could be viewed as a quantum networked time machine.”

Don’t worry about having to update your Bitcoin wallet, though. This process is still theoretical and not at all available to mere mortals. That said, it’s nice to know someone is looking out for our quantum future, however weird it may be.

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The makers of the Solarin secure cellie are building a bitphone

Posted by | Bitcoin, blockchains, computing, cryptocurrencies, decentralization, Gadgets, Mobile, mobile phone, money, TC, technology | No Comments

 Bitcoin-powered cellphones — basically phones that can securely hold and send cryptocurrencies — have long been a fascinating if undeveloped concept in the crypto community. When phones talk to each other using BTC or other currencies — whether it’s to pay bills or send money to friends — you open up an interesting world of commerce. Read More

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