Smartbtc Sees the Need for Centralized Python-Based Smart Contracts

Smartbtc Sees the Need for Centralized Python-Based Smart Contracts

Just recently the startup Smartbtc announced the execution of a bitcoin-based smart contract written in the Python codebase. The team intended to grow their Twitter following by creating a contract that paid 0.011 BTC after it accrued 1,000 followers in sixty days. After the goal was met, Smartbtc’s Python contract executed on February 19.

Also read: United Bitcoin May Be the Most Controversial Fork to Date

Python Based Contracts Tethered to BTC Payouts

Smartbtc Sees the Need for Centralized Python-Based Smart Contracts Smartbtc is a platform that facilitates smart contracts tethered to BTC chain payouts, and contracts are written entirely in Python code. The contract’s programming considers the agreement fulfilled after the “def contract()” Python method returns ‘True.’ One thing to note is Smartbtc is a centralized service and contracts are executed periodically until it is fulfilled or it expires. Even though the contracts rely on a level of trust and Smartbtc’s servers, the developer believes a centralized type of contract infrastructure tied to BTC payments will still be needed. Smartbtc’s creator thinks existing financial institutions and average users will gravitate towards these types of maintained agreements as opposed to a system that’s entirely decentralized. Even smart contracts written in Ethereum’s Solidity codebase require a level of trust in the autonomous nature alongside putting faith in codebase audits. 

Smartbtc Sees the Need for Centralized Python-Based Smart Contracts
Smartbtc’s Python contract platform.

Helping Entrepreneurs Pay for Results

The application fees are calculated by the agreement period and execution interval which can be anywhere between 1-2 percent. If the contract obligation is not fulfilled the owner will be charged 0.5 percent of the arrangement cost and the rest of the sum is returned back to the originator. “If the smart contract is fulfilled the promisee will get the specified amount minus the miner fee,” explains Smartbtc’s website FAQ. The application’s code is available for review on Github and the Twitter following Python commitment was designed to showcase the platform’s ability to execute.     

“On our platform, smart contracts are written entirely in python code, to make it extra easy to write and understand,” explains the developer. “First things we have to set are: amount, receiver (contract promisee), python version (only 2.7 is supported now), how often should the contract execute (execution interval) and the duration of the contract (contract period).”

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Smartbtc Sees the Need for Centralized Python-Based Smart Contracts
The executed Twitter follower contract.

Contracts Don’t Have to be Difficult to Write

For the specific Twitter arrangement, the software collaborated with a Twitter API to get the approximate Twitter follower count and utilized ‘pip’ for install requests. Contracts cannot be seen by anyone, but if a person is provided with the contract’s link they will gain access and can view the deal. The Python commitments also have execution limits that are 500 MB of memory, a 30-second execution timeout, and 5 GB of disk space. Moreover, contracts cannot be terminated unless they are fulfilled or the obligations expire. There is no other way of terminating it ahead of schedule,” the company emphasizes.

Of course, some individuals take issue with the fact that Smartbtc’s services are centralized but the creators believe there are many cryptocurrency firms like Coinbase, Bitpay, and others that require a form of central trust.

“The idea I was trying to portray is that smart contracts don’t have to be difficult to write, hard to understand and limited in functionality,” Smartbtc’s creator details. “I find the idea amazing that somebody can pay somebody else if a piece of code returns the right thing — This project is how I thought I could help the community.”

What do you think about Smartbtc’s services? Do you think some individuals and businesses will seek out centrally executed contracts such as these? Let us know what you think about this platform in the comments below.

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Images via Shutterstock, and Smartbtc.


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Multi-Asset Edge Wallet Goes Live with Bitcoin Cash

Edge Wallet Goes Live, Includes Bitcoin Cash

2018 might be a breakout year for cryptocurrency wallets. The Bitcoin.com wallet is set to reach 2,000,000 downloads soon and has integrated Shapeshift into its platform. More recently, San Diego-based Edge released its wallet from a three month long beta, going fully live 15 February, providing what it claims is “a private, secure, open-source, and easy to use multi-asset wallet.”  

Also read: Switzerland Enacts ICO Guidelines

Edge Wallet is Live

“​After over a year of intense development and over three months in a limited release beta, our highly anticipated multi-asset wallet is now available for all to use,” deservedly excited Edge CEO Paul Puey announced.

Most bitcoiners recognize Edge already as Airbitz, a popular wallet and bitcoin directory created in 2014. By 2015, the company had “packaged up the tools that make the Airbitz Wallet awesome into a software development kit (SDK) that developers could use for their own applications. Our ‘Edge Security’ SDK has since been integrated into top-tier blockchain projects such as Augur, Wings, and Openledger.” That SDK reliance caused the company to focus more on security, and by Fall of last year it announced the name and emphasis change.

Edge Wallet Goes Live, Includes Bitcoin Cash

Mr. Puey is a well-known institution himself within the ecosystem, and is typically a top speaker at cryptocurrency conferences around the world. Wallets are a sincere key to cryptocurrency adoption, and he views his company’s efforts as a way to simplify user experience while maintaining security. And with user holdings very often in the many thousands of dollars/fiat, confidence in the storage platform is really everything.

Nicehash, Parity, and to a degree the exchange Coincheck are all recent glaring examples of costs involved in not having the security side of hot, even multi-sig, wallets down. “Edge is an integration of three core offerings: a hyper-secure and private personal vault, a friendly usable interface for blockchain networks and services, and a single sign-on solution for decentralized applications,” Mr. Puey insists.   

More Wallets Doing More

To that end, Airbitz/Edge has a stellar security record. Edge will have native support for bitcoin cash, wings tokens, ether, bitcoin core, litecoin, dash, and augur REP. “We’re also the only multi-asset mobile wallet that allows users to manually add ERC-20 tokens that we don’t natively support,” alongside including “support for Segregated Witness (SegWit) transactions for both Bitcoin AND Litecoin,” a feature bitcoin core supporters have been advocating. In addition, and like the Bitcoin.com Wallet, Edge has “tightly integrated support for Shapeshift! This will allow users to seamlessly convert funds between the various digital assets and tokens we support.”

Edge Wallet Goes Live, Includes Bitcoin Cash
Paul Puey

Their roadmap includes incorporating some of the very user-friendly Airbitz wallet features, “such as fiat exchanges and mobile top-ups.” The company’s hope is with Edge, “a hypothetical user with no digital asset of any kind will be able to download our application for free on iOS or Android, exchange their fiat for Bitcoin, Shapeshift their Bitcoin into Ether and Augur REP, and finally use our wallet to login into Augur- a decentralized application. Within Augur the user will see and transact with the same Ether and REP that they hold in their Edge Wallet,” for example.

It is an exciting time for the cryptocurrency ecosystem with regard to wallet technological advancements, as a great many high quality platforms are increasing user autonomy while helping to further decentralize the community.

What wallet are you using? Let us know in the comments section.


Images courtesy of Pixabay, Edge


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Swap BTC and BCH with the Bitcoin.com Wallet’s New Shapeshift API

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift API

Bitcoin.com, the premier source for all things Bitcoin, is pleased to announce that our development team has integrated the Shapeshift.io tool within the Bitcoin.com Wallet so users can shift between bitcoin cash (BCH) and bitcoin core (BTC) all within the platform’s interface.

Also read: Bitcoin Cash Games Arrives — Play Your Favorites Faster With BCH

The Bitcoin.com Wallet’s Shapeshifting Feature

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift APIThe Bitcoin.com Wallet is a robust non-custodial cryptocurrency client that allows users to store BCH and BTC securely. Since the launch of the wallet, there have been over 1.7 million downloads across both desktop and mobile operating systems. Additionally, the Bitcoin.com Wallet is one of seven compatible clients that work with Bitpay’s Payment Protocol invoice integration.

Adding the ability to Shapeshift between bitcoin cash and bitcoin core adds another powerful feature for wallet users. Bitcoin.com’s wallet service is meant to bolster the various educational resources and tools designed to improve the cryptocurrency ecosystem. Between all of the products, services, reading materials, and tools Bitcoin.com holds, it possesses the largest amount of bitcoin resources online. The founder and CEO of Shapeshift, Erik Voorhees, explained:    

The Shapeshift integration with Bitcoin.com allows their users to exchange Bitcoin and Bitcoin Cash within the Bitcoin.com Wallet —  Bitcoin.com has long been one of the most prominent voices in the Bitcoin community.

Swap BTC and BCH With the Bitcoin.com Wallet's New Shapeshift API

A Quick and Convenient Way to Swap BTC and BCH Without Registering for an Exchange

Bitcoin.com’s CEO, Roger Ver, says he’s thrilled to have a protocol like Shapeshift integrated into the wallet’s interface. The wallet’s shifting feature allows anyone to swap these two decentralized currencies quickly and conveniently without registering for an exchange.   

“This partnership with ShapeShift makes it simple for anyone to convert their bitcoin core to bitcoin cash, or vice versa,” said Roger Ver.  

This is also a major milestone for the Bitcoin.com Wallet and moves us one step closer to our goal of offering a comprehensive bitcoin platform of tools and services in addition to standard wallet features.

Using the shifting feature within the Bitcoin.com Wallet is easy and only takes a few minutes. All a user has to do is have either an amount of BCH or BTC held in their wallet, and they simply toggle the shifting feature in the ‘services’ section where the Shapeshift logo is located. This means that Bitcoin.com Wallet users can exchange BCH and BTC anytime they want without jumping through hoops.

“Shapeshift is an ideal exchange: it’s fast, easy, and requires no personal information — Integrating ShapeShift into the Bitcoin.com Wallet further increases the value proposition we strive to bring to our wallet users,” Ver adds.

What do you think about the Bitcoin.com Wallet integrating the Shapeshifting feature? Let us know what you think in the comments below.


Images via Bitcoin.com and Shapeshift. 


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United Bitcoin May Be the Most Controversial Fork to Date

United Bitcoin Maybe the Most Controversial Fork to Date

Back on December 12 the well-known developer Jeff Garzik launched a Bitcoin Core (BTC) based fork called United Bitcoin (UBTC) after Segwit2x failed. At block height 498,777 the snapshot took place, and the UBTC network began just like the rest of the forks in existence, but claiming the tokens is far more complicated than one would think.

Also read: The 65 Percent Price Dip Has Made ‘Bitcoin Whales’ A lot More BTC

The Promises of United Bitcoin

United Bitcoin Maybe the Most Controversial Fork to DateA few months ago we reported on the UBTC project created by Jeff Garzik, his partner at the blockchain company, Bloq, chairman Matthew Roszak, and Bitbank Group’s Songxiu Hua. The team says it plans to create a credit currency system pegged against various fiat currencies alongside a native smart contract feature. The entire network is modeled after the bitcoin core blockchain prior to December 12, and all active wallet holders are able to receive UBTC at a 1:1 rate. The catch is inactive wallets will go towards the UB Foundation to support innovative blockchain development.

Over the past few weeks, the UBTC team have made some videos detailing their project’s goals to be serious cryptocurrency contender. One particular documentary shows Garzik describing why he thinks UBTC can be a digital asset that engages and unites with the entire cryptocurrency ecosystem. “If I could start with a clean slate what technologies would I include?” Garzik asks an audience during the video. Matthew Roszak says that United Bitcoin will encompass three really important pieces technology, community, and tokenomics by relying on cross-industry innovation.

United Bitcoin: Jeff Garzik's Fork Represents a 'Clean Slate'

One Out of Only Two Miners Controls 70% of the Network’s Hashrate

United Bitcoin: Jeff Garzik's Fork Represents a 'Clean Slate'So far the network has minimal infrastructure and community support. At the time of publication, there are only two miners who are processing UBTC blocks; an unknown entity and the mining pool BW.com. The mining pool BW.com has more than 70 percent of the network’s hashrate. The network’s total hashrate is only 50,811.47 TH/s and block intervals can range from an hour and a half, to occasional sporadic 20-40 minute blocks. The network has an extremely low amount of users as there are only 20 pending transactions right now. Blocks are averaging roughly 20-100 transactions, and most block sizes are well below 1MB even though UBTC has the capacity for 8MB blocks.

UBTC has its own full node wallet client for Linux, Windows, and Macintosh operating systems and the source code is available for review. According to the distribution repository, there will also be a lightweight client release soon. There are three other wallets that support the UBTC protocol. As far as exchanges most of them are based in Asia, and a great majority of them are unknown and exchange very little trade volume besides the exchange Okex. At the moment, according to Coinmarketcap statistics, one UBTC is worth $82 USD.

Required Identity Verification and Claiming Inactive Addresses: United Bitcoin Is the Most Controversial Fork to Date

The most controversial part of the project is the opt-in airdrop feature which basically means a bitcoin holder must give up some form of identification to obtain UBTC. In order to even get started with UBTC, a user must supply a valid email address and a mobile phone number. After this process, the registrant has to have a valid bitcoin address as well to receive the 1:1 distribution. Another contentious issue with UBTC is the Foundation’s claiming of “unused addresses” which means after a period of time inactive addresses will be used for future development. At the moment the team has added a “grace period” which has extended the timeframe so bitcoin holders can claim their UBTC.

Because of the ‘KYC-like’ requirements and the fact that the development team will claim Satoshi Nakamoto’s and the inactive addresses of many whales, makes UBTC one of the most vexed bitcoin forks to date. These two tendentious issues plus the fact that the network has very little infrastructure may have a hard time gaining the crypto-community it hopes to progress.

What do you think about the UBTC project? Would you claim these airdrop tokens knowing you have to tie your identity to the platform? What do you think about the development team claiming inactive addresses? Let us know what you think about this project in the comments below.


Images via Pixabay, United Bitcoin archives, and website.


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You Can Now Bid for Jamie Dimon Crypto Art Made From Old Credit Cards

You Can Now Bid for Jamie Dimon Crypto Art Made From Old Credit Cards

“Terrible Store of Value” is a great piece of work if you’re a collector of crypto art that sticks it to the man whilst providing a side order of utility. Formed out of repurposed credit cards and molded in the likeness of Jamie Dimon, who inspired the artwork’s name, the piece is currently up for auction with a reference bid of $15,000. Naturally the auction can be paid in bitcoin and comes with a blockchain verifiable certificate of authenticity.

Also read: Dignitaries, Pundits, and Bigwigs Reveal Their 2018 Crypto-Predictions

SoBs and Their SoV

While Jamie Dimon seems to have softened his stance towards bitcoin, the JP Morgan chief’s most stinging jibes still resonate. The cryptocurrency, he famously opined, is “a terrible store of value”. Given bitcoin’s 65% decline in the last couple of weeks, the Wall Street CEO may have had a point, though that doesn’t diminish the need for cryptocurrencies in any way – it simply suggests they may have more utility as a medium of exchange (MoE), just as they were originally intended.

You Can Now Bid for Jamie Dimon Crypto Art Made From Old Credit Cards

Regardless of whether you ascribe to the SoV or MoE doctrine, as best exemplified by bitcoin core and bitcoin cash respectively, there’s no disputing the quality of Cryptograffiti’s latest work. The crypto artist, who’s previously created work from Federal Reserve money bags and torn up T&Cs, has used a bank safety deposit box as the canvas for “Terrible Store of Value”. A broken credit card mosaic in the likeness of Jamie Dimon completes the piece.

You Can Now Bid for Jamie Dimon Crypto Art Made From Old Credit CardsShould the winning bidder desire to add further value to their newly acquired art, they can elect to use it as a store of value by having a custom wallet address added to the side of the former safety deposit box. A certificate of authenticity is also included. Be it for ideological or aesthetic reasons, bitcoin maximalists may relish the prospect of hanging as pointed a piece as “Terrible Store of Value” in their crypto crib. Having to part with almost two bitcoins for the privilege, however, could prove to be a sticking point for purveyors of the world’s finest decentralized cryptocurrency.

What are your thoughts on this piece of crypto art? Let us know in the comments section below.


Images courtesy of Cryptograffiti.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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