Week 20 Bitcoin News Roundup
Bitcoin News Roundup for Week 20
Bitcoin News Roundup – Blockchain Buzz
Blockchain is the buzzword in technology this year. That trend continued this week. In this Bitcoin news roundup we focus on the headlines in blockchain generally, and Bitcoin specifically.
The blockchain is the technology that makes Bitcoin work. It is Bitcoin’s key innovation. Mainstream industry and finance are incredibly excited about this technology.
For the moment, focus has shifted away from Bitcoin’s own Blockchain, to other blockchain solutions.
In the short term, we expect this to continue. However, in the long-run, we believe industry and finance will shift their focus back to public blockchains. And, in particular, Bitcoin. Another public blockchain to watch is Ethereum.
After almost a year of steady decline in investment, VC’s invested some US$160 million in the blockchain space.
Most of this investment was related to blockchain startups, not necessarily Bitcoin ventures. Indeed, the largest funding went to Digital Asset Holdings, at over US$60 million, coming from a variety of high-profile institutions.
In other Blockchain related news, the NASDAQ is exploring how the blockchain could fuel solar energy markets, the world’s first completely autonomous corporation; the DAO, raised over US$100 million and Deloitte demoed a blockchain use-case for the art-industry.
The DAO Raises More Than $117 Million in World’s Largest Crowdfunding to Date https://bitcoinmagazine.com/articles/the-dao-raises-more-than-million-in-world-s-largest-crowdfunding-to-date-1463422191 … #TokensAreComing #finance
— Erik Voorhees (@ErikVoorhees) 17 May 2016
Government’s also continue to take note of blockchain technology.
This week the presidential cybersecurity panel heard a testimony from IBM, on the implications of blockchain technology. And a US Congressional Committee heard a testimony related to blockchain technology and its potential impact on health care.
Meanwhile, in the Asia-Pacific region, the Bank of Japan indicated it was watching the technology closely. And the Australian Government officially responded to a Senate report, containing regulatory recommendations for digital currencies.
Bitcoin News Roundup – Bitcoin Growth
Blockchain may be scorching hot. But Bitcoin is growing quietly.
Open-source technology lives and breathes by the depth and breadth of its development. Bitcoin is no different. The technological fundamentals for Bitcoin are growing stronger. Though this technological growth is occurring in the shadows of the greater blockchain hype.
Companies in the Bitcoin space released some exciting technology this week. These projects will dramatically increase the scalability and utility of Bitcoin, its own Blockchain and its network.
We reported on the release of open source code for the Thunder network; the first real implementation of the lightning network concept, allowing for Bitcoin transactions at commercial scale.
Another company in the space, BitGo, announced the release of its BitGo Instant. The company is confident its technology will allow for instant Bitcoin transactions, without fear of double spending threats.
This increases the speed of confirmation, if a transaction is taking longer than a user would like. It adds essential functionality for mainstream users.
We at iceCUBED expect public blockchains, especially Bitcoin, to continue steady growth in the shadows of the blockchain hype machine.
2016 tech definition: “Private blockchain that we control” = “Oracle installation”.
— Marc Andreessen (@pmarca) 24 Jan 2016
The walled-garden style technology being pursued by mainstream finance, industry and consortium’s will dominate the headlines for some time.
These proprietary ledger solutions are not really competition for Bitcoin. In reality, all will exist in a vibrant ecosystem, serving different needs.
Ultimately, closed systems will find it difficult to offer the level of security and pace of innovation that Bitcoin, and public chains generally, can provide.