Bitcoin Magazine’s Week in Review brings you the most critical, interesting and popular news stories affecting Bitcoin this week.
This week, Facebook’s project head for Libra, David Marcus, answered concerns raised by both the U.S. House and Senate on a variety of topics. At the end of Representative Tom Emmer’s testimony in the House, the discussion transitioned into somewhat of a Bitcoin and blockchain 101 session.
The main issue with defining libra as a cryptocurrency comes from the fact that its structure would not allow for it to be decentralized and permission-less, as bitcoin is. Marcus said that libra is a reserve-backed digital currency that is intended to be used as a payment tool, similar to PayPal. The hearings have showcased how Congress’ inability to define Libra reflects the country’s generally perfunctory approach to cryptocurrencies and blockchain technologies.
Further reading: In Senate Hearing, Facebook’s Iffy Reputation Looms Over Libra Plans
Adoption and Community
BTCPay Server, a trustless bitcoin payment processor, launched a crowdfunding campaign for the Tor browser in hopes of demonstrating the impact of bitcoin-based fundraising and support for open-source initiatives from the community. The fundraiser reached its soft cap goal of $10,000 in 25 hours. So far, the campaign has garnered more than $16,690 in donations with 9 days remaining.
BTCPay Server is also expanding its fundraising model to support other open-source projects because bitcoin fundraising has the potential to disrupt how open-source projects receive revenue and change how the community supports innovative ideas. Check out the whole article for more information on how to donate to the fundraiser for Tor.
In Nozomi Hayase’s analysis of Bitcoin and its relation to the laws of nature, she explains how Bitcoin is restoring the laws of nature as a project of free software, which helps preserve peace. Bitcoin emerged after the 2008 financial crisis that weakened trust in traditional institutions. Hayase claims that Bitcoin is a natural revolt to censorship resistance, as well as its role in allowing people to exercise their right to free speech in the form of money as speech.
Newton, a new, Toronto-based cryptocurrency exchange, allows users to trade bitcoin, ether and litecoin for no fees. The company is partnered with DV Trading, a regulated proprietary trading firm, and is registered with the Financial Transactions and Reports Analysis Centre of Canada.
Newton CEO Dustin Walper said that he believes bitcoin will see mass adoption once trading becomes easier and cheaper, which is what Newton has set out to accomplish. The company will make a small profit from the “bid-ask spread” or the difference between buying and selling prices.
Privacy and Security
Graphite is a service looking to rival Google Docs and Google Drive as a safer and more secure way for companies to manage their documents and work on collective projects without compromising sensitive data. Graphite offers users encryption keys and a team access system that wards off intruders.
As of right now, Graphite is not quite up to the same standards as Google, but the company is far more advanced in terms of cryptography and security. The software is also open source, which allows anyone to submit a pull request, report an issue or even volunteer to review the code and improve it.
Further reading: Collaboration Tools Graphite and Stealthy Create Decentralized Duo
Ipek is a contributing writer for Bitcoin Magazine and helps produce video content for its parent company, BTC Media.