Lifeboat Foundation

Today, I was asked to answer this question at Quora:

“What sets each cryptocurrency apart from the others?”

“Cryptocurrency” is a broad term. It refers to payment coins, of course—such as Bitcoin and Litecoin. But, because most tradeable tokens attain an asset value, the word is often used to refer to smart contract devices, such as Ethereum, a host of other blockchain based tokens, functional Internet-of-Things tokens, and even ICOs (Initial Coin Offerings). Since people treat ICOs and IOT tokens as investment instruments even if they are useless as a payment mechanism, they all fall within the realm of a cryptocurrency.

So, before addressing the question, let’s distinguish between Altcoins and ICOs. I assume the question refers to Altcoins, and not ICOs…

Continue reading “What sets cryptocurrencies apart from each other?” »

A new section about Bitcoin ATM business models
has been added. Jump to “UPDATE – July 2019”

The good news is that building a Bitcoin ATM is easy and less expensive than you might expect. But, offering or operating them engulfs the assembler in a regulatory minefield! It might just be worth sticking to selling bitcoin on PayPal (visit this website for more information on that). You might also wish to rethink your business model—especially user-demand scenarios. See our 2019 update at the bottom of this article.

A photo of various Bitcoin ATMs appears at the bottom of this article. My employer, Cryptocurrency Standards Association, shared start-up space at a New York incubator with the maker of a small, wall mounted ATM, like the models shown at top left.

What is Inside a Cryptocurrency ATM?

Continue reading “Building a Bitcoin ATM is easy, but…” »

Legacy Method of Inheriting Assets

Many Bitcoin owners choose to use a custodial account, in which the private keys to a wallet are generated and controlled by their exchange—or even a bank or stock broker. In this case, funds are passed to heirs in the usual way. It works like this…

An executor, probate attorney, or someone with a legal claim contacts the organization that controls the assets. They present a death certificate, medical proxy or power-of-attorney. Just as with your bank account or stocks and bonds, you have the option of listing next of kin and the proportion of your assets that should be distributed to each. These custodial services routinely ask you to list individuals younger than you and alternate heirs, along with their street addresses, in the event that someone you list has died before you.

Of course, Bitcoin purists and Libertarians point out that the legacy method contradicts the whole point of owning a cryptocurrency. Fair enough.

Continue reading “What happens to your Bitcoin if you die or forget passwords?” »

First, let’s get some basics out of the way…

What is Transaction Malleability?

Here are 2 explanations of transaction malleability: [Coindesk] [TechTalk]

In a nutshell, Transaction Malleability is a weakness in the original Bitcoin implementation that enables a bad actor to change the unique ID of a bitcoin transaction before it is confirmed on the Blockchain. Such a change makes it possible for someone to pretend that a transaction didn’t happen, if all necessary conditions are in place.

Continue reading “Have there been successful Transaction Malleability attacks?” »

Credit scores already control our finances. With personal data being increasingly trawled, our politics and our friendships will be next.

Contact author.

Is the longevity industry the healthtech investment trend?

Forbes contributor and finance expert Richard Eisenberg discusses with Taimur Hyat, Chief Strategy Officer at Prudential Financial’s investment arm ($963 billion of funds under management).

Hyat shared his views on investinginto the ageing industry. He noted ‘the first wave of tech and apps was designed with millennials in mind — pizza delivery and Uber. The next wave of platforms and technology will be designed with the needs of the elderly in mind.

Continue reading “The longevity healthtech market is an investor’s dream” »

Walmart has opened a new tech incubator in Austin to focus on emerging technologies.

Engineers, developers and scientists at the incubator are working on the future of shopping and exploring machine learning, artificial intelligence and natural language processing, according to a blog post by Walmart.

“The work we’re doing is ultimately about enabling our coworkers to be even more impactful in their jobs,” stated Rachel Brynsvold, data scientist at the lab. “I also see lots of opportunities to make financial impact for the company, which contributes to Walmart’s mission to help people save money and live better.”

Continue reading “Walmart Opens Tech Incubator In Austin” »

A who’s-who from the world of synthetic biological research have come together to launch Senti Biosciences with $53 million in funding from a slew of venture capital investors.

Led by Tim Lu, a longtime researcher at the Massachusetts Institute of Technology and one of the founding fathers of synthetic biology, Senti’s aim is nothing less than developing therapies that are tailored to an individual’s unique biology — and their first target is cancer.

Here’s how Lu described a potential cancer treatment using Senti’s technology to me. “We take a cell derived from humans that we can insert our genetic circuits into… we insert the DNA and encoding and deliver those cells via an IV infusion. We have engineered the cells to locate where the tumors are… What we’ve been doing is engineering those cells to selectively trigger an immune response against the tumor.”

Continue reading “All-star team of synthetic biologists raise $53 million for cancer therapy startup Senti” »

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