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One of the many historic moments that took place in the 1990s was the debut of the world’s first website and server at CERN in Geneva, Switzerland. But unbeknown to many, it was also around the same time that Metanet—the Bitcoin project that will see the Internet become a sidechain—has gotten its start.

Metanet is essentially a commodity ledger, powered by Bitcoin SV (BSV), where the entire global system of online activity and data are connected commercially. With BSV, compressed data can be transferred on Metanet, paving the way for a reliable, semi-automated exchange of web page and other information.

Metanet and Bitcoin were roughly conceived “in the depths of the late 90s” from the concept of an economically incentivized Internet, according to nChain Chief Scientist Dr. Craig Wright.

In a new Medium post, Wright explained how, as a “young brash 20-something,” he thought the concept “would change the Internet for the better” by creating a system made secure by economic incentives. The problem, however, was that he “started at the wrong side of the problem.”

There has been a misconception that everybody can have their own coin, and this belief has resulted in a multi-coin system that the cryptocurrency sector is seeing right now. But this is a system that is less effective than barter, because as Wright points out, “Money is best when universal. If every site has their own form of tradable currency, the reality is that no site has currency. To be money, it needs to be universal.”

The Metanet is a value network, one that will enable new methods of distributing web content as well as facilitating ecommerce business models using Bitcoin microtransactions, which means companies can earn instantly for clicks, content, and data. Potential fraud incidents will also be reduced, thanks to the higher data quality and integrity provided by blockchain-backed data storage. Security also isn’t a problem, as the IPv6 protocol can be integrated directly into Bitcoin, which has been reborn in BSV. Wright explains:

“Metanet creates an immutable Internet. It allows the right to be forgotten through key dis-allocation, whilst maintaining a copy of all material ever posted to the Internet. From an attacker point of view, it is the worst invention ever. Not only would attackers be required to pay money for the use of a site as they attack it, an immutable record of all the changes and the attack itself would be created.”

Read Dr. Craig Wright’s Medium post, The start of Metanet, here.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

HSBC has dramatically reduced its costs for trading foreign exchange, as a direct result of its blockchain-based trading system, according to one of the company’s executives.

Reported in Reuters, the firm confirmed it had reduced costs for its forex business by as much as 25%, in what analysts describe as an example of the importance of distributed ledger technology to banks and their bottom lines.

The bank handles anywhere up to 5,000 foreign exchange trades a day through its FX Everywhere platform, totaling as much as $350 billion in daily volumes, according to some sources.

The London-based bank has processed $250 billion on its blockchain platform over the last year, with the cost savings reflecting the significant efficiency gains delivered by blockchain.

HSBC’s blockchain platform is an example of a major global bank putting blockchain into practice, with the scale of the savings so far a promising sign for HSBC and other banks preparing to launch similar blockchain systems.

Mark Williamson, chief operating officer of FX cash trading and risk management, said the results show the system works at scale. He noted, “We going at a pace now. We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades.”

While HSBC is remaining coy on the volumes processed through the new system, it described the amount as “a small proportion” of their activity.

Nevertheless, the savings could indicate substantial cost reductions across their full portfolio, and the bank are keen to explore a further rollout of the technology to reap these benefits.

Mainstream financial institutions have been more cautious are cryptocurrencies and blockchain technology, with many not yet ready to embrace the full potential of the technology. Particularly within banking and other financial sectors, blockchain has already proven itself a transformative technology, albeit in the few instances in which it has been successfully deployed to date.

While banks continue to tie up intellectual property around blockchain systems, most notably Bank of America with its 50 blockchain patents, these systems remain underdeveloped and underused, relative to the capabilities of the technology.

The HSBC example is likely to serve as a case study to other banks as to how they can reduce trading and admin costs through blockchain technology. It remains to be seen how quickly others follow suit.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

The University of California, Berkeley (UC Berkeley) recently announced the launch of a new blockchain-focused accelerator, the Berkeley Blockchain Xcelerator for blockchain startups.

According to the official announcement published on Jan 28, the goal of the Xcelerator will be to support early stages of blockchain based projects by providing knowledge and connections to industry experts. It also aims to provide resources to founders and entrepreneurs in the industry. 

The Xcelerator is partly sponsored by venture capital between Berkeley Engineering’s Sutardja Center for Entrepreneurship and Technology, Blockchain at Berkeley and the Haas School of Business.

While commentating on the new accelerator, Professor Ikhlaq Sidhu, the founder, and director of the Sutardja Center for Entrepreneurship and Technology stated:

“Currently, there is a lot of hype in the space, but we believe that this new accelerator will give innovators the tools they need to separate hype from reality and pursue ideas that solve pressing business problems and create valuable new ventures.”

Reportedly, the program is open to projects from around the globe and will run for 12 weeks. Through the Xcelerator, UC Berkeley’s network of serial entrepreneurs, faculty, seasoned investors, alumni, and capable students will mentor and advise selected companies to guide them through the program and prepare them for demo day. The demo day will be held at the end of the program. Selected companies will also receive access to office space, funding and partnership resources.

Gloria Zhao, president of Blockchain at Berkeley explained that a lot of students are making an impact in the blockchain space. He stated, “With such a nascent technology as blockchain, we see that a lot of subject matter experts and people making an impact in the blockchain space are students.”

UC Berkeley also notes that its Entrepreneurship Center has launched a host of new labs devoted not only to blockchain, but also to innovation in data science, artificial intelligence, and sustainability.

Last year, UC Berkeley formed a partnership with Ripple’s global University Blockchain Research Initiative (UBRI) to host a fintech and the blockchain industry spring speaker series at the Haas School of Business. Ripple has also helped in funding research projects and with the development of cross-departmental courses.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Since cryptocurrency was first discussed by Satoshi Nakamoto, he made it clear that one of the long-term obstacles would be the ability of a blockchain to handle large numbers of transactions simultaneously. In order to remedy this, larger block sizes can be enabled that will allow for a blockchain to be as robust, if not more, than other payment solutions such as Visa or MasterCard. It now appears that Bitcoin Core (BTC) is moving backward, not forward, and is suggesting a reduction in the block size.

This doesn’t appear to be the best solution, as the traffic on the BTC network indicates. While BTC transaction volume has increased, a backlog of transactions to be stored in the Mempool has been created. This could result in longer transaction times, as well as higher fees when conducting BTC payments.

The solution many in the BTC community are looking at is one that would include moving transactions off the blockchain. The issue with this is that off-chain solutions, such as the Lightning Network (LN), remove continuity of data and don’t allow a complete record of all transactions. This will be an issue, as all nodes on the LN have to be online at all times. Additionally, unless some technological advance is made, LN doesn’t support cold-wallet storage.

Satoshi already proved that on-chain scaling was possible and this has been supported by the work done by Bitcoin SV (BSV). The blockchain mined a 103MB block this past January and has consistently shown that 64MB blocks are easily attainable.

The ability to mine a block over 100MB shows that BSV is able to provide a network that rivals all others. It is well on its way to becoming the primary enterprise blockchain. While other blockchain developers believe they need to “reinvent the wheel” and use a live blockchain to play, those molding the BSV network understand that all that is needed is to build upon the original vision of digital currency and allow it to evolve as it was originally intended.

The fact that BTC has once again returned to a congested on-chain network, and is contemplating a reduction in block size, shows exactly why BTC developers are determined to completely lose any resemblance to the original vision of crypto, and why it will continue to run into issues as a viable alternative to fiat.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

KEB Hana Bank, the largest foreign exchange bank in South Korea, has announced it has filed 46 patents for blockchain technology, in one of the largest single disclosures of blockchain IP ever disclosed, ZDnet reported.

The bank has covered 46 business models relying on blockchain technology through its filings, which cover methods for electronic contracts, for purchasing overseas products, and for the delivery of blockchain services to enterprise clients.

Part of the Hana Financial Group, the bank is a giant on the Korean financial scene, with the flurry of patent work seen as a vote of confidence from the group in the potential of blockchain technology.

In documentation published by the bank, several of these projects are already under development, with plans for rolling out more new blockchain systems over the coming months.

One of the patents described a blockchain service platform where buyers can access goods for sale overseas, without having to travel abroad. This is to be handled through smart contracts, automated where buyers and sellers meet on a specific transaction, with payment handled through an escrow service.

The bank is also reported to be working on a system of recording IOUs on the blockchain, allowing individuals to track money borrowed and loaned between acquaintances with an independent record written to the blockchain. 

According to Han Jun-Seong, vice-president of the bank, they were committed to developing ways of connecting new business models to the bank’s existing systems via blockchain.

“It is true that the blockchain businesses that have been introduced so far have had some bubbles. The patent applications are not just about applying blockchain technology into the banking [system]. It is important to connect the new business models and the bank’s internal system through a blockchain,” the bank official said, according to the news outlet.

The banking sector is behind a number of blockchain patent filings, with Bank of America the most prolific to date at over 50 patent applications filed. In one move, KEB Hana Bank comes close with its 46 patents, showing the extent to which mainstream finance is gravitating towards blockchain worldwide.

The move comes as the latest blockchain play from the bank, which was created as a single bank following a merger concluded in January. Since then, the bank has been aggressively active in expanding its blockchain operations, including becoming a member of the Ethereum Alliance. With extensive IP protection already tied up, KEB Hana Bank is primed to launch a blockchain payment system called Global Loyalty Network later in 2019.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

It is a common joke in virtually all countries that the ruling governments are inefficient and, in many cases, wasteful with their resources. Governmental departments will go into spending overdrive toward the end of the fiscal year in order to retain, or grow, their budget allotments, spending unnecessarily and costing taxpayers huge amounts of money. The founder and CEO of online retail giant Overstock, Patrick Byrne, believes that this all could come to a stop if governments would make the decision to embrace blockchains.

In an interview with MarketWatch, Byrne asserts that blockchain technology can make governments “superefficient, inexpensive and incapable of being bribed.” His comments came in relation to a new idea he is working on that would create “government-as-a-service,” and which includes a set of applications and companies that would be able to bring blockchain to a number of government-led services.

One country that could truly benefit from the new design, according to Byrne, is Venezuela. He asserts, “We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world.” The crypto enthusiast and visionary added, “We could bring them a central bank on the laptop. Everyone in Venezuela downloads a free app, and suddenly you have the most advanced monetary system on the planet.”

Byrne isn’t just another CEO with too much time on his hands looking to grab the spotlight. He is a firm believer in the power of crypto and blockchain technology and has gone so far as to announce that he would sell Overstock in order to work solely on blockchains. The company also recently became the first to pay taxes in cryptocurrency.

He is well on his way to being a major force in the crypto ecosystem. His crypto trading platform, tZero, began operations this past January and he has something else in the works. He reportedly hopes to lead the crusade to disrupt the financial industry by introducing blockchain technology and has said that he expects to have a contract with at least one sovereign nation “very soon” in order to launch a wide-reaching government services overhaul.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Having safe and convenient access to funds is a delicate business. Money that is locked down very securely may be too inconvenient to access. If it’s very convenient to get at, it may also be a security risk. nChain’s Sebastien Plötzeneder recently broke down Bitcoin SV’s (BSV) solution to this problem, as originally explained by nChain’s chief scientist, Dr. Craig C. Wright.

With Secure Split Key and Deterministic Key Generation, both technologies for which nChain holds patents, BSV can provide the best of both sides of the convenience-security spectrum. With this combination, Plötzeneder explains that there is no need for third parties to insert themselves, no unauthorized access to funds or data, and a superior ability to recover lost funds.

How does BSV achieve this? Through Secure Split Key, the private key can be split into several shares, and distributed to as many parties as necessary. If any part of the key is compromised, the rest of it is still secure. That makes it safe.

Access can be granted based on any security scheme the group decides on. A husband and wife together could agree they must use their parts of the key to unlock funds. Maybe it’s an individual and their wallet server. That makes your money and data as accessible as you want it to be.

Through the Deterministic Key Generation, common secrets are determined by the group, and digital signatures authenticate access. As Plötzeneder explains it, “Potential attackers are prohibited from successfully imitating points of access, even if they manage to gain parts of a common secret.” Thus, the authenticity of transactions is guaranteed, and privacy is secured.

Finally, Plötzeneder notes that because security can’t be compromised, attacks are “practically infeasible.” Thus we have convenience for the user, as they can decide to access the funds through a group security scheme, or through a combination of “a user’s set daily limits, PIN, or biometric smart card—set according to the user’s preferences and needs.”

To use a real world example use case, the current problems facing QuadrigaCX would be trivial if they had used the system described above. That company is unable to access their user’s funds because their now deceased CEO, Gerald Cotton, had sole access of the exchange’s private keys. Had those keys been split and distributed to several trusted parties, the funds would be available to the company despite the loss of their leader, and without fear of a single rogue member withdrawing all the funds for himself.

As Plötzeneder concludes, this is a key building block to nChain’s Metanet project. The innovation here provides a valuable alternative to the current status quo, since it’s a better way of keeping and sending money and data, and removes unnecessary third parties completely.

We don’t have to choose between convenience or security anymore. Thanks to nChain’s work, we’ll have the best of both worlds with BSV.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

True to its roadmap of enabling massive, secure on-chain scaling, the Bitcoin SV node team rolled out on Monday the updated version of the Bitcoin SV (BSV) client.

The BSV version 0.1.1 adds scaling improvements that will deliver “crucial capacity and performance increases to transaction propagation,” according to the node team. These include faster relaying of transactions to enhance security of instant transactions and larger network messages for handling higher volumes of transactions, as well as increased parallelization of network communication.

Among the notable changes in BSV version 0.1.1 are the removal of random delay, parallelization of inventory-handling code, increase in inventory message size and in max protocol message size. The DNS Seed servers were also updated to exclude the Bitcoin Cash (BCHABC) network; the updated node client also features optional logging of transactional sources; and large invalid block messages will now cause ban instead of disconnect.

Another important update to the 0.1.1 version is the addition of the Scaling Test Network (STN).

“The scaling-focused changes in the release have all been researched and tested in the private Gigablock Testnet which is now being relaunched publicly under the new name: Scaling Testnet (STN),” the Bitcoin SV node team said.

Available on GitHub, the BSV 0.1.1 version features the advances used to achieve the sustained 64MB blocks for straight 24 hours, which showed that the network is capable of delivering constant rates of over 300 transactions per second continuously during a full 24-hour period “with no problem.” Tests for 128MB blocks are already underway, and according to BSV Node lead developer Daniel Connolly, the early results are encouraging.

The global Scaling Test Network is open to anyone in the BSV ecosystem interested in participating in a “continuous flow of transactions with rates reaching 700 transactions per second.” This initiative, according to the node team, paves the way for the creation of an environment where scaling capabilities of existing solutions and scaling technologies can be researched and verified. To learn more about STN, visit the Bitcoin Scaling Test Network site.

The Bitcoin SV version 0.1.1 builds on the improvements made in the initial release candidate, which focused on protocol stability. This time, the node team rolled out modifications that enable massive scaling of the BSV network, allowing major enterprises to build confidently on top of the regulation-friendly BSV chain. As Twitter user Brendan Lee noted: “Bitcoin [now reborn in Bitcoin SV] is scaling on-chain, ready for the world to jump on-board.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

The Outlaw group has reportedly been using a sophisticated version of Shellbot to conduct attacks on Linux systems to mine privacy-centric coin, Monero (XMR). Shellbot is a Trojan that enables hackers to control infected systems through the use of a command-and-control server (C2).

Researchers at Jask Special Ops have been investigating the attacks in which control of infrastructure is seized allowing hackers to engage in illegal XMR mining. Personal and system data is stolen, tasks and processes are controlled, and command line shells can be remotely opened. Trend Micro says that the first of these IRC bots appeared in November 2018 and are the work of the Outlaw group.

The researchers pointed out that Shellbot has the ability to infect Windows systems and Android devices but instances of that occurring are very rare. The initial attacks in November compromised FTP servers at a Japanese art organization and a Bangladeshi government website. Jask concluded that a third attack broke into several Linux servers belonging to a single entity. In each case, the systems were infected with IRC C2 botware along with the haiduc SSH scan and network propagation kit. The systems also received a cryptomining malware script that uses illegally gained server resources which enable it to mine for XMR.

Organizations are targeted through denial-of-service (DoS) and brute-force methods. Compromised servers strengthen the Outlaw group’s botnet allowing them to continue their attacks. Jask Special Ops claims the current botnet is monetizing compromised systems by using distributed denial-of-service (DDoS) along with illicit cryptomining. The Outlaw group’s network propagation toolkit is reportedly using a Perl-based IRC bot for the purposes of obfuscation.

After investigating the received payloads, Jask Special Ops believes the configuration of the mining pool related to the latest attacks is a VPS provider in the Netherlands. This VPS provider hosts several gaming servers which Jask takes as a sign that the perpetrators of these attacks may have constructed their own cryptomining infrastructure on this VPS provider as opposed to using providers that are publicly available.

Jask speculates that the Outlaw group’s motivation for the attacks is similar to that of other groups that target exposed Linux servers: “Broad propagation and revenue generation through illicit cryptomining on abused infrastructure.” One of the reasons Monero mining appeals to hackers is because they can gain access to such a large volume of computers. XMR can be used to purchase goods and services that are available on the cryptomarket.

Jask’s mission is to reduce organizational risk and increase human efficiency by using technology consolidation, enhanced artificial intelligence, and machine learning. The company’s Autonomous Security Operations Center (ASOC) assists SOC analysts with focusing on threats, streamlining their investigations, and delivering quicker response times. Jask ASOC identified signs of post-infection behavior from the Linux devices that were infected. They are certain that compromised credentials through brute force or credential stuffing allowed hackers to access the victims’ infrastructure.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

The head of a Russian bank has compared cryptocurrency mining to ‘counterfeiting’, and warned the industry is unlikely to have a long-term future. In an English translation of comments delivered at the I Am Professional Olympiad, Andrei Kostin, head of VTB Bank, said he was not a fan of cryptocurrency or the mining process.

“I’m not a big supporter of crypto-ruble. For me, this is some kind of counterfeiting: a person is sitting and mining, the same as sitting and printing money. This is not happening yet,” Kostin was quoted by TASS news outlet as saying.

According to the banking executive, “There are a lot of negative factors. I’m not talking about the fact that cryptocurrency is considered dangerous from the point of view of money laundering, terrorist financing, etc.. Today both the Fed and the ECB regulate the market with monetary policy instruments, but this is impossible, there is no mechanism for regulating the cryptocurrency market.”

Kostin said that while the future for cryptocurrency mining was unsustainable, “there will remain a rather narrow niche in which the cryptocurrency will be used.”

His remarks come at a time of significant struggles for cryptocurrency mining companies, with many suffering the ill-effects of the ongoing collapse in Bitcoin Core (BTC) prices.

Similar opinions have been expressed by other banking executives, who have variously labeled cryptocurrency a fraud, a scam, a Ponzi scheme and a danger bubble. Broadly in-step with other senior bankers, Konstin’s comments have been called out by the crypto community as ‘naive’ and incorrect.

In reality, Kostin misunderstands cryptocurrency and the technology behind it. Particularly with Bitcoin SV (BSV), the comparisons to counterfeiting are misguided. BSV’s entire purpose is to present an alternative to fiat money, rather than emulating it.

It’s about peer-to-peer electronic cash, and a decentralized payment infrastructure—in many ways the antithesis of fiat money.

Unfortunately, Kostin is not alone in his misapprehensions, with other mainstream financial institutions still wary of cryptocurrency and the very real threat it poses to legacy banking and payment systems.

But as more merchants and institutional investors are won over, the proliferation of BSV as an alternative will only continue to gather momentum. We suggest Kostin might want to rethink his analogy. Rather the counterfeiting fiat, Bitcoin is out to replace it all together.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Throughout the history of human civilization, leaders and governments have sought to collect data that would provide insight on citizens of a given nation or state. Occurrences of this method, known as the census, are peppered in past records. For example, we know that censuses are mentioned in biblical old testament times. We know the ancient Greeks did similar, as did the Chinese and Romans. India’s oldest recorded census occurred in 300 BC.

The level of detail, particularly in those times acquired by governing bodies was rather minimalistic. Sure, at times there were instances of outright abuse of the process, but in general, controversies were limited in their regional scope and nature.

As the world progressed through the ages, things started to slowly change. World governments became increasingly obsessed with surveillance. Snail mail would very regularly be intercepted, opened, and assessed. Perhaps not surprisingly, this method continues to occur today in many countries. Following Snowden’s revelations, the U.S. Postal Service acknowledged that it took photographs the front and back of all mail sent through the U.S.

But the digital age has blown the doors wide open. Now, we have gone far and well beyond the snooping of the odd piece of snail mail, and into the collation of every word that passes through a mail server, and every word you type into a search engine. In fact even every mouse movement on a webpage is tract. Your movements are indeed capable of creating your own signature.

The state may have its own strategy for surveillance in the digital age. But the power of surveillance has moved drastically from being a state sponsored operation, to an industry that thrives it. Certainly, industry giants like Google and Facebook are now in many regards as powerful, and in some regards, even more powerful than the state. Not only do they have good numbers on every ‘citizen’ of their software, but they have tireless algorithms sifting through volumes of data about you, identifying your every like, dislike, emotion, search, secrets, geographic movement, weekly routine and much, much more.

Enter the ‘Surveillance Economy’.

The surveillance economy gets its name for good reason. Your data is worth a lot of money. Particularly when sold in volume.

This is still a foreign concept to many, but perhaps the easiest way to illustrate this is this primitive example which many are familiar with:

How many times have you created a new email address, signed up to a couple of services online, only to find you are suddenly bombarded with countless junk that you never signed for, or let alone visited… It’s likely, your active email address was sold in bulk.

The rabbit hole goes much deeper than the spam email you may receive however. While you load up your favourite search engine online, you may be searching for something, but an algorithm in the back is recording and researching yourself in return. It is analysing your location, your routine, your favourite search terms, your likes, your illnesses and medical conditions, your compulsiveness and other behavioural traits… Indeed, you are the product.

Perhaps the most naive of us may think that it is lovely that the internet is full of so many fabulous free-to-use services. The unadulterated reality however is that nothing in life is free. For every service that you perceive free online, there is a cost. Your data is valuable, and there is a buyer out there.

Likewise, if ever you see a crypto-currency that claims to be completely free on transaction costs, be sure to scratch the surface. Such claims are a mere side-show and an intentional diversion. This is a red-herring.

This is why the original Bitcoin protocol also charges per transaction. A micro-cent. This is astonishingly small in isolation, but in volume, it creates an economy that rivals the enormity of the surveillance economy itself, and much much more.

Bitcoin is incredibly important in this entire paradigm. If the internet can somehow commercialise every operation, then the monetary value comes directly in a wealth of transactions and interactions.

Dr Craig Wright himself has been working on an invention to enable this paradigm shift. He calls it the ‘Metanet’. The revolutionary idea is backed by ground-breaking methods that enable it all to work. Bitcoin SV will now see a secure alternative to the Internet, built on the blockchain.

This new model is indeed ground breaking, but we are at the tip of an ice-berg. The new economy still needs to be built, and it will take time. But there is a direct commercial incentive for all of this to happen.

Every interaction comes with a cost. BSV’s Metanet is the realisation of this in its most direct form – money. In return, you are provided with legitimate privacy, quality data, and an ad-free experience.

Enter the Metanet Economy.

In some economic sense, Metanet is a natural state of the internet, free from the shackles of the surveillance economy. I say ‘natural’ because this would have been the logical, intended pathway of the internet, if only micropayments were easily doable and could be administered easily through a single yet decentralized system. Alas, the commerce world was not ready – not technologically anyhow.

nChain’s Dr Craig Wright likes to use Coca Cola’s ‘coke can’ as an example to demonstrate profits in volume. This is precisely how Bitcoin and Metanet work. Countless transactions of all kinds, and all genuinely tiny in fees, having very little impact on a user’s wallet, but in volume generating an abundance of revenue for miners and businesses, creating not just a self sustaining system, but an ever growing secure system.

The Bitcoin SV blockchain has already seen social media apps make their presence well known. We have Keyport for example which enables private messaging on the blockchain…

Metanet takes it a leap further… We can have email, search engines and even facebook on the blockchain, and to further illustrate the power of it all, Dr Wright has even stated that the internet itself can be made into a side-chain for BSV. By this statement, he points out the intent of making Bitcoin SV the global public ledger that underpins the bulk of internet activity.

As Bitcoin is capable of disrupting the financial industry, so too, metanet is capable of disrupting the surveillance economy, and the internet itself. Internet searches no longer need to be delivered with targeted advertising. But instead will be delivered with quality results that are incentivised directly with micro-cent transactions. Advertising models across the web would be overhauled. Supply chain logistics would be securely backed with transparency and clarity. Quality control takes an entirely new meaning…

Metanet is a big vision project. Like the Apollo missions, we don’t get anywhere by thinking small. The world is paved by big thinkers, visionaries, and builders. Reaching a big vision sometimes takes years, and sometimes decades. Bitcoin itself is now a decade long project that has run into its own share of hurdles.

But always look for small wins to culminate in the end goal. This is why nChain’s CEO stated “The Metanet will initially enhance, then eventually drive the Internet”.

Eli Afram
@justicemate

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

There hasn’t been a lot of communication out of Bitmain lately. It’s probably because the company is dealing with a lot of issues – it’s replacing its two CEOs, Jihan Wu and Micree Zhan, and has also had difficulty finding support for its initial public offering (IPO), even by the exchange it expected to host it. As the cryptocurrency mining company has seen one blow after another, it is becoming increasingly possible that the end is near. This is substantiated even more by the fact that its share of hashpower is now at the lowest point it has been in the past 16 months.

Early last year, Bitmain’s two mining pools, Antpool and BTC.com, controlled 42% of the hashpower of Bitcoin Core (BTC). There was concern that the company could eventually take over the entire ecosystem if it were able to continue to gain, but Bitmain quickly began to stumble and has been sliding downhill ever since.

According to The Block Crypto, Bitmain now only controls 26% of BTC’s hashpower. The drop is just the latest example of the company’s inability to properly manage its resources, an ineptitude that resulted in at least two offices – one in Amsterdam and another in Israel – being shut down, as well as the potential demise of an entire Texas town.

Bitmain was once reportedly the largest supplier of crypto mining equipment, in addition to operating the mining pools. However, questions began to surface early in 2018 over the company’s stability and purpose, especially in light of its inability to provide clear financial details. As the year progressed, it became more and more apparent that it was not as viable as it wanted everyone to believe, and is now possibly on its last legs.

Whether it is able to bounce back remains to be seen, but the odds are certainly not high. It has fallen out of favor with many in the crypto industry and has lost almost all the respect it once felt it deserved. As it has not been able to pay its debts and has inventory it can’t sell, the latest developments do not paint a bright picture for the company’s future.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Source from : coingeek
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