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Coinbase to Support the Withdrawal of Bitcoin Forks

Coinbase to support the withdrawal of bitcoin forks

Coinbase to Support the Withdrawal of Bitcoin Forks

Coinbase to support the withdrawal of bitcoin forks
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US bitcoin exchange Coinbase has preempted any backlash from its user base for supporting bitcoin forks.

The company announced on its blog plans to support the withdrawal of bitcoin Forks across its suite of products for the foreseeable future.

We’ve already seen several new coins created from bitcoin Forks, the most common among them being bitcoin Cash but also bitcoin Gold and bitcoin Diamond, to name a few. Now Coinbase is gearing up for more. It doesn’t mean that Coinbase will be adding more coins to be traded on its digital asset exchange GDAX, at least not yet.

“We are not announcing support for any specific assets at this time. As always, we look at technical, operational, and legal considerations when deciding which bitcoin Fork assets to support and will always state on our website which particular assets are supported.” – Coinbase

Coinbase got itself into a heap of trouble with investors last year for a botched rollout of bitcoin Cash. Investors claimed it involved insider information, giving the company’s internal staff an advantage over them and leading to class-action lawsuits against the exchange. This time around, Coinbase states clearly that it’s following protocol, saying:

“We are announcing this both internally and to the public as consistent with our process for adding new assets.”

Coinbase Subsidiaries

Coinbase is the parent company of several subsidiaries, most of which will support bitcoin Fork withdrawals. The company outlined the approach that each of its businesses will take to support bitcoin Forks.

  • Coinbase Custody – It will develop infrastructure to support bitcoin Forks. The company said that Coinbase Custody will likely support a greater number of forked assets versus its GDAX or Coinbase platforms.
  • GDAX will similarly develop the infrastructure to support bitcoin Forks for assets that are kept on this platform when the fork occurs. They remind you that adding support for withdrawals doesn’t extend to trading the asset.
  • Coinbase Index Fund – Coinbase has an index fund, which gives investors exposure to the coins listed on GDAX. It’s open to accredited US investors and it will support bitcoin Fork withdrawals. Assets are added to the index on a market-cap weighted basis, similar to the S&P 500 index for stocks.
  • Coinbase – It “anticipates infrastructure to support the withdrawal of bitcoin Forks for assets held on the platform at the time of the fork.” Coinbase reminds traders it will only list assets on the platform once they’re added to GDAX and just because a coin is listed on GDAX doesn’t mean it will necessarily be supported on Coinbase.
  • Coinbase Commerce – This is a private-key fueled payments platform and therefore the merchant is control of the assets.

Coinbase also just announced Coinbase Ventures, an investment vehicle for early-stage companies.

Featured image from Shutterstock.

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Published at Fri, 06 Apr 2018 22:27:52 +0000

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The Bosch Group Is Investing in IOTA

IOTA is a cryptocurrency that focuses on providing secure payments and data transactions among machines, particularly, in the realm of the Internet of Things. In the past few weeks, IOTA’s value has skyrocketed by 400 percent. Now, IOTA’s prospects look even brighter, as Robert Bosch Venture Capital announced that it is investing in IOTA.

Robert Bosch Ventura Capital to Industrialize IOTA Technology

The Stuttgart-based Robert Bosch Venture Capital (RBVC), the corporate venture capital company of the Bosch Group, is joining forces with the IOTA Foundation, which is the central body of the altcoin. In this regard, RBVC announced that it had purchased a significant number of IOTA tokens. Dr. Ingo Ramesohl, Managing Director at RBVC, said:

The investment in IOTA’s token, the first ever token investment of RBVC, will help us working closely with the IOTA Foundation to explore the industrialization of this exciting technology.

IOTA teams and the Bosch Group have been in contact since 2015, working on several projects. David Sønstebø, co-founder of IOTA, said:

The decision by RBVC to acquire a significant amount of IOTA tokens solidifies the idea of the Machine Economy and how significant leaders in this space share our vision.

The RBVC investment follows the release of the Data Marketplace last November. The Data Marketplace allows users to store, sell, and access data streams securely. According to the IOTA Foundation, over 30 companies are participating in the Data Marketplace project, such as Accenture, Bosch, Fujitsu, and Microsoft.

IOTA Introduces a Technology Paradigm Shift

IOTA tangleIOTA’s revolutionary technology’s primary focus is on enabling the Internet of Things (IoT) applications. IOTA promises unlimited scalability and feeless micro or even nano-transactions.

In the IOTA ecosystem, there is no blockchain. Instead, there is the tangle, which is a directed acyclic graph for storing transactions. Because there are no blocks and no miners, validation of transactions occurs as follows:

There are no miners. What this means is that each participant in the network that wants to make a transaction has to actively participate in the consensus of the network by approving two past transactions. This attestation on the validity of two past transactions ensures that the whole network achieves consensus on the current state of approved transactions, and it enables a variety of unique features that are only seen in IOTA.

For further technical information, you may wish to read the IOTA whitepaper here.

After just a few months, IOTA already boasts a market cap of over $14 billion USD. IOTA is introducing a paradigm shift in the cryptocurrency ecosystem, and as reflected by the markets, it is attracting investors and enthusiasts on the idea of the Machine Economy. The RBVC investment will undoubtedly help to boost the development of this revolutionary technology.

What are your thoughts about having crypto transactions that are not validated by miners? Let us know in the comments below.

Images courtesy of IOTA

The post The Bosch Group Is Investing in IOTA appeared first on Bitcoinist.com.

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