The Weekly Decrypt No. 7 | February 15-19, 2016

The Daily Decrypt is a daily weekday video broadcast covering a wide variety of cryptocurrency and blockchain technology topics and news stories. At CORE Media we’ve found the broadcast to be an invaluable and entertaining resource in cryptocurrency news and provide a weekly summary of The Daily Decrypt episodes. Welcome to the Weekly Decrypt!

MONDAY

Competing Bitcoin variant, Bitcoin Classic, this week mined its first block via P2XTPool, one of approximately six small pools mining Bitcoin Classic, and doubled its node count to over 1000 nodes since last week. This number now represents 16% of Bitcoin nodes. Classic will only succeed in breaking away from Bitcoin Core if 750 out of 1000 consecutive blocks are mined by hardware supporting Bitcoin Classic.

Contrary to how it may seem, a potential Bitcoin Classic upgrade need not result in an actual hard fork at all. A hard fork only takes place if the last 25% of hashpower decides they do not wish to upgrade to Bitcoin Classic and succeed in mining a block on the old chain after a block over 1 MB has been found.

If the growth in Bitcoin Classic hashpower continues along its current growth trajectory, it’s very possible that it could accrue over 75% of Bitcoin hashpower. Several pools mining Bitcoin Classic have been offering 0% fees in an effort to interest miners in contributing their hashpower as the decentralization test bed that is Bitcoin continues to struggle for consensus and direction.

TUESDAY

For this episode Amanda sat down for a chat with Erik Voorhees, founder of ShapeShift.io exchange, on the future of money and asset exchange. Erik offers an overview of his background, how he got into Bitcoin, his work with ShapeShift.io and of the future he foresees for Bitcoin and corresponding alternative cryptocurrencies.

WEDNESDAY

Web and mobile wallets which accommodate multiple cryptocurrencies are becoming more prevalent and popular as they make it easy to experiment with small amounts of a coin and store several coins in one easy place. Four known such wallets exist:

  1. Holy Transaction – Web wallet with two-factor authentication (2FA) supporting one address for each of its 11 coins which include Bitcoin, Litecoin, Dogecoin, Blackcoin, Ethereum, Omnicoin, Gridcoin, Peercoin, Tether, Dash and RibbitRewards.
  2. Cryptonator – Available as both a mobile and web wallet with 2FA supporting multiple addresses for each of its supported coins which include Bitcoin, Blackcoin, Dash, Dogecoin, Emercoin, Litecoin, Paycoin, Peercoin, Primecoin, Reddcoin and Vertcoin. Cryptonator also has a feature which allows you to convert, automatically or upon command, between supported currencies within its wallet.
  3. CoinWallet – A web wallet with 2FA supporting multiple addresses for each of its 60 different supported coins which include all of the top cryptocurrencies. CoinWallet can also stake your Proof-of-Stake (POS) coins for you and offers a POS Payment Tracker which disburses stake rewards to your account balance.
  4. Coinomi – A mobile wallet which does not appear to offer 2FA but supports 30 different coins including most of the top cryptocurrencies and testnet for Bitcoin, Litecoin and Dogecoin. You can also use the ShapeShift.io exchange from within the wallet and make a master backup for all coins held within the wallet.

In terms of quantity of supported coins, both Cryptonator and Coinomi come out on top. However, HolyTransaction is the only option supporting Ethereum and CoinWallet is the only option for those wishing to stake their POS coins.

THURSDAY

For this episode Amanda sat down for a chat with Roger Ver, known as Bitcoin Jesus as a nod to his Bitcoin evangelism. Roger summarizes his history and background as an early Bitcoin evangelist at liberty events like PorcFest in New Hampshire and offers commentary on the status of the block size debate and the power of Bitcoin to bring about more peace by dissolving power and control structures. Also discussed are the stories behind his websites Bitcoin Bounty Hunter and Bitcoin.com and the Bitcoin startup companies in which he’s invested such as Bitcoin Hive Mind, a decentralized prediction market, and Purse.io, a website connecting buyers and spenders of Bitcoins which facilitates up to 20% discounts on orders at Amazon.

FRIDAY

For the final episode of the week Amanda sat down with Ethereum developer Vlad Zamfir who detailed the plan by which Ethereum will switch from Proof-of-Work (POW) to Proof-of-Stake (POS), the benefits and drawbacks of doing so and additional factors under consideration at the multi-million dollar blockchain network prepares its next phase known as ‘Casper‘. Much of the 40-minute discussion focuses on a critique of POS recently published by a Bitshares developer as well as questions proposed via both the Ethereum and Daily Decrypt subreddits.

All episodes of The Daily Decrypt broadcast to date can be found on their YouTube channel as well as their website and you may get involved in the discussion on cryptocurrency competition at the Daily Decrypt subreddit.