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Its problems regarding the transaction fees and long validation times are addressed through an innovative concept called the Lightning Network (LN) which works on top of Bitcoin by leveraging off-chain transactions. This made Bitcoin an attractive micropayment solution that can also be used within certain IoT applications (e.g., toll payments) since it eliminates the need for traditional centralized payment systems. Nevertheless, it is not possible to run LN and Bitcoin on resource-constrained IoT devices due to their storage, memory, and processing requirements. (...) Our results show that timely payments can be sent and the computational and communication delays associated with the protocol are negligible. Keywords: Bitcoin, Internet of Things, lightning network, multisignature, payment channel networks Rights: © International Telecommunication Union, available under the CC BY-NC-ND 3.0 IGO license.
Language:English
Score: 1461546.9 - https://www.itu.int/pub/S-JNL-VOL2.ISSUE5-2021-A05
Data Source: un
LEGAL ISSUES RELATED TO THE DIGITAL ECONOMY – DIGITAL ASSETS
More recently, the advent of distributed ledger technology (DLT) has allowed digital assets to exist in decentralized systems, where the use of consensus mechanisms offers a guarantee of singularity and addresses the so-called “double spend” problem.11 While digital assets supported by DLT are currently attracting significant attention globally, the principle of technology neutrality would suggest that such assets should not be the sole focus of discussion. 9. (...) In a 2015 decision, the Tokyo District Court confirmed that Bitcoin could not be classified as a “thing” for the purposes of the Civil Code. 22 16. (...) As noted by the Secretariat in its note on legal issues related to the digital economy (A/CN.9/1012, para. 29), possible future work on warehouse receipts and railway consignment notes offers an opportunity for the Commission to consider digital assets in concrete settings, particularly those in the form of asset-backed tokens.
Language:English
Score: 1461293.9 - https://daccess-ods.un.org/acc...en&DS=A/CN.9/1012/ADD.3&Lang=E
Data Source: ods
Further, as a distributed network, DLT systems offer the potential of greatly enhanced reliability and resilience against non-malicious risks as well. (...) DLT-based payments systems offer a means of replacing all of that infrastructure by reaching customers directly through their mobile phones. (...) Coins.ph focuses on inter-operability, offering payment options with ML ePay, Cebuana Ihuillier, 7-Eleven, and ECPay.
Language:English
Score: 1459217.4 - https://www.itu.int/en/ITU-T/e...-Financial-Inclusion-Paper.pdf
Data Source: un
Here’s Everything You Need to Know, available at https:// bit .ly/ 2DoWE1J 377 ibid. 378 They also offer authorities a new, and almost real-time, access to data for compliance (RegTech) purposes, while blockchains such as Bitcoin that create new decentralized currencies may challenge the current supremacy of governments in managing the national and international economic and monetary systems. (...) See Back, A (2002) Hashcash - A Denial of Service Counter-Measure, available at http:// bit .ly/ 2SowSmL; Microsoft (2016) MS-OXPSVAL]: Email Postmark Validation Algorithm, available at https:// bit .ly/ 2FwjoAO. 391 Nadeem, S (2018) How Bitcoin Mining Really Works, available at http:// bit .ly/ 2XPeOIB Security Aspects of Distributed Ledger Technologies 77     74     75     76     77     78     79     80     81     82     83     84          
Language:English
Score: 1458279.3 - https://www.itu.int/en/publica...s/files/basic-html/page79.html
Data Source: un
From Techopedia (2019) Hashing, available at http:// bit .ly/ 2SmSq3i 393 Which may be payable in unused currency held in reserve by the system in additional to optional user fees. 394 As of April 2019, it would require an investment of at least USD 300,000 to rent equipment to potentially have 51% computational power of the entire Bitcoin network. 395 Tayo, A (2017) Proof of work, or proof of waste? (...) See Major, R (2018) Proof-of-Stake (POS) outperforms Bitcoin’s Proof-of-Work (POW), available at http:// bit .ly/ 2xY8GhW; Baliga, A (2017) Understanding Blockchain Consensus Models, available at http:// bit .ly/ 2YbMHmi 406 Dwork, C; Nancy Lynch, N & Stockmeyer, L (1988), Consensus In the Presence of Partial Synchrony, available at http:// bit .ly/ 2M1mbWa 407 K. (...) See Maurya, N (2019) Vitalik Lists Down Four Hurdles Proof of Stake, available at http:// bit .ly/ 2Y05PiM 410 The term ‘ICO’ is derived from the term ‘initial public offering’ (IPO) used in securities and share listings 78 Security Aspects of Distributed Ledger Technologies     75     76     77     78     79     80     81     82     83     84          
Language:English
Score: 1458279.3 - https://www.itu.int/en/publica...s/files/basic-html/page80.html
Data Source: un
Our Approach ‑ WiFi Our Approach ‑ BLE No IoT Case [5] Satoshi Nakamoto. Bitcoin: A peer‑to‑peer elec‑ 2.66 seconds 5.82 seconds 2.1 seconds tronic cash system. (...) If and scalable payment network with bitcoin duplex the toll charges $1.5 per pass, the car pays $3 a day. (...) In this paper, we proposed a secure and ef icient proto‑ [11] Christopher Hannon and Dong Jin. Bitcoin payment‑ col for enabling IoT devices to use Bitcoin’s LN for send‑ channels for resource limited IoT devices.
Language:English
Score: 1458148.9 - https://www.itu.int/en/publica...5/files/basic-html/page77.html
Data Source: un
, available at http:// bit .ly/ 30ALRgg 187 https:// aeternity .com/ 188 Derksen (2019) An Introduction to Aeternity’s State Channels, available at http:// bit .ly/ 30F4vDW 189 Aeternity (2018) Blockchain Oracles, available at http:// bit .ly/ 2NYOc3g 190 https:// rlay .com 191 Rlay (2018) Rlay: A Decentralized Information Network, available at http:// bit .ly/ 2M5KLVM; Hirn, M (2018) Introducing Rlay, a Decentralized Protocol for Blockchain’s External Data Problem, available at http:// bit .ly/ 2JQQ2xI 192 https:// gnosis .pm; See also Gnosis (2017) Gnosis Whitepaper, available at http:// bit .ly/ 32CdQxU 193 http:// bit .ly/ 30Lf4W9 194 Includes partition & delay, Tampering, and BGP Hijacking. 195 Apostolaki, M; Zohar, A & Vanbever, L (2018) Hijacking Bitcoin: Routing Attacks on Crypto-currencies, available at http:// bit .ly/ 2JNzjLN; Stewart, J (2014) BGP Hijacking for Cryptocurrency Profit, available at http:// bit .ly/ 2LYd8Fn 196 Stewart, J (2014) BGP Hijacking for Cryptocurrency Profit, available at http:// bit .ly/ 2LYd8Fn 197 Apostolaki, M; Zohar, A & Vanbever, L (2018) Hijacking Bitcoin: Routing Attacks on Crypto-currencies, available at http:// bit .ly/ 2JNzjLN; Stewart, J (2014) BGP Hijacking for Cryptocurrency Profit, available at http:// bit .ly/ 2LYd8Fn 198 http:// www .manrs .org/ 199 Bissias, G; Ozisik, A; Levine, B et al. (2014), Sybil Resistant Mixing for Bitcoin, available at http:// bit .ly/ 2xSQu9h 200 Garner, B (2018) What’s a Sybil Attack & How Do Blockchains Mitigate Them?, available at http:// bit .ly/ 2LvO09I 201 An attacker gains control over a sufficient number of IP addresses to monopolize all incoming and outgoing connections and to the target. 202 Heilman, E; Kendler, A; Zohar, A et al. (2015), Eclipse Attacks on Bitcoin’s Peer-to-Peer Network, available at http:// bit .ly/ 2O2QU89 203 ibid 204 ibid 205 Unlike physical currency which immediately changes possession to a receiving party and can be instantly confirmed on sight, digital currency can be submitted multiple times and requires confirmation of the sender’s possession of the digital currency – which may not be instantaneous – to finalize a transaction. 206 Transaction times vary, with Bitcoin averaging 8-10 minutes and Ethereum 15 seconds to add a new block. However, confirmation times for transactions typically require the addition of several new blocks before finality can be considered low risk. 207 Johnson, K (2017) Ripple & the Gates Foundation Team Up to Level the Economic Playing Field for the Poor, available at http:// bit .ly/ 32uG1ix 208 Culubas (2011) Timejacking & Bitcoin, available at http:// bit .ly/ 30G4DmI Security Aspects of Distributed Ledger Technologies 69     66     67     68     69     70     71     72     73     74     75     76          
Language:English
Score: 1455344.1 - https://www.itu.int/en/publica...s/files/basic-html/page71.html
Data Source: un
Transactions on Ripple’s DLT are validated by consensus rather than using a POW like Bitcoin. 40 Participants must choose a set of validators on the network that they trust not to collude and then accept the consensus of this group of validators with regard to which transactions should be written to the ledger. (...) Its design directly enables regulatory and supervisory Regulatory Technology (RegTech) observer nodes. Unlike Bitcoin's blockchain, which distributes the entire history of transactions among its nodes, with Corda, only verified transactions are shared in a way that only those parties with a legitimate need to know can see the data within an agreement. 46 2.6 Microsoft Azure Microsoft is providing ‘blockchain-as-a-service’ (BaaS) on their existing cloud platforms, allowing developers from any entity to deploy private or semi-public blockchains using Bitcoin, Ripple, Ethereum, R3, and other 40 Ripple (2014) The Ripple Protocol Consensus Algorithm, available at https:// ripple. com/ files/ ripple_ consensus_ whitepaper. pdf. 41 Thomas, S and E. (...) See Coindesk (2016) Nearly Half of All DAO Funds Withdrawn after Ethereum Hard Fork, available at https:// goo. gl/ gn9Pyh . 45 However, some banks left the consortium in 4Q2016. 46 Bloomberg (2016) Bitcoin and the Blockchain, available at https:// www. bloomberg. com/ quicktake/ bitcoins. 132     147     148     149     150     151     152     153     154     155     156     157          
Language:English
Score: 1455344.1 - https://www.itu.int/en/publica.../files/basic-html/page152.html
Data Source: un
SUMMARY RECORD OF THE 32ND MEETING, HELD AT THE PALAIS WILSON, GENEVA, ON MONDAY, 26 SEPTEMBERR 2022 :COMMITTEE ON ECONOMIC, SOCIAL AND CULTURAL RIGHTS, 72ND SESSION
Of particular concern was the lack of transparency associated with bitcoin, which hindered efforts to combat corruption. 14. (...) A representative of El Salvador said that, pursuant to the Bitcoin Act of 2021, bitcoin had been made legal tender in El Salvador, with a view to attracting international investment and fostering digital innovation. (...) It was not mandatory to hold or use bitcoin, and the State continued to participate in traditional markets.
Language:English
Score: 1451458.7 - https://daccess-ods.un.org/acc...en&DS=E/C.12/2022/SR.32&Lang=E
Data Source: ods
Its problems regarding the transaction fees and long validation times are addressed through an innovative concept called the Lightning Network (LN) which works on top of Bitcoin by leveraging off-chain transactions. This made Bitcoin an attractive micropayment solution that can also be used within certain IoT applications (e.g., toll payments) since it eliminates the need for traditional centralized payment systems. Nevertheless, it is not possible to run LN and Bitcoin on resource-constrained IoT devices due to their storage, memory, and processing requirements. (...) Once the gateway is delegated to open a channel for the IoT device in a secure manner, our protocol enforces the gateway to request the IoT device's cryptographic signature for all further operations on the channel such as sending payments or closing the channel. LN's Bitcoin transactions are revised to incorporate the 3-of-3 multisignature channels.
Language:English
Score: 1451435.4 - https://www.itu.int/en/publica...5/files/basic-html/page11.html
Data Source: un