JUL 29 DIGEST: Lawsky Denies Working in Bitcoin Space; CoinTape Lets Users Find Optimal Transaction Fee
Benjamin Lawsky claimed he is not working in the digital currency space; a new CoinTape service lets Bitcoin users find optimum transaction fees, and more news.
BitLicense creator Benjamin Lawsky claimed he is not working in the digital currency space; a new CoinTape service lets Bitcoin users find optimum transaction fees, and more top stories for July 29.
Benjamin Lawsky Claims Not to Work in the Digital Currency Space
When Lawsky announced in May that he was stepping down as superintendent of the New York Department of Financial Services, he revealed that he would be launching his own legal consultancy. But in contradiction to reports by the New York Post, the creator of the much maligned BitLicense now specified that he is not working in the digital currency space.
“I’m doing no work in the digital currency space. […] The rules are clear, I can’t work in the Bitcoin space on anything related to my work at NYDFS or BitLicense.”
Ethereum Announces Official Release Date
Ethereum has announced the official release date of the first ‘Frontier’ version, and provided a guide for setting up mining clients, clarifying some confusion about the release process. Staying true to the decentralization ethos, the Ethereum team has elaborated on their “launch” plan, which will be more of a grass roots emergence of the network rather than a release from a central point.
Ethereum's Stephan Tual explained:
“In the interest of decentralization and transparency, Ethereum will not provide the Genesis block as a download, but instead have created an open source script that anyone can use to generate the file.”
CoinTape Lets Bitcoin Users Find Optimum Transaction Fee
A new service is helping bitcoin users find the optimum transaction fee to have their transaction processes by Bitcoin miners. Utilizing network data, CoinTape lets users compare the current waiting times associated with various fee tiers, calculated in satoshis per byte. With Bitcoin blocks filling up, this could help a fee market establish on the Bitcoin network. The service claims to predict delays with 90% confidence.
Blythe Masters: Blockchain Technology Can Transform Banking
In the opening keynote at American Banker's Digital Currencies + the Blockchain conference, former JPMorgan Chase executive Blythe Masters said that Blockchain technology can be used to help financial-services institutions accomplish “their most important goal” — improving customer service. Masters also said the first application of blockchain tech will be post-trade processing, rather than payments, securities or derivatives solutions.
“I believe that [blockchain] technology has the potential to truly change the way the financial world operates, to reduce costs, reduce efficiency, reduce risks and ultimately provide better customer service, which ultimately is what financially services needs to be all about.”
Bitcoin Friendly Payment Processor Stripe Partners with Visa
Bitcoin friendly payments processor Stripe has announced a collaboration with Visa following a US$5 billion dollar valuation. The move, which will see Stripe work with the credit card giant to improve digital transactions, comes as Stripe secures major investment from Visa, American Express and Sequoia Capital.
Patrick Collison, co-founder and CEO of Stripe, said:
“As Stripe thinks about the best ways to move the overall payments ecosystem forward, the biggest determinants on the financial side are the credit card networks […] We hope to continue working closely with them.”