With Crypto 2.0 now starting to emerge as a community the need for it to become more integrated with the current bitcoin industry is becoming increasingly important and the last couple of weeks has seen it making significant headway towards this goal
The partnership between Agora Commodities, Amagi Metals and the bitcoin and gold exchange DigitalTangible has shown evidence of this integration although a certain amount of controversy has followed the dealings between these two sectors.
Football team become first to benefit from cryptocurrency
A new premium access service has been set up recently by the Jetcoin Institute that gives sports teams the ability to set up their own digital currency as a way to provide loyalty rewards for their fans.
This service is similar to the Mypowers service which is is essentially a premium access marketplace for artists that allows them to create their own digital currency to provide fans with a better experience and to allow them to invest in their favourite artists.
The Jetcoin Institute has introduced the new jetcoin for fans of sports with the digital coin allowing them to be a part of their favourite athletes performance in the future by giving them the chance to invest in the athletes and their contracts.
The first to benefit from the jetcoin project is an Italian football team called Chievo Verona whose home ground can be found in the Verona suburb of Chievo. The team received a sponsorship deal from Seedcoin, a startup incubator who has teamed up with the Jetcoin Institute to sponsor the club.
The opinion that new initiatives for cryptocurrencies could use sports as the perfect onboarding tool was one that the chief startup officer for Seedcoin, Eddy Travia strongly believed in. He also added that the level of interest in the new jetcoin had grown quite quickly following the recruitment of a player that the jetcoin project had initially been set up to enlist.
Even though the jetcoin has not actually been released yet it is likely that platforms like Dogeparty, bitcoin and Counterparty will be used to issue the new cryptocoin.
The bloated block chain discussion and the solution
The concerns that the block chains used by all forms of cryptocurrency could soon suffer from bloating due to an overload of information that falls outside the only purpose that it is meant to be used for, which is to validate the transaction of bitcoins, are becoming an increasingly popular topic of conversation amongst observers in the bitcoin industry.
This is considered to be similar to the huge spam issues that the majority of email services are currently facing.
Mastercoin and Counterparty are being seen by most in the industry as the reason for these problems as the two projects are building decentralized networks from the block chains used by bitcoin. The reason for them doing this is so that the block chains become able to support more complicated financial transactions.
Arguing against this claim the co-founder of Counterpart, Evan Wagner, pointed out that with the block chain currently used by bitcoin being 22GB in size his project only adds 15MB to its size and because this provides enhanced financial tools to the bitcoin it adds value and power to the cryptocurrency rather than acting as spam.
With many in the industry advising that a bloated block chain is inevitable if cryptocurrencies are to become more advanced and provide users with more facilites it is also widely agreed that it will be innovation that will eventually solve the issue of block chain bloating.
Companies like Factom, which is the rebranded name for Mastercoin, are already claiming that new protocols to reduce the bloating of the block chain are already out there but just haven’t been put in place yet.