Social media giant Twitter thrilled its communist members after sharing updates of the projects going on within the platform. One of those announcements was that Twitter would soon support NFT authentication for creators that would help authenticate their ownership of their works.
This NFT feature has not been fully figured out, and various conversations are going on over what it would look like. There are questions if an authentication badge would pop up on the artist’s profile or each artist’s NFT avatar would be of a different shape.
Speaking of the update, a Twitter spokesperson said, “We’re interested in basically making it somehow visually clear that this is an authenticated avatar and then give you some interesting info and insight about the provenance of that NFT, so that’s kind of where we’re at today.”
While this feature is being explored, the microblogging site announced that crypto users can now connect their wallets and take payment directly from Twitter for their works. This would mean artists can now receive compensation and tips in cryptocurrencies like Bitcoin or crypto wallet apps.
Bitcoin Tipping for IOS Users
Earlier this month, rumors made rounds about Twitter possibly figuring out ways to roll out its tipping function, and the platform has gone on to confirm such words announcing that its tipping function is now available and bitcoin integration included via the Lightning network.
Tipping in Bitcoin is Twitter’s way of ensuring that monetization is accessible to users in places that might be difficult to access fiat currency or make payments in third-party platforms like CashApp.
According to product manager Esther Crawford, the Lightning Network was chosen for the tipping feature due to its low transaction fee. Additionally, users can allow tip sending and receiving in bitcoin by adding their bitcoin lightning wallet or bitcoin address. For the time being, Crawford Noted that the integration is only available to iOS users, but she assured others that Android users would get it shortly.
The product team at Twitter is sourcing for various ways to enable payouts in different countries throughout the world, but Crawford claims that utilizing bitcoin to tip mitigates this.
In a recent press briefing, Twitter’s product manager, Crawford, said, “We want everyone to have access to pathways to get paid digital currency that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible help us get there.”
Twitter is taking steps towards ensuring people are part of healthy conversations and protect their mental health. A new feature to alert users when they are about to join a heated conversation on Space is in place so users can be fully aware of what is being discussed and decide if they are up for it.
They say the way to a man’s heart is through his stomach, and this may prove to be true in the case of ln.pizza for Bitcoin adoption.
Domino’s pizza, the world famous franchise known for its cheesy pizza, and tasty toppings have started to accept Bitcoin through the Lightning Network. The website ln.pizza has integrated the instantaneous crypto payment solution for Americans to pay for their favorite pizza from Dominos in a matter of seconds. It is based on a pre-existing application called Fold.
Lightning Network took to Twitter to announce the exciting details-
The Lightning Network (LN) is noted to be the solution to Bitcoin’s scaling issues, and so the off-chain solution will ideally help people to make use of their Bitcoins.
Lightning Network is growing significantly with 6,365 nodes at the time of writing with 27,855 opened channels. Thus the network capacity is seen to be steady with 699.82 BTC which is currently equivalent to $2,618,577.84.
Domino’s Goes The Crypto Way
Domino’s Pizza has 13,811 stores around the world, and it will be interesting to see if they expand on accepting Lightning Network’s Bitcoin payments in places other than the USA.
The popular pizza chain joins the crypto bandwagon amongst other major f&b outlets utilizing Fold’s application such as Starbucks and Dunkin Donuts.
The Lightning Pizza (LP) app allows a person to buy Domino’s Pizza by converting Bitcoin to fiat currency. The app allows a user to either get their pizza delivered or pick it up themselves. Lightning Pizza is based on a pre-existing app called Fold that lets you buy other takeaway items with Bitcoin. Fold can be used to pay for an Uber ride, Starbucks, Dunkin Donuts, or Target.
Bitcoin and pizzas go a long way back, with a developer buying two pizzas using 10,000 Bitcoins. The specific date was May 22nd, 2010!
Fast forward nine years later and 10,000 Bitcoins is almost $37,443,200 given that 1 BTC is equal to $3,744.32 at the time of writing.
If Bitcoin is ever going to become the worldwide currency or digital gold its advocates want to bring about, things need to change.
The network is the biggest, most well-known, most widely used blockchain that there is – it’s also just about the slowest for the same reason. With an average transaction speed of about 5 tx/s (compared, for example, to Visa’s capacity for 24,000 tx/s) the network is painfully congested and in dire need of scaling solutions.
One such solution is, of course, the Lightning Network, an off-chain layer that allows payment networks to process an unlimited amount of transactions off the main blockchain, while only requiring two entries on the Bitcoin blockchain – one to open the channel, and one to close it, regardless of how many thousands of transactions have taken place in the meantime.
While not everyone is on board with it (much like everything in the contrarian world of crypto), it’s a promising solution to the scaling problem. The concept is there – the issue now is the major shortage of developers. The IT industry in general is short-staffed worldwide at the moment, let alone the far more specialized industry that blockchain programming.
Chaincode Labs’ Bitcoin Developer Residency
However, there is a company working towards educating developers on how to add to the Lightning Network infrastructure which is currently still in beta phase.
Chaincode Labs recently launched a Lightning Network app development course starting on October 22 of this year. The “Bitcoin Residency” program is aimed at fostering a culture of talented and communicative Bitcoin developers and encouraging new talent to build on the network. The class lasted for one week and hosted 12 students in New York.
The class was the third of its kind hosted by Chaincode labs, with one earlier in 2018 and one in 2016. Mentors came from far and wide to teach at the class, and Chaincode Labs say that all classes were recorded and will be released to the public.
About the Company
Why release the course material? Chaincode Labs staff say they’re on a mission to increase adoption and development of the Bitcoin network.
Lead engineer James O’Beirne stated:
“Lightning is a promising technology, but right now, very few people are fluent with it. We would like to familiarize more engineers with how Lightning works and see more Lightning applications, and we would like to get a better understanding for what Lightning is capable of doing.”
To that end, he started up the course along with fellow CL and Bitcoin Core developers John Newbery and Marco Falke. The course does not require students to have a knowledge of the Bitcoin protocol as apps can be written in any language. The only requirement is that students have some kind of an idea of what kind of app they’d like to build – Chaincode Labs even offers a stipend to assist students in their travel expenses.
With the creation of a new network, Bitcoin will soon be getting a massive boost in how many people are able to use it. The project, known as the Lightning Network, will see CoinGate add some 4,000 of its online merchants to the new off-chain network.
This means that any of CoinGate’s merchant will now be able to accept in the form of Bitcoin. This includes several major companies such as Chronoswiss, Louis Chevrolet, Mmoga.com, Bitlaunch, as well as several adult websites.
The Lightning Network
First proposed in a 2015 whitepaper by Joseph Poon and Thaddeus Dryja, the Lightning Network is meant to add a layer of processing above the Bitcoin blockchain. The network will allow transactions to be passed back and forth before being logged into the blockchain.
When sending payments via the Lightning Network, both parties deposit funds at the same Bitcoin address, which is known as a channel. Then, they are able to exchange funds as much as they want until the channel is closed.
Not only will this extra layer increase transaction speeds, it also reduces the cost of transactions considerably.
There are already several Lightning Wallets available, as well as companies able to process Bitcoin payments on behalf of online merchants. However, the network will bring thousands of new merchants to the party, making it easier than ever for consumers to purchase products from their favorite online retailers using Bitcoin.
What Does This Mean For Bitcoin?
This leaves many people wondering what the Lightning Network could mean for the price of Bitcoin. However, with the increased adoption of Bitcoin, and more people being able to use the cryptocurrency, most believe that the cost of Bitcoin will only continue to rise.
Last July, CoinGate ran a trial with the Lightning Network and managed to process more than 100 payments with merchants from around the world, without a single error. They are not currently working with any U.S. companies, however, they hope to be doing so by the beginning of 2019.
Winklevoss Bitcoin ETF Petition Rejected by SEC – Crypto world curses the suits
You might be asking, “What’s all this ‘ETF’ business about and why is it so important”? Well you’re in luck because we posted a full article last week on how ‘Bitcoin ETF Approval Could Be Huge For Crypto‘.Tl;DR Exchange Traded Funds could be a HUGE deal for Bitcoin and cryptocurrency in general if and when they get approved.
But what is an ETF, exactly? Well an ETF is defined as a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. This means that the fund can be traded like a common stock and the ETF also experiences price changes throughout the day as they are bought and sold. Nifty, and a great investment vehicle for the masses. Unfortunately the door was slammed shut by some dudes wearing suits at the SEC. On to The Dispatch!
The overall cryptocurrency market had steady decline in the past week moving from $292bln to $286bln representing a 2% decline since the last Dispatch. As you can see below, the pretenders suffered most from BTCs decline.
Bitcoin (BTC): BTC had a chaotic week shaking out the weak and timid (hahaha thats me) surging to $8k then dropping to $7,800 before finally settling on $8,000. Week to week that represents a near 0% change. Never a dull week in the crypto world, huh fam?
Ethereum (ETH): Was holding on until today when it suffered a daily drop of 5% adding to it’s weekly loss of 7%. ETH has struggled to return to the $500 mark over the past month, and we don’t expect that to change all too soon. ETH is currently sitting at $436 as of this post.
OMISEGo (OMG): OMG is the token attributed to the OmiseGO platform, an offshoot of the well-established Omise e-commerce payment company based in Thailand.
Omise is kind of like the PayPal of SE Asia. The company acts as a payment gateway allowing people to transfer money to third party bank accounts, and the underlying service is simply value exchange. That’s a lot of features including a decentralized exchange, a white label SDK (software developer kit for making apps), and a clearinghouse technology product..to name a few. It’s a promising project with strong fundamentals.
As you can see in the graph below OMG had it’s parabolic phase at the start of 2018 but has slowly retraced to December 2017 support. OMG reached an ATH of $24.71 in January and is now finding support at $6.81. That’s a 75% retrace! Hope you didn’t buy the top.
Lightning Network: How far away is it?– We’ve talked about the Lightning network before, but now we are seeing significant progress into the second layer scaling solution made by Lightning Labs that we had to revisit it.
The Ox Ecosystem Visualized – The 0x protocol is a favorite DApp for many cryptocurrency enthusiasts. Decentralized exchanges have the potential to fundamentally change how people interact with market places and drastically minimize counter-party risk. the 0x protocol is being used for much more than decentralized exchanges (DEXs) and has the potential to impact a wide variety of industries.
Millennials will love Cryptocurrencies – Really interesting presentation from Fundstrat on the economics of Cryptocurrencies. Millennials will lead the way. Millennials constitute people that are born between 1981 and 2000. That’s 96 million people, the largest generation in history, dwarfing baby boomers (80 million) and GenX (65.8 million).
Ernst and Young Acquires Crypto Asset Accounting Tool – Ernst & Young has recently acquired a number of technological assets and their respective patents from Elevated Consciousness Inc., a startup actively working on developing new solutions for the crypto asset industry.
Institutions Are Coming! But What Does It Mean? – Institutional money coming to crypto has become almost a kind of prayer, touted by Twitter influencers and news outlets alike. Make no mistake – all the signs point to a major influx of institutional investment in the crypto space, with CBOE applying for ETF approval and Goldman Sachs greenlighting Bitcoin futures.
Top DAPPs by users and volume – One of the major innovations that blockchain technology has brought to the table, besides the public ledger and cryptocurrency, is the creation of Decentralized Applications (DAPPs).
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