Bitcoin News in Review: Sidechains, IBM, BitLicense, and More

By
Neil Sardesai @@neilsardesai
October 27, 2014

Welcome back to another Bitcoin News in Review, where we look at some of the biggest stories of the week here on CryptoCoins News. This week (19 October – 26 October), we looked at sidechains, saw IBM plan to unveil a blockchain-based “internet of things” next year, saw Circle and BitPay comment on New York’s BitLicense, and more. Check out our video and keep scrolling for our articles on this Bitcoin News in Review.

Sidechains

Sidechains are an innovative concept first proposed earlier this year. They have the potential to replace altcoins and “Bitcoin 2.0” platforms. Essentially, sidechains make it possible to combine all the unique features of various altcoins and put them under one Bitcoin ecosystem. Recently, several prominent members of the Bitcoin community published an official sidechains white paper, which is available to read here. The team works under a company called “Blockstream,” whose goal is to work “on trustless cryptographic infrastructure.” The Blockstream team recently did an AMA on Reddit, and you can check out some of the highlights here.

IBM’s Blockchain-Based “Internet of Things”

IBM recently announced plans to unveil a so-called “internet of things” at CES 2015. Little is known about the project, other than the fact that it’s called “Adept,” and that it relies on blockchain technology, TeleHash, and BitTorrent. The internet of things will also be entirely open-source, and released on GitHub. Just how project Adept works and how successful it becomes will be seen next year.

BitPay and Circle Comment on New York’s BitLicense

The New York Department of Financial Services’ BitLicense has been a hotly debated topic in the Bitcoin community. The comment period for BitLicense was even extended by 45 days after the end of the original comment period. However, even that period came to a close on 21 October. And just before the close, Circle and BitPay submitted their comments about the proposed BitLicense.

Both Circle and BitPay had many issues with BitLicense in its current form:

“Circle believes there are numerous areas in the Proposed Rule, which could negatively impact consumers and business that wish to utilize digital currencies. There are several requirements that are so burdensome (and in some cases nearly impossible to comply with) that if the Proposed Rule were to be enacted in its current form, Circle would have no choice but to exclude New York residents from its service.”

“…In summary, given the significant prospects for Bitcoin the protocol and bitcoin the digital unit, BitPay respectfully requests that the NYDFS consider innovation itself in formulating regulations, establish risk-based rules that help to create jobs rather than eliminate them, leverage existing Anti-Money Laundering frameworks, and clarify that providers of ancillary activities do not require a BitLicense.”

Just how BitLicense ultimately works (or doesn’t) remains to be seen.

What’s Up With the Bitcoin Price?

At the time of this article, one bitcoin is worth ~$353 USD. While this appears to be a bit of a drop, we expect the price to steadily recover later this week. Check out this article for a more in-depth price analysis.

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That’s it for this Bitcoin News in Review. To keep up the latest cryptocurrency news, be sure to follow CryptoCoins News on Facebook and Twitter.

Images credited in their respective articles. Other images from Shutterstock.

What’re your thoughts on this week’s biggest stories? Share your comments below.

Last modified (UTC): July 28, 2016 14:12

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