Aragon ANT

$0.4727
Market Cap $ 13.985 MM (#169)
24h Volume $ 46.257 K
Chg. 24h: -8.01%
Algo. score 3.6/5  (#142)
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Aragon News

Alipay reaches 1B users worldwide; implements blockchain tech in Pakistan’s Telenor Microfinance Bank

China’s online payment platform Alipay has exceeded 1 billion users worldwide, China Economic Net reports. Since the launch of its global services campaign back in 2007, the platform expanded its mobile payment services to nine countries. According to a recent quarterly financial report released by Alibaba, the platform’s Chinese user base has exceeded 700 million. As reported by Tribune Express, the 1 billion milestone was largely influenced by the company’s collaborations with several international smart payment companies, including Thailand’s TrueMoney and India-based Paytm. Back in November, Alipay acquired a 45 per cent stake in Pakistan-based Telenor Microfinance Bank. The partnership has resulted in Pakistan’s first blockchain cross-border remittance service. “The new remittance service is one of the examples of how emerging technologies can assist countries meet their digital and financial inclusion goals,” said Eric Jing, Chairman and CEO of Ant Financial. “We’re thrilled to be part of Pakistan’s financial inclusion efforts, and we’re dedicated to exploring breakthroughs and applying them to benefit more people in more places.” The post Alipay reaches 1B users worldwide; implements blockchain tech in Pakistan’s Telenor Microfinance Bank appeared first on The Block.

10 hours ago

Research is ongoing on multiple fronts, including work on st...

Research is ongoing on multiple fronts, including work on staking for the Aragon Network and better voting infrastr… https://t.co/4o0oWHUDNr

5 days ago

Some highlights from the post: Aragon 0.6 - Alba was releas...

Some highlights from the post: Aragon 0.6 - Alba was released on mainnet in time for #Devcon4… https://t.co/tLfK5Ac7AH

5 days ago

Final draft Aragon Governance Proposals are due at 00:00 UTC...

Final draft Aragon Governance Proposals are due at 00:00 UTC January 10th - that's in less than two hours! See and… https://t.co/E5ZUQZdgTp

6 days ago

Daily Berminal Brief: Brave Browser Surpasses 5.5 Million Users And ShapeShift Announces Lay Offs

The State of The Market - January 9, 2019 BTC: $4,049.81 (-0.32%) ETH: $151.93 (-0.29%) XRP: $0.369404 (+1.25%) Another stable day for the crypto market, as most major cryptocurrencies changed by less than 1% in the last 24 hours. The market volatility is lower than yesterday, as the total market cap went down by just $200 Million in the last 24 hours. Bitcoin is rangebound between $4,000 and $4,100. Every time it goes below $4,000, there is a strong rebound. We can get a clear picture only if the price moves significantly beyond these points. The price of Ethereum Classic (ETC) remains unchanged even after the 51% attack, while Tron (TRX) is up by 7%. In other news, Canaan Inc. is considering a US IPO. Canaan is China's second-largest Bitcoin miner manufacturer after Bitmain. Canaan is looking to raise $1 Billion in the New York Stock exchange, and it could happen in the first half of 2019. Also, Telenor Microfinance Bank recently unveiled Pakistan's first blockchain-based cross-border remittance service, launched in partnership with Valyou of Malaysia. The service is provided by Telenor's Easypaisa and Valyou, a financial technology company that provides remittance services to unbanked populations, and powered by blockchain technology developed by Ant Financial's Alipay online payment platform. The service will help to increase the speed and efficiency of remittances from Malaysia to Pakistan. 1) This week Brave Software announced that their browser had notched more than 5.5 million monthly active users. Brave started 2018 with about 1 million active users and grew this base by more than 450% by the end of the year. The number of verified published using the platform also grew from 4,000 to 28,000 and YouTube channels and Twitch streamers are among the news outlets represented on the platform. 2019 looks to be a fruitful year for Brave as the company secured partnerships with the Dow Jones Media Group, DuckDuckGo, and HTC. Brave Browser will also be the default browser on the new HTC Exodus phone. In spite of this impressive growth, Basic Attention Token is down more than 82% since reaching an all-time high in 2017. 2) On Tuesday ShapeShift crypto exchange CEO Erik Voorhees announced that the startup had sacked 37 employees, which is nearly a third of its staff. Voorhees said that having to lay off employees was a "deep and painful reduction, mirrored across many crypto companies in this latest bear market cycle." Voorhees was very transparent about the process and explained that growing industry-related legal concerns and unsustainable growth in staff hurt the company. Voorhees also mentioned that ShapeShift's decision to implement know-your-customer (KYC) procedures led to a significant drop in users and the overall market-wide drop in transaction volume meant staffing changes were necessary. 3) KodakONE, a blockchain-based image rights platform that is licensed by Kodak, has generated more than $1 million in licensing claims for content protection during a trial beta test of the platform. The platform essentially functions as an image copyright protection, monetization and distribution platform built on Ethereum, Stellar and Hyperledger blockchain technology. In October, KodakOne debuted its beta Post-Licensing Portal (PLP) and the platform uses an intelligent web crawler and image recognition technology to permit image rights holders to track their images and view infringements. The platform also uses artificial intelligence (AI) technology to estimate licensing value based on similarly registered images and the platform allows a user to retroactively license image usage in order to turn copyright infringers into paying customers. KodakONE co-founder Cam Chell said that in the future the platform will use KodakCoin to provide instant license settlement and the deployment of smart contracts. (VS)

7 days ago

Alipay Used to Power Pakistan’s First Blockchain-Based Cross-Border Remittance Service

Telenor Microfinance Bank recently unveiled Pakistan’s first blockchain-based cross-border remittance service, launched in partnership with Valyou of Malaysia. The service is provided by Telenor’s Easypaisa and Valyou, a financial technology company that provides remittance services to unbanked populations, and powered by blockchain technology developed by Ant Financial’s Alipay online payment platform. The service will help to increase the speed and efficiency of remittances from Malaysia to Pakistan. (JF)

7 days ago

Ticket sale for #AraCon2019, the first Aragon Conference end...

Ticket sale for #AraCon2019, the first Aragon Conference ends in two weeks, January 21st, or as soon as tickets are… https://t.co/X9ZaRjNYaO

9 days ago

Crypto Theses for 2019

The following piece originally appeared on Medium. It was written by The Block technical advisor Arjun Balaji and is republished here in its entirety with Arjun’s permission. If you would like to receive regular updates directly from Arjun, you can subscribe to his e-mail newsletter here. As another year wraps up, I started writing an email to close friends and investors on the “state of crypto” and my forecasts. As it got longer, it turned into this sprawling post. A few notes: This write up contains wide-ranging theses and obvious biases (my own) and is by no means authoritative. Please don’t nitpick. Where I make predictions, I try to be as specific as possible (inspired by SlateStarCodex’s format). Not all predictions are quantifiable. Some will be off and many will likely be directionally incorrect. That’s OK. Unless otherwise specified, my criteria for a liquid, actively-traded project “dying” is either (1) < $100k volume/$20m market cap or (2) primary development abandoned, whichever comes first. None of these predictions are normative; in many cases I see momentum in products or approaches I consider fundamentally flawed. C’est la vie—this is an attempt at a descriptive 2019 outlook. Index Bitcoin Ethereum Other Tokens Private Projects Stablecoins Crypto-funds Product Potpourri Crypto Companies Regulation Closing thoughts on prices and adoption Bitcoin 1) After a strong launch in 2018, I see Lightning Network growth continuing into 2019. I predict the number of Lightning nodes with channels will be ≥ 10,000 from ~2,100 now (60% confidence) due to the proliferation of node hardware and hosted solutions (e.g. Nodl.it, Casa’s node) and easy-to-deploy GUIs like Pierre Rochard’s node launcher. I predict network capacity will increase even more from ~$2m notional to ≥ $25m+ notional (75% confidence) due to the lifting of maximum channel limits, dual-funded channels, etc. 2) At least one major exchange will launch a Lightning Network hub for their users as confidence in the stability and security of the network grows over 2019 (50% confidence). If this occurs, my money is on Binance given their iteration speed and product chops or Coinbase, due to increased focus on adoption and “usage” of cryptocurrencies. I’m particularly excited about Cash App’s potential here given 1) they’re a business that understands Bitcoin 2) Jack sees Bitcoin as a path to “financial inclusion” and 3) Jack’s investment in Lightning Labs’ 2018 seed round. 3) A working implementation of Schnorr signatures, for which Pieter Wuille released a draft BIP in July, will make its way into Bitcoin via soft fork by the end of 2019 with ≥ 5% node adoption (75% confidence). 4) Low volatility and lower prices always attracts concern trolls and people who believe they can “change” Bitcoin for the better. The last two years have seen a lot of forks where the codebase is changed but the UTXO set is kept intact. In 2019, I expect to see the opposite: forks with technology kept intact (to merge future upstream changes) where the monetary policy or UTXO set is modified; an example being the Zclassic team forking Zcash to remove the Founder’s Reward). I predict 2019 will see a major fork proposal from Bitcoin OGs “fixing” post-block reward fee market sustainability either by re-appropriating Satoshi’s Bitcoin (e.g. my tongue-in-cheek tweet-proposal for “Bitcoin Freedom”) or by adding predictable, low inflation in favor of the fee-market (50% confidence). 5) 2018 was a big year for Bitcoin privacy and fungibility R&D, with proposals for Taproot and Graftroot from Gregory Maxwell in Q1, a draft BIP for theDandelion protocol in May, and an emergent path for a soft fork upgrade to Schnorr-based signatures. By the end of 2019, there will be a clear roadmap for “good enough” fungibility and privacy on Bitcoin’s base layer across a meaningful set of trade-offs (e.g., speed, confidence level, etc.) (50% confidence). 6) 2018 saw plenty of promising experiments building products around, with, and on top of Lightning. I anticipate 2019 will see significantly improved UX for developers who want to build with Bitcoin, including web3/Truffle-likeJavascript wrappers, hosted node services, better docs, tutorials, etc. which makes me very excited about the potential for new products. Ethereum 7) 2018 was a big year for proof of stake research with June’s deprecation of EIP 1011 (Hybrid Casper FFG), scrapping the hybrid PoW/PoS step in favor of moving to pure PoS. The next phase for Ethereum—first termed Shasper(Casper + Sharding), now called Serenity (Ethereum 2.0)—has six distinct phases, which stretch over several years. There are 8+ dev teams working on independent implementations including: ChainSafe Systems, building a JS implementation called Lodestar 50-person ConsenSys-backed PegaSys, building an enterprise-grade implementation in Java An independent group called Harmony, building a Java implementationbased on the original EthereumJ

10 days ago

Mapping out Ethereum’s Developer Ecosystem

Ethereum is by far the leading smart contract platform for developers. While the number of developers in the ecosystem is a topic of debate — estimates range from 250,000 to 350,000 — download data from popular development tools show that Ethereum continues to see increasing interest from developers. Influential members of the Ethereum community, in turn, have adopted BUIDL as their battle cry for developers to build products ranging from decentralized prediction markets, governance platforms, and security tokens, on Ethereum. With the growing interest in building on Ethereum, The Block has mapped out its developer ecosystem. We categorized the ecosystem into six sub-categories: (1) Protocols & Platforms (2) Testing & Frameworks (3) Infrastructure (4) Scaling (5) Privacy, and (6) Storage. PROTOCOLS & PLATFORMS Projects in this category provide base layers or foundations for dApps, companies, and other projects to build on. These projects can range widely from governance protocols (Aragon and Democracy Earth) to liquidity networks (0x and Bancor) to prediction market platforms (Gnosis and Augur). Generally, dApps or companies building on these protocols and platforms will leverage their native tokens for their operations. TESTING & FRAMEWORKS Projects in this category provide developer frameworks and test kits to build and test their dApps and products. Frameworks provide generic functionalities for developers to change and manipulate to their preferences. Testing tools enable developers to test their products in an environment that would not impact the main Ethereum network. INFRASTRUCTURE Infrastructure project offers pre-built tools for developers to quickly build and deploy dApps. These projects help developers lessen the workload and cost of building, deploying, and maintaining the tools necessary to run and distribute dApps. SCALING Scaling projects are building solutions to help Ethereum scale. These projects focus on a variety of scaling solutions including sidechains (POA Network), layer two (Skale Labs, Loom Network), and sharding (Prysmatic Labs). PRIVACY Privacy projects aim at developing privacy solutions for blockchain networks. Some projects in this category focus exclusively on adding privacy features for Ethereum (Aztec) while others are blockchain agnostic but Ethereum-focused. STORAGE Storage projects help developers store dApp data while maintaining the decentralized features of dApps. Because storing massive amounts of data on Ethereum is costly, developers leverage these decentralized storage projects to off-load the cost and host their data. The post Mapping out Ethereum’s Developer Ecosystem appeared first on The Block.

11 days ago

0x allows users to trade ether using off-chain order books

First (formally) proposed through a whitepaper published on February 21st, 2017, the 0x (ZRX) protocol outlines the specifications for a decentralized cryptoasset exchange built on the Ethereum blockchain. The whitepaper‘s abstract notes that the 0x (ZRX) protocol aims to “facilitate low friction peer-to-peer (P2P) exchange” of ERC-20 compliant tokens on the Ethereum network. Authored by Amir Bandeali (a University of Illinois Finance graduate and the CTO at 0x) and Will Warren (a University of California, San Diego Mechanical Engineering graduate and technical advisor for Basic Attention Token), the platform’s whitepaper explains: “[The 0x protocol] serves as an open standard ... driving interoperability among decentralized applications (dApps) that incorporate exchange functionality. Trades are executed by a system of Ethereum smart contracts that are publicly accessible, free to use and that any dApp can hook into.” DApps developed using the 0x protocol have access to “public liquidity pools” and they can also create their own liquidity pool. DApp developers can also charge usage fees on “resulting volume.” 0x (ZRX), A Secure, Seamless, Free-Of-Cost Protocol According to its founders, the 0x protocol has been built in a manner that does not “impose costs on its users” or “arbitrarily extract value” from certain users in order to benefit another group of network participants. Decentralized governance is used on the 0x network to “continuously and securely integrate updates into the base protocol without disrupting dApps or end users.” What makes the 0x protocol different, and arguably better, than its competitors, Etherdelta and IDEX (both decentralized exchanges), is that the 0x platform offers off-chain order books. Meanwhile, IDEX and Etherdelta place their order books on the Ethereum blockchain. When you run your DEX on Ethereum, then you also have to pay gas fees for changing or cancelling trades. Using Relayers, Broadcasting Order Books Off-Chain The 0x network uses relayers, which are exchanges that run on the platform and broadcast order books off-chain. These orders are then picked up by the network’s users and once a transaction has been confirmed (buyer fills sell order), then the finalized transaction is recorded on 0x’s blockchain. The 0x network uses a native crypto token called ZRX to process fees that dApps built on the platform (and relayers) may charge. The ZRX token may also be used to vote for protocol improvements and upgrades. Users who are large stakeholders (own a large amount of ZRX) may have more voting power. ZRX Token Distribution Launched on August 15th, 2017, the maximum supply of ZRX tokens has been fixed at one billion. 50% of the tokens had been released at the launch, while 15% had been retained by the 0x development team. 15% of the total ZRX supply was allocated for the protocol’s ongoing development, 10% went to 0x founders, and 10% were reserved for the project’s advisors and early investors. The tokens which have been set aside for the 0x founders, advisors and staff members are to be gradually released over a four year time period. Investors who acquired ZRX tokens when the public token sale first began are able to access and liquidate their investments immediately. Over 30 Projects Launched On 0x Network There are currently more than 30 different dApps and relayers that have been launched on the 0x platform. These include: Aragon, an Ethereum-based project for “building unstoppable organizations”; Augur, the decentralized prediction markets platform; dy/dx, a protocol for decentralized margin trading and derivatives; Dharma, a platform for issuing tokenized debt agreements. Some notable relayers that are using the 0x protocol: Ethfinex, a “digital tokens trading and discussing” network; Paradex, a non-custodial decentralized trading platform; OpenRelay, a relayer built specifically for 0x developers. 0x Over-the-Counter (OTC) Trades There’s also a 0x over-the-counter (OTC) trading service which allows for the person-to-person exchange of ERC-20 tokens without requiring a relayer to complete the transaction. To conduct OTC trades on 0x, users must send a link to their counterparty which is then used to create and send the order. Network users are able to send the order through email, their social media accounts, or even by using pencil and paper. ZRX Listed On Coinbase Pro & Consumer In early October 2018, US-based digital asset exchange’s professional trading platform, Coinbase Pro, added support for the ZRX token. A week later the ZRX cryptocurrency was also listed on “Coinbase Consumer.” As mentioned, decentralized exchange Paradex uses the 0x protocol and it was acquired by Coinbase in May 2018. At the time of acquisition, Coinbase’s management team had said they would be integrating Paradex into Coinbase Pro. Commenting on the advantages and use cases for Paradex, Linda Xie, the managing director and co-founder of Scalar Capital, remarked: “0x was co-foun

11 days ago

How’s that prediction for the utter disruption of the finance industry going?

It’s been said that new year predictions are little more than “mental junk food.” They’re designed for publicity—the bigger and more outlandish the better—and people who make them are seldom held accountable. A long time frame allows the prognosticator to repeat the same bold forecast for years. So let’s have a look at a bold call that was published a year ago: 80% of incumbent financial firms will be “irrelevant” by 2030, a Jan. 29, 2018 report by the global research firm Gartner claimed. Fintech disruption will cause these traditional institutions to “cease to exist, become commoditized, or achieve zombie status,” the analysts wrote. The researchers point to the sector’s flat return on equity (ROE) of around 9% since 2012 and argue that blockchain systems could disintermediate old school financial firms. Gartner also notes that new digital players can get up and running without building a single bank branch, and suggest that new breed startups will leap over regulations (or even have them cleared away by regulators). Are these claims the mental equivalent of empty calories, or is there some actual nutrition? The forecast still has more than a decade to run, but we can do a progress report. Though equity prices fell into a bear market, the US banks’ ROE has ticked up closer to 12% following the Trump administration’s tax cuts. The enthusiasm for blockchain projects, meanwhile, plunged in 2017. Though there are still believers, like IBM, blockchain doesn’t appear to be shoving the big financial institutions into obsolescence. But there are signs of disintermediation. Bank profit-streams from foreign-exchange are being disrupted by the likes of money transfer service TranserferWise, which broke even in 2017 and has continued cutting fees toward zero. Flashy debit cards that aren’t tied to a physical bank, from Venmo to Monzo, are multiplying. When it comes to paying for things, banks are getting unbundled. In the UK, where open banking makes it easier to open and switch accounts, regulators seem to be speeding this process. In a fragmented financial world where users have multiple digital wallets and services, CEO of fintech startup Curve, Shachar Bialick, argues that the real opportunity is to provide a central app for viewing and controlling all these accounts. As for sidestepping regulation, there’s a view that starting a tech company is as much about ignoring profit-squeezing rules as it is doing technology things. Take Uber, the taxi service that broke into the sector without originally being regulated like one. Will watchdogs allow financial startups to sidestep the usual rules? The stakes are certainly higher—there’s never been a Great Taxi Crisis (unless you count taxi protests). Poorly regulated banking and lending, meanwhile, causes panics quite often. And when Uber came along, many people (you and me, government officials) were willing to look the other way because we suspected that taxi services could be a lot better. They could be cheaper, we thought, and it would be nice if they had to accept credit cards. You can make the case that competition from ride-hailing apps helped change that. But there are signs that financial regulators are paying more attention than the taxi watchdogs were. Late last year, executives at financial app Robinhood tried to outsmart the banks by offering checking and savings services that relied on brokerage protection (instead of savings account insurance). This idea crashed as soon as it was made public. Even the rise of Ant Financial, the Chinese fintech that’s been a source of inspiration and fear for western executives, was blown off course by China’s financial regulators. It has reportedly been forced to increase the capital reserves held by its Alipay payment unit, and watchdogs tightened controls on its micro-lending business. These restrictions have crimped profit and the company now says its focus will be “tech services” rather than finance. Most people probably get this. Complaining about banks is common, but people like knowing that the government will give us back our savings account money if one goes bust. Likewise watchdogs, particularly in the UK, want to see competition and for startups to thrive. But losing people’s money makes them, and the politicians who appoint regulators, upset. For Gartner’s sugar-frosted disruption prediction to come true, financial startups will have to be a lot more mindful of government watchdogs than Uber seems to have been. The future of finance on Quartz Germans famously love their paper cash, which could make the society vulnerable to an ongoing cash-handler strike over higher pay. Some ATMs ran out of cash during a similar protest in 2015. Happy birthday euro: the European common currency turned 20 this month. While the project remains incomplete, a good old crisis could spur policy makers to finally make the necessary reforms. The US stock market stumbled spectacularly in December, its fourth-worst performance for th

12 days ago

Due to potential network instability around the time of Ethe...

Due to potential network instability around the time of Ethereum’s Constantinople hard fork, the Aragon Association… https://t.co/D6onTwJ5wQ

13 days ago

We have a limited edition Aragon NFT now available for purch...

We have a limited edition Aragon NFT now available for purchase! All proceeds go to Venezuelans in need via… https://t.co/jv2Y4ms4Lh

16 days ago

Ant Financial To Expand into Europe with WorldFirst Take Over

Chinese payments giant Ant Financial, a wholly-owned subsidiary of Alibaba Group, reportedly is in discussion with European payments application WorldFirst in a takeover deal worth $700 million. WorldFirst is a company founded in 2014, which excels in cross-border transactions and remittances without the use of banks. WorldFirst recently made inroads in Shanghai in November 2018, marking the first instance of foreign business to be allowed to operate in China’s competitive payments market. (RL)

19 days ago

With two weeks left to go to submit Aragon Governance Propos...

With two weeks left to go to submit Aragon Governance Proposals before the Aragon Association review begins,… https://t.co/d4NoeaN1y6

a month ago

Ethereum Price Analysis: ETH/USD Solid, adds $3.39 Billion in Three Days

Latest Ethereum News The crypto winter might be coming to an end and after 11 months of deep frost, it’s a scramble for honors. And it’s not about individual coins recouping their losses and realigning as they post massive gains in the last 24 hours, exchanges are doing their best to improve user experience. CoinBase, one of the world’s largest and conservative crypto exchange is rolling out goodies for users. As a “crypto first” exchange, the platform is releasing a new feature, Convert. Read: Cryptocurrency Regulations: Hong Kong Considers Stricter Laws for the Industry This tool allows platform users to convert from one coin to another without using third party applications as ShapeShift or Changelly. Support is available for Bitcoin, Ethereum and four other coins. But as a for-profit company, CoinBase will charge one percent for every conversion. However, depending on prevailing market conditions, fees can vary. Starting today, you can convert one crypto to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). It's Day 8 of 12 Days of Coinbase. Learn more: https://t.co/VshJf7FOMZ pic.twitter.com/wLyJPfkKcA — Coinbase (@coinbase) December 17, 2018 Meanwhile, data from Santiment indicate that more than 400,000 ETHs flew from ICO wallets in the last 30 days. Even though data was inconclusive on whether these coins found their way to exchanges, we can only speculate that this activity meant liquidation. Also Read: CoinBase Opens Up To Altcoins, Launches Crypto-To-Crypto Trading Kyber Network spent 67,290 ETHs from mid-November but their wallets still hold 5,560 ETHs after raising $50 during their successful ICO. Other noteworthy sellers during this bear freeze include Aragon, SingularDTV as well as Status. ETH/USD Price Analysis At spot prices, ETH is up 4.4 percent against the USD and $7 away from the all-important resistance level. From previous ETH/USD trade plan, sellers are technically in charge unless there are solid breaks above $100. This is a round number and a psychological level that could propel ETH above $130 and even $160 cancelling the bear breakout pattern of Dec 6. Trend and Candlestick Formation: Bearish, Breakout Pattern The path of least resistance is southwards and the perpendicular falls from $160 cement our trend preview. But there is hope for bulls if and only if there are high-volume close above $100. As reiterated above, this expansion would cancel the minor bear breakout pattern of Dec 6 as bulls find the necessary momentum to rally towards $160. This is another important resistance level and previous support of Oct-Nov 2018. Volumes: Increasing, Bullish Though ETH/USD is range bound and oscillating within a tight $17 range with floors at $83, gains above $100 could ignite buyers aiming at $160. But this is subject to the level of market participation. Ideally, the breakout above $100 should be accompanied by above-average volumes exceeding Dec 7, 1900 HRs bar—321k versus 179k. If that is the case and recent lower lows act as a catapult for the next wave of higher highs, then our ETH/USD trade plan will be as follows: Buy: $100, $130 Stop: $90, $110 Targets: $130, $160, $250 All Charts Courtesy of Trading View This is not Investment Advice. Do your own Research. The post Ethereum Price Analysis: ETH/USD Solid, adds $3.39 Billion in Three Days appeared first on Ethereum World News.

a month ago

The 2018 Asia Awards: 5 Western Projects Successfully Making Way into Asia

As you may have read in the last few weeks, we are rolling out a new post series for our Premium readers. It will feature recurring updates on the state of Asia Cryptocurrency and Blockchain. We have come up with 4 high-level topics, and every week we will be writing about one of these topics, and rotating through them in the following order. China (with commentary on recent regulatory trends, media sentiment, and touching on exchanges and company developments)Asia Countries ex-China (with commentary on regulations, media sentiments, crypto projects, exchanges, and company developments)Exchanges And Mining (Binance, Huobi, Upbit, Bitmain, Canaan, etc)Crypto Projects and Funding Trends Check out our previous pieces on China, Japan, Korea, Singapore, etc. This week, we are touching on Crypto Projects and Funding Trends. And as we wrap up with 2018, we are introducing an onetime piece around Crypto projects this week. That is, we look back on 2018 and identify 5 role model western projects that have successfully been making way into Asia. We also recently saw great reception with our Quick Guide to Asia Market Entry - China, Korea, Japan, Singapore post, and we’ve shared a spreadsheet detailing the data here. Check it out and let us know if it’s helpful for you. Thank you for reading. The 2018 Asia Awards: 5 Western Projects Successfully Making Way into Asia Unlike most folks in the industry, we at GCR have been appreciating and enjoying this bear market. We have fewer conferences and less fundraising activities going on, and companies can finally learn how to be resourceful and bootstrap in preparation for this ongoing Crypto winter. At this point in time, many projects in the US are building and looking to fulfill their promises to ship something in the first half of 2019. At GCR, we believe that for protocols and blockchain projects, building technology is great, but not enough. Blockchain technology and token design should be, and indeed continue to be, the priority (for now), but we do not believe it should be the only thing that projects focus on. With the promise of decentralized communities that many projects initially laid out in their visions, we believe that the founding team ought to spend at least 10% of their time thinking about their go-to-market strategy, and where and who their initial adopters would be. On a high level, we are seeing projects falling into 2 paths right now when approaching user adoption. In the 1st path, the project launches locally, then wait for adoption to grow, and then launch in a number of regions around the world, something like an Uber model. And for path 2, the project starts off by simultaneously building communities in various locations around the world, and then launch product and gauge community adoption and participation. Both paths have their pros and cons, and projects may find that one path may fit for them better than the other. We often see projects that are often a technically strong team, have built decentralized products, and want to build communities around the world. However, they don’t know how to go about building global communities or they don’t know where to start. Another reason that often prevents these projects from pursuing path 2 is cost. Going abroad and spending time in foreign countries is more expensive on a time and dollar basis. At least that is the case initially. In either case, for many of these companies looking for adoption, it has increasingly become apparent to them that their first launch market may not be the US, or anywhere near the Western Hemisphere. GCR has a primary focus on Asia, and as a result, we have identified companies who has been actively building out a presence in Asia. There are many projects that do trips in Asia once or twice a year, and certainly commend them for their effort. But given the massive amount of $ that these projects have raised, we don’t think that is enough. At GCR, we evaluated projects that raised money from late 2017 and early 2018. There are a number of standout companies that have dedicated notable resources to Asia and we’d like to recognize them as role models in the space that other projects can look to learn from their successes, and failures. We applaud these companies as we believe they are doing some of the hardest work uplifting local communities, dedicating resources to educate local communities on Blockchain technology, and actively participating and contributing to the regional ecosystems, all the way from the other side of the world. Without further ado, here are the top 5 thoughtful western companies successfully making way into Asia. Tezos Foundation In 2018, GCR is recognizing Tezos and its Foundation for their commitment to promote Blockchain education to young people and in universities in Asia. Tezos and its foundation have had its fair of media spotlight beginning of this year, but in the second half of the year, the foundation has been making way successfully

a month ago

The 2018 GCR Asia Awards: 5 Western Projects Successfully Making Way into Asia

Unlike most folks in the industry, we at GCR have been appreciating and enjoying this bear market. We have fewer conferences and less fundraising activities going on, and companies can finally learn how to be resourceful and bootstrap in preparation for this ongoing Crypto winter. At this point in time, many projects in the US are building and looking to fulfill their promises to ship something in the first half of 2019. At GCR, we believe that for protocols and blockchain projects, building technology is great, but not enough. Blockchain technology and token design should be, and indeed continue to be, the priority (for now), but we do not believe it should be the only thing that projects focus on. With the promise of decentralized communities that many projects initially laid out in their visions, we believe that the founding team ought to spend at least 10% of their time thinking about their go-to-market strategy, and where and who their initial adopters would be. On a high level, we are seeing projects falling into 2 paths right now when approaching user adoption. In the 1st path, the project launches locally, then wait for adoption to grow, and then launch in a number of regions around the world, something like an Uber model. And for path 2, the project starts off by simultaneously building communities in various locations around the world, and then launch product and gauge community adoption and participation. Both paths have their pros and cons, and projects may find that one path may fit for them better than the other. We often see projects that are often a technically strong team, have built decentralized products, and want to build communities around the world. However, they don’t know how to go about building global communities or they don’t know where to start. Another reason that often prevents these projects from pursuing path 2 is cost. Going abroad and spending time in foreign countries is more expensive on a time and dollar basis. At least that is the case initially. In either case, for many of these companies looking for adoption, it has increasingly become apparent to them that their first launch market may not be the US, or anywhere near the Western Hemisphere. GCR has a primary focus on Asia, and as a result, we have identified companies who has been actively building out a presence in Asia. There are many projects that do trips in Asia once or twice a year, and certainly commend them for their effort. But given the massive amount of $ that these projects have raised, we don’t think that is enough. At GCR, we evaluated projects that raised money from late 2017 and early 2018. There are a number of standout companies that have dedicated notable resources to Asia and we’d like to recognize them as role models in the space that other projects can look to learn from their successes, and failures. We applaud these companies as we believe they are doing some of the hardest work uplifting local communities, dedicating resources to educate local communities on Blockchain technology, and actively participating and contributing to the regional ecosystems, all the way from the other side of the world. Without further ado, here are the top 5 thoughtful western companies successfully making way into Asia. Tezos Foundation In 2018, GCR is recognizing Tezos and its Foundation for their commitment to promote Blockchain education to young people and in universities in Asia. Tezos and its foundation have had its fair of media spotlight beginning of this year, but in the second half of the year, the foundation has been making way successfully into Asia through partnerships with universities and conducting meetups around Blockchain education. We look forward to more great things coming out from the team. “The Tezos Foundation’s core mission is to support the long-term success of the Tezos protocol and ecosystem. By funding initiatives imagined by scientists, researchers, developers, entrepreneurs, and enthusiasts, the Foundation encourages decentralized development and robust participation.” Since August, the Tezos foundation team has been hard at work in writing research grants, initiating a number of university events and educational meetups in Asia around blockchain and OCaml. They have started forming deeper relationships in a number of cities in Asia through local partnerships and Memorandum of Understanding (MoU) agreements. Some academic areas of focuses have included training students on OCaml, the programming language that Tezos is written in; partnering on a programming book with a professor from National University of Singapore; speaking about technical challenges facing blockchain at National Taiwan University Department of Computer Science & Information Engineering; doing meetup in Japan discussing PoS algorithms; and launching a Masterclass at Nanyang Technological University in Singapore. The project has also set up various meetups in Southeast Asia in cities such as Bangkok and Han

a month ago

An Aragon DAO being used to fundraise for the adiction detox...

An Aragon DAO being used to fundraise for the adiction detoxification treatment of two minors… https://t.co/uDwktxm8gu

a month ago

Finally, last but not least, @stefanobernardi recently annou...

Finally, last but not least, @stefanobernardi recently announced that he was joining us as ED of the Aragon Associa… https://t.co/PlREfIJQ6E

a month ago

An Indian entrepreneur aims to rid Japan of paper money, then repeat the trick in the US

Electronic money is catching on in many parts of the globe, but Japan—the world’s third-largest economy and one of the most technologically sophisticated—has mostly been a spectator. The CEO of India’s biggest digital payments company, however, thinks the island nation is finally getting over paper cash. Paytm founder and CEO Vijay Shekhar Sharma says his collaboration with SoftBank and Yahoo Japan is off to a better-than-expected start, according to a Business Standard report. The Japanese service, called PayPay, uses Paytm’s QR code payment technology and launched earlier this year. SoftBank Vision Fund is also an investor in Paytm, which is owned by Indian mobile-internet firm One97 Communications. If Paytm “kills it” in Japan, Sharma says that will be a green light to expand in other advanced economies. “My personal ambition will be to make America great again,” he said in the report. Sharma and his partners have good timing. Prime minister Shinzo Abe’s ambition is for Japan to double its share of digital payments within a decade, from around 20% now to 40% by 2025. Abe’s longer-term goal is a world-leading 80%. It would be a massive shift. For now, Japan prints and distributes far more paper money as a percentage of its economy than other major countries. There are several reasons Japan is rolling in so much physical cash. For one thing, a long period of ultra-low interest rates and deflation have encouraged the Japanese to hoard paper notes, which gain spending power over time. A big underground economy could be another reason, according to Harvard professor Kenneth Rogoff’s book The Curse of Cash. The economist cites estimates that Japan’s underground economy is bigger than the one in the US. Shifting from paper cash to digital transactions would help the government clamp down on tax evasion, as well as the Japanese mob’s yakuza underworld. There will be resistance. Digital money could also give the Bank of Japan more flexibility the next time the economy stumbles. Slashing interest rates has traditionally been the main tool for fighting back when the economy slows, but Japan’s benchmark interest rates are already negative, giving the central bank fewer options during a downturn. Digital money, however, would give the Bank of Japan room to drive interest rates even deeper into negative territory—essentially penalizing (subtracting) money held in bank accounts. This could inspire savers to take more risks with their money—putting it into the stock market, for example—rather than switching their savings to physical cash and keeping it under the tatami mat. The thing is, attitudes about money are deeply ingrained in culture and habits are hard to change. In the meantime, the Paytm joint venture is up against the Line instant message service and Mercari, a flea-market app. Similar dynamics are playing out in other geographies: US companies like PayPal, Amazon, Google, Facebook, and Chinese giants Tencent and Alibaba affiliate Ant Finance are battling in their home markets. They, too, harbor ambitions of expanding around the world. Does Sharma have a shot with his India- and Japan-tested technology in the world’s biggest economy? He’d have to beat the likes of Apple and Amazon on their own turf. But similar to Japan, the US market for digital wallets is still up for grabs, which suggests there could be a chance. The future of finance on Quartz M-Pesa mobile money service now works with China’s WeChat Pay. Tens of millions of people using Kenya’s dominant mobile money service will be able to transfer cash to over a billion active users of China’s WeChat digital payment system. Nigeria’s central bank could hamstring local fintech startups with costly new regulation. Policy makers argue that startups heighten risks in the financial system. The best way to get people to give to charity is to make it about them. A research paper found that “giving is motivated by self-interests rather than concerns for charitable output, per se.” Indian startups are frothy, but not quite bubbly. That said, Matrix founder Avnish Bajaj thinks entrepreneurs are raising as much as fives times more than they need. The future of finance elsewhere Sweden will likely be cashless in three-to-five years. The deputy governor of the country’s central bank says physical money won’t be banned, but it will be practically useless. Ethereum co-founder Joe Lubin is still a crypto believer. But in the meantime, the ConsenSys software studio he founded is laying off 13% of its staff. British peer-to-peer lender Zopa got a UK banking license. It’s planning to launch a digital bank service. The EU wants the euro to become a stronger counterbalance to the US dollar, but can’t agree on a way to get there. The common currency’s international role was damaged by the euro zone debt crisis. The European Central Bank started an instant payment system in hopes of fostering domestic payment companies. The system is meant to allow banks to settle paym

a month ago

Amazon could learn from the Chinese tech giants

Chinese technology companies, once derided as copycats of western innovations, are now creating their own unique products that American tech stalwarts may want (or be forced) to follow. Take Amazon Pay: the tech giant is reportedly trying extend its reach into the offline world. If successful, that strategy would look a lot like what Alibaba accomplished with Alipay in the world’s biggest market for mobile wallets. Amazon’s foray into the payments business, in 2013, wasn’t a booming success, but it’s making a serious push now, according to Bernstein. The Seattle e-commerce company is trying to persuade the likes of gas stations and restaurants in the offline world to accept Amazon Pay, according to a Wall Street Journal report (paywall). Earlier payment efforts, like Amazon Register, floundered. And for all of the $800 billion company’s muscle, Amazon Pay is one of the few digital wallets that failed to become more popular among US shoppers this year, according to a Bernstein survey. Amazon Pay has around 33 million users outside of Amazon.com and operates in the US, UK, India, Japan, France, Germany, Italy, and Spain. Amazon as a whole has more than 300 million active users. (PayPal has more than 250 million.) Contrast this with Alipay, which has more than 870 million users around the world (though most are in China). The digital wallet was created in 2004 to provide a payment service for the Amazon-like e-commerce giant Alibaba, a relationship not unlike PayPal’s rise alongside eBay. Alipay launched offline mobile payments via barcodes in 2011, and says it was the first online wallet to market to do so. (PayPal started discussing offline options that year, too.) It now offers a suite of financial services like lending, investment, and insurance. Amazon hasn’t been able to replicate this success, for a variety of reasons. For one thing, the US already has a highly developed consumer payment market where habits are entrenched. Merchants may also distrust Amazon as a partner, according to Bernstein analyst Harshita Rawat. Since Amazon is seen as a threat to the retail sector, smaller merchants may be reluctant to allow Amazon to have their data or to otherwise depend on its services. Its efforts in the payment arena have also been unfocused and disorganized, Rawat said. Despite Amazon’s limited success so far, Alipay’s example may provide impetus for Amazon CEO Jeff Bezos to keep trying. Alipay, which now falls under the umbrella of Alibaba affiliate Ant Financial, has become a financial force in its own right, and the company has been making strategic investments and partnerships from Thailand to India. By all appearances, Amazon is trying hard to push Amazon Pay. The company has launched Amazon Cash, a barcode system for using physical cash to load online accounts with money, and may reportedly include peer-to-peer payments in its Alexa digital assistant system. If Bezos succeeds in gaining wider adoption of Amazon Pay the US, it may not mean much for Alipay, which is focused on other markets. But PayPal, the original US digital wallet innovator, should be worried. The future of finance on Quartz Gift cards, the most asked-for gift in America, are a bad present. Give cold, hard cash instead. Robinhood is offering checking and saving with 3% interest. Mind you, the brokerage-app’s accounts aren’t backed by the full faith and credit of the US government like the accounts savers are used to. (Higher interest rates usually come with higher risk.) Sustainable investing may not be that sustainable. While “responsible” investing is booming, it needs better structure and standards. The co-founder of one of London’s fastest growing fintech firms isn’t sweating Brexit. The CEO of Revolut, which just got its EU banking license, re-iterated that the UK is among the best places for entrepreneurs. Subprime personal loans are forecast to surge next year. That’s because of the Trump administration’s lighter touch on payday lending, and startups’ reinvention of the personal loan. The future of finance elsewhere The UK and EU are “sleepwalking towards a no-deal Brexit,” according to Martin Wolf of the Financial Times (paywall). He argues the costs of letting that happen would be enormous, both economically and politically. Amazon opened a “mini” version of its cashier-less store. The Amazon Go store in Seattle is only open to Amazon employees and their guests. So much for JPMorgan CEO Jamie Dimon’s golden age of banking. Instead of getting a boost from higher interest rates, bank stocks are sagging amid concerns the economy may slow. Fidelity International is considering a robo-advice sevice. The demise of human wealth advisors due to such platforms has been exaggerated. The crypto winter is deepening and the layoffs at startups are intensifying. ConsenSys, Steemit, and Token Agency have all had to fire staff (paywall). Previously, in Future of Finance Friday Dec. 7: An Indian entrepreneur aims to rid Japan of paper

a month ago

Althea has developed their own Aragon app for the Node List ...

Althea has developed their own Aragon app for the Node List of their Subnet DAOs. They will be going into productio… https://t.co/bSKV1D6XHB

a month ago

The Aragon Conference, #AraCon2019, will bring together peop...

The Aragon Conference, #AraCon2019, will bring together people who embody and wish to shape the Aragon community. T… https://t.co/h2pUYap1dh

a month ago

Ethereum Price Analysis: ETH/USD Delicate at $100, Price may Drop to $1 or Snap Back to $250

Latest Ethereum News There are three main pieces of infrastructure that supports the Ethereum Ecosystem: Truffle, Infura and MetaMask. Truffle is a “A world class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier” while Infura is an “API and developer tools providing the necessary infrastructure and scaling capabilities for dApps”. On the other hand, MetaMask is an Ether and ERC-20 wallet that runs on Infura. Aside from securing your coins private keys, it also acts a bridge for dApp exploration right off your browser. It also allows users to run dApps without the need of downloading the whole Ethereum full node. Market cap doesn't reflect activity. Decentralized networks are growing. -10B+ daily API requests served by @infura_io-1M+ @trufflesuite downloads-1M+ @metamask_io downloads-12K+ live @Ethereum nodes-48M+ unique #Ethereum addresses-3x @LinkedIn #blockchain job openings — Joseph Lubin (@ethereumJoseph) December 1, 2018 Now, the exponential growth—and underlying demand is the main reason why Joseph Lubin is convinced that Blockchain is more than a market but a movement. Infura alone has had more than 10 billion API request. MetaMask has more than 10 million downloads and Truffle-which is used by ShapeShift, Aragon and others—and MetaMask has one million downloads. That’s not all, other metrics that show increasing base activity despite free falling ETH prices includes the number of active ETH addresses—exceeding 48 million. At the same time governments are positive on the chain with Austria via Oesterreichische Kontrollbank (OeKB) issuing $1.35 billion worth of federal bonds back in September. Blockchains are solving real-world problems. Governments get it. -Israel’s encrypted messaging system-Estonia’s electronic healthcare record trials-Dubai’s 2020 initiative-South Africa Reserve Bank’s @goquorum trial-Japan’s e-voting system-Zug @uport_me IDs + crypto ATMs — Joseph Lubin (@ethereumJoseph) December 1, 2018 ETH/USD Price Analysis There are hints of support but at $12 away from $100, we are far from convinced that there is a shift of momentum and bulls are back in contention. At spot prices, ETH/USD is up 2.4 percent in the last week and down two percent from yesterday’s close. Still, ETH/USD is trending in shaky grounds and how prices react at $100 could be shaping for ETH in the short to medium term. Ideally, we would like to see rallies above $130 after a 92 percent drop from 2018 peaks. Trend: Bearish Of course, after 11 months of steady declines that have seen ETH prices drop more than 90 percent from Jan peaks, the path of least resistance is southwards. This means ETH/USD is bearish and from the chart volatility is low but nonetheless, prices are trending within a bear breakout pattern following steep declines of Nov 19. Volumes: Stable but Bearish Notably, in our daily chart is Nov 25 bull pin bar. While it did print as a bull in an otherwise steep decline shoring prices and preventing a devastating crash below $100, the bar was backed by above average volumes—1.179 million versus 620k. And even after that ETH/USD prices are still oscillating within Nov 25 high low. Candlestick Formation: Accumulation/Distribution, Bear Breakout Pattern Because of Nov 19 high-volume, bear bar breaking below $160—the lower limit of support line, ETH/USD is trading within a bear breakout pattern. Now, because of the past seven days stability, ETH could either be in a distribution or accumulation phase depending on breakout direction. Rallies above $130 could be the latter while discouraging drops below $100 shall be a distribution and bear trend continuation. Conclusion Trading ETH/USD is simple. Bears are in charge. But, convincing breaks above $130 at the back of strong volumes shall usher in the next wave of bull pressure aiming at $160, $250 and even $400. If not and there is distribution further exerting pressure on ETH leading to price collapse below $100, then we could see drops re-testing $40 by end year. All Charts courtesy of Trading View. This is not Investment Advice. Do your Own Research. The post Ethereum Price Analysis: ETH/USD Delicate at $100, Price may Drop to $1 or Snap Back to $250 appeared first on Ethereum World News.

a month ago

Tencent Warns Users of a Bug in NEO’s Blockchain That Facilitates the Remote Stealing of Tokens

Tencent’s Security joint lab recently announced that hackers had infected the NEO blockchain with a bug that allows them to steal tokens remotely. Per the announcement, when a user starts the NEO network node with default settings and opens the wallet, they risk losing their cryptocurrency. Tencent Security also urged the NEO node maintainers and ‘small ant coin’ holders to pay attention to wallet security, update the client version on time, and to be attentive on abnormal transfer behavior. (KE)

a month ago

China’s Tencent Warns of Bug in NEO’s Blockchain That Allows Hackers to Steal Tokens Remotely

Tencent’s Security Joint Lab has notified users of the Neo (NEO) blockchain of a potential bug that allows hackers to remotely steal tokens native to the blockchain. The vulnerability affects the popular Gas (GAS) tokens. The team notified the crypto and blockchain community via the popular micro-blogging website of Weibo. The notification has been translated by Google and reads as follows: Blockchain re-explosive money crisis! @腾讯湛泸Lab Monitoring the famous blockchain project NEO (corresponding to the digital currency “small ant coin”) has the risk of remote piracy. When a user starts the NEO network node with the default configuration and opens the wallet, the digital currency may be remotely stolen. Tencent Security Zhanyi Lab has submitted a risk warning to the NEO development community, and reminded NEO node maintainers and “small ant coin” holders to pay attention to wallet security, update the client version in time, and pay attention to abnormal transfer behavior. How To Avoid Attacks The team at the security arm of Tencent went on to advise the NEO community on how to avoid attacks. They advised the following actions to prevent the loss of tokens: Upgrade to the highest version of NEO-CLI client program Avoid using remote RPC function, modify the address of BindAddress in the configuration file to 127.0.0.1 If you have to use remote RPC functions, change the RPC port number, enable Https-based port of JSON-RPC-based interface, or set up a firewall, etc. to protect the security node About NEO Nicknamed ‘The Ethereum of China’, NEO is the next generation smart economy platform. The project aims to digitize assets and automate the process of managing them using smart contracts. With blockchain technology, the digitization of assets can be decentralized, secure, traceable, transparent and free from middlemen. NEO is currently ranked 17th on Coinmarketcap with a market capitalization of $528 Million and valued at $5.81 per coin at the moment of writing this. At the peak of the crypto bull run of last December to February this year, NEO was valued at $191 leading many crypto traders to conclude it was the hardest hit by the ban on online crypto trading in China. What are your thoughts on the possibility of a bug on the NEO blockchain? Please let us know in the comment section below. Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post China’s Tencent Warns of Bug in NEO’s Blockchain That Allows Hackers to Steal Tokens Remotely appeared first on Ethereum World News.

a month ago

Bug Discovered in NEO That May Allow Hackers to Steal Coins Remotely

According to a Weibo Post by Tencent Security Joint Labs, a vulnerability in NEO’s network has been discovered which allows hackers to steal a user's coins remotely. According to the post, “...the famous blockchain project NEO (corresponding to the digital currency “small ant coin”) has the risk of remote piracy. When a user starts the NEO network node with the default configuration and opens the wallet, the digital currency may be remotely stolen.” Tencent Security has submitted a risk warning to the NEO development community and warned NEO node maintainers to monitor for suspicious activity.” (JF)

a month ago

Ending Ethereum FUD over Tezos ICO treasury transfers

As the price of ETH continues to nosedive, losing almost 50% of its value over the past 30 days, several altcoin projects have proceeded to move Ethereum holdings out of their fundraiser ICO wallets. Two of the projects, Tezos and Aragon, have provided stated purposes for the transfers which, they say, does not include selling or dumping any Ethereum holdings. Tezos Foundation Moves 82,050 ETH When Tezos (XTZ) launched a fundraiser in July of 2017, it collected 361,122 ETH along with a mass of 65,703 Bitcoin. Not all of the ETH went to the same wallet since Bitcoin Suisse, a Swiss cryptocurrency bank also accepted and stored ETH contributions for the project. In a response to an email from Crypto Insider, Anthony Lacavaro, a spokesman for the Tezos Foundation, indicated that the movement of ETH was merely for relocation purposes only. “The ETH were moved into a different storage system, not sold,” according to Lacavaro. As of January 2018, the Tezos treasury wallet contained 203,468 ETH, according to Diar. That number, since January, has remained steady until November when in recent days over 82,000 ETH was moved from the treasury account. Diar reported the update via Twitter on Thursday morning: Our live #Ethereum ICO Treasury Balances is back up. A 82K $ETH withdrawal from @tezos now marks November as the largest drawdown period this year. More here: https://t.co/nlVYQkHf6I pic.twitter.com/ySfUauntKZ — Diar (@DiarNewsletter) November 29, 2018 The move originally sparked alarm among crypto watchers concerned whether the 80,000 ETH would be dumped on the open market, further driving down an already sagging Ethereum price. Other Projects Follow Suit According to Diar’s data, Tezos is not alone this month in moving Ethereum funds out of treasury wallets. Aragon (ANT), a dApp built on Ethereum designed to let users create and manage a decentralized organization, which launched an ICO in May of 2017, is another large ETH holder with approximately 263,523 in its treasury at the start of January 2018. The most recent numbers show Aragon will end November holding just 182,388 ETH, a difference of over 50,000 moved from their treasury since January, the vast majority of which moved in the last 30 days. According to reports, Aragon has been working to secure their funding and hedge against volatility by securing assets with a loan based on the Ethereum-collateralised Dai stable coin. Aragon confirmed the reporting on Twitter and said their official position remains “long” on Ethereum: In the last 24 hours, the AA has sold its XMR position (worth $500k), and a small part of its ETH position (worth $1m). The AA also just took a 1m DAI loan, collateralizing the CDP with 40k ETH (415.9% collateralization ratio). We are long ETH.https://t.co/iT7DGCOfyB — Aragon (@AragonProject) November 27, 2018 Smaller blockchain projects, such as Aragon, will need to be more conservative during downward trends to protect large crypto holdings which can quickly be eaten by day-to-day costs as values plummet. District0x (DNT), another Ethereum-based dApp ICO from 2017, also moved over 15,000 ETH in the past month. Crypto Insider contacted District0x for comment but did not receive a response by press time. ICO Treasuries Not Causing ETH Fall Despite many ICO treasuries holding significant amounts of ETH, the analysis shows that these accounts amount to roughly 4% of all Ethereum worldwide holdings. Many ICOs from 2017, aside from Tezos, are built on tokens which rely on Ethereum contracts so it would be counterintuitive for those same projects to carelessly dump their holdings which could potentially drag down the ETH price and hurt their own market cap. The main cause for the Ethereum downturn, other than following Bitcoin, is more likely related to the SEC ruling in mid-November which saw two ICOs agree to fines and refunds which has further exacerbated a bearish environment where projects are looking to protect their assets and weather this storm. According to the numbers from DappCapitulation, most ICO treasuries have not budged in the past 12 months which means most projects are still holding their ETH untouched. If we start to see the moves multiply in the coming weeks, it could signal that more ICO projects are feeling the crunch or looking toward protective measures. The post Ending Ethereum FUD over Tezos ICO treasury transfers appeared first on Crypto Insider.

2 months ago

Aragon Monthly Issue 10 is out! The latest issue of the com...

Aragon Monthly Issue 10 is out! The latest issue of the community curated digital newspaper about #DAOs, decentral… https://t.co/wRc8JmPpnM

2 months ago

Earlier this year, @AragonOneTeam was founded, @licuende res...

Earlier this year, @AragonOneTeam was founded, @licuende resigned as the Project Lead and the Aragon Association mo… https://t.co/jtiselTFq6

2 months ago

The Daily: ICOs Hunker Down for Crypto Winter, Meta Stablecoins Are Coming

For those who live in the northern hemisphere, winter is coming, while in the cryptosphere it’s already here. In Wednesday’s edition of The Daily, we look at the steps ICOs are taking to preserve their capital as they wait for the markets to warm up again, heralding that winter is over. Also read: Bitstamp to Deploy New Market Surveillance Tool to Fight Price Manipulation ICOs Offload ETH and Downsize to Survive Having belatedly realized that the crypto market may have further to drop, and that staying all in ETH could be fatal, tokenized projects have begun cashing out and cutting costs. Some, such as Aragon, have shown prudence in their treasury management, maximizing capital through smart cryptocurrency acquisition and liquidation. This week, the project sold $1.5 million of cryptocurrency, including $1 million of ETH, and has sought sanctuary from market volatility by taking out a 1 million loan of DAI, Maker’s ETH-collateralized stablecoin. Other tokenized projects have not been so fortunate or astute at balancing their budgets however. In addition to Aragon, over 100,000 in ETH has been sold by ICOs in the past week in a belated attempt to stem diminishing funds. A number of projects have also begun to lay off staff, including Steemit, which is shedding 70 percent of its workforce. In a blog post, Steemit CEO Ned Scott attributed the move to “the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes.” He added: I would like to thank all of our employees and contractors for their months and years of dedication and hard work. It is incredibly difficult to part with these great people who I have gotten to know well and respect. Stably Announces Meta Stablecoin Stablecoins, representing the promise to pay the bearer a corresponding asset that promises to pay the bearer an agreed amount, are already very meta. Stably’s forthcoming dollar-pegged coin takes this metaness to a new level though. Its new stablecoin will use a basket of stablecoins as its reserve, including its own stableusd (USDS) as well as potential candidates such as USDC, TUSD, GUSD and DAI. “Our approach to building this basket will be to design a coin with institutional cryptocurrency traders in mind,” explained Stably. “The main advantage of this coin will be diversification of counterparty risk. A user can confidently trade this coin knowing that the risk profile of the coin is diversified with several other stablecoin projects.” Whether investors are swayed by this argument remains to be seen. In the U.K., meanwhile, London Block Exchange (LBX) and Alphapoint have launched GBPP, the first stablecoin pegged to the pound sterling (GBP). Bitcoin’s Not Dead and Here’s the Proof Finally, while cryptocurrency users need no convincing that there’s a lot of life in bitcoin yet, mainstream media aren’t so sure. For years, bitcoiners have directed crypto coroners in the direction of the obituary page that records the number of times BTC has been declared dead. Nic Carter has now assembled a handy flowchart to help set the record straight any time the media declare, for the umpteenth time, that bitcoin is dead. What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below. Images courtesy of Shutterstock and Twitter Need to calculate your bitcoin holdings? Check our tools section. The post The Daily: ICOs Hunker Down for Crypto Winter, Meta Stablecoins Are Coming appeared first on Bitcoin News.

2 months ago

ICOs Are Withdrawing Ethereum as Justin Sun Says ‘Migrate’ To TRON

Ethereum (ETH) may have lost almost 90 percent of its value in 2018, but this has not fazed projects that raised funds via ICOs, data shows. Aragon Withdraws Over 51,000 Ethereum In its latest edition focused on ICO balances, Diar reveals that ETH withdrawals by developer teams trailed off as the year has progressed (with the exception of September), with November nonetheless marking a slight...

2 months ago

Aragon Project says it still has Faith in Ethereum and Reveals its Ether Holdings

As Ethereum languishes during the most recent bear lead slaughter of the crypto-market, rumors of ICOs and Ethereum holders jumping ship and selling into fiat abound. The Aragon project is attempting to stem the bloodshed by announcing their support of the ailing altcoin. Aragon recently tweeted that it has “always been supporting Ethereum and its community. Our token sale was done in ETH, and we haven’t dumped any ETH or lost faith in it.” Aragon project co-founder Luis Ivan Cuende also shared that Aragon raised $25 million in ETH during its token sale when ETH was at $90. He attributed “good bets in other cryptocurrencies” with helping Aragon weather the current storm and Cuende revealed that the Aragon Association now has a portfolio value of more than $30 million. The Aragon Association also announced that over the past 24-hours it sold $500,000 worth of Monero (XMR) and $1 million worth of Ether (ETH). (RS)

2 months ago

These are hard moments for the market, but even with that, w...

These are hard moments for the market, but even with that, we want to make sure the Aragon project can properly ope… https://t.co/Gb2QHTJoIY

2 months ago

When the Aragon token sale happened, we raised $25m and ETH ...

When the Aragon token sale happened, we raised $25m and ETH was at $90. Fortunately, the Aragon Association has mad… https://t.co/pD4Ib6Gx8Q

2 months ago

Direct message from the Aragon Association (AA) board (@licu...

Direct message from the Aragon Association (AA) board (@licuende & @izqui9): The Aragon project has always been su… https://t.co/J0kJwtX65S

2 months ago

More options available for interacting with the Aragon commu...

More options available for interacting with the Aragon community! The Aragon Chat is now also available through… https://t.co/xhnYyrku0z

2 months ago

We're excited and proud to say that ANT voters overwhelmingl...

We're excited and proud to say that ANT voters overwhelmingly voted to approve AGP-1, the Aragon Governance Process… https://t.co/QFBRWGj20K

2 months ago

Factom Price Momentum Turns Mega-Bullish Following new Partnership

It is increasingly difficult to find anything positive in the cryptocurrency industry today. Most markets down by significant amounts, although there is one major exception in this regard. Factom’s price, which has surged last week as well, continues its bullish momentum despite Bitcoin dragging everything else down. Factom Price Continues to Soar in Spectacular Fashion It is not a good day for the cryptocurrency industry by any means. All top currencies are losing value, and it seems there will be no improvement in sight whatsoever. One notable exception is the Factom price, which further confirms the future will be all about partnerships and working technology, rather than hype and political shenanigans. In the past few hours, the Factom price shot up by another 28% in USD value and 34% in BTC value. Given Bitcoin’s bearish slump, those BTC gains are by far the most important aspect. It is also worth noting these recent gains push the FCT value to nearly $8, although that level should be overtaken fairly quickly. When that happens, the path to $10 seems wide open, depending on overall profit taking. Social media is abuzz with talk about Factom, for obvious reasons. The TIE confirms Factom has a lot of social engagement right now, although it remains to be seen how that will effectively affect the altcoin moving forward. Its overall trading volume is definitely on the rise, which could have a positive impact on the FCT value moving forward. In the midst of the crypto bloodbath over the last 24 hours, #Factom (#FCT) survived well. While the coin dropped initially, it recovered on a 574.44% increase in trading volume and now sits down only 1.27% over 24hrs vs. a 12.11% overall market losshttps://t.co/NTt8ZqZcpm pic.twitter.com/qnNAEroK8v — The TIE (@TheTIEIO) November 15, 2018 The major reason why the value per Factom is rising right now is because of a new potential partnership with Equator Homes. For those unaware, this company focuses on homes for sale, real estate marketing, and technology solutions for real estate agents. It marks an important milestone for Factom in many different ways, and gaining any traction in this industry will be crucial. $Fct still storming the gates, if the @EquatorHomes deal is this good for the coin as people believe imagine how good it actually is for #Factom Inc, the company that’s benefiting from the deal, which PI’s can invest in via @ffwdinnovations (#FFWD) — Atom Ant (@atomantshow) November 19, 2018 Other projects are being developed regarding Factom as well, by the look of things. The new video known as “Off Blocks” is quite intriguing, as it highlights the potential of Factom’s technology as a whole. Although commercializing this project may not be easy, there is a bright future ahead regardless. All of these developments appear to warrant the current Factom price increase first and foremost. If you thought #factom was just a one-trick pony, you were wrong! This is just a taste of some of the exciting stuff being built right now. https://t.co/WhTTX257z3 — Factoshi (@factoshi) November 18, 2018 Given all of the negative pressure across the cryptocurrency markets, it will be interesting to see what the near-term future holds for Factom. There is genuine excitement regarding the underpinning technology, but it is evident the negative market momentum will drag FCT down a bit. For now, things are still looking good, but there will be a price dip sooner or later. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Factom Price Momentum Turns Mega-Bullish Following new Partnership appeared first on NullTX.

2 months ago

We are happy to introduce updates from these six amazing tea...

We are happy to introduce updates from these six amazing teams working on the Aragon and #Ethereum ecosystems! We… https://t.co/abUhkyhQYV

2 months ago

#AraCon2019 welcomes people from all backgrounds to join us ...

#AraCon2019 welcomes people from all backgrounds to join us at the flagship event of the Aragon Project. If you ar… https://t.co/8nOyNYxm9a

2 months ago

It's official: AGP-1 has been approved by ANT voters! Final...

It's official: AGP-1 has been approved by ANT voters! Final tally: Yes: 1040515.47716 ANT No: 359.81674 ANT See… https://t.co/Mx0cXQun4h

2 months ago

Americans are splurging on all flavors of subprime debt

American subprime borrowers are stocking up on all kinds of debt, from home mortgages to automobile loans and credit cards. Personal loans have been especially perky, as financial technology upstarts compete to lend to consumers with spotty credit histories. The amount of personal loans outstanding rose to $132 billion in September, an 18% increase from a year earlier, according to data from TransUnion, a credit bureau. The subprime segment grew at the fastest rate, expanding 28% from the same period in 2017. SoFi, Marcus, Prosper, Best Egg, Avant, and Upstart account for more than 30% of all new personal loans, according to Experian. A healthy economy is one reason for the borrowing uptick. So far, delinquency rates—a measure of how well loans are performing—are lower than they were in 2015 and 2016, according to TransUnion. Lending has also gotten a boost from the Trump administration, which has relaxed some financial regulations and prevented consumer protections targeting high-interest lenders and payday loans from coming into force. “The favorable regulatory environment has fueled growth in non-prime lending, with fintechs leading the way,” Jason Laky of TransUnion said in a statement. “Banks and credit unions continue to compete in the personal loan market and are offering larger loans and longer terms to prime and better consumers, whose overall balances are growing the quickest.” Personal loans used to be mainly used by people with poor credit who lacked access to credit cards or home-equity loans. Such debt is unsecured, meaning it’s not backed by collateral like for car loans and home mortgages. Unsecured debt can result in greater losses for lenders when there’s a default. Fintechs have reinvented personal loans. Their digital platforms can quickly analyze and make a decision on whether to lend money. The lack of collateral means less paperwork, which speeds up the borrowing process. While growing debt loads may be a sign of a robust economy, it also raises questions about how these loans will hold up when conditions eventually deteriorate. The new breed of financial firms sometimes tout proprietary credit scoring. Avant, for example, says it uses big data and machine learning in its lending decisions, but it hasn’t yet been tested in an economic contraction. Personal loans, which are sometimes used to refinance credit-card debt or for things like home improvement, are still a sliver of all consumer credit, which amounts to around $4 trillion. We may soon find out if fintech pixie dust is helping extend credit to underserved borrowers capable of paying it back, or whether the new subprime debt is a lot like the old subprime debt. The future of finance on Quartz This week Quartz launched its membership program. Our first series is about the future of digital money: Cash is dead— long live cash. We’ve got a giant guide to a world without paper money, a Q&A with Harvard’s anti-cash professor Kenneth Rogoff, as well as stories about the reinvention of M-Pesa and the cash economy that keeps America’s legal marijuana businesses running. Elsewhere at Quartz, India is looking to ban bitcoin. That could mean cracking down on exchanges, which may push trading underground. Technology is helping investors put their money where their morals are. A nonprofit has created an online screening tool to find out how a given mutual fund scores in terms of gender equality. Narendra Modi cracked a crypto tech joke. The Indian prime minister, of all people, said the best way to raise lots of cash is to say you’re working on a blockchain business. The future of finance elsewhere Swiss regulators are investigating whether the country’s major banks colluded to boycott mobile payment providers like Apple Pay and Samsung Pay. Credit Suisse and UBS are among the banks reportedly targeted in the probe. Berkshire Hathaway bought a $4 billion stake in JPMorgan. Warren Buffett’s investment conglomerate also has positions in Wells Fargo and Bank of America. The UK has lost two-thirds of its bank branches (paywall) in the past three decades. Less populated parts of Scotland have been hardest hit, as consumers do more banking online. Binance warned Iranian users to withdraw their funds from its accounts. The Malta-based crypto exchange (crypto, remember, was meant to be a stateless digital currency) is looking to comply with US sanctions against the Islamic Republic. Ant Financial says tech services will be its primary business and not just payments. Chinese authorities have cracked down on Ant and Tencent’s payment businesses. Previously, in Future of Finance Friday Nov. 9: People who use mobile fintech apps tend to make worse financial decisions Oct. 5: Elon Musk had a radical, revolutionary idea for finance in 1999 — it’s finally being realized Sept. 28: A booming Stripe shows digital payments aren’t about to be replaced by blockchain

2 months ago

Aragon Monthly Issue 09 is out! The latest issue of the com...

Aragon Monthly Issue 09 is out! The latest issue of the community curated digital newspaper about #DAOs, decentral… https://t.co/5OQNfKKkwF

2 months ago

Bitcoin Cash (BCH/USD) Price Analysis: Bitmain Ready To “Sacrifice” Bitcoin Hash for Bitcoin Cash ABC Survival

Latest Bitcoin Cash News Clearly, the market is bleeding. It’s simply a bloodbath out there. And it’s about to get worse—or better—for Bitcoin Cash’s official coin—Bitcoin Cash ABC. The coin is fronted by among others Roger Ver, BitPay and remotely by Bitmain’s Jihan Wu. While the relationship between Bitcoin Cash, Roger Ver and Bitmain is because of their clear stand of Aug 2017 hard fork, Jihan Wu has since retracted only acting from the periphery but his company clearly wields a lot of power especially in the mining space where the real battle will take place. Bitmain’s Re-deployment of Hash from Bitcoin Network But since Bitmain directly controls operation of Ant Pool and BTC.Com, they effectively control as much as 25.9 percent of the total Bitcoin mining space. And they plan to use part of this computing power to tackle Bitcoin Cash SV’s ammunition. Reports indicate that Craig wright now controls as much as 75 percent of the total Bitcoin Cash hash-rate network since he has the backing of miners. This is victory This is sustained hash rate that will not leave, will not go if the price drops. It is more than 51% of the network, day in, day out. Our allies in @svpoolmining know that they are winning, as they see the long term. Day in, day out, we will mine until we win. pic.twitter.com/FlJaEJ69u6 — Dr Craig S Wright (@ProfFaustus) November 13, 2018 Also Read: BCH Hash Wars: Ripple’s David Schwartz Had Warned the Crypto Community about Miners Of course, there is a risk of Bitcoin mining difficulty dropping in response to declining hash rates and that would see further drops. But this is a risk Bitmain might be willing to take. Remember, a leaked prospectus showed that the mining giant owned more BCH (excess of one million) than Satoshi Nakamoto. Bitmain coin Ownership And since they are not an NGO but a profit-making company, Bitmain will most likely channel hash power from Bitcoin network—of which they owned less than 22,0000 BTCs in March, causing prices to sink. This possibility has been well laid out by Jihan Wu as reported by Ethereum World News: “I have no intention to start a has war with [Craig Wright], because if I do (by relocating hash power from BTC mining to BCH mining), BTC price will dump below yearly support; it may even breech $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!” To that end, 90,000 new S9 miners have been deployed in anticipation of Bitcoin Cash SV aggressive assault later today. To all BTC miners... If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks. Think about it. We will sell A Lot! Consider that....And, have a nice day (BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc — Dr Craig S Wright (@ProfFaustus) November 14, 2018 Bitcoin Cash SV Must Survive says Craig Wright Thing is, it appears that in this hash war, ordinary Bitcoin Cash investors will bear the brunt. Craig Wright has made it clear that he will do anything for the survival of Bitcoin Cash SV and his objective of professionalizing Bitcoin (Bitcoin Cash) will go on unabated. Even if that means Bitcoin Cash will drop to zero. Check this: If you do not bother to understand your investments, the flaws, the myths, the vulnerabilities... Then you will find your investment worth zero. — Dr Craig S Wright (@ProfFaustus) November 15, 2018 And Bitcoin Cash SV will destroy the ABC chain: The error in this is the assumption that we want or will sell ABC tokens, no, we just plan on re-orging and re-orging We do not want to have the longest ABC chain, we will just destroy all of the ABC chain. Have a nice day... and you will learn.@NoSplit pic.twitter.com/AFM6VjXb0q — Dr Craig S Wright (@ProfFaustus) November 15, 2018 BCH/USD Price Analysis After hours of value draining, BCH/USD is down 29 percent and 10 percent in the last week and day. But, if we morph in the uncertainty and the ego war, odds are prices would likely sink below $400. After all, that has been the hint of the last three months following the bear breakout pattern of early August when prices dropped from $850 to around $550. Trend: Flat From a top down approach, BCH/USD is bearish following August slide. However, when we zoom out, then prices are clearly stable in the daily time frames and consolidating within a $200 range with clear supports and resistance at $400 and $600. Volumes: Bearish and Increasing Three bars are important as far as BCH/USD price analysis is concerned. Aug 5—volumes at 48k above averages of 22k, Sep 5—volumes 59k above averages at 30k and Nov 8—volumes at 97k above average of 72k. Aside from Aug 5 bear break out bar, all were volume surges rejecting surges above $600. Besides, notice that ahead of yesterday’s declines volumes were high at averaging 115k—higher than 70k average. This is bearish and an impetus for lower lows in line with Aug 5 is building. Candlestick Formation: Bear Breako

2 months ago

Use your ANT to vote on the future of Aragon governance! T...

Use your ANT to vote on the future of Aragon governance! The AGP-1 vote is live: https://t.co/lyK7e31cuw Instruc… https://t.co/DePHjrClXV

2 months ago

The AGP-1 ANT vote starts now! Help us decide the future of ...

The AGP-1 ANT vote starts now! Help us decide the future of Aragon governance 🗳️ Link to the Aragon Voting app:… https://t.co/DnWFHmcPi3

2 months ago

The AGP-1 vote for all Aragon Network Token holders begins N...

The AGP-1 vote for all Aragon Network Token holders begins Nov 15th. In this vote, ANT holders will vote on the new… https://t.co/IffGREtHAW

2 months ago

What is in a Stablecoin? A China Perspective on Tether and Stablecoins

TL:DR With lately an increasing focus on a stablecoins narrative in the Crypto industry, and ongoing chatter about Tether breaking its peg to the dollar since beginning of October, I want to shed some light on stablecoins from a Chinese digital payment perspective and provide some thoughts on Tether. Alipay and Wechat Pay’s digitally RMB have stood out to me recently as having a few shared similarities with the current stablecoins space, in ways that I believe may surprise our readers. So I propose the question- what’s really in a stablecoin and what are ways a stablecoin can be successful? — — — — — - First, a Quick Background on Stablecoin and the Latest with the Stablecoin Happenings in the US, Skip Directly to the”China Perspective” If You’ve Already Been Following the Space Closely Stablecoins are digital currencies pegged to a stable asset, such as gold or fiat currencies, or backed by collateral (that could also be a cryptocurrency). Most common examples include Tether, MakerDAO, Basis and Terra. Folks that have also raised money but on a smaller scale are Carbon and Celo. Most recently, numerous institutions have made way into stablecoins. IBM most recently announced its exploration into stablecoins through a collaboration with Stellar by building a stablecoin on the Stellar blockchain. Additionally, a number of stablecoins have come out in the last few months, from the crypto exchange Gemini issuing the Gemini Dollar and financial blockchain solution Paxos issuing the Paxos Standard. There are also other stablecoins such as Terra that is looking to implement a stable coin through e-commerce. Stablecoins have been in development for some time in the US, with multiple companies raising large sum of money to create a price-stable coin since early 2018, including Carbon, MakerDAO, TrustToken. The company Basis raised the most money amongst them, a whopping $133 million in earlier 2018. Thus far, project teams have been heads down developing detailed mechanics of their own coins, and they have been independently working with regulators to ascertain the future of stablecoins and their role in it. In most of the stablecoin teams’ mind, there should be only one or just a few stablecoin winners that could capture most of the mind share, and create products and an ecosystem that uses its cryptocurrency. This creates an invisible divide in the ecosystem with the coins and tokens all trying to outcompete each other, and hinders the development of standards. Given that cryptocurrency price volatility continues to be an obstacle for institutions looking to adopt the technology, it is likely that other financial and consulting institutions will turn to stablecoins as a way to support their existing customers and bring new crypto-curious customers in. A China Perspective on Stablecoin You may be surprised that I am talking about Alipay and Wechat Pay in the same sentence as stablecoin, but funny enough, these Chinese local payment systems’s digital RMB exemplify strong similarities to the current stablecoins. Here is how the Financial Times describes Alipay and Wechat Pay: “Chinese mobile payment transactions reached Rmb109tn ($16tn) last year, according to research firm Analysys Mason, as consumers switched to smartphones from cash for supermarkets, taxis, and payments to friends. The platforms are also increasingly used to purchase mutual funds, peer-to-peer loans and other wealth management products. Ant Financial’s Alipay and Tencent’s WeChat Pay dominate the industry, with market shares of 54% and 39% respectively in the first quarter. Ant Financial is the finance affiliate of Alibaba. Together the two groups control hundreds of billions of renminbi in customer funds that accumulate on their platforms when users receive payments but do not immediately transfer the funds to a bank account or other investment. Previously, third-party payment groups were permitted to invest customer funds, much as banks use deposits to make loans and other investments, even though unlike banks, the payment groups pay no interest to users.” Sounds familiar to anything in Crypto? To me, Alipay and Wechat Pay’s digital RMB share some fundamental traits as stablecoins — a digitally transferred currency, pegged and backed by fiat (the yuan in this case), and representative of a deposit “certificate” issued by a private company (which is what increasingly more crypto companies are doing). Take just Alipay for instance. Alipay is China’s leading third-party online payment solution, founded by the Alibaba Group and its founder Jack Ma in February 2004. Currently Alipay’s digital yuan are pegged to the Chinese Yuan at a ratio of 1 to 1. But when we made payments on the platform, how we do know there was actually a Yuan reserve backing these payments? Well, we didn’t know. AND, there wasn’t a Yuan reserve. In fact, the Yuan reserve wasn’t required. Alipay and Wechat pay did not have actual assets backing its payment system for over 10 y

2 months ago


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