Blockchain and its technologies

BLOCKCHAIN & ITS TECHNOLOGIES

BY NITESH MAHESHWARI

WHAT IS BLOCKCHAIN? The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Block chain technology original plan was for digital currency for example – Bitcoin Bit Coin- known as digital gold, 1 Bit coin is equal to 2078 Euro’s.

HOW BLOCKCHAIN WORKS?

POTENTIAL APPLICATION • Cryptocurrency • The sharing economy • Smart Contract • Crowd-funding • Governance • Supply chain auditing • AML and KYC • Data management • Identity management • Internet of Things (IoT)

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WHAT IS CRYPTOCURRENCY? Cryptocurrencies is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. First and most common example of cryptocurrency is Bitcoin.

Cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.”

THERE ARE AN ESTIMATED 700 BITCOIN-LIKE CRYPTOCURRENCIES (EXCHANGEABLE VALUE TOKENS) ALREADY AVAILABLE. AS WELL, A RANGE OF OTHER POTENTIAL ADAPTATIONS OF THE ORIGINAL BLOCKCHAIN CONCEPT ARE CURRENTLY ACTIVE, OR IN DEVELOPMENT.

CRYPTOCURRIENCES

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BITCOIN - ALSO KNOW AS DIGITAL GOLD Current Rate - 1 BTC = 2766.91 US Dollar, 2071 Euro Bitcoin is different than any traditional currency the supply of bitcoin is mathematically limited to twenty one million bitcoins, and that can never be changed. Bitcoins are impossible to counterfeit or inflate. You can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen.

Currently the value of currency is close to 9 billion US Dollar.

What is bitcoin wallet?

A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others.

There are many ways to use Bitcoin and so there are many different types of wallets: • Online bitcoin wallets. Wallets that can be accessed on the web from any internet connected device.

• Bitcoin hardware wallets. Physical devices designed to secure bitcoins.

• Software wallets. Wallet applications downloaded to your phone, computer or tablet.

• Paper wallets. Bitcoin private keys printed from an offline computer.

Get Bitcoins Obtaining bitcoins works just like obtaining any other currency. You can sell something you already have for them.

You can ask your existing employer to pay you in Bitcoin. You can use a Bitcoin based payroll service like Bitwage without your existing employer even needing to know. You can start accepting them as payment at your current business. But the easiest way is simply to buy them on one of our trusted Bitcoin exchanges. You can go to Bitcoin ATM nearby your place. where you buy as well as sell bitcoin.

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BIGGEST PLAYER IN BITCOIN WALLET With Bitcoin prices have been rising throughout the beginning of 2017, and are at $2597.84. Pair that with newer cryptocurrencies such as Ether along with an increasing acceptance of blockchain tech as well as media and government coverage, cryptocurrency wallets are needed now more than ever.

CASE

Case is a cryptocurrency hardware wallet. Case allows for biometric authentication, amonog the best protections for your hard-earned crypto. The Case wallet supports Bitcoin transactions via a multi-factor authentication device and a requirement of 2-of-3 signatures in order to broadcast the transaction to the blockchain.

UBERPAY

UberPay was designed to increase the ease of converting between various cryptocurrencies or altcoins and gold or silver. The result of easier to use technology is a higher adoption rate among the general user population. Easy day-to-day use is essential for the widespread adoption of cryptocurrencies, and UberPay is making that future a reality.

MIST

Mist is a software Ethereum wallet that allows you to purchase Ether with Bitcoin or (if you live in the U.S.) a credit card. Mist has been adapted to allow smart contracts to be written directly in the interface. Mist allows you to generate accounts and copy your public address for payment with a single click. Plus, Mist uses a GUI instead of command line so it is more user-friendly.

EXODUS

Exodus is the first desktop software wallet to have ShapeShift built into the interface in order to allow for rapid conversion between various altcoins and cryptocurrencies. Beyond having ShapeShift integration, Exodus is a multi-asset wallet and lets you store your private keys in one application with a customizable user interface.

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WHERE I CAN BUY OR SELL BITCOIN? You can buy bitcoins from either exchanges, or directly from other people via marketplaces.

You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.

One of the easiest and fastest options to acquire bitcoins is by using a bitcoin ATM. At some locations you can also sell bitcoins for cash.

There are many companies that provide bitcoin ATM services in different countries.

BITCOIN ATM The easiest way to buy bitcoins is by using a bitcoin ATM. It should be understood just like cash machines, but as distributors in which to introduce the euro in cash in exchange for the crediting of bitcoin on electronic wallets.

IN USA there are around 800 BITCOIN ATM, CANADA - 159 , UK- 67, SPAIN -34, AUSTRIA- 24, Italy, There are 7.

The Italian bitcoin ATMs are located in Turin, Milan at the TAG (Talent Garden, via Merano 16), Florence, Genova, Trento, Udine, Rovereto.

Robocoin kiosk installed them, and allow you to change the euro in bitcoins and vice versa.

COMPANIES OPREATING ATM IN ITALY Robocoin ATM- In talent garden, Milan and turin GENERAL BYTES ATM BITCOIN- In Genova, Rovereto, Trento, LAMASSU ATM BITCOIN- Pisa, Udine *Coincapital (Italian Cryptocurrency Consultant) and Bit-wallet collaborate to produce bit coin ATM

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BIGGEST PLAYER IN BITCOIN ATM Genesis coin - US based company - hold 47.90% of whole market with 581 ATM installed across the world.

Lamassu- US based company - holf 17.89 % of the market with 216 ATMs , two are insatlled in italy- Pisa ,Udine.

General Bytes - hold 17.72% of the market with 212 ATMS three are installed in italy - Genova, Rovereto, Trento.

Robocoin also installed atm in italy one in Milan- Talent Garden Turin Market share of Bitcoin ATM Operators

Market share of Bitcoin ATM around the world

Market share of One way & Two way Bitcoin ATM

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• • •

Until now 13 million of Bitcoin were produced Approximate number of Bitcoin users are 5 million.

Everyday about 60,000 of transactions estimated at $15 billion are made, considering only 3 markets out of 50 existing.

ITALIAN MARKET

Italian residents have six cryptocurrency exchanges to choose from, including: Coinbase, CleverCoin, LocalBitcoins, The Rock Trading, BitBoat, and Bitstamp. Moreover, the country has eight bitcoin ATMs and a friendly environment for purchasing cryptocurrencies. Just recently, Italy’s largest cab service started accepting the virtual currency for fares. And a bitcoin price surge may not be only limited to Italy if the vote sparks global purchasing.

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ITALY’S LARGEST TAXI FLEET ACCEPTS BITCOIN Payment in bitcoin is made possible, thanks to Chainside- https://www.chainside.net/, a startup enabling businesses to accept bitcoin. In September, Chainside formed a partnership with the Italian Union of Radio Cabs (URI) and its founder, Loreno Bittarelli, to offer wallet, invoice, and monitoring services. Bittarelli is also president of RadioTaxi 3570.

The Chainside platform is integrated into URI’s booking app for smartphones and tablets, IT Taxi. RadioTaxi 3570 is also using this app.

Users booking a trip connect to IT Taxi for price and route calculations. Customers paying in bitcoin are redirected to a page on Chainside.

Once payment is received, confirmation is sent back to IT Taxi.

ITALIAN REAL ESTATE COMPANY ACCEPTS BITCOIN For the first time ever, now you can buy houses with bitcoins. Real estate company “Gruppo Barletta” put 123 apartments in a refurbished building in San Lorenzo in Rome on sell and accepts bitcoins as payment. This has been made possibile by a resolution of the Italian Revenue Agency that equates bitcoins to any foreign currency.

Gruppo Barletta is betting on bitcoins, offering to pay commissions and notary expenses (between 15k and 45k euros) to whoever will use the new payment mode.

“We are the first real estate company in the world that accepts directly bitcoins as payment and we decided to do it for 3 reasons: we believe in Bitcoin; we can because the Ravenue Agency is one of the few in Europe that recognizes the cryptocurrency; there are a lot of young millionaire bitcoin users, who may want to invest a little fraction in an house” said Paolo Baretta, young CEO of the company.

However, the offer is also valid for those who didn’t own any bitcoin and are eager to buy them temporarly in order to benefit from the offer.

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THE MOST PROMISING CRYPTOCURRENCIES TO INVEST ETHEREUM: Ethereum is a unique cryptocurrency that presents a distributed computing platform that features the “smart contract” functionality. Many crypto-enthusiasts think that ethereum is undervalued at the moment and others believe that its real value is even greater than that of bitcoin. Ethereum is by far the most promising coin to invest in this year. During the past couple of months, ethereum has been witnessing a bullish wave that led to more than %300 rise in its price in March. Even more, ethereum has recorded last March its all time high of $54.

In my opinion, ethereum has the potential to be worth more than $100 by the end of this year.

MONERO: Monero is one of the most promising altcoins that will definitely witness enormous gains in 2017. Apart from most other cryptocurrencies, Monero’s transactions are anonymous, thanks to its CryptoNote protocol that relies on ring signatures. Similarly to ethereum, monero’s price spiked, recording more than 100% gains during the past few weeks. Interestingly enough, monero has also recorded, in the later half of last March, its all time high of $25. Monero has the potential to grow to over $50, especially after AlphaBay, one of the major darknet marketplace, has chosen to add monero as a payment method late in 2016. Oasis, another darknet marketplace, also started to accept monero payments, and more markets are expected to do so too, during 2017, which will take the price of monero to the moon.

DASH: DASH currently represents the third biggest cryptocurrency by market capitalization. Similarly to monero, DASH’s transactions are anonymous via a unique coin mixing service known as “PrivateSend”.

The year started with a bullish wave that has been controlling DASH’s market since then. The bullish wave climaxed later in March by scoring DASH’s price all time high of around $116. DASH was the second cryptocurrency to be added as an accepted payment method on darknet’s marketplaces.

It has the potential to grow to over $200 this year, especially that DASH is by far the cryptocurrency with highest anonymity levels.

NITESH MAHESHWARI

NITESH MAHESHWARI Strategic Designer, Technology Enthusiastic, Digital Innvation, Digital Marketing, Blockchain

https://www.linkedin.com/in/nitesh-maheshwari-b0110963/ +393512504999 Milan, ITALY