Source for BlockChain News

Monthly archive

August 2012

Persisting Problems | Will Blockchain Be Used in the Next US Election?

by
blockchain election

blockchain election

Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered, “Did the vote actually go through? What if a malicious party changes my vote?” Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it’s easier than someone may think to hack into a system and wreak havoc. 

Some people wonder then, might blockchain technology bring about a more secure way for people to vote? Let’s look at that possibility.

Politicians Bringing More Visibility to the Issue

Presidential hopeful Andrew Yang increased awareness of the idea that blockchain technology could solve some voting security and convenience issues. One of the central points of his campaign centered on modernizing voting by letting people cast ballots through mobile apps, then the blockchain verifying them. The idea on its face sounds great, especially since many individuals don’t like the prospect of waiting in long lines and taking time out of their already-busy schedules.

Also, the Permanent Subcommittee on Investigations, which is associated with the US Senate Committee on Homeland Security & Governmental Affairs, recently held a virtual roundtable to assess the feasibility of allowing Senate members to vote via online means due to the crises caused by the COVID-19 pandemic. 

Among the topics brought up were end-to-end encryption, along with a blockchain-based voting tool. The memorandum about the meeting mentioned how the blockchain could reduce instances of incorrect vote tallies by providing a tamper-free record. It also brought up how Estonia is one of the countries already using the blockchain to run entirely-online elections. 

The information acknowledged, as well, that the blockchain is not a foolproof system. It discussed cryptographic errors, software bugs, and majority control of the blockchain falling into the wrong hands as possible risks. Everyone consulted during the discussion agreed with the necessity of a senator verifying their vote after casting it. The attendees discussed a variety of ways to make that happen.

We are not at the point where senators or anyone else in power is ready to approve any method of voting with help from blockchain. The fact that it’s in discussions as a viable option is a positive development, though.

Why Could the Blockchain Work Well?

Blockchain-supported voting could be a smart move because it may increase voter turnout. People often think of cryptocurrencies and the blockchain together. Younger and tech-savvier individuals often find cryptocurrency appealing due to how it keeps identities private. Plus, the idea of voting through an app attracts anyone who may experience difficulty getting to a polling station.

Plus, as the discussion above mentioned, the blockchain offers a transparent system that allows verifying a person’s votes and preventing tampering. The blockchain is not perfect, but it could give a voter more visibility to help them ensure they have their voice heard. 

Many people worry about the US voting system’s vulnerability. They assert something must happen soon, or we risk compromising our democracy. Moving ahead with the blockchain for voting would give the impression of progress made. 

Obstacles Associated With Voting Via the Blockchain

The blockchain is like most other technologies in that it has flaws. Some experts warn that it’s not ready for the kind of widespread usage a national election requires. Those are not unfounded concerns, either. 

Earlier in 2020, MIT researchers published a report about Voatz. It’s an app claiming to record votes on a permissioned blockchain. However, the group found no evidence that the app uses the blockchain to confirm genuine votes. Even more worrisome was that the investigation revealed how a party with remote access to the app could view a person’s vote and change it. 

Voatz is not the only app for voting with blockchain, but the MIT researchers showed hesitations that apply to them all. They mentioned how the people working on the apps might have good intentions but lack knowledge of election security. Also, another issue affecting the tech industry at large is that many new offerings reach the market before getting thoroughly reviewed. Companies race to be first, and security may get overlooked in that rush.

Another recent development concerns an open letter penned by experts in cybersecurity, science, and computing to address officials at all levels of government. They insist that no internet voting system has the required security, and relatedly, that blockchain cannot “mitigate the profound dangers inherent in internet voting.” The authors backed up their claims with two decades worth of science-based research. 

An initiative from the Kaspersky Innovation Hub uses blockchain differently. It resulted in a blockchain-secured voting machine that lets people submit ballots in person if desired. That setup still has an online component, so it does not eliminate the concerns expressed in the open letter. Kaspersky’s invention could ease the minds of people who balk at voting through a smartphone or computer, though.

Likely a Too-Short Timeframe

Voting with blockchain is undoubtedly on the table as an option for future consideration. Anyone excited about possibly sending their votes to the blockchain in the upcoming US presidential election likely has their hopes up far too high, however. That event is less than six months away, after all.

Something that seems more likely is that voting in many places around the country may happen differently than usual. The COVID-19 pandemic and the need for social distancing already means candidates cannot hold in-person rallies, and it’s difficult to imagine the circumstances changing enough before election day happens. People already encounter extremely long lines at polling stations, and they especially would if required to stay six feet apart. 

Voting by mail seems a much more viable option to use around the nation in November, mainly since some states already use it, as do American citizens living abroad. Rolling that system out to everyone is still far-fetched due to the timing, but it’s arguably more feasible than blockchain voting as things stand now.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: Pixabay

If You Liked This Article Click To Share

NetCents Technology Issues Q3 2019 Financial Statements, Increases Revenue

by

Vancouver, British Columbia–(Newsfile Corp. – September 30, 2019) – NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) (Frankfurt: 26N(“NetCents” or the “Company”) has released and filed its financial statements and MD&A for the nine months ended July 31, 2019. The Company is excited by these financial statements as they support what the Company has previously stated in its press releases over the summer months.

When looking at leading indicators for the Company’s growth, the Company have achieved the following growth between 2nd and 3rd quarter of fiscal 2019:

● Merchant processing revenue increased by 498% over Q2

● Processing volume increased by 360% over Q2

● Transactions increased by 296% over Q2

● Merchant sign ups increased by 121% over Q2

During the current fiscal year to date, the Company has recorded merchant processing revenue of $86,681. This is made up of merchant processing revenue of $10,826 during the three months ended January 31, 2019, $12,677 for the three months ended April 30, 2019, and $63,178 for the three months ended July 31, 2019.

The key drivers for the increase in revenue is that the number of transactions and processing volumes have both increased. This has resulted from the business development team driving new sales and partnership initiatives and demonstrating how simple it is to accept cryptocurrency as a form of payment. The Company has also attended several trade shows in new and upcoming industries, and we will be the merchant processing leader in these industries.

In addition to increasing the Company’s growth indicators, as outlined above, NetCents has decreased its operating costs by 46% for the nine-month period ended July 31, 2019 compared to July 31, 2018. The net loss of the company also decreased by 54% for the nine-month period ended July 31, 2019 when compared to July 31, 2018.

Between the increase in revenues and the Company’s growth indicators along with the corresponding decrease to our operating costs, the Company is in a strong position as it works towards its breakeven point, which should be obtained within a 24-month period.

Finally, the Company’s financial statements showed a cash and cash equivalents position of $2.21 million and net working capital of $759,000 as at July 31, 2019 compared to cash and cash equivalents of $54,000 and a working capital deficiency of $1.21 million at April 30, 2019, which shows that the Company is in a much better position to cover expenditures over the next period.

About NetCents

NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) (Frankfurt: 26N)(“NetCents” or the “Company”), the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Please See Disclaimer

Coinbase Card Includes 5 More Cryptos and Launches in 10 Countries

by
Coinbase

Coinbase

The crypto space has grown at a breakneck pace over the course of the past few years and a fair share of the credit for that should go to mega crypto exchanges like Coinbase. Over the years, the company has introduced a wide range of products that have managed to further expand the crypto ecosystem, and on Thursday, it made another major announcement.

The company announced that it is going to add support to five new cryptocurrencies for the VISA debit card that it issues. In addition to that, it added that the card will now be available in 10 more countries in Europe.

Key Expansion

The five cryptocurrencies that have been added to the Coinbase Card include Stellar (XLM), XRP, Augur (REP), Basic Attention Token (BAT), and Ox (TRAX). The card already provides support for Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) at this point in time. So, holders of this card will now be able to spend with as many as nine different cryptocurrencies. The company also announced the 10 new European countries in which the card will now be supported.

The card will now be supported in Sweden, Liechtenstein, Bulgaria, Croatia, Iceland, Romania, Hungary, Norway, Croatia, and Denmark. The double announcement of support for five more cryptocurrencies and expansion into 10 European nations is a hugely significant development. The CEO of the UK arm of Coinbase, Zeeshan Feroz, spoke about the developments:

>> Kik “Void for Vagueness” Plea Against SEC Dismissed by Judge

“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”

The card issued by the company has gained traction over the past months, and one can expect it to now grow at a faster rate due to these alterations.

Featured image: DepositPhotos © LDProd

If You Liked This Article Click To Share

Ren Outperforms the Broader Crypto Markets, Jumps 140% in 7 Months

by
REN

REN

The meteoric growth of the price of Bitcoin from $3,693.85 at the beginning of the year to the $13,880 year high reported last month has greatly affected most altcoins. As a result of the devaluation that altcoins have suffered against Bitcoin, most people are dumping their tokens in preference of the gaining Bitcoin. One altcoin, however, is defying those odds. Ren has been on a substantial bull run this year.

Ren Up Over 140% in Seven Months

However, one coin has defied odds and demonstrated an impressive growth run. At the beginning of the year, Ren was trading at 549 satoshis, but it has since gained, and currently, it is trading at 1,342 satoshis. This is a tremendous 144.44% gain in seven months when most coins have plunged against Bitcoin.

The incredible upside potential of Ren is pegged on its long accumulation period, and this is the main reason why it will continue exhibiting steady growth. Between December 6 last year and July 20 this year, the coin was stuck in range accumulation, trading in that period in a range of between 400 and 890 satoshis.

Ren has a solid base, and the cryptocurrency managed to break out of a double bottom pattern on July 20 when it took resistance of 890 satoshis, which signaled the beginning of the upward trend. This technical breakout enticed breakout buyers as well as trend followers in the process, launching a breakout rally that pushed Ren to 1,342 satoshis.

>> Ripple Sells Over $250 Million in XRP in Q2 2019: What’s Next?

Bearish Signs Becoming Evident

The 144% gain up to date shows that the crypto token is ready for substantial corrections and so far Ren has started showing signs of near term bullish exhaustion. Besides the bearish divergence on the coin’s daily RSI, it is equally trading in overbought settings in weekly and daily time frames.

Despite there being bearish signs, the coin is still in a technical uptrend, and it is a strong buy-on-dip contender. The current midpoint range of 1,115 satoshis is the first interest level, but if bulls will hold that level for long, then the coin cannot sustain the 1,340 satoshis resistance for long.

Featured image: DepositPhotos © solarseven

If You Liked This Article Click To Share

Go to Top