Search here...
Home Blog Page 83

Ethereum’s Raiden Scaling Solution Just Passed Another Milestone

By
coinfeeds
-
0

A test network has been deployed for the Raiden project, a proposed scaling solution for ethereum designed to allow faster payments and lower fees.

Revealed on the Raiden GitHub page yesterday, the testnet is a major milestone for the project, one that will lead to the next phase of development before the code is ready to launch on the live ethereum network.

As with bitcoin, scaling is becoming an issue for the number two cryptocurrency by market capitalization. As more users make more transactions, the amount of traffic has the potential to slow up the network. Compounding the issue is that many ICO tokens are being launched on top of ethereum, bringing in sudden floods of traffic as sales take place.

Raiden – which has been in discussion since 2015  – is one part of ethereum’s solution to that problem. Inspired by bitcoin’s Lightning Network, the technology would shift the majority of transactions off of the ethereum blockchain to create an alternate network of peer-to-peer payment channels.

As previously reported by CoinDesk, the network is intended to massively increase transaction speeds, potentially enabling over a million transactions per second.

Raiden also accommodates the exchange of tokens and features an API to facilitate interactions with decentralized applications.

Reactions to the news of the testnet on Reddit were generally positive, though some raised the specter of centralization, with Raiden being likely to operate via payment hubs. Others responded that institutions are most likely to require the transaction throughput of off-chain payments, and that most private transactions would remain on-chain.

Indian State Partners to Build Public Sector Blockchain Applications

By
coinfeeds
-
0

Andhra Pradesh, India’s seventh largest state, has announced a new partnership with cybersecurity company WISeKey to secure citizen data with blockchain tech.

Citing the huge volumes of individuals’ data being held on databases, and the wave of recent cybercrime attacked worldwide, the state said it plans to protect government-recorded data using WISeKey’s blockchain technology. The partnership will see the development of various pilot projects across different departments of the state government, as well as potentially an expansion into other fields such as smart cities.

“We are looking towards WISeKey to play a leadership role in providing cybersecurity for the various initiatives of the government, but also drawing out the vision for smart cities who want to go beyond IoT … and use ‘Deep Tech’ algorithmic technology, said J.A. Chowdary, IT advisor to the state’s chief minister, in a statement.

N. Balasubramanyam, transport commissioner for Andhra Pradesh, also revealed a plan to implement blockchain into transportation, adding that it would be one of the “first states in the world” to do so.

Carlos Moreira, founder and CEO ofWISeKey, said of the project:

“To have a pristine vision like putting the citizen at the center of gravity, and building all the infrastructure around this vision is the key to successfully empower citizens to unleash their full potential.”

Andhra Pradesh has been pursuing blockchain for some time and previously explored the use of the tech for land registries, as reported by CoinDesk.

Notably, the state is home to the “Fintech Valley Vizag” – a business infrastructure initiative led by the Andhra Pradesh government, which has been heralded as the locus of fintech disruption in India.

ICOs Welcome: Isle of Man to Unveil Friendly Framework for Token Sales

By
coinfeeds
-
0

The Isle of Man is opening its doors to entrepreneurs looking to launch initial coin offerings (ICO).

In an interview today, Brian Donegan, head of operations for fintech and digital development at the Isle of Man’s Department of Economic Development, told CoinDesk that the British Crown dependency has created a regulatory framework it believes will allow for token sales that are compliant with anti-money laundering and know-your-customer regulations.

The Isle of Man’s government has yet to formally announce the development, though it’s been moving in this direction for some time. The framework itself is based on anti-money laundering rules put in place in 2014 and 2015, Donegan said.

While regulators in places like Canada have offered some on-ramps for ICO organizers, the Isle of Man’s move perhaps goes one step further in opening the door to a range of token sales. Adel, a fintech incubator that launched an ICO after incorporating on the island, effectively served as a test-bed for the concept.

As for why the dependency is moving to capitalize on the interest in ICOs today, Donegan’s explanation was simple: there’s a significant opportunity for governments that are early movers in creating accommodative environments for ICO organizers.

Donegan said:

“Our understanding and analysis of the ICO market is that it represents a massive vertical market for us.”

Businesses looking to launch an ICO in the Isle of Man would be required to register with the relevant authorities within the dependency and follow the applicable regulations. That said, officials would play a supportive role for businesses as they move through the token sale process.

The move comes several years after the Isle of Man introduced legislation outlining rules for businesses that handle or exchange cryptocurrencies. The Isle of Man first revealed its plans to put rules in place for cryptocurrency businesses in 2014.

The government there later embraced the tech behind bitcoin for possible public-sector applications, launching a digital registry pilot in May 2015 that was later followed by work in other areas like IoT.

China reaction

This week saw the dramatic move by regulators in China to effectively outlaw ICOs, a decision that’s had an impact on both domestic and international activity around the funding model.

When asked to comment on the move, Donegan said it highlights “a real, absolute need for AML/KYC compliance specifically tailored for ICOs” – something that he believes the Isle of Man can provide.

He went on to reveal that the Isle of Man’s government has already been seeing strong interest from token sale organizers, and that the move to develop a regulatory environment for ICOs was driven in part due to the prevalence of scams in the space.

“I have to tell you, for every 10 applications we’ve had from ICO promoters over the last several months, I’d say only one of those gets through because there’s a lot of scamming going on in the industry,” he said, concluding:

“What we’re about is keeping consumers safe and keeping crime out.”

ICO Tokens “May Be Securities” & Subject to Laws, Says ‘Concerned’ Hong Kong Regulator

By
coinfeeds
-
0

Hong Kong’s chief financial regulator has, in an official statement, announced that digital tokens offered in an initial coin offering (ICO) sale may be deemed as securities.

In an official announcement by the Securities and Futures Commission of Hong Kong, the regulator said it had “noticed an increase in the use of initial coin offerings to raise funds in Hong Kong and elsewhere.” Adding to the statement was SFC executive director of intermediaries Julia Leung, who expressed the regulator’s “concern” in the rise of ICOs. In underlining the sentiment, she further added that parties involved in an ICO “need to be aware” that some ICO protocols may be subject to securities laws in Hong Kong.

An excerpt from the statement read:

Whilst digital tokens offered in typical ICOs are usually characterized as a “virtual commodity”, the SFC has observed more recently that certain ICOs have terms and features that may mean they are “securities.”

The SFC also added that “dealing in or advising on such digital tokens, or managing or marketing a fund investing in them may constitute a regulated activity.” As a result, any parties engaging in ICO activities in Hong Kong would be required to be registered or licensed with the SFC “irrespective of where they are located.”

The Hong Kong regulator’s statement comes within a day of China’s ban on all ICOs, a move which saw the Chinese central bank demand all ICO-related investments to be returned to customers.

Elsewhere, Singapore’s central bank issued a consumer advisory urging investors to be mindful of risks while investing in initial coin offerings (ICOs) last month. Earlier in June, the United States SEC opined that digital token sales through ICOs must be regulated. A week ago, the US SEC also issued an investor alert warning the public of companies using ICOs to manipulate their stock prices.

Bitcoin Price Records Staggering $550 Increase in a Single Day to $4,550

By
coinfeeds
-
0

After all, it seems as if the Chinese cryptocurrency industry and its central bank, the People’s Bank of China (PBoC), has minimal impact on bitcoin, Ethereum and the global cryptocurrency market.

On September 4, PBoC along with three Chinese government financial agencies declared initial coin offerings (ICOs) as an illegal method of fundraising. Subsequent to the announcement of China, the price of Ether, the native currency of Ethereum, and leading cryptocurrencies such as bitcoin declined substantially in value. The price of Ether dipped below the $280 mark, while bitcoin price moved closer to the $4,000 region.

However, within a 24-hour period, both bitcoin and Ethereum have recorded substantial gains, demonstrating a complete recovery from the announcement of PBoC. Specifically, the price of bitcoin surged from $4,000 to $4,550, as investors and the market displayed absolute confidence in bitcoin.

In a statement, Bitfury vice chairman George George Kikvadze explained that PBoC and the Chinese cryptocurrency exchange market do not have a major influence over the global bitcoin and cryptocurrency market. Prior to the regulation of the zero-fee trading system, the vast majority of bitcoin users and analysts perceived China as the largest bitcoin and cryptocurrency market. However, that has not been the case for awhile. US, Japan and South Korea have overtaken China in almost every way, in terms of trading volume, user base and activity.

With multi-million dollar venture capital investment and exponential growth in user base, Japan’s largest bitcoin exchange BitFlyer is set to expand throughout the US and South Korea’s leading exchange Bithumb evolved into the largest cryptocurrency exchange in the world.

“PBoC’s impact is way overblown. China is not as important as before. Just 15 percent of global bitcoin trade vs Japan + Korea + USA = 80%,” said Kikvadze.

Additionally, even in the case of Ethereum, South Korea remains as the dominant exchange market with 34 percent market share, while US falls behind as a distant second with 22.4 percent market share. Hence, unlike 2013, China, its government and financial regulators have minimal impact over the global cryptocurrency ecosystem.

Some cryptocurrency analysts have suggested that the price of bitcoin recovered in such a narrow timeframe because speculative investors were not aware that the ICO ban targeted Ethereum and was not associated with bitcoin in any way. But, that theory is not coherent with the fact that Ethereum was also able to recover to exactly where it was prior to the ICO ban from PBoC. Therefore, it is highly likely that investors across the global bitcoin and cryptocurrency market have become aware of the limited impact China can cause.

More importantly, as CCN previously reported, many indicators suggest that bitcoin will most likely sustain its upward momentum in the upcoming days and weeks. Two important short-term factors to acknowledge are the rapid adoption of the Bitcoin Core development team’s transaction malleability and scaling solution, and rapidly growing demand toward bitcoin from both institutional and professional investors as a result of the rising tension between the US and North Korea.

✔@CharlieShrem

Not even 2 weeks after activation and the % of  tx’s per block is rising nicely. Good work everyone! http://segwit.party/charts/# 

As SegWit adoption continues to increase at a rapid rate, bitcoin transaction fees will be reduced significantly, even by over 50 percent, as the GreenAddress wallet development team suggested.

British Baroness Reveals $325 Million Luxury Bitcoin Condo Complex

By
coinfeeds
-
0

Two prominent British entrepreneurs–one of whom is a member of the U.K. House of Lords–have announced the development of a crypto-friendly $325 million condo complex. Investors will be able to use bitcoin to purchase the complex’s luxury apartments.

The Aston Plaza and Residences, which will be located in Dubai, is being developed by a public joint venture between Baroness Michelle Mone and Douglas Barrowman of private equity firm Aston Ventures. The 2.4 million square foot complex features two 40-storey residential towers and 1,133 luxury apartments, as well as a swimming pool, gym, and an open-air cinema.

In a world first, the developers are partnering with BitPay to accept bitcoin payments. Prices are pegged to the US dollar and range from $133,000 to $379,000, so studio apartments start at about 28 BTC based on the current exchange rate. The developers are also offering interior design and furnishing services and will accept bitcoin for those as well. Of the 1,133 apartments, 150 are being offered at a 15%-20% discount to investors who take advantage of the opportunity to make the purchase with bitcoin during the first phase release.

The Aston Plaza Apartments Will Be Priced in Bitcoin During the First Phase Release

Michelle Mone, who is a member of the U.K. House of Lords and founded the lingerie company Ultimo, said she was excited to provide the “blockchain community a unique and exclusive opportunity” to use bitcoin to directly invest in property:

This is a project I have worked very hard on for some time and the Dubai development is the pinnacle of design, architecture and commerciality. That said, I didn’t feel this was enough. I wanted to offer the property, tech and blockchain community a unique and exclusive opportunity by merging the property and tech sectors together in a true first for the industry.

Indeed, this project offers the community an option which several initial coin offering (ICO) projects have sought to do, namely to diversify the cryptocurrency assets into real estate investments. Douglas Barrowman added that he hopes the venture’s decision to accept bitcoin will start a trend. “Bitcoin’s meteoric rise in a few short years means it’s now the world’s leading cryptocurrency. This is exactly why we are the first property development ever to be priced in Bitcoin,” he said. “I believe, as it gains mainstream adoption, many will follow our lead on this. I would, as I have done throughout my career in business, like to be the one who starts the trend, a very exciting one at that.”

Maersk Celebrates After 5-Month Blockchain Insurance Trial With Guardtime

By
coinfeeds
-
0

Danish shipping giant Maersk continues its Blockchain forays after closing a 20-week trial of freight insurance based on the technology.

In partnership with Microsoft, Ernst & Young and several insurers, Maersk studied how Blockchain data sharing can simplify one of the “least efficient” areas of the insurance sector, Fortune reports.

At the heart of the Blockchain implementation itself was Guardtime, the startup that counts among its partners the US and Estonian governments.

“Insurance transactions are currently far too tedious and frictional,” the publication quotes Lars Henneberg, Maersk’s head of risk and insurance as saying.

“Blockchain technology has the potential to facilitate the desired development that is long overdue.”

Maersk’s experiment is the second along with a joint venture featuring IBM Blockchain, a solution it looked into implementing in order to streamline supply lines.

WannaCry victim

The company was one of the high-profile corporations to fall victim to May’s WannaCry cyberattack, which paralyzed computer systems by taking advantage of legacy technology.

Commenting on the strong motivation to replace existing structures, Guardtime’s CEO Mike Gault said that Blockchain held real, tangible benefits for the shipping industry.

“This is not vaporware or something we’re going to do,” he told Fortune. “It’s something we’ve built and proven.”

China’s ICO Crackdown Could See Rush Back to Gold: Mark Mobius

By
coinfeeds
-
0

Market guru Mark Mobius believes that the recent hard line taken by China in terms of ICOs and regulating cryptocurrencies will attract less risky investors back to gold as they speculate about trusting cryptocurrencies.

The recent boom in the cryptomarket has seen digital currencies get up the noses of some governments and this crackdown is a warning sign for Mobius.

Governments, terrorists, drug dealers and hackers

The expansion into the mainstream for digital currencies has seen them legitimized substantially, however, there has been a new breed of coin that is attracting unsavory actions.

ICOs, which are far less regulated than even Bitcoin and some of the more established digital currencies, are opening doors to illicit financing with terrorist groups, drug dealers and money launders, which has led to a crackdown by a few governments.

“Cryptocurrencies are beginning to get out of control and it’s going to attract the attention of governments around the world,” Mobius said. “You’re going to get a reversion back to Gold because people are going to wonder, can I really trust these currencies?”

Disturbing the financial order

The People’s Bank of China concluded its investigation into ICOs with the banning of them in the country due to their activities disrupting the financial order.

This, for Mobius, shows the fragility in trust for digital currencies, and why he believes that there will be a reverse influx of investors back to gold after they left the well-established commodity.

It is not only China that is cracking down as the SEC in America made a ruling over ICOs recently to that classed them as securities unless special dispensation was acquired.

A matter of trust

Mobius is of the opinion that these major blows to a burgeoning market are disturbing the trust put into it. There is a long road ahead of digital currencies as they continue to break new ground, but their path is not highlighted nor clear.

“People need a means of exchange and they need to trust that,” said Mobius. “Right now the trust is good — with Bitcoin people are buying and selling it, they think it’s a reasonable market — but there will come a day when government crackdowns come in and you begin to see the currency come down.”

Can Cryptocurrency Debit Cards Increase Day-to-Day Usage of Digital Coins?

By
coinfeeds
-
0

With less than a quarter of Americans using cash in their day-to-day purchases, it’s more evidence that society is becoming an increasingly cashless environment.

On the other hand, cryptocurrencies are growing in popularity. However, most users only hold crypto to save and invest.

So with digital coins like Bitcoin, Ether and Litecoin becoming increasingly popular, why aren’t we seeing more widespread adoption?

Barriers

A majority of shoppers don’t see cryptocurrencies as a valid payment option, especially when it comes to physical purchases.  To many, it’s too foreign a concept.

We grow up being taught the value of money and how to manage it. We are confident in its deemed value by being able to easily turn it into a tangible piece of paper or coin. When we want to exchange it for a product or service, there are no questions asked.

To take that mindset and change it, to trust and fully adopt a completely digital coin, can take some time.

Another big hurdle is getting merchants to accept digital currencies. It doesn’t help if people are willing to use cryptocurrencies in everyday payments but retailers won’t, or can’t, accept it.

The road to widespread adoption is a two-way street: payment and acceptance.

Big brands like Amazon, Microsoft and Apple are helping the cause by accepting and facilitating Bitcoin payments, but this is mostly for online transactions.

For physical in-store payments, merchants need the right infrastructure. This can be costly and time-consuming to implement. Not many businesses will risk this for a payment method that’s not seen mainstream adoption yet.

Debit cards encourage widespread adoption?

Cryptocurrency debit cards could bridge the gap between users feeling comfortable enough to use digital coins in their everyday lives, and merchants being able to accept them with existing infrastructure.

Most of us are happy to use a card to shop, this would not necessarily change if the card was connected to a Bitcoin account. It’s the payment method, not the underlying currency, which makes us feel at ease.

Both Visa and MasterCard have filed patents for transaction systems that use Blockchain technology, and have been experimenting with these types of payments for some time now.

The fact that established payment companies are getting on board means that existing infrastructure can be used without requiring additional work on the merchant’s end. The customer can therefore pay in a chosen cryptocurrency, while the merchant still receives payment in a fiat currency like Euro.

Opponents will often cite volatility as the number one reason for not seeing widespread adoption. It is true, cryptocurrencies can fluctuate wildly, but this is no different than what is happening to the price of fiat currencies.

Just look at what has happened to one of the world’s strongest currencies, the pound, in the last year as a result of changes in the political environment. Cryptocurrencies like Bitcoin and Ether are still young. It’s only a matter of time for them to settle into the market and for prices to stabilize.

Users are comfortable using their debit cards through current payment channels, and merchants have the right infrastructure to accept such payments. If existing payment gateways can continue to develop and facilitate crypto transactions, we will see a much wider adoption of cryptocurrencies in day-to-day life.

There are currently more than 30 crypto debit cards available from different providers.

Ethereum, Bitcoin Prices Continue to Tumble Following China ICO Ban

By
coinfeeds
-
0

China’s ICO ban sent the markets careening downward on Monday, and that retreat continued on Tuesday as startups began issuing refunds to crowdsale contributors. The bitcoin price briefly slipped below $4,000, while the ethereum price fell as low as $268.

To recap, the People’s Bank of China (PBoC) declared initial coin offerings (ICOs) illegal and ordered startups to return funds to investors who participated in the token distribution event. This announcement was followed by a report that South Korean regulators intend to strengthen digital currency regulations and potentially “punish” ICOs. China and South Korea form a significant portion of the cryptocurrency ecosystem, so this news sent the markets into free-fall.

The downward spiral temporarily reduced the total value of all cryptocurrencies to $134.8 billion, its lowest point since August 18. At present, the crypto market cap has recovered to $146 billion, which represents a daily decline of about $5 billion. Since reaching an all-time high of $180 billion last week, the market has lost $34 billion–the equivalent of the entire crypto market cap in late April of this year.

Bitcoin Price Slips Below $4,000

China’s ICO ban does not directly impact bitcoin in the same way it affects smart contracts platforms such as ethereum and NEO, but the bitcoin price continued to decline on Tuesday. Since inching above $5,000 on September 2, the bitcoin price has fallen nearly 20%. During the early hours of September 5, the bitcoin price temporarily dipped below $4,000 for the first time since August 22. At present, the bitcoin price is $4,228–a 24-hour decline of 3%. Bitcoin now has a market cap just under $70 billion.

Ethereum Price Fights for $300

The ICO ban sent the ethereum price into a tailspin. Last week, the ethereum price appeared poised to break through $400 and challenge the all-time high it set in June. Now, the ethereum price is fighting to stay above $300.

Downward pressure on Asian exchanges has caused the ethereum price to swing wildly in the past 24 hours. Within a four hour period this morning, ethereum crashed from $314 to $268. It has since recovered to a global average of $299, but ETH/CNY pairs continue to trade as low as $280 on major exchanges. Ethereum now has a market cap of $28.2 billion, which is a daily decline of 3%.

Altcoins Continue to Retreat

At one point on Monday, more than 80 coins in the top 100 had experienced daily declines greater than 10%. The retreat continued on Tuesday–every coin in the top 10 declined–but its pace slowed.

The bitcoin cash price fell 6% to $520, reducing its edge on 4th-place Ripple to $600 million. The Ripple price declined about 2%, which was the best performance in the top 10. The Litecoin price fell 3% to $66; it has dropped by nearly one-third since the weekend.

The NEM price also fell 3%, while the Dash and IOTA prices dipped 6% to $310 and $0.589, respectively. Monero and ethereum classic rounded out the top 10 with 5% price declines.

Eleventh-ranked NEO was the largest cryptocurrency to experience a 24-hour price increase. After plummeting more than 33% on Monday, the NEO price experienced a 10% recovery to $23.

1...828384...107Page 83 of 107

Follow us

Each template in our ever growing studio library can be added and moved around within any page effortlessly with one click.

Company

Latest news

Cyprus registers Binance as a cryptocurrency service provider.

Europe 0
Binance, a cryptocurrency exchange, will be able to provide...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Cryptocurrency 0
Usdt, the largest dollar-pegged stablecoin on the market, was...

To solve the blockchain modularity issue, Celestia raises $55 million.

Blockchain 0
The project Celestia, which seeks to address the alleged...

Popular news

Cyprus registers Binance as a cryptocurrency service provider.

Europe 0
Binance, a cryptocurrency exchange, will be able to provide...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Cryptocurrency 0
Usdt, the largest dollar-pegged stablecoin on the market, was...

To solve the blockchain modularity issue, Celestia raises $55 million.

Blockchain 0
The project Celestia, which seeks to address the alleged...

© 2021 tagDiv. All Rights Reserved. Made with Newspaper Theme.