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Bitcoin Turns Eight while Experts Debate its Purpose: BTCManager’s Week in Review Nov. 7

Reading Time: 3 minutes by on November 7, 2016 News, News Digest

Last week saw the eighth anniversary of Satoshi Nakamoto’s white paper on bitcoin as experts debated on online communities and social media whether or not the cryptocurrency was intended as a store of value or a payment settlement network.

Also, with the US presidential elections taking place on November 8, the interest in the use of blockchain technology to vote is growing. Expanse released their pilot DApp for voting in the presidential race, allowing anyone in the world to vote in the US 2016 elections to test the technology.

Compiled from contributions by Alexander Lielacher, Christoph Bergmann, Farzana Begum, Joseph Young, JP Buntinx, and Lori Brown.


Can Bitcoin Be Both a Payment Settlement Network & Store of Value?

A debate on Satoshi Nakamoto’s original vision on the Bitcoin network has surfaced on various online bitcoin communities and social media platforms. Some experts argued that bitcoin was designed to operate as a settlement network while others firmly believe that bitcoin is meant to be a store of value. The argument has surfaced on various online bitcoin communities and social media platforms that Bitcoin was designed by Satoshi Nakamoto operate as a settlement network.


Expanse Test Runs Blockchain Voting for US Elections

With the 2016 US election soon approaching, Expanse could not have found a better time to announce the launch of their decentralized app (dApp). Revealed November 1, the trial will put to test a blockchain-based voting system for presidential candidates. However, this application has no identity system linked to it just yet. In comparison to the traditional voting methods we use today, Expanse’s dApp can reveal how simple, easy, and secure it is to vote by using the blockchain in the near future.


Law Enforcement Celebrate DarkNet Busts Around the World

For the police, November begins with a series of cheering announcements. All over the world, agencies are starting to show promise in quelling DarkNet activities. Several criminal organizations were busted, whereby thousands of DarkNet users face trouble with the law. Neither the DarkNet nor Bitcoin protects criminals against prosecution. The events of last week urgently proved that the scope of law enforcement does not stop at the gates of the Onion Web.


Bitcoin Clampdown Rumors in China Suppresses Sentiment

A rumor emerged last week, whereby China was said to be considering policies that impose drastic changes to bitcoin usage. These changes include restrictions to be placed on all of China’s domestic bitcoin exchanges that will prevent any digital currency from being moved outside of the country, however, later turned out to be just a rumor; the news pushed BTC-USD as low as $685 but since then, bitcoin has regained the $700 handle.


Bitcoin’s Blockchain Ensures Quality Control for Medicinal Cannabis Strains

Medical Genomics Corporation (MGC) are collaborating with various medicinal cannabis cultivators and dispensaries to record and monitor the genomes of cannabis strains on Bitcoin’s blockchain. By recording the DNA sequence of cannabis strains on the blockchain, this means that it cannot be manipulated and will ensure the consistency and quality of medicinal varieties.


Ethereum-based Branche Targets Underbanked in North America

Fintech startup Digital Escrow Services aims to tackle this issue through their new Ethereum-based mobile app Branche, which will provide cheque cashing and payday loans to North America’s underbanked. The Ontario-based fintech startup aims to leverage cryptographic technology and mobile Internet access to provide financial services for those struggling to gain access to basic financial services. This is where Branche comes in.


Hyperledger Project Names Iroha as Third Incubation Project

The Linux Foundation’s Hyperledger Project is more than just another blockchain think tank. This initiative also acts as an incubator, where developers can submit their ideas and creations related to distributed ledgers. One of those projects is called Iroha, an open-source project developed by Soramitsu Co. Ltd, which was promoted to incubator status on November 1.

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