Can a Privately Regulated Public Blockchain Boost Bitcoin’s Legitimacy?

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With the recent false accusations by various media outlets regarding the involvement of Bitcoin funding the terrorist attacks in Paris, a new topic of discussion has been creeping up among the community members. One of the ideas being talked about is how Bitcoin should do more to prevent these terrorist allegations, and take things one step further to ensure the digital currency can not be used for illegal purposes.

Also read: How to Explain Bitcoin to Your Family This Thanksgiving

Addressing the ‘Criminal Exploit’ Factor of Bitcoin

Bitcoin.com Bitcoin Criminal ActivityEven though Bitcoin and its underlying blockchain technology present a multitude of positive aspects, there are some concerns to take into account as well. On the one hand, it’s quite powerful to use a digital currency allowing users to send money around the world in a matter of mere seconds, with little to no transaction costs for doing so.

On the other hand, however, this also poses a risk to misinterpret the use of Bitcoin transactions. Funding terrorism attacks with Bitcoin is not impossible, although it’s still unclear as to whether or not this has ever happened in the past. 

Regardless of how Bitcoin is used, the topic of how developers can prevent the usage of digital currency for illegal operations deserves further consideration. Achieving that goal is not as easy as anticipated, though, as Bitcoin is designed to be a global currency used by anyone for whatever reason. Changing the core technology of this digital currency is not something that can be done overnight.

Addressing the semi-untraceable nature of Bitcoin can play an important role in this process. Even though the blockchain allows anyone in the world to track Bitcoin payments from origin to destination in real-time, the digital currency takes on an “anonymous” aspect according to the outside world.

Private blockchains, also known as “permissioned blockchains,” or “bankchains,” are not the answer either, however. A balance has to be found between the transparent nature of blockchain technology and retaining a certain level of user privacy. The concept of a proprietary, privately regulated public blockchain could be an option well worth considering for the [near] future.

Privately Regulated Public Blockchain?

Bitcoin.com Bitcoin Stop TerrorismHaving the words “privately,” “regulated,” and “public” in the same sentence may sound quite awkward, but there is some merit to this idea. Unlike what most people might think, a private regulated blockchain would take nothing away from the openness and transparent nature of Bitcoin’s blockchain, as it would rather bring additional tools to the table.

The community will always remain in control of a blockchain as there will never be any central authority taking control. But at the same time, a feature could be developed that will help trace and track identities of individual network users when necessary. Especially where KYC, AML and anti-terrorism compliance is concerned; such an addition could help shape Bitcoin’s legitimate image.

While a privately regulated public blockchain would require major edits to the Bitcoin source code, the concept would allow for the creation of a personal identity-linked credential authentication protocol. Many companies and institutions are exploring the boundaries of blockchain technology, and creating a new authentication protocol would be an excellent use-case.

Many bitcoin users are drawn to this digital currency for its pseudonymity, and the change to private regulated public blockchain will not change that aspect. What it will do, however, is allow regulators and government officials to determine someone’s identity when they feel the need to do so.

Some people may argue this would be a bad idea, and how it would remove Bitcoin’s pseudonymity altogether. While others may argue this would be a positive change to give Bitcoin a more mainstream appeal. It is up to the Bitcoin developers to think of a way to combine pseudonymity with the option to track individual identities in such a way that [nearly] everyone is pleased with the outcome.

Aten Coin Shows How This Can Be Achieved

Bitcoin.com Aten CoinCreating anti-terrorism technology is nothing new in the world of digital currencies, though. Aten Coin is the only currency to achieve this goal so far, and its underlying technology is copyright protected in the US, as well as patent pending in the EU. That being said, their team has made the concept of a privately regulated public blockchain work so far.

National Aten Coin Foundation Founder Marcus Andrade stated in a press release:

“As senders and receivers of all transactions can be revealed, any thieves or hackers who steal the Aten Coins can be easily traced and tracked by retrieving personal identities of the receivers from the client information database.”

“Moreover, the credential authentication mechanism behind Aten Coin allows a user to change the credential to stop coins being transferred out from a stolen wallet. As a result, NAC’s invention can prevent atencoins from being stolen,” he added.

Whether or not private regulated public blockchain technology will ever become a part of the Bitcoin source code remains to be seen. It would be an interesting change; that much is certain. But at the same time, developers have to keep the core values of Bitcoin in mind as well, and the community’s opinion should be weighed carefully.

What are your thoughts on introducing privately regulated public blockchain aspects in Bitcoin? Do you see a different solution? Let us know in the comments below!


 

Source: News Tip/PRNewsWire

 

First Aten Coin Conference Held in Warsaw, Poland a Major Success

The First Aten Coin Conference held in Warsaw Poland October 28th 2015 was a major success. There were over 100 attendees that came from all over the world. Those in attendance came from very diverse backgrounds from government officials, those working in the financial sector, investors, merchants who will accept Aten Coin as payment, to those who were just interested in Aten Coin and how it will become a global currency.

There were a couple of interesting panels where the issues digital currencies will have in the future with KYC/ AML policies.

The concept that all bitcoins were tainted with illegal activity previously and this is something governments could not get past.

Founder Marcus Andrade presented Aten Coin in front of a packed crowd. He described the advantages Aten Coin has over other digital currencies with the ability to know who holds each coin at all times. The NAC (Aten Coin Foundation) The NAC plans on working directly with global governments to report any suspicious activities that may occur.

About Aten Coin

Headquartered in Las Vegas, Nevada, National Aten Coin (NAC) is the creator of the Aten “Black Gold” Coin, a cryptocurrency (a form of electronic money) and its global payment transaction network. The official website of Aten Coin is AtenCoin.com. While maintaining privacy of customers, the NAC utilizes proprietary techniques to verify ownership of coin holders, secure and monitor transactions, trace and track identities of senders and receivers, keep recordkeeping efforts transparent, protect coins from stealing.

For more information please visit: AtenCoin.com, AtenPay.com and AtenWallet.

Image taken from http://www.traveltoeasterneurope.com/

Aten Coin Conference 2015 Recap

With over 100 people in attendance the first annual Aten Coin Conference drew in quite a large crowd.  With the venue being located in Warsaw, Poland, it was fairly accessible for people all over the world to attend this conference.  But what makes this group of attendees even more interesting is how they represented a wide diversity of backgrounds and aspects of life.

Ranging from government officials to investors, merchants to people active in the financial sector, and regular enthusiasts looking to find out more about the Aten Coin project, these attendees represented a good mix of various sectors.  It is positive to note there are people with a real genuine interest in Aten Coin because this project deserves more praise than it has been getting so far.

Additionally, several of the attendees are curious to see how Aten Coin will keep evolving over the next few years.  They firmly believe this digital currency can become a global currency in due time.  Whether or not this will be the case remains to be seen.  People active in the world of Bitcoin and other digital currencies may disagree with the atttendees opinion, but there is no reason there can’t be multiple valuable digital currencies in the world.

Aten Coin is somewhat of an odd creature in the world of cryptocurrencies, as this project is focusing on being regulatory compliant unlike any other coin has done before.  Especially where Anti-Money Laundering and Know Your Customer regulations are concerned, Aten Coin is keeping a tight lid on who can purchase this currency and who can not.  Those who are interested in purchasing Aten Coin will have to go through a verification procedure.

One of the topics brought up during these KYC/AML topics was how all Bitcoins in circulation have been tainted due to being used in illegal activities at some point.  Even freshly mined coins can be sent to an exchange wallet where tainted funds are stored, making the new coins “tainted by association”.

For most people this does not seem to be an issue anyone should be worrying about right now.  However, government officials are having a hard time getting past this ideology, due to it being one of the main reasons why Bitcoin is being so intensely scrutinized regarding regulation.  Aten Coin is different in this regard, as it is possible to identify coin holders at any given time.

On this same topic, the Aten Coin Foundation (NAC) is planning to work directly with global governments to report any suspicious activity occurring within the Aten Coin ecosystem.  Digital currency was never designed to be used for illegal activities and Aten Coin is taking things one step further than most other alternatives in existence today.