Scam no more.
Take the risk mga kababayan. 10K BTC na agad at 75K ETH for 1st week palang. Ayos di ba. Bili na habang my discount pa. Hehe
By Daniyal Sheikh
Bitcoin, the owner-less currency system introduced by a mysterious programmer going under the pseudonym of Satoshi Nakamoto, recently celebrated its 8th birthday. This year, the anniversary was especially festive, with the cryptocurrency trading at about $1000 per piece - stabilizing around a market cap. approaching 15 Billion USD. Not bad for an open-source project which began its career as a cyber-libertarian rebellion against a corrupt financial sector.
Since its humble first steps, Bitcoin soon managed to shed its counter-establishment flair and attracted the attention of entrepreneurs and regulators alike. But above all, the groundbreaking technology underlying the project, the blockchain, rapidly begun to spark hopes and dreams of techno-Utopian visionaries everywhere.
One gang of such visionaries, led by a 19 year-old prodigy named Vitalik Buterin, teamed up some four years ago to extend Nakamoto’s decentralized exchange model, so it could execute far more complicated transactions, enabling a wide array of new possibilities - ranging from “smart” contracts which execute themselves, to web applications that can’t be taken down, censored or attacked.
The real-world application of Butterin’s new blockchain gospel would probably revolutionize commerce and change it forever, enabling degrees of transparency and corporate accountability unseen since the dawn of the industrial revolution. However, the new and exciting abilities provided by the project came at a price: in order to sustain the complexity of the new platform, called Ethereum, Bitcoin’s elegant and rock solid transaction model had to be modified to the degree that interacting with its blockchain became a complicated and heavy-duty operation - thus far preventing it from exhausting its capabilities.
Combining Forces in Asia
The next step in blockchain’s evolution might come from a surprising angle. The Chinese government has recently listed blockchain technologies among the main development directions under the PRC’s 17th five year plan, and hopes to use the technology to fight corruption.
Following institutional backing, and building upon the under-utilized potential of smart contracts and decentralized applications, Qtum (pronounced Quantum), a Chinese startup, is detriment to push blockchain technologies towards mainstream adoption, promising to make the game-changing technology accessible to legacy organizations and governments around the globe for the first time.
Up until now mostly undiscovered by the western market, the Qtum Foundation has recently published an intriguing Whitepaper which has created ripples, reaching both sides of the Atlantic. The international team, led by a predominantly Chinese management, introduced a blockchain platform, combining Bitcoin’s proven-to-deliver architecture with Ethereum’s extended smart contracting abilities - a combination believed to be impossible until now. The implications of the proposed technology, if found to be functioning as advertised, are far reaching indeed, and bear the potential to disrupt the very way the internet works, while heralding a new age of decentralized commerce.
The blockchain space is notorious for harboring buzzword pumping startups, which very often fail to deliver on their hair-raising promises. The major investors in this industry have long become immune to empty rhetoric and are seldom impressed by teams, promising to reinvent the blockchain. However, judging by the amount of traction Qtum receives, this project seems to play in a different league.
Anthony Di Iorio, Ethereum Co-Founder, and CEO of JaxxWallet; Chen Weixing, Billionaire founder of Kuaidi, the Chinese version of Uber; Jeremy Gardner, co-founder of Augur and EIR at Blockchain Capital; David Lee Cuo Chuen, founder of Left Coast & Libai, as well as Bo Shen, General Partner at Fenbushi Capital; are only a few excerpts from a long and very impressive list of investors and advisers, gathered around Qtum.
Following legacy interest, but still taking the industry by surprise, the company recently announced that its business white paper has been co-developed by one of the ‘big four’ consultant agencies, being the first blockchain startup of its kind to do so.
This unusual involvement of legacy investors and regulators makes it very likely that we’re about to witness the third major breakthrough of decentralized technologies; Bitcoin, of course, being the first, Ethereum, with its smart contract concept the second, leading to the third in terms of finally implementing these principles in the real-world.
If Qtum, backed by its heavy-weight partners, succeeds in its endeavours, we could soon live in a world of decentralized international trade - applying to contracts, supply-chain management and corporate governance the same logic Bitcoin applied to money itself: rendering them cryptographically secured, transparent and immune to corruption and fraud.