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George Bernard Shaw was a famous Irish playwright. He once said you should “never wrestle with a pig. You just get dirty, and the pig enjoys it”. Well, I’ve been wrestling with pigs for a few years now. Not literally, of course. That would be weird, and I’d probably lose. What I’m referring to are […]
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Longhash revealed that Bitcoin price predictions for “the end of 2020” were more accurate than where crypto influencers said the asset’s price would be at the beginning of 2020. The new study was based on media reports, which included predictions from 17 prominent figures from the crypto economy.
These people specifically predicted prices at the beginning of 2020 and the firm compared their predictions to Bitcoin’s actual price of $28,841, on 31 December 2020.
It said that the forecasts that were closest to “essentially correct” predictions belonged to Beam CEO Alexander Zaidelson and CoinCorner CEO Danny Scott. Both execs’ forecasts came close to nearly 5% of Bitcoin’s actual price.
At the time, Zaidelson based his estimations on “basic logic” and the historical ATH and ATL boundaries and said:
I think it is possible that at some point in 2020 Bitcoin may hit the all-time low or even go a bit below it, so I would say the low can be $3,000.
As things progress and the adoption grows, the demand for Bitcoin and crypto in general will surge, and it is totally possible that it will go up to all-time high or more. So, I would say $30,000.
On the other hand, Danny Scott was confident about BTC’s increase in prices in the long term but found it an “impossible task” predicting the price short term. His projections ranged between $12,000 and $28,000.
Aside from this, other predictions were also close enough to accurate prices, which according to Longhash would have been a difficult task, given Bitcoin’s volatility. However, Longhash study said that BTC predictions at the end of 2019 or “by 2020” were almost all wrong, and that “most people were overly optimistic.”
Longhash believed that predictions were better this time because people were improving their speculation with a better understanding of Bitcoin’s prices. However, it noted that the firm could have simply “picked better predictions” or Bitcoin’s rally could have made most people right, who tend to be optimistic when it comes to price predictions.
John McAfee’s $1,000,000 forecast fared as the worst prediction in the list of predictions compiled by Longhash.
With regard to predictions for the current year, the firm said that crypto insiders were still “aiming high.” This includes Citibank, which recently expected BTC to breach $300k by the end of this year.
Image Credit: Refer to Source
Author: Refer to Source Alisha Roy
Recently, ARK Invest and its founder-Catherine Wood (Catherine Wood) have become the focus of market attention.
Catherine Wood founded ARK six years ago. The company manages five active ETFs and two passive ETFs. With the outstanding investment performance of the ARK Fund and Wood’s unique insights into technology companies, she is known as the technology female stock god in the industry.
Since 2020, the five active ETFs of ARK have all exceeded 100%, while the S&P 500 index has only 14.65% during the same period. Among them, the Genome Revolution ETF (ARKG) achieved 207.58% revenue, and the Innovation Electronics Trust Fund (ARKK) and Next Generation Internet ETF (ARKW) revenue exceeded 160%. The ARK Fund’s heavyweight Tesla has a year-to-date gain of 690.97%.
Wood was interviewed by Investor’s Business Daily at the beginning of this year to exchange views on ARK’s investment philosophy and research methods, the situation of various funds, and the reasons for the strong performance of which stocks they hold. She said that although the indexation and valuation of the private equity industry have risen sharply after the 2008 financial crisis, the research, investment, and value of innovative listed companies have still not received sufficient attention.
ARK discovers and evaluates innovative companies in the growth stage through the “open research ecosystem”, so that ordinary investors can obtain the best possible income from innovative companies by holding these ETFs. When seeing a certain innovation platform being “badly treated” because people do not understand what is happening, ARK tends to increase its weight in the investment portfolio. ARK’s strategy is better in the “high risk appetite” market which performed.
ARK focuses on disruptive innovation
ARK invests in disruptive development areas such as autonomous transportation, robotics and artificial intelligence, 3D printing, space exploration, genomics, blockchain, cloud computing, e-commerce and financial technology. ARK has pushed its research to social media and has gained recognition in the fields of blockchain, artificial intelligence, genomics and energy storage.
IBD: What is the premise for you to start a company and launch an existing ETF?
Wood: The purpose of my founding ARK is to focus on disruptive and innovative companies in the public equity market, and to add new dimensions to research. Innovation usually provides long-term growth opportunities. But with the gradual shift of funds to passive and exponential investment, and a large amount of inflows into the private market, I think the public market has already seen vacancies in research and portfolio management. ARK focuses on listed companies and aims to fill this gap by investing in the most innovative companies. We believe these companies will bring long-term growth in the next 5 to 10 years.
IBD: How is your company and fund different from other funds that invest in disruptive businesses?
Wood: ARK focuses on long-term disruptive innovation, a proprietary open research ecosystem, and proactive management, which makes us unique among other products.
ARK’s open research ecosystem strives to take full advantage of rapid changes through open methods and convergence of insights. The combination of top-down and bottom-up research allows us to evaluate investment opportunities for disruptive innovation, and then identify and evaluate the companies most capable of benefiting. The open research ecosystem includes leaders in their respective fields, social media interactions, and insights gained by people responding to ARK’s public research through the Internet.
IBD: ARK’s active ETF tries to make the most of the innovation curve: how effective is this work, and when do you buy and sell stocks?
Wood: ARK recognizes that true disruptive innovation is achieved through technology, which will cause rapid cost reduction, rapid growth of demand, cross industries and regions and spawn further innovations, thereby stimulating growth in a longer time frame.
ARK believes that the best way to predict the decline in technology costs is not to predict cost as a function of time, but to consider output.
ARK will reduce or increase its position in the following situations: (1) take advantage of opportunities created by short-term negative market actions or market sentiment; (2) provide liquidity for companies that ARK is relatively more confident in; or (3) believe that ARK’s share price has been Invest in companies that are undervalued by the market.
IBD: After a difficult 2018, most ARK funds performed well in 2019: What has changed in this, and do you think this strong performance will continue into 2020?
Wood: In the “high risk appetite” market, ARK’s strategy should perform better. Rising volatility is good for us. Investors are beginning to realize that many companies’ fundamentals are misunderstood and hope to find the leader in a passive index, rather than the company with the largest market capitalization. The companies that ARK invests in are usually not an important part of the large-cap index.
ARK’s strategy generally performs poorly in a “low risk appetite” market. Part of the reason this happens is that other investors and advisors tend to return to the benchmark company at this time, which ARK usually does not do.
IBD: The ARK Genome Revolution ETF (ARKG) is one of the top ten industry ETFs with a return of 44% in 2019: what made it?
Wood: In the year when the healthcare field lags far behind the market, we are very proud of the performance of the Genome Revolution Fund outperforming the market.
I think the reason behind this is that investors are beginning to realize that certain companies in our portfolio are actually curing diseases.
Invitae (NVTA) (up 46% in 2019) is a molecular diagnostic testing company that is actively reducing test prices in order to increase access.
Genome Revolution ETF holds CRISPR medical
CRISPR Therapeutics (CRSP) is one of the top medical companies (up 113% last year). They have just published the results of their studies in human trials for the first time. Because CRISPR edited genes that have mutated and caused problems, two people’s blood diseases have been cured.
IBD: ARK Innovation Electronic Trust Fund (ARKK) and Next Generation Internet ETF (ARKW) also performed very well, surpassing the S&P 500 index in 2019. What is the driving force behind it?
Wood: They all hold Tesla (TSLA) (26% growth in 2019, including 74% growth in Q4).
In ARKW (up 36% last year), there are two semiconductor manufacturers: Nvidia (NVDA) (up 77%) and AMD (up 148%), these two companies are becoming increasingly important in the field of artificial intelligence . There is also a genetic testing company Veracyte (VCYT) (an increase of 122%). We put it into ARKW because it is in a leading position in artificial intelligence diagnostic testing. Pinduoduo (PDD) (up 69%) is a Chinese e-commerce company, a bit like a combination of Groupon (GRPN), eBay (EBAY) and Amazon (AMZN). It started in rural areas, but achieved amazing success in urban areas.
IBD: Several funds invested by ARK, such as ARKK, ARKW and ARKQ, all hold some similar targets. Do you have any suggestions for investors to choose which fund?
Wood: One of the great benefits of the Innovative Electronic Trust Fund (ARKK) (increased by 35% in 2019) is that when one of our innovation platforms is “badly treated” because people don’t understand what’s happening, we often Will increase its weight in the portfolio. ARKK is a combination of all innovative platforms: DNA sequencing, energy storage, robotics, artificial intelligence and blockchain technology. It prefers platforms that we believe are not being treated as they should in the market. It now holds 30% of the weight of the genome platform.
The Next Generation Internet ETF (ARKW) has almost nothing to do with the Genome Revolution ETF (ARKG). ARKW is more involved with software-as-a-service companies (SaaS companies) and cloud computing-all these companies will become better through AI, which is an important part of the innovation portfolio. Tesla is here because the only way it can enter the field of autonomous driving is through AI. We think this may be one of the most important AIs in the world today. You will also see more e-commerce activities in the next generation of the Internet, especially the Internet in China.
Autonomous technology and robotics ETF (ARKQ) is more focused on “Mobility-as-a-Service” (Mobility-as-a-Service), which holds Tesla and the autonomous driving ecosystem, drones, and collaborative robot Teradyne (TER) (Increased by 119%) and Amazon, and a large number of 3D printing and space exploration related companies.
IBD: At the beginning of 2018, you discussed Bitcoin (GBTC) and its significant contribution to ARK Investment Fund’s 2017 performance. Since then, Bitcoin has been struggling. I see that Bitcoin is no longer in ARKK’s holdings, but there is still 1.5% of positions in ARKW. How to explain this difference in investment allocation?
Wood: During the period when the price of Bitcoin went from $250 to $20,000, we have been holding GBTC. When it exceeded 10% of our portfolio, we had to sell it, and at that time we took too much risk of non-compliant income. Therefore, we decided to divest and exit at an appropriate time. We do this for business reasons, not for investment reasons. As trustees, we must protect our investors from the tax consequences of non-compliant income.
We are optimistic about Bitcoin as always, and for this reason we keep it in ARKW and our discretionary account.
IBD: ARK Financial Technology Innovation (ARKF) is your recent addition. What kind of company does it invest in?
Wood: ARKF mainly invests in equity securities of domestic and foreign companies related to financial technology investment themes.
This includes companies that are focused on and are expected to benefit from the transfer of the foundation of financial sector and economic transactions to technology infrastructure platforms and technology intermediaries. They may also include the development, use, or reliance on innovative payment platforms and methods, point-of-sale providers, transaction innovation, business analysis, fraud reduction, frictionless financing platforms, P2P lending, intermediary exchanges, asset allocation technologies, cryptocurrencies, mobile Payment, risk pricing and aggregator companies.
IBD: How often do you readjust your investment portfolio? Is it at a set time interval or is it constantly changing?
Wood: ARK uses its own scoring system to continuously evaluate the company and monitor the underlying investment targets. ARK’s investment team will adjust the stock positions in the portfolio according to the changes in scores. ARK believes that its consistent investment process and active management of high-trust investment portfolios make full use of the benefits of rapid changes and avoid industries and companies that may be replaced by innovation.
IBD: How do you control the risks in your investment portfolio?
Wood: The thematic portfolio built around disruptive innovation faces certain risks. For example, the main risk of ARK’s investment strategy is that we believe that disruptive technologies or disruptive companies that will become future leaders will themselves be disrupted or fail to deliver on their promises.
In order to reduce this risk, ARK uses a portfolio tracker to continuously monitor the companies in its portfolio. The portfolio tracker merges the qualitative and quantitative scores of all stocks in the portfolio from the bottom up. Each portfolio team discusses changes in analyst ratings during the daily morning meeting and Monday stock meeting. Any score that drops below 6 points will trigger discussion.
IBD: Regarding costs, where does ARK stand in this industry? How do you set fees?
Wood: Our expense ratio is 75 basis points. Our competitors are not other ETFs, but active mutual funds. The expense ratio of these companies is usually 75 basis points, but they have another hidden expense of 50 to 75 basis points. And we have no hidden costs.
In addition, in the public stock market, we are closest to venture capital funds, but we are more liquid, tax efficient and transparent. We believe that compared with the private equity market, the innovation of the public equity market is greatly underestimated.
Author: Zhang Jiawen
Recently, ARK Invest and its founder-Catherine Wood (Catherine Wood) have become the focus of market attention.
Catherine Wood founded ARK six years ago. The company manages five active ETFs and two passive ETFs. With the outstanding investment performance of the ARK Fund and Wood’s unique insights into technology companies, she is known as the technology female stock god in the industry.
Since 2020, the five active ETFs of ARK have all exceeded 100%, while the S&P 500 index has only 14.65% during the same period. Among them, the Genome Revolution ETF (ARKG) earned 207.58%, and the Innovation Electronic Trust Fund (ARKK) and Next Generation Internet ETF (ARKW) earned more than 160%. The ARK Fund’s heavyweight Tesla has a year-to-date gain of 690.97%.
Wood was interviewed by Investor’s Business Daily at the beginning of this year to exchange views on ARK’s investment philosophy and research methods, the situation of various funds, and the reasons for the strong performance of which stocks they hold. She said that although the indexation and valuation of the private equity industry have risen sharply after the 2008 financial crisis, the research, investment, and value of innovative listed companies have still not received sufficient attention.
ARK discovers and evaluates innovative companies in the growth stage through the “open research ecosystem”, so that ordinary investors can obtain the best possible income from innovative companies by holding these ETFs. When seeing a certain innovation platform being “badly treated” because people do not understand what is happening, ARK tends to increase its weight in the investment portfolio. ARK’s strategy performs better in the “high risk appetite” market.
ARK focuses on disruptive innovation
ARK invests in disruptive development areas such as autonomous transportation, robotics and artificial intelligence, 3D printing, space exploration, genomics, blockchain, cloud computing, e-commerce and financial technology. ARK has pushed its research to social media and has gained recognition in the fields of blockchain, artificial intelligence, genomics and energy storage.
IBD: What are the prerequisites for you to start a company and launch an existing ETF?
Wood: The purpose of my founding ARK is to focus on disruptive and innovative companies in the public equity market, and to add new dimensions to research. Innovation usually provides long-term growth opportunities. But with the gradual shift of funds to passive and exponential investment, and a large amount of inflows into the private market, I think the public market has already seen vacancies in research and portfolio management. ARK focuses on listed companies and aims to fill this gap by investing in the most innovative companies. We believe these companies will bring long-term growth in the next 5 to 10 years.
IBD: How is your company and fund different from other funds that invest in disruptive businesses?
Wood: ARK focuses on long-term disruptive innovation, a proprietary open research ecosystem, and proactive management, which sets us apart from other products.
ARK’s open research ecosystem strives to take full advantage of rapid changes through open methods and convergence of insights. The combination of top-down and bottom-up research allows us to evaluate investment opportunities for disruptive innovation, and then identify and evaluate the companies most capable of benefiting. The open research ecosystem includes leaders in their respective fields, social media interactions, and insights gained by people responding to ARK’s public research through the Internet.
IBD: ARK’s active ETF tries to make the most of the innovation curve: how effective is this work, and when do you buy and sell stocks?
Wood: ARK recognizes that true disruptive innovation is achieved through technology, which will cause rapid cost reduction, rapid growth of demand, cross industries and regions and spawn further innovations, thereby stimulating growth in a longer time frame.
ARK believes that the best way to predict the decline in technology costs is not to predict cost as a function of time, but to consider output.
ARK will reduce or increase its position in the following situations: (1) take advantage of opportunities created by short-term negative market actions or market sentiment; (2) provide liquidity for companies that ARK is relatively more confident in; or (3) believe that ARK’s share price has been Invest in companies that are undervalued by the market.
IBD: After a difficult 2018, most ARK funds performed well in 2019: What has changed in this, and do you think this strong performance will continue into 2020?
Wood: In the “high risk appetite” market, ARK’s strategy should perform better. Rising volatility is good for us. Investors are beginning to realize that many companies’ fundamentals are misunderstood and hope to find the leader in a passive index, rather than the company with the largest market capitalization. The companies that ARK invests in are usually not an important part of the large-cap index.
ARK’s strategy generally performs poorly in a “low risk appetite” market. Part of the reason this happens is that other investors and advisors tend to return to the benchmark company at this time, which ARK usually does not do.
IBD: The ARK Genome Revolution ETF (ARKG) is one of the top ten industry ETFs with a return of 44% in 2019: what made it?
Wood: In the year when the healthcare field lags far behind the market, we are very proud of the performance of the Genome Revolution Fund outperforming the market.
I think the reason behind this is that investors are beginning to realize that certain companies in our portfolio are actually curing diseases.
Invitae (NVTA) (up 46% in 2019) is a molecular diagnostic testing company that is actively reducing test prices in order to increase access.
Genome Revolution ETF holds CRISPR medical
CRISPR Therapeutics (CRSP) is one of the top medical companies (up 113% last year). They have just published the results of their studies in human trials for the first time. Because CRISPR edited genes that have mutated and caused problems, two people’s blood diseases have been cured.
IBD: ARK Innovation Electronic Trust Fund (ARKK) and Next Generation Internet ETF (ARKW) also performed very well, surpassing the S&P 500 index in 2019. What is the driving force behind it?
Wood: They all hold Tesla (TSLA) (26% growth in 2019, including 74% growth in Q4).
In ARKW (up 36% last year), there are two semiconductor manufacturers: Nvidia (NVDA) (up 77%) and AMD (up 148%), these two companies are becoming increasingly important in the field of artificial intelligence . There is also a genetic testing company Veracyte (VCYT) (an increase of 122%). We put it into ARKW because it is in a leading position in artificial intelligence diagnostic testing. Pinduoduo (PDD) (up 69%) is a Chinese e-commerce company, a bit like a combination of Groupon (GRPN), eBay (EBAY) and Amazon (AMZN). It started in rural areas, but achieved amazing success in urban areas.
IBD: Several funds invested by ARK, such as ARKK, ARKW and ARKQ, all hold some similar targets. Do you have any suggestions for investors to choose which fund?
Wood: One of the great benefits of the Innovative Electronic Trust Fund (ARKK) (increased by 35% in 2019) is that when we see that one of our innovation platforms is “badly treated” because people do not understand what is happening, we tend to Increase its weight in the portfolio. ARKK is a combination of all innovative platforms: DNA sequencing, energy storage, robotics, artificial intelligence and blockchain technology. It prefers platforms that we believe are not being treated as they should in the market. It now holds 30% of the weight of the genome platform.
The Next Generation Internet ETF (ARKW) has almost nothing to do with the Genome Revolution ETF (ARKG). ARKW is more involved with software-as-a-service companies (SaaS companies) and cloud computing-all these companies will become better through AI, which is an important part of the innovation portfolio. Tesla is here because the only way it can enter the field of autonomous driving is through AI. We think this may be one of the most important AIs in the world today. You will also see more e-commerce activities in the next generation of the Internet, especially the Internet in China.
Autonomous technology and robotics ETF (ARKQ) is more focused on “Mobility-as-a-Service” (Mobility-as-a-Service), which holds Tesla and the autonomous driving ecosystem, drones, and collaborative robot Teradyne (TER) (Increased by 119%) and Amazon, and a large number of 3D printing and space exploration related companies.
IBD: At the beginning of 2018, you discussed Bitcoin (GBTC) and its significant contribution to ARK Investment Fund’s 2017 performance. Since then, Bitcoin has been struggling. I see that Bitcoin is no longer in ARKK’s holdings, but there is still 1.5% of positions in ARKW. How to explain this difference in investment allocation?
Wood: During the period when the price of Bitcoin went from $250 to $20,000, we have been holding GBTC. When it exceeded 10% of our portfolio, we had to sell it, and at that time we took too much risk of non-compliant income. Therefore, we decided to divest and exit at an appropriate time. We do this for business reasons, not for investment reasons. As trustees, we must protect our investors from the tax consequences of non-compliant income.
We are optimistic about Bitcoin as always, and for this reason we keep it in ARKW and our discretionary account.
IBD: ARK Financial Technology Innovation (ARKF) is your recent addition. What kind of company does it invest in?
Wood: ARKF mainly invests in equity securities of domestic and foreign companies related to financial technology investment themes.
This includes companies that are focused on and are expected to benefit from the transfer of the foundation of financial sector and economic transactions to technology infrastructure platforms and technology intermediaries. They may also include the development, use, or reliance on innovative payment platforms and methods, point-of-sale providers, transaction innovation, business analysis, fraud reduction, frictionless financing platforms, P2P lending, intermediary exchanges, asset allocation technologies, cryptocurrencies, mobile Payment, risk pricing and aggregator companies.
IBD: How often do you readjust your investment portfolio? Is it at a set time interval or is it constantly changing?
Wood: ARK uses its own scoring system to continuously evaluate the company and monitor the underlying investment targets. ARK’s investment team will adjust the stock positions in the portfolio according to the changes in scores. ARK believes that its consistent investment process and active management of high-trust investment portfolios make full use of the benefits of rapid changes and avoid industries and companies that may be replaced by innovation.
IBD: How do you control the risks in your investment portfolio?
Wood: Thematic portfolios built around disruptive innovation face certain risks. For example, the main risk of ARK’s investment strategy is that we believe that disruptive technologies or disruptive companies that will become future leaders will themselves be disrupted or fail to deliver on their promises.
In order to reduce this risk, ARK uses a portfolio tracker to continuously monitor the companies in its portfolio. The portfolio tracker merges the qualitative and quantitative scores of all stocks in the portfolio from the bottom up. Each portfolio team discusses changes in analyst ratings during the daily morning meeting and Monday stock meeting. Any score that drops below 6 points will trigger discussion.
IBD: Regarding costs, where does ARK stand in this industry? How do you set fees?
Wood: Our expense ratio is 75 basis points. Our competitors are not other ETFs, but active mutual funds. The expense ratio of these companies is usually 75 basis points, but they have another hidden expense of 50 to 75 basis points. And we have no hidden costs.
In addition, in the public stock market, we are closest to venture capital funds, but we are more liquid, tax efficient and transparent. We believe that compared with the private equity market, the innovation of the public equity market is greatly underestimated.
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0:00 – Intro (Watch The Whole Video!!)
0:38 – Massive Endorsement For Bitcoin!
3:31 – The Perception Shift Happening With Bitcoin Is UNREAL!
3:53 – 25,000 Bitcoin Address Were Created Just One Hour
4:49 – China Promoting Bitcoin!
5:22 – Dubai Investors Choose $10 Million ETH Investment
6:24 – Ethereum Doing Well In Bull Market
6:56 – Ethereum Trust Is Second SEC Official Investment Product
7:27 – Logic Buys 6 Million BTC
7:43 – Litecoin Is Pumping
8:02 – Virtual Artist Developing On Ethereum
8:56 – Bitcoin Retirement Plans
**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin.
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While many children dressed as ghosts, goblins, and witches last night may have been disappointed to find an inedible thin piece of cardboard left out in a goodie bag, a lucky few recognized the treat as a Bitcoin prize.
According to an Oct. 31 tweet from Brad Mills, the crypto user filled a Halloween candy box with more than just chocolates and sweets — he also added $200 in Bitcoin (BTC) cards. Mills posted a video of him adding the two gift cards, each worth roughly 0.007 BTC following the coin’s rise to $14,000, and filmed the reactions of trick or treaters in his Canadian neighborhood.
One boy in a white costume was the first to meticulously dig through the box before saying to his group of friends, “I just got a $100 Bitcoin gift card!”
Someone else in the group retrieved the other card from the candy pile, repeatedly cheering “I got Bitcoin! I got Bitcoin!” leaving one of the two remaining children in chicken and sloth costumes to come up empty handed before asking, “What’s a Bitcoin?” Mills’ family later gave a few more BTC cards to a visiting group of girls who had heard about the crypto giveaway.
I put some $100 @RiseWallet #Bitcoin cards in my box of Halloween candy & captured the moment when some random trick-or-treaters found them.
“DUDE I JUST GOT BITCOIN”
It gives me hope that these Zoomer kids actually know what Bitcoin is. pic.twitter.com/KnII3mU9Lt
— Brad Mills (@bradmillscan) November 1, 2020
Though minors aren’t specifically barred from HODLing or trading cryptocurrencies in some countries, many exchanges still require verification to ensure its users are over the age of 18. As the children from Mills’ video are in Canada, they have access to Bitcoin ATMs, but most likely not local regulated exchanges to deposit their BTC or trade it for fiat.
Despite some of the children involved not understanding about the coins, reactions from the crypto community were positive, with many Twitter users stating it was a good lesson in scarcity.
“This feels historic,” said crypto statistician Willy Woo. “When these kids come into power there’ll only be 0.002 BTC per person to go around.”
Other good samaritans have given away cryptocurrency seemingly in an effort to promote adoption. Cointelegraph reported in September that one anonymous benefactor distributed more than $1,000 in Bitcoin Cash (BCH) around the Californian city of Bakersfield “to spread awareness” among ‘nocoiners’ and ‘newcoiners’ alike.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Turner Wright
Over the past weekend, on block 11380000, a solution for the prevention of 51% attacks was introduced to the Ethereum Classic (ETC) community. Several such attacks have recently placed ETC at a crossroads, leaving the very survival of the chain uncertain. In the weeks that followed these attacks, the community worked to evaluate numerous potential solutions.
The first one that has been implemented is called MESS, which stands for Modified Exponential Subjective Scoring. Its predecessor was first suggested by Vitalik Buterin back in 2014. It builds on the assumption that while small chain reorganizations that go back a few blocks are perfectly normal, the ones proposing reorganizations going back hundreds and even thousands of blocks are highly suspicious.
With most proof-of-work blockchains, the longest chain with the most work wins. This means that malicious attackers must mine a longer chain in isolation and then, propose it to the world. This was the case during recent attacks, which cost honest participants millions of dollars.
MESS disincentivizes shadow mining by weighing chains differently depending on the time of publication. Isaac Ardis, one of ETC Core’s developers, explained this mechanism to Cointelegraph:
“The intention with that is to weight chains which occur and are available first over chains that come later. And so in that way, there is an incentive to publish work on the chain and it disincentivizes chains that are defined in private and that would come later.”
The algorithm employs a multiplier that determines the required difficulty from a proposed chain in order to be considered canonical. The multiplier ranges from 1 to 31 and depends on the aforementioned time of publication. The more suspicious the proposed reorganization, the higher the multiplier. Thus a shadow chain would have to provide manifold more proof-of-work to be deemed canonical.
MESS does not make 51% attacks impossible as it is rather a probabilistic and not deterministic solution, but it makes them prohibitively expensive. This is one of the reasons why the community has discussed implementing it in conjunction with a checkpointing solution. Ardis said that although it is a possibility, there does not seem to be much benefit to this duplication:
“Though you can use them together, you may not have to use them together and may not even want to use them together.”
MESS has several advantages. The code base is compact and it will not require a hard fork to implement. The nodes that choose to run MESS will be compatible with the ones that do not. Any discordance will only come into play when and if another 51% attack happens, said Ardis:
“If there is a large attack, then the miners, the operators and the nodes who have activated MESS, we certainly hope, will successfully dissuade the attacker while those nodes that haven’t upgraded would move to the attacker’s chain.”
The assumption is that most of these attacks tend to be short-termed and opportunistic. Once the attacker leaves, the remaining honest miners will rejoin the canonical fork.
MESS appears to be a short to mid-term solution. Although Ardis believes than no chain is immune from a 51% attack, he agreed that the only viable protection is the network’s growth. One of the bets is on Ethereum (ETH) miners joining Ethereum Classic after the former migrates to the proof-of-stake consensus. Another is taking advantage of the compatibility between the two networks, which allows for a painless migration from a congested Ethereum to Ethereum Classic. Ardis said that now that they are done with this mess, the team can focus on developing new tools for ETC.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Michael Kapilkov
Huawei announced an update for it’s blockchain-based cloud service, known as Blockchain Service 2.0, or BCS 2.0, during a recent industry summit. It appears that the platform’s upcoming enhancement will serve as its first major update since 2018.
According to Fangming Hong, President of Huawei Cloud China, Feng Xu, President of Huawei cloud application platform product line, and other top brass from Huawei’s management team, the upgrade’s main goal is to scale the project for commercial applications.
The new and improved platform will reportedly meet performance requirements of 50000 transactions per second, or TPS, within a commercial environment. For comparison, the Bitcoin blockchain averages around 5 TPS, while Ethereum can handle roughly double that. According to the release, BCS’ increased processing speed will further expand its networking scope and help to apply blockchain in large commercial settings.
Hong said that Huawei’s BCS has experienced continuous development in collaboration with nearly 100 partners nationwide (as well as the support of local governments) since it was put into commercial use in 2018. He added that:
“The cumulative number of joint chain, alliance chain and intelligent activity has exceeded 3000, and the number of blockchain participants has exceeded 6000.”
Xu stated that to date, the Huawei Cloud Blockchain has launched more than 70 projects in seven fields, including finance, logistics, government affairs, manufacturing, medical treatment, energy, and digital copyright.
One example of a project launched via the platform is the “Beijing Directory Chain”, which helps city managers at various local government offices with daily economic and social operations. Xu explained that:
“Since its application in October 2019, the Beijing directory chain has completed the link up of 53 committees, offices and 16 districts and counties, which can not only help city managers to optimize the urban management level, but also strongly support the online all in one processing, realizing the “let more data run errands, the people less running errands”
Huawei says that in the future, the company hopes to carry out closer cooperation with the Chengdu high tech Zone to jointly promote the development and commercial application of blockchain technology.
The company says it also welcomes more local enterprises to join the blockchain industry ecology and make joint efforts to quickly build Chengdu’s blockchain industry into a national model for blockchain application.
As Cointelegraph reported previously, researchers have claimed that the enterprise blockchain market will continue to rise to $21.07 billion by 2025.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Ting Peng
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