Scientist Deciphers Instructions to Claim Bitcoin In a DNA Sample
This week, Sander Wuyts, a Ph.D. student from the University of Antwerp (UAntwerp) and Vrije Universiteit Brussel (VUB) completed an extraordinary competition that involved bitcoin and DNA-related research. Wuyts was the first to decipher hidden messages in a tube of DNA in a scientific challenge where he won a single bitcoin for his accomplishment.
Also Read: Analysts and Bullion Dealers Notice a Relationship Between Gold and Bitcoin
Storing Data In DNA
Sander Wuyts considers himself a “DNA-junkie,” and he’s a big believer in science and technology. Back in 2015, the European Bioinformatics Institute professor, Nick Goldman, gave a presentation at the World Economic Forum in Davos that showed how DNA was an excellent method for storing data. Goldman says that DNA can last longer than existing thumb drives and today’s standard storage technology.
“Unlike a memory stick, for example, DNA lasts for a long time, long after the death of the ‘owner’ — It’s also very compact: you can store an incredible amount of information in a minuscule space,” explains Goldman.
Discovering the Magic of Cryptocurrencies
Following the presentation, Goldman started a contest for students called the “DNA Storage Bitcoin Challenge.” The competition involved individuals trying to decipher messages in a tube of DNA, and the deadline was January 21, 2018. When Goldman launched the contest, a bitcoin was only worth a few hundred dollars, and now the DNA contest prize was worth over $11,000. At the end of the professor’s presentation, sample tubes were handed out in Davos, and the tubes contained “the necessary information to claim the one bitcoin.”
Wuyts said it was more difficult to get his hands on a tube of DNA for the contest, but eventually, he obtained a sample. The Ph.D. student says just like many people in the world right now he was a big fan of bitcoin and the prize motivated him to enter the competition.
“In addition, like the rest of the world, I’ve discovered the magic of cryptocurrencies about half a year ago, and got excited by especially the theory behind it — Thus, when I read the following tweet, it goes without saying that I was extremely enthusiastic,” Wuyts reveals in his personal blog.
I still remember myself announcing to all of my colleagues that we should drop everything we’re doing and start solving this challenge — Now, just over one month later, I’m pleased to announce that I obtained one of these samples, decoded the DNA and successfully claimed the bitcoin!
Hodling the Prize Until the Time Is Right to Fund Further DNA Research
According to Wuyts a few of his colleagues organized a small hackathon using DNA sequencers, a specialized tool for reading out DNA. The student says after a few moments of “banging our heads against the wall” he cracked the message before the deadline. Wuyts says that the message contained instructions on how to claim the bitcoin, a few other notes, the logo of the European Bioinformatics Institute, and a sketch of James Joyce. As far as the bitcoin is concerned Wuyts explains that he plans on holding it until the right time.
“To be honest, I had my doubts about the feasibility of using DNA to store data and this challenge changed that — Now I know very well that this new technology offers great opportunities, maybe even for my own future research,” Wuyts concludes.
I’m probably going to sell it [the bitcoin] when the time is right and then use some of the money for my research. With the rest of the money, I can thank the colleagues who helped me and celebrate my PhD in style.
What do you think about the DNA Bitcoin Challenge? Let us know your thoughts on this story in the comments below.
Images via Shutterstock, Twitter, and Sander Wuyts blog.
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Oil Company Wants to Sell Bitcoin ATMs to Casinos, Stock Jumps 60%
Despite the warnings of the Israeli regulator that it won’t tolerate bitcoin to get somehow backdoor listed on the Tel Aviv Stock Exchange, public companies keep pivoting into the field. The latest example is a firm that focused on oil refineries until now. All of a sudden it announced plans to sell bitcoin ATMs to casinos in Turkish occupied Northern Cyprus, and possibly Nigeria.
Also Read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”
Bitcoin Is the New Oil
Chiron, which only on Sunday reported an agreement to build a new oil refinery in Nigeria, has now decided to diversify its business into the “cryptocurrency accessibility” sector. The company signed an agreement with Crypto Technologies Ltd to set up a subsidiary in Northern Cyprus (the Turkish occupied part of the island), to be the sole distributor of its produces in the territory as well as Turkey itself. It also acquired an option to expand the distribution business to Nigeria within 12 months of the agreement.
Every Casino Needs a Bitcoin ATM
Crypto Technologies Ltd is said to develop “a unique technology for the fast and secure selling and buying of cryptocurrency for end users, insured by an American insurance company.” Reading through the extended description it seems that the main product is an app which turns mobile tablets into bitcoin ATMs. It will supposedly be ready for distribution by the coming April.
Trying to assuage the regulator’s fears, Chiron added that the UI and the trading algorithm via APIs have already been developed, that it is unaware of any legal bans on cryptocurrencies in the intended regions and that it will not hold or mine bitcoin by itself. Additionally, the company explained that the potential clients for the products are not individuals but businesses, like casinos. Asked by Israeli media what connection the oil company has to any of this, Chiron’s lawyer explained that one of the owners has connections in Northern Cyprus and experience in the casino business.
Should all public companies be allowed to pivot into the bitcoin ecosystem? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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TD Ameritrade CEO Says Young Investors Focused on Cryptocurrencies and Pot
This week Tim Hockey the chief executive officer of the large brokerage firm, TD Ameritrade, revealed that his company is seeing a “huge uptick” in investments from millennials tied to cryptocurrencies and cannabis.
Also read: The Marketing Ploys of Clones: Another Project Aims to Create a ‘Perfect Bitcoin’
Millennials Are Investing a Great Deal In Cannabis and Cryptocurrency
During a recent interview Hockey explains there’s been a lot of younger investors these days mostly millennials. Hockey says the firm’s distribution strategy focuses on technology and other significant trends that are appealing to this demographic.
“It seems to be working because our new accounts opened by millennials are up 72% year-over-year, and that’s driven by both our offerings as well as what’s of interest in the marketplace right now,” explains Hockey.
Clearly, the two biggest stories of the quarter were the sectors of cryptocurrency and cannabis — Those are two sectors that didn’t even exist a few years ago and that has driven the skewing of our new accounts opened to the younger trader and younger investor.
A Little Less Froth In 2018
Hockey says the cryptocurrency market space is still not mature, and the recent excitement during the holidays was rather “frothy.” At the time Hockey said there was a lot of ‘fear of missing out’ (FOMO) and people wanted to participate when it was going up.
“Ever since the pricing has been normalized and there’s been a bit of a correction, then you’ve seen a little bit less froth, if you will, in the market,” notes the TD Ameritrade executive.
We’ve actually seen that in the first few weeks of January, crypto trades – not just the Cboe product, but companies that are related to blockchain – have contributed a couple of points less toward our trading activity.
Hockey says his company will remain focused on the younger generations and the millennial demographics’ investments. Lots of millennials use the Nebraska based TD Ameritrade as its one of the largest brokerage services worldwide allowing individuals and institutions to invest online.
“And what do younger clients need? They love technology, and we’ve got the platforms that are the best out there,” Hockey concludes.
What do you think about millennials investing in cryptocurrency and cannabis investments? Do you think this trend will continue? Let us know in the comments below.
Images via Pixabay, Twitter, and TD Ameritrade.
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3,000 Metric Tons of Wheat Was Recently Traded for Bitcoin
Cryptocurrencies are slowly becoming mainstream when it comes to settlement for all kinds of goods and services. Just recently the first known freight consignment was settled in bitcoin as the deal consisted of 3,000 tons of wheat from Rostov that was sent to Turkey.
Also Read: Analyst: IOTA Sharply Overvalued Due to “Overwhelming Evidence of Serious Flaws”
Bitcoin Used In the Freight Industry
“We are trying to develop a cross-border payment system that’s easier and faster than what’s available now,” explains Vikulov in a recent interview.
As far as we know, this is the first freight deal done in a cryptocurrency.
Switching Away from the Classical Banking System
The ship carried PSF’s 3,000 metric tons of wheat from the Russian region of Rostov to Samsun, Turkey. The freight deal made in cryptocurrency shows that these types of payments could bypass international sanctions in those areas. According to Vikulov, his firm is planning to get licensed in Gibraltar because the country has been more favorable towards cryptocurrency solutions.
“Most of the world’s tonnage is currently registered offshore — The flexibility of these jurisdictions creates a good foundation for the development and the potential switch away from the classical banking system towards a much simpler payment system,” Vikulov details.
Other Projects Using Bitcoin to Disrupt the Global Freight Industry
There are also other projects trying to tether bitcoin settlements with the freight industry. Another project called Blockfreight uses both the bitcoin (the Counterparty system) and ethereum blockchain while also utilizing the IPFS (Inter-Planetary File System) protocol within the global supply chain. Julian Smith, Blockfreight’s Co-founder and CEO told news.Bitcoin.com at the Texas Bitcoin Conference that he sees bitcoin becoming the underlying settlement in the trillion dollar freight businesses. In fact, Smith believes supply chain dealers won’t even know bitcoin will be running beneath the system.
3,000 tons of wheat settled in bitcoin maybe boring compared to the swathe of luxury home purchases and Lamborghinis bought this year, but organizations involved with the supply chain believe the recent deal is a milestone.
What do you think about the freight deal settled in bitcoin? Let us know in the comments below.
Images via Pixabay, and Blockfreight.
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HYCM Launches Bitcoin Cash CFD Trading
HYCM, of the Henyep Capital Markets Group, has announced its launch of a contract-for-difference (CFD) for Bitcoin Cash paired against the US dollar. The introduction of BCH/USD trading brings the total number of cryptocurrency pairings offered by the Hong Kong-based broker to five, with HYCM simultaneously introducing a pairing for XRP/USD.
Also Read: Coinbase to Reopen the GDAX Bitcoin Cash-Euro Order Book
HYCM Launches Bitcoin Cash CFD Citing Client Demand
The chief executive officer of HYCM, Stavros Lambouris, has welcomed the introduction of the new cryptocurrency pairings, stating “There is no doubt that cryptocurrencies play a key role in forex trading as well as in the industry as a whole. We are expanding our offerings to help our clients diversify in cryptocurrencies in the same way as they do in traditional instruments. By adding Ripple and Bitcoin Cash to our platform, HYCM is making it easier and more accessible for investors seeking opportunities to capitalize on the performance of even more of the most in-demand cryptocurrencies”.
HYCM Now Offers CFDs for Five Different Cryptocurrencies
The launch comes just days before GDAX is expected to relaunch BCH/EUR trading – with an initially limited reintroduction of the BCH/EUR pairing having been scheduled for the 24th of January at 02:00 AM Pacific Standard Time.
Do you think that more companies will move to launch bitcoin cash CFD pairings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, HYCM
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Estimate: Crypto Investments in Russia Reached $200 Million Last Year
Cryptocurrency investments in Russian startups have increased 10 times in 2017 when entrepreneurs set in motion more than 100 crypto-funded projects, according to a new estimate. Ordinary working people, however, remain wary. Only 8% of them would like to see their salaries paid partially in crypto. Nevertheless, Russians are optimistic about bitcoin and most of them predict it will be priced higher a month from now.
Also read: New Research: 10% of Funds Raised in ICOs Lost or Stolen
Growth Dynamics: $20 Million to $200 Million
More than 100 crypto-funded projects have started last year, compared to only 20 in 2016, CryptoBazar founder Oleg Ivanov told Izvestia. Experts think that the absence of strict regulations lies behind the dynamic growth. This catalyzes fundraising through ICOs but also leaves investors less protected. Cryptocurrency investments in Russian startups have increased 10-fold in 2017, reaching about $200 million, the capital-raising platform estimates. Only $20 million had been raised during the previous year.
It has been estimated that Russians conduct one in every five ICOs. A recent study placed Russia just behind the US and China, with a total $310 million raised through token sales so far. Russian teams have collected 11% of the total capital provided through coin offerings in the past four years ($260 million). Notable projects financed with cryptos include the mobile gaming platform MobileGo ($53 million), the Russian Mining Company ($45 million) and the supercomputer SONM ($42 million).
What cryptocurrency funding really shines with is the average rate of return. According to data published by CryptoBazar, it is reaching 30,000% in some successful ICO projects. The profitability is due to both the rising popularity of cryptocurrencies and their skyrocketing prices during the past year. If in the previous four years, companies had been able to raise an average of $2 million in a large-scale ICO project, in 2017 that indicator jumped to $22.6 million USD.
Regulation to Change Profits and Risks
High rates of return are anything but guaranteed. Early stage investments through coin offerings can also lead to incredibly negative numbers. That is why ICOs will not replace entirely “troublesome and expensive” IPOs (initial public offerings of stock), founder of Wirex cryptobank Dmitriy Lazarichev told Izvestia. The crypto market capitalization remains much smaller, but thanks to bitcoin and other coin investment opportunities, many new players have entered the market.
The absence of a legal framework to regulate ICOs puts entrepreneurs in a more favorable position than investors, experts warn. The question of taxation also awaits answers from authorities. Regulation proposals have been unveiled already and if implemented Russia will limit the capital collected through a single ICO and cap individual investments. Authorities in Moscow think of token sales as crowdfunding for small businesses and micro-investors. The legislation that the Ministry of Finance and the Central Bank have been preparing will also address settling legal disputes between the involved parties.
Workers Wary But Optimistic
Ordinary Russian employees do not equally share the enthusiasm of Russian crypto entrepreneurs. A recent study showed that more than half of Russians are aware of bitcoin. A new survey found, however, that only 8% of the respondents were willing to accept part of their salaries in cryptocurrency. Moreover, just 2% are ready to take only cryptos.
Sixteen hundred people took part in the survey conducted on January 18-20. Three quarters of them stated that they preferred to be paid in fiat, according to data released by the job-posting site Superjob. There are strong grounds for optimism, though. Russians predicted an average price of 12,507 USD, when asked what bitcoin would be selling for on March 1.
Do you feel optimistic about the future of cryptocurrency investments? Tell us in the comments section below.
Images courtesy of Shutterstock, CryptoBazar.
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