Oct 122014
 

Bitshares Music

Bitshares Music, with the underlying cryptocurrency of ‘Notes’, can be a game changer in the crypto world, and people in this space should pay attention. The main reason is this – it’s the first time that a cryptocurrency is being used on the backend, without the user even knowing about the internal mechanics.

Yes, there will be speculators and exchanges and everything else that’s associated with a cryptocurrency. However, the main purpose of this cryptocurrency is on the backend to complete transactions. On the front end, it’s like any website where you go and listen to music, purchase music and connect with bands and artists and other music enthusiasts. They don’t know or care about what’s happening behind the scenes. From their perspective, they enter their credit card information (of PayPal or even Bitcoin) and purchase a song or make a donation. That’s it.

There are two sides to Bitshares Music – the backend that uses Bitshares code and the frontend that’s for non-crypto crowd. The frontend is going to be at PeerTracks, which currently also has an early-adopter donation (similar campaign to Angelshares but this one runs for 60 days instead).

On the backend, there are all the cool features, similar to BitsharesX. When the product is fully developed (Warning: that might take several months or even years), it would support speculation in an artist, a particular song, etc. and let the artist sell ‘equity’ in her songs, with the risk being taken up by speculators who bet that the song will gain in popularity. This is a pretty neat idea overall. In addition, Bitshares Music captures a segment of the market that isn’t always on the forefront of technology – the music industry. It would also bring the power of the blockchain to an audience that probably doesn’t know much about it, or even cares much.

This is the ultimate goal of most cryptocurrencies. For instance, when one pitches Bitcoin as a remittance service, the holy-grail is to do the conversion between fiat and Bitcoin behind the scenes. From a user perspective, all he cares about is he’s sending x USD and his family in Mexico receives y Peso, at an exchange rate that’s better than the current system. Bitshares Music is trying to do something exactly like this, with the user not caring what’s going on behind the scenes, but the traders, speculators and arbitrageurs are still working on the backend for their share of profit, which keeps the system stable.

Lots of interesting things to follow in this project, not just from a technical perspective, but from a social one as well.

Photo Credit: Flickr

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Oct 102014
 
Bitshares DNS KeyID Starts Trading

Bitshares DNS, or KeyID, as it has been re-branded to, has started trading already, and each Bitshares DNS is currently priced at around 200 satoshi. Bitshares DNS aims to be a decentralized DNS system, similar to Namecoin (NMC) but with different incentives, following the so called “DAC” model where domain name auction proceeds are distributed […]

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Aug 032014
 
Stellar, a Ripple-Like Coin Launches, Promising Better Distribution

“Stellar is a decentralized protocol for sending and receiving money in any pair of currencies”. Sound familiar? It should, as it’s pretty similar to Ripple, another similar protocol that was heavily criticized for it’s poor distribution strategy (Ripple was 100% pre-mined and then distributed). Stellar might see better reception in the community and succeed where […]

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Aug 012014
 
Bitshares X Launched with Delegated Proof of Stake (DPOS)

After a much awaited wait, BitsharesX has finally launched. A Chinese firm, DACSunlimited has launched the first version of the Bitshares code, and also honored the Protoshares/Angelshares distribution at 50%/50%. This is big news for the Protoshares community, and will be the first real-life version of the Delegated Proof of Stake (DPOS). The version released […]

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Jul 012014
 
Expresscoin Expands into Canada

Buying and selling Bitcoin and altcoins has become easier for Canadians, as Expresscoin is set to expand into Canada. Expresscoin will offer crypto currency payments through DebitWay a trusted third party that offers merchants INTERAC Online Payment services, which allow consumers to pay for goods and services online, directly from their own bank account in real time. […]

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Jun 222014
 
Bitcoin Job Fair in New York City

There’s a Bitcoin job fair for all job-seekers and companies in the Bitcoin/cryptocurrency space on Saturday, June 28th 2014. This event is being organized by the New York Bitcoin Center, which has been hyper-active of late in conducting Bitcoin related events throughout New York City. It was only a matter of time before Bitcoin needed […]

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