Crypto News on 23/05/2018: “Happy Bitcoin Pizza Day!”

Let’s grab some pizzas and take a quick look at our daily crypto news.

1. Happy Bitcoin Pizza Day!

What’s your favorite food? The crypto industry seems to be partial to pizza. Today, bitcoiners over the world will celebrate the anniversary of the most expensive pizzas in history.

Bought on 22nd May 2010 by Laszlo Hanyecz, the programmer paid a fellow BitcoinTalk forum user 10,000 BTC for two Papa John’s pizzas. Back then – when the technology was just over a year old – that equated to roughly $25, but is $83,7m this morning, making them likely to be the most expensive pizzas of all time.

It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz told Nick Bilton in a interview with The New York Times. “No one knew it was going to get so big“.

Yet, the picture today is vastly different. Worldwide, there are more than 70,000 merchants accepting the young currency, with blockchain transactions now averaging over 57,000 per day.

Now widely recognised as the first real-world transaction with bitcoin, May 22nd has come to celebrate ‘Bitcoin Pizza Day’. Cheers!

2. Bitcoin is consuming just as much energy as the country of Ireland

According to a letter published today in the energy journal Joule, the bitcoin network consumes around 2.55 gigawatts annually, at its absolute minimum.

Crypto News on 23/05/2018: "Happy Bitcoin Pizza Day!"

This estimate is believed to be the equivalent of the amount of energy consumed by the entirety of Ireland.

The energy appears to come from the mining performed in computer calculations. However, there is a finite amount of bitcoin, with projections suggesting it will take another 120 years to mine all 21 million bitcoins. While there is bound to be a tipping point, when mining bitcoin will be more valuable than the bitcoin itself, but this depends on market value.

3. Bank of America won a patent for Blockchain security tools

Bank of America has won a patent for a way to control access to certain aspects of a permissioned blockchain network.The patent for a somewhat innocuously titled “system for managing security and access to resource sub-components” explains how security tokens (essentially electronic keys, distinct from blockchain-based assets that mimic physical securities) would be used to grant access to certain users to the information contained in a particular block.

The patent granted on May 22, according to the US Patent and Trademark Office (USPTO), represents the latest intellectual property development for the bank, this also has filed many blockchain-related applications in recent years.

According to the text noted in the document, the system would be automated, enhanced, effectively meaning that the network itself would grant and track access: “A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users’ concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users.

4. The auto industry is gearing up for a blockchain-powered future

We’re all excited for self-driving, even autonomous, cars, and many tout blockchain as the technology needed to make that happen.

Crypto News on 23/05/2018: "Happy Bitcoin Pizza Day!"

While that conversation is an exciting one today, CoinDesk’s Consensus 2018 conference played host to an array of esoteric use cases for the mobility space that showcase how many executives in the automotive space are currently taking a more conservative approach to applying blockchain technology to the industry.

Sebastien Henot, manager of business innovation at Renault Innovation Silicon Valley, said: “Blockchain can bring cost savings to supply chains thanks to new levels of transparency and auditability, which would be of vital help in the unfortunate event of recalls“. He added: “If you have an Audi and you want to sell it to buy a Renault, it would be very useful for the Renault dealer to be able to access the Audi birth certificate and see a standardized history“.

This process could also mark the birth of automobiles with their own unique digital identity. Still, process for what kind of data will be shared and how that data will be coded still needs to be standardized.

Collected by Remitano.