After a low-volume summer in the community, we just might be seeing some activity that – fingers crossed – could kickstart the alternative digital currency marketplace.
Though the risk of project collapse is still out there, as recent failures like ghostcoin have shown, recent developments in the space indicate that the altcoin story is far from over.
Viacoin team implements block chain notary service
One of the next-generation use cases proposed for the block chain is that of a notary. Instead of relying on a central authority to certify the authenticity of a document, the block chain can be used to assert the proof of its veracity via distributed cryptographic confirmation.
The viacoin development team has developed a block chain notary system as part of its ClearingHouse protocol, a smart contract infrastructure built on the viacoin block chain. The notary system, demonstrated in a recent video posted on YouTube, is now available for use as part of the ClearWallet implementation.
Viacoin developer BTCDrak explains in the video:
“So the block chain notary takes time-stamping to a new level. It also uses proof-of-publication to embed cryptographic hashes of files into the block chain. But it also gives the ability to own and transfer these to other participants in the same way you would bitcoins.”
The system works by inserting a representation of the document in question into the block chain. This helps secure the privacy of the document and those seeking certification.
According to the viacoin team, a block chain-based notary represents a solution to a real-world problem – expensive and ineffective infrastructure for notarization and transferring documentation. As the notary is built into the viacoin block chain, fees associated with the service are limited to network mining fees.
A sitdown with darkcoin developer Evan Duffield
It’s often been said that the key to a great coin is an even greater development team. Much of the success – and as many would argue, value – of an altcoin lies in both the capability and integrity of those who are actually shepherding the project.
Just as important as ability is the overall vision of a coin. In order to thrive, the theory goes, a project needs to be focused enough to get things done but not too narrow in scope to become bottlenecked at the first sign of trouble.
A new project called cocacolacoin (sign: ICOKE) is part of an umbrella initiative known as NILIcoins, which are presented as so-called art coins depicting popular brands like Apple, eBay and Coca-Cola. The developer behind the project argued on Bitcoin Talk that he or she wasn’t violating copyright law by creating the coins, stating:
“The coins are being describe as artworks, and as such no property issues are applied. When I will issue the Coca-Cola coins or the Toyota coins I will make use of their logo and the coin will have all the features which a real Coca-Cola coin or a real Toyota coin should have one day, only it will be marked with the NILIcoins trademark to mark it a an art piece. Nevertheless this coin will carry its own value based on it being an art piece.”
For this unusual approach to utilizing copyrighted material for altcoins, cocacolacoin has won this week’s Strange Alt of the Week award.
The coin uses a “peg” of 1 bottle of Coke, although the post on Bitcoin Talk states that “this bottle is an art piece not [a] real soda bottle”. It then suggests a value of 0.01 BTC per ICOKE, with a per-artwork value of 0.1 BTC.
“In the real Coca-Cola coins case, it will make sense to keep a much smaller gap between the market price and the coupon coins,” the developer explains.
Have a tip about a notable happening in the altcoin world? Email CoinDesk at [email protected]
Disclaimer: This article should not be viewed as an endorsement. Please do your own extensive research before you consider investing in the altcoin space.
- ^ notary (www.coindesk.com)
- ^ viacoin (www.coindesk.com)
- ^ ClearingHouse (www.coindesk.com)
- ^ here (www.youtube.com)
- ^ darkcoin (www.coindesk.com)
- ^ security incident (darkcointalk.org)
- ^ Kristov Atlas (anonymousbitcoinbook.com)
- ^ here (darkcointalk.org)
- ^ last month (www.darkcoin.io)
- ^ NILIcoins (bitcointalk.org)
- ^ Bitcoin Talk (bitcointalk.org)
- ^ Shutterstock (www.shutterstock.com)
- ^ All Things Alt (www.coindesk.com)
- ^ Darkcoin (www.coindesk.com)
- ^ Viacoin (www.coindesk.com)