Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will be mined using human energy replacing the costly mining process that is used today, Bitcoinist reports.

As per patent documents, the proposed Microsoft cryptocurrency will utilize body activity data. The company states that this will allow individuals in mining getting rid of the ASICs. The patent states that various forms of human body activities like the heat produced when a user executes different tasks online can be used in mining and be used as a proof-of-work. Microsoft explains:

“A brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing an advertisement or using certain internet services, can be used in the mining process.”

The documents goes on to explain that body activities will help in replacing intense computation work that must be used in various crypto systems. Users will be able to solve computationally challenges unconsciously serving as proof-of-work.

As per te patent documents, various tasks will increase or reduce the computational energy in regards to the activity being generated. Use of human body activity data for mining will work via a server which will command through wearable devices. The crypto system which is linked to the user’s device will then verify if the body activity meets the set conditions of the crypto system. Crypto will then be awarded to the user.

Currently, Microsoft is yet to reveal if the new cryptocurrency will be developed on a blockchain network or the company will develop its own framework. Similarly, it is not also clear if the new crypto project will happen soon.

The innovation comes at a time when crypto mining has been on the spotlight for excessive use of energy. It is claimed that the Proof-of-Work system utilizes more energy compared to Chile. The new system will also help in dealing with e-waste problems in the crypto space.

Read Original/a>
Author: Joseph Kibe

EOS’s Loss is TRON’s Gain as it Officially Becomes the Second-Largest Dapp Ecosystem

  • Defi apps saw the “most impressive” growth while the investment hype of gambling dapps dwindling
  • Ethereum a go-to choice for gamers & financial dapp users while gambling and high-risk dapps rule TRON
  • One dapp causes all the pain to EOS

In 2019, just like price decentralized applications (DApps) sector also saw a boost. The number of dapp users doubled last year in comparison to 2018, with 2.77 million new users, as per the Dapp.com 2019 Annual Dapp Market Report. However, not all of them were active, only 348k old users, 11% of all active users, remained active.

The report finds that nine leading blockchains recorded transactions of 3.26 billion, a whopping more than 2.3 billion belonged to EIDOS on EOS alone.

Interestingly, financial services, like lending dapps registered the “most impressive” growth as the number of financial dapp users increased by 610% while transaction volume by 251%. DeFi dapps are the second-largest category with a total of 1 million active users.

When it comes to gambling users, they increased by 372%, the same as the high-risk dapp users’ growth. However, their investment/presale hype has weakened and its volume dropped significantly, 60% compared to 2018.

Ethereum a go-to choice for gamers & financial dapp users

When it comes out smart contract platforms, Ethereum remained the king with the launch of 690 new dapps and over 1.4 million active users throughout the year, accounting for 10% of the total amount of active users. But recorded one of the lowest activities at 62%.

About half of active Ethereum dapp users have used DeFi apps as evident from the fact that 70% of the volume generated by Ether was through the use of DEXs and financial services.

It also remains the first choice for game developers, having over 200k gamers, which is twice the sum of EOS and TRON games.

Gambling and high-risk dapps rule TRON

Ethereum is followed by Tron which officially become the second-largest dapp ecosystem. 411 new apps built on its blockchain last year. The number of TRON’s mainnet accounts has grown significantly. These over 3.260 million new accounts have been driven by its partnerships, especially with the Samsung, Opera, and issuance of TRC-20 standard USDT.

The TRON-based USDT has actually surpassed $900 million, which is about 20% of the total USDT supply. Gambling and high-risk apps, however, still dominate TRON, accounting for over 75% of the active users and volume.

One dapp causes all the pain to EOS

EOS has taken a beating by seeing only 260 new dapps but they generated a volume of $5 billion, nearly 50% of the total volume. This volume surpasses those of Ethereum and Tron to emerge at the top. They also have the highest activity among all the platforms, reaching 97%. The highest dapp usage rate from its mainnet accounts at 48.9% is also of EOS.

The most important launch on EOS was EIDOS that increased the number of transactions by over 4 times. Prior to its launch, EOS has the largest number of daily active users that dropped by 80% after EIDOS went live on Nov. 1. Although EIDOS’s unique on-chain users were only 2.8% of the total active users on EOS, they contributed 85% of the total amount of transactions.

The migration of its most active dapps EOSbet (Earnbet), Prospectors and Karma to Wax Blockchain also caused great loss to the EOS ecosystem in 4Q19.

Read Original/a>
Author: AnTy

Gartner Says Blockchain is Currently at the Disillusionment Stage Within the Hype Cycle

The blockchain technology is not living up to it’s big hype, at least according to Gartner’s Hype Cycle. A recent report made by The Next Web’s Hard Fork shows that the interest in the blockchain is decreasing and that many blockchain implementations are failing to live up to expectations. Because of this, investment is bound to decrease, too, unless some results are discovered.

The Hype Cycle is something created by Gartner, a graphical representation of how people get hyped about the new technology and then end up abandoning as they discover that the hype was too big. The company affirmed that the blockchain is “sliding into the trough of disillusionment”.

According to the company, most blockchain technologies are still from five to ten years away from having a real revolutionary impact in the world, but investors are often not that patient. They gave their money for development, now they want results.

Source: Gartner (October 2019)

Avivah Litan, an analyst from Gartner, believed that the blockchain has not been able to achieve the expectations mostly because it is still stuck in experimental mode, which is still set to happen for a quite long time.

According to her, the technology will only mature by 2028, when it will be fully operational and able to properly scale up. Fortunately, not everything is pure bad news. Some platforms will be scalable and interoperable by 2023, which will start some progress in the area and finally lead us to Web 3.0. Here is her direct quotes on the matter.

“Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode,”

Adding; “Blockchain is not yet enabling a digital business revolution across business ecosystems and may not until at least 2028, when Gartner expects blockchain to become fully scalable technically and operationally.”

And finally “We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross-chain functionality. They will also support trusted private transactions with the data confidentiality required. Altogether, these technology advances will take us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0″

Gartner has been looking at the blockchain for a long time now and it noted back in 2016 that the blockchain already was suffering from being overhyped. While it might be frustrating to have to wait for so many years, at least there is hope for the future.

Read Original/a>
Author: James W

CipherTrace: Crypto Scammers Have Netted $4.26 Billion, $3.1 Billion From Exit Scams Alone

Crypto scams are profitable. There is a lot of hype around cryptos and many incautious investors around, so it is not uncommon that crypto crime attracts so many people. CipherTrace’s latest reports have shown that crypto scammers were able to swindle $4.26 billion USD this year.

While less money was stolen in the second quarter than in the first one, the numbers are still very worrisome. Exchanges lost $356 million in the first quarter and $125 million in the second one.

Exit scams, however, are the biggest winner when it comes to taking a lot of money. These scams alone were able to steal $3.1 billion USD from investors, more than half of all the money stolen.

What is actually considered an exit scam, however, is debatable. Quadriga CX, the exchange whose CEO took its money to the grave, is considered in contributing $195 million to the exit scam list, for instance.

The major winner, however, is certainly Plus Token. The scam was able to steal $2.9 million USD from investors using a pyramid scheme. Alone, this scam was responsible for two-thirds of the stolen funds.

CipherTrace’s research also indicated that Bitcoin is still the token most used by criminals, despite the popularity of Monero. In most scams involving ransomware and the dark web are mostly related to BTC. This correlates with the high dominance that BTC has in the market right now, of over 70%. Monero is still widely used in cryptojacking activities, though.

Read Original/a>
Author: Lillian Peter