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It Is All About Litecoin

Litecoin is peer-to-peer or P2P internet currency that facilitates instant; and the close to zero cost of payments to every single person who’s making its transaction at anytime and anywhere in the entire world.

And Litecoin is an open source, a global payment network that is fully decentralized without having any central authorities. The mathematics sheltered the network and at the same time empowers individuals to take control of their very own finances. Litecoin features a quick and reliable transaction confirmation times and also improved storage efficiency than the leading math-based currency. Together with the strong industry that fully supports, the trade quantity and also the liquidity and Litecoin is a proven medium of the commerce harmonizing to the Bitcoin.

How has Litecoin ever started? Litecoin was released utilizing an open-source client on the GitHub on the 7th of October year 2011 by Charles Lee which is a former Google employee. And it was a fork of the Bitcoin-Qt client in which differing primarily by having a decreased block generation duration period and increased the maximum count of coins, then a different hashing algorithm with the script instead of SHA-256, and lastly with a slightly modified GUI.

And during the month of November in the year 2013 in which the aggregate value of the Litecoin experience an immense growth that covers a 100% leap that happens just within 24 hours. Right after then, Litecoin has reached up to $1 billion MarketCap right in the same month of November year 2013. And as of February this year its market capitalization is at over the summation of $136,512,971 US Dollars together with the price of $3 levels. And then Litecoin version was released in November year of 2013; in which the release include the fixing right for the vulnerabilities and also added a well-improved security right to the Litecoin network.

How the Litecoin development goes? As the Litecoin developer team has released the version in earlier of December of the year 2013. And the new version has offered a 20x reduction right in the transaction fees; along with the other security and the performance upgrading right in the client and the network as well. The source code and also the binaries were being released early to the people in the “#Litecoin” right in the IRC channel and on the official Litecoin forums, and on the Reddit, together with the information for the power users to be able to add a Litecoin super mode right in the configuration file, while the main site was to be updated right after enough of the network was running the new version. And this particular release method was being used to be able to ensure that the small fees of transaction right from the version clients would not be delayed by the customers running the older versions. And in April of the year 2014, a new version of the Litecoin was released with the version in which has fixed some of the minor issues along with important fix associated right to the Heartbleed security bug.

What are the differences of Litecoin from the Bitcoin? The Litecoin Network aims to be able to process a block with every 2.5 minutes rather than the Bitcoin’s 10 minutes in which the developers claim allocates right for a quick and easy transaction confirmation. And a drawback is a higher possibility of orphaned blocks. The advantages can therefore include a greater resistance right to a double spending attack over the same duration period as the Bitcoin. However, a total work that is done is a consideration. Just for an example was if the Litecoin Network has comparatively ten times less computing work done per block than the Bitcoin Network, then the Bitcoin confirmation is around 10 times harder to reverse even though that the Litecoin Network is similarly to add confirmation blocks at a rate four times more rapidly.

The Litecoin uses a scrypt right in its proof-of-work algorithm together with a following memory-hard function requiring asymptotically in which are having more memory than an algorithm in which is not a memory-hard. And the Litecoin Network will be able to produce up to the summation of over 84 million Litecoins or four times as several currency units as will be issued by the Bitcoin Network.

Sending Physical Products via Blockchain

It was not a very long time ago when the Blockchain was just a glimmer in a Satoshi Nakamoto’s eye right before it launched the transformational decentralized digital currency named the Bitcoin. And right after many successful years of testing, all the way through millions, if not billions of transactions through it around and across the globe, and it appears the mainstream is quite impressed enough to make it jump right into its waters.

The latest exemplar is a new venture right between the Wells Fargo Bank and the Commonwealth Bank of Australia that is utilizing the Blockchain technology at this very moment. This particular joint venture was sending physical goods all across and around the globe together with some of the smart contact that is thrown in for great measure as based with the Bloomberg. And it seems that the maiden voyage of this new use of the Bitcoin’s innovative Blockchain technology has already just begun. And a ship had already left Houston, Texas and heading for Qingdao, China carrying with 88 bales of cotton. And there are not just any other ‘ole bales of cotton. The $35,000 US Dollars worth of Brigham cotton will be the initial test run of a new means of doing the global trade finance. And we all knew that in about the summation of over two weeks if the eagle has already landed right on a Blockchain.

These bales will be duly scanned in by the port staffs as the usual measures, but this at this period it will trigger the smart contact to authorize the payments right for these bales all the way through an entry right on the Blockchain. And there will be no paper trail at this time. Plus there will be no human hands that are manually performing these particular confirmation functions. And if this is successful, the old means of doing the business may prove to be obsolete then. Jonathan Perkinson, who leads the Deloitte’s global Blockchain initiative right in Sydney, Australia, said that “Completely the trade finance is going to move this way,” and he also adds up that, “And the real deal becomes on how fast the sector can align right into one solution.” And we are talking about the figures of $4,000,000,000,000 (four trillion US Dollars) right in the global trade business that may certainly get an overhaul right in the few following years. And this is all thanks to the Bitcoin’s Blockchain technology that is being copied and co-opted rapidly than the 12.5 bitcoins that can be mined. The major frauds and the thefts right in this particular industry have forced the big players to search for a better way forward in which is where the Bitcoin and its technology have always been waiting right for the mainstream adoption possibilities.

And these new venture is proven to be not a lone wolf in this line when it comes right into integrating the Blockchain technology with the mainstream world of the physical be improved and services transfer. The IBM and the Walmart have also proclaimed that a partnership where the food shipment, food safety, and the cost-efficiency will significantly improved by using the Blockchain technology right in the Walmart stores in China. The Blockchain will supervise and also protect the important data similarly to the farm origin, the expiration dates, the storage temperatures and much more. And these certain pieces of the data will be fully secured right in a Blockchain and not to be changed or be being altered at the same time.

The Head of Transactions at the Commonwealth Bank, Michael Eidel mentioned that “We strive to remain at the forefront of the disruptive technologies to be able to fully understand on how they can be utilized to enable a greater weight of efficiencies and also solve the real world challenges that our customers were facing.” To be able to support his first statement he also said that, “The interplay right between the Blockchain, the smart contacts and the internet of the things is a noteworthy progress right towards the revolutionizing trade transactions that could deliver considerable benefits throughout the global supply chain. And the trade finance is one of the major clunky processes right in the business. And it is certainly ripe for disruption.”

Based on the EU Central Bank, Europe Must Not Promote Digital Currencies!

Right in a legal opinion that was recently published by the European Central Bank in which is the ECB, the Union’s apex bank has delineated various of the reasons it believes that the European Union members must not promote the use of the digital currencies.

Even though the ECB recognizes that the technological advances in associating right with the distributed ledger technology and that has been underlying the alternative means of payment similarly to the virtual currencies may have been the potential to ascend the efficiency, reach and choice of the payment and also the transfer methods, as it presaged that, “… the Union legislative bodies must take care not to appear on promoting the use of the privately reputable digital currencies similarly as the alternative means of payment are neither legally established as currencies, nor they constitute the legal tender issued by the central banks and the other public authorities.”

Some of its other concerns also includes the higher instability that is linked with the virtual currencies in which does not always seems to be associated to the economic or the financial factors and also the lack of the guaranteed right for the holders of the virtual currency that they will be able to exchange their units for the goods and the services or any other legal currency in near and approaching future

As based right on the aspect that the virtual currencies could positively affect the control. The opinion states that, “… the reliance of the economic actors on the virtual currency units. If substantially amplified right shortly could in principle affect the central bank's’ control right over to the supply of the money with the potential risk of the price stability, even though the under and current practice this particular risk is limited. As a consequence, while it is really appropriate right for the Union legislative bodies, the consistent together with the FATF’s recommendations to be able to regulate the virtual currencies right from the anti-money laundering and also the counter-terrorist financing perspectives and they must not look for this particular context to promote a wider usage of the virtual currencies.”

The ECB’s opinion is into the response to requests that is made by the Council and the European Parliament right on a proposal for a directive amending Directive (EU) 2015/849 in which centers right onto the prevention of the use of the financial system right for the money laundering or the terrorist financing. The proposed directive expands onto the lists of the obliged entities to which an EU Directives applied and also to be able to include the providers and engaged the primarily and the professionally right in the exchange services between the virtual currencies and the fiat currencies. And it also requires the Member States to fully ensure that the providers of the exchanging services right between the virtual currencies and the fiat currencies and the custodian wallet providers are licensed or the registered.

This is actually based right on the various views in including the virtual currencies that do not qualify as the currencies right from the Union’s perspective but also could be regarded as the means of an exchange and rather than as a means of payments and that the terrorist and the criminal groups are currently been able to transfer money right within the virtual currency networks by concealing the transfers or by benefiting from a particular degree of the anonymity on such exchange platforms. It also says that the use of the virtual currencies also poses the greater value of risks than the traditional means of payment in the sense that the transferability of the virtual currency relies right onto the internet and is limited only by the capacity of the particular of the virtual currency’s underlying network computers and the IT infrastructure. It also stresses that the inability to cover the virtual currency transactions by any single of the control measures that is provided right for the proposal could provide a means of financing illegal activities.

The Top 3 Bitcoin-Related Project in Italia: Bari, Milan, and Rome

The old country Italy is way in the lead of the several others when it comes right to the Blockchain technology. Just take a quite shot of the possibility of booking a taxi in Rome with the Bitcoin. On the other hand, there are numerous interesting ideas in Italy these days. There are several of the most important Italian FinTech figures have spilled it out regarding their innovated Bitcoin-related projects.

In Bari, there is a University that certainly supports the Bitcoin education. Right in the Southern Italy, the Bitcoin Foundation Puglia promotes a master class regarding on the Bitcoin and the Blockchain with a particular focal point right on the subject matter of the tax and legal aspects.

These unique even happened last November with the registration the ends last 21st of October. As according with a lawyer Giuseppe Grisorio of which was the President of the Bitcoin Foundation Puglia that,” The course’s goal is to be able to train legal and economic operators to understand fully, negotiate, regulate and also provide an expert advice on regarding the purchase, production and the sales of the cryptocurrencies.” The master endows with seven meetings within the duration of two weeks.

And based with the UNIBA Reactor Antonio Felice Uricchio when he noted that, “Right in an economic system that is evolving worldwide and it is quite important to know the new dynamics regarding the digital currencies. That is why the University of Bari in which stands for UNIBA has decided to support the Bitcoin Foundation Puglia to showcase an adequate academic and also the scientific contribution to the people who choose to complete their training.”

In Milan, there is a Blockchain Lab and startups. The BlockchainLab is the very first entrepreneurial effort that brings to the table together with the best experts on the Blockchain in an Italian center of excellence that probably dedicated into deep research. And to do so, the BlockchainLab provides its support o a constant map of all of the most promising and also innovative technologies and startups right in the FinTech sector. It also produces research and in-depth analysis of the Blockchain universe and allocating an easier access to the prototypes and the innovative products as well as the participating directly in the partnership investments right in the startups. The BlockchainLab team, because is composed by an insightful team of entrepreneurs and developers that also works for their companies such as the Ethernity Wall, the GreenAddress, the HelperBit and the HolyTransaction and much more.

In Rome, there is a law to bring the Blockchain right into the public administration. Following a conference that is being held in Rome on the 17th of June and organized by the Blockchain Education Network Italia in which stands for the BEN Italia then a few members of this individual association that are working on a law proposal that could eventually encourage the adoption of the Blockchain right within the Italian country in specially the Lazio Region. During that particular event, based on the facts that the BEN Italia has done a quite good explanation regarding the revolution that brought by the Blockchain and its possible applications right in the political administration. And this way, the BEN Italia and Davide Barillari in which is the Lazio Region Counselor had also explained the benefits that the distributed ledger could surely lead to the entire political system.

And according to the law proposal that is still in its draft, the Blockchain technology will be eventually used by the Italian public administration to do transaction all the way and across the Lazio Region, and the public entities; as well as the suppliers to compensate right for the public services; also to certify the contracts and the documents; furthermore to carry out the administrative checks and etc. And to do so, the BEN Italia will assist the Lazio Region to be able to set and also implement the distributed ledger correctly and in order to reach those objectives. And the BEN Italia is indubitably composed by the young developers and the young entrepreneurs of their own projects such as the QuiBitcoin, the Chainside and much more.

The Bitcoin and the Mobile Payment in Africa

Indications are ubiquitous that the Bitcoin use will grow in parts of Africa right in the upcoming years in the mobile payment market in which the statistics unfolds and also the Bitcoin is anticipated to increase up to the summation of 101.34 million users in this year of 2016 actually.

The Co-Founder of the Chankura of South Africa, Thabang Mashiloane utters that they have discovered that there is ±13% of the $128 billion that has been flowing within the premises of Africa in terms of remittances and the hefty number of the unbanked Africans are living outside of their home countries that would similarly be served better in the coming years right when the limitations are established by means of lack of infrastructure right for the Blockchain / Bitcoin use cases by the most African countries is addressed. And this, he noted that it would be at the expense of the mobile payment. And Thabang Mashiloane claimed that “I think that the African continent will be one of the top adopters of the Bitcoin.”

Thabang Mashiloane also emphasized that “The mobile money in which is flourishing banking sector in Africa has one of the most important elements that is missing right in its merits and that is access right in the global finance. The Bitcoin will empower every single person right in Africa regardless of their financial status or educational background to be able to join and experience the world financial markets. And it could be by an approach of purchasing stocks on Wall Street. An African farmer can be able to trade freely without any single and hint of hustle with anyone in the entire world utilizing the Bitcoin and smart contacts for the escrow services. This has never been done with the mobile money or any of the traditional banking system.”

Bellaj Badr in which was a Blockchain expert in Morocco has said that the Bitcoin use will undoubtedly grow rapidly right in South Africa and Sub-Saharan African countries whose communities have been hastening the adoption of the digital currency and also there are several promising local Bitcoin-based enterprises that have been launched such as the ICE3X and the BitX right in South Africa and the BitPesa in numerous countries in east and west Africa. And he quoted that, “I am a hundred percent confident that the Bitcoin revolution in Africa is beginning there and it will eventually meet a massive triumph similarly with the conquest of the mobile payment where Africa has become a reference in this individual field.”

Thabang Mashiloane deems that the Bitcoin has already been disrupting the mobile money right in Africa and will be the backbone of the financial infrastructure in Africa for the following financial businesses. Citing Kenya as a firm sample in which he stated that the rationale why the traditional banks cannot be able to compete in such countries is just because their systems are far much more expensive to implement. And he fully stated that “The mobile money system has been ever estimated right at the percentage of 70 less to perform as compared to starting a bank. And I truly believe that the Bitcoin is doing the exact and the same thing to the mobile money in terms that it is much less expensive to become the Bitcoin-backed financial business as being compared with the mobile money business. And as I mentioned earlier, this will eventually need such as the Bitcoin backed financial businesses right to partner with the existing Blockchain infrastructure companies to be able to facilitate payments, remittances, lending, insurance and also any other possible Blockchain use cases that are changing the entire financial landscape.”
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