f1as0N91s5

Public vs. Private Blockchain

Blockchain is taking the world by storm. There are two types of blockchain available. These include- public and private blockchain. As the name suggests, the public blockchain does not need permission, while the private blockchain needs permission to access the network place.

In the public blockchain, anyone can join the network without the permission of the other user or the admin. You can read, write, and take part in the transactions when you are in the public blockchain. It is a decentralized system that no third party would have control over the network. When the data is verified on the blockchain, you cannot change or delete the entry. No one has control over the data.

On the flip side, the private blockchain would need permission to participate in the blockchain activities on the network. There are restrictions on the type of transactions you can carry out and who all can take part. The worst thing about the public blockchain is that any individual can come and write the data on the blockchain, and the other individual can view it.

Examples of public blockchain platforms include Litecoin, Bitcoin, and Ethereum. These are permissionless, but it protects the identity of the user by keeping them anonymous. There is a discussion that the Ethereum blockchain cannot be used to control the permission to the data. In the actual scenario, you can give permissions to the people who all can access the data, but you are not provided with the required tools that you find on the private blockchain platform.

In the public blockchain, everyone must follow the rules and stay transparent. Honest participants also get rewards. In the private blockchain, people who misbehave have to suffer.

In the public blockchain, the bitcoin system transactions that are carried out would remain public. You can view the address of the sender’s wallet, the amount that is transferred, the wallet address of the recipient, and the time at which the transaction took place.

Businesses and individuals use a private blockchain. All cannot view the details of the transactions. The private blockchain would allow only the authenticated machines to join the network and carry out the ledger process. You can only carry out the transactions that are approved on the blockchain. There is an institution that governs and runs this blockchain. Due to this, it has become an ideal choice for business people to use blockchain. The transactions they are carrying out, and the transaction amount would remain secure.

Benefits of public blockchain

Here are a few benefits you can reap by using public blockchain:

Read and write the data

Anyone can take part and carry out the transactions on the blockchain. All can view the transactions.

Distribution of ledger

There is no centralized database available. Every node would take part in the verification of the transaction.

Immutable

When you write something to the blockchain, you cannot change it.

Highly secure

The public network is highly reliable compared to the private. Yes, you heard it right. This is due to decentralization. There would be no third party involved in between the transactions that are carried out between the sender and recipient. There will be many nodes, so the unethical people find it tough to attack the system and gain unauthorized control. The private blockchain gives more scope for hackers to attack and steal valuable data. There are high chances for the bad actors on the network to pose a serious threat to others on the network.

Benefits of private blockchain

Few of the benefits that you can reap using private blockchain include:

Enterprise controls the blockchain transactions

The resources are under the control of the authorized enterprise, and only authorized users can access the blockchain to carry out the transactions.

Quick transactions

The nodes are distributed locally, so there would be very less number of nodes to take part in the ledger, and therefore the transactions would be quick.

Highly scalable

You can add the nodes on-demand with the increase in the number of users and transactions.

Stay compliant

The enterprise must adhere to the compliance requirements. When you have control over the infrastructure, it becomes easier for you to stay compliant.

Consumes less power

The public blockchain would use a lot of electricity to run as there will be a lot of nodes connected to the network. The best part of using private blockchain is that you can save big on the electricity bills.

Trustworthy

Anyone can verify the records on the public blockchain. However, with a private blockchain, the records cannot be verified independently. Network integrity depends on the authorized nodes.

Conclusion

Public and private blockchain would work on the same technology, but the public ones would maintain transparency in the transactions performed. In contrast, private ones would avoid others from accessing your information and misuse it.

Craig Wright Owns Bitcoin Address with Stolen Mt Gox Funds

The ex-CEO of Mt Gox has tweeted about Craig Wright. In the tweet, is it clear that there are some legal documents that his legal team is sending to a few of the selected people? The legal team stated that Wright owns the bitcoins and has the bitcoin address with him. However, the funds that are in the bitcoins are stolen through the defunct crypto exchange.

Crypto communication is informed of transactions.

Craig Wright is known to be the actual Satoshi Nakamoto. There were never any valid points from this person to argue on his statements. His claims were submissive to the crypto community. The new controversy arose with Mark Karpeles, who the ex-CEO of Mt Gox is discussed being called up by the lawyers of Wright. Many letters are sent to different crypto communities by the firm that is based out of the UK, SCA Ontier, stating that they would act for the people. Earlier, they have acted for the Tulip trading limited, and now they would want to act for Dr. Craig Wright, who is another Satoshi Nakamoto. This person is the creator of bitcoin. In the letter, it is clear that both the Tulip and Wright have 79.900 BTC of bitcoins worth USD 755 million. This price is quoted based on the current price of bitcoin in the market. Many people have shared the same kind of letter from different parts of the world.

What does the letter claim?

There are two different addresses of the bitcoins that are owned by Tulips as per the letter. One of the unsplit addresses is 1Feex. It is the address of the bitcoin that is taken from Mt Gox in 2011 unethically. According to Craig Wright, he owns this address until today. He owns the legal rights for its damages.

Adam Back and Samson Mow, who is from Blockstream, spoke about this 1 Feex address. As per Ricardo Spagni, Craig Wright is the one who stated that he stole the money from Mt Gox. There is a screenshot regarding the same shared by Karpeles in a private discussion channel held on Slack. It is the discussion that happened between them. In the debate, he stated that no funds were being stolen.

The accusations look not as real as the credibility of the London based firm is not validated. However, for now, Craig Wright is thrown out from Twitter for some time. Due to the suspension from this social media channel, he shared the information through Slack and the personal blog.

Mt Gox incident

There were only a few exchanges that were selling and buying bitcoins a few years ago. There is only one reliable platform called Mt Gox, and it is owned by Tibanne limited. It is in Japan. Mt Gox handled around 70% of bitcoin transactions. Not many showed interest, which resulted in losses for the company, and this platform went into oblivion in 2014. There were many hacks, and thefts took place. Around 850,000 BTC were stolen. Few are recovered, but there is no proof 600,000 BTC till today.

Controversial king of bitcoin

Craig S. Wright, known to the most contentious bitcoin personality, is known to be claiming ownership on two other bitcoins. He has filed the legal case. The 1Feex address has funds that he stole from Mt Gox. This person is unintentionally pulling himself into the bitcoin crime. He is recognized as another Satoshi Nakamoto for his dubious activities.

The reason why Craig Wright claimed that he stole the bitcoin

Craig Wright presents himself to be the creator of bitcoin like Satoshi Nakamoto. The claim is dubious. There are many scenarios where this person has claimed to own many bitcoin addresses. The 1Feex bitcoin is stolen from Mt Gox. However, it is found to be receiving in March 2011. The current worth of the bitcoin is USD 755 million. When he claimed to own the bitcoin, he also admitted that he is involved in the theft of Mt Gox in 2011.

However, the letter claims that the 1 Feex bitcoin address belongs to Tulip trust, which is known to be the company that unethically controls the bitcoin money. Wright wants to get all these funds and therefore claimed it to be stolen.

Does Wright own this bitcoin address?

It is not true that Craig Wright owns 1 Feex. Many other bitcoin addresses were claimed to him in the past. However, the bitcoin owners have come ahead to prove their ownership on the bitcoins with proper proofs such as signing messages and keys.

In the letter, he claimed that the key for 1 Feex is stolen in February. When there is no key, he would be unable to transfer funds or sign the messages from the bitcoin address. The person who owns the key would be able to transfer funds.

However, there is no concrete proof that he owns this bitcoin. This person makes many arguments.

Is it tough to stop Craig Wright?

Wright unintentionally put himself in trouble through this bitcoin crime. It resulted in the damage of this reputation in the crypto community and world. This news will not have any kind of impact on the pending court cases. The irony is that these claims will not further stop him from filing the lawsuits. There are a few people who want to sue this person for claiming to steal funds, but there is no clarity on suing him would be practical.

Conclusion:

Craig Wright claims to be the creator of Satoshi Nakamoto by giving some invalid evidence. SCA Ontier law firm that is represented Wright in the court contacted the Block stream team. This person is claiming to own two specific bitcoin addresses. There are no concrete proofs for claiming the ownership of those addresses with Craig.

Liechtenstein Bank Can Now Custody Crypto

In partnership with Hong Kong-based Hex Belief, Mason Privatbank Liechtenstein AG is the newest addition to the list of banks that can hold digital assets for its customers. The Chief Markets Officer of the Liechtenstein Bank, Hubert Buechel, said that the bank has many high-net-worth individuals as its clients across Europe and Asia. They are curious about expanding their portfolio and investing in stable coins, cryptocurrencies, and digital tokens. The bank has decided to go ahead with minimally invasive integration because the transaction numbers are not high at the moment. 

Hubert Buechel said that while the customers of the bank do have an ongoing interest in investing in digital assets, there are no day traders in the list of bank’s customers as of now. In the future, the Liechtenstein Bank may consider joining hands with Hex Belief by way of SWIFT integration. The bank may also push for developing an API interface that would connect Hex Belief with the core of the bank. 

Hubert Buechel joined the Liechtenstein Bank in July after a long stint at the Liechtenstein-based Bank Frick. The Bank Frick is one of the household banks in the country that was amongst the first few banks globally to allow its customers to invest in cryptocurrencies directly. Mason Privatbank Liechtenstein aims to attract clients looking to hold, invest, and in the future, trade in cryptocurrencies and add digital assets to their portfolio. The CEO of Hex Belief, Alessio Quaglini, said that Mason Monetary Holdings, the parent company of Mason Privatbank Liechtenstein, is the first Asian bank that Hex Belief has partnered with. 

The bank’s shoppers would even get the facility to borrow, lend, stake, or sell the cryptocurrencies, facilitated by Hex Belief. Quaglini said that his company aims to integrate and interconnect the world of traditional assets and digital assets to create an ecosystem that is mutually beneficial for all parties involved. In the second half of 2020, Hex Belief is planning to increase its outreach in Europe by setting up offices in Germany and Italy. 

Hex Trust holds the TCSP or Trust or Company Service Provider license that comes under the statutory financial Hong Kong law of Anti-Money Laundering plus Counter-Terrorist Financing Ordinance. The company has even moved to gain the capital markets custody license in Singapore and has entered the Monetary Authority of Singapore sandbox as well. 

Hex Belief, for the time being, is provisionally authorized to provide crypto custody services as permitted by the Financial Supervisory Authority of Germany. In the near future, the company is planning to apply for a crypto custody license in Germany. 

The financial world has changed dramatically in the last couple of decades, and with the advent of cryptocurrencies, it seems the transformation is far from over. Many new avenues are opening up for the consumers to invest, hedge, and trade, which may potentially be better than the traditional options available. With the banking world slowly embracing the world of digital assets and integrating cryptocurrencies custody and trading services to its list, the future seems bright for the cryptocurrencies.  While it may take a long time for the digital assets to become as mainstream as traditional financial assets, the process has begun. The crypto-world has come too far too soon, and it won’t be wrong to say that it is still in its nascent stage. The experts believe that as the blockchain technology evolves, it offers endless possibilities of what can be achieved through it, and not only in the financial world but in other sectors as well.