Daily Archives: August 25, 2018

Ohio Joins US State Level Blockchain Goldrush

The US state of Ohio is following other states in showing interest in blockchain technology and how it can be applied to the economy in that state.

At a press conference on August 23, Speaker of the Ohio House Ryan Smith assembled members of the House leadership and Ohio’s general assembly along with representations from the law, business, and academic sectors to discuss possible implementation.

The state is not new to the concept, having passed an amendment to the Uniform Electronic Transactions Act earlier this year adding, “a record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record,” thus providing a safe harbour for the emerging technology.

Ohio is certainly not the first US state to take this route as Nebraska, Florida, Arizona, Nevada, and Vermont, along with Maine, Hawaii, Illinois, and North Dakota are some of the many US states notably either in the process of presenting bills, enacting legislation or actively utilizing blockchain in state legislation.

Speaker Smith suggested that DLT would have numerous applications in the state and cited common storage requirements such as securing birth certificates and marriage licenses as a simple case in point. His aim is to work with universities so that students are encouraged to become involved in the new technology early on, thus helping them secure work for the future and bring their expertise to the State.

Smith is not the first though, to suggest his or her state as a possible blockchain hub. New York earlier this year set its sights on the same target when the New York City Economic Development Corporation (NYCEDC) announced several initiatives that pursue ambitions of becoming a blockchain technology hub. The state has rather set out its stall for the title given that the NYCED holds the annual New York Blockchain Week there with crypto events all over the city attracting big names in the industry as guest speakers.

However, Smith is optimistic, suggesting, “Because this is so new and this is just beginning to take shape, we can position Ohio out front.”

Time will tell, but the state rush to become a leader in blockchain adoption is very much on.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Ohio Joins US State Level Blockchain Goldrush appeared first on BitcoinNews.com.

Cryptocurrency News Roundup 17-24 August 2018

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news, continent by continent and country by country. Next up is South America.

Argentina

Bitcoin ATMs in Argentina Rising: Argentina’s cryptocurrency revolution is becoming clearly evident as more and more Bitcoin ATMs are being installed across the country.

Recently, Matias Goldenhorn, the Director of Latin America at Athena Bitcoin, an American Bitcoin company announced a move for the installation of a number of new Bitcoin ATMs across the country. Athena Bitcoin’s new Bitcoin ATMs include a new one in Buenos Aires, the capital of Argentina. More than 4000 ATMs are expected to be installed in the country in the near future.

Argentina’s Largest Mining Farm in the Works: The biggest cryptocurrency mining farm in the country is being planned as the cryptocurrency scene expands its presence in the region. After Canada, Iceland, and the USA, now miners are looking towards Patagonia, a resource-rich area in Argentina to set up mining farms.

A mining company named Bit Patagonia has announced its plans to set up the biggest mining farm in the country, in the region. The project is said to be a conglomerate of some of the biggest mining names in the world and aimed at testing the waters in the country.

Chile

E-Commerce Accepting Cryptocurrencies on the Rise: Local Chileans are surprised by the announcement made by CryptoMKT, a local cryptocurrency exchange, and payment company Flow. The post stated a while ago that more than 5,000 stores across Chile now accept cryptocurrencies.

One such user thought it was a hoax until she decided to research more into it. She found that right now, the stores are accepting Bitcoin, Ethereum, and Stellar Lumens as payment through a website called Cryptocompra. The website offers free sign up for businesses for integrating cryptocurrencies on e-commerce platforms using plugins, according to a blog post by the user.

The crypto options also come with a lesser fee structure as compared to the fiat peso option for the sellers, thus providing a stiff competition to the fiat circles.

Venezuela

Venezuela Becomes Second Largest Cryptocurrency Market for Dash: Dash, a cryptocurrency known for its privacy has announced that Venezuela has become the second largest market for the cryptocurrency in the world.

Ryan Taylor, CEO of Dash Core Group said:

“Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”

The economic crisis in the country is forcing many Venezuelans to turn to cryptocurrency to circumnavigate the high levels of hyperinflation prevalent since the last few years. Cryptocurrencies other than state-run Petro are banned in the country.

President Announces Move to Tie Cryptocurrency to Bolivar: The President of Venezuela Nicholas Maduro has announced new devaluing measures for the national fiat currency, the bolivar and announced that the new state-run Petro cryptocurrency is pegged to the bolivar now. 

The widely criticised cryptocurrency was launched last year by the Maduro administration but the country is facing difficulties in gaining more acceptance for it, both domestically and abroad.

Bitcoin Venezuela Founder Sees Rejection of Petro: The Venezuelan state cryptocurrency Petro could be in for an early demise as it is reportedly being rejected in favor of more popular cryptocurrencies like Bitcoin and Dash.

Randy Brito, the founder of Bitcoin Venezuela believes that the rejection of Petro is being experienced because of a lack of trust in the government regarding the new initiative. According to him:

“People don’t trust the government here on anything to do with economics or currency management because they have proven to be so bad. The Petro is not backed by anything, there is no way to back a digital currency to a physical asset like a barrel of oil without having to trust a third party. Here, the third party is the government, so I don’t think anyone that understands this concept believes that they are telling the truth.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Cryptocurrency News Roundup 17-24 August 2018 appeared first on BitcoinNews.com.

PR: Blockchain Company Skycoin Looking to Break into the Korean Market

Bitcoin Press Release: Skycoin, a decentralized blockchain company are looking to expand their scope by breaking into the Korean market.

August 17, 2018, Shanghai – Skycoin is a high-performance blockchain project for a new decentralized networking protocol. Skycoin’s revolutionary ecosystem will overhaul the current internet with a faster, more secure replacement. Bitcoin was the first generation prototype for decentralized economics, created to give citizens across the globe unrestricted access to a financial transaction. In addition, Ethereum is blockchain 2.0, the platform designed for the ability to easily launch hundreds of blockchain projects.

Skycoin is blockchain 3.0, the next level of decentralized engineering with an incentivized ecosystem and infinite scalability. It combines and improves upon the benefits of Bitcoin and Ethereum while solving the problems of speed, centralization, and scalability that arose in their development and use.

Skycoin consists of an ecosystem of technologies that work together in unison to provide a complete package:

  • Skycoin – The digital currency that produces Coin Hours for network bandwidth.
  • Skywire – Decentralized wireless mesh network for a secure, fast, Web 3.0
  • Obelisk – Consensus algorithm that distributes a “web of trust”
  • Fiber – Infinitely scalable parallel network of blockchains

Skycoin: Third Generation Blockchain

How does Skycoin stack up against its predecessors? Skycoin comes in as the third generation project, solving the problems of scalability with Fiber. Therefore, Fiber is Skycoin’s infinitely scalable solution, rather than blockchain projects launching on one blockchain resulting in congestion of the network. Furthermore, Fiber implements parallel blockchains, allowing applications to have fully customizable implementations. The more projects that exist on Fiber, the stronger the system becomes.

Skycoin fixes the security issues present in Ethereum with CX, Skycoin’s general purpose programming language. In addition, CX allows users to program contractual agreements on the blockchain while enabling users to amend the digital contracts to address any bugs. The CX programming language is built on the premise of security for the average programmer. Skycoin solves many real-world problems and employs financial incentives for its users in Skywire.  Furthermore, it aims to update the internet with a faster, more secure version that pays its users for providing bandwidth.

Skycoin in South Korea

Korea has set itself up as a country that consistently stays ahead of the technological curve. With a tremendous appetite for technological advancement, Koreans boast the position of being consistently first in the Bloomberg innovation index while also remaining a top contender for technical density. Therefore, Korea unsurprisingly has embraced blockchain technology, implementing classification standards & regulatory frameworks. Currently, some of the largest cryptocurrency exchanges are backed by the countries largest conglomerates.

The rollout of decentralized technology will be aided by Korea’s current technology status. In addition, Koreans are technically inclined, they want smooth running products that are easy and fun to use. Smartphones created a substantial advancement in the way we communicate, texting (often with a small charge) evolved toward applications that provided free text services. Furthermore, applications like Kakao talk that provided a better user experience eventually overtook the first movers and became the most used platforms in the country. The propagation of usable customer-focused technology is similar to blockchain projects and their iterations through time.

Ethereum provided for a significant testing ground as a platform for decentralized technology, Skycoin perfects the ideas and processes of Ethereum while creating a usable, incentivized platform that will increase the proliferation of blockchain in the region.

To learn more visit the Website: https://www.skycoin.net/

Telegram Bounty Channel: https://t.me/skycoinbounty
Read the White Paper – https://www.skycoin.net/whitepapers/
Connect on Twitter – https://twitter.com/skycoinproject

Media Contact
Contact Name: Danish
Contact Email: danish@skycoin.net

Skycoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy:

The post PR: Blockchain Company Skycoin Looking to Break into the Korean Market appeared first on BitcoinNews.com.

Bank of America Has Patent Pending for Crypto Storage Technology

Multinational investment and financial services bank, Bank of America has applied for a patent that covers a cryptocurrency storage system for use by custodians.

Specifically, the application describes a computing device that can manage blockchain encryption tags and handle a substantial number of daily transactions.

The US Patent & Trademark Office published details of the application on Thursday following its initial filing in April. It outlines a system of entrusting cryptocurrency accounts’ secured private keys to a custodian third party such as a bank. It appears to anticipate a future where the general public has mass adopted cryptocurrencies and require traditional banking services for their assets.

Describing its place and necessity in the future of financial services, the application reads: ”As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.” The Bank of America began its development of this online cryptocurrency vault system in 2014.

Don’t Take This as a Pro-Crypto Stance

While Bank of America may have applied for dozens of blockchain patents (several including cryptocurrency solutions) and invested substantially in blockchain research, top executives at the firm have open criticized Bitcoin on multiple occasions. The chief technology officer called it a ”troubling” payment system due to what she referred to as the lack of ”transparency” that makes it more challenging to catch wrongdoers in the system.

Clients of the bank have been barred from using its credit cards to purchase cryptocurrencies. Bank of America’s latest annual report references cryptocurrencies as a threat to its business model; apparently, it sees the way to combat this is as to get ahead of the game and monetize cryptocurrency use cases via patenting innovations.

The report warns of concerns that people will turn to alternative investment methods outside of its jurisdiction, reading: ”clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Bank of America Has Patent Pending for Crypto Storage Technology appeared first on BitcoinNews.com.

Bank of Thailand Plans for CBDC With Just a Twist of Ripple

The Bank of Thailand (BoT)has said that it has plans to initiate a CBDC which will be primarily aimed at internal bank transactions.

The BoT is partnering with eight financial institutions on the CBDC project – including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank and HSBC. The bank has suggested that the CBDC could cater for domestic wholesale funds transfers, third-party funds transfers, and cross-border transactions, along with some further applications. The CBDC project is similar to those carried out by other central banks, including the Bank of Canada, the Hong Kong Monetary Authority and the Monetary Authority of Singapore.

Banks using the r3 Corda blockchain have the advantage of completing asset settlements with multiple participants, a reason why Ripple adopted their own system. These tokens cannot be mined as the bank will have complete autonomy as creator and distributor due to the centralized nature of using the r3 blockchain.

The BoT is currently working on the digital currency which will be built on an r3Corda blockchain, an open source blockchain which is very similar to that designed and used by Ripple. Complications could arise for the Thai central bank by choosing this particular system as legal steps have been taken by Ripple against the r3 company over possible patent issues regarding “borrowing” Ripple Labs’ expertise.

Clearly, the centralized nature of such tokens has attracted some critics given the nature of cryptocurrency and the attraction of it being tamperproof due to its decentralized status, an issue which has landed Ripple in deep water over the years.  Not only can such tokens be labeled as securities rather than assets, but as Ripple has discovered users have shown some concern about the system being open to manipulation due to the tokens being issued by one source.

Should the project be launched and CBDC become a reality the BoT have further plans to extend it for what it calls “broader functions”. The first phase of “Project Inthanon” aimed to “enhance the efficiency of the Thai financial market infrastructure” is expected to be completed by the first quarter of 2019.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Bank of Thailand Plans for CBDC With Just a Twist of Ripple appeared first on BitcoinNews.com.

Nasdaq Links With Singapore Stock Market in DvP Project

The Monetary Authority of Singapore (MAS) and the Singapore Stock Exchange (SGX) have announced a collaboration with Nasdaq as a key partner.

MAS, which functions as Singapore’s central bank has partnered with Nasdaq, Deloitte, and Anquan to develop the technology to impart “Delivery versus Payment” (DvP) capabilities for tokenized asset settlement. According to MAS this will allow for;

“…simultaneous exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks.”

Further, the project will examine the viability of utilizing smart contracts to automate DvP settlements and report back by this November. The partners plan to use the open source developed solution as a part of phase 2 of Project UBin, a project which began in 2016 with the development of a simple prototype on Ethereum in Phase 1.

The second phase of Ubin (“Re-imagining Interbank Real-Time Gross Settlement System Using Distributed Ledger Technologies) aimed at finding solutions “around the need for transactional privacy and deterministic finality”, and “the ability to perform multilateral netting capabilities in a decentralised manner while preserving transactional privacy.”

MAS Chief FinTech Officer Sopnendu Mohanty commented about the project and how blockchain tech is impacting financial transactions and injecting new energy into business:

“The involvement of three prominent technology partners highlights the commercial interest in making this a reality. We expect to see further growth in this space as FinTechs leverage on the strong pool of talent and expertise in Singapore to develop innovative blockchain applications and benefit from the new opportunities created.”

Ho Kok Yong, Financial Services Industry Leader at Deloitte Southeast Asia shared Mohanty’s optimism regarding the direction of Ubin’s latest phase:

“Using two different open source blockchain technologies to implement and design the Distributed Ledger Technologies (DLT) prototype, we are able to mitigate counterparty risks in DvP (Delivery versus Payment) and achieve DvP settlement finality with clearing members.”

Magnus Haglind, Senior Vice President and Head of Product Management (Market Technology) at Nasdaq views such eclectic collaborations as the key to the success in embarking on such projects in the future:

“In our experience of developing projects to leverage blockchain to improve market and operational efficiencies, the willingness to collaborate by cross-industry parties was – and is – the most essential component for success.”

Nasdaq, the second-largest stock exchange in the world, has suggested that it could foresee opening its own cryptocurrency exchange in the future and has already developed a distributed ledger blockchain system that optimizes the use of securities as collateral for margin calls.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy:Pixabay

The post Nasdaq Links With Singapore Stock Market in DvP Project appeared first on BitcoinNews.com.

Mt. Gox Collecting Creditors’ Lost Funds Claims

Japanese cryptocurrency exchange Mt. Gox began collecting civil rehabilitation claims on Thursday as it attempts to start restoring the creditors’ lost bitcoins.

The platform released an online claim submission process with Nobuaki Kobayashi as the acting trustee. The claimants will be able to respond until October 22. Detailed online is advice and a step-by-step guide on how exactly users can make their claims or access their Mt. Gox accounts to claim the ”return of cryptocurrency and money against MTGOX.” There is also an offline process that can be followed, should there be any issues or lack of information required to submit claims online.

In an online statement earlier this month, Mt. Gox officials warned that any proof of claim not issued by the deadline would be subject to disenfranchisement — a loss of the right to claim. It also detailed the Mt. Gox administration’s ambition to make the whole civil rehabilitation process as comprehensive and transparent as possible. The statement reads: ”The rehabilitation plan should be simple and the implementation thereof should have a high degree of certainty.”

These recent proceedings have been welcomed by users of the platform that failed to submit claims prior to its bankruptcy.

Mt. Gox’s controversial history

One of the earliest cryptocurrency exchanges, Mt. Gox, collapsed in early 2014 following the biggest Bitcoin theft to date: BTC 850,000, approximately USD 473 million at the time.

While BTC 200,000 were later recovered, they remained frozen in Mt Gox’s accounts as it fell into bankruptcy, leaving creditors waiting nearly four years to know whether or not to ever expect their funds returned.

Mass bitcoin sell-offs by Mt. Gox has characterized the exchange’s practices since November 2017, often allegedly causing markets to become unsettled. In June, however, Kobayashi stated that he would make sure this came to an end.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Mt. Gox Collecting Creditors’ Lost Funds Claims appeared first on BitcoinNews.com.

Brian Kelly: One Last Hurdle for Bitcoin Rally

CNBC Fast Money’s bitcoin bull Brian Kelly sees a Bitcoin rally as just one hurdle away: ETF approval. Although, he does not see this as likely until August 2019.

The Big Hurdle

Getting the first Bitcoin ETF approved by the Securities and Exchange Commission (SEC) has become a competition between those fighting for the trophy, as well as for Kelly, the biggest hurdle in seeing a real Bitcoin bull market emerge. He fears that any delay, rejection, or request to withdraw could postpone any substantial price appreciation.

Kelly noted that last years SEC rejection of the Winklevoss brothers ETF actually became a boost for altcoins. Right now, he recognized, the market is flat for altcoins like Ethereum and Ripple. But, this could be because all the new money is flowing into Bitcoin. While part of this may be accounted for by people spending fiat on Bitcoin to then purchase altcoins, Kelly estimates that it is more likely to be coming from investors counting on an ETF approval.

If the ETF applications are rejected or delayed, he predicts that the alt market could experience a capital influx as some investors leave Bitcoin. Kelly pointed to the year’s overall growth in the cryptocurrency market, which saw the movements of Bitcoin and altcoins tightly correlated, with the former outperforming throughout August.

Be cautious to buy Bitcoin today if you are counting on an imminent ETF approval, he warned investors. As a short-term trader, Kelly said he had just sold off some of his Bitcoin holdings.

ETF: For Retail Traders or Not?

As the hosts queried whether an ETF would benefit retail investors, Kelly noted that VanEck’s USD 200,000 share price was likely to weed out any potential for them, and rather serve institutional players.

The SEC gave prospective providers 31 points needed to be met to receive approval, with one of these being protections for retail investors. It would seem that Vaneck responded to this by raising the costs to such an extent that they are cut out of the market.

One issue that the Fast Money hosts did not think had been addressed yet remains the problem of providing a sufficient custodial service, with Kelly citing this as a significant reason why approval is not imminent.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Brian Kelly: One Last Hurdle for Bitcoin Rally appeared first on BitcoinNews.com.