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Bitcoin Pioneer Says New Coin To Work on Many Blockchains (bloomberg.com)
A reader shares a Bloomberg report: Jeff Garzik, one of a handful of key developers who helped build the underlying software for bitcoin that is known as blockchain, has seen its shortcomings firsthand. So he decided to create a better digital currency. He's calling it Metronome and says it will be the first that can jump between different blockchains. For example, coins that are used for applications on the Ethereum blockchain will be able to move to Ethereum Classic before jumping onto Qtum or Rootstock, which connects with the bitcoin blockchain, said Garzik. The mobility means that if one blockchain dies out as the result of infighting among developers or slackened use, metronome owners can move their holdings elsewhere. That should help the coins retain value, and ensure their longevity, Garzik, co-founder of startup Bloq that created metronome, said in a phone interview. It will be unveiled Tuesday at the Money 20/20 conference in Las Vegas. "Institutional investors should be very excited to see something like this," Matthew Roszak, the other co-founder of Bloq and chairman of industry advocate Chamber of Digital Commerce, said in a phone interview. "We've built a thousand-year cryptocurrency, something that's built to last." That's a concern for many digital currencies. Infighting among developers and various supporters, and the slow pace of enhancements on the bitcoin blockchain have helped to limit use. Both bitcoin and its main rival, ethereum, have split into several versions.
Isn't this the same guy responsible for all sorts of attacks on bitcoin, all sorts of lame implementations of coins (that fail)... And bloomberg is looking to him to fix things. Gah.
I'm going to move my fifty thousand Dogecoins to the Bitcoin blockchain!
I'm rich!
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So what is this... using DATA fields on different Blockchains to represent the transaction entries of a 3rd kind of currency whose transactions are Encapsulated in the comment field of transaction IDs on other blockchains referenced by records on the Altcoin's own blockchain, or what?
The article is lacking some technical details, but it mentions there is not going to be an exchange in the normal sense.
Then it looks a lot like someone putting his dollar bills in a shredder, then flying to Germany and claiming the ECB should print him Euros because he destroyed his dollars.
Obviously I missed something here. Can someone explain what?
Build up one business scheme and get out before it falls, only to build up a similar business and get out before that falls. Rinse, repeat.
I believe this is very similar to some sort of ????? scheme, I just can't quite remember what it is called...
Every day, we seem to have another crypto-currency being touted and most seem like vapor-ware.
Founders are gonna put on a good show, then take investor money and run.
No, no, no. Do not listen to that man.
He's a lying, cheating, scammer creating another scamcoin.
Anyway, when I won my bets instead of getting my kumquats, I get these "quatloos". I want to exchange them for Bitcoin but how?
. . . just trot on up to the chick with the green hair, wearing the tinfoil bikini, armed with a giant can opener . . . she will handle your, . . . um, "exchange" . . .
Schroedinger's Brexit: The UK is both in and out of the EU at the same time!
It's still a wild west frontier primarily of interest to currency speculators, but moves such as this may open doors for those whose interests are in using digital currency as a low cost transactional tool for commerce, rather than the object of commerce itself.
Nothing evolves faster than the word of god in the minds of men who think themselves divinely inspired.
Do bitcoin mining scripts have to talk back to a central server OR point @ servers for it that are 'centralized'?
It's a P2P network, all decentralized. You need to find the IP address of one of the peers, then from there you open a connection to 10 (or so) of the other peers. To make a transaction, you tell them all that you want to make the transaction. Eventually (usually within 10 minutes), the transaction gets verified and added to the block-chain.
"First they came for the slanderers and i said nothing."
See subject: What I needed to know was if they can operate ON THEIR OWN independently & they don't - thus, they can be blocked (provided you have what they point @, which IS tougher to do but NOT 'impossible').
Yeah, if you know all the IP addresses of the mining cluster, you can theoretically block bitcoin mining in your browser. But I think in practice, most websites that do this probably send their work back to the server via a standard http request, and the server aggregates all the work done, and only then sends it to the bticoin cluster.
"First they came for the slanderers and i said nothing."
why would a solar storm be such a threat? is it a whole planet at once thing? also even without internet for a while - the miners who will continue to work on mining will present the longest chain of blocks when the internet comes online and other miners and users will start to use that and crypto can continue unaffected with just a big hiccup. if internet never comes back online - i think we have bigger problems than crypto to worry about. also did you know there is a satellite broadcasting Bitcoin blockchain?
At first I thought his explanation was wrong, but I had skipped over the "mining scripts" part of your question.
So yes, any crypto-currency mining javascript has to talk to a server somewhere because the computations are being done for someone else, not for the browser's owner.
If that someone else credits the browser owner for something (content, links, whatever) then it's another topic entirely.
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https://i.ytimg.com/vi/xZ_JiU7...
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We were sold on the idea of a Heinz 57 basket of virtual currencies because it's supposedly beneficial for them to be distinct from each other, and now suddenly it's supposed to be beneficial for them to somehow magically morph into each other (which would require, I gather, some level of inherent trust between those competing systems, mutual fraud protection mechanisms, etc.)? Got it.
IMO, this is just the latest example of a bunch of too-smart-by-half tech heads sitting around coming up with a series of poorly planned ad-hoc ideas and finding bubble-seeking investors to throw cash at it. The emperor has no clothes.
One coin to rule them all.
Some drink at the fountain of knowledge. Others just gargle.
Any event big enough to disrupt bitcoin, would disprupt credit cards and banking just the same. Not many people keeps cash.