Category Archives: Blockchain

Auto Added by WPeMatico

Miner’s Jackpot! User Pays $560,000 Premium Fee for ETH 0.17

Miner's Jackpot! A User Pays Premium Fees of 3,990 ETH For 0.17 ETH Transaction

Over half a million dollars (ETH 3,990 worth over USD 590,000) was spent as a transaction fee in sending approximately ETH 0.17 ETH – a mere USD 25 worth as at press time.

The transactions did take place in a series of 5 transfers from a currently unknown wallet address to 3 different wallet addresses, each with exorbitant transaction fees considering the amount of Ether that was being transferred.

The first transaction was a transfer of 0.01ETH, with a fee of 210 ETH;

The second transaction was a transfer of 0.02 ETH with a fee of 420 ETH;

The third transaction was a transfer of 0.1 ETH with a fee of 2,100 ETH;

The fourth transaction was a transfer of 0.02 ETH with a fee of 420 ETH;

The fifth transaction was a transfer of 0.02 ETH with a fee of 840 ETH.  

The blockchain space is conversant with transaction fees peaking at different points in time, much more frequent on the Bitcoin network. Besides, a recent report suggested that Bitcoin transactions are healthy over the network as fees touched 2014 lows again.

Nonetheless, this anomaly doesn’t seem to be a general problem on the Ethereum network as only this account was reportedly affected. Besides, so far, the highest network fees recorded to date on the Ethereum network is USD 5.

While so many blanks are yet to be filled, however, the wallet seems to have had over 17,690 transactions logged as at press time and has been running for close to 3 months. More so, this anomaly occurred only today throughout its history. Could it be a network or software glitch or a developer’s error, probably while executing a program on Ethereum’s mainnet?

It remains to be known what may have caused the abnormal fees sent.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

 

The post Miner’s Jackpot! User Pays $560,000 Premium Fee for ETH 0.17 appeared first on BitcoinNews.com.

Rakuten May Soon Accept Crypto Payments

Japan’s Amazon-analog Rakuten, in its last earnings report, has announced that it will be releasing new features on its pay mobile app which may supposedly allow its users make use of cryptocurrency transactions through the gateway in the near future.

Rakuten didn’t directly say that it would accept cryptocurrencies, however, it did give a hint that all payment options will be accepted and since it already owns a subsidiary that offers cryptocurrency service, hence the possibility of it accepting crypto payments on its app when the upgraded features are released in March.

Rakuten’s involvement in crypto was established when it acquired local crypto exchange Everybody’s Bitcoin last year and was of the opinion that cryptocurrency-based payments will revolutionize the e-commerce industry.

Cryptocurrency payments on e-commerce platforms are thought to be one of the revolutionary hallmarks of cryptocurrency that may usher it into mainstream usage. Up until recently, only a few stores accepted crypto payments and most of these were sponsored by enthusiasts themselves.

As for mainstream stores, it remains to be known what’s keeping them from accepting cryptocurrency payments. More so, a sample survey showed how an average of 3% of Americans used Bitcoin for purchases. Perhaps it has something to do with volatility and the fact that in most jurisdictions, crypto regulatory status is either uncertain or outright banned. However, for Japanese crypto enthusiasts, the possibility of this development by Rakuten may have a positive impact on the industry.

E-commerce shoppers continue to show enthusiasm towards cryptocurrency adoption, although it might take a while before the industry has fully permeated the e-commerce niche. More so, a recent survey showed that 12.7% of Amazon customers would like to see the marketplace selling cryptocurrency products or services.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Rakuten May Soon Accept Crypto Payments appeared first on BitcoinNews.com.

Blockchain To Bring Transparency and Wealth to Coffee Farmers in Ethiopia

Blockchain To Bring Transparency and Wealth to Coffee Farmers in Ethiopia (1)

Reuters reported earlier today on the initiative of a roastery in Ethiopia under the brand Moyee to use blockchain in supply chain management and improve coffee farmers’ incentive.

Most coffee exporters process the beans elsewhere and among other things, price fluctuations make the business an uphill battle for farmers. Despite the business being a very lucrative one, most farmers in the area are left at the bottom of the earning chain.

More so, “One reason why buyers from faraway places or different countries go through middlemen is because they rely on them to make sure farmers are following these good practices,” says Vijay Kandy whose company will build the blockchain platform.

Co-founder of Moyee Coffee Killian Stokes said “It’s the world’s favorite drink. We drink over 2 billion cups a day,” and being a huge industry, it’s rather bizarre that farmers are treated the worst. “The industry’s worth USD 100 billion and yet 90 percent of coffee farmers in Ethiopia live on less than USD 2 a day,” Stokes added.

In an attempt to bring economic relief to farmers, Moyee created unique digital identities for 350 farmers working with the company. The aim was to create transparency and allow buyers access to how much each farmer was being paid. Despite the prices being 20% higher than market prices, still farmers’ livelihood could still be improved, at least that’s what Moyee thinks since it wants to introduce blockchain to its business.

According to the company’s blog, it had been working on a prototype with bext360 and the FairChain Foundation since November 2017, and said that blockchain will “bring about a revolution in transparency that certification programs cannot currently offer.”

Blockchain continues to offer traceability, transparency, and trust which break barriers in economic distribution, and also promises to be the future technology of supply chain. Further, its underlying asset class – cryptocurrency – creates value as an incentive instrument for most business environments, and now, Moyee intends to apply that logic to the Coffee supply chain.

Blockchain will open up a new economic model for the farmers, allowing buyers to tip farmers, fund projects using a mobile app. Also, every transaction across the supply chain will be logged to the blockchain, ensuring transparency.

In a report by the United Nations’ Food and Agricultural Organization, it concluded that emerging technologies like the blockchain in the agricultural sector shows promise of inclusive market participation for smallholders and Micro, Small and Medium Scale Enterprises (MSMEs).

Blockchain innovations in the agricultural sector transcend technological benefits in managing supply chains alone, however, it has an overwhelming socio-economic impact. “It’s an innovation that is poised to empower local farmers in the Caribbean region,” said Pamela Thomas, executive director of the Agriculture Alliance of the Caribbean (AACARI) referring to the blockchain initiative to be adopted by fruit farmers in the Caribbean.

Apart from economic empowerment, blockchain has phased its way into improving food safety, export security and animal welfare as to be demonstrated by BeefLedger in its partnership with Australia’s National Transport Insurance (NTI) to trial blockchain monitoring of beef handling from Australia to Shanghai.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Blockchain To Bring Transparency and Wealth to Coffee Farmers in Ethiopia appeared first on BitcoinNews.com.

Ripple’s Brad Garlinghouse Slates JPMorgan’s JPM Coin as Lacking Innovation

Wall Street banking giant JPMorgan’s announcement of its new stable coin JPM Coin, has Ripple’s boss Brad Garlinghouse criticizing its “closed network” lack of innovation.

JPMorgan says it sees potential in using digital coins to reduce risk and enable instant transfers, despite JPMorgan’s chief executive Jamie Dimon criticizing Bitcoin since it emerged as the industry’s flagship cryptocurrency.

The bank says it has always “believed in the potential of blockchain technology”. “We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” says Umar Farooq, JPMorgan’s head of Digital Treasury Services and Blockchain. The new JPM coin will be transferable between client accounts at the bank, who will then be able to redeem them for US dollars pegged at parity with the coin.

With the arrival of JPM, the volatility of Ripple’s XRP is brought into question and certainly draws obvious comparisons, to which Garlinghouse has reacted by saying there is nothing innovative about JPMorgan’s final arrival into the cryptocurrency space, arguing:

“As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO.”

His comments very much echo the sentiments illustrated in an article he wrote two years ago called “The Case Against BankCoin,” in which he argued that banks should be using XRP as the obvious independent digital asset, claiming they offered “universality” which bank coins did not:

“It goes back to the fundamentals of what makes digital assets unique and special – they’re universal currencies, meaning anyone can use them as units of value anywhere in the world. That universality gives digital assets global reach and the ability to settle much faster than traditional assets.”

Clearly, Ripple’s executives would argue that users of XRP also has the added option to speculate, holding on to the currency in the hope of trading later at a higher value; compared to bank coins which will only have a fixed settlement value based on parity with the US dollar.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Ripple’s Brad Garlinghouse Slates JPMorgan’s JPM Coin as Lacking Innovation appeared first on BitcoinNews.com.

13% of Online Shoppers Going Crypto With 700% Growth since 2013

A recent survey has pointed to the increase in online shoppers using cryptocurrency for electronic payments, reporting growth of 700% since 2013.

According to Kaspersky Labs, 13% of shoppers have used cryptocurrency for making payments online, their recent survey of 12,000 customers in 22 different countries has shown, and the trend is clearly upwards. Kaspersky commented:

The majority of retailers are now happy for us to use whatever payment method we prefer in order to stop us from going elsewhere. From credit card transactions and bank transfers to cryptocurrency, subscriptions, and loyalty points, we can pay for goods and services in more ways than ever before.”

However, paying in this way still has problems which need to be addressed in the future. In the past, networks were trusted for zero-confirmations, but recent attacks against some of the coins have made vendors less enthusiastic. More coins are now available other than Bitcoin for these kinds of online payments with Bitcoin Cash (BCH) allowing SMS payments, and Verge (XVG) and ReddCoin (RDD) now offering small-scale payment options. Bitcoin’s Lightning network still remains a fast way of settling purchases online.

The profusion of Bitcoin ATMs, often in the most unlikely locations around the world, continues to offer shoppers, who prefer a face to face “trawling” the store option, the opportunity to instantly trade their BTC for cash. Recently New York, one of the world’s major shopping venues has given crypto users the opportunity to purchase Bitcoin using a regular credit card at machines around the Big Apple.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post 13% of Online Shoppers Going Crypto With 700% Growth since 2013 appeared first on BitcoinNews.com.

Aragon Government Invests $13 Million Into Industry 4.0 Development

Earlier this week, local news outlet La Vanguardia reported a USD 13 million fund allocation by the Government of Aragon for the development of emerging technologies, including blockchain.

The source reports that the sum was co-funded by European Regional Development Fund (ERDF) and was double the amount initially intended in the original plan, hence, meeting the needs of up to 320 Argonese companies.

According to the news outlet, the specific objectives of the program dubbed Aragón Industria 4.0 under the Strategy of Economic and Industrial Promotion of Aragon 2017-2019 initiative, were designed to explore concepts and applications of emerging technologies in the industry 4.0 such as artificial intelligence, and blockchain technology as well as promote synergistic tech companies’ growth within its industrial sector.

Moreover, small and medium scale enterprises (SMEs) will be given an opportunity through the program to incorporate digitalization into their processes.

Blockchain exploration in Spain has had tremendous successes, and more ambitious prospects for blockchain within the country continue to spring up. Developments had included the proposed use of blockchain in resolving corruption and fraud within its economic system., the exploration of the distributed ledger use case in the logistics industry. In finance, a clear distinction was the successful completion of a USD 150 million syndicated loan through the blockchain. More exploits have covered other areas including agriculture, and the energy industry.

Perhaps this is an opportunity for Spain to mark its territory in the blockchain industry and also in other emerging technologies as it scales up funding into research and development, and attempts an SME inclusion system for the industry.

Other governments and institutes seem not to be slacking in the pursuit of prospects within the blockchain industry. Most nations and non-government related funds have invested large sums for research purposes into the emerging technology of blockchain.

Last year, the Chinese government was reportedly involved in blockchain related funding despite their stance on cryptocurrencies. One specific event that stood out was a USD 1.6 billion investment into startups by a blockchain fund and co-sponsored by the government of Shenzhen.

As nations and tech companies continue to race to become an all-encompassing entity on the subject of blockchain and other emerging technologies, the frontier of blockchain continues to expand while adoption slowly gains traction.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Aragon Government Invests $13 Million Into Industry 4.0 Development appeared first on BitcoinNews.com.

JPMorgan Introduces Its Own Digital Coin With Institutions in Mind

JPMorgan Introduces Its Own Digital Coin with Institutions in Mind

Major US-based multinational investment bank JPMorgan announced yesterday that it has launched a digital coin that will be backed by the US dollar.

A major breakthrough for cryptocurrencies which had for a long time been blighted in some circles as being untrustworthy, or so would some think. As a matter of fact, JPMorgan was among those in 2017 who ridiculed cryptocurrency and specifically called Bitcoin a fraud. Although its perspective on the subject of blockchain industry as well as properly controlled and regulated cryptocurrencies was that it held promise. Now, it stands as the first major US bank creating a digital coin and one among others in the traditional banking industry to create a real-world application of blockchain technology.

Consequently, this development has aroused some controversial sentiments within the crypto community. According to MarketWatch, Jerry Brito – executive director at Coin Center told the news outlet that the JPM coin isn’t a cryptocurrency but an in-house-built payment system. The bank did clarify on the differences between its digital coin and cryptocurrencies, however, it is a popular sentiment that any product built on the blockchain is assumed to come with the tag ‘cryptocurrency’.

As explained on the bank’s website, it appears that the JPM coin isn’t a legal tender, but a digital coin backed by the US dollar – not a stablecoin either – stored in designated accounts of JPMorgan Chase. The bank said that when one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of US dollars, reducing the typical settlement time.

The JPM coin will only be used between its institutional clients as the core purpose of the coin is to save time for inter-bank/institution settlements, leveraging the robustness of the blockchain as opposed to legacy systems of money transfers. Accordingly, the coin will not be available to individuals, however, the bank says that the rippling effect in the efficiency of money transfer will confer certain benefits to individuals.

The bank may not stop at the digital coin alone, it said in its news release that with respect to its other businesses like custody or clearing and settlement, “it’s still too early to assess the ultimate impact of blockchain,” and it intends to further explore areas of applicability as it works with clients around the world. Perhaps, it may join the list of financial institutions proposing to offer custody solutions in an attempt to cater to institutional investors willing to join the crypto derivative market once the system is well regulated.

Blockchain-related trends in the banking industry have been growing of late with expanding use cases specific to interfacing with the technology to facilitate money transfers between financial institutions. As reported in December last year, Signature Bank’s Signet may have been the first regulator-approved blockchain-based payment system developed by a bank. It was designed to eliminate third parties and process payments faster between the bank’s clients.

Saudi Arabia and the UAE have been discussing plans on developing a blockchain-based cross-border payment system for inter-bank relations.

Moreover, the subject of a state-backed central bank digital currency (CBDC) has been frequently discussed in many banking circles. However, the views on such development have been rather polarized. Perhaps, this step made by JPMorgan will further facilitate the adoption of different blockchain use cases for other banks as they race for inclusion into the emerging market.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post JPMorgan Introduces Its Own Digital Coin With Institutions in Mind appeared first on BitcoinNews.com.

Virginia Police Retirement Fund Sets Sights on Bitcoin with $11 Million Investment

Part of a police retirement fund in Fairfax County Virginia is to be invested in the cryptocurrency industry as part of a plan to allocate money towards safe investments.

The allocation of retirement funds will be invested through Morgan Creek who will use the fund to invest in companies such as Coinbase and Bakkt, among others. Morgan Creek, which invests in blockchain companies, is to use USD 40 million from the two Fairfax county pension plans and other institutions.

The Virginia retirement system has invested USD 21 million into the fund with USD 10 million coming from the county’s employee’s retirement fund (0.3% of total assets) and USD 11 million from a police retirement fund (0.8% of total assets). This meant just under 1% of total assets were dedicated to cryptocurrency ventures. In the opinions of Fairfax County officials though, the funds are seen as a safe bet for retirees:

“All investments involve risk and this investment is no different. However, as they would do with any investment, Fairfax’s investment team determined that the expected returns from this investment were in line with the level of risk incurred. This also played a big part in how much was invested.”

Morgan Creek has convinced Fairfax county to invest up to 15% of retirement funds into cryptocurrency projects although Fairfax County Retirement Systems Director Jeff Weiler has said that “no more than 15% of the funds will be invested in actual cryptocurrencies and, to-date, the Fund has no exposure to any cryptocurrencies”.

Morgan Creek’s Anthony Pompliano believes Bitcoin could still go below USD 3,000 although he points out that a recovery to USD 5,000 would result in a USD 5 million investment in Bitcoin returning a USD 1.9 million profit.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Virginia Police Retirement Fund Sets Sights on Bitcoin with $11 Million Investment appeared first on BitcoinNews.com.

Depreciating Cost of Mining Machines, Bitcoin Price Hit GMO Group

Its latest company report published this week confirmed that the GMO group suffered losses of JPY 1.3 billion (USD 12 million) in 2018, mainly due to a drop in cryptocurrency mining activity.

A company spokesman for the Japanese company which supports internet infrastructure, internet finance, and cryptocurrency mining business, put the down the losses to the declining price of Bitcoin in 2018 along with a depreciation in the cost of mining machines.

The main outcome of the company’s losses has resulted in a rethink in how GMO adjusts its business policy moving forward. A problem in 2018 had been the purchase of expensive mining machines from other manufacturers, which led to decreased profitability. This was due to a delay in procurement of part of the electronic components, which led to the postponement of development and manufacture of mining machines.

The company has now decided to relocate its mining center elsewhere in Japan in order to obtain a cleaner and more financially viable power supply. In December 2018, GMO had indicated that it would be closing down its mining operations with predicted losses of JPY 35.5 billion due to quitting the development, manufacture, and sales of mining equipment.

GMO said:

“The electricity cost in the new location, which is confidential, is less than half of that in Northern Europe, which is 7-8 cents per kWh including running costs. We believe the relocation will impact our earnings this summer.”

With further losses announced this week, it is unclear exactly how GMO will progress in the cryptocurrency space moving forward into the long term.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

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

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Depreciating Cost of Mining Machines, Bitcoin Price Hit GMO Group appeared first on BitcoinNews.com.

UK Think Tank to Study Crypto Impact on Economic Institutions

According to a recent report by crypto media outlet CoinTelegraph, the Institute of Decentralized Economics (IDE) has opened in the United Kingdom for the study of the economic impact of cryptocurrencies and its underlying blockchain technology.

The source says the initiative is being backed by fintech company Sweetbridge and that the think tank will explore the possible potentials of decentralized and autonomous systems and find real applications within the current economic system.

According to the source, the press release state that IDE will help organizations better understand the economics that underlies the blockchain technology, adding that stablecoins and the interactions between government policies and crypto economics will be included in the study areas. The research scheme will coordinate efforts from experts in entrepreneurial, corporate and political systems.

Hard to ignore, the economic revolution introduced by the blockchain technology continues to gain prominence in mainstream economics on so many levels. Different initiatives designed towards researching the overall impact of the industry continue to prevail.

Blockchain, though considered a nascent technology is about a decade old and as with other emerging technologies, remains an intriguing subject deep enough for its economic impact to draw interest for many years to come.

According to CoinMarketCap data, the cryptocurrency market currently has over 2000 assets with a composite of 16,071 markets; the market had over USD 800 billion in capitalization as at January 2018 and dropped dramatically through the year, and is currently about USD 121 billion as at press time. Moreover, converging market instruments from the traditional financial market such as futures contract, exchange-traded funds