Connect with us

Bitcoin

Cryptocurrency adoption on the rise in Slovenia and Croatia; Bitcoin City expands periphery

Avatar

Published

on

Binance Coin supported by Samsung Galaxy S10 by default with one of the 16 coins
Source: Pixabay

The adoption of virtual currency has been riding high in Eastern and Central Europe with Croatia and Slovenia seeing waves of use-cases. Several retail stores are integrating crypto-centric payments applications within their services, and offering a variety of support coins.

Elipay, the crypto-payments applications on iOS and Android, spearheaded by Eligma has seen waves of increased adoption. The application supports Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] and its native token ELI.

The hotbed for the Elipay integration is Bitcoin City, a 475,000 meter-squared commercial shopping complex in the heard of Ljubljana, the capital of Slovenia. Several stores within the “city” have integrated the crypto-payments application and its supported coins.

Dejan Roljic, the CEO of Eligma, said that their service is integrated in 300 locations, with one-third of them located in Bitcoin city solely. He hailed the Bitcoin city project as “the result of infusing one of Central Europe’s largest and most important commercial, shopping and logistic areas.”

Elipay has entered several industries within its existence, making its mark in food and drinks, fashion, electronics, sports, toys, auto, travel and others. They have even joined forces with a taxi service, with the fare to be paid in cryptocurrencies.

Roljic added that Slovenia’s central bank, Eligma, has also been in contact with Slovenia’s central bank for the inclusion of the euro within its services. He added:

“In addition to the use of crypto for shopping with the Elipay system, the Bank of Slovenia has also approved euro value to be added into Elipay by means of credit / debit cards and SEPA.”

Moving southwards, the company has looked to expand to Croatia, with the CEO confirming that Elipay has been granted permission to “legally operate” within Croatia. He added that in order for the system to be localized it will take a few days as integrations with local merchants and service providers have to be completed.

Looking beyond Croatia and Slovenia, Roljic stated that further expansion will only be sought once the Croatian model is successful.



Recently, an association of blockchain and crypto-enthusiasts called Udruga za Blockchain i Kriptovaluate [UBIK] was initiated in Croatia. This association will primarily advise regulators on crypto-trading and crypto-payments within Croatia. Additionally, UBIK will also assist its members with legal, technical, and financial support to allow ease of regulatory pressure.

Europe has seen a wave of regulatory development with blockchain and crypto-centric associations of-late. With the creation of the International Association for Trusted Blockchain Applications [INATBA] policy-makers, regulators and civil stand setting organizations can work closely with leading DLT companies. A host of prominent crypto-companies are founding members of the association, including Ripple, Ledger, R3, IBM, Swift, Cardano, Accenture and more.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

Published

on

Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending