Category Archives: Melbourne

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Lightning Network Sees Massive Increase to $2 Million Capacity

Despite the slump in the Bitcoin market this week, the Lightning Network (LN) has hit an all-time high network capacity, currently handling USD 2 million in Bitcoin.

The LN is a payment protocol that operates as a second layer over the Bitcoin blockchain to facilitate faster transactions between nodes. Users argue that it could be the solution for Bitcoin’s scalability issues.

While Bitcoin’s value may have depleted over USD 1,000 this week currently standing at just over USD 4,400, the LN has hit an all-time high operating capacity of USD 2 million, nearly a 300% increase. The number of nodes has risen to 4,136 at time of press, adding over 8%, while the number of channels has reached 12,224.

A Reddit post also indicates the growing scale of the LN on an anecdotal level. Reddit user u/DistributedFutures shared a photo of a shop in Melbourne displaying a rare Bitcoin LN acceptance banner, with commentators comparing the network to Bitcoin’s rise in 2012.

The original poster noted it as an indicator the LN ”isn’t vaporware, it’s real and available at retail”. It was also written that Mind Games where the sign was displayed is on one of the busiest streets in the Australian city of 5 million people.

The network has faced criticism, however, over the speed of its growth in relation to its technical abilities. In July this year Andreas Brekken, an associate and supporter of Roger Ver and his Bitcoin hard fork Bitcoin Cash (BCH),  began operating a powerful LN node that took control of 49% of the total network capacity which then stood at USD 427,000.

Controlling such a large portion of the network capacity does not necessarily present a high-risk to the network, although many interpreted the move as an attempt by Brekken to undermine the network.

Bitcoin Cash is highly critical of the LN as it is a key competitor to BCH’s success should it find wide-scale success.

 

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Coinjar Sees Bright Future for Stablecoins

The CEO of Australian Bitcoin Exchange Coinjar maintains that stablecoins are due to become a major investor attraction.

Asher Tan has left Melbourne-based Coinjar co-founder Ryan Zhou in charge of Australian operations and taken up residence in London’s Canary Wharf. He clearly has a good view of London’s crypto horizon from his 39th-floor workspace on the banks of the Thames. He likes what he sees.

The interesting thing right now, what’s on everyone’s lips, is what you call a stablecoin. A stablecoin is a coin pegged to a currency, usually the US dollar. It’s a craze right now,” Tan says. “It helps you transfer money around the crypto ecosystem at a stable rate. But there’s a whole lot of applications or use-cases that could come out of it.”

Stablecoins are seen by some as a safe hedge against the volatility of conventional cryptocurrencies such as Bitcoin or Ethereum. Currently, they are underutilized apart from traders using them to guard their positions during bear markets. The most topical of these were introduced after the Winklevoss twins were knocked back by the SEC after their last ETF submission was turned down, only to hit the market with the stablecoin Gemini. The brothers also have their eyes firmly set on the London market as their next potential stablecoin project.

Japanese banks favor a stablecoin method which involves simply storing an equivalent amount of dollars and offering a tokenized version of that amount. Tan suggests that until now, the custody model has certainly been easier than more complex decentralized ways of maintaining a peg but tech startups are now looking for a better more effective and innovative model.

“How do you keep a peg? These are things that usually only a central bank would have thought about five years ago, and now you’ve got tech start-ups looking at economics, and how can you peg a currency to a token. It’s fascinating,” says Tan.

Tan sees dollar digitalization by exchanges at some point in the future as a faites accompli and he is now considering how stablecoins would fit into his future plans for Coinjar, arguing that Europe is the ideal base from which to operate:

“If you go regional in Asia there’s that fragmentation – all the different regulators, the cross-border challenge. Europe is a well-regulated environment, like Australia… We don’t want to create a product and then find out that the regulator is taking an unfriendly approach.”

 

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Brisbane Airport Lets You Buy Before You Fly with Crypto

Australia’s Brisbane International Airport has announced that it is to introduce cryptocurrency payments at its terminal, according to News BTC.

Brisbane airport has teamed up with Australian crypto travel company TravelByBit, which designs tourist routes and provides selected providers with a digital currency payment platform. The airport will use the platform to enable flyers to use Bitcoin, Ethereum, Dash and other digital currencies to shop and dine at various stores and restaurants across both of Brisbane’s air terminals, a press release says.

Roel Hellemons, Brisbane Airport Corporation’s (BAC) general manager of strategic planning and development, claims that Brisbane is the first city airport worldwide to offer the service saying that it’s a logical move given that many travelers are cryptocurrency investors. He said, “This is just the beginning for us as we hope to expand the digital currency option across the business.”

TravelByBit CEO Caleb Yeoh said that the move was a good indicator that cryptocurrencies were a viable currency, commenting, “Here at TravelByBit we are promoting the Bitcoin travel movement. Digital currency for worldwide travel. It’s simple, safe and there are no bank fees.”

Australian business has a very progressive record in its uptake of cryptocurrency for commercial purchasing. TravelByBit has been very proactive in promoting its use within the booming travel and hospitality industry across the country. Brisbane itself has been named ‘Crypto Valley’ by locals with more than 20 merchants across the city now accepting crypto payments.

Yeoh said that the company’s aim is to build a case for cryptocurrency use within the travel industry and commented:

“Whenever you travel overseas you have to deal with multiple currencies and you never know what exchange rates the banks are charging you… we are promoting the Bitcoin travel movement. Digital currency for worldwide travel. It’s simple, safe and there are no bank fees.”

Australian as a nation was very quick to allow the public to be able to use Bitcoin as a practical payment method. Brisbane’s claim to its Crypto Valley tag rather pales when matched against Melbourne which had twice the number of merchants as Brisbane was accepting Bitcoin as far back as 2014, with Sydney laying claim to half that total. Since last year an Australian Startup called ‘the Living Room of Satoshi‘ has been helping customers to pay their utility bills with Bitcoin, by using a bank account or Bpay payment system, and then sending their funds to a cryptocurrency address, according to Business Insider..

Australia’s attempts to regulate the cryptocurrency industry have so far been successful in its endeavors to protect citizens and the financial sector while still continuing to develop and incorporate the technology into the infrastructure of the country.

 

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Nauticus Exchange Token Presale is Now LIVE and Offering 35% percent bonus To All Participants

Bitcoin Press Release: The Nauticus project proposes a new digital currency to facilitate six ethical eCommerce and crypto banking solutions. Deeply rooted in the moral and sustainable use of blockchain technology, Nauticus harks back to the ideals of social change that underlined community interests of the world’s earliest cryptocurrencies.

March 21, 2018, Melbourne, Australia – With over 120,000 users registered in just three weeks, the Nauticus Blockchain-based exchange has had a huge response in the first two days of its ICO presale. With a hard cap target of $88 million, it’ll be the largest token sale ever seen in Australia. In a world’s first, the Melbourne based fintech company is raising funds to launch an international standard Government approved exchange with 100 crypto and six fiat currencies. In addition to a green blockchain mine to give vital server capacity and additional revenue.

The Nauticus Coin is modeled on the popular Binance Coin (BNB) and offers a similar 50 percent reduction in trading fees, which has seen the value of BNB skyrocket. The Nauticus vision and strong team have seen the ICO attract glowing reviews, including 4.7 stars from ICO Bench, 4.45 stars from ICO Marks, 4.15 stars from Trudex, and a Gold rating on Top ICO List.

The Australian Government’s AUSTRAC last week approved Nauticus registration as an independent remittance dealer. This guarantees the exchange complies with all KYC, anti-money laundering and counter-terrorism financing laws. Nauticus is in the final stages of engaging one of the big four international auditing firms to make sure transparency in the use of ICO funds.

Ambisafe has audited the security and function of the Nauticus smart contract and the code has been posted on Github. Nauticus is excited to announce it has received backing and support from large-scale international investment funds and crypto specialists Fundify, BellAcre, and Whisper.

The company has been highlighted in articles on CoinTelegraph, The Merkle, Coinspeaker, Bitcoin.com, and Blockonomi among dozens of other crypto news sites.The Nauticus community is growing in strength, with 120,000 registered users; 27,000 Facebook likes; 9000 Twitter followers, and more than 5000 highly engaged users on Telegram.

Co-founder and Nauticus CEO Bryan Ng offered his appreciation for the communities support of the project so far;

“We want to thank everyone for the overwhelming level of support they’ve shown. It’s truly humbling and we won’t let you down. We’re determined to create the best crypto exchange in the world.”

To ensure this vision is realized, Nauticus has signed up more than 20 of the world’s top blockchain, IT and finance experts as advisors. They include former global managing director of Accenture’s Ecosystem of the Future David Hayat, former Vice President of Nomura Securities Kin Wong, founder of Scandinavian Capital Markets Arif Alexander Ahmad, Director of Trade.io Remigio Bongulielmi, and the founder of ABA Technology Patrick Roberts (ex-IP Australia).

Dr. Theodosis Mourouzis, a cryptologist with the UCL Centre for Blockchain Technologies offer these words on the potential of the project;

“The Nauticus solution is among the most integrated that I’ve seen in the crypto-world, regarding exchanges and payments, and utilizing all existing state-of-the-art technologies.It has an ethical dimension by introducing a green blockchain mining center to help the developing world.

Giving back to society with Nauticus

The Nauticus team are also keen on leading by example, having already pledged as much as 41% of coins reserved for the development team to two identified social causes: the Salvation Army Sponsor A Child Program and The Ocean Clean Up program.

How it works is simple. Every friend or person referred to Nauticus will earn 100 Nauticus Coins (NTS) for the referrer, but every second referral will receive a bonus of 200 NTS. This bonus can either be kept or donated by the referrer to either of the causes – and every coin donated will be matched by Nauticus.

Nauticus co-founders have already sponsored over a dozen children through the Salvation Army in the past ten years and hope that this current campaign will continue to benefit children, especially in developing nations;

“They deserve clean water and an economy that values the individual.”

  • said COO Jonathan Chang.

Nauticus also wholeheartedly supports the Ocean Clean Up program, which is dedicated to cleaning up the 5 trillion plastic pieces currently littering oceans all over the world.

Crowdsale and profits

Profits will be reinvested in the business to support the development of a low-cost eCommerce marketplace, along with merchant and peer-to-peer payments. These new platforms will be underpinned by the Nauticus Coin, Exchange, Mobile App, and Wallet.

The company will offer ‘one and done’ Know Your Customer (KYC) verification and create an ICO community, which will offer resources and services for new ICOs as well as a quality verification system. For more information and to read our white paper, interested parties can visit the official Nauticus website

The Nauticus ICO presale began on March 18 and the token-sale itself runs from April 2 to May 18, 2018. Early supporters of the Nauticus ICO will be provided a bonus of us to 35% in tokens.

Visit the Nauticus website at https – www.nauticus.io
Register now and receive 100 NTS – https://www.nauticus.io/signup
Learn more about Nauticus on Telegram – https://t.me/nauticusblockchain
Follow Nauticus on Medium – https://medium.com/@nauticus
Keep up with Nauticus on Twitter – https://twitter.com/nauticusen
Like Nauticus on Facebook – www.facebook.com/NauticusBlockchain/

Media Contact

Contact Name: Andrew
Email: media@nauticus.io
Location: Melbourne, Australia

About Nauticus

Nauticus is the new blockchain-based currency exchange built on the principles of ethical and sustainable use of technology. Prioritizing user-friendliness, efficiency, and security, Nauticus banking and payments will facilitate six global eCommerce solutions, powered by the Nauticus Coin.

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