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Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

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Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

Promoted

This week Bitcoin.com is thrilled to announce a new platform called Developer.bitcoin.com. The web portal is dedicated to Bitcoin Cash (BCH) software developers and provides them with a wide variety of tools that can supercharge their workflow. We want the Bitcoin Cash network to change the world for the better and Bitcoin.com’s suite of developer applications allows anyone to produce world-class platforms within this innovative ecosystem.

Also read: Crypto Phones, Spy Games, Binance CEO vs Vitalik

Meet Bitcoin.com’s Developer Platform: Priming the Flames of Passionate Bitcoin Cash Development

Bitcoin.com is all about the power of economic freedom and we believe Bitcoin Cash (BCH) has the power to change the world. Over the past few months, BCH development has been exponential as there has been a slew of new apps like wallets, social media platforms, SMS apps, tipping bots, coin shufflers, torrent software, and so much more. At Bitcoin.com we want to keep the passionate flames of Bitcoin Cash development going strong so we’ve decided to launch a massive development web portal with a suite of tools that can help bolster the next great Bitcoin Cash project.

Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

Five Key Tools That Can Help You Scale, Deploy and Monetize a Bitcoin Cash Application

Developer.bitcoin.com has five key tools for blockchain programmers: The Bitbox SDK, REST, GUI, and Cloud platforms can help you scale the project and deploy the software. Furthermore, we provide a tool called Market that can assist developers by providing a way to create revenue from the project as well.  

Bitbox SDK

The Bitbox SDK is a powerful suite with intuitive APIs that enable developers to create world-class applications. Bitbox has been so popular it has been downloaded more than 36,000 times in over 100 countries worldwide since launch. The javascript framework offers programmers addresses, mnemonics, HDNodes, ECPairs, transactions, and more. With Bitbox, individuals and organizations can create powerful Bitcoin Cash applications on the client or server with full mainnet and testnet support.

Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

REST

Developer.bitcoin.com also offers REST — a Bitcoin Cash RPC over HTTP application for Bitcoin Cash development. The entire Bitcoin Cash JSON RPC is available over HTTP with the proper REST semantics. Programmers can also tether the Bitbox SDK for further enhancements. Essentially, with the help of REST and Bitbox users can build their own clients that speak to the Bitcoin Cash chain.

Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

GUI

Then we also provide a GUI which is a full BCH blockchain and BIP44 compatible wallet that can be used for experimentation and development. Basically, the GUI provides a BCH chain that can be configured and recreated from scratch with every restart. The GUI doesn’t connect to the BCH mainnnet and only consists of transactions and blocks which you create locally as our BCH-based GUI can allow a great deal of testing.

Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You CoveredCloud & Market

Moreover, we will soon provide a 1st class environment called the ‘Cloud,’ which is a system that is still under construction. Essentially, when it is finished Bitcoin.com’s Cloud will allow anyone to deploy and scale their frameworks entirely on our cloud, providing another great resource for BCH app experimentation. Lastly, another unfinished platform called ‘Market’ will allow users to monetize their work and newly created apps with paid downloads, streaming media, in-app purchases, tokens and more.

Mastering Bitcoin Cash

Additionally, Developer.bitcoin.com wants individuals to learn how to master the art of cryptocurrency with a web portal dedicated to learning. Bitcoin.com’s ‘Learn’ section provides users with the educational resources like ‘Mastering Bitcoin Cash,’ tutorials, human interface guidelines, and insights from developers who have already shipped successful applications.

Want to Develop Bitcoin Cash Apps? Bitcoin.com Has You Covered

We want the entire world to use BCH, not just a niche group of people, and this means constant development is sorely needed. Bitcoin.com also wants to help promote real-world applications that provide real use cases, in contrast to the promotion of speculative digital assets that really don’t provide utility. So if you are a developer or want to learn to how to develop awesome BCH applications, head on over to the Developer.bitcoin.com web portal for all your building needs in one place.

What do you think about our new developer tools and guides? Let us know what you think about Developer.bitcoin.com in the comment section below.


Images via Shutterstock, and Developer.bitcoin.com


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PR: Challenging Ethereum – DBX Public Chain Offers a New Business Application Model

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Challenging Ethereum - DBX Public Chain Offers a New Business Application Model

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

As many of new public chains became available on mainnet this year and openly compete with blockchain product like Ethereum , 2018 has been known as ‘the first year of public chains’. Public chains have been drawing lots of attention in blockchain markets. DBXChain might be a main competitor to Ethereum in the near future.

DBXChain, released by an internationally well-known public chain research team named DBX Foundation, is a value-based ecosystem of data based upon blockchain. This new value-based ecosystem is a decentralized data community that provides a platform for users to explore and exchange data. It provides a safe data exchange process and users are able to own their data rights. This new ownership with data is based upon blockchain technology.

Original DDPoS optimizes the consensus mechanism of blockchain

DDPoS is a new consensus mechanism that is created by DBXChain for the first time in the world. It helps resolve oligarchy and security issues from DPoS consensus mechanism by EOS. As everyone knows, DPoS consensus mechanism is similar to a shareholding system and its problems are quite obvious: first, it has a low voting rate.

More than 90% shareholders never voted. It is because it takes time, energy and skills to vote, which are what most investors do not have. Additionally, there are many challenges dealing with bad nodes. If interfering nodes can’t be checked during a community election, it will put web security at risk.
Then, how does DDPoS help resolve security and oligarchy issues while keeping its capacity at the same level? DDPoS makes the whole node selection system “fluid” so that block producer becomes a role, not a node, and this role can be transferred to other candidate producers at any time.

With continuous data exchange at the bottom level of DBX public chain, the coupling level between a node and the whole ecosystem will be counted into an election system using weighted algorithm. During this process, users can vote at anytime, and DBXChain thus helps dodge potential bribery and security issues under DPoS system.

Enhance TPS and improves consensus efficiency

Blockchain is a distributed system, and a main factor that affects TPS is networks. Due to a large amount of nodes in a blockchain network are scattered around the world, the web state of each node is uncontrollable and it is hard to set a requirement to their bandwidth or to make sure everyone have access to stable network. This kind of situation is absolutely a disaster to TPS.

Compared with underlying systems of “classic blockchain” such as Bitcoin and Ethereum, DBXChain is able to support more nodes– more than ten thousand nodes, and allows users to sign up and quit at anytime. The algorithm uses a voting system among potential block producers and cryptography techniques to improve algorithm’s efficiency. Similar to PBFT Prepare/ Commit, the use of aggregated signatures reduces the size of voting signature from nodes and therefore reduces the use of bandwidth. It also requires to exchange data twice for a block among all confirmed nodes. In additional to provide a good security, it efficiently improves consensus performance of BFT.

Building a win-win ecosystem base on big data

DBXChain has massive data, also many users and clients as resources for support, which make this program special. Many projects invested by Top Venture Capitals had ecological cooperation with DBX. Thus, DBX Chain is able to merge a large amount of support and resources from these projects, which is absolutely a good starting point.

As it shows, the consensus mechanism by DDPoS has a promising future. These well-known resources in China chose DBXChain because they all needed internet that not only had high capacities, but was also highly secure and was able to prevent manipulations and bribery. All these requirements were met by DBXChain. In fact, DBXChain will support many developed businesses, which already has a large volume of data on classical internet. These data will test the capacity of DBXChain internet and its security. It is also why the new consensus mechanism of DDPoS and its public chain can outperform Ethereum and EOS in terms of democratization and security.

DataGame benefits its participants

DataGame is a DApp for crowd-sourcing data collection , where DBX demonstrates capacities and feasibility of its public chain. Every data collector can launch a data collecting game using a certain amount of DBX coins in areas such as AI, purchases and IOTs. Owners of data can get rewards by participating in games. They can also search data needed with high accuracy and pay for a specific amount based upon data size.

DataGame has largely lowered prerequisites to participate for data owners, making more valuable and long-tail data available for sharing. Additionally, DataGame has also reduced costs to obtain data so that more users are able to achieve goals and get a brand new experience in data exchange in the blockchain world. As we can see, for DBX to build a new data infrastructure, the first step is to use DataGame.

Obviously, the third generation of big data ecosystem will be more common, but this area will eventually become the most competitive among blockchain tycoons. In the face of big rival, we are looking forward to seeing if Ethereum will still be a leader in the public chain competition.

Press Contact Email Address
470295400@qq.com
Supporting Link
http://www.dbx.one/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Japanese Police Seize Cryptocurrency for Parking Violations

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Japanese Police Seize Cryptocurrency for Parking Violations

Regulation

Japanese police have seized cryptocurrency belonging to a man with unpaid parking fines. The police explain that the revised fund settlement law enacted in April last year allows cryptocurrency to be seized like any other asset.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Seized for Parking Violations

Japanese Police Seize Cryptocurrency for Parking Violations
Image from the Hyogo Prefectural Police’s website.

The Hyogo Prefectural Police traffic guidance division announced this week that it had seized cryptocurrency owned by a 59-year-old resident with multiple delinquent parking violation charges, local media reported. Hyogo is a prefecture in the Kansai region of the country’s main island, Honshu. Kobe, located west of Osaka and Kyoto, is the capital of the prefecture.

The Kobe Shimbun reported that about 5,000 yen (~US$44) worth of cryptocurrency was seized but the police did not reveal which crypto. Nikkei, on the other hand, reported that “there were 2 kinds” of cryptocurrencies “such as bitcoin deposited with an exchange that were seized.” The news outlet elaborated:

According to the prefectural police traffic guidance division, it is the first time in the country to seize virtual currency in relation to parking violations.

Japanese Police Seize Cryptocurrency for Parking Violations
Image from the Hyogo Prefectural Police’s website.

However, the crypto seized from the man’s account at an exchange currently does not cover the total amount owed to the cops. According to the Kobe Shimbun, he has failed to pay a total of 99,700 yen (~$885) in violation charges including four parking tickets issued between January 2014 and July 2016.

The news outlet further detailed that if payment is not received by the end of this month, which is the deadline for claiming seized property, the cryptocurrency will be cashed out at the current rate and paid to the prefectural police.

Crypto is Asset that Can be Seized

The man’s parking violations are considered “unattended vehicle.” The Kyoto Prefectural Police explained that the term means “a vehicle that is illegally parked, with its driver away from the car, and which cannot be started immediately. This is regardless of the length of parking time, or whether the vehicle engine is turned on or off, or whether the emergency flashing lights on or off.”

Japanese Police Seize Cryptocurrency for Parking ViolationsUsually, “Land, houses, automobiles, bank savings, salary, and life insurance payouts could be seized, based on the decision of the Public Safety Commission,” the police clarified.

However, in the case of the 59-year-old, the Hyogo Prefectural Police “did not know his place of work and [he] had no cash deposits or savings,” the publication conveyed. Citing that the revised fund settlement act that legalizes cryptocurrency as a means of payment enables the police to seize crypto assets, the news outlet elaborated:

According to the prefectural police, after [crypto] asset value was recognized by the revised fund settlement law enforced in April last year, it [cryptocurrency] was judged as an asset that can be seized.

The Hyogo Prefectural Police have been increasingly active in collecting unpaid fines and have seized small items including an automatic mahjong table, golf bags, figurines, and brand name goods, the Kobe Shimbun described. The division says that they will not allow violators “to escape since it will be unfair for the people who are paying [the fines].”

Editor’s Note: Nathalie Stucky contributed to this article.

What do you think of the Japanese police seizing crypto for unpaid fines? Let us know in the comments section below.


Images courtesy of Shutterstock and the Hyogo Prefectural Police.


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Binance, Crypto Investors to Launch a Bank in Malta

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Binance, Crypto Investors to Launch a Bank in Malta

Finance

Crypto exchange Binance is working on a project to launch a decentralized bank bridging the crypto industry with conventional banking. The financial institution will be based in Malta and fundraising will be conducted under German law. Authorities in Valletta have welcomed the initiative that is expected to win support from other crypto investors as well.

Also read: Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

Decentralized, Community-Owned Bank

Binance, the world’s largest cryptocurrency exchange by trade volume, is exploring opportunities to launch a bank. The project, expecting support from other crypto investors, is centered on the idea to create a decentralized, community-owned financial institution, according to the trading platform.

The future Founders Bank will be based in Malta, the island nation that has established itself as a crypto-friendly destination. Binance told Bloomberg it has taken a 5 percent stake at a 133 million-euro ($155 million) pre-money valuation, alongside other anchor investors.

Binance, Crypto Investors to Launch a Bank in MaltaIn essence, the new bank represents an effort to bridge the crypto industry with conventional banking. To do that, Binance and its partners need to obtain the necessary permits in Malta, where authorities have already welcomed the initiative. Moreover, the bank’s board will include the government’s blockchain advisor Abdalla Kablan, Malta Daily reported. According to the outlet, the board will be chaired by entrepreneur Michael Bianchi.

“We are honored to be chosen as the location of the first global community-owned bank,” said Silvio Schembri, junior minister for financial services, digital economy and innovation within the Office of the Prime Minister of Malta. He was quoted in a statement released by Binance on Thursday. To operate in the EU, the bank will have to acquire a license from Maltese regulators and an approval from the European Central Bank.

Founders Bank will conduct its offering through the blockchain-based equity fundraising platform Neufund and will issue its own legally-binding equity tokens. The token sale will be conducted under German regulations in collaboration with one of Europe’s major stock exchanges later this year, Binance said, without identifying the exchange.

Part of a Wider Expansion

The news about the project comes after the Binance CEO, Changpeng Zhao, revealed that the trading platform expects to accumulate a net profit of between $500 million and $1 billion USD this year. The exchange that was launched last year currently reports an average daily turnover of $1.5 billion and has about 10 million users.

As a result of increasing regulatory pressures in Japan and Hong Kong, Binance decided to relocate to Malta, where it intends to set up a fiat-crypto exchange with support for fiat deposits and withdrawals as well as EUR and GBP trading pairs. The exchange is not the only crypto company moving from Asia to the island. Okex, another Chinese exchange, announced in April it is setting foot in the country, and in May, the Polish Bitbay revealed its plans to move to Malta.

Binance, Crypto Investors to Launch a Bank in MaltaThe small island nation, member of the European Union, is competing with destinations like Gibraltar and Switzerland for the attention of crypto businesses from around the world. Recently, the parliament in Valletta adopted new laws designed to introduce clear regulations for the country’s growing crypto industry.

The expansion of Binance includes other markets, too. Earlier in July, the company announced it is launching a fiat-crypto trading platform in Uganda. The exchange also reached an agreement with the government of Bermuda, where it wants to set up a global compliance center.

Do you expect Binance to receive approval for the project to launch a bank in Malta? Let us know 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

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The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift Cards

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The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift Cards

The Daily

Featured in today’s edition of Bitcoin in Brief are a service that allows inheritance of crypto assets and a new stablecoin launched in Taiwan. Also in our daily roundup, crypto terminals have been installed by a restaurant chain in Hong Kong, and a company now offers bitcoin gift cards for easier access to the crypto space.  

Also read: Crypto Phones, Spy Games, Binance CEO vs Vitalik

Startup Offers Crypto-Inheritance Service

A new platform supporting a crypto-inheritance service has been launched by a Latvian startup. The idea was born when cofounder Normunds Kvilis experienced health issues while on a business trip. “It occurred to me then that there was no provision for my own crypto assets, should something serious happen to me,” Kvilis said, quoted by the ICO examiner. “That was essentially where Digipulse came from – I realized there was simply no service on the market for this kind of thing,” he explained.

Digipulse uses a blockchain-based vault allowing its users to upload data that is then stored securely for as long as the platform observes online activity from the account holder. In case no activity is observed over a period of time, the platform sends an automated message to a specified recipient with details on how to access the vault’s contents.

The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift Cards

According to Kvilis, the business model extends beyond inheritance, incorporating any situation which requires the automated transmission of assets or other information, like documents, passwords and cryptocurrency wallet keys, in accordance with certain pre-set criteria. The platform, which conducted its ICO in October last year, is currently available both as an app and a web-based solution.

Quoted by LSM, Digipulse Head of Business Development, Jānis Zaltāns, added: “We see an increasing trend amongst tech giants like Microsoft, Google, Facebook and Twitter towards developing tools for managing their inactive accounts. However, each service can only operate within their own platforms. Digipulse’s B2B ‘Pulse Network’ aims to provide a unified service for enterprises and user bases of all sizes.”

New Stablecoin Pegged to the Taiwanese Dollar

The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift CardsA new digital currency, another so-called stablecoin, has been introduced by a company that operates one of the major payment processors in Taiwan. Green World Fintech Services says the crypto is pegged to the New Taiwan Dollar (NTD). The coin has been created using the Ethereum network and is called Taiwan Digital Token (TWDT).

Local media reported that the value of the ERC20 token will be calculated according to the NTD market. Green World claims to have patented a dollar-to-token process that is supposed to protect the TWDT from fraud and money laundering risks.

The project will be realized in cooperation with some established Taiwanese banks. The crypto accounts of TWDT users will be tied to “trusted bank accounts” in order to verify personal data before transactions are permitted.

After the launch, the Green World plans to offer the tokens online and through terminals located in some retail stores. The company hopes that the NTD peg will increase confidence in TWDT among Taiwanese users who seem to be the main target group of the stablecoin.

Hong Kong Restaurants Install Crypto Payment Terminals

A chain of organic food restaurants and other associated businesses in Hong Kong now accepts cryptocurrency. The service has been introduced through a partnership between the conglomeration, FAMA Group, and Pundi X, a company that produces and installs point-of-sale devices supporting crypto payments.

The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift CardsThe Pundi X terminals accept a number of cryptocurrencies including bitcoin (BTC), ethereum (ETH), and the company’s own token, NPXS. They are also capable of processing transactions from other cryptocurrency wallets through a QR code scan. Once a payment is accepted, customers are also issued a paper receipt.

According to Pundi X CEO, Zac Cheah, 25,000 crypto terminals have been ordered already by businesses in Japan, Singapore, South Korea, and Switzerland in the last six months. The company hopes to supply at least 100,000 Pundi XPOS units globally within the next three years.

Bitcoin Gift Cards to Improve Access to the Crypto Space

Used by individuals who don’t have direct access to the banking system for various reasons, including legal status or age, traditional gift cards have been offering their holders the opportunity to purchase products and services without a bank account or a credit card. Applied in the crypto space, gift cards can significantly improve access to cryptocurrencies and crypto payments.

The Daily: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift Cards

A startup is now working to do exactly that. Kaiusb offers a hardware-software USB wallet which holds an amount of bitcoin (BTC) or ethereum (ETH) determined at the time of order. The product, KUSB, is currently available online, but the team plans to start selling it at a number of physical stores and through other online retailers by the end of this year.

What are your thoughts on today’s news tidbits? Tell is in the comments section below.


Images courtesy of Shutterstock, Pundi X, Kaiusb.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

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PR: genEOS – Blockchain 4.0 for Business Announced – Crowdsale Is Launched

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genEOS – Blockchain 4.0 for Business Announced - Crowdsale Is Launched

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Blockchain technology promises to transform business processes, bringing automated record-keeping and turning entirely secure, distributed, decentralized, and scalable applications into a new norm in the business world.

Today, there are technical and commercial obstacles that prevent widespread adoption of decentralized applications (Dapps) in the business community. The genEOS project was created to eliminate the barriers to adoption and build a community of business and technology professionals to deliver on the power of blockchain technology.

Fostering the adoption of decentralized business applications

Introducing an operating system-like environment, genEOS facilitates the development of Dapps that rival traditional web apps for speed, versatility, and ease of use.

Project participants can not only develop, create and launch their own business outcome-driven solutions on the top of blockchain 4.0 technology but also monetize unconsumed bandwidth by renting it out to third parties. There is a strong and growing team of blockchain experts who are ready to build and maintain business-critical Dapps to order.

Key genEOS ecosystem features:

– Ready-to-go development environment for Dapps of the enterprise-grade performance.
– Transaction rates at least equivalent to real-time transaction processing of standard Web 2.0 applications.
– Real-world decentralization combined with scalability and security across the network.
– The requirement for mining is eliminated, making energy costs comparable to those of traditional web applications.
– Open-source code available on GitHub for developers to consult and use to develop their own Dapps.
– Investors from any country can participate in the project, as a US-based non-profit foundation conducts the Secured Token Offering (STO) for genEOS.

genEOS tokens and crowdsale

genEOS tokens give project participants access to the ecosystem and its specific resources such as computing features, storage features, monetization features, etc. The genEOS project has already launched the token crowdsale at [https://geneos.io/] that includes 176 distribution periods (‘windows’) and ends on December 23, 2018.

Allowing the purchase of genEOS tokens with Ethereum (ETH) and fiat currencies (USD, EUR, and CNY), they intend to generate $2 million USD as a soft cap through the STO event. All investors need to go through the KYC procedure before the token sale is over.

Project Partners

Those individuals and businesses share the genEOS’ vision and commitments towards creating a powerful, fast, and secure decentralized ecosystem that lets businesses design and deploy their own blockchain applications are always welcome to join the project.

genEOS’ advisory partner, OpenLedger ApS, has considerable experience of conducting successful ICOs and building successful blockchain-as-a-Service applications, including a decentralized trading platform. Ronny Boesing, the OpenLedger founder and CEO, is a serial technology entrepreneur who has been working with the thought leaders of blockchain technology since 2014.

Aetsoft is the project’s technology partner. The company has been on a mission of assisting businesses in developing custom blockchains as well as creating and implementing next-gen business applications on Ethereum, Graphene, and EOS blockchains.

NextGenOne llc, a non-profit organization registered in the United States of America, carries out STO as a SAFT type PPM for the genEOS project, ensuring transparency while using the latest guidance from the US SEC and US FINRA.

To learn more about genEOS or get involved in the project, please visit their website [https://geneos.io/] or read their White Paper [https://geneos.io/assets/files/geneos_white_paper.pdf].

Join the genEOS group on Telegram and subscribe to our Twitter updates.

Press Contact Email Address
mt@openledger.info
Supporting Link
https://geneos.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Texas Regulator Issues Cease and Desist Order to a Network of Crypto Companies

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Texas Regulator Issues Cease and Desist Order to a Network of Crypto Companies

Regulation

The Texas State Securities Board has taken an emergency action to stop a network of crypto-related companies from illegally offering investments in the state. A token offering and a mining firm are among those targeted by the securities board as selling fraudulent “cryptocurrency-related investments.”

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Emergency Action Taken

Texas Regulator Issues Cease and Desist Order to a Network of Crypto CompaniesThe Texas State Securities Board announced Thursday that an emergency action has been taken to “target promoters of crypto-mining investments.” According to the notice published on July 12 by the Board:

Texas Securities Commissioner Travis J. Iles took emergency action July 11 to stop a network of companies from fraudulently offering cryptocurrency-related investments to Texas residents.

Utah-based companies Mintage Mining LLC, Symatri LLC, NUI Social, Social Membership Network Holding LLC, and BC Holdings and Investments LLC are named in the emergency cease and desist order. They are all controlled by Darren Olayan of Lehi, Utah. In addition, NUI Social affiliates, Utah-based Douglas Whetsell and Houston-based Wyatt Mccullough, are also named in the order.

Investment Schemes

Texas Regulator Issues Cease and Desist Order to a Network of Crypto CompaniesMintage Mining LLC allegedly issues and offers two different crypto mining-related investments “illegally and fraudulently.” Together with Symatri LLC, they sell “pre-configured computer hardware to mine Kala,” an ERC-20 token which Symatri claims to be “fungible and transferable, and it is expected to be traded on cryptocurrency exchanges in the near future.”

Symatri also claims that more than 13,000 users have signed up for Kala’s ICO, which sold more than 814 million tokens. It supposedly raised over $8.5 million and more than 800 BTC. According to the Commissioner:

Symatri is not disclosing material information about the value of its cryptocurrency Kala. Nor is it providing information about the risks of investments in the computer hardware used to mine Kala.

Texas Regulator Issues Cease and Desist Order to a Network of Crypto CompaniesNUI Social is a multi-level marketing company that claims to have more than 300,000 members in 140 countries. Members of the scheme recruit individuals for crypto investments and earn commissions for the people that they recruit.

Whetsell and Mccullough were named for publishing “advertisements targeting Texas residents,” the Commissioner explained. According to the document, the promoters made claims such as:

The average weekly rate of interest varies from three percent to seven percent and the annual rate of interest ranges from 180 percent to 250 percent.

The advertisements also represent that Mccullough’s investment grew 500% within 7 weeks while his uncle’s rose 4,000% in 10 weeks.

The Violations

The order “alleges widespread violations of the Texas Securities Act” by all of the entities and individuals named within. According to the Commissioner, “none of the persons offering any of the investments are registered to sell securities in Texas, nor are the investments themselves registered for sale or have qualified for an exemption from registration.”

The Commissioner elaborated:

The violations include making deceptive claims to the public. Olayan and Mintage Mining, for instance, are telling investors that Mintage is ‘in compliance’ with securities laws, ‘works to always stay ahead of cryptocurrency regulation,’ and ‘remain[s] so continually by keeping in contact with legal firms.’

All named parties have been ordered to immediately cease and desist from offering a security for sale in Texas until the security is registered or exempt. They must also cease acting as securities dealers or agents in the state until they are registered or exempt. They have likewise been told that they cannot engage in any security-related fraud in the state.

What do you think of the Texas State Securities Board’s cease and desist order? Let us know in the comments section below.


Images courtesy of Shutterstock and the Texas State Securities Board.


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The Billion-Dollar Quest to Eliminate Smart Contract Bugs

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The Billion-Dollar Quest to Eliminate Smart Contract Bugs

Technology

You can’t have software without bugs. Every major piece of code is subject to extensive debugging, which is an inevitable part of the development process. But when that code controls digital assets worth millions of dollars, ensuring it’s free of critical errors isn’t just desirable – it’s imperative. As this week’s Bancor hack and this year’s spate of smaller smart contract fails has shown, creating bug-free code is virtually impossible.

Also read: Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire

Bugs Have Cost a Lot of People a Lot of Crypto

Cryptocurrencies, even those that don’t permit smart contracts, are susceptible to bugs. Even bitcoin, the benchmark by which other coins are measured, has had its share, like the overflow bug in 2010 that created 180 billion bitcoins in block 74638. It was quickly fixed though without anyone gaining or losing coins. Ethereum users haven’t always been so lucky. Incidents such as the DAO, Parity, and most recently Bancor, whose $12.5 million loss has been attributed to a permissioned backdoor in their smart contract, have pushed the amount of crypto lost to coding errors towards $1 billion.

The Billion-Dollar Quest to Eliminate Smart Contract Bugs

As a turing complete blockchain, the Ethereum Virtual Machine can be used to enact smart contracts that use extremely sophisticated logic. The trouble is, the more complex that logic, the greater the likelihood of an exploitable bug creeping in. Solidity, the main language used to code Ethereum smart contracts, is notoriously tricky to master. The smart contract-enabled blockchains that have since emerged have been intent on eliminating such mistakes. This entails moving away from Solidity, and often from turing completeness, in favor of a more restrictive system with less margin for error.

How New Blockchains Are Approaching Smart Contracts

The Billion-Dollar Quest to Eliminate Smart Contract BugsAt Blockchain Expo in Amsterdam, news.Bitcoin.com spoke with Jordan Andrews, Smart Contracts Lead at Stratis. Their platform uses C#, which has been favored because it provides access to “so many tools like decompilers, great editors, a cohesive testing and debugging deployment suite in Visual Studio. What this means is you can decompile any contract from the bytecode to real C#,” explained Jordan. He contrasts this with Solidity which is in “a delicate developmental stage, where you can’t actually decompile many contracts well. The fact that you can audit only around 1% of contracts on Ethereum is a problem, because basically, the decompilers don’t work.”

While Stratis is largely focused on enterprise adoption, other blockchains are gunning for Ethereum, but have yet to reach a state of readiness where they can lay a glove on the cryptoverse’s de facto smart contract platform. Tezos will use formal verification for its smart contracts in the form of Michelson, a simplistic programming language that prizes security over multi-functionality. As a result, it should be harder for coders to create arbitrary programs, which in turn means it should be harder for them to introduce fatal flaws.

Cryptocurrencies Are More Centralized Than You ThinkStellar provides limited smart contract abilities to cover such matters as multi-sig, batching and time bounds. Cardano’s smart contracts must be formally verified to ensure they’re free of bugs and run using a virtual machine called IELE. EOS smart contracts are deployed as pre-compiled Web Assembly using C/C++. Like Cardano and Tezos, EOS is still at an early stage in its development, with just a handful of developers building upon its protocol. Ethereum, in comparison, can count 35,000 Solidity developers, and thus remains the web’s preeminent smart contract blockchain.

Formal Verification Will Reduce Errors

Stratis’ Jordan Andrews is confident that increased adoption of formal verification will make smart contracts less vulnerable: “I think the ecosystem for both [Stratis] and Solidity is going to see so many improvements. One thing that comes up a lot now is formal verification, the idea that you can verify that a contract is going to behave. This is obviously a big thing…Stratis are gonna have the potential to do that, and I know that they’re looking into it with Ethereum as well.”

The Billion-Dollar Quest to Eliminate Smart Contract BugsAs blockchain technology permeates every industry, the role smart contracts play in executing decisions will increase dramatically. In the process, computer code will go from controlling hundreds of millions to billions of dollars of digital assets. Eliminating bugs is essential if smart contracts are to become a part of everyday business. Before that happens, costly errors caused by further flaws are inevitable. Ethereum’s smart contract bugs are already out there. It’s just a case of who finds them first: whitehat or black.

Do you think smart contract bugs will ever be completely eradicated? Let us know in the comments section below.


Images courtesy of Shutterstock, and Stratis.


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Cash Shuffle’s BCH Mixer Moves Forward with Steady Testing

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Cash Shuffle's BCH Mixer Moves Forward With Steady Testing

Privacy

Back in December, a new privacy protocol was released for bitcoin cash users called Cash Shuffle. The application has seen steady development since its inception and this week Cash Shuffle developers say that the platform’s alpha testing has been successful and the team has seen lots of testers. After the application is polished up, some more Cash Shuffle will be released to the general public soon.

Also read: Bitcoin.com and Purse.io Bolster Spending Giving New Shoppers $10 in BCH

Cash Shuffle Development and Testing Progresses

Bitcoin Cash (BCH) proponents will soon see the stable release of a mixing application that will help preserve an individual’s transaction privacy when using the BCH network. The BCH mixer Cash Shuffle was launched this past December and users could use the pre-release version and experiment with the plugin for the BCH wallet Electron Cash. Then in March the blockchain and mining firm Coingeek announced the company would help fund the Cash Shuffle development process. Furthermore, the programmers Josh Ellithorpe, Jonald Fyookball and other developers have been helping progress Cash Shuffle’s development.

Cash Shuffle's BCH Mixer Moves Forward With Steady Testing
A fully confirmed Cash Shuffle transaction.

This week a few developers including Ellithorpe and Fyookball detailed that the Coin Shuffle alpha testing has been going very well.

“We just did a test on Cash Shuffle (alpha) and it worked! A few more things need to be fixed before it can be released to the public, but it’s awfully exciting,” explained one of the mixing platform’s developers on Reddit.

Ellithorpe added to the Reddit post by thanking all the testers experimenting with Cash Shuffle platform.

“Just want to extend a huge thanks to all the testers! Really helps a lot to get support from the community to finally get Cash Shuffle in a stable state for everyone to use,” Ellithorpe emphasized.

Cash Shuffle's BCH Mixer Moves Forward With Steady Testing
Cash Shuffle in action from behind the scenes.

BCH Proponents Can Help Test Cash Shuffle Today

Moreover, Jonald Fyookball details that people can help test the Cash Shuffle platform and learn how to use the application by following this walkthrough. Essentially people have to download Electron Cash 3.3 for Windows or Mac and fund it with at least .0011 BCH. Then users can download the Cash Shuffle protocol (do not unzip) and add the plugin to Electron Cash by selecting the zip file. After that, you’ll be able to see the ‘Shuffle tab,’ select your specified addresses and press shuffle. It will take about 60 seconds for the shuffling process to start and then it should finish. If the transaction ‘times out’ Fyookball says it will be because the liquidity bot is busy helping others, in which case testers should wait five minutes and try again.

Bitcoin Cash supporters were pleased to hear about the progress of Cash Shuffle this week, and look forward to the stable version release. There are not many privacy-centric applications for BCH transactions, but news.Bitcoin.com reported on the Bob Wallet development last week which also does some BCH mixing. However, Bob Wallet is still in its initial stages using testnet, and Cash Shuffle looks as though it will be ready first.

Do you look forward to the stable release of the Cash Shuffle application? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Reddit, and the Bitcoin.com Explorer. 


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Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

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Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

Mining

A mainstream media assertion made recently implies that cryptocurrency is quite costly in terms of energy consumption. “Bitcoin has been alarming people for years,” the report notes, pointing to the amount of electricity used for its mining – almost as much as a small nation needs. But is that really so?

Also read: Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

Bitcoin Said to Use ‘Almost’ as Much Electricity as Ireland

Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?Mainstream media is often preoccupied with exploring and revealing the negative effects of cryptocurrencies. A common criticism towards Bitcoin is that its energy-intensive mining is too expensive for the planet.

The latest mention of this feature comes from a respectable outlet. In an article titled “Why bitcoin uses so much energy”, “The Economist explains” the reasons noting that “Bitcoin has been alarming people for years because of the amount of electricity needed to mint new virtual coinage.”

The magazine quotes Alex de Vries, a bitcoin specialist at PwC, who estimates that “the current global power consumption for the servers that run bitcoin’s software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year – almost the same as Ireland.” The piece adds that bitcoin miners consume more and more power with no signs of a slowdown. “Why does bitcoin require so much energy to make something that exists only electronically?” the Economist asks.

Let’s skip the lecture on how bitcoin transactions are recorded in the ledger, how “the miners’ race, known as ‘proof of work’, could be superseded by ‘proof of stake’,” and get straight to the point by asking in our turn – Does Bitcoin really spend as much electricity as Ireland, and what does “almost the same” consumption really mean?

Bitcoin Burns at Least One Malta Less Than Ireland

Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?It seems the Economist got it wrong in two respects. Let’s take a look at the energy consumption of Ireland first. According to the data compiled in the CIA World Factbook, the country has used 25 TWh of electrical power in 2017, and over 26 TWh yearly between 2011 and 2014. Consumption, in this case, means the total electricity generated in the country, plus imports and minus exports, as quoted by Indexmundi. And according to Eurostat, Ireland is among the EU countries with the highest increase in gross energy consumption – 38% between 1990 and 2015, when it consumed almost 24 TWh.

The statistics reveal a difference of 3 TWh, if we use the 2017 data for reference, between the 22 TWh claimed in the article and what Éire actually consumed last year – 25 TWh. Using a similar comparison to illustrate the discrepancy, 3 TWh is more than what Malta or Andorra need in a year – 2 TWh and change, each. So, it’s safe to say that Bitcoin uses less electricity than Ireland by a substantial margin.

Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

Now, let’s talk about the financial side of things. Each mined BTC block currently generates 12.5 new bitcoins (the next halving will occur in 2020). A block of transactions takes 10 minutes to get mined, on average, which means approximately 1,800 bitcoins are minted each day. That translates into a daily BTC network reward of roughly a little more than $11 million (at the time of writing).

The reward should allow miners to cover their costs for electricity, but also all other expenses of their business – salaries, amortization, maintenance, rent and so on. Let’s not forget the electricity needed to power the cooling systems. Actually, the electrical energy consumed by cryptocurrency mining is believed to account for around half of all costs. Let’s assume that it’s half of the total reward, $5 or $6 million. Do you want to know how much the Irish consumers pay for their daily electricity consumption?

Last year, Eurostat revealed that Ireland has some of the most expensive electricity in Europe, actually the fourth highest rates in the EU, as of November, 2017. It has been reported that Irish customers pay an average of 23.1 cent per kilowatt-hour (kWh) of electricity, which is 13% higher than the EU average. According to Eurostat, electricity prices for household consumers in Ireland were averaging €0.24 per kWh (~$0.28, with taxes) in the second half of 2017. The simple arithmetic shows the Republic has paid an average of $19 million dollars for electricity daily, last year.

Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

With the current state of crypto markets, it’s true that mining is getting less profitable, if not more expensive. According to a recent study, its profitability in different countries varies significantly. Using a Bitmain’s Antminer S9 at an energy consumption of 1.5 kWh earns about 0.0008 BTC in 24 hours and mining a single bitcoin requires approximately 45 MW of electricity. That means that in the Czech Republic, where electricity is priced at €0.06 per kWh (~$0.07), mining 1 BTC would cost around €3,000 (~$3,500). And in Germany or Italy, bitcoin mining is prohibitively expensive – it eats more than €6,500 ($7,500) per coin.

Do you think bitcoin mining is expensive, in terms of energy consumption and other costs? Share your thoughts on the subject in the comments section below.  


Images courtesy of Shutterstock, Eurostat, CIA World Factbook, Index Mundi.


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