Everything You Need To Know About Etherum

What is Ethereum?

Steven Heap/123RF

By Will Nicol — Posted on July 4, 2017 6:30 am

If you follow tech or financial news, you’ve probably seen the name “Ethereum” popping up over the last couple years, often in connection with bitcoin. Ethereum is a rising star in the world of cryptocurrencies, entirely digital forms of currency that grew in popularity after the creation of bitcoin by a person or group calling themselves Satoshi Nakamoto in 2009. Demand for Ethereum is so high that it may even be driving up the price of graphics cards, as miners try to generate as much currency as they can. What is Ethereum exactly, and what does it mean for the future of cryptocurrency (and maybe society)? Here’s the rundown.

To start — what is a cryptocurrency?

People often refer to Ethereum as a cryptocurrency, but that isn’t precisely true. It is a platform that allows individuals to conduct transactions and draw up contracts, using a currency called “ether.” To understand what distinguishes Ethereum from a cryptocurrency like bitcoin, it helps to understand what a cryptocurrency is, as well as the concept of a blockchain.

A cryptocurrency is a form of digital currency created through encryption. A cryptocurrency has no physical form — like a banknote or coin — and it is not issued by a central bank or governmental authority. Units of cryptocurrency exist as data on the internet, and are created and managed through something called a blockchain.

A blockchain is essentially a digital ledger, shared amongst any number of computers. When transactions occur, they are recorded in blocks; in order for these blocks to go into the ledger, they must be validated by a certain number of computers on the blockchain network. Crucially, the ledger exists, in the same form, for everyone on the network. Anyone can can look at to see a complete history of every transaction that has occurred, and any changes would be visible to everyone.

The individuals who validate the transactions — which they do by having their computers solve complex computational problems — are called miners. Mining is a surprisingly intense activity, as our guide explains, that requires powerful hardware and a lot of planning. As a reward for their help in validating blocks, miners are given rewards. This is typically a specific cryptocurrency; Bitcoin miners receive bitcoin, while Ethereum miners receive ether.

When you send someone an amount of cryptocurrency, a digital signature is created to authenticate the transaction. Your public key is essentially your “address.” When someone sends you funds, they send it to your public key. When you send funds, you use your private key, which is essentially the password that grants you access to your funds, and a transaction message to create a digital signature. Miners use this signature to verify the transaction, and a new signature will be generated for every individual transaction, so the transaction can’t be repeated.

Why is this important?

Digital transactions have, historically, required third parties, such as banks, to authorize or validate the transaction. This is because money, when digital, is essentially a file, which could be copied and reused. But these more traditional intermediaries typically don’t work for free. Banks and other authorities require individuals to play in their sandbox, and pay whatever fees they demand.

Cryptocurrencies are all about skirting around financial institutions and authorities, but they still need some way to track when and how currency moves through transactions, so as to avoid problems like double spending. The currency would be useless if anyone could just create copies of their units.

Blockchains allow for peer-to-peer transactions, with no need for a third party to participate. They are inherently secure; if any data in the block were changed, computers on the network would need to revalidate it, discouraging tampering. In theory, cryptocurrencies are safe from seizure by authorities. Because they are stored nowhere in particular, and can only be accessed by a person with the private key, it would be incredibly difficult for even a government to seize them.

The broad strokes of a blockchain apply to Ethereum just as they do to bitcoin, but the two products have different goals. As mentioned, bitcoin is strictly a digital currency, designed to function as a means of payment. Ethereum takes a grander approach; it functions as a platform through which people can use ether tokens to create and run applications and, more importantly, smart contracts.

Ethereum focuses on “smart contracts”

What is a smart contract? It is a contract written in code, which the creator(s) upload to the blockchain. Any time one of these contracts is executed, every node on the network runs it, uploaded to the blockchain; thus, it is stored in the public ledger, theoretically tamper-proof.

Smart contracts are essentially structured as If-then statements; when certain conditions are met, the program carries out the terms of the contract.

As an example, say you want to rent a car from a service that uses Ethereum. A smart contract is generated, stipulating that if you send the required amount of funds, then the service will send you a digital key to unlock the car. The process is is carried out on the blockchain, so when you send the ether tokens, everyone on the network can see that you did so. Likewise, when the rental service sends you the key to unlock the car, everyone will see it. In this scenario, the contract might state that if the service does not send you the key, the tokens are refunded.

Since every computer on the network is keeping track of this transaction through the digital ledger, there is no way to tamper with it; if someone altered the details of the contract, every copy of the digital ledger would note this.

Every program on Ethereum will use a distinct amount of processing power, and since the program must be run by the nodes, it is important to keep superfluous activity to a minimum. This is why every contract and program on Ethereum is given a cost in “gas.” Gas is a measurement of how much processing power the program will require, and the higher the gas requirement, the more ether tokens the user will need to spend.

One of the commonly cited advantages of smart contracts is that there is no need for “middlemen” like lawyers or notaries. In theory, this means that you can carry out transactions without the waiting times inherent to paper filings, and without paying fees to whomever would typically oversee such a transaction. This is particularly important for people living in countries where the legal system is corrupt, or woefully inefficient.

Of course, the automation means that, if something goes wrong — if, for example, there is a bug in the code of the smart contract — the blockchain will still carry out the terms of the contract, which could be problematic.

A scandal involving The DAO — a decentralized autonomous organization — serves as a case study in how smart contracts can go wrong. The DAO was essentially a leaderless investment fund; members invested ether, gaining tokens that allowed them to vote on how to invest the DAO’s funds. As CoinDesk explains, the DAO was built through a series of smart contracts.

However, a vulnerability in the DAO’s code allowed one user to funnel millions of dollars worth of ether into a child DAO. A writer for Forbes compares the process to embezzlement, but notes that, because the DAO’s contract allowed for it to happen, it was not illegal; the user was working within the confines of the code.

What does it mean for the future?

In its short time in the spotlight, Ethereum has cast an enormous shadow. It is trading at around $300 as of June 28, 2017, and has grown by around 3600 percent in 2017, according to Business Insider. The platform has already attracted massive corporations like JP Morgan Chase and Microsoft, who are among the more notable members of the Enterprise Ethereum Alliance, which aims to provide “Resources for businesses to learn about Ethereum and leverage this groundbreaking technology to address specific industry use cases.”

That bodes well for Ethereum’s usage in the business world, but true believers see the platform as something more than a tool for corporation; they see it as a way to decentralize the internet, and make it more democratic.

In an interview with Wired, Ethereum creator Vitalik Buterin lays out his view of how Ethereum will disrupt the traditional power structures of the world:

“I think a large part of the consequence is necessarily going to be disempowering some of these centralized players to some extent. Because ultimately power is a zero sum game. And if you talk about empowering the little guy, as much as you want to couch it in flowery terminology that makes it sound fluffy and good, you are necessarily disempowering the big guy. And personally I say screw the big guy. They have enough money already.”

Smart contracts could free individuals from the constraints of the legal system and big business. However, technology enthusiasts often promise such utopian futures; in reality, just as social media has helped the spread of fake news, Ethereum and the automated, decentralized internet it seeks may have unintended consequences, as the DAO hacking indicates. Like other cryptocurrencies, ether is prone to wild fluctuations. While Ethereum has been riding high in 2017 for the most part, it suffered a flash crash in June, a drop which some think may have been exacerbated by false rumors of Buterin’s death. Whether Ethereum is sturdy enough to survive long term, or an ephemeral trend, remains up in the air.

Mike Prettyman Chief Information Officer Green Fire Engineered Reclamation Member GreenFire DAO Whatsapp only Phone: 1-602-315-1571 Skype: mike.prettyman Website: http://greenfirefunding.com email: greenfirereclamation@gmail.com

Blockchain-Based Smart Contracts Approved

Greenfire supports blockchain business and technology. It is a belief held by Greenfire that business is growing into a blockchain technology based accountability system that will provide the move into a more sound money system.

Aaryn Prettyman

 

Maybe you’ve heard the term “blockchain” but aren’t quite sure what it is. You’d be in good company. However you may want to start learning, as it just may be a technology platform that changes the ARM industry someday.

In super-simple terms, blockchain is a decentralized way of keeping track of what is “true” (i.e. who owns what, who has signed what, who has paid what, etc.). This decentralized mechanism is called a “distributed ledger” – imagine a town checkbook, but instead of living in city hall, everyone in the town has a copy of it. Each time an entry is made it must be validated by everyone with a copy, and then everyone’s copy is updated. Each update is a new “block” in the “chain,” and each block needs all the other blocks to form the whole picture. The result is said to be a highly secure, transparent, interdependent chain. 

Today, most information is tracked in major centralized databases owned by one company (or government) or another. As we know, these databases are often vulnerable to hackers, they are not at all transparent, and they can be difficult to get corrected when they are wrong. This has created a lack of trust in our systems, and makes it frustrating to do business.

Blockchain was first used to manage bitcoin, the new kind of electronic currency that pretty much operates on the fringe. But many are now experimenting with a wide range of other, more mainstream uses. One example is that the State of Arizona has just passed a bill giving legal status to smart contracts and blockchain based signatures. Here’s what the bill says,

"A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature.

A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.

Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.

For the purposes of this section:

  1. “Blockchain technology” means distributed ledger technology that uses a distributed, decentralized, shared and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable and provides an uncensored truth.
  2. “Smart contract” means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger."

insideARM Perspective

The debt collection community – including creditors, collection agencies and consumers – could benefit greatly from innovation that provides transparency and trust. Unfortunately there are many hurdles, including regulatory limitations and perceived risk by financial institutions. Blockchain may or may not prove to be the solution, but many industries and organizations – including major banks — are in active exploration of how it might be used in their domain. In my opinion, the conditions and requirements of the debt collection ecosystem make it a perfect candidate for this type of innovation.

The iA Institute (parent of insideARM) is devoting considerable effort to the concept of innovation for the industry. In conjunction with the Consumer Relations Consortium, this week we are kicking off the first meeting of our Innovation Council – a thought leadership group of creditor, agency, and service provider executives who will gather to contemplate the future of debt collection technology.

Source: Blockchain-Based Smart Contracts Approved

Blockchain-Based Smart Contracts Approved

Greenfire supports blockchain business and technology. It is a belief held by Greenfire that business is growing into a blockchain technology based accountability system that will provide the move into a more sound money system.

Aaryn Prettyman

 

Maybe you’ve heard the term “blockchain” but aren’t quite sure what it is. You’d be in good company. However you may want to start learning, as it just may be a technology platform that changes the ARM industry someday.

In super-simple terms, blockchain is a decentralized way of keeping track of what is “true” (i.e. who owns what, who has signed what, who has paid what, etc.). This decentralized mechanism is called a “distributed ledger” – imagine a town checkbook, but instead of living in city hall, everyone in the town has a copy of it. Each time an entry is made it must be validated by everyone with a copy, and then everyone’s copy is updated. Each update is a new “block” in the “chain,” and each block needs all the other blocks to form the whole picture. The result is said to be a highly secure, transparent, interdependent chain. 

Today, most information is tracked in major centralized databases owned by one company (or government) or another. As we know, these databases are often vulnerable to hackers, they are not at all transparent, and they can be difficult to get corrected when they are wrong. This has created a lack of trust in our systems, and makes it frustrating to do business.

Blockchain was first used to manage bitcoin, the new kind of electronic currency that pretty much operates on the fringe. But many are now experimenting with a wide range of other, more mainstream uses. One example is that the State of Arizona has just passed a bill giving legal status to smart contracts and blockchain based signatures. Here’s what the bill says,

"A signature that is secured through blockchain technology is considered to be in an electronic form and to be an electronic signature.

A record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.

Smart contracts may exist in commerce. A contract relating to a transaction may not be denied legal effect, validity or enforceability solely because that contract contains a smart contract term.

For the purposes of this section:

  1. “Blockchain technology” means distributed ledger technology that uses a distributed, decentralized, shared and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable and provides an uncensored truth.
  2. “Smart contract” means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger."

insideARM Perspective

The debt collection community – including creditors, collection agencies and consumers – could benefit greatly from innovation that provides transparency and trust. Unfortunately there are many hurdles, including regulatory limitations and perceived risk by financial institutions. Blockchain may or may not prove to be the solution, but many industries and organizations – including major banks — are in active exploration of how it might be used in their domain. In my opinion, the conditions and requirements of the debt collection ecosystem make it a perfect candidate for this type of innovation.

The iA Institute (parent of insideARM) is devoting considerable effort to the concept of innovation for the industry. In conjunction with the Consumer Relations Consortium, this week we are kicking off the first meeting of our Innovation Council – a thought leadership group of creditor, agency, and service provider executives who will gather to contemplate the future of debt collection technology.

Source: Blockchain-Based Smart Contracts Approved

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The Blockchain Is Simple – Video

The concept of the blockchain

At the moment, all global transactions regarding ownership are registered and controlled by so called “trusted” third parties.

Money is registered by banks, real estate by the land register, specific contracts by notary public etc. If you want to change ownership, you need to contact the “trusted third party”, follow the right procedures (control and tracking) and the trusted third party will transfer ownership.

On the blockchain, the knowledge of ownership is shared with everybody. Everybody has his ‘personal’ register of who owns what. On a regular basis, all ‘personal’ registers are compared to correct errors and ensure agreement about the ‘truth’.

When there is a transaction, both the buyer and the seller broadcast the transaction and everybody has to update his ‘personal’ register, after checking if the transaction is broadcast according to the agreed procedures. The last step is for all ‘personal’ registers to be mutually compared again. When there is disagreement about the content, the most common register is accepted as being the ‘truth’.

The manipulation, errors or failure of an individual register have no impact, it can fail completely and will simply be ignored by the community and every node on the blockchain network – the corrupted register has to accept the ‘opinion’ of the majority, or will be expelled.

Blockchain 

  • is a permanent, ever-expanding, de-centralised, secure global online ledger of transactions.
  • is a software protocol (existing eg’s of protocols include HTML & SMTP) that verifies users & transactions using cryptography, without the need for a trusted 3rd party or broker.
  • is made up of linked ‘blocks’ that hold batches of valid transaction data
  • can register, confirm, authenticate and transfer ownership of any kind of tangible asset, or exchange of value, in a digital format.
  • establishes trust and creates agreements without the need for a central organisation or subjective measures of reputation

Bitcoin

  • The most common type of digital transaction utilising the blockchain protocol
  • A self-regulating virtual currency
  • Central bank of the internet
  • The bitcoin blockchain is public, open-source and permissionless
  • You can view bitcoin transactions happening in-real time

 

Social Media and the Blockchain

Social media has penetrated individual and collective lives to a huge extent and consequently modified many of our online and offline behaviors.

Public and private organizations worldwide are greatly benefiting from a better understanding of the fundamental principles governing the individual and collective behaviors of people connected through social media.

Recently, a framework  called Virtual Collective Consciousness (VCC) has been put forth. It is defined as the internal knowledge motivated by social media and shared by a plurality of individuals driven by the spontaneity, the homogeneity and the synchronicity of their online actions.

Thus, the extensive outreach of information sharing through social networking platforms can build a momentum of consensus based on converging informational contents. Ultimately, a common identifying  stance can be forged as a resulting effect of the collectively shared consciousness.

The VCC model assumes that any virtual massive-scale collective consciousness depends on transactive memory (TM). The latter can be defined as a set of individual memory systems combined with a set of individuals interacting with each other. In other words, TM can be considered as the collective memory of the online community that is afforded by social media.

So how does their collective behavior exhibit awareness, cohesion, and self-identity?

We have both the internal framework and the platform, which will produce such a mind-like process. To be explicit, we use the Mycryptoworld/Infinity Economics (MCW/IE) advanced blockchain as a paradigm based on its very recent innovations in the blockchain domain. Indeed, the blockchain protocol offered by MCW/IE and its TM operations emerges as an example on which the knowledge framework of VCC can operate.

Blockchains are based on strong cryptography and memory of operations – and illustrates peer-to-peer interaction with no central agency.

Applied to social networks, the blockchain protocol provides an explicit model for a platform that incrementally incorporates immediate experience with an integrated memory of the past, provides a global workspace, and a mechanism for consensus between participating individuals operating within a Virtual Collective Consciousness.

Blockchain protocols maintain the relatively secure identity of participants and the integrity of the records. It is this methodology of linked records that provides a proxy for a linked, on-going record of experience, which is an essential feature of idealized virtual consciousness.

Making the case for adopting a blockchain approach to a social network, the result would be a cloud based entity which might satisfy the criteria for a Virtual Collective Consciousness.

In any case, blockchain will provide the key services needed for integrating a decentralized planet wide distributed group activity.

Green Fire On The Blockchain

Green Fire On The Blockchain

Green Fire has decided to change the world as you know it. We are moving together onto the blockchain. We have chosen “Green Fire Gold” (GFG) as the blockchain application name. GFG will be the first to take landfill mining and reclamation on to the blockchain.

GFG is designed with next generation high load blockchain protocols, utilizing a blockchain design that improves functionality with each additional user, maximizing scalability and load performance.

GFG includes your own private universal wallet that allows for immediate trading and exchange between all currencies and investment markets.

The GFG blockchain is designed by the best in cryptocurrency development to create a coin and mainstream payment network usable by everyone in the world.

The GFG universal wallet/coin combo can be used to manage your entire life and assets. Inside are a Universal Dapp store (decentralized application store), micro-services, micro-payments, smart contracts, universal exchange, universal payment system, and custom template decentralized app building, just to name a few.

Understanding blockchain

The Blockchain has become the default backbone for most new financial and business development.

In essence, blockchain is a distributed database, or "timestamp server," as it was called by the mysterious Satoshi Nakamoto in the paper that proposed bitcoin.

The blockchain consists of blocks of data — each block is a timestamped batch of valid individual transactions and the hash of the previous block, creating a link between the two. Because each timestamp includes the previous timestamp in its hash, it forms a chain. Each new transaction must be authenticated across the distributed network of computers that form the blockchain before it can form the next block in the chain.

GFG is developing a fully decentralized, leaderless DAO*, a Decentralized Autonomous Organization, and a fully distributed financial platform, OWNED BY THE PEOPLE WHO USE IT.

GFG is using the MyCryptoWorld development platform to construct the GFG DAO. This platform develops on an advanced Ethereum blockchain.

For the determination phase of implementation an interdisciplinary team of cryptocurrency, marketing and software veterans/enthusiasts around the globe have already started determining the intelligence that operates GFG.

As soon the business determination is finished the whole system will be completely community/user driven and owned. From this point on the further evolution will be in the hands of all owners, using e-Governance/voting and other cutting edge tools to create consensus and run decisions.

The GFG DAO is a digital decentralized autonomous organization and a form of investor-directed venture capital fund.

The GFG DAO has an objective to provide a new decentralized business model for organizing both international commerce and social marketing. It will be on the Ethereum blockchain, and will have no conventional management structure or board of directors.

The GFG DAO is stateless, and not tied to any particular nation state. As a result, many questions of how government regulators would deal with a stateless fund are yet to be dealt with.

The GFG DAO is being crowdfunded via a token sale. A similar crowdfunding campaign in May 2016. It set the record for the largest crowdfunding campaign in history

OWNED BY THE PEOPLE WHO USE IT

The Landfill Pickers and the Women Informal Workers will own GFG. GFG will be governed by consensus.

Consensus in a distributed system is determined by entities checking each other's work and providing a stamp of approval as to transactions and activities allowed. This is accomplished through a distributed network, one might say, a “social neural network”.

Smart Contracts

GFG Blockchain also leverages a technology called "smart contracts," which are bits of executable code that only act when specific conditions within the blockchain are met. This allows a blockchain to automate activity like payment transfers when a task is completed, or even a partial payment when a milestone is achieved.

By providing a way to record transactions as automated trusted activity among digitally networked peers, audit and professional services firm Ernst & Young believes "blockchain technology has the potential to streamline and accelerate business processes, increase cybersecurity and reduce or eliminate the roles of trusted intermediaries (or centralized authorities) in industry after industry."

Blockchains have proven that they reduce cost and increase trust in financial transactions. It is becoming apparent that we can expect financial services firms to abandon existing transaction-processing technologies in favor of blockchain technologies.

We are developing the GFG DAO on the blockchain with a unique crypto token (coin) and its own brand of distributed manufacturing and ecommerce.

Green Fire is taking the Landfill Mining operations and the Children of the Landfill project and wrapping them in a blockchain application.

This will provide these “invisible workers” the very poorest of the poor the most unique democratic environment that is yet to prevail for them. They will be the next global cultural warriors to emerge from the shadows.

Mike Prettyman,
Chief Information Officer at Green Fire Engineered Reclamation
For more information come to the website

Children of the Landfill Project

Green Fire Engineered Reclamation

Join our active groups on Markethive

Children of the Landfill
Green Fire Engineered Reclamation
 

The Ultimate Disruption in the Financial System – Blockchain Technology

The Ultimate Disruption in the Financial System – Blockchain Technology

Extracted from BBVA Research on Digital Banking.

What is Blockchain?

Blockchain is a peer-to-peer public ledger maintained by a distributed network of computers that requires no central authority or third party intermediaries. It consists of three key components: a transaction, a transaction record and a system that verifies and stores the transaction. The blocks are generated through open-source software and record the information about when and in what sequence the transaction took place.

This “block” chronologically stores information of all the transactions that have taken place in the chain, thus the name blockchain. In other words, blockchain is a database of immutable time-stamped information of every transaction that is replicated on servers across the globe. This technology is the foundation of bitcoin, a crypto currency.

In traditional transactions such as money transfers or foreign currency, there is usually an intermediary or a centralized entity that records the transmission of money or currency that exist apart from it. In blockchain, the token or digital coin itself is what has value, which is determined by the market. This is what makes the system a truly decentralized exchange. When people buy or sell cryptocurrency, a secret key or token is broadcast to the system. “Miners” use nodes, computers or devices linked to a network, to identify and validate the transaction using copies of all or some information of the blockchain.

Before the transaction is accepted by the network, miners have to show “proof of work” using a cryptographic hash function –a special algorithm- that aims to provide high levels of protection. Miners receive some form of compensation for their computing power contribution, avoiding the need to have a centralized system.

New protocols such as Ripple rely on a consensus process that does not need miners nor proof of work and can agree on the changes to the blockchain within seconds.

In any case, the blockchain offers an inherent level of trust for the user, eliminating the need for the middleman and mitigating the risk of human error. In this public ledger, the data is protected against tampering and revision, and individuals cannot replace parts of the blockchain as the cost of doing so is significant – hypothetically one would need to control more than half of the “nodes” to surreptitiously alter the block chain.

The Disruption

While cryptocurrency itself has received a lot of criticism, the blockchain technology is thought to offer great potential, attracting the attention of governments, businesses and venture capital at a rapid pace. Some ideas developed in recent years include a pay-as-you-go system that allows users to stream live video; a structure that allows sharing space-program information; or ways to record business information such as audits. In most cases, these options are thought to offer greater security, speed and reliability at a fraction of the cost of more traditional infrastructures.

Other ideas include the possibility to create digital identities that could substitute dozens of usernames and passwords while offering greater security features; and “smart contracts” with self-executing properties that would make the contract “unbreakable”.

In the financial industry, institutions are slow to recognize the potential of blockchain technology; however, dozens of large banks have now invested significant amounts of money in this technology.

The attention is likely the result of how disruptive this technology is to the financial sector, particularly if it allows massive simplification of banking processes and significantly reduces costs.

The first levels of disruption seem more likely in payment processing where traditional transactions such as money transfers, credit and debit card payments, remittances, foreign currency and online payments, require an intermediary such as a clearing house or a financial institution.

In these cases the transaction would occur directly between the buyer and the seller without any intermediary and the validation of the transaction would happen in a decentralized way or “distributed ledger”. This would result in significant infrastructure savings for banks by allowing them to bypass payment networks that are oftentimes slow, cumbersome, and expensive.

However, the biggest potential impact of a public ledger may extend beyond the payment system. Given that the majority of financial assets such as bonds, equities, derivatives and loans are already electronic it may be possible that someday the entire system is replaced by a decentralized structure.

In fact, the latest innovations are using tokens to store and trade assets like shares, bonds, cars, houses and commodities. These so-called “colored coins” attach additional information on the asset, generating “smart property” or the ability to record and transact these assets using “smart contracts”, which are enforced by complex algorithms, through distributed platforms without a centralized register, thereby increasing efficiency.

In this environment, the current system where financial institutions record individuals’ accounts in a centralized fashion and the banks’ reserves are stored by the central bank (i.e. Federal Reserve) would be replaced by the “Internet of money” or the “Internet of finance” – a fully decentralized financial system.

As other industries that have been transformed by new technologies and digitization, blockchain technology could reshape the financial industry well beyond the payments system.

United States Congress Supports Resolution Promoting Blockchain

 Author Jacob Timp

The United States House of Representatives has passed a nonbinding resolution calling for an adoption of “a national policy for technology to promote consumers' access to financial tools and online commerce to promote economic growth and consumer empowerment.”

Why The Accelerated Interest?

We have seen relatively little developments in the space of federal regulation on the Blockchain technology and digital currencies. A non-profit called Coin Center reached out to United States representatives communicating their concerns on the developing bill. The letters on issue are available on their website.

In July, the declaration was introduced which calls the United State government to develop an updated domestic policy related to technology, specifically referencing cryptocurrencies and Blockchain technology. The bill was introduced by United States Congressman Adam Kinzinger of Illinois and is sponsored by Congressman Tony Cardenas of California.

Following statements from supporters, the resolution passed by a verbal vote earlier this week. The resolution is non-binding, which may be considered a half-measure, is a rather significant leap forward from Congress for the discussion on Blockchain and cryptocurrencies.

The opening remarks on the bill stated:

“The House of Representatives that the United States should adopt a national policy for technology to promote consumers’ access to financial tools and online commerce to promote economic growth and consumer empowerment.”

The resolution occurred months after the United States House Committee on Energy and Commerce debated the technology. Notes from supporters on the floor demonstrated a very real interest in the issue among the House members.

Congressman Michael Burgess of Texas, stated at the hearing:

"There’s no doubt that Blockchain innovations are on the cutting edge today."

What’s Next?

We will see what the next step is for congress and whether or not they will pursue a more substantial bill development for digital currencies and the Blockchain technology. The next session will meet after November's United States elections.

The non-leaning characteristics of the current resolution suggests that a new and updated bill may be released by Congress in the time following.

Mike Prettyman,
Chief Information Officer at Green Fire Engineered Reclamation
For more information come to the website

Children of the Landfill Project

Green Fire Engineered Reclamation

Join our active groups on Markethive

Children of the Landfill
Green Fire Engineered Reclamation