Report: Facebook Plans Cryptocurrency Payment Network akin to Bitcoin and XRP

Facebook’s cryptocurrency project is gathering steam as the Social Media Giant is expected to make formal announcements on the project by the end of this month. The reports that have come to light recently reflect that Facebook has planned a global project that will aid payments (especially remittances) and even set up ATM units.
Validator Nodes: Decentralization and Accountability
The Blockchain Team of Facebook has taken careful consideration of the centralization rules and SEC’s security laws. Therefore, they are soliciting third-party organizations to act as “nodes” on the network. These nodes perform the same function that miners perform on Bitcoin or validators of the XRP chain. These are computer servers or hardware that solves cryptographic or encrypted codes that confirm each transaction.
The nodes have been incentivized to avoid malicious transactions; the cost of setting up nodes will be $10 million. Facebook plans to begin initially with 100 nodes, which will bring in a combined capital investment of $1 billion. The capital will be used to back the cryptocurrency with a variety of stable FIAT currencies and even include low-risk securities. The validators can expect a certain amount of return interest from the transaction fees.
Also Read: GlobalCoin – Facebook Talks With US Top Regulator CFTC Over its Stablecoin
Providing a Globally Stable Currency and Payment Network
Facebook’s cryptocurrency, GlobalCoin is aimed at shattering not only the market of Bitcoins but Central Banks and SWIFT network from all over the world. Facebook’s plans reflect the vision which Bitcoin began with a decade ago.
Reportedly, Facebook has also planned to set up ATM Kiosks and would enable official payments in its cryptocurrency. The payment on the internet would facilitate seamless transfer to money to almost everywhere, even developing nations with adverse economic conditions; the idea that made Bitcoin famous.
Also Read: Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Nevertheless, the report also indicated that, while Mark Zuckerburg is confident about the payment infrastructure, the COO and CFO have been “skeptic” of the move.
Find the full report for The Information subscribers here.
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Source: CoinGape

Bitcoin [BTC]: Lightning Network surpasses 6000 nodes; network capacity up by 15%

Bitcoin has recently been on the positive side of news, and is one of many cryptocurrencies surging in the ecosystem. On the back of the recent bullish pump which saw the price valuation of all top cryptocurrencies experience positive movement, Bitcoin witnessed a low of $3400 and then surged to a high of $3700, before settling at the current price of $3650.90 at press time.
With this recent development in value and also a week of tremendous Twitter spotlight, Bitcoin’s Lightning Network is hitting new highs and records across the board in terms of mainframe implementation. Specifically, in the case of Lightning Torch, a relay transaction being bounced between nodes has already gained active support from Twitter CEO Jack Dorsey in what became a widely-publicized event last week.
According to data released from the monitoring resource, the website confirmed that the number of active nodes, channels and overall transaction capacity experienced over the month on the Bitcoin’s Lightning Network, are all higher than ever in its thirteen-month since its inception.
In the past 30 days, the network has seen impressive growth in terms of numbers which are as follows,
Number of Lightning nodes: 6,085; up 14.55%
Number of Lightning channels: 24,647; up 27.2%
Network capacity: 656.94 bitcoin (BTC); up 15%
The numbers can be further explained better with the help of charts regarding the network active traffic.
Nodes with and without channels | Source:
The blue demographic column in the graph explains the number of nodes with channels the Lightning network has witnessed and the green column the number of nodes without channels.
With channels, the number of active nodes is 3051, whereas without channel it is only 62.
Channels per Node | Source:
The graph above demonstrates the number of active channels per node where the blue line indicates no. of channels active in the 90th percentile strength which is at a number of 30 whereas the violet indicates the average strength overall and the number of channels being at 16.
The increase in network size comes as Bitcoin’s “layer 2” payment protocol Lightning Network (also known as “Lightning” or “LN”) continues to grow at a very rapid pace and gain publicity beyond the Bitcoin technical community to be a more user-driven interactive network to get the people familiarized with how the system works.
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Source: AMB Crypto

Bitcoin [BTC] nodes: 43% of all nodes based in the US, Germany; Asia lags behind, finds Bitnodes

Cryptocurrency statistics site Bitnodes recently released the global Bitcoin nodes distribution list. At the forefront of the list is the US, with a concentration of 2,433 reachable nodes, accounting for 24% of the total 10,164 BTC nodes in the world.
In the US, the state of California harbors most of the nodes, which is apparent because it serves as a global center of high-end tech and innovation. Above all, it is also the home to Silicon Valley.
Germany held the second position, with 1,930 BTC nodes, tallying a volume of 19.12%. The country has a greatly developed social market economy. A highly competent workforce coupled with a thriving startup work culture and low-cost workspaces has attributed to the economy of the nation. Berlin is often dubbed as the Silicon Valley of Europe. Germany is the largest national economy in Europe and levies no tax on Bitcoin [BTC] as it views the digital currency as a legitimate tender.
Germany is followed by France with 679 nodes and Netherlands with 485.
The list is dominated by the western countries, which maintained the top number of Bitcoin nodes, with only three Asian countries making it to the top-10 list. China stood at number five with 401 reachable nodes; Singapore held the eighth position with 309 nodes and Japan, with 241 nodes, held the tenth position.
China has the highest concentration of BTC nodes in Asia despite stringent laws and lack of infrastructure. A recent survey conducted by a crypto-dedicated news outlet revealed that a majority of Bitcoin holders were millennials between the ages of 19-28.
Singapore is known for its dynamic, innovative and business-friendly economy in the world. According to the Inland Revenue Authority [IRA] of the southeast Asian island, Bitcoin [BTC] is not considered as a legal tender, but are viewed as goods. Hence, the country levies a GST of 7% from any firm involved with the crypto dealings.
Japan is often touted as the hub for cryptocurrencies, as the first Bitcoin software was created by a programmer [or a group of programmers] under the pseudonym of Satoshi Nakamoto. It is the first country in the world to have officially recognized the leading digital asset as legal tender. After suffering two tremendous exchange hacks – Mt Gox and Coincheck – the country has accommodated regulations directed to improve security at its crypto exchanges.
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Source: AMB Crypto

Bitcoin Lightning Network Adoption Advanced by New Bitfury Product Suite

The lightning network is still under development but that hasn’t stopped the Bitfury Group from launching a new product suite designed to make the system easier for merchants and consumers to use.
Wallets, eCommerce Software, Terminals and Nodes
Lightning network has been hailed as the savior of Bitcoin, bringing its transaction speeds to equal or exceed some of the alternative cryptocurrencies that have emerged over the past couple of years. Rapid and low cost transactions would no doubt to wonders for Bitcoin adoption in everyday life but so far progress has been slow.
Blockchain technology provider Bitfury, founded in 2011, aims to change that with its new LN based products which include an open source LN Bitcoin wallet, a hardware terminal and e-commerce software for vendors, payment processors, and a suite of developer tools. A public Lightning Network node has also been created to help users open payment channels.
According to the announcement the products, which are supported by Bitfury’s Lightning Network engineering and research team, Lightning Peach, have been designed to bring all steps of the business cycle onto the network. Ease of onboarding is key to overall adoption and Bitfury have acknowledged this with the new suite for both merchants and consumers. Bitfury CEO, Valery Vavilov, added;
“The Lightning Network will enable people to use bitcoin in their everyday lives. By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.”
There are a raft of features on the new Peach wallet which all make using LN for daily transactions far easier. The commerce suite has been targeted at individual merchants and payment processing companies, again making their lives easier when dealing with LN. The terminal provides point of sale and vending machine support for instant, low cost Bitcoin payments.
Bitfury is not the only company eager to get more people using lightning network. In a related report, Forbes has suggested that LN could replace all potentially unsecure altcoins offering faster transactions. Online retailer, Bitrefill, has claimed that almost twice the amount of payments made are processed on LN than all other altcoins combined.
The company offers a range of digital goodies such as gift cards and prepaid phone minutes via cryptocurrency payments. Just like Bitfury, it too has been working on a range of products to increase usage and adoption of the lightning network. Referring to Thor, a channel creation service on Bitrefill’s node, the company blog added; “If someone’s looking to receive bitcoin, as tips or other earnings, this is a quick and easy tool to get started. Bitrefill’s node is a highly interconnected in the Lightning network,”
Adoption is paramount to the growth and success of cryptocurrencies, and for Bitcoin at least, the lightning network plays a huge role in increasing its daily usage as a means of quick and easy payment as it was originally designed.
Image from Shutterstock
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Source: New