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‘Lightning Definitely Has Tradeoffs,’ - Bitrefill CEO, Sergej Kotliar [Interview]

Bitcoinist spoke with Sergej Kotliar, CEO of Bitrefill, one of the first companies to integrate near-zero fee lightning network payments for its mobile phone top-up service. Bitcoinist caught up with Sergey Kotliar, CEO of a cryptocurrency cellphone top-up company called Bitrefill, who recently began selling gift vouchers for Amazon and other brands — effectively opening up Bitcoin Lightning Network (LN) payments to almost any item. Bitrefill was one of the first companies to embrace this bleeding edge technology with its promise of near-zero fees and instant payments built on Bitcoin’s ‘second layer.’ Lightning Network has been getting some attention as of late for its impressive growth in recent months. Sergej Kotliar Bitcoinist: Bitrefill was one of the first businesses to integrate LN payments. Why are you in favor of using this technology? How does it help your business and improve customer experience? Sergej Kotliar: It was quite straightforward since always. We’ve been closely monitoring the technology, it’s something that has been known since a long time back that payment channels would be the way to scale bitcoin to the masses. In 2014 I was close to joining a startup here in Sweden, Strawpay, that was then working with payment channels and I stayed in close touch with them. And in 2015 I was in the room when the Lightning network concept was first presented in San Francisco. So when the first working prototypes became available it was a no-brainer to start tinkering with the technology. To be fair, Lightning is not the only thing we’ve done to improve payment experience, we’ve gone quite a bit with just optimizing bitcoin payments and wallet management, integration different altcoins, off-chain integrations and such things as well. What Lightning does for UX is that it separates away most of the tricky stuff like getting transactions confirmed etc. from the merchant - all that is handled inside the wallet. So when the user comes to us all trouble has already been solved so to speak, and their experience with us is simple. This is to be compared to traditional cryptocurrency payments where issues can happen due to the sending wallet, the state of the network, or due to something within our control. The neat thing about all of that is that Lightning is “bitcoin-like”, in the sense that anyone can run it, it’s an open protocol, doesn’t need any other coins, deals, consortiums or proprietary tech of any kind. Bitcoinist: The LN is growing rapidly with over 3,000 nodes now. When do you see this technology being market ready? Sergej Kotliar: It’s definitely ready enough for early adopters already. The experience with the Android wallets available is already quite good, despite being beta. The main things missing are good wallets for desktop and/or iOS, that doesn’t require running a full node. For transfers between exchanges and other exchanges all the needed pieces are already in place, so just waiting for it to start happening soon. Bitcoinist: What metric do you consider to be the most important for measuring LN development? Capacity, node count, channels etc? Sergej Kotliar: Most metrics can be gamed, see Goodhart’s law, but we look at all of them and keep a close eye. For us, we have the privilege to be able to track our own metrics which we know are real - real payments happening to us, and real channel capacity opened to us. We haven’t put any BTC into our Lightning node, so all of the channel capacity we have is from real people who have opened channels to us and made payments to us, minus the funds that we’ve taken out of Lightning to keep the hot wallet from growing too big. Bitcoinist: LN enables a whole range of new possibilities like cross-atomic chain swaps, submarine swaps etc. Which technology are you most excited about? Sergej Kotliar: I’m actually most excited about simple payments, getting a good user experience for bitcoin users for paying and getting paid for stuff. Once that stuff is sorted I think we as a community should direct our attention to using it to help people earn and receive coins. We have some prototypes in the pipeline in that direction, but it’s generally a large question that we will start pushing harder soon. Bitcoinist: Will exchanges integrate lightning tx’s to improve on fees and user experience as a whole? Sergej Kotliar: I’m actually surprised that they haven’t gone live with it already. Being able to instantly get your funds in and out of your account is a huge feature. Bitcoinist: Could this also make decentralized exchanges more viable moving forward? Sergej Kotliar: I would presume so, although not an expert in that area. Bitcoinist: What are the biggest hurdles for LN right now on its path to mainstream adoption? Sergej Kotliar: We need wallet apps for regular users for iOS and desktop, and we need some exchanges to support Lightning for deposits and withdrawals. Bitcoinist: In general, what type of businesses can Lightning Network make

3 hours ago

Emma Integrates Crypto Exchanges into Money Management App

Emma, a London-based startup firm specializing in money management services, has launched cryptocurrency exchange integration for its new app. The platform, which the company describes as a kind of “financial advocate” service, is designed to help millennials gain a better understanding of their finances. Also Read: Security Giant G4S Offers Protected Offline Cryptocurrency Storage New ‘Emerging Asset Class’ Emma has integrated several cryptocurrency exchanges into the app, including Coinbase, Bittrex, Binance, Bitstamp, Kraken and Bitfinex. With its latest development, users can view all of their cryptocurrency investments from multiple exchanges in real time using a single interface. The free app also allows U.K. consumers to look at aggregated information from their credit cards and bank statements, in addition to the cryptocurrencies and tokens they hold. “Emma was built to empower millions of individuals to live a better and more fulfilling financial life. Cryptocurrency is the next emerging asset class and we are thrilled to welcome it as part of our family of integrations. Our users can now manage and track their crypto holdings alongside more traditional finances to make wiser and more transparent decisions,” said Emma CEO Edoardo Moreni. “For Emma, this is one of the first steps toward a world where account aggregation doesn’t just refer to banking products, but opens the doors to several financial services.” Consumer-Focused Banking Experience Emma launched in January of this year, backed by a team of finance and technology experts. In July, the company raised £500,000 in a seed round led by Kima Ventures, one of the first investors in Transferwise. Aglaé Ventures — the early stage program of French investment firm Groupe Arnault, which has previously invested in Netflix and Airbnb — also participated in the seed round. Emma is registered with the Financial Conduct Authority in the U.K. under the Payment Services Regulations 2017. With its new app, the company aims to build a mobile-only banking solution (iOS and Android) to help young consumers avoid overdrafts, cancel subscriptions, track their debts and save money. It said it is trying to provide a more consumer-focused banking experience that will improve the financial lives of its users, by serving as a sort of one-stop shop for all of their financial information. As a U.K. resident, do you look forward to managing your cryptocurrency portfolio with Emma’s new app? Share your thoughts in the comments section below. Images courtesy of Shutterstock, Emma. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Emma Integrates Crypto Exchanges into Money Management App appeared first on Bitcoin News.

3 hours ago

What happens if Trump closes the US-Mexico border?

Donald Trump threatened today to close the US-Mexico border, to block a caravan of Central American immigrants. ....In addition to stopping all payments to these countries, which seem to have almost no control over their population, I must, in the strongest of terms, ask Mexico to stop this onslaught - and if unable to do so I will call up the U.S. Military and CLOSE OUR SOUTHERN BORDER!.. — Donald J. Trump (@realDonaldTrump) October 18, 2018 It’s unclear how effective that would be. Many of the immigrants in the caravan are asylum seekers. Closing ports of entry would just delay the US’s obligation, under its own laws, to consider their applications for asylum. And, the US government doesn’t have the personnel or the resources to entirely seal the places in between the ports of entry. How much trade comes through the US-Mexico border? What the president can safely assume are billion-dollar losses for American companies, particularly manufacturers, importing and exporting to Mexico. In a single month—July 2018, the last for which data is available—$41.5 billion’s worth in goods crossed the border, about 40% of them flowing south. Even temporary disruptions at the border—for example, increased scrutiny at the Canadian border after 9/11, and the closure of the San Ysidro port of entry in San Diego due to construction last year—can cause massive delays and hurt business, says Sarah Pierce, a policy analyst at the Migration Policy Institute. Who would be hurt by closing the US-Mexico border? In his morning tweets, Trump indicated that he’s willing to sacrifice trade in the name of homeland security. ....The assault on our country at our Southern Border, including the Criminal elements and DRUGS pouring in, is far more important to me, as President, than Trade or the USMCA. Hopefully Mexico will stop this onslaught at their Northern Border. All Democrats fault for weak laws! — Donald J. Trump (@realDonaldTrump) October 18, 2018 But would his party agree? Most of the states that would be affected if he closed the border were ones that voted for him, and Republicans are relying on those states for the midterm elections.

4 hours ago

U.S. Marshals to Auction Off $4.3 Million in Bitcoin

The U.S. Marshals agency has announced plans to auction $4.3 million worth of bitcoin (BTC) in November 2018. The sealed bid auction is for nearly 660 bitcoins which were seized in a series of federal criminal, administrative and civil cases over the years.The haul comes from cases against convicts like Thomas Mario Costanzo and Theresa Tetley, both sentenced to jail in 2018 on money-laundering charges. At the time, the agency seized 80 BTC from Costanzo and 40 BTC from Tetley. The U.S. Marshals, however, didn't reveal how much of the forfeited assets from the two would be sold next month.Founded in 1789, the U.S. Marshals Service is a federal law-enforcement agency within the U.S. Department of Justice and the enforcement arm of federal courts.Starting next month, bidders will be able to participate in the auction, which consists of two series: Series A and Series B, according to the agency. Series A consists of six blocks of 100 bitcoins each, while Series B has just one block with 60 bitcoins. Participating bidders will not be able to view other bids or modify their bid, once submitted, the agency warned.To be part of the auction, a potential bidder needs to register with the agency on or before October 31, 2018. The registration process includes a signed copy of the Bidder Registration Form, copy of government-issued photo ID of the bidder, a $200,000 deposit (about 30 BTC) sent by Electronic Funds Transfer (EFT) from a bank within the U.S. and a copy of the EFT receipt.This is the third major Bitcoin auction by the U.S. Marshals this year, and it might not be the last. In January 2018, the agency sold 3,600 BTC, and it followed it up with the sale of 2,170 BTC in March. Its biggest bitcoin sale to date was in 2013, when Silk Road was shut down and Ross Ulbricht was sentenced to life imprisonment. The agency seized 144,341 BTC from Ulbricht and 29,656 BTC from Silk Road's servers, which it sold for around $48 million in the following years. This article originally appeared on Bitcoin Magazine.

4 hours ago

US Marshals Offer Over 650 Confiscated Bitcoins for Auction

The United States Marshal Service (USMS) is set to auction approximately $4.25 million worth of Bitcoin at the beginning of November. The federal agency announced that it would put almost 660 Bitcoins on the auction block, with the online sale planned on November 5, from 8:00 AM EST to 2:00 PM EST. Interested bidders must submit a $200,000 deposit and complete the registration procedure anytime between October 22, 2o18, and October 31, 2018, according to the Marshals Service. 7 Bitcoin Blocks on Sale The USMS will conduct the Bitcoin auction in two separate series. Series A, for instance, will put of 6 blocks of Bitcoins for sale, in which each block will contain 100 Bitcoin units - approximately $645,000 at the time of press. Series B, meanwhile, will put up 1 Bitcoin block for action, which will consist 60 Bitcoin units - almost $387,000. According to the announcement, Federal agencies confiscated Bitcoins during many criminal, civil and administrative investigations, ranging from Drug Enforcement Agency actions to federal court cases. The dependency of most of the seized Bitcoin is listed in the USMS announcement, which notably suggests that many of the confiscated digital assets belonged to Thomas Mario Costanzo, the ex-Bitcoin trader charged and imprisoned for money laundering, Theresa Tetley, who operated operating an illegal, unregistered multi-million dollar money transmitting business using Bitcoin, and Anton Peck, a dark web drug peddler. The November 5 Bitcoin auction comes after a series of public digital currency sales this year. On March 19, the USMS had put $25 million worth of Bitcoin on auction, and almost a month before, the agency had auctioned off more than 3,600 bitcoins to five winning bidders. Auctions’ Impact on Bitcoin Value Bitcoin price tends to flatten out in the wake of Bitcoin biddings. Before the auction of Silk Road Bitcoins in 2016, the market had remained inside a deadlock zone of $580-610. The firm action attributes to investors’ interim bias conflict before auctions. Only a small number of bidders takes away large chunks of Bitcoin units, which somewhat supports theories that they might sell them all on the next price jump and earn themselves a decent near-term profit. In the case of November auction, the total capital of Bitcoins is far less than what the market has experienced before. Moreover, reports regarding Bitcoin bottoming out make the USMS round an ideal time for investors - especially large investment firms looking to capitalize on Bitcoin - to enter the space. It won’t make sense if these investors shell out $200,000 to gain entry into the auction so they can immediately sell-out their Bitcoins for noodles. The over-the-counter exchanges, meanwhile, could attribute to the price action on mainstream exchanges. Bulls might want to replicate the bidders’ choice of entering the market, causing a decent upside action, through yet amid a bull trap sentiment. But then again, the price should reverse and brings everything back to the normal - as though the USMS auction had never happened. Image from Shutterstock The post US Marshals Offer Over 650 Confiscated Bitcoins for Auction appeared first on NewsBTC.

5 hours ago

Relaunched, revamped minerstat is ready to take the lead in enterprise-level crypto mining management

TALLINN, Estonia - Crypto mining powerhouse minerstat is excited to announce its comprehensive relaunch, marking a shift in the company’s offerings. They are now proud to offer enterprise-level specialized services aimed at empowering professional-level mining managers—that is, experienced clients who recognize that crypto mining is fast maturing into a highly-competitive industry that warrants sophisticated tools and support. With a carefully-considered redesign of its web portal and software offerings across the board, minerstat is poised to deliver robust and flexible crypto mining solutions at the enterprise level. New features Crypto mining is a complex and demanding business, and minerstat is proud to offer sophisticated services to streamline, monitor and manage the mining process. With this in mind, the company developed its relaunched platform in close collaboration with mining managers in order to deliver functional and empowering solutions. The centrepiece of the relaunch is minerstat’s complete revamping of its suite of tools, including its online dashboard. The details of the update include: Dashboard: new UI with more functionalities. Linux mining OS: rewritten and adjusted for new dashboard. Windows node: new UI, rewritten, and adjusted for new dashboard. ASIC node for Mac, Windows, Linux, and Raspberry Pi: new UI, rewritten and adjusted for new dashboard. Monitoring software installed direct on ASIC: entirely new approach for those that don’t want to run a node on a separate computer to monitor their ASIC machines. iOS and Android mobile apps: new UI, rewritten, and adjusted for new dashboard. Comprehensive solutions “Crypto mining is hastily maturing to the enterprise level and for managing mining operation you won’t only need a great software, but also a skilled mining manager,” minerstat CEO George K. said. “I believe minerstat will play its role in this transformation.” While minerstat offers basic mining tools such as worker monitoring and managing, remote reboot and restart, detailed statistics, and an alerting system, it also offers a suite of additional features that make the complex daily demands of crypto mining simple, elegant and easier to manage than ever. A few examples: The control room that allows a farm to organize the workers to visually fit the actual establishment and can be used as a heat map. ClockTune for overclocking and undervolting AMD and Nvidia GPUs. Profit switch that works on both direct coin mining and larger multialgo pools, such as NiceHash, Mining Pool Hub, Zpool, Block Masters, Mining Dutch, and Blazepool. Smart triggers to take action as soon as the system detects a problem. Balance monitoring on major exchanges, wallets and pools. Scheduler to override mining settings to mine something different for a selected period of time in the day. This feature can be used as a way to receive a fair mining manager’s fee. Multi-user access for team members and separate accounts for customers that can be overseen by mining managers. White label solutions that are perfect for all cloud mining and colocations/rig hosting businesses. The future of mining Looking ahead, minerstat’s long-term plan is to establish a full-scale mining ecosystem beyond its current platform, with support for a wide range of mining software, pools and data to make mining managers’ job easier and more efficient. With this vision in mind and its comprehensive and sophisticated updates ready for action, minerstat is poised to become the number-one enterprise-level SaaS platform for mining management by January 2019. About minerstat Founded in December 2016, minerstat was the first publicly available system to use fully remote managing techniques while keeping mining rigs secure and safe. They are now on a mission to keep delivering a secure, advanced and reliable software suite for crypto mining management and monitoring, and to retain their position as trusted leaders in the emerging mining industry. Contact: Niki Website: https://minerstat.com Email: niki@minerstat.com The post Relaunched, revamped minerstat is ready to take the lead in enterprise-level crypto mining management appeared first on ZyCrypto.

5 hours ago

Cobo Raises $13M in Series A Funding Round

Chinese startup Cobo raised $13 million this week in a Series A financing round led by DHVC and Wu Capital. The Beijing-based company — established by Bihang wallet developer Changhao Jiang and Shixing “Discus Fish” Mao, the co-founder of F2Pool — said it will use the funds to support the international expansion of its two wallet offerings. Also Read: Civil Fails to Raise $8M Minimum in ICO Global Expansion Cobo has developed two main products: a multi-asset software wallet and a “military-grade” hardware wallet. The new funding round brings total investment in the company to $20 million to date. Cobo plans to expand in the U.S. and several Southeast Asia markets, particularly Vietnam and Indonesia. The company claims that more than 500,000 people have downloaded Cobo Wallet since it was launched earlier this year. It already supports more than 30 major cryptocurrencies and 500 tokens. It also features multiple layers of security, including two-factor authentication, hot-cold servers and hardware security module encryption. “Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors,” said Judy Yan, managing director of DHVC. “The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit.” Bank-Grade Cold Storage The company also announced that Cobo Vault, its hardware product, is now available for pre-order on Indiegogo for $479. It features a “bank-grade” encryption chip, as well as a tamper-proof self-destruct mechanism that wipes all stored private keys and data if someone tries to physically force the device open, in addition to other security measures. Cobo Vault also boasts a 4-inch LCD display with an IP68 waterproof rating. The company claims the product’s MIL STD-810G-certified (U.S. military standard) brushed aluminum case is strong enough to remain intact after being run over by a car. Cobo Vault handles transactions over the air by having users scan a QR code, which changes dynamically. “With the increasing investment into cryptocurrencies, the only truly safe means of securing crypto is to store it in a cold storage wallet,” said Jiang, the company’s CTO. “Cobo Vault sets a new, groundbreaking standard for cold storage wallets, with the first truly all-around secure hardware wallet designed for holders that can’t risk losing their investment.” Does anyone really need a military-grade or bank-grade hardware wallet? Share your thoughts in the comments section below. Images courtesy of Cobo. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Cobo Raises $13M in Series A Funding Round appeared first on Bitcoin News.

5 hours ago

What to do if A Scammer’s Bitcoin Addresss is Discovered?

In the world of cryptocurrency, scams are more apparent now than ever before. Even if one were to successfully identify the wallet address of a known scammer, there is no real option to retrieve the money. It highlights a big problem in this industry, although there are some steps which can be taken to achieve a favorable outcome. Reporting the Scammer’s Wallet Address Depending on the nature of the scam in question, getting the wallet addressed flagged is always an option worth pursuing. On the Ethereum blockchain, numerous wallet addresses are flagged as fraudulent or scams, primarily because they were used for nefarious purposes. This is equally possible with other addresses as well, even though it might not necessarily be visible on a block explorer. Passing the wallet information to exchanges and other service providers is a good place to start. Contacting blockchain analysis firms with the information in question could be worth one’s while too. Though it is unlikely the money will even be returned to the rightful owner, it could ensure no one else falls victim to these types of scams moving forward. File a Police Complaint Given the lack of active cryptocurrency regulation in a lot of countries, it is very difficult to take action against people scamming cryptocurrency. Filing an official police complaint with all of the relevant information might be an option to look into, although no one should ever have any high hopes of recovering their money this way. Most law enforcement agencies still consider Bitcoin to be anonymous, even though it clearly isn’t. Although this course of action might not yield any real results, individual reports may ultimately lead to a large-scale investigation. If someone is arrested in the end, there is a very good chance the seized Bitcoins are auctioned off randomly, which means recovering funds is absolutely zero. Once one falls victim to a cryptocurrency theft, it is pretty much game over for the person losing the funds, unfortunately. Tracking Down the Culprit There will always be people who will go to extreme measures to recover their stolen cryptocurrency. Depending on how much money is involved exactly, that is not entirely abnormal. Tracking down cryptocurrency users is not necessarily all that difficult, as digital breadcrumbs can be found all over the internet. If the wallet can be linked to an online identity an important first step is taken. Assuming one can be successful in uncovering the person’s real identity, it is not advised to take matters into one’s own hands. There is no reason to get involved in any illegal activity or actions punishable by law over stolen cryptocurrency, no matter how much money has been lost in the process. Taking the information to law enforcement agencies will remain the best course of action. The post What to do if A Scammer’s Bitcoin Addresss is Discovered? appeared first on NullTX.

6 hours ago

Bitcoin Core Project doesn’t Control Consensus Rules: Bitmex Research

Bitcoin Core’s name features in practically every literature that is associated to bitcoin. This omnipresence of the Bitcoin Core name associating too frequently with Bitcoin makes a lot of people believe that the Bitcoin Core has certain control over Bitcoin’s consensus. Well, Bitmex with its new research blog post tries to clear this misconception. Bitmex research says “end users are ultimately in charge of Bitcoin” The blog lays done some interesting facts about competition to Bitcoin Core and its control over the Bitcoin consensus. The abstract of the research states that the research tries to study and examine the power and dynamics of the “Bitcoin Core” software project and also draws distinctions between the various different ways one can compete with the project. It also states, “We address the misconception that the Bitcoin Core software repository has the unique capability to change or prevent changes to Bitcoin’s consensus rules” The research also discusses some common misconceptions and explain that if the Bitcoin Core repository becomes hijacked by wicked actors or deleted, Bitcoin should be largely unaffected. In the article, the researcher lays down that “During the block size war, many characterized the debate as being Bitcoin Core vs miners or large businesses, with the Bitcoin Core side opposing hard forks and block size limit increases. In our view, the characterization was mostly incorrect. However, many who made this characterization then subsequently concluded that Bitcoin Core won since there was no hard fork. This same group therefore currently overestimate the power of Bitcoin Core, in our view” Covering the point of how powerful the Bitcoin Core is, the research states an instance wherein the summer of 2017, in some ways, a client competing with Bitcoin Core, Bitcoin UASF, overthrew Bitcoin Core and deliberately changed the networks consensus rules. And Hence the research concluded that Bitcoin Core is all powerful, is the wrong lesson to learn from the blocksize war. The research finally states that the end users are ultimately in charge of Bitcoin. To quote “Following the resolution of the blocksize war, there is too much emphasis on the power of the Bitcoin Core software repository. Common questions now are “Who controls the repository?”, “What if they delete the Bitcoin Core GitHub?”. In our view, these questions may illustrate one is missing the point of Bitcoin”” The truth is, as hard as it is to appreciate, end users are ultimately in charge of Bitcoin.” The research clearly states that no single authority has clear control over bitcoin and its associated blockchain. That’s what makes Bitcoin a “user-controlled money”. What is your view on Bitcoin Core and its powers over Bitcoin? Do let us know your views on the same. The post Bitcoin Core Project doesn’t Control Consensus Rules: Bitmex Research appeared first on Coingape.

6 hours ago

$BTG is proud to be Partner of the CEE BLOCK FORUM, held in ...

$BTG is proud to be Partner of the CEE BLOCK FORUM, held in #Bulgaria on October 25-26. The European commision will… https://t.co/Q3P5tkYXKM

6 hours ago

Long-Time Critic Explains Why Bitfinex is Unable to Work With Banks

Bitfinex’ed, a long-time critic of Bitfinex and Tether LLC, a company that oversees the development of stablecoin Tether (USDT), has stated in an interview with Modern Consensus that the “pretend KYC/AML” system of Bitfinex is preventing the exchange from obtaining banking services. For years, from the shutdown of the exchange’s Wells Fargo bank accounts to its troubles with Taiwanese banks, a relatively large portion of the community was convinced the denial of banking services towards Bitfinex was caused by the firm’s dependence on USDT. Not Tether, it is Weak Internal Management System During the interview, Bitfinex’ed stated that Bitfinex employs a “pretend” Know Your Customer (KYC) and Anti-Money Laundering (AML) system that disallows the exchange from providing relevant information on suspicious transactions to partner banks initiated by users of the exchange. “Bitfinex is not KYC/AML [Know Your Customer/Anti-Money Laundering] compliant (and this fact is actually mentioned as a big plus by shareholders). They do not want to become KYC/AML compliant. They only want to have what I call, pretend KYC/AML. When I say pretend-KYC/AML, essentially there are ways around complying with KYC/AML on the exchange. For example, let’s say you’re a drug dealer. You buy bitcoins with cash. Send the Bitcoins to Bitfinex. Sell for US Dollars on Bitfinex. No KYC required. You need the USD? Buy Bitcoin with the USD on Bitfinex. Withdraw, cash out at an ATM. You have a USD bank account with no-KYC/AML. That’s illegal.” For major banks in the likes of Wells Fargo and most recently HSBC, KYC and AML compliance is a key component in any banking relationship, as the failure of a partner business to comply with local financial regulations could lead to scrutiny from regulators. Crucially, Bitfinex’ed emphasized that strictly audited, regulated, and transparent stablecoins like Gemini Dollar, PAX, and TrueUSD are not alternatives to Tether for exchanges with weak KYC/AML exchanges, as regulators will request the same level of KYC/AML compliance from exchanges that integrate regulated stablecoins. “The regulated stablecoins are doomed. They only exist because people think there’s demand for stablecoins. There isn’t, the only demand for stablecoins is for unregulated exchanges. Regulators aren’t going to tolerate non-KYC/AML exchanges using regulated stablecoins. In order to use a regulated stablecoin you will have to have the same compliance as a regulate USD exchange. At that point, you may as well just get real banking. The banks that bank the regulated stablecoins also will face significant liability due to activity on non-KYC/AML exchanges.” What’s Next For Bitfinex? Currently, as reported by The Block, Bitfinex is switching bank to bank with private bank accounts to clear deposits to the exchange. However if weak or non-existing KYC/AML is the key issue of Bitfinex, which ostensibly seems to be case, then it will be difficult for the exchange to gain any stable banking partner in the months and years to come. If regulated stablecoins begin to require exchanges to follow a thorough guideline regarding regulatory compliance, it could be possible that exchanges are forced to pivot from regulated stablecoins. The post Long-Time Critic Explains Why Bitfinex is Unable to Work With Banks appeared first on NewsBTC.

7 hours ago

Bitfinex and Tether Secure New Banking Partnerships

Bitfinex and Tether recently announced new banking partnerships in Hong Kong and the Bahamas, respectively. Previously, both companies, who reportedly share the same management, were clients of the Noble Bank, which is currently up for sale due to financial troubles. Bitfinex Says Banking Details Are Commercially Sensitive and Confidential According to The Block, Bitfinex has secured a new banking partner in Hong Kong. Inside sources revealed that the cryptocurrency exchange set up an account with Bank of Communications with Citibank acting as a go-between for U.S. dollar wire deposits. Oddly enough, HSBC Holdings owns a stake in the bank. Recently, speculations emerged that despite earlier reports of a banking relationship between the exchange and HSBC, the latter closed such accounts having been initially unaware that it was facilitating wire deposits for the former. Presently, there isn’t any indication whether Citibank is aware of the arrangement. For its part, Bitfinex doesn’t appear keen on throwing more light on the matter. On the platform’s website, the exchange declared that its banking details are “commercially sensitive and confidential.” The company also says that any attempts to publicly disclose such information might be damaging to the cryptocurrency market. Tether Reportedly Banking in the Bahamas In a separate article, Larry Cermak, writing for The Block, said that Tether had also finalized its banking partnership with Deltec Bank, who is based in the Bahamas. Anonymous sources revealed that both entities reached an agreement in recent weeks and that a few over-the-counter (OTC) trading desks want to create accounts with the bank as well. Presently, Tether has more than $2.2 billion worth of USDT in circulation with a market capitalization of $2 billion. Each USDT token is supposed to be “tethered” to $1, meaning that Tether supposedly holds $2.2 billion in its banking reserve. Bitfinex/Tether Saga Continues The new banking partnerships announced by both companies is the latest development in an ongoing saga that could have severe repercussions for the market as a whole. Recently, Bitfinex was forced to halt fiat deposits. This move caused a Tether meltdown which saw hundreds of millions of USDT taken out of circulation as traders sold the stablecoin in exchange for Bitcoin, Ether, Bitcoin Cash, and Litecoin. The massive sale caused a temporary price rally that almost took Bitcoin above the $7,000 mark. Presently, USDT is trading at $0.97, according to Coinmarketcap. Perhaps the new banking partnerships will bring about some stability in both the Bitfinex and Tether operations. Will these two announcements halt the USDT meltdown that has seen the stablecoin plunge significantly? Let us know your thoughts in the comment section below. Image courtesy of Bank of Communications and Shutterstock. The post Bitfinex and Tether Secure New Banking Partnerships appeared first on Live Bitcoin News.

8 hours ago

Ethereum [ETH] Ropsten Constantinople hard fork issues unveiled by core developer

Recently, Lane Rettig, an independent core developer of Ethereum [ETH] posted a “post-mortem” report and his concerns regarding the Constantinople hard fork on Ropsten Testnet. The report covered the various issues discovered during the hard fork, which was set to be implemented by the end of October 2018. According to the report, a consensus bug was discovered in Parity implementation of Ethereum. He explained the reasons why the bug was not discovered by the Ethereum testers and why the consensus bug occurred. Rettig added: “Apparently, in this case, there was some confusion over the meaning of terms like ‘transaction’ and ‘execution frame’ that may have contributed to the bug.” In addition, there were concerns regarding the absence of miners on Parity, Geth, or Aleth for Ropsten. During that timeframe, Afri Schoedon, a developer posted a Tweet asking for miners to reach out to run mining hashrate on Parity 2.0.7, 2.1.2 or Geth 1.8.17 “configured for Ropsten”. Rettig opined that there had to be a better understanding and control over mining on a Proof-of-Work [PoW] Testnet. He further stated that Parity had a limit on “how far back nodes could automatically reorganize themselves”. This was because the fork was too long for Parity Ethereum nodes, as stated by Afri Schoedon. Rettig added that understanding this mechanism was important as Parity has the limit, which is absent in Geth. Furthermore, Geth had a debug.setHead command which allowed users to manually force it onto the right chain whereas Parity did not have any such feature. He added: “Is this supposed to be a limit on ‘on chain governance’ [allowing nodes to automatically come to consensus on the canonical chain] that triggers the need for meatspace/developer intervention? Or is it more about resource constraints? What’s the limit and why is it set as such?” He added: “It’s possible for an upgraded node in fast sync mode (geth or parity, I believe) to fast sync over a bad block which caused a fork and keep following the wrong chain. This is clearly the shortcoming for fast sync but we should discuss this in the context of forks and long reorgs...” Furthermore, Rettig stated that Ropsten currently has four chains and that it is very difficult for a node to sync from scratch in order to find the right chain. This is due to the peering process occurring on the wrong chain. He stated: “In this case, it was necessary for nodes to turn off discovery entirely and manually enter a set of peers to get caught up to the right chain” Another concern raised by Rettig was that the AllCoreDevs channel on Gitter served as the primary means of communication throughout the hard fork but this was disorganized and had no threading. It was further difficult to find a canonical source of information. According to Rettig, it was necessary to create a core developer “War Room” where this information could be managed during an upgrade or any other emergent situation. He also stated that since the launch of Constantinople hard fork on Ropsten Testnet till press time, Ropsten was effectively unusable or very difficult to use. In addition, they were still expecting to have several active forks. He added: “This begs the question, what is a testnet? What is its purpose? Do we need stable, ‘production’ testnets and ‘staging’ testnets?” The post Ethereum [ETH] Ropsten Constantinople hard fork issues unveiled by core developer appeared first on AMBCrypto.

9 hours ago

US Marshals To Auction $4.3 Million Worth Bitcoin In November

The US Marshals Service has announced an auction of $4.3 Million worth of Bitcoins that were forfeited in federal criminal, civil, and administrative cases. A total of 660 Bitcoins will be auctioned off in a series of 6 blocks with 100 BTC each and the last block with 60 BTC. Potential bidders are required to register and make a deposit of $200,000 before October 31. Bitcoin (BTC) is priced at $6,539.39, gaining 0.12% in the last 24 hours. (VS)

9 hours ago

US Marshals to Auction Off $4.3 Million in Bitcoins

The United States Marshals Service is conducting a sale of 660 bitcoins which were forfeited in various federal cases. Auction of Bitcoins by a Government Agency A federal law enforcement agency of the U.S. government, the United States Marshals Service (USMS), is holding an auction for the sale of 660 bitcoins. The digital assets were confiscated during investigations into various federal criminal, civil, and administrative cases. The announcement, which has been made on the official website of the agency, says: This notice does not constitute an offer to sell but invites interested parties to submit a bid for purchase. The following information is being provided without recourse to the United States of America and the United States Marshals Service. The notice further mentions: Please note that Sunday November 4th is a time change in the eastern U.S. (you are responsible for knowing the time during registration and the auction). Bids Invited The bidders need to make a deposit of $200,000 to participate in the auction. The sealed bid auction is separated into two series - A (6 blocks of 100 Bitcoins) and B (1 block of 60 Bitcoins). The participants won’t be able to view the other bids and change their bid once it is submitted. Deposits need to be made for both the series. Process for Participating The auction process is divided into three phases: Phase I (Bidder Registration): The registration opens at 8:00 AM EDT, Monday, October 22, 2018, and closes at Noon EDT, Wednesday, October 31, 2018. Interested entities need to register with the USMS first, submitting the required documents as specified in the notice. Only applicants that receive a confirmation from the agency can bid. Documents submitted after the deadline won’t be considered, and participants from earlier auctions also need to send documents again. Further details about the registration form and method of deposit are specified on the website. Phase II (Online Auction Period): The auction will be live on Monday, November 5, 2018, from 8:00 AM EST to 2:00 PM EST. Only eligible registered bidders who have received an official bid form from the USMS will be able to participate. According to the notice, the prevailing bids will be determined by the following criteria: The eligible bidder who offers the highest price will be the prevailing bidder; If there are multiple bids at the highest price, the first bid received will prevail; and If a winning bidder defaults, the next highest bidder will be declared the winning bidder. Phase III (Award and Sale Close): The notice explains: The USMS will endeavor to notify the winning bidder(s) by 5:00 P.M. EST on Monday, November 5, 2018, however, the number of bids received and the complexity of the review process may require additional review time. Detailed instructions for all phases, terms of sale, additional information, and frequently asked questions are available at the bottom of the announcement located on the official website of the USMS. The auction presents an excellent opportunity for investors who were looking to enter the BTC market now. What is your opinion on the auction being conducted by the USMS? Do you plan on bidding? Let us know in the comments below. Images courtesy of Shutterstock. The post US Marshals to Auction Off $4.3 Million in Bitcoins appeared first on Live Bitcoin News.

10 hours ago

Panasonic has invented a cubicle for your face

Open-plan offices are distracting. They’re anxiety-producing. But what if you could work distraction-free, limited from seeing anything beyond your central vision? What if this private space could travel with you and block out others wherever you work, be it at a busy office, a noisy coffee shop, or your own kitchen table? What if you had a cubicle . . . on your face? Panasonic, the company that pioneered the DVD and the deodorizing hanger, is working now to make that dream a reality. In partnership with Japanese designer Kunihiko Morinaga, Panasonic’s Future of Life design studio has a prototype product called Wear Space. The gray eyeshield blocks the wearer’s peripheral vision and contains a pair of Bluetooth headphones, so that the wearer can isolate himself visually and aurally from the surrounding world. Panasonic brought a prototype of Wear Space to SXSW in May, the website Engadget reported. The project now has a crowdfunding site aiming to raise ¥15 million (about $134,000) to produce the headsets. Wear Spaces will ship next year to these early backers in Japan, designer Akihiro Adachi told Quartz, after which the studio will consider mass production. Several commenters have pointed out that Wear Space is, in appearance and function, a human equivalent of the blinkers that racehorses wear to keep them from getting spooked or distracted during races. Without an actual Wear Space to test, we looked to horse racing literature for more answers. How does limiting the field of vision affect an elite thoroughbred at the peak of its physical performance—and will it translate to humans going tippity-tap on the keyboard at work? “Blinkers keep horses from seeing what nature meant them to see, which is just about everything,” the Daily Racing Forum wrote in 2013. “The hood’s effects are varied and not always easy to predict. They can turn an anxious horse docile, a docile horse anxious. They can cure bad habits and create new ones.” “With blinkers, you’re changing a few millennia of evolution,” trainer Josh Gosden was quoted as saying. And perhaps most damning of all: “I had no temptation to ever put blinkers on Rachel Alexandra or Curlin,” said trainer Steve Asmussen of two famous prizewinning horses he conditioned. “I think true competitors want to see what’s coming.”

10 hours ago

Security Giant G4S Offers Protected Offline Cryptocurrency Storage

G4S (LSE: GFS), a security services provider with operations in more than 90 countries, guards everything from cash transfers to nuclear power plants and prisons. The London-headquartered company has now started to offer cryptocurrency protection, according to a recent report. Also Read: Majority of Crypto Assets Are Highly Centralized, Research Finds Secure Vault Storage The company, which has more than 560,000 employees throughout the world, announced on Wednesday that it has developed a new service providing high-security offline cryptocurrency storage, to help to protect assets from criminals and hackers. And the company is already providing the service to an unnamed European exchange, according to the Financial Times. It charges clients based on the number of different offline storage devices they want to use to store their private keys, and reportedly uses its own existing vaults for the service, rather than newly built facilities. The company’s press statement confirmed that cryptocurrency exchanges are already turning to them for help. Dominic MacIver, senior risk analyst at G4S Risk Consulting, commented: “Our clients approach us to discuss solutions to their requirements because of G4S Cash Solutions’ experience in protecting high-value items and G4S Risk Consulting’s experience in developing bespoke solutions to complex challenges. Working with our clients, we are continuously applying their expert knowledge of crypto-assets and our best practice in physical security to a sector at the cutting edge of financial technology.” Heavily Restricted Access The service is said to be more secure then other methods because G4S takes the keys offline, breaks them up and stores them in high-security vaults. Moreover, access to the sites in which they are held is said to be heavily restricted, with multiple layers of security. Clients can only gain access when all of the pieces are combined with specific technology. “Offline storage has become a more established and secure way of storing crypto-assets,” MacIver said. “At the same time, violent robberies and kidnappings in recent years have shown that the sector is still exposed to conventional criminal threats. In collaboration with our client, our security solution is built on a foundation of ‘vault storage.’ We not only take the assets offline, but break them up into fragments that are independently without value and store them securely in our high security vaults, out of reach of cyber criminals and armed robbers alike.” What level of security should investors demand from exchanges? Share your thoughts in the comments section below. Images courtesy of G4S, Ed Robinson/OneRedEye, Tom Parker/OneRedEye. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Security Giant G4S Offers Protected Offline Cryptocurrency Storage appeared first on Bitcoin News.

13 hours ago

Heartbreaking photos that show how India is slowly killing its elephants

When award-winning conservationist Prerna Singh Bindra is asked what comes to mind when she thinks about elephants in India, she says it’s no longer wild herds wandering the vast Terai region or ambling across the rolling Nilgiri Hills. Instead she thinks of trapped, chased and dying herds. She thinks of the Numaligarh makhna, an elephant so perplexed by the wall erected along his traditional route in Assam that he tried to bring it down and died of a brain hemorrhage. Or the Athgarh herd, islanded in a mosaic of villages and fields in Odisha, and subjected to the taunts of mobs of drunken men each evening. She thinks of the Dharamjaigarh mother and unborn calf, who hit the ground with the impact of an earthquake, after she was electrocuted by high-voltage wires strung across a field in Chhattisgarh. When Bindra thinks about elephant watching, it’s no longer of mornings spent on safari, marvelling at the mammoth beasts engaged in play and social interactions. What comes to mind are the distraught men and women in anonymous Indian villages. She thinks of Sumitra bai and Bhuvan Dhanwar, trampled beyond recognition in Chhattisgarh. She thinks of elephant tracker Panchanan Nayak stoically following Odisha’s Athgarh herd and warning villagers of their path, all the while risking his life. She thinks of a crowd of locals in West Bengal placing flowers on the body of an elephant hit by a speeding train. Graceful even in death, this young elephant fell into a deep, open well one night in Palakkad, Kerala. The photographer suspects the elephant emerged from the nearby forest to feast on fruiting jackfruit trees in the village. Open wells are a serious but little-recognised threat to wild animals, including Gujarat’s famed Asiatic lions, a few of which fall to their deaths every year. India has the world’s largest population of wild Asian elephants. It also has a colossal human-elephant conflict problem, one that claims dozens of lives every year. Unlike tiger reserves, elephant reserves have no legal sanctity, and by some accounts a mere 22% of elephant habitat is safeguarded within India’s Protected Areas of sanctuaries, national parks and conservation reserves. Elephants and humans are being forced to live in uneasy proximity, as cities and townships expand, railways and roads cut across wildernesses, and forests shrink and fragment. It’s a pressing problem with a high death toll that finds little sympathy in urban corridors of power. Beyond declaring the elephant as India’s National Heritage Animal, fixing meagre compensation amounts for crops, property and human life, and establishing the ineffectual Project Elephant (an embarrassing sibling to the relatively successful Project Tiger), elephant conservation and conflict mitigation has been broadly left to field staff, individual activists and non-governmental organisations. An almost fully developed foetus of an elephant calf, cut from the womb, makes a heartbreaking image. Its mother was accidentally electrocuted in an army cantonment area in north Bengal. A mob of men chase a young bull elephant on the outskirts of Bhubaneswar, Odisha. A herd of 22 wild elephants trapped in this human-dominated landscape have become the subject of much amusement for young men in the area who taunt and chase the gentle giants for sport. A campaign titled Giant Refugees highlighted the herd’s suffering and created a global outcry in 2017. However, it evoked only superficial promises of action from the Odisha government and the herd’s status remains the same. In May, frustrated by the absence of a scientific and humane approach to deal with human-elephant conflict, Bindra filed a public interest litigation against the states of West Bengal, Jharkhand, Odisha and Karnataka. In it, she cited their failure to protect elephants, and their participation in activities that are in direct contravention of the Wild Life Protection Act, 1972, and the Prevention of Cruelty to Animals Act, 1960. From the installation of metal spikes to hinder elephant movement in Karnataka, to the state-sanctioned hullah parties in West Bengal who chase away elephants by propelling burning sacks and sticks in their direction, state action in human-elephant conflict mitigation has been largely unscientific and reactionary. Through the petition, Bindra sought to “stop this state sponsored torture of wild animals across the nation in the name of mitigating human-wildlife conflict...” Her larger purpose was to seek protection for elephant habitats and corridors, which are crucial to the long-term survival of this endangered species. While Bindra fights for elephants in the Supreme Court, here’s a glimpse at the state of wild Asian elephants that live close to humans in the subcontinent. On the outskirts of Coimbatore, Tamil Nadu, villagers share the landscape with elephants from the Thadagam Reserve Forest. Though there have been fatalities on both sides, tolerance is still high and this individual elephant

14 hours ago

Bitcoin Cash Price Analysis: BCH Ready to Rally Despite Gemini Hitch

The supremacy war between Bitcoin ABC and Bitcoin SV is beginning to affect Bitcoin Cash investors keen on channeling funds through regulatory compliant avenues as Gemini. In a statement, the New York based exchange said they will list Bitcoin Cash in November once there is stability within the Bitcoin Cash ecosystem. Latest Bitcoin Cash News Gemini, one of the world’s largest and regulated cryptocurrency exchanges has delayed the listing of Bitcoin Cash. Citing “uncertainty within the Bitcoin Cash community about one or more possible hard forks”, the exchange plans to offer support once everything is clear within the Bitcoin Cash ecosystem. That may happen in November once the wave of uncertainty ends. Traders should note that Gemini is under the oversight of New York State Department of Financial Services (NYSDFS). Since the Office of the Attorney General is stringent and looking after the interest of New York residents with investments in crypto, the exchange adheres to the highest standards of banking compliance and fiduciary obligations. As a result, Gemini is taking a security first approach. They are safeguarding the security of funds because one of the hard forks lack the replay protection feature necessary to safeguard investor’s funds. The priorities in Bitcoin Cash are: 1. Get rid of the block size limit.2. Get rid of the tx size limit.3. Get rid of the script size limit.4. Get rid of the tx chain limit.5. Get rid of every other limit. This is what should be addressed in the next hard fork. — Ryan X. Charles (@ryanxcharles) October 17, 2018 The uncertainty around Bitcoin Cash hard fork threatens to split the network in half destroying investments as a result. While it may be the fourth hard fork in less than 13 months, Bitcoin ABC with support from Bitmain is taking a firm stand. On Aug 20, the team behind ABC released version 0.18.0 of their Bitcoin Cash implementation protocol complete with canonical order transactions and two new op codes. In the meantime, Bitcoin SV plan to increase block size from 32 MB to 128 MB and simultaneously introduce four Satoshis op codes. This they say is their effort to reinstate the original Bitcoin protocol. Bitcoin Cash Price Analysis Weekly Chart Because of the last week minimal activity, BCH is down 12 percent from last week’s highs. This is so because of the limited price movements of the last three days failing to confirm the rapid gains of Oct 15. Overly, we remain confident that BCH prices will recover as the month progresses. Thanks to this optimism, our last Bitcoin Cash price analysis is valid. Besides, the asset is technically bearish unless of course we see surges above $600 triggering bulls aiming for $850. However, before that happens, we need to see bulls reversing the long upper wick hinting of bears in lower time frames aware that declines below $400 cancels this upbeat forecast and could open up bears eyeing at $250—Bitcoin Cash all time lows. Daily Chart The inactivity is clear in the daily chart. Here not only is it clear that BCH is consolidating within a $200 range with clear caps and supports at $600 and $200, but bears are in charge. Backing this view is the arrangement of price action in the last day which seems to support bears now that bulls didn’t build enough momentum to reverse Oct 11 losses. Because of this, what we have in the three or four day chart is a doji-hinting of indecision. Altogether, we remain neutral going forward and triggers above $600 will usher in a wave of buyers eyeing $850 as aforementioned. Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision. The post Bitcoin Cash Price Analysis: BCH Ready to Rally Despite Gemini Hitch appeared first on NewsBTC.

20 hours ago

NEXT BLOCK Blockchain Conference Tel Aviv + Fabulous FashionTV After-Party

Bringing together over 350 participants and 20+ distinguished speakers, the Conference will hear from top blockchain experts looking into 2019 trends. As a good tradition, the event will be celebrated by a yet another luxurious FashionTV Party By NEXT BLOCK which adds to the chain of the most fabulous crypto-parties of 2018 by NEXT BLOCK. Among our first speakers are: Jan Sammut, founder, and CEO of RefToken; Ofer Rotem, General Partner, Collider Ventures, active Israeli angel investor in blockchain related startups since 2013, Naeem Aslam, Columnist with Forbes, Chief Market Analyst of ThinkMarkets, Gianluca Massini Rosati, Founder and CEO presso Xriba, Ilan Tzorya, Founder and CEO of Krypton Capital, Avia Arika, Head of the Avia law. Check next-block.org for more experts and the agenda of the event! Present your company in the EXPO ZONE or during the ICO Pitch Session, where each participant will have 5 minutes to earn the investor’s trust! Find out more, buy a ticket, become a sponsor or media partner at next-block.org. The post NEXT BLOCK Blockchain Conference Tel Aviv + Fabulous FashionTV After-Party appeared first on CoinSpeaker.

20 hours ago

Sia, Hyperspace, Sia Classic, and Sia Prime - a "Who's Who?" of forks ahead of 10/31/18

**Disclaimer:** *I own Obelisk SC1 units and stand to profit financially from Sia's upcoming mining algo change. I received a portion of Hyperspace's 'community contributors' airdrop. I operate a mining pool for Hyperspace, and intend to launch a mining pool for Sia Prime. I benefit or expect to benefit financially from pool operation. I hold community moderator positions for Hyperspace and Sia Prime, and do not benefit financially from either of these positions.* **Overview:** Since Bitmain's announcement of blake2b ASICs, there have been several announcements of new blockchain projects derived from the Sia project. During the original fork discussion in January 2018, Hyperspace was announced as a project and officially launched in July 2018. More recently, with Sia's announcement to fork to an alternative blake2b-based algorithm, two new chains have announced: Sia Prime and Sia Classic. My goal of this post is to provide a neutral overview of each blockchain project and better inform the community about fork options. I plan to keep this post updated through the fork on block at block 179000. **Sia (SC)** - [Website](https://sia.tech) - [Discord](https://discord.gg/sFCT3Ar) - /r/siacoin *Overview*: Sia is a storage project intended as an intended enterprise storage layer, and claims to be the only blockchain storage project that is truly decentralized. Sia was officially launched in 2015. Recent code improvements from Sia include video streaming and renter improvements. Sia has focused most of its future development effort on improving file sharing, a new .sia file format, and improvements to the renter/hoster experience. *Key People/Credentials*: Sia is developed by Nebulous, Inc., which consists of Sia's two founders - David Vorick (/u/taek42) and Luke Champine - as well as three other developers and two non-developers. Obelisk, the manufacturer of ASICs capable of mining the alternative algorithm, is a wholly owned subsidiary of Nebulous. *Competitive Advantages*: The chain maintained by Nebulous is perceived as the main Sia project, and will likely remain so for the foreseeable future. Exchanges will continue to trade the Sia chain maintained by Nebulous after the October 31 fork. All known application development in the Sia ecosystem supports the main Sia chain. *Weaknesses*: As an older blockchain project, Sia does not have a deep war chest compared to other storage projects (Storj, Filecoin, etc.). Nebulous has opted to raise funds via traditional private equity rather than ICOs, which limits the size of the development team. The chain is perceived to be centralized around the decisions of taek's conservative blockchain philosophy, which has led to a slow pace of development and innovation. Other common criticisms of Sia include Nebulous' conflict of interest with Obelisk, inability to meet committed deadlines, marketing, and lack of support for application development. **Hyperspace (XSC)** - [Website](https://hspace.app) - [Discord](https://discord.gg/J3tdnDE) - /r/hyperspace *Overview*: Born out of disagreements with Nebulous' conservative development philosophy, Hyperspace was launched as an experimental fork in July 2018. Hyperspace seeks to address the revenue, hosting incentive, and user marketing issues commonly highlighted as weaknesses in Sia. Recent code improvements from Hyperspace include light nodes and atomic swaps. Future planned improvements include single payment verification, light nodes, a testnet, and application development on top of the XSC chain. *Key People/Credentials*: The 2.5 man core team consists of two core developers, mark (/u/slowtoaster) and wangchao, as well as a designer. Mark and wangchao have made substantial contributions to the Sia ecosystem since mid-2017, including [Toastpool](http://toastpool.com) (Sia's first open source pool), support to launch Sia's china-based exchanges, and the first known usage of [scriptless atomic swaps](https://github.com/HyperspaceApp/atomicswap) in the blockchain space. *Competitive Advantages*: The Hyperspace team is based out of China, and is the only team able to take advantage of China's language barrier. In part due to a timelocked 600M XSC 'community contributors' airdrop, many Sia application developers have created Hyperspace-specific versions of Sia support sites, including two explorers and Raspberry Pi support. *Weaknesses*: Hyperspace has taken significant criticism due to a 3B XSC airdrop to the core team. When the timelock for the airdrop expires in 2021, the core team will own more than 20% of total XSC supply. The core team plans to build a central service layer on top of the Hyperspace platform, but does not actively plan for other companies to build on top of Hyperspace. This suggests eventual centralization of utility provided. XSC is available for trading on only one exchange. **Sia Classic** - [Website](https://siaclassic.org) - [Discord](https://discordapp.com/invite/Mdmt5jJ) - /r/siacl...

21 hours ago

Monero (XMR) “Bulletproof” Blockchain Upgrade To Go Live, Investors Bullish

Massive Monero Protocol Upgrade To Go Live On October 18th Following months of back-end development, the talented individuals behind the Monero project confirmed that the planned protocol upgrade for the privacy-centric blockchain was right on schedule. In a tweet, the official Twitter account of the popular project wrote: “On approximately the 18th of October there will be a scheduled network upgrade on the Monero network. To be sufficiently prepared, a user, service, merchant, pool operator, or exchange should run [upgrade their clients/interfaces]. Although many developers lauded this upgrade, which would see Monero’s network command line interface (CLI) and its graphical user interface (GUI) move to version 0.13.0.0, to the common consumer, it wasn’t clear what this change would entail. The following is a brief synopsis of the two primary aspects of the upcoming Monero protocol improvement, which is slated to go live on October 18th, 2018. The So-Called ‘Bulletproofs’ As reported by Ethereum World News in mid-July, Kudelski Security, a third-party cybersecurity firm, revealed that it had successfully completed its security audit of the bulletproofs protocol, which is an upgrade that drastically revolutionizes how Monero-based transactions are processed. Although a handful of “general security” risks were found, in its report concluding the audit, Kudelski alluded to the fact that bulletproofs, with some slight tweaks, was ready to go live on the Monero mainchain. But you may be wondering... what exactly are these so-called bulletproofs? Well, as explained by developer dEBRUYNE, bulletproofs, which is a specific form of range proofs, that will allow the Monero blockchain to reduce average transaction sizes by “approximately 80%” from 13.2 kB to 2.5 kB. Due to the nature of the blockchain’s PoW system, smaller transactions can be directly associated with a lower amount of fees incurred. Taking into account that Monero transaction fees often eclipse $1.00, many believe that this upgrade couldn’t come any faster. Seeing that transaction fees are poised to see a drastic reduction, many miners have obviously been skeptical about the sudden protocol shift, but the developers behind the project have sought to please crypto miners as well. More specifically, the project’s developers have lived up to the previous promises, making further moves to block ASICs from mining on the Monero blockchain. ASIC Resistance, GPU Crypto Miners First Per a preliminary information thread authored by dEBRUYNE, the aforementioned developer, Monero will undergo its next “PoW tweak” in a bid to “curb any potential threat of ASICs and to preserve the ASIC resistance” of the network after the Cryptonight ASIC debacle at the start of 2018. This is the next move in the project’s long-term goal to eliminate ASIC machines, which are seen as a centralization risk in the eyes of many diehard decentralists. As the upgrade looms, a variety of platforms that accept XMR have begun to prepare for the blockchain upgrade, pausing deposits and withdrawals to ensure that client security is upheld. Despite this undoubtedly bullish news, XMR unexpectedly failed to react positively to the impending upgrade. Per data from TradingView, the privacy cryptocurrency is worth $109.20 a piece and is down 1% in the past 24 hours. Photo by Kyle Johnson on Unsplash The post Monero (XMR) “Bulletproof” Blockchain Upgrade To Go Live, Investors Bullish appeared first on Ethereum World News.

a day ago

Whale Transfers $194 Million in Bitcoin in 30 Minutes for $0.10

A Bitcoin whale has transferred $194 million worth of the asset in 30 minutes, costing just $0.10 to do so. Maybe now Bitcoin naysayers will lay off the tired “high transaction fee / slow transaction time” argument. A Whale-sized Hole in Bitcoin Critics’ Arguments According to Blockchain’s block explorer, the transaction took place on October 15th at 7:40 pm. It saw the output movement of 29,999 bitcoins - amounting to nearly $198 million at the time of this writing. Considering how much criticism the Bitcoin network receives over the supposed “high fees” involved in processing transactions, this news comes as a vindicating breath of fresh air. It is true that back in December, during the market bull run, Bitcoin’s blockchain transaction fees rose as high as $55 and transactions were taking hours - sometimes days. Since then, however, transaction fees - and times - have come down significantly. “Transaction fees are only down because the market has crashed.” This is a common rebuttal used by critics when someone points out how transaction fees have decreased, so let’s take a look at that argument. The highest transaction fee paid in 2017 was roughly $55, paid on December 22. That same day, there were approximately 380,000 Bitcoin transactions sent over the network. Now let’s take a look at October 15, 2018: If you look at the charts above, on October 15th there were somewhere around 250,000 transactions that day - that’s roughly 65% of the number of transactions on December 22, 2017, when transaction fees climbed as high as $55. Now compare the average transaction fees. The average transaction fee on October 15th was just $0.57 - a little more than 1% of that magic $55 transaction fee that critics like to wave about. Even if you compare average transaction values on those days ($2.46 billion vs. $903.5 million), it still doesn’t jive. There is far more at play with the reduction of transaction fees than just a bear market. The adoption of Segwit and other scaling solutions like Lightning Network, however, are bringing those fees down to a much more manageable level. Of course, it will be interesting to see whether the next bull run will see a return to exorbitantly high fees or if Bitcoin is truly becoming more scalable. For now, though, it should silence some naysayers who have been against Bitcoin from the beginning. But will Bitcoin’s most recent - and most vocal - critics be among them? Mother of all Bubbles Known as “Dr. Doom,” professor of economics at New York University Nouriel Roubini has not been shy about his negative opinion of the crypto asset, even going so far as to air his myopic opinions before the U.S. Senate. Back in February, he called it the “mother of all bubbles,” after it fell 12 percent. More recently, he called the crypto market a “stinking cesspool.” Yet, while he repeats the same tired expressions about the market, he really hasn’t had much impact on the market. In fact, it’s comments like his that rally the community together to fight back at his words. Notably, though, while he claims that the market is a bubble, he fails to understand, or even comprehend, how much good it is doing. This is particularly the case when it comes to people who have no access to traditional finance. Or people who send money abroad through money transfer providers. The fact that it enables disenfranchised populations to gain access to a form of money says a lot. It’s certainly more than what Roubini is doing, which is just emitting a lot of hot air. How do you think this will impact the naysayers? Do you think they’ll remain as they are? Let us know in the comments below. Images courtesy of Shutterstock, Bitinfocharts, Blockchain.com The post Whale Transfers $194 Million in Bitcoin in 30 Minutes for $0.10 appeared first on Live Bitcoin News.

a day ago

Millions of Dollars Distributed for Ethereum Development in its Wave IV of Grants Program

The Ethereum team has always been a staunch proponent of innovation and development. The Wave IV of the Ethereum Foundation Grants Program saw the distribution of millions of dollars to promising projects contributing to the Ethereum development, as revealed in an official Ethereum blog. In all, 20 projects have been granted funds under different sub-categories - Scalability, Usability, Security, #BUIDL, Client Diversity and Hackternships. A Quick Glance at Some of the Grantees Counterfactual is developing generalized state channels on Ethereum, a move which is aimed at making the Ethereum blockchain more efficient by shifting many processes off-chain, while not compromising on the blockchain’s characteristic trustworthiness. Finality Labs is contributing to the development of Forward-Time Locked Contracts (FTLC) for Ethereum. Kyokan is working on developing production ready mainnet Plasma Cash & Debit plugins. Trueblocks is working on an open source block explorer. VulcanizeDB is developing a “community sourced” block explorer. Gitcoin is a project which helps developers utilize bounties to collaborate and monetize their skills while contributing to open source projects. Flinstones is focused on the further development of Flint language. Dark Crystal breaks down private keys into shards, which can then be sent to various trusted parties, and recovered easily. Sigma Prime, Prysmatic Labs and Status have bagged grants for Client Diversity for Eth 2.0. As a part of Ethereum’s Hackternships, Elizabeth Binks has been awarded a grant for her work on ring signature implementation with nine or more keys. Lindsey Gray has received funds for contributing to the development of C++ BLS-381 implementation. With this latest round of grants, the total amount of funds distributed by the Ethereum Foundation since the first wave of grants in March 2018 stands at $11 million. The Ethereum Foundation has published a wishlist on its website regarding the Ethereum ecosystem developments and invited applications for Wave V of the grants program. Constantinople Implementation Delayed by “Consensus Issue” While the grants distribution was a hit among Ethereum developers and supporters, the much-awaited Ethereum hard fork, Constantinople, did not see success. According to reports, the software upgrade failed to deliver results because of a “consensus issue.” Constantinople was meant to implement five improvements and add to the network’s efficiency. The hard fork, which was activated on the Ropsten testnet on October 13 at block 4,230,000, caused a “consensus issue on ropsten.” Ethereum developer Afri Schoedon tweeted that there would be “no constantinople in 2018.” He has also revealed that the “last all-core-dev call” has been scheduled on Friday, October 19, and the community should “stay tuned” until then. Despite the price plunge of Ethereum from over $1,400 in January to below $170 in September, Ethereum has retained its popularity among developers. In October, ETHGlobal had conducted ETH San Francisco, a hackathon which drew the participation of 1,000 developers from all across the globe. Featured image from Shutterstock. The post Millions of Dollars Distributed for Ethereum Development in its Wave IV of Grants Program appeared first on NewsBTC.

a day ago

Majority of Crypto Assets Are Highly Centralized, Research Finds

One of the central pillars of Bitcoin and cryptocurrency in general is that the system is decentralized, ensuring no single point of failure for adversaries to attack. However, new research has found the majority of assets in the ecosystem today to be highly centralized. Also Read: Crypto Hedge Fund Launches Retail Public Offering in Japan Taxonomy Report Reveals a Concentration of Crypto Power Cryptocompare, the cryptocurrency market data aggregator, has published a Cryptoasset Taxonomy Report. The nearly 80-page document is designed to provide investors, regulators and the industry with an independent classification of coins and tokens to help differentiate from a long list of ever-growing options. The report is based on an analysis of over 200 crypto assets, using more than 30 attributes and covering a range of economic, legal and technological features. Researchers analyzed these assets from a variety of perspectives including regulatory classifications, access and governance, market cap and volume data, level of decentralization, and distribution and supply concentration. Charles Hayter, CEO of Cryptocompare, said: “Daily, retail and institutional investment communities express an appetite to invest and develop investment products and instruments based on crypto assets. Key to this is the demand for a single, independent and trustworthy taxonomy offering transparency, consistency and confidence.” Just 16% of Cryptocurrencies Are Really Decentralized In the section on centralization and counter-party, the report identifies how regulators might approach their decision as to whether an asset is centralized and thus possibly deemed a security. A fundamental point the researchers found is that decentralized and open source projects may not rely on a central issuer. Using this distinction, the taxonomy has explored the extent to which crypto assets are de facto decentralized. The results of this analysis are quite disappointing for cryptocurrency proponents. Just 16% of crypto assets were found to be truly decentralized, with 55% categorized as centralized and the rest as semi-decentralized. Even just looking at payment tokens, defined as assets intended to provide a means of payment or value exchange which do not confer any claims upon the issuer, just 37% were found to be decentralized. Do you think decentralization matters with cryptocurrencies, and if so, to what extent? Share your thoughts in the comments section below. Images courtesy of Shutterstock and Cryptocompare. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Majority of Crypto Assets Are Highly Centralized, Research Finds appeared first on Bitcoin News.

a day ago

Why Cryptocurrencies Are Having a Major Say on the iGaming Industry

The iGaming industry is doubling down on cryptocurrency and blockchain technology in a big way, in a bid to attract the next generation of millennial gamers. Back in 2012, the iGaming sector was said to make up almost $34 billion of total revenues in the real-money casino industry, which hit $417 billion in total. Wind the clock forward to 2017 and the iGaming sector generated over $47 billion and estimates predict it will command revenues of almost $60 billion by the turn of the next decade - almost 100% growth in eight years. Combine this with the rapid proliferation of cryptocurrencies across a host of industries - including iGaming - and it’s clear to see why these digital assets are proving so valuable to online casino platforms. In fact, the number of iGaming operators that refuse fiat currency as a form of deposit in favour of cryptocurrencies such as Bitcoin is escalating fast, despite Bitcoin’s recent volatility. The low cost of cryptocurrency transactions is one of the major boons for the iGaming industry, with no need to pay for third-party payment processing services. Many iGaming brands already accept Bitcoin as a legitimate form of currency to play with in online slots and table games. Some will even reward Bitcoin depositors with free spins, deposit bonuses and ongoing weekly promotions. The decentralised nature of cryptocurrencies such as Bitcoin is also a huge appeal to iGamers. Owners of Bitcoin are empowered to look after their own digital assets, with no third-party or institution able to block or confiscate their Bitcoin. The raft of cryptocurrency exchanges also makes it easy for iGamers to quickly convert their crypto winnings into fiat currency, whenever they wish. Blockchain is enhancing the integrity of iGaming operators (Image: Pixabay) Blockchain, the technology that is used to underpin cryptocurrencies such as Bitcoin, is also being utilised by several iGaming operators in a bid to address the key issues regarding security, fairness and transparency in the iGaming industry. In order to obtain regulatory approval from the likes of eCOGRA, some iGaming operators are choosing to place their random number generators (RNGs) within a 100% decentralised blockchain. Too often, iGamers are losing trust in their favourite operators as they feel that the RNGs that trigger jackpot prizes on slots and dealer outcomes within table games are easily exploitable. The implementation of RNGs within blockchain’s transparent architecture will allow players not only to view them in action, but play safe in the knowledge that the RNGs cannot be tampered with. Blockchain is also revolutionising the way in which iGaming platforms operate. The use of ‘smart contracts’ helps to automate transactions and tasks between stakeholders, such as the relationship between the operators and their customers. Each smart contract is coded to incorporate an “if this, then that” formula. This is increasingly utilised within iGaming table games. For instance, the formula of the smart contract between a player and operator will state “if player’s Blackjack hand defeats the dealer’s, pay out winnings”. Similarly, in Roulette, “if the ball lands on the player’s colour, pay out winnings”. Funds tend to be held secure in Escrow in the meantime and are only released when the formula has been met. So, what have cryptocurrencies got to do in order to ensure they remain a key part of iGaming’s long-term future? Crypto-based iGaming operators need to show more respect for the regulation of online casino games. The vast majority of crypto-based online casinos are wholly unregulated. This is either because their software developers use blockchain-based “provably fair” RNGs that they believe are just as - if not more - transparent than a traditional online casino; or they merely insist that such regulation is a barrier to market entry. To place provably fair gaming on a pedestal and to ignore industry regulations are both poor approaches to cementing cryptocurrency-based casinos within the world of iGaming. Instead, crypto casinos should acknowledge that regulators exist not to penalise the operators themselves, but to act as guardians for players; overseeing responsible gambling measures. This alone would help crypto iGaming platforms gain respect and trust throughout the industry. The sooner crypto casinos shed their ‘wild west’ tag and adapt to market regulations, the quicker they will mature and thrive. The post Why Cryptocurrencies Are Having a Major Say on the iGaming Industry appeared first on Live Bitcoin News.

a day ago

Bitcoin Unlimited Adds ABC Client Upgrade Features for November’s Hard Fork

The Bitcoin Unlimited development team have published the full node clients’ Bitcoin Cash edition version 1.5.0, which includes an implementation of all the November 15 upgrade features from Bitcoin ABC. According to the development team, support for the Bitcoin SV team’s ruleset is “pending” and Bitcoin Unlimited’s lead programmer, Andrew Stone, has explained he would like to see miners voting on ABC and SV changes using the BIP135 bits standard. Also read: BCH Devcon Streamlines Bitcoin Innovation in San Francisco Bitcoin Unlimited Latest Version Adds Bitcoin ABC’s Ruleset Changes The Nov. 15 Bitcoin Cash network hard fork is approaching quickly and on Sunday the Bitcoin Unlimited (BU) programmers published BU version 1.5.0. The latest BU client is fully compatible with the BCH chain and previous hard fork consensus changes that took place in the past. BU’s 1.5.0 comes with some notable changes in contrast to the previous client release. Team developer Andrea Suisani (Sickpig) detailed that the BU software includes canonical transaction ordering (CTOR), the opcode OP_Checkdatasigverify (CDSV), an enforced “clean stack” rule, a “push only” rule for script-sig, a 100-byte minimum transaction size and more. This version means the BU implementation will be fully compatible with Bitcoin ABC’s ruleset changes, and on Twitter the developers have explained that SV support is “pending.” On the Reddit forum r/btc, BU’s lead developer Andrew Stone explained he hopes miners use the voting system the team collaborated on with the Bitcoin XT developers. “What I would really like to see is miners start voting based on the BIP135 bits that we defined together with Bitcoin XT — Miners that support the Nov. 15 hard fork could start voting for the SV features they support,” Stone stated on the forum. “Miners that don’t support the hard fork (even if that miner will follow the hash power majority come Nov. 15) should start using BIP135 to vote for the features it supports. A vote for a feature is basically saying ‘I like the feature, but I want a different activation mechanism.’” BIP135 Voting, Grace Periods, and Bitcoin SV Stone further detailed that if there is a significant amount of votes showing a majority consensus then they should stop the November fork or start BIP135 activation. The engineer continues by explaining that people don’t have to run BU to vote on these features as miners can set the BIP135 bits in their block version fields using mining pool software. Following these statements, a BCH community member asked the programmer if the BIP135 system enabled the features automatically. “BIP135 voting does enable the features automatically, but after a 3-month 75% or greater “yes” and a 3-month “grace” (time to implement the feature) period — So plenty of time,” Stone replied. Bitcoin Cash enthusiasts seemed pleased with BU’s new release on social media channels and forums. As the upgrade date gets closer, the Bitcoin SV team of developers have launched their latest full node client 0.1.0 release. In contrast to previous releases, the new code includes all three consensus changes which include re-enabled opcodes, more opcodes per script, and the 128MB block size increase. With Bitcoin SV dropping the newest version, BU may add the SV additions to the full node implementation, but as Stone stated, either way miners can now favor certain proposals using BIP135. Right now it’s hard to tell what will happen, as most of the community seems to be split on both sets of consensus changes and they are supporting the side they think will be best suited for the BCH network. News.Bitcoin.com spoke with the BU team developer Andrea Suisani and asked him if miners could choose to vote for all of the upgrade features proposed by both ABC and SV, or a mixture of each camp’s Nov. 15 features. Suisani explained miners could vote on all of the features proposed and even a mix. “This is the actual point of BIP135,” the programmer added. Now the pressing question remains: What will the BCH mining pools support come Nov. 15? What do you think about Bitcoin Unlimited’s latest version that includes Bitcoin ABC’s ruleset changes? Let us know what you think about this subject in the comments section below. Images via Shutterstock, and Bitcoin Unlimited and Bitcoin SV. At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published. The post Bitcoin Unlimited Adds ABC Client Upgrade Features for November’s Hard Fork appeared first on Bitcoin News.

a day ago

Civil Fails to Raise $8M Minimum in ICO

Civil, a blockchain startup that has partnered with Forbes and The Associated Press, failed to reach the $8 million minimum target it set for its initial coin offering this week, suggesting an end to the days when promoters simply had to hint at collaborations with established companies to woo investors. Also Read: Nouriel Roubini Attacks Blockchain in Latest Rant A ‘Setback’ Rather Than a ‘Shock’ The team developing Civil, a self-defined journalism platform that aims to publish news content on its blockchain, has revealed that it will provide full refunds to the 1,012 people who took part in the ICO. It had initially planned to sell 34 million of its CVL tokens for between $8 million and $24 million. However, it had raised less than $1.5 million by the time it wrapped up the sale. Matthew Iles, the CEO of Civil, hinted at what he thinks might have been the problem by thanking the people who “were willing to jump through the hoops required to buy CVL tokens.” He also promised that the team had started planning a “much simpler token sale.” Last week, the Wall Street Journal reported that the startup had reached out to news organizations such as The New York Times, The Washington Post and Dow Jones for support. However, it only encountered skepticism over its promises to fix the funding problems plaguing the journalism industry. “It’s a setback for us, though not a shock,” Iles said. “We expected a different outcome when we launched the sale, but circumstances changed.” Not Giving Up Just Yet Despite the failure of its token sale, the Civil Foundation — a nonprofit entity designed to back independent newsrooms — still has a $3.5 million commitment from Consensys, which is why the team insists it is not raising the white flag just yet. In addition, both AP and Forbes have reportedly confirmed to Techcrunch that the failed ICO won’t impact their relationship with the project. “The Civil Media Company is here to stay,” Iles claimed. “We’re here to build, and we’re excited for this new beginning.” ICO projects fail all the time, of course. But Civil’s stumble is particularly notable because the platform recently grabbed headlines due to its partnership with two mainstream media organizations. Nonetheless, it still failed to reach its conservative minimum funding threshold, in spite of its high-profile connections. Perhaps investors did not see any value in the promise that Forbes would begin to publish metadata from some of its articles on the Civil blockchain in the coming year. Are ICO investors becoming more selective in general, or is the Civil debacle a unique case? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com. The post Civil Fails to Raise $8M Minimum in ICO appeared first on Bitcoin News.

a day ago

Bringing Smart Contracts To The Digital Advertising Industry- SaTT ICO Evaluation

The following is an objective review of the SaTT ICO. The review is based on certain criteria, which we think are important for an ICO project to succeed. We measure a successful ICO by short term and long-term ROI estimation. The following is not financial advice. 1. Background SaTT which stands for “Smart Advertisement Transition Token” is a project that aims to govern online adverting, mediating between advertisers and publishers using smart contracts on top of the Ethereum blockchain. The SaTT solution wants to use the decentralized blockchain capabilities to vastly improve the way the online advertising industry operates today, and automating transactions with smart contracts in a distributed blockchain ledger could reduce costs, speed up transactions, prevent fraud, and enable better and more accurate monitoring of campaigns. The company behind the SaTT innovation is ATAYEN, based in the US, France and Tunisia. ATAYEN, Inc. was founded in 2014 by Gautier Bros and Stephanie Clement, Facebook applications developers. Today, the company’s main business is Iframe-apps offering customizable apps that enhance and add capabilities to Facebook marketing pages. The company states that its apps are installed in over 4 million Facebook pages worldwide. The SaTT token presale successfully ended last April and the crowd sale started on the 1St of May and will go on until March 31, 2019 or until the Hard-Cap is reached. Let’s start with our evaluation! 2. Introduction 2.1 The need The online advertising market is constantly growing and changing rapidly, analysts predict that by 2020 half of all global adverting cost will be spent on online advertising, in the past year alone the digital advertising revenue was 247.87 Billion USD. 2.2 The Problem Advertisers use different ways to monitor the effectiveness of their campaigns. The most common ones are CPC (cost per click) and CPM (cost per thousand impressions) yet none are completely accurate, and all could be fraudulent. Advertisers can misinform publishers diminishing the success of the campaign, publishers can use fake accounts or bots to maximize their monetization, and advertising agencies can use their power to cheat their partners. In this vast global market advertising agencies find themselves in charge of paying commissions to many affiliates around the world, as a result commissions get delayed, fees grow, and time and energy are wasted, furthermore finding the right publisher that is suitable for an advertiser’s need is no easy task. 3. The Solution - SaTT Smart contracts SaTT smart contracts rely on three types of participants: Advertisers, Publishers, and Oracles: 3.1 Advertisers To create a campaign advertisers need to obtain SaTT tokens which they can either purchase on markets or offer products and services in exchange for them. The advertisers input the essential details for the campaign such as the content, the model of remuneration and define the criteria’s for publishers, then they lock their tokens within the smart contract and set an expiry date for the contract, the campaign\contract is then broadcast to the blockchain and activated. After activation it is automatically checked by the Oracle for publisher reward-worthy actions. 3.2 Publishers Publishers can be individual accounts on social media networks, sites or applications, in order to get the opportunity to take part in a campaign and fulfil the target specified in the smart contract, they have to meet certain conditions specified in the smart contract, for instance the requirement might be for individuals that have more than X number of followers on a specific social media platform, or for a media outlet that does not host any illegal streaming content. Profiles of publishers are analyzed and segmented so publishers can receive proposals that suit their profile. Once the Oracle validates that the publisher executed their part in the contract the payment is released to the publisher according to its actions, the publisher is rewarded with SaTT tokens which can be redeemed for cash on exchanges or used to buy products offered by the advertiser. 3.3 Oracles 3.3.1 What are Oracles? Oracles are basically API’s (Application programming interface) that will integrate with the SaTT smart contracts. The interface will integrate with different data sources, for instance Google Analytics, Twitter, Facebook, and get information from their API’s determining whether the actions required in the contract were executed, i.e. number of clicks or page views or a certain amount of likes that were received on a Facebook post. SaTT will enable multiple Oracles to be involved in confirming the same smart contract transaction. 3.3.2 How will Oracles work? Oracles are privileged account addresses within the smart contract, initially Oracles will be developed and validated manually by ATAYEN, Inc. and at a later stage could be developed through the SaTT API by third-party developers who will be rewarded wit

a day ago

Bancor's @EOS_io block producer team @LiquidEOS has built EO...

Bancor's @EOS_io block producer team @LiquidEOS has built EOSCraft, one of the first games to run on #EOS. Play it... https://t.co/MquRkApOVr...

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a day ago

Conflict of Interest and Insider Trading Accusations Taint Ox (ZRX) CoinBase Listing

If anything, CoinBase is a conservative exchange and has been for years now. We can judge this from the number of coins that the exchange support. All of them are mineable and with the exception of Bitcoin Cash, a fork from Bitcoin, these networks have been around for years. Furthermore, even though ideal decentralization is not possible, at least the US SEC considers Bitcoin a utility because of the level of node distribution and the lack of a third party that wields enough power to influence price. Therefore, the sudden addition of ZRX token is a move away from the prudence CoinBase is known for. Though nothing can be taken away from the Ox Protocol and what they intend to solve, the community is critical of shifty CoinBase rules which tend to change every time it supports a new coin. Sudden Announcement of ZRX Support While we cannot pinpoint and know the exact reason why they chose Ox months after announcing that they were exploring five coins including ZCash and ZRX, it came as a surprise for CoinBase to add ZRX, a pre-mineable coin that the community is unsure if it will get a node from the SEC as a utility. This addition went against the grain, dashing transparency claims. Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f — Coinbase (@coinbase) July 13, 2018 That’s where critics are crying foul saying they must be some form of collusion that needs investigation. After all, the company has been accused for insider trading in the lead up to Bitcoin Cash listing. But, their own internal investigation cleared the exchange of any wrong doing because there was no evidence. Now, as the company expands without following the “openness and transparency” like they did before Ethereum Classic support, speculations have it that the listing of ZRX was inevitable. Conflict of Interest Accusations First, three out of the five advisors of Ox Protocol project have affiliation with CoinBase. Fred Ehrsam for example, is the co-founder of CoinBase and the lead advisor of Ox. Others with ties to the project include include Olaf Carlson-Wee and Linda Xie. As it is, this is pure conflict of interest and how ZRX got an arbitrary pick ahead of Stellar or Cardano doesn’t make sense. Hey @coinbase, do your listing requirements say anything about conflict of interest or are you just gonna keep listing your own coins and the ones made by your friends? https://t.co/5TIiRvvkKy — John Carvalho (@BitcoinErrorLog) October 16, 2018 Both have a higher market cap than ZRX. In fact, there are similarities between this sudden ZRX listing and that of Litecoin. Then, Charlie Lee used to work as an engineer at CoinBase and it was highlighted by Tushar Jain in a lengthy opinion article laying out his reasons why he thought Litecoin would crash to zero. When LTC was created in 2011 the different hashing algo for mining & 2.5 minute block times was interesting. Now that we have much more experimentation in crypto, LTC is no longer meaningfully differentiated from BTC & is worse than BTC in every way. I think LTC is worth $0. https://t.co/cMAy9DQ2JM — Tushar Jain (@TusharJain_) August 24, 2018 Though the trustless nature of Ox protocol and its decentralized exchange is something that CoinBase might make use as it plans to support more ERC-20 tokens, the way CoinBase handled this listing is suspicious. Even if they can practice their discretion because Do you think this affects the credibility of CoinBase as a trusted exchange? Let us know your thoughts in the comment section below. The post Conflict of Interest and Insider Trading Accusations Taint Ox (ZRX) CoinBase Listing appeared first on Ethereum World News.

a day ago

Bitcoin to Power Multi-Million Dollar Transactions at Negligible Fees, 30k BTC Moved with a $0.10 Fee

About 30k Bitcoin or 29,999 Bitcoins to be exact worth around $194 million has been moved with a transaction fee of just 10 cents. 30k Bitcoin worth $194 million moved with a $0.10 fee A few days back, a transaction has been made in block 545911. At that time, 30,000 BTC in total at $6,466 per BTC rate was sent to two addresses for a fee of 0.00001464 BTC worth $0.10. Source: https://www.blockchain.com/btc/tx/bace354d53088d92740485ade3211309d80b427355b931a790575b6646970202 Blocktower co-founder Ari Paul stated that the transaction fee is actually publicly verifiable: “BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction. If your goal is to mislead people with simply false statements, carry on. There’s nothing to research. Fees are publicly viewable from many sources (googling it works.) I find it better not to provide a specific source because then regardless of source, the source gets attacked.” There has been a lot