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‘Bitcoin’ will be a regulated economy’s banking system, says Bitcoin SV’s Craig Wright

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'Bitcoin' will be a regulated economy's banking system, says Bitcoin SV's Craig Wright
Source: Pixabay

Many cryptocurrency proponents envision a world without the traditional banking system. Not Craig Wright though. nChain’s Chief Scientist is of the opinion that Bitcoin “doesn’t stop banking.”

Taking time off from issuing a host of legal notices to those who claim he is a “fraud,” Wright published a blog post titled “Bitcoin is not against banks.” Here, it should be noted that when Wright refers to Bitcoin, he means Bitcoin SV [BSV].

Wright began the post with a comparison,

“The fact of the matter is: there is little difference between bitcoin held with Coinbase and the modern banking system.”

The goal behind an “invincible bank” is to create a system via the “Bitcoin blockchain” that runs on a “single ledger,” preventing any malfeasance by banks, governments or corporations. Wright’s vision will do away with “full private keys” and curate a “partial seed system,” preventing funds transfer during a hack due to an insufficiency of “seed parts.”

Unlike bank accounts to store funds, the Bitcoin project will be based on e-wallets which outrank its traditional counterparts on the “usability” and “code efficiency” front, according to Wright.

He continued by stating that the banking system uses “obscurity of information and hide” to keep a check on the security of funds. Such a system also focuses on the core structure of the operations, and not on mere “assurances”.

The post continued,

“Every fee is calculated dynamically per transaction with the specific instance’s variables and bit-count so that every fee is exact, instead of relying on categories and tiers for fees.”

Additional fees will also be introduced on a volunteer “tip” basis, to allow for faster transactions. BSV’s big brothers, Bitcoin [BTC] and Bitcoin Cash [BCH], have already disapproved of any charging any over-and-above fees.

User authentication is also pegged as an important factor, with one key finding. The post stated that “every transaction needs to be signed by the user.” However, it goes on to state that the “signature” will be divided between the operator and the user.



Revealing the dilution of decentralized control, the post read,

“Just like credit or debit cards, every transaction needs to be signed by the user. The signature we have a part of, and the user has the other part. Together, the funds are accessed. Separately, they’re useless mnemonic seeds.”

The post concluded by exalting the future of a “regulated economy,” where regulators “compete” and will be held “accountable”.





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Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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