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Keeping Satoshi Nakamoto’s Dream Alive: Nagezeni and Rootstock to Improve Bitcoin

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Since 2009 only one cryptocurrency has been able to save its face. It has never been hacked, its founder or a group of developers have never been involved in any malicious activity or a dirty act. As you may have already assumed, only Bitcoin can fit this profile. It was created to be a new peer-to-peer cash that cannot be stolen, copied or hacked. The decentralized nature of the network guaranteed Bitcoin’s immutability, transparency, and security.

Still, Bitcoin’s blockchain had some weaknesses and inefficiencies: it lacked scalability and widespread acceptance. The new generation of tokens based on Rootstock platform plans to solve these problems.

Bitcoin’s history began right after the second biggest financial crisis since the Great Depression when mysterious Satoshi Nakamoto published his famous White Paper in 2008. People were reluctant to trust their money earned with blood, sweat, and tears to banks that have just recently distinguished themselves with careless and reckless behavior. Bitcoin was supposed to become a new currency that would not need to rely on any third party. Decentralization allowed to get rid of middlemen and presented an alternative to traditional banking services.

It may sound obvious, but not everyone understands the level of security Bitcoin offers. It would be enough to say that it is secured not by people or trust, but by math. Math never lies or goes wrong. You may have heard about German Enigma encoding machine and how tough it was to crack. Now imagine such an instrument but hundreds of times more secure.

Bitcoin could boast of a couple of revolutionary for its time features. It is irreversible, which means that a transaction can‘t be “rolled back” after confirmation. It’s anonymous, so no one will be able to disclose the entity of a person behind 30 characters address code. It’s fast and borderless. In particular, Bitcoin’s speed does not depend on the receiver’s or sender’s location, as this transaction happens in a global network of computers. Operations take only a couple of minutes to be confirmed. Finally, Bitcoin is just a software that can be downloaded freely by anyone, anywhere.

Nevertheless, Bitcoin is still far from being perfect. As Satoshi Nakamoto stated himself, “The software is still alpha and experimental. There’s no guarantee the system’s state won’t have to be restarted at some point if it becomes necessary, although I’ve done everything I can to build in extensibility and versioning.”

The first time crypto community understood the seriousness of that statement was in 2010 when the biggest security threat has been discovered in Bitcoin’s protocol. The vulnerability allowed users to create an indefinite number of coins. Thankfully, it has been successfully solved.

Nine years after Satoshi’s words are still true. One of Bitcoin’s main strengths – security – is its main weakness at the same time. With the increased popularity of cryptocurrencies in recent years, low confirmation speed became a serious issue. As a result, the scalability problem has given rise to huge transaction fees, stacked transactions and long drawn debates resulting in forks and community splits, such as Bitcoin Cash, Bitcoin Gold, Bitcoin Classic.

All this has led to a situation in which the crypto community started to seek new ways of improving Bitcoin’s network. In 2014 a two-way pegged sidechain to Bitcoin, Rootstock, was proposed. Their solution allows transferring cryptocurrency from a main blockchain to a second blockchain and vice­ versa requiring low third­ party trust.

One of the main features of Rootstock (RSK) is that it’s Turing-complete, which means that smart contracts will run correctly on its blockchain. In other words, with Rootstock it’s possible to create Bitcoin-secured smart contracts. Additionally, RSK is able to improve the network’s scalability, allowing up to 300 transactions per second.

As a sidechain of Bitcoin, RSK network will reward the numerous Bitcoin miners via merge-mining. Just to have an idea, merged mining is the process of allowing two different cryptocurrencies based on the same algorithm to be mined simultaneously. Thanks to its instrument, RSK platform is able to effectively retain the security of Bitcoin.

It is also worth mentioning that RSK platform is compatible with the Ethereum Virtual Machine (EVM), meaning that Ethereum smart contracts and DApps can easily migrate to RSK.

One of the pioneer companies that started to use Rootstock was a Japanese venture called Nagezeni. At first, they launched their NZE token on top of Ethereum platform, but seeing great potential and innovative features of Bitcoin’s sidechain, they decided to migrate to Rootstock platform.

Nagezeni team uses blockchain to create a new financial system: more flexible, accessible and inclusive for everyone. Actually, their philosophy is quite similar to RSK’s. They believe that cryptocurrencies and Bitcoin can enhance the lives of billions of people and make the world more secure and transparent.

Almost 10 years, hundreds of cryptocurrencies, billions of dollars market cap, cryptocurrency exchanges, and still the undefeated world’s crypto champion is… Bitcoin! It was created with the purpose of solving existing problems in the financial industry and give financial freedom to people. Now it’s time to apply some improvements to Bitcoin itself. Nagezeni, Rootstock and many other companies, backed up by real professionals are working day and night to keep Satoshi Nakamoto’s dream alive.

To learn more about Nagezeni and its innovative ideas, visit its website and follow the news on Telegram, Twitter and Facebook.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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