What Is the Distinction Between a Blockchain and a Distributed Ledger?
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
The Ridesharing Revolution: Economic Survey and Synthesis
The Ridesharing Revolution: Economic Survey and Synthesis Robert Hahn and Robert Metcalfe* January 10, 2017 Paper prepared for Oxford University Press Volume IV: More Equal by Design: Economic design responses to inequality. Eds. Scott Duke Kominers and Alex Teytelboym. Abstract Digital ridesharing platforms, such as Uber and Lyft, are part of a broader suite of innovations that constitute what is sometimes referred to as the sharing economy. In this essay, we provide an overview of current research on the economic efficiency and equity characteristics of ridesharing platforms, and provide a research agenda that includes an examination of the natural evolution toward driverless cars. We have three main findings: first, relatively little is known about either the equity and efficiency properties of ridesharing platforms, but this is likely to change as companies and researchers focus on these issues. Second, we may be able to learn something about the likely diffusion and benefits of these technologies from experience with other policies and technologies. Third, while we believe these platforms will do substantially more good than harm, the measurement, distribution, and size of the gains from these technologies requires further research. * Robert Hahn is professor and director of economics at the Smith School at the University of Oxford, a non-resident senior fellow at Brookings, and a senior fellow at the Georgetown Center for Business and Public Policy. Robert Metcalfe is Postdoctoral Research Scholar in Economics at the University of Chicago. We would like to thank Ted Gayer, Jonathan Hall, Scott Kominers, Jonathan Meer, Alex Teytelboym, Scott Wallsten, and Cliff Winston for helpful comments and Julia Schmitz, Brian Campbell and Samantha van Urk for excellent research assistance. -
Money Laundering Using Cryptocurrency: the Case of Bitcoin!
Athens Journal of Law - Volume 7, Issue 2, April 2021 – Pages 253-264 Money Laundering using Cryptocurrency: The Case of Bitcoin! By Gaspare Jucan Sicignano* The bitcoin, one of the most discussed topics in recent years, is a virtual currency with enormous potential and can be used almost immediately with no intervention from financial institutions. It has spread rapidly over the last few years, and all financial and governmental institutions have warned of the risk of its use for money laundering. The paper focuses on this aspect in order to understand if any purchases of bitcoins, using illicit money, can come under the anti-money laundering criminal law. Keywords: Bitcoin; Money laundering; Italian law; Cryptocurrency. Introduction The bitcoin1 is a virtual, decentralised and partially anonymous currency based on cryptography and peer-to-peer technology2. With bitcoins it is possible to buy any type of good or service securely and rapidly. Transactions need not be authorised by a central entity; rather, they are validated by all users of the platform. The system is totally secure, since it is practically impossible to hack the protocol3. Bitcoin has been much criticised over the last few years; it has quickly become public enemy number one for everything from financing terrorism to drug dealing to money laundering. It has also recently been said that bitcoin would pollute the planet due to the resources required for mining4. This paper will attempt to analyse in depth the relationship between the bitcoin and money laundering in Italian law. It will analyse the warnings issued by authorities in various sectors, as well as the opinions expressed in Italian legal literature regarding the possibility of committing money laundering and self- laundering crimes in various operations carried out using virtual currency. -
Rev. Rul. 2019-24 ISSUES (1) Does a Taxpayer Have Gross Income Under
26 CFR 1.61-1: Gross income. (Also §§ 61, 451, 1011.) Rev. Rul. 2019-24 ISSUES (1) Does a taxpayer have gross income under § 61 of the Internal Revenue Code (Code) as a result of a hard fork of a cryptocurrency the taxpayer owns if the taxpayer does not receive units of a new cryptocurrency? (2) Does a taxpayer have gross income under § 61 as a result of an airdrop of a new cryptocurrency following a hard fork if the taxpayer receives units of new cryptocurrency? BACKGROUND Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than a representation of the United States dollar or a foreign currency. Foreign currency is the coin and paper money of a country other than the United States that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance. See 31 C.F.R. § 1010.100(m). - 2 - Cryptocurrency is a type of virtual currency that utilizes cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. Units of cryptocurrency are generally referred to as coins or tokens. Distributed ledger technology uses independent digital systems to record, share, and synchronize transactions, the details of which are recorded in multiple places at the same time with no central data store or administration functionality. A hard fork is unique to distributed ledger technology and occurs when a cryptocurrency on a distributed ledger undergoes a protocol change resulting in a permanent diversion from the legacy or existing distributed ledger. -
The Dominican Charism in American Higher Education:A
The Dominican Charism in American Higher Education: VisionA Servicein ofTruth Inspired by the 12th Biennial Colloquium of Dominican Colleges and Universities 1 Now to each one the manifestation of the Spirit is given This document was commissioned by the presidents of the Dominican for the common good. To one there is given through the Spirit colleges and universities in the U.S. in conjunction with the 2012 a message of wisdom, to another a message of knowledge by Dominican Higher Education Colloquium entitled The Contemplative Vision: Love, Truth and Reality. It is intended to be “a conversation means of the same Spirit, to another faith by the same Spirit, starter” within and among the institutions of Dominican higher education to another gifts of healing by that one Spirit, to another miraculous in the United States to stimulate research and writing that will further powers, to another prophecy, to another distinguishing between explore and articulate the richness of the Dominican tradition. All are spirits, to another speaking in different kinds of tongues, and to invited to bring their scholarship, convictions and experiences to the conversation. still another the interpretation of tongues. All these are the work of one and the same Spirit, and he distributes them to each Thanks to the initiative of President Donna M. Carroll, Dominican one, just as he determines. 1 Cor 12: 7-11 University has assumed responsibility for the publication of the document and will serve as the distribution center for copies requested by Dominican institutions. Introduction Special thanks go to the American Dominicans who formed the The future of American Dominican institutions of higher education is, in writing team: large part, in the hands of dedicated lay women and men. -
User Manual Ledger Nano S
User Manual Ledger Nano S Version control 4 Check if device is genuine 6 Buy from an official Ledger reseller 6 Check the box contents 6 Check the Recovery sheet came blank 7 Check the device is not preconfigured 8 Check authenticity with Ledger applications 9 Summary 9 Learn more 9 Initialize your device 10 Before you start 10 Start initialization 10 Choose a PIN code 10 Save your recovery phrase 11 Next steps 11 Update the Ledger Nano S firmware 12 Before you start 12 Step by step instructions 12 Restore a configuration 18 Before you start 19 Start restoration 19 Choose a PIN code 19 Enter recovery phrase 20 If your recovery phrase is not valid 20 Next steps 21 Optimize your account security 21 Secure your PIN code 21 Secure your 24-word recovery phrase 21 Learn more 22 Discover our security layers 22 Send and receive crypto assets 24 List of supported applications 26 Applications on your Nano S 26 Ledger Applications on your computer 27 Third-Party applications on your computer 27 If a transaction has two outputs 29 Receive mining proceeds 29 Receiving a large amount of small transactions is troublesome 29 In case you received a large amount of small payments 30 Prevent problems by batching small transactions 30 Set up and use Electrum 30 Set up your device with EtherDelta 34 Connect with Radar Relay 36 Check the firmware version 37 A new Ledger Nano S 37 A Ledger Nano S in use 38 Update the firmware 38 Change the PIN code 39 Hide accounts with a passphrase 40 Advanced Passphrase options 42 How to best use the passphrase feature 43 -
A Matter of Truth
A MATTER OF TRUTH The Struggle for African Heritage & Indigenous People Equal Rights in Providence, Rhode Island (1620-2020) Cover images: African Mariner, oil on canvass. courtesy of Christian McBurney Collection. American Indian (Ninigret), portrait, oil on canvas by Charles Osgood, 1837-1838, courtesy of Massachusetts Historical Society Title page images: Thomas Howland by John Blanchard. 1895, courtesy of Rhode Island Historical Society Christiana Carteaux Bannister, painted by her husband, Edward Mitchell Bannister. From the Rhode Island School of Design collection. © 2021 Rhode Island Black Heritage Society & 1696 Heritage Group Designed by 1696 Heritage Group For information about Rhode Island Black Heritage Society, please write to: Rhode Island Black Heritage Society PO Box 4238, Middletown, RI 02842 RIBlackHeritage.org Printed in the United States of America. A MATTER OF TRUTH The Struggle For African Heritage & Indigenous People Equal Rights in Providence, Rhode Island (1620-2020) The examination and documentation of the role of the City of Providence and State of Rhode Island in supporting a “Separate and Unequal” existence for African heritage, Indigenous, and people of color. This work was developed with the Mayor’s African American Ambassador Group, which meets weekly and serves as a direct line of communication between the community and the Administration. What originally began with faith leaders as a means to ensure equitable access to COVID-19-related care and resources has since expanded, establishing subcommittees focused on recommending strategies to increase equity citywide. By the Rhode Island Black Heritage Society and 1696 Heritage Group Research and writing - Keith W. Stokes and Theresa Guzmán Stokes Editor - W. -
Wikis Supporting PLM and Technical Documentation Nils Høimyr, Peter L
Wikis supporting PLM and Technical Documentation Nils Høimyr, Peter L. Jones, CERN, European Organization for Nuclear Research, Switzerland Abstract Over the last years, Wikis have arisen as powerful tools for collaborative documentation on the Internet. The Encyclopaedia Wikipedia has become a reference, and the power of community editing in a Wiki allows for capture of knowledge from contributors all over the world. Use of a Wiki for Technical Documentation, along with hyper-links to other data sources such as a Product Lifecycle Management (PLM) system, provides a very effective collaboration tool as information can be easily feed into the system throughout the project life-cycle. In particular for software- and hardware projects with rapidly evolving documentation, the Wiki approach has proved to be successful. Certain Wiki implementations, such as TWiki, are project-oriented and include functionality such as automatic page revisioning. This paper addresses the use of TWiki to document hardware and software projects at CERN, from the requirements and brain-storming phase to end-product documentation. 2 examples are covered: large scale engineering for the ATLAS Experiment, and a network management software project. .1 Introduction CERN is currently reaching the installation and commissioning stage of the Large Hadron Collider (LHC) accelerator project as well as the completion of the LHC Experiment Detectors (ATLAS, ALICE, CMS and LHCb) “large as cathedrals”. Along with the Accelerator and Detector hardware, there is the LHC Computing Grid project LCG, to build a worldwide computing grid to allow for simulation and analysis of all the data from the LHC physics experiments by physicists scattered all over the world. -
Crypto-Asset Markets: Potential Channels for Future Financial Stability
Crypto-asset markets Potential channels for future financial stability implications 10 October 2018 The Financial Stability Board (FSB) is established to coordinate at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. These activities, including any decisions reached in their context, shall not be binding or give rise to any legal rights or obligations under the FSB’s Articles of Association. Contacting the Financial Stability Board Sign up for e-mail alerts: www.fsb.org/emailalert Follow the FSB on Twitter: @FinStbBoard E-mail the FSB at: [email protected] Copyright © 2018 Financial Stability Board. Please refer to: www.fsb.org/terms_conditions/ Contents Executive Summary ................................................................................................................... 1 1. Introduction ......................................................................................................................... 3 2. Primary risks in crypto-asset markets ................................................................................. 5 2.1 Market liquidity risks ............................................................................................... 5 2.2 Volatility risks ......................................................................................................... -
Blockchain & Distributed Ledger Technologies
Science, Technology Assessment, SEPTEMBER 2019 and Analytics WHY THIS MATTERS Distributed ledger technology (e.g. blockchain) allows users to carry out digital transactions without the need SCIENCE & TECH SPOTLIGHT: for a centralized authority. It could fundamentally change the way government and industry conduct BLOCKCHAIN & DISTRIBUTED business, but questions remain about how to mitigate fraud, money laundering, and excessive energy use. LEDGER TECHNOLOGIES /// THE TECHNOLOGY What is it? Distributed ledger technologies (DLT) like blockchain are a secure way of conducting and recording transfers of digital assets without the need for a central authority. DLT is “distributed” because multiple participants in a computer network (individuals, businesses, etc.), share and synchronize copies of the ledger. New transactions are added in a manner that is cryptographically secured, permanent, and visible to all participants in near real time. Figure 2. How blockchain, a form of distributed ledger technology, acts as a means of payment for cryptocurrencies. Cryptocurrencies like Bitcoin are a digital representation of value and represent the best-known use case for DLT. The regulatory and legal frameworks surrounding cryptocurrencies remain fragmented across Figure 1. Difference between centralized and distributed ledgers. countries, with some implicitly or explicitly banning them, and others allowing them. How does it work? Distributed ledgers do not need a central, trusted authority because as transactions are added, they are verified using what In addition to cryptocurrencies, there are a number of other efforts is known as a consensus protocol. Blockchain, for example, ensures the underway to make use of DLT. For example, Hyperledger Fabric is ledger is valid because each “block” of transactions is cryptographically a permissioned and private blockchain framework created by the linked to the previous block so that any change would alert all other Hyperledger consortium to help develop DLT for a variety of business users. -
Smart Contracts: Building Blocks for Digital Markets
1/25/2018 Nick Szabo -- Smart Contracts: Building Blocks for Digital Markets Smart Contracts: Building Blocks for Digital Markets Copyright (c) 1996 by Nick Szabo permission to redistribute without alteration hereby granted Glossary (This is a partial rewrite of the article which appeared in Extropy #16) Introduction The contract, a set of promises agreed to in a "meeting of the minds", is the traditional way to formalize a relationship. While contracts are primarily used in business relationships (the focus of this article), they can also involve personal relationships such as marraiges. Contracts are also important in politics, not only because of "social contract" theories but also because contract enforcement has traditionally been considered a basic function of capitalist governments. Whether enforced by a government, or otherwise, the contract is the basic building block of a free market economy. Over many centuries of cultural evolution has emerged both the concept of contract and principles related to it, encoded into common law. Algorithmic information theory suggests that such evolved structures are often prohibitively costly to recompute. If we started from scratch, using reason and experience, it could take many centuries to redevelop sophisticated ideas like property rights that make the modern free market work [Hayek]. The success of the common law of contracts, combined with the high cost of replacing it, makes it worthwhile to both preserve and to make use of these principles where appropriate. Yet, the digital revolution is radically changing the kinds of relationships we can have. What parts of our hard-won legal tradition will still be valuable in the cyberspace era? What is the best way to apply these common law principles to the design of our on-line relationships? Computers make possible the running of algorithms heretofore prohibitively costly, and networks the quicker transmission of larger and more sophsiticated messages. -
Studying Abroad in Costa Rica
Studying Abroad in Costa Rica By Joel Winters Travel Tips 1. DO NOT PACK LIGHT a. Bring a lot of comfortable clothes 2. Purchase a flight ticket back to the US within a 90 day period and cancel upon your arrival (some airlines will claim you need a VISA but you don’t and this will help with that) 3. DO NOT FORGET YOUR PASSPORT a. Make copies of your passport and license 4. Pack toiletries, sunscreen, and any of your favorite snacks in a CHECKED BAG a. Sunscreen costs about 15$ USD for a bottle in Costa Rica 5. Exchange USD for colones, have a debit card, and an emergency credit card Arrival Guide You will arrive at Juan Santamaria International airport (SJO), then you will have to go through customs. Show the customs officer your passport, destination, and answer any questions they ask. It is better not to talk unless they ask you a question. It only took me 10 minutes to get through customs but it can take more than an hour at some times. Next you will collect your bags and head out to find your host family (they will have a sign with your name on it). It is helpful to know basic Spanish because the host family will most likely not speak English. If they are talking too fast for you to understand it is okay to ask them to speak slower. I knew many people in the study abroad program that did not know any Spanish at all so knowing the language is not necessary to study abroad but it will make your adjustment easier. -
Blockchain & Cryptocurrency Regulation
Blockchain & Cryptocurrency Regulation Third Edition Contributing Editor: Josias N. Dewey Global Legal Insights Blockchain & Cryptocurrency Regulation 2021, Third Edition Contributing Editor: Josias N. Dewey Published by Global Legal Group GLOBAL LEGAL INSIGHTS – BLOCKCHAIN & CRYPTOCURRENCY REGULATION 2021, THIRD EDITION Contributing Editor Josias N. Dewey, Holland & Knight LLP Head of Production Suzie Levy Senior Editor Sam Friend Sub Editor Megan Hylton Consulting Group Publisher Rory Smith Chief Media Officer Fraser Allan We are extremely grateful for all contributions to this edition. Special thanks are reserved for Josias N. Dewey of Holland & Knight LLP for all of his assistance. Published by Global Legal Group Ltd. 59 Tanner Street, London SE1 3PL, United Kingdom Tel: +44 207 367 0720 / URL: www.glgroup.co.uk Copyright © 2020 Global Legal Group Ltd. All rights reserved No photocopying ISBN 978-1-83918-077-4 ISSN 2631-2999 This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. The information contained herein is accurate as of the date of publication. Printed and bound by TJ International, Trecerus Industrial Estate, Padstow, Cornwall, PL28 8RW October 2020 PREFACE nother year has passed and virtual currency and other blockchain-based digital assets continue to attract the attention of policymakers across the globe.