I highly recommend people learn about this guy Patrick Byrne the Overstock CEO and his project tzero. Its going to run on flo a 4m marketcap chain starting in 3 weeks…no bullshit.
Bitcoin.com is pleased to unveil plans to offer one of the world’s first oracles for smart contracts on the Bitcoin Cash (BCH) blockchain. The autonomous feature will allow specialized prediction markets and decision-based transactions for sports scores, political results, and market exchange rates.
Since the Bitcoin Cash network upgrades in May and November, the protocol and its scripting language is now far easier for coding smart contracts, decision-based transactions, and predictive oracles. Aided by opcodes like OP_Checkdatasig (DSV) and Bitcoin Cash’s 32MB blocks, BCH is one of the simplest and most secure platforms to build your smart contract. By building the Bitcoin.com Oracle, we plan to utilize the benefits of the BCH network and all the new features added during the last upgrades in order to provide verifiable multi-sourced facts.
The basics of an oracle with enough valid data can prove ideal for executing decisions and triggering smart contracts. Back in the ancient days of civilization, humans often visited oracles, validated reports, created prediction markets, and attempted to forecast the probability of outcomes in order to make better decisions. With the new opcodes like DSV, Bitcoin Cash network participants can validate data when certain conditions are met within the smart contract. BCH-based oracles can theoretically trigger any type of smart contract from any type of data that exists outside the Bitcoin Cash blockchain.
There are so many use cases for BCH-powered oracles and autonomous contracts that can be executed by using verifiable data. With Bitcoin.com’s Oracle, we hope to provide tools that can monitor personal goals, track sports results, detect exchange rate movements, record social media platforms, and monitor news. Alongside this, you could even track the Bitcoin Cash code repository, pull requests and more with our oracle pulling data from Github’s API and other sources. Historically, oracles have been centralized, but by utilizing the security of the distributed BCH ledger we can trust the autonomous oracles to determine certain outcomes. Going beyond the limits of centralized entities, BCH-based oracles provide the means for global participation because peer-to-peer BCH transactions are cheap and reliable.
At the moment our Bitcoin.com Oracle is still under development. But if you would like to get in on beta access when the code is available, please sign up for our Oracle Newsletter. Furthermore, if you would like to contribute or provide feedback, you can reach out to us through the oracle landing page and we’ll get back to you as soon as possible. “We’d love some help charting out exactly what the most usable platform would look like for the users,” explained Bitcoin.com CEO Roger Ver on the Reddit forum r/btc on Monday.
What do you think about the Bitcoin.com Oracle idea? Let us know what you think about this project in the comments section below.
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The post Bitcoin.com’s Oracle Aims to Bolster BCH-Powered Smart Contracts appeared first on Bitcoin News.
Bitcoin has the potential to become a new asset class in the next ten years, according to the CEO of crypto derivatives platform BitMEX
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The Irish High Court has ruled that a convict’s Ethereum, which was discovered after the initial investigation and sentencing, could be confiscated as “proceeds of a crime”
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France’s National Assembly has rejected a number of tax amendments aimed at lowering taxes for cryptocurrency traders and users. Among rejected amendments are those concerning capital gains and losses and crypto tax exemptions.
The French National Assembly rejected a number of tax amendments designed to benefit cryptocurrency traders and users on Monday, local media reported.
One of the rejected proposals concerns the increase in annual tax exemption from €305 ($347) to either €5,000 or €3,000. The National Assembly believes that “305 euros is already quite favorable,” stating that compared to how securities are taxed, “increasing to €5,000 or €3,000 seems particularly excessive.”
Another amendment that did not gain support was one to allow capital gains to be taxed on the same basis and under the same conditions as securities under the current system. Similarly, the amendment to distinguish between normal crypto-related activities and occasional ones that would result in more favorable taxation for cryptocurrency users was turned down, as was a proposal on crypto-related capital losses.
In addition, the amendment outlined in Article 16a to only tax gains on cryptocurrencies when they are sold and withdrawn to a bank account, instead of taxing them based on their values converted into fiat on crypto exchanges, was also denied.
While a number of amendments have been rejected, the proposed 30-percent flat tax for cryptocurrency transactions was not part of the proposals considered on Monday. It is, therefore, still part of Article 16 Bis. Currently, crypto assets are taxed at 36.2 percent, which is 19 percent income tax and 17.2 percent social contributions. It was mentioned at the National Assembly meeting that “a flat tax rate is positively welcomed for its simplicity and legal certainty.”
Reuters previously explained that “Currently bitcoin gains are taxed at a rate of 36.2 percent while other forms of capital gains on other non-real estate assets are taxed at a flat 30 percent.” The news outlet further noted that “The finance commission adopted an amendment to the 2019 budget bill that would subject sales of crypto-assets like bitcoin to the 30-percent flat rate as well,” as news.Bitcoin.com reported.
What do you think of France’s approach to crypto taxation? Let us know in the comments section below.
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The post France Rejects Cryptocurrency-Friendly Tax Amendments appeared first on Bitcoin News.