Mediaboss Marketing

Bitcoin (BTC) users will soon be able to use zero-knowledge proofs (ZK-proofs) to expedite the process of verifying individual blocks and, eventually, the entire blockchain.

ZeroSync Association, a Swiss-based nonprofit, is developing tooling which allows users to validate the state of the Bitcoin network without having to download the blockchain or trust a third party for verification.

ZeroSync was formed to develop and maintain open-source software that enables succinct ZK-proofs on the Bitcoin blockchain. The group uses StarkWares proprietary Zero-Knowledge Scalable Transparent Argument of Knowledge (zk-STARK) validity proofs to generate ZK-proofs for the Bitcoin network.

The tool promises to overhaul the process of verifying the Bitcoin blockchain, which still requires node operators to download a large amount of data to synchronize the correct state of the Bitcoin network.

ZeroSync is using ZK-proofs to eventually generate valid proof and verify the latest state of the blockchain almost instantaneously.

ZK-proofs have been a revelation for the Ethereum ecosystem, with various proof methods powering several layer-2 scaling platforms, including Polygon, Arbitrum, Optimism and StarkNet.

Related: Polygons holy grail Ethereum-scaling zkEVM beta hits mainnet

An announcement from the ZeroSync Association highlights the promise of ZK-proofs for blockchain scalability and privacy by providing almost-fixed-size proofs verifying large computations.

The projects work pioneers the application of ZK-proofs for the Bitcoin network, with the organization describes Bitcoins relative simplicity and the Unspent Transaction Output (UTXO) model as a unique value proposition for applying recursive proofs.

ZeroSync notes that the ZK-Proof tools do not require consensus changes or additional trust assumptions for the Bitcoin network and its users. The organization is building a software development kit that will allow developers to generate custom validity proof for specific use cases without needing indepth domain expertise.

ZeroSync is in the process of building a client for fast initial block download as well as implementing the first complete proof of Bitcoin consensus. The client will allow users to sync a full node without making code changes to Bitcoin core.

ZeroSync is using the Cairo programming language, pioneered by StarkWare, to create STARK-provable programs for computations.

ZeroSyncs tool is currently in a prototype state but has the ability to prove the validity of individual assumed valid blocks, which verify all Bitcoin rules except for scripts. The team also has a working in-browser demo verifier for STARK proofs of Bitcoin blocks.

The ZeroSync Association was initially funded by Geometry and StarkWare but is establishing a nonprofit entity to enable ongoing development and maintenance from stakeholders within the Bitcoin community.

A statement from StarkWare president and co-founder Eli Ben-Sasson, who co-invented zk-STARKS, summed up the magnitude of ZK-proofs coming to the Bitcoin ecosystem:

Lightning Labs, the team behind the Bitcoin layer-2 Lightning Network payment system,is a contributing partner to ZeroSyncs project.

The firm intends to use ZeroSync to power compressed transaction history proofs for its Taproot Asset Representation Overlay (Taro) protocol, which aims to power the issuance of digital assets on the Bitcoin blockchain.

Read the original:

Zero-knowledge proofs coming to Bitcoin, overhauling network state validation - Cointelegraph

BitcoinBTC and ethereumthe two largest cryptocurrencies have rocketed so far this year as hyperinflation fears sweep Silicon Valley.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price is up around 70% since the beginning of January, triggering a surge of bullish bitcoin price predictions. The ethereum price has added a similar amount, adding around $200 billion to the combined crypto market.

Now, after BlackRock's chief executive revealed the world's largest asset manager is "exploring the digital assets ecosystem," a new report has found almost $300 trillion in private assets could be tokenized on blockchains.

It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"Tokenisation could open worlds not imagined yet to private assets in a similar way to how the internet and e-commerce transformed many industries over the last two decades," the report by crypto infrastructure provider Taurus read.

Real-world assets such as equity shares, investment funds and private markets that include private equity, venture capital, real estate, and art could all be "tokenized" on a blockchain, according to the report, with "mostly paper-based" private markets potentially having more to gain from tokenization than their already electronic public counterparts.

Tokenizing securities could ease trading, enable instant settlement, create liquidity and price discovery, and lower costs, Taurus researchers found.

"Tokenization opens the door to a broad universe of new possibilities, which the financial industry is only starting to comprehend and embrace," Jacques Iffland, partner at Lenz & Staehelin and chair of the Capital Markets and Technology Association (CMTA), wrote in the report's foreword, adding blockchain technology represents a "quantum leap" for trading.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

"Private funds are very restricted in terms of liquidity options, and by natively issuing shares on chain, they can then open up marketplaces to give investors the opportunity to exit," Morgan McKenney, the chief executive of Provenance Blockchain Foundation, told DL News.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Go here to see the original:

Looming $300 Trillion Crypto Quantum Leap Revealed Amid Huge Bitcoin And Ethereum Price Pump - Forbes

Bitcoin (BTC -0.29%), which is up more than 60% this year, just experienced its best week since December 2020. While stretches like this often lead investors to anticipate some sort of correction, there is plenty of reason to believe this might just be the beginning of a new bull market.

Thankfully, because blockchains are open and transparent, data can be extrapolated to show activity. Three metrics derived from Bitcoin's blockchain activity suggest that the worst of this most recent crypto winter might be in the rearview.

Since a blockchain is essentially just a place for users to conduct transactions, it makes sense to measure activity by evaluating the number of new users and the number of transactions. From this angle, the simple concept of "more is better" generally applies.

When you take a look at both of these, one thing becomes clear -- today they are at levels not seen since Bitcoin's price was well within the territory of the previous bull market.

Rather than looking at the number of total addresses on the Bitcoin blockchain, it is more advantageous to measure the rate at which new addresses are joining. Based on recent data, the number of new addresses joining the network looks to be as high as it was in the spring of 2021, when Bitcoin went on a run to as high as $63,500. Coming in at roughly 122,000 new addresses per day, the current rate at which new entities are being added to the network is higher than on 90% of the days Bitcoin has been in existence.

With an increase in the number of users on the network, the number of transactions has skyrocketed as well. Similar to address growth, the number of transactions is at levels not seen since Bitcoin was near its all-time highs. Today the number of daily transactions is just shy of 310,000 and has averaged more than 8.5 million per month to start off 2023. The last time they were this high was in March 2021.

There is one more rather obscure metric that deserves to be brought up: miner revenue from fees. While this metric flies under the radar, profitability from fees (rather than the usual mining reward) typically reflects the state of the market as a whole. When profitability from fees is negative, Bitcoin has usually found itself in the midst of a bear market. But when profitability shifts, bull markets typically arrive -- and for the first time since the summer of 2021, miners are in the green.

Given these metrics, it's difficult not to be excited about Bitcoin's future. For the first time in almost two years, there is tangible reason to be optimistic that this crypto winter might be thawing.

For prospective investors, though, there is even better reason to be excited. While address growth, the number of transactions, and miner revenue from fees are all at levels not seen since Bitcoin's price was near $60,000, its price today is less than half of that. Should this momentum hold, buying Bitcoin today while its price is still well off its all-time high might turn out to be a lucrative decision.

RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

View original post here:

3 Reasons Bitcoin Might Have Thawed This Crypto Winter - The Motley Fool

OTTAWA Finance Minister Chrystia Freeland is set to table a federal budget in the House of Commons on Tuesday afternoon, which a federal source says will include plans to go after predatory lending and more details on dental care as part of a pitch to make life more affordable.

This advertisement has not loaded yet, but your article continues below.

We apologize, but this video has failed to load.

The government official, who was granted anonymity to discuss matters that will not be public until the budget is released, said the federal Liberals intend to amend the Criminal Code to lower the amount of interest legally allowed to be charged.

Predatory lending often involves short-term loans at sky-high high interest rates. Often marketed to people in financially precarious situations, they can create a cycle of debt tough to escape.

The Criminal Code currently caps the legal interest rate at 60 per cent effective annual interest, which has been the case since it was set in 1980 a time when the key overnight rate set by the Bank of Canada was 21 per cent, compared to the 4.5 per cent it is today.

There is an exemption in most provinces for payday loans of up to $1,500 for 62 days or less, which means in some provinces the maximum annualized percentage rate is over 400 per cent.

This advertisement has not loaded yet, but your article continues below.

The source said the 2023 budget will propose the criminal interest rate be lowered to 35 per cent, which is what it is in Quebec, where courts have ruled anything higher would violate provincial consumer protection legislation. As a result, payday loan options there are limited.

We apologize, but this video has failed to load.

The move grows out of consultations announced in the 2021 budget, which did not address payday loans directly. The source said Tuesdays budget will propose consultations on narrowing the exemptions to the criminal interest rate when it comes to payday loans.

Getting tough on predatory lending is one way the Liberals are expected to portray this budget as offering to help vulnerable Canadians struggling with the cost of living, while balancing the need as strongly signalled by Freeland in her pre-budget speeches to show fiscal restraint.

This advertisement has not loaded yet, but your article continues below.

Another will be offering more details on the dental-care plan, with the federal government source confirming Tuesdays budget will include a meaningful investment on that front.

Last year, the Liberals committed to some form of federal dental-care coverage for low-income Canadians in its confidence-and-supply agreement with the New Democrats.

The deal means the NDP agreed to support the minority Liberal government through key votes until 2025 including on federal budgets in exchange for movement on shared priorities.

This advertisement has not loaded yet, but your article continues below.

The Liberals were unable to set up a federal dental-care program in time for the first deadline, but brought in an interim benefit last fall for children under the age of 12 in low-income households.

The confidence-and-supply agreement stipulates that dental care must be expanded to those who are under the age of 18, seniors or people with disabilities in low-income households by the end of this year and NDP Leader Jagmeet Singh said he expects the money in the budget.

The deal also commits the Liberals to passing legislation on a national pharmacare program by the end of 2023 although theres been no sign of movement on that yet.

Lower-income Canadians can expect another cash benefit to help them pay their bills, while companies looking to mine critical minerals, make batteries and electric vehicles or produce clean electricity will see a host of measures to incentivize investment in their projects.

This advertisement has not loaded yet, but your article continues below.

The budget will also extend the temporary boost to the GST rebate for low-income Canadians, but will frame the payment as help with the rising cost of groceries.

It would provide up to $234 for a single person with no children, $467 for a couple with two children and $225 for a senior citizen, the same amounts as the government offered with the temporary doubling of the GST rebate last fall.

The budget is also expected to increase the withdrawal limit for a registered education savings plan from $5,000 to $8,000.

As The Canadian Press first reported last week, the budget will also outline the federal governments plan to work with regulatory agencies to go after hidden or unexpected surcharges tacked on to the prices of goods and services.

This advertisement has not loaded yet, but your article continues below.

The Liberals are also expected to make significant investments in clean energy and technology.

The Fall Economic Statement in November began Canadas attempt to respond to the Inflation Reduction Act in the United States. That policy, pushed by President Joe Biden, injects more than US$370 billion into clean technology and climate change policies, including some significant subsidies for companies that make renewable energy and carbon capture and storage systems.

In November, Freeland promised investment tax credits for hydrogen production and some clean tech, such as renewable electricity like solar and wind power, heat pumps and industrial electric vehicles.

Several sources, who were granted anonymity because they were not authorized to speak publicly about the budget, said there will be new tax credits for the green economy. One of those sources described the tax credits as significant.

This advertisement has not loaded yet, but your article continues below.

They are intended to spur investment in the critical mineral industry and along the electric vehicle supply chain. That would include, for example, battery components and assembly.

During her pre-budget speeches, Freeland insisted the budget will show fiscal restraint and warned the government wont be able to compensate every Canadian for the rise in prices.

She has to balance all the spending demands with the risk the economy is going to take a turn for the worse this year. High interest rates could push Canada into a recession, which would affect tax revenues the government relies on to finance spending.

And with inflation a top concern for the Bank of Canada, the federal government is facing pressure to not fuel it further with high spending.

Freeland is expected to table the budget in the House of Commons at 4 p.m. EDT and deliver remarks on the document.

View post:
Liberals to go after predatory lending in budget, invest in dental care plan - Toronto Sun

After Bitcoin's (BTC -0.29%) dismal performance in 2022, the recent bounce in price makes it look like the worst might be over. While Bitcoin's recent gains sure feel good after a brutal 2022 that caused its price to sink more than 70%, these are just short-term movements in its price ascension.

It can be difficult to not get caught up in price swings, but investors who can maintain a long-term outlook -- and avoid impulsive decisions -- are better suited for success with Bitcoin.

If you feel like you might be struggling to keep the big picture in focus, there is one chart that usually helps me avoid the hysteria of people paying too much attention to Bitcoin's price movements.

Below is a chart of Bitcoin's price, in the form of yearly candlesticks on a logarithmic scale, which is useful here because it is better at displaying data that cover a large range of oscillating values.

This makes it perfect for displaying Bitcoin's historical price, which has gone from just a few cents per token to more than $60,000. The day-to-day fluctuations are all but gone in this perspective. By zooming out, one pattern becomes abundantly clear: Bitcoin rewards the long-term investor.

There are down years where the candles are red, but they are only small setbacks in Bitcoin's climb. For a bit of optimism, notice that Bitcoin has never posted two consecutive negative years.

If past trends continue, Bitcoin looks increasingly likely to climb. And it boils down to one simple but powerful dynamic: supply and demand.

One of Bitcoin's most important characteristics is its limited supply. Its code ensures that there will only ever be 21 million bitcoins in circulation. There are currently about 19.25 million circulating, and the remaining 1.75 million will become available at a decreasing rate until the year 2140, when the last bitcoin will be mined.

Because the rate at which its new tokens enter circulation dwindles every four years, Bitcoin is considered a deflationary asset. Unlike the U.S. dollar and just about every other fiat currency, Bitcoin investors should benefit from an increase in purchasing power with time.

Its limited supply and characteristics of a deflationary asset are two of the primary reasons that the world's first cryptocurrency has gone from being worth less than a few pennies to -- at one point -- hitting an all-time high of almost $69,000. Even better, though, demand for Bitcoin seems only to be increasing.

There is a lot of data to back up this notion, including some that suggest the most recent crypto winter might be thawing. To start, the number of wallets with a positive balance recently hit an all-time high of more than 45 million.

And the number of transactions and the rate at which new addresses have been joining the network are both at levels not seen since Bitcoin was well within bull market territory in mid-2021.

While this recent data is encouraging in the near term, Bitcoin has had plenty of accomplishments in the last few years that can't be measured by any specific chart. In its journey to becoming a more legitimate asset, it is now recognized by two countries as legal tender, multiple Fortune 500 companies now hold it on their balance sheets, and it has even garnered attention from the world's largest asset manager, BlackRock. Should trends like these continue, it could lead to even more demand from investors.

For these reasons, I foresee Bitcoin's price continuing to rise. Macroeconomic factors, trends in the private sector, and patterns from retail investors suggest demand will outpace supply. And when an asset is subject to this phenomenon, it usually means great things for investors.

RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

View original post here:

Here's One Chart Every Bitcoin Investor Needs to See - The Motley Fool