The Economist explains: How does Bitcoin work?

  • There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.The entire network is used to monitor and verify both the creation of new Bitcoins through mining, and the transfer of Bitcoins between users.
  • A log is collectively maintained of all transactions, with every new transaction broadcast across the Bitcoin network.
  • This process, which is computationally intensive, is in fact the process used to mine Bitcoins: roughly every 10 minutes, a user whose updates to the log have been approved by the network is awarded a fixed number of new Bitcoins.
  • This has prompted Bitcoin fans to build ever more powerful computers for use in Bitcoin mining.Bitcoins (or fractions of Bitcoins known as satoshis) can be bought and sold in return for traditional currency on several exchanges, and can also be directly transferred across the internet from one user to another using appropriate software.
  • Just as BitTorrent was not the first file-sharing service and Skype was not the first voice-over-internet service, it may be that Bitcoin will be a pioneer in the field of virtual currencies, but will be overshadowed by an easier-to-use rival.Update: This blog post has been amended to remove the news peg.

Authoritative weekly newspaper focusing on international politics and business news and opinion.
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Miley Cyrus Dedicates Her ‘Voice’ Performance To Ariana Grande And Manchester

Miley Cyrus dedicates her

  • It was an emotional evening during “The Voice” Season 12 finale on Tuesday as stars like Miley Cyrus and Usher dedicated their performances to their friend Ariana Grande and all the victims of Monday’s Manchester Arena tragedy.
  • Cyrus, who will return as a “Voice” coach this fall alongside Jennifer Hudson, Blake Shelton and Adam Levine, sang her new hit “Malibu” after offering her condolences to Grande and “everyone that experienced that horrific attack.”  
    “Our hearts are with you,” she said. 
    VIDEO
    Former “Voice” coach Usher also performed a song for Manchester with winner Chris Blue.
  • — Ariana Grande (@ArianaGrande) May 23, 2017

    Below, more tweets from Grande’s fellow performers:
    wishing I could give my friend @ArianaGrande a great big hug right now… love love love you …. so sorry you had…https://t.co/GQXc9dmvsE— Miley Ray Cyrus (@MileyCyrus) May 23, 2017

    I’m heartbroken by the senseless attack that took place in Manchester.

  • #PrayForManchester— Usher Raymond IV (@Usher) May 23, 2017

    My thoughts, prayers and tears for all those affected by the Manchester tragedy tonight.

  • I’m so sorry to hear this— NICKI MINAJ (@NICKIMINAJ) May 23, 2017

    My thoughts and prayers are with all those affected by this horrific act in Manchester.

Usher and Season 12 winner Chris Blue also sang in honor of the victims of the tragic attack.
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Bitcoin may have more than doubled this year, but rival Ethereum is up 2000 percent. Here’s why

  • Bitcoin has more than doubled in price this year alone, but it has been outperformed by its closest rival Ether, which is up over 2,300 percent.
  • On January 1, bitcoin was trading at the day’s high of $1,003.25.
  • On Wednesday, it broke through the $2,300 barrier for the first time to hit a fresh record high of $2,377.32, according to CoinDesk, marking a year-to-date rise of 137 percent.
  • Ether has risen from $8.24 on January 1, to a high of $203.30, according to data from Coinmarketcap.com.
  • This represents a 2,367 percent rise year-to-date.

Ethereum has been backed by major firms including JPMorgan, Microsoft and Intel.
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The National Bank of Canada Just Joined An Alliance to Develop Ethereum

The Bank of Canada Just Joined An Alliance to Develop Ethereum - Motherboard  #Ethereum

  • On Monday, the Enterprise Ethereum Alliance announced 86 new members that will work together to develop business applications on the Ethereum blockchain, including Toyota, Deloitte, Samsung SDS, and the National Bank of Canada.
  • But while bitcoin has become a haven for speculators trying to win big by trading coins, Ethereum’s promise is that its blockchain—the public ledger that records all transactions—is chiefly a platform for developing apps, powered by economic incentives.
  • Read More: The Bank of Canada Slipped the Konami Code Into a Bank Note Announcement

    The alliance, which was founded in February of this year, is a global foundation with more than 100 members which include financial institutions like JP Morgan, Credit Suisse, and Banco Santander.

  • The bank ran a pilot using an in-house digital currency to conduct interbank transactions on a blockchain in 2016, snubbing the existing bitcoin currency.
  • Ethereum still might not be as valuable as bitcoin (one coin is worth over $2,000 USD at the moment, while one denomination of Ethereum, called ether, is worth $163), but it could be a whole lot more useful for banks.

Why not bitcoin?
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BofA, HSBC, Intel, Others Invest $107 Million in Blockchain Startup R3

BofA, HSBC, Intel, Others Invest $107 Million in #blockchain Startup R3

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Financial and technology companies led by Bank of America Corp, SBI Holdings Inc, HSBC Holdings Plc, Intel Corp and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said on Tuesday.
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BofA, HSBC, Intel, others invest $107 mln in blockchain startup R3

BofA, HSBC, Intel, others invest $107 mln in blockchain startup R3

  • NEW YORK, May 23 (Reuters) – Financial and technology companies led by Bank of America Corp, SBI Holdings Inc , HSBC Holdings Plc, Intel Corp and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said on Tuesday.
  • Over 40 institutions from more than 15 countries participated in the first two tranches of the New York company’s fundraising round, making it one of the largest investments in a blockchain company to date, R3 said in a statement.
  • Other major investors and companies leading the deal include ING Groep NV, Banco Bradesco SA, Itaú Unibanco SA, Natixis SA, Barclays Plc , UBS Group AG and Wells Fargo & Co, R3 said.
  • R3 launched in September 2015 with the backing of nine of the world’s largest investment banks seeking to make their operations more efficient with new technology, and its membership has rapidly grown to about 80 financial institutions.
  • The completion of the first two tranches follows the departure of several large banks from R3 over the past few months, including JPMorgan Chase & Co, Goldman Sachs Group Inc Banco Santander SA and Morgan Stanley

    The banks have internal blockchain projects or investments in other similar startups.

Financial and technology companies led by Bank of America Corp, SBI Holdings Inc , HSBC Holdings Plc, Intel Corp and Temasek Holdings have invested $107 million in R3 CEV, a startup which runs a big bank consortium seeking to develop blockchain technology, it said on Tuesday. Over 40 institutions
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International banking: BlockchainThe next big thing

  • The “blockchain” technology that underpins bitcoin, a sort of peer-to-peer system of running a currency, is presented as a piece of innovation on a par with the introduction of limited liability for corporations, or private property rights, or the internet itself.
  • In essence, the blockchain is a giant ledger that keeps track of who owns how much bitcoin.
  • Now for the tweaks

    Techies are (just about) united in their enthusiasm for decentralised ledgers, but divided on whether bitcoin’s blockchain can work in its current form or whether an improved version is needed.

  • Rival blockchains are nothing new: alternative currencies inspired by bitcoin, dubbed ���alt-coins”, have proliferated ever since it was launched.
  • One well-funded new blockchain is Ripple Labs, which wants to enable “secure, instant and nearly free global financial transactions”.

ASKED TO NAME an event that has reshaped finance in recent years, bankers will point to the collapse of Lehman Brothers on September 15th 2008, the nadir of the financial crisis. Fintech types are more likely to mention something that happened six weeks later.
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