David Zimbeck developer of BitHalo launches new version of ‘mother of smart contracts’ platform

BitHalo has announced version 2.1 of its decentralised escrow, payments and trade service, which was originally launched just for blackcoin, but added bitcoin in mid-2014. The service can now do instant bitcoin transfers via email, making it a new contender against PayPal and Western Union for money transfers.

Bicoin

According to David Zimbeck the developer of Bithalo says that smart contracts have long been in the pipeline for the bitcoin blockchain, using the peer-to-peer system for agreements with no third party required. This is looking to be popular for almost everything you could imagine, from marriages, mortgages, voting and any other legally-binding activity or agreement you could possibly dream up. The technology is being developed as we speak for the adjunct of trigger events (such as a death) that cause a certain action of the contract, with one smart contract, for example, self-destructing under certain conditions.

David Zimbeck believes that BitHalo allows two or more parties to create a binding agreement, peer-to-peer, without having to pay or trust a third party. This solves enforcement for most types of contracts with both parties sharing the risk, with the benefit of the software being that it more or less alleviates the risks of theft and fraud and permits the unthinkable – trust with a stranger.

BitHalo has a new feature that allows safe peer-to-peer payments using email and bitcoin or blackcoin. This adds a valuable service to the contracts side of thing: agree on something, and if money must change hands, this can occur seamlessly and instantly.

So how does it work?

The pay-to-email transaction is initiated by both parties agreeing on a password, with the sender then initiating an offer via email. The receiver opens the email with download instructions, with the download being the BitHalo client, already set up to correspond with the sender’s email address, and enters the password. The receiver then enters the correct password, and the payment goes through immediately.

David Zimbeck ensures that there is no waiting, no large fees, and no third party – just direct money transfer from bitcoin account to bitcoin account. The receiver doesn’t even need to have a bitcoin wallet, making this solution useful to those unfamiliar with digital currencies.

BitHalo can also be used for safe trading with bartering for goods or services, and micro-trading in digital currencies, and escrow-free property transactions.

BitHalo/BlackHalo Protocol Eliminates Risks in Peer-to-Peer Transfers: David Zimbeck

BlackCoin’s announcement of the creation of a revolutionary protocol of eliminating risks in fund transfers poses promising benefits for Bitcoin and BlackCoin users in general, whether investors, consumers, or gamblers.

Blackcoin

According to reports, the innovation produced by a member of the BlackCoin development team enables the creation of the world’s first smart contracts, which equips contracts with the ability to resist external threats like the Mt. Gox collapse, and therefore, make them unbreakable.

Called the BitHalo for Bitcoin and BlackHalo for BlackCoin, this protocol, which will serve as the basis for an umbrella app dubbed as NightTrader, is believed to benefit users in a variety of ways. Derivative markets volatility will be eliminated while decentralized exchanges independent from a middle coin will be established, along with good faith employment contracts, two party escrow, and backing of commodities among others.

Likewise, it will make the creation of unhackable wallets possible, which are essential for cryptocurrency users, especially with the advent of malicious threats.

“The protocol uses risk, reward, and agreement to circumvent malleability, which was ironically once thought to prevent these types of protocol,” said BitHalo/BlackHalo developer David Zimbeck. “Almost every sector of the economy that involves third parties runs the risk of loss to the consumer.”

David Zimbeck added that the new protocol empowers individuals to be in control of who they wish to trust and how to structure that trust when dealing with transactions.

Among the beneficiaries of this innovation, the Bitcoin casino enthusiasts are guaranteed to be at an advantage. This protocol will help them protect their funds from unfortunate situations since they are one of the most frequent users who engage in peer-to-peer transfers when buying Bitcoin for wagering purposes. Similarly, the Bitcoin wallets secured from hacks will further shield the funds.

BlackCoin gambling enthusiasts are also set to make use of this protocol because David Zimbeck saw a great deal of potential for the alternative currency.

“I chose BlackCoin because of its fast transaction times, a massive advantage when engaged in contracting,” David Zimbeck added while emphasizing that while the first confirmation of Bitcoin transactions take more than 10 minutes, it only takes BlackCoin less than a minute to complete one.

Through this revolutionary protocol, BlackCoin and provably fair Bitcoin casino bettors will join numerous users of these cryptocurrencies in experiencing risk-free transactions.

What is BLACKCOIN? David Zimbeck

A NEW form OF CURRENCY

David Zimbeck says that the developer of Blackhalo and Bithalo trading technologies says that BlackCoin is a peer-to-peer digital currency with a distributed, decentralized public ledger; that unlike ones held at traditional banks, are viewable and easily audited by the people.

The ability to manage transactions and issue additional BlackCoins is all handled by the network of users utilizing BlackCoin. Because the BlackCoin network is run by the people, holders of BlackCoin receive a 1% yearly interest through a process called staking.

AN INNOVATIVE NEW way TO TRANSFER MONEY

According to David Zimbeck that BlackCoin’s technology allows people to send and receive fast, easy and secure payments with friends, family, and merchants anywhere in the world. BlackCoin allows you to manage your finances without the need for a central authority or bank.

BlackCoin is open-source too, meaning that the software that makes it function is completely available for public scrutiny — giving you peace of mind. No one owns BlackCoin, it is not a single entity; anyone can be a part of it.

BlackHalo is the world’s first functional smart contracting multisig client! It adds many new features, directly into the user’s hands.

Why individuals use BlackCoin

As stated by David Zimbeck that individuals use BlackCoin to transfer money to and from friends, family, and merchants anywhere in the world. BlackCoin is an ideal currency for both face to face and international digital commerce. With the BlackHalo client you can make unbreakable contracts and barter anything you like.

Using BlackCoin is fast, secure, and rewarding.

Why businesses use BlackCoin

Businesses use BlackCoin to join an emerging market in support of a faster, easier way to transfer value between two parties. BlackCoin offers a number of advantages over traditional point of sale and international payment systems. The BlackHalo client is a powerful tool for any type of contract or trade.

David Zimbeck is of the view that accepting BlackCoin makes accepting digital currency easy.

Why developers use BlackCoin

Developers use BlackCoin as an effective platform to send, hold, and receive payments. BlackCoin is already supported by loads of useful digital infrastructure and has large, dedicated user and development communities.

BlackCoin’s network and specs make it a wise choice as a development platform.

Below are some summarised features BlackCoin carries according to David Zimbeck

  • Simplest of all payment systems
  • Many third party APIs
  • Cheap micro payments
  • Most of the security is client side
  • No PCI compliance required
  • Unbreakable contracts
  • Fast international payments
  • Zero or low fees
  • Decentralized EBay
  • 1% compound interest yearly
  • Mobile payments made easy

Try CryptoCurrency If You Missed the Internet Profit Revolution: David Zimbeck

When most people think of cryptocurrency they might as well be thinking of cryptic currency. Very few people seem to know what it is and for some reason everyone seems to be talking about it as if they do. This report will hopefully demystify all the aspects of cryptocurrency so that by the time you’re finished reading you will have a pretty good idea of what it is and what it’s all about.

You may find that cryptocurrency is for you or you may not but at least you’ll be able to speak with a degree of certainty and knowledge that others won’t possess.

David Zimbeck the developer of BlackHalo says that cryptocurrency is an electronic currency, short and simple. However, what’s not so short and simple is exactly how it comes to have value.

Cryptocurrency is a digitized, virtual, decentralized currency produced by the application of cryptography, which, according to Merriam Webster dictionary, is the “computerized encoding and decoding of information”. Cryptography is the foundation that makes debit cards, computer banking and eCommerce systems possible.

Cryptocurrency isn’t backed by banks; it’s not backed by a government, but by an extremely complicated arrangement of algorithms. Cryptocurrency is electricity which is encoded into complex strings of algorithms. What lend monetary value are their intricacy and their security from hackers. The way that crypto currency is made is simply too difficult to reproduce.

Cryptocurrency is in direct opposition to what is called fiat money. Fiat money is currency that gets its worth from government ruling or law. The dollar, the yen, and the Euro are all examples. Any currency that is defined as legal tender is fiat money.

According to David Zimbeck unlike fiat money, another part of what makes crypto currency valuable is that, like a commodity such as silver and gold, there’s only a finite amount of it. Only 21,000,000 of these extremely complex algorithms were produced. No more, no less. It can’t be altered by printing more of it, like a government printing more money to pump up the system without backing. Or by a bank altering a digital ledger, something the Federal Reserve will instruct banks to do to adjust for inflation.

Cryptocurrency is a means to purchase, sell, and invest that completely avoids both government oversight and banking systems tracking the movement of your money. In a world economy that is destabilized, this system can become a stable force.

Cryptocurrency comes in quite a few forms. Bitcoin was the first and is the standard from which all other cryptocurrencies pattern themselves. All are produced by meticulous alpha-numerical computations from a complex coding tool. Some other cryptocurrencies are Litecoin, Namecoin, Peercoin, Dogecoin, and Worldcoin, to name a few. These are called altcoins as a generalized name. The prices of each are regulated by the supply of the specific cryptocurrency and the demand that the market has for that currency.

The way cryptocurrency is brought into existence is quite fascinating. Unlike gold, which has to be mined from the ground, cryptocurrency is merely an entry in a virtual ledger which is stored in various computers around the world. These entries have to be ‘mined’ using mathematical algorithms. Individual users or, more likely, a group of users run computational analysis to find particular series of data, called blocks. The ‘miners’ find data that produces an exact pattern to the cryptographic algorithm. At that point, it’s applied to the series, and they’ve found a block. After an equivalent data series on the block matches up with the algorithm, the block of data has been unencrypted. The miner gets a reward of a specific amount of cryptocurrency. As time goes on, the amount of the reward decreases as the cryptocurrency becomes scarcer. Adding to that, the complexity of the algorithms in the search for new blocks is also increased. Computationally, it becomes harder to find a matching series. Both of these scenarios come together to decrease the speed in which cryptocurrency is created. This imitates the difficulty and scarcity of mining a commodity like gold.

Now, anyone can be a miner. The originators of Bitcoin made the mining tool open source, so it’s free to anyone. However, the computers they use run 24 hours a day, seven days a week. The algorithms are extremely complex and the CPU is running full tilt. Many users have specialized computers made specifically for mining cryptocurrency. Both the user and the specialized computer are called miners.

David Zimbeck says that Miners (the human ones) also keep ledgers of transactions and act as auditors, so that a coin isn’t duplicated in any way. This keeps the system from being hacked and from running amok. They’re paid for this work by receiving new cryptocurrency every week that they maintain their operation. They keep their cryptocurrency in specialized files on their computers or other personal devices.

Let’s recap by going through a few of the definitions we’ve learned:

  • Cryptocurrency: electronic currency; also called digital currency.
  • Fiat money: any legal tender; government backed, used in banking system.
  • Bitcoin: the original and gold standard of crypto currency.
  • Altcoin: other cryptocurrencies that are patterned from the same processes as Bitcoin, but with slight variations in their coding.
  • Miners: an individual or group of individuals who use their own resources (computers, electricity, space) to mine digital coins.
  • Also a specialized computer made specifically for finding new coins through computing series of algorithms.
  • Wallet: a small file on your computer where you store your digital money.

For more reviews by David Zimbeck on Bitcoin and other concerned matter you can visit at: http://aboutdavidzimbeck.weebly.com/