IDentabit: Bitcoin Minus the Anonymity
Perhaps one of the biggest characteristics associated with bitcoin transactions is anonymity, as transaction verification occurs through a complex algorithm instead of checking identities. However, it is also this very characteristic that has made the use of bitcoin prevalent in criminal activity and underground markets, earning the ire of government officials and financial regulators. Australian startup company IDentabit plans on making an identity-based bitcoin alternative in order to help the cryptocurrency get rid of its association with illegal dealings and money laundering. This....
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Australia was so far considered as one of the promising countries when it came to bitcoin adoption. On the contrary, Bitcoin has been going through a rough patch in the region for some time now, creating doubts about Australia's digital currency economy. All hope is not lost, thanks to Identabit. READ MORE: Bitcoin Takes a Back Seat in Australia. Merchants Stop Accepting it. Identabit is as identity based decentralized currency created by a bunch of software professionals. The four member founding team of Identabit consists of John Underwood, Dan Larimer, Paul Neilson and Stan Larimer.....
An Australia-based startup has announced plans for a digital currency called Identabit that will enable regulatory acceptance by way of user association. The startup, Thinking Active, characterizes Identabit as the first identity-ensured, decentralized currency. It represents a way to liberate decentralized currencies and will be an alternative to bitcoin, according to a recent press release. Identabit is the result of a collaboration between Thinking Active, owned by New York software entrepreneur John Underwood, and Cryptonomex, a Virginia-based software company led by Dan Larimer. The....
The latest breed of X11-driven cryptoassets is challenging the popular concept of anonymity in cryptocurrency – and Global Denomination (GDN) is at the forefront of the space’s latest features. The X11 algorithm, also known as chained proof of work, was first introduced with Darkcoin earlier this year, and has since spawned a cluster of peers all striving to evolve the technology in different directions for various uses. Whereas Darkcoin’s genesis was based on the desire to provide new levels on anonymity, however, GDN’s developers argue the opposite. Their coin, dubbed “anti-anonymous",....
Another day, another banker, another ignorant jab at Bitcoin. This time it's Steven Englander of Citibank, America's third largest TBTF zombiebank. Mr. Englander wisely steers clear of attacking Bitcoin on the basis of made-up numbers, instead relying on rhetoric. He writes (and I comment) as follows: The libertarian streak in me likes the anonymity of Bitcoin transactions, but there is a rational part of me that asks whether that aspect is essential if I am paying for a latte in Soho. Similarly if the Bitcoin wallet can be made more secure by dropping anonymity, how many transactors will....
Using bitcoin over the anonymity network Tor leaves users at greater risk of having their identities revealed, according to academics at the University of Luxembourg. If that seemingly paradoxical finding isn't enough to scare privacy-loving bitcoiners, the researchers also determined that an attack could be mounted on an "economy" budget of just $2,500 a month. Such an attack could expose the identity of a bitcoin and Tor user, and allow the attacker to meddle with the victim's transactions, they said. Ivan Pustogarov, one of the two researchers working on the issue, explained: "The....