Vitalik Buterin Hopes Decentralized Crypto Exchanges Will Burn in Hell 1241

Hell Fire

Vitalik Buterin, the founder of Ethereum, shared his views on centralization and decentralization in an interview with Tech Crunch during the blockchain event TechCrunch Sessions. Vitalik believes this is one of the most important problems that stands in the way of introducing innovations.

vitalik buterin
Photo by: 

In his opinion, the situation in 2013, when GHash controlled 51% of hash capacities, and many were frightened by it, is now happening again. Buterin hinted at the dominance of Bitmain these days. He believes that the concentration of power of the Chinese equipment giant and software for miners poses a threat of a “51% attacks” on the BTC network.

Also, while covering this topic, Vitalik touched upon the issue of the transition of Ethereum from the PoW protocol to the PoS protocol. Changes in the principle of the network have long been the subject of discussion among the members of the Ethereum network. There is an opinion that the new protocol will negatively affect the “former miners”, and only the rich will grow rich. According to him, the PoW principle is PoS squared.

The goal of Ethereum’s founder is the maximum decentralization of his cryptocurrency. In the midst of an active discussion of the issue of centralized and decentralized exchanges, Vitalik openly expressed this opinion:

I definitely hope centralized exchanges go burn in hell as much as possible,” – he said.

He justified his statement by the fact that centralization and the initial idea of blockchain are not comparable. Vitalik Buterin believes that centralized exchanges exist only because they are in the role of the original bridge that connects the sphere of fiat currencies and the cryptocurrency world.

According to Buterin, digital currencies will be globalized, then the need for such exchanges will simply disappear.

Subscribe to The Coin Shark news in Facebook:

Previous ArticleNext Article

Vitalik Buterin and Pavel Durov Entered the Rating of the Most Influential Young Entrepreneurs According to Fortune 315

crypto ranking

The famous American business magazine Fortune published a list of 40 Under 40, which gathered the most influential young people in business under the age of 40 years.

The founder of Ethereum Vitalik Buterin holds an honorable 22th line, American R&B- and pop singer Rihanna is ranked next to him, and the CEO of the well-known online cash platform Coinbase, Brian Armstrong.

Exactly one year ago, Buterin and Armstrong shared the 10th place in the list.

The publication noted that there are still rumours about Google trying to hire Buterin. He was supposed to help the corporation develop blockbuster projects, but he refused.

This year, the founder of Telegram Pavel Durov appeared on the Fortune list for the first time and took the 25th line. We would like to remind you that from January to March this year,  about 200 investors invested in ICO Telegram in the total amount of 1.7 billion dollars.

First place 40 Under 40 was shared by the head of Facebook Inc. Mark Zuckerberg and CEO of the social network Instagram Kevin Systrom.

Subscribe to The Coin Shark news in Facebook:

Did the Winklevoss Brothers Buy the Approval of Gemini Exchange? 579

Winklevoss Brothers

The cryptocurrency experts have recently noticed an interesting coincidence between the fact that the Winklevoss brothers sponsored the political campaign of a government official and the approval that was received by their cryptocurrency exchange Gemini immediately afterwards. Or is it not a coincidence?

As the New York Post reports, Cameron and Tyler Winklevoss have both recently sent $50k each in support of the campaign of Andrew Cuomo, an American politician.

This happened in late April. About 3 weeks later, the digital currency exchange Gemini got an official permission from the administration of New York to conduct cryptocurrency trading operations.

Moreover, after another month passed the brothers sent another $15k checks each to Cuomo, even though they have never supported this politician prior to April. Nobody can deny the fact that the situation is pretty strange.

Despite all the suspicions, the members of Cuomo’s campaign claim that the Winklevoss twins just see Andrew Cuomo as an effective politician with good potential.

According to the representative of Cuomo:

No contribution of any size influences any government action.”

We remind you that this spring the twins Winklewoss have launched Gemini Block Trading for large transactions.

Subscribe to The Coin Shark news in Facebook:

Review of Smart Contract Technology: What Is It Used For and How to Work With It? 701

smart contract technology

If not all the representatives of the crypto world heard about smart contracts, then probably most of them did. Therefore, it is so important to know the details of the work of this innovative technology of “smart contracts”, the concept of which was announced a couple of decades ago, but was not fully realized in 2014. What is it, how can it be applied in practice, and what future, thanks to smart contracts, is the industry waiting for?

(please, click the topic to scroll down to it)

  1. What is a smart contract?
  2. What is the advantage of smart contracts in practice?
  3. How to work with smart contracts?
  4. What is a smart contract for practice?
  5. How reliable is a smart contract?
  6. Conclusion

1. What is a smart contract?

A familiar look at the financial system changed in 2008 with the appearance of the first cryptocurrency, a coin that has a value that is not confirmed by physical assets. But year 2014 gave the mankind a way to regulate payments without the participation of intermediaries and such guarantors as lawyers, courts and other traditional institutions.

Intelligent contracts were enabled in practice by the blockchain. What is the essence of innovation? Smart-contracts are something like program code containing a complete package of information about an upcoming transaction. Logic is the simplest: it does not require the participation of a third party. If Mr. X wishes to transfer a certain number of coins to Mr. Y for a particular service, the transaction will occur automatically if the parties comply with the prescribed conditions. If they fail to be complied by any of the parties, the transaction will not take place.

Smart contracts do not provide for the presence and even potential participation in the relations of the parties of any arbitrator. Everything is extremely logical and simple – a smart contract, in fact, is no different from the usual contract, in which there are:

  • signatures of the parties that confirmed their agreement with the terms of the contract;
  • the subject of the contract;
  • the conditions under which the contract will be executed.

2. What is the advantage of smart contracts in practice?

The most important thing is the lack of the need to attract guarantors for the fulfillment of obligations. The parties do not need to apply to the notary, exchange and other third parties who by their signature / seal will attest to the intentions and obligations of the contract’s parties. Also, technology implies full transparency and security of information stored in the blockchain. As a result, the parties receive their benefits under the contract and do not pay the commission to intermediaries.

3. How to work with smart contracts?

In this regard, all the issues are fully answered by the Ethereum, known to all the crypto community. In it, the filling of a smart contract is intuitively understandable and accessible to everyone. On the official site Ethereum you need to download the purse, come up with your electronic signature and key. You can not only apply ready-to-use templates, but create code yourself.

4. What is a smart contract for practice?

The security guarantee provided by this technology allows investors not to risk when investing assets in the ICO. The investor had the opportunity not to rely on the success promised by the developers of the new coin, but to “insure” their funds by writing in the contract the condition for an automatic refund.

Technology is attractive in various areas, where contractual relations between the parties arise. Banks, companies involved in insurance, logistics, etc. are interested in it.

5. How reliable is a smart contract?

Since a smart contract is a program code, it is not without possible shortcomings. They can be associated with the complexity of its independent compilation, not always sufficient flexibility of the blockchain and insufficient scalability.

It should be noted that, in the event of an error in the contract, there are no methods for regulating the dispute. Everything is done by the program, and the court has no tools to evaluate the propriety of its incorrect work.

6. Conclusion

The technology of smart contracts has great potential. In fact, they can be used in absolutely any sphere of life. But in order to make smart contracts become commonplace, it’s still necessary to do a huge amount of work. To date, the most reliable and secure platform for entering into smart contracts is Ethereum.

Subscribe to The Coin Shark news in Facebook:

Coinbase Admits Being Wrong After Claiming that It Got an Approval from the SEC 707

coinbase lied about sec

The cryptocurrency giant Coinbase has recently bought the platform, and it is not going to stop there. This time the exchange is planning to purchase three smaller companies to expand even further.

The businesses that will soon belong to the exchange are:

  • Digital Wealth LLC;
  • Keystone Capital Corp;
  • Venovate Marketplace Inc.

However, for some reason, the representatives of Coinbase decided that they need the consent of the Securities and Exchange Commission for such an action. They even did an interview with Bloomberg where it was mentioned that the SEC gave Coinbase “the green light”.

In reality it turned out that not only the Commission did not provide any approvals, the approval wasn’t needed at all. The representatives of the company hurried to address the issue:

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process.

Although, the SEC is strictly watching over the cryptocurrency industry, in this case their services were not necessary. The spokesperson of the SEC stated that the plans for purchasing were discussed with Coinbase informally.

We would like to remind you that Coinbase has recently added new services to its growing list.

Subscribe to The Coin Shark news in Facebook:

Stellar Became the First Blockchain that Complied With the “Sharia Law” 1445

stellar received sharia license

As we mentioned in our article about the first authentic Arabic cryptocurrency (Dubaicoin), the countries of the Middle East were one of the last ones to consider such innovative technologies as blockchain and digital coins.

The thing is, that the citizens of these countries are muslim, which means that all spheres of their life are controlled by religion. All inventions are carefully examined and approved only if they comply with the so-called “Sharia law”.

Stellar which is a blockchain-based network payment platform was inspected by an agency specializing in providing official certificates for companies and projects that meet the “Sharia law” requirements. The agency found Stellar applicable for the certificate. The post about this appeared on the Twitter account of the platform.

According to the post on the official site of Stellar:

The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliant applications of Stellar technology in Islamic financial institutions.

Stellar’s representatives view the certificate as an important step in the development and expansion of their platform, since now it is available for thousands of new customers from Islamic countries.

Subscribe to The Coin Shark news in Facebook:

A Chinese Mining Giant Bitmain Invests $12 Billion Into EOS 676

bitmain invested in eos

As we reported earlier, one of the major cryptocurrency companies Bitmain was included in the list of official EOS block producers. These producers are required to let the main network of EOS operate without interruptions. However, Bitmain’s leader, Jihan Wu, decided to go beyond the status of a block producer and became an investor of the platform., a software developer company working on the EOS protocol, will receive an impressive investment worth $12 billion from Bitmain and an American businessman Peter Thiel.

According to Jihan Wu, he sees EOS as a quite potential platform which will be very beneficial for lots of other startups and products in future.

He stated:

The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.”

Meanwhile, the representative of are also pretty enthusiastic about the cooperation. They are interested in finding strong partners to advance and improve their project.

Actually, it is not the first large investment of Bitmain in the recent months. The cryptocurrency mining company has also contributed $50 billion to the web browser Opera.

We would like to remind you that Opera became the first among the top web browsers to implement its own cryptocurrency wallet.

Subscribe to The Coin Shark news in Facebook: