This article has been updated to reflect that Algorand is not planning an ERC-20 token sale. Digital currency and transaction platform Algorand has released its public testnet to gather feedback on its product, the company confirmed in a press release on April 16. Algorand, the brainchild of Massachusetts Institute of Technology (MIT) professor Silvio Micali, seeks to build an app development platform for enterprises. The project previously obtained $66 million in funding, releasing the testnet to a limited group of participants prior to the public rollout. Among them was Top Network, a decentralized cloud communication service which subsequently formed a …

As reported by Cointelegraph on Jan. 24, the press service of the Massachusetts Technical Institute (MIT) announced the development of a new cryptocurrency design based on the proof-of-stake (PoS) protocol. Ethereum — Algorand’s closest competitor, according to the existing estimates — will launch its PoS system sometime between 2019 and 2021. Scheduled updates required for a gradual transition from the proof-of-work (PoW) to a PoS algorithm have been regularly postponed by the Ethereum Foundation due to network vulnerabilities and failures in the process of the network’s upgrade. Trilemma: It's all about scalability The term “trilemma” was first used by Vitalik …

Amid a seemingly constant stream of new concepts claiming to be key to crypto to breaking through to the financial mainstream, one immovable issue remains ever-present: scalability. The crypto community is abuzz with new projects relating to the issue, from the Bitcoin (BTC) Lightning Network to a brand new cryptocurrency designed by some of the top names in crypto and American academia. Cointelegraph takes a look at the latest scalability developments and what they can bring to blockchain and crypto. Some of the United States’ finest academic and technological have come together in a new project aiming to launch a …

Researchers at the Massachusetts Institute of Technology (MIT) have reportedly developed a cryptocurrency that needs transaction-verifying nodes to store 99 percent less data when compared to Bitcoin (BTC). The development was reported on Jan. 23 in a post on the MITNews Blog. The cryptocurrency in question is dubbed Vault and will be presented at the Network and Distributed System Security Symposium (NDSS) next month. According to the aforementioned post, the cryptocurrency “lets users join the network by downloading only a fraction of the total transaction data.” Vault also reportedly deletes empty accounts and permits the verification of transactions employing only …

Blockchain can allow for the creation of a borderless economy, Massachusetts Institute of Technology (MIT) professor Silvio Micali claimed in a interview on Bloomberg’s Daybreak Asia, Jan. 21. Speaking on the show, Micali outlined three major properties of blockchain systems that must function simultaneously to enable a more inclusive and borderless economy — security, decentralization and scalability. According to MIT’s Ford Professor of Engineering, until recently, only two of those three basic properties could have been achieved simultaneously at any time. When asked about scalability in particular, Micali stressed that a decentralized system really needs superior technology to provide the …

Ubanx, a crypto startup, plans to bring digital currencies to the real world and accelerate their mass adoption by opening brick-and-mortar stores in cities around the world, in order to give everybody an opportunity to understand and embrace the emerging world of crypto. Even before it opens its first retail store, Ubanx is setting a lofty goal to become “the Apple Store of crypto” - with a focus on ease of use and quality of service. To anybody who walks into its retail stores – known as Ubanx Spaces – the company will offer quick access to Ubanx’s mobile app …

The New York State Department of Financial Services (NYDFS) yesterday released the third and final revisions to its BitLicense legislation. The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation. Two previous versions of the regulations received much criticism and the third is no different. Here are some Bitcoin community reactions to the updated NY BitLicense: Jesse Powell, co-founder and CEO, Kraken: “The heavy compliance costs on digital currency exchanges will make it much more difficult to operate a profitable exchange in the state. Many fear it will stifle innovation in …

MIT cites major flaws in the NY BitLicense, Euro Banking Association issues a report on 'Cryptotechnologies,' Denmark will discontinue the printing of new fiat money in 2016, former MasterCard general manager joins BitPay, and more top stories on May 13. MIT Cites 'Critical Flaws' in BitLicense Proposal MIT Digital Currency Initiative director, Brian Forde, has published a blog post where he cites the four "critical flaws" in New York's BitLicense. According to Forde: "If changes to the proposed BitLicense are not made, only a handful of the most well-funded companies will survive — not because they are providing the best …

Peter Todd, a Bitcoin core developer has outlined his view that more regulation on all levels is on the way for the digital currency sector; Stellar adopts SCP protocol proposed by a Stanford professor; Gavin Andresen has called ex-Bitcoin Foundation board members Shrem and Karpeles a “black eye” for the organization, and other top stories for April 16. Peter Todd expects greater, and more in depth, government regulation of Bitcoin Bitcoin core developer Peter Todd warns that he expects increasing governmental regulation within the digital currency sector, not only at the level of exchanges and services, but possibly also within …

The Massachusetts Institute of Technology (MIT) could become an important pillar for Bitcoin in the near future, as director of the MIT Media Lab Joi Ito has proposed hosting a Bitcoin standards body at the institution. Ito, who some may know from his analytical comparison between Bitcoin and the Internet, told high-tech economy news site Xconomy that he is close to unveiling plans for MIT to establish an independent and neutral home for the development of Bitcoin standards. Although the exact details have not yet been discussed publicly, Ito mentioned two prominent MIT names who may help work the plan …

MIT Bitcomp has produced its first winners – and community judges were taken aback by the scale of talent the project has unveiled. Part of the MIT Bitcoin Project, which will see all MIT undergraduates receiving US$100 next semester, Bitcomp challenged prospective, current and past students as well as outsiders to create the ultimate yet ‘doable’ Bitcoin innovation. Among the judges was popular blogger Two-Bit Idiot, who was particularly impressed by the ideas the entrants put forward: “There were charitable applications, educational apps, and projects geared towards improving the ethnic and gender inclusivity of Bitcoin. There were even teams working …

It really should not come as a surprise that Bitcoin would find a home on many university campuses but for it to be a popular idea at a university like the Massachusetts Institute of Technology (MIT) should be a no brainer. MIT is one of, if not the top technical university in the United States, possibly the world. University students, especially tech, economics and hard science students, tend to look at how things might be several years in the future and if the idea of cryptocurrencies gains popularity with them there is a excellent chance that the idea's future is …