Saturday 30 June 2018

Top 10 Cryptocurrencies According to doiownashitcoin.com

A new project by cryptocurrency enthusiasts attempts to inform members of the community whether or not they own a shitcoin. In order to put the system to the test, the top 10 coins from CryptoCompare.com will get picked for a brief analysis.

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Mixin Collaborate with City on Instant Messaging Payment System

Mixin Limited announced its collaboration with global payment service provider City. The two enterprises intend to work together to create an instant messaging payment system, which will be used as a means of resolving problems with electronic currency processes in Nepal.

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ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed Securities

Three stories dominate this week’s initial coin offering (ICO) round up: It appears many ICO projects are reaching out to social media influencers in an effort to thwart advertising bans across leading platforms. A study published by the China Banking Regulatory Commission (CBRC) suggested that the country develop a licenced-based regulatory apparatus that permits cryptocurrency activities including ICOs. A U.S. judge has found that CTR, tokens distributed through Centra Tech’s ICO that sought the promotional services of boxer Floyd Mayweather, demonstrate numerous attributes of a security under existing legislation.

Also Read: South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring

ICOs Turn to Social Media Influencers Amid Advertising Ban

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesA report by the LA Times has looked into the increasing prevalence of ICO promoters employing the services of social media influencers in the midst of the prohibition on cryptocurrency advertisements on a number of leading social platforms.

The report cites research conducted by Solume, which found that approximately 18% of cryptocurrency-related posts on Reddit, Twitter, and Bitcointalk.org now typically originate from bounty campaigns set-up by ICO promoters. In January, by contrast, the figure was 6%.

“It’s really a very cost-effective mechanism for developing a brand,” stated Saransh Sharma, the president of 4new – who are currently conducting an ICO. “Before you know it, there’s a snowball effect,” he added.

Whilst ICO promoters appear to have found a means through which they can advertise on social media platforms despite the ban, some are not convinced that the practice of paying social media influencers to promote ICOs will last for long.

Lex Sokolin, the global director of fintech strategy at Autonomous Research, stated: “Once it becomes clear that financial outcomes can be manipulated not just by trading but [also by] creating perceptions through social media, regulators will take a very hard stance.”

Chinese Banking Commission Suggests Inclusive ICO Regulations

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesThe China Banking Regulatory Commission (CBRC) recently made public a working paper titled, “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency.”

The report argues for the development of an inclusive, license-based regulatory apparatus designed to allow cryptocurrency related activities, including ICOs, to operate legitimately in the country.

“Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license,” the document states.

Centra Found to be Distributing Securities

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesIn the latest news regarding the Floyd Mayweather-promoted Centra ICO, a Florida district court has found CTR tokens issued through the company’s initial coin offering comprise securities. The court, citing the Howey test, argued that CTR tokens satisfy the criteria for all three prongs of an “investment contract,” rendering such a security.

The court found that “Because the success of Centra Tech and the Centra Debit Card, CTR Tokens, and cBay that it purported to develop was entirely dependent on the efforts and actions of the Defendants […] the offering of Centra Tokens was an investment contract under the Securities Act, such that the Defendants sold or offered to sell securities by virtue of the Centra Tech ICO.”

The court recommended that “the Defendant’s Renewed Motion for a Temporary Restraining Order, Asset Freeze, Document Preservation Order, and Order to Make Accounting and Other Ancillary Relief […] be granted to the limited extent consented by the Defendants.”

Do you think social media influencers will continue to be used as a means to bypass advertising bans? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Twitter


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Report: 2018 Token Sales Almost Double Last Year’s Results

Report: 2018 Token Sales Almost Double Last Year’s Results

Initial Coin Offerings in the first half of 2018 have attracted nearly double the amount of funds raised last year, a new report reveals. Researchers point out, however, that the majority of ICOs have largely failed, with only a third of the projects closed successfully. According to the study, the US remains the major destination for coin offerings while Switzerland has established itself as a European ‘standard bearer’ in regulation.  

Also read: Why 70% of ICO Tokens Are Not Exchange Listed and Probably Never Will Be

$13.7 Billion Raised in Coin Offerings This Year

Report: 2018 Token Sales Almost Double Last Year’s ResultsThe capital raised through Initial Coin Offerings (ICOs) has reached $13.7 billion USD in the first five months of this year, twice the total for the whole of 2017. The data comes from a newly released report authored by the Swiss Crypto Valley Association (CVA) and Strategy&, the consulting division of one of its members, PwC. The study aims to provide a comprehensive overview of the global ICO activity and explore key changes in the space since last year.

The numbers in the second edition of the quarterly Global ICO Report are in sharp contrast with this year’s bearish trend that has taken over crypto markets. According to Daniel Diemers, Head of Blockchain EMEA at PwC Strategy&, the report “highlights the continued growth and popularity of ICOs globally in 2018, with over 537 ICOs conducted in the first five months of this year, raising a combined total of $13.7 billion USD – more than all ICOs which took place before 2018 combined.” According to data quoted by Reuters, around $7.0 billion have been raised by token sales last year. Daniel Diemers also said:

After all the hype of 2017, this year has seen the ICO sector becoming more mature and established, with an improved focus on best business and legal practice, investor relations and fundraising. Hybrid models of combined Venture Capital and ICO financing are increasingly bringing together the best of what both have to offer, so that the soundness of a business is validated while it realizes its market potential by receiving crowd support.

However, the paper also notes that the majority of crowdfunding projects have failed to achieve their goals. Only about 30 percent of the 3,470 ICOs announced since 2013, the report details, have closed successfully, while many have been delayed or lost momentum during the token sale process.

America a Major ICO Destination, Switzerland a Leader in Regulation

Report: 2018 Token Sales Almost Double Last Year’s ResultsAccording to the research, the US remains a major destination for Initial Coin Offerings. In the first five months of the year, 56 US-registered token sales have raised a total of $1.1 billion USD. The authors believe this is due to the clear and firm regulatory requirements put in place there and the growing number of crowdfunding projects that choose to register with the US Securities and Exchange Commission (SEC). They also point to an increase in the number of coin offerings conducted in the United Kingdom as well as the volume of capital raised there. According to the provided statistics, 48 UK-registered ICO projects have attracted more than $500 million in 2018.

Another conclusion is that Switzerland has affirmed itself as a leading hub for ICO and blockchain business in Europe and remains attractive to crypto entrepreneurs, while smaller jurisdictions like Liechtenstein, Gibraltar and Malta are following in its footsteps. “Switzerland is the standard bearer in terms of establishing a regulatory environment for the digital economy. The Crypto Valley in Switzerland offers a unique environment that embraces blockchain technologies and the potential of ICOs while always embodying Swiss values, such as privacy protection and confidentiality,” said Oliver Bussmann, President of the Crypto Valley Association.

ICO Destinations and Trends

The findings confirm some previous observations and detect new trends regarding Initial Coin Offerings. According to an earlier report, covering 370 ICOs, US-based crowdfunding projects have raised $1.03 billion – so no surprise there. The study placed China (including Hong Kong) second with $452 million, followed by Russia with $310 million USD. What’s surprising is the development of the ICO market in the UK, where financial authorities and regulators have generally demonstrated lukewarm attitude towards cryptocurrencies and the crypto space.

Report: 2018 Token Sales Almost Double Last Year’s ResultsSwitzerland, whose crypto-friendly jurisdiction has attracted a number of crypto and blockchain businesses, is trying hard to catch up with the leading ICO destinations. Representatives of the country’s crypto community have joined a multinational effort to challenge the ban on crypto-related advertisements imposed by the largest IT corporations. The restrictions introduced by companies like Facebook, Google and Twitter, hit hard crowdfunding projects and are likely to be targeted soon in a class action lawsuit.

At the same time, the achievements of far less conspicuous European countries have made the headlines of ICO-related articles and publications. Lithuania is a good example – the tiny Baltic state has reportedly attracted around 10 percent of all coin offerings last year. An estimated €500 million has been raised through ICOs and blockchain projects over the last 12 months. Authorities in Vilnius have recently issued comprehensive regulatory guidelines for initial coin offerings. According to a recent report by Politico, the country’s economy is expected to grow by more than 3 percent this year and the digital cash flow is part of the reasons.

Do you expect the ICO sector to grow, despite the continuing downward trend on crypto markets? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Supreme Court Will Not Reconsider Ross Ulbricht’s Life Sentence

Indian Exchange Zebpay Boosts Trading Support for 19 Cryptos Ahead of RBI Ban

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

This week marks another set of patents granted Mastercard, which is part of a many years attempt by the payments behemoth to employ technology underpinning most cryptocurrencies. The latest turn involves anonymous distributed ledger transactions via a third party processor.

Also read: Bitlicense Should be Smashed, Candidate for New York Governor Urges

Mastercard Granted Still More Crypto Patents

In its latest crypto patent filings, Mastercard stresses “a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.”

The more than half-a-century old legacy payments institution based in the United States is a world leader. Tens of thousands of employees. Nearly $13 billion in yearly revenue. It is a staple of Standard & Poor’s component indices. Its principal global business is as an intermediary, trusted third party, between merchant banks, and their derivations, along with credit, prepaid, and debit cards.

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

United States Patent Application 20180181953, granted yesterday after having been filed back in late December of 2016, reads in abstract, “A method for posting of anonymous directed transaction includes: storing a plurality of entity profiles, each including an entity identifier and a secret value; receiving a transaction request from a first entity, the request including transaction data and a specific entity identifier associated with a second entity; identifying a specific entity profile that includes the specific entity identifier; generating a first hash value via application of one or more hashing algorithms to the transaction data; generating a second hash value via application of one of more hashing algorithms to a combination of the first hash value and the secret value included in the identified specific entity profile; and posting the first hash value and second hash value to a publicly accessible data source.”

Loosely translated, a public blockchain transaction, as it exists in its popular forms with regard to bitcoin core (BTC), just might be a key in holding back more crypto acceptance on a broader scale. Of its many ironies, BTC’s open ledger provides a wealth of information for both consumers and businesses, and aspects of industrial espionage are sure to follow, something giants like Mastercard are keen to avoid at all cost.

Privacy for Mastercard is Different than Privacy in the Crypto World

The cryptocurrency world has continued to tackle the issue of private, cash-like transacting since its inception. Alternatives abound among tokens and alternative coins, and their numbers and intensity are growing at record paces.

Mastercard Latest Crypto Patent: Anonymous Third Party TransactionsFor traditional payments companies, avoiding a public distributed ledger is equally growing in importance. They’ve several masters to please, including lawmakers and regulators who wish to grant such transaction access to police. Eliminating peer-to-peer features is also very important, and so third party processors are vital to the company’s plans. A lucrative side business is to sell such information to other companies hoping to exploit its proprietary data for advertising purposes, for example.

Crypto-related patents recently granted to the company include travel and even coupons. They’re yet another ironic turn for a company with well-known hostilities toward the crypto community.

What do you think about Mastercard’s patent moves? Let us know in the comments. 


Images via the Pixabay, Mastercard.


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 Pulse, another original and free service from Bitcoin.com.

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Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash Support is Now Live on Purse.io

This week the well-known Purse.io, a firm that allows people to purchase items on Amazon and save 15 percent or more, has announced that Bitcoin Cash (BCH) support is now live. Furthermore, due to a partnership with the Bitcoin Cash Fund, the company is offering $10 cash back to Purse shoppers who shop and earn before the end of July.

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30%

Purse.io Launches Full Bitcoin Cash Support

Bitcoin Cash Support is Now Live on Purse.io The firm Purse.io has officially announced full BCH integration due to the overwhelming requests from people asking the company to deploy more coin support. Purse says they have completed a major overhaul of the entire Purse experience, including a redesigned wallet that helps reduce fees.

“Our community has demanded more cryptocurrency choice and this is our first big step. To celebrate, we’ve partnered with the Bitcoin Cash Fund to rain cash on you all,” explains Jaqi Lenee the company’s product design leader.

We’ve built support for Bitcoin Cash [BCH], which is a great option for people who want to save more dough. Transaction fees on this network are currently cheaper and less volatile. Shoppers, simply fill your wallet with Bitcoin or Bitcoin Cash and start shopping. Earners, you’ll be able to pick which coin you’d like to earn before accepting an order. Choose wisely. (Or flip a coin?)    

Bitcoin Cash Support is Now Live on Purse.io

The Purse and Bitcoin Cash Fund Cashback Promotion

The ‘Cashback’ contest will offer $10 cash back for 1,000 shoppers until the end of July and $850 in prizes for top earners, explains Purse. Based on the number of BCH orders accounted for within that time period, there will be a 1st place reward for $500, 2nd place ($250), and 3rd place ($100). Purse details that the Cashback promotion will distribute contest rewards after deliveries are confirmed.

Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash fans were excited to see that BCH is now integrated into Purse.io and even posted on some of the purchases they have been making since the launch. One Reddit user writes, “Just made my first purchase. It couldn’t be easier, and I will write a full review when I get my BCH.”

What do you think about Purse integrating bitcoin cash into their system? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock and Purse.io


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PR: Finland Government and Essentia.One Reveal Plans for International Blockchain Logistics Hub

Finland Government and Essentia.One Reveal Plans for International Blockchain Logistics Hub

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.

Essentia.One – the decentralized interoperability protocol – has announced it’s partnership with the Finland Govt. to develop a second pilot. This time Essentia will focus on building blockchain based solutions in the field of smart logistics.

Essentia co-founder Matteo Gianpietro Zago confirmed their move as a progression from their first pilot which began development back in April of this year to tackle unemployment rates and to track production chains.

“The success of our first e-government blockchain project with MTK meant we built a level of mutual trust, and as passionate believers in the underlying value in blockchain, we knew that we could adapt the technology to solve many more issues in different governmental departments”

Finland has now begun ventures to secure its place as one of the leading logistics hubs in the world. Industry representatives are seeking forward thinking solutions to combat the issues facing the ever-expanding administration and data management in logistics and transportation.

Essentia.One has teamed up with the governmental association ‘Traffic Lab’ to ensure information regarding end-to-end deliveries – such as delivery contents and contact information – are securely and safely accessible to authorized stakeholders.

“We envision the Essentia protocol completely revolutionizing the methods of data management. The proven power, and benefits of Blockchain technology will give Finland’s international logistics hub that extra competitive edge,” says Matteo speaking from the Amsterdam headquarters.

The pilot is set to be presented to Finland’s Ministry of Transport and Communications, Finnish Transport Safety Agency Trafi, the Finnish Transport Agency, the Finnish customs, the Finnish Communications Regulatory Authority and other members of the new Corridor as a Service (CaaS) ecosystem.

To stay up to date, you can follow all the progress and developments on Essentia’s Telegram channel.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.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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Markets Update: Cryptocurrency Prices at the Crossroads

South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring

South Korea Thinks Real-Name System is Working - Stepping Up Crypto Monitoring

South Korea’s top financial regulator recently told 23 other countries’ regulators that the kimchi premium has fizzled since the anonymous trading of cryptocurrencies was banned in the country. Now, the government is introducing a new guideline to prevent local crypto exchanges from buying cryptocurrencies at foreign exchanges.

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

Kimchi Premium Disappearing

South Korea Thinks Real-Name System is Working - Stepping Up Crypto MonitoringKim Yong-beom, the vice chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), attended a meeting of the Financial Stability Board (FSB) in Basel, Switzerland, earlier this week.

South Korea Thinks Real-Name System is Working - Stepping Up Crypto MonitoringThe FSB is an international body that monitors and makes recommendations about the global financial system. Its members are financial regulators and central bankers from 24 countries as well as the International Monetary Fund, the Bank of International Settlements, the World Bank, the European Central Bank, and the European Commission.

According to the FSC’s statement issued this week, Kim told other world regulators that “The so-called kimchi premium stood at 0.6 percent on June 19,” Yonhap described. In comparison, he noted that “On Jan. 7, a speculative rally in bitcoin in South Korea prompted investors to pay premiums of 46.7 percent compared with international prices.” The vice chairman was further quoted by the news outlet:

Currently, there are small price gaps in cryptocurrency between local and international markets.

At the time of this writing, the price of BTC on Bitfinex is $5,875 while its won price on Bithumb equates to $5,947.

Government Believes Real-Name System is Working

South Korea Thinks Real-Name System is Working - Stepping Up Crypto MonitoringThe South Korean government introduced the real-name system for cryptocurrency accounts at the end of January, effectively “banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,” the publication described. “The real-name trading system was also part of the government’s latest measures to curb speculative investment into virtual money.”

However, since its introduction, the system has often been criticised because only a few banks decided to offer to convert existing “virtual” crypto trading accounts to real-name ones. The conversion rate is low and the banks that do offer this service choose to only provide it to the country’s largest crypto exchanges: Bithumb, Upbit, Coinone, and Korbit. Other exchanges continue to use corporate accounts, which the regulators say are prone to money laundering.

Nonetheless, the FSC said:

The frenzied buying of bitcoin and other cryptocurrencies seen in January this year in South Korea has been fizzling since the government banned anonymous trading of cryptocurrencies.

Stepping Up Monitoring

At a recent P2P loan review meeting with the Ministry of Justice and the National Police Agency, Kim pointed out that the real-name system “applied only to exchanges that receive virtual accounts at banks,” Hankook Ilbo reported. He added that the majority of crypto exchanges are still using corporate accounts.

Then the FSC said Wednesday that “it will step up monitoring of money transfers between local and foreign cryptocurrency exchanges,” the Korea Times reported, adding:

The new guideline, which aims to prevent local cryptocurrency exchanges buying virtual coins at foreign exchanges to launder money, will come into force on July 10 for one year.

The financial regulator revealed that it plans “to closely keep tabs on bank accounts used by cryptocurrency exchanges for parking their expenses.”

What do you think of the Korean government’s strategies? Let us know in the comments section below.


Images courtesy of Shutterstock, Yonhap, and the Korean government.


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Polish Bitcoin Association Seeks Protection from Alleged Banking Embargo

Polish BTC Association Seeks Protection From Alleged Banking Embargo

The Polish Bitcoin Association has reportedly appealed to Poland’s Office of Competition and Consumer Protection (OCCP) to protect the country’s cryptocurrency sector from what it perceives as a growing embargo targeting virtual currency businesses on the part of Polish financial institutions.

Also Read: The 2018 Crypto-Bear Market Less Severe Than 2014, At Least for Now

Polish Bitcoin Association Files Complaint with OCCP Against 15 Banks

Polish BTC Association Seeks Protection From Alleged Banking EmbargoThe Polish Bitcoin Association has accused a number of the country’s banks of seeking to restrict competition through refusing to provide financial services to cryptocurrency companies. The association recently filed a complaint with the OCCP requesting that the regulator launch an investigation into the alleged banking embargo, and impose penalties where appropriate..

The Polish Bitcoin Association’s complaint accuses “15 financial institutions” of refusing to provide bank accounts to 52 entities in the country’s nascent cryptocurrency sector, adding that said banks have also unfairly closed the accounts of a further 25 entities. The complaint describes mBank as having the most “disgraceful” record among Poland’s banks, alleging that the it has “made 9 refusals and closed 3 accounts.”

According to a rough translation of the complaint, “the effects of the banks’ actions described clearly aim at removing virtual currency entities from the market, despite the fact that such activities are legal and conducted with dignity. In view of the above, action by the regulators is necessary, and this notice and its requests are fully substantiated.”

No Polish Regulations Prohibit Cryptocurrency Trading

Polish BTC Association Seeks Protection From Alleged Banking EmbargoThe Polish Bitcoin Association asserts that the alleged restriction of financial services to cryptocurrency companies has occurred without a legislative mandate, emphasizing that there is no prohibitive regulatory regime concerning the exchange of cryptocurrencies.

Earlier this month, the Polish Financial Oversight Commission published a document seeking to clarify the legal status of cryptocurrency in the country, in which the watchdog stated that there are “no regulations prohibiting [the] trading […] of cryptocurrencies. The release also expressed the Polish Financial Oversight Commission’s intention to develop and introduce a regulatory apparatus pertaining to bitcoin and alternative cryptocurrencies during July.

Earlier this week, a survey conducted by Ipsos for ING found that Polish citizens are among the most virtual currency-savvy in Europe – with 77% of respondents expressing familiarity with cryptocurrency. The survey found only one European nation to produce a higher percentage of respondents that had heard of cryptocurrency, with 79% of Austrians found the have been familiar with virtual currency.

Do you think that Poland will adopt a permissive or prohibitive regulatory apparatus with regards to cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Google Calendar adds #39;out of office#39;, #39;working hour#39; features for better work-life-balance

Google Calendar adds #39;out of office#39;, #39;working hour#39; features for better work-life-balance The new features have been rolled out to help users improve time management skills and develop a better work-life balance.

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SpaceX sends AI robot ‘crew member’ to join astronauts on space station

SpaceX sends AI robot ‘crew member’ to join astronauts on space station The prime goal is to detect whether AI robots can cooperate with astronauts to help work life in space.

from Moneycontrol Technology News https://www.moneycontrol.com/news/technology/spacex-sends-ai-robot-‘crew-member’-to-join-astronautsspace-station_11074641.html

OnePlus working on 5G phone, may tie up carriers in the US

OnePlus working on 5G phone, may tie up carriers in the US Lau also said that the phones that would be sold on US carriers would free from bloatware

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Kawasaki ZX-10R and ZX-10RR to be assembled in India at Chakan plant

Kawasaki ZX-10R and ZX-10RR to be assembled in India at Chakan plant Both bikes are completely knocked down (CKD) imports and will be assembled at the Kawasaki plant in Chakan. Bookings are open for both bikes at all showrooms across the country, but only a limited number of units will be sold.

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Cryptojackers#39; next target are mobiles, users in India, China to need to wary: Kaspersky

Cryptojackers#39; next target are mobiles, users in India, China to need to wary: Kaspersky The primary reason of cybercriminals to move from ransomware to crypto-miners is potential of a long-term income

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Tech giants manipulating users into choosing privacy intrusive options: Report

Tech giants manipulating users into choosing privacy intrusive options: Report The report included an example of face recognition in Facebook, in which the user would need four extra clicks to choose the most privacy-friendly option than they would to choose the least privacy-friendly option

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ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed Securities

Three stories dominate this week’s initial coin offering (ICO) round up: It appears many ICO projects are reaching out to social media influencers in an effort to thwart advertising bans across leading platforms. A study published by the China Banking Regulatory Commission (CBRC) suggested that the country develop a licenced-based regulatory apparatus that permits cryptocurrency activities including ICOs. A U.S. judge has found that CTR, tokens distributed through Centra Tech’s ICO that sought the promotional services of boxer Floyd Mayweather, demonstrate numerous attributes of a security under existing legislation.

Also Read: South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring

ICOs Turn to Social Media Influencers Amid Advertising Ban

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesA report by the LA Times has looked into the increasing prevalence of ICO promoters employing the services of social media influencers in the midst of the prohibition on cryptocurrency advertisements on a number of leading social platforms.

The report cites research conducted by Solume, which found that approximately 18% of cryptocurrency-related posts on Reddit, Twitter, and Bitcointalk.org now typically originate from bounty campaigns set-up by ICO promoters. In January, by contrast, the figure was 6%.

“It’s really a very cost-effective mechanism for developing a brand,” stated Saransh Sharma, the president of 4new – who are currently conducting an ICO. “Before you know it, there’s a snowball effect,” he added.

Whilst ICO promoters appear to have found a means through which they can advertise on social media platforms despite the ban, some are not convinced that the practice of paying social media influencers to promote ICOs will last for long.

Lex Sokolin, the global director of fintech strategy at Autonomous Research, stated: “Once it becomes clear that financial outcomes can be manipulated not just by trading but [also by] creating perceptions through social media, regulators will take a very hard stance.”

Chinese Banking Commission Suggests Inclusive ICO Regulations

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesThe China Banking Regulatory Commission (CBRC) recently made public a working paper titled, “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency.”

The report argues for the development of an inclusive, license-based regulatory apparatus designed to allow cryptocurrency related activities, including ICOs, to operate legitimately in the country.

“Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license,” the document states.

Centra Found to be Distributing Securities

ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed SecuritiesIn the latest news regarding the Floyd Mayweather-promoted Centra ICO, a Florida district court has found CTR tokens issued through the company’s initial coin offering comprise securities. The court, citing the Howey test, argued that CTR tokens satisfy the criteria for all three prongs of an “investment contract,” rendering such a security.

The court found that “Because the success of Centra Tech and the Centra Debit Card, CTR Tokens, and cBay that it purported to develop was entirely dependent on the efforts and actions of the Defendants […] the offering of Centra Tokens was an investment contract under the Securities Act, such that the Defendants sold or offered to sell securities by virtue of the Centra Tech ICO.”

The court recommended that “the Defendant’s Renewed Motion for a Temporary Restraining Order, Asset Freeze, Document Preservation Order, and Order to Make Accounting and Other Ancillary Relief […] be granted to the limited extent consented by the Defendants.”

Do you think social media influencers will continue to be used as a means to bypass advertising bans? Join the discussion in the comments section below!


Images courtesy of Shutterstock, Twitter


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Report: 2018 Token Sales Almost Double Last Year’s Results

Report: 2018 Token Sales Almost Double Last Year’s Results

Initial Coin Offerings in the first half of 2018 have attracted nearly double the amount of funds raised last year, a new report reveals. Researchers point out, however, that the majority of ICOs have largely failed, with only a third of the projects closed successfully. According to the study, the US remains the major destination for coin offerings while Switzerland has established itself as a European ‘standard bearer’ in regulation.  

Also read: Why 70% of ICO Tokens Are Not Exchange Listed and Probably Never Will Be

$13.7 Billion Raised in Coin Offerings This Year

Report: 2018 Token Sales Almost Double Last Year’s ResultsThe capital raised through Initial Coin Offerings (ICOs) has reached $13.7 billion USD in the first five months of this year, twice the total for the whole of 2017. The data comes from a newly released report authored by the Swiss Crypto Valley Association (CVA) and Strategy&, the consulting division of one of its members, PwC. The study aims to provide a comprehensive overview of the global ICO activity and explore key changes in the space since last year.

The numbers in the second edition of the quarterly Global ICO Report are in sharp contrast with this year’s bearish trend that has taken over crypto markets. According to Daniel Diemers, Head of Blockchain EMEA at PwC Strategy&, the report “highlights the continued growth and popularity of ICOs globally in 2018, with over 537 ICOs conducted in the first five months of this year, raising a combined total of $13.7 billion USD – more than all ICOs which took place before 2018 combined.” According to data quoted by Reuters, around $7.0 billion have been raised by token sales last year. Daniel Diemers also said:

After all the hype of 2017, this year has seen the ICO sector becoming more mature and established, with an improved focus on best business and legal practice, investor relations and fundraising. Hybrid models of combined Venture Capital and ICO financing are increasingly bringing together the best of what both have to offer, so that the soundness of a business is validated while it realizes its market potential by receiving crowd support.

However, the paper also notes that the majority of crowdfunding projects have failed to achieve their goals. Only about 30 percent of the 3,470 ICOs announced since 2013, the report details, have closed successfully, while many have been delayed or lost momentum during the token sale process.

America a Major ICO Destination, Switzerland a Leader in Regulation

Report: 2018 Token Sales Almost Double Last Year’s ResultsAccording to the research, the US remains a major destination for Initial Coin Offerings. In the first five months of the year, 56 US-registered token sales have raised a total of $1.1 billion USD. The authors believe this is due to the clear and firm regulatory requirements put in place there and the growing number of crowdfunding projects that choose to register with the US Securities and Exchange Commission (SEC). They also point to an increase in the number of coin offerings conducted in the United Kingdom as well as the volume of capital raised there. According to the provided statistics, 48 UK-registered ICO projects have attracted more than $500 million in 2018.

Another conclusion is that Switzerland has affirmed itself as a leading hub for ICO and blockchain business in Europe and remains attractive to crypto entrepreneurs, while smaller jurisdictions like Liechtenstein, Gibraltar and Malta are following in its footsteps. “Switzerland is the standard bearer in terms of establishing a regulatory environment for the digital economy. The Crypto Valley in Switzerland offers a unique environment that embraces blockchain technologies and the potential of ICOs while always embodying Swiss values, such as privacy protection and confidentiality,” said Oliver Bussmann, President of the Crypto Valley Association.

ICO Destinations and Trends

The findings confirm some previous observations and detect new trends regarding Initial Coin Offerings. According to an earlier report, covering 370 ICOs, US-based crowdfunding projects have raised $1.03 billion – so no surprise there. The study placed China (including Hong Kong) second with $452 million, followed by Russia with $310 million USD. What’s surprising is the development of the ICO market in the UK, where financial authorities and regulators have generally demonstrated lukewarm attitude towards cryptocurrencies and the crypto space.

Report: 2018 Token Sales Almost Double Last Year’s ResultsSwitzerland, whose crypto-friendly jurisdiction has attracted a number of crypto and blockchain businesses, is trying hard to catch up with the leading ICO destinations. Representatives of the country’s crypto community have joined a multinational effort to challenge the ban on crypto-related advertisements imposed by the largest IT corporations. The restrictions introduced by companies like Facebook, Google and Twitter, hit hard crowdfunding projects and are likely to be targeted soon in a class action lawsuit.

At the same time, the achievements of far less conspicuous European countries have made the headlines of ICO-related articles and publications. Lithuania is a good example – the tiny Baltic state has reportedly attracted around 10 percent of all coin offerings last year. An estimated €500 million has been raised through ICOs and blockchain projects over the last 12 months. Authorities in Vilnius have recently issued comprehensive regulatory guidelines for initial coin offerings. According to a recent report by Politico, the country’s economy is expected to grow by more than 3 percent this year and the digital cash flow is part of the reasons.

Do you expect the ICO sector to grow, despite the continuing downward trend on crypto markets? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Supreme Court Will Not Reconsider Ross Ulbricht’s Life Sentence

Indian Exchange Zebpay Boosts Trading Support for 19 Cryptos Ahead of RBI Ban

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

This week marks another set of patents granted Mastercard, which is part of a many years attempt by the payments behemoth to employ technology underpinning most cryptocurrencies. The latest turn involves anonymous distributed ledger transactions via a third party processor.

Also read: Bitlicense Should be Smashed, Candidate for New York Governor Urges

Mastercard Granted Still More Crypto Patents

In its latest crypto patent filings, Mastercard stresses “a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.”

The more than half-a-century old legacy payments institution based in the United States is a world leader. Tens of thousands of employees. Nearly $13 billion in yearly revenue. It is a staple of Standard & Poor’s component indices. Its principal global business is as an intermediary, trusted third party, between merchant banks, and their derivations, along with credit, prepaid, and debit cards.

Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

United States Patent Application 20180181953, granted yesterday after having been filed back in late December of 2016, reads in abstract, “A method for posting of anonymous directed transaction includes: storing a plurality of entity profiles, each including an entity identifier and a secret value; receiving a transaction request from a first entity, the request including transaction data and a specific entity identifier associated with a second entity; identifying a specific entity profile that includes the specific entity identifier; generating a first hash value via application of one or more hashing algorithms to the transaction data; generating a second hash value via application of one of more hashing algorithms to a combination of the first hash value and the secret value included in the identified specific entity profile; and posting the first hash value and second hash value to a publicly accessible data source.”

Loosely translated, a public blockchain transaction, as it exists in its popular forms with regard to bitcoin core (BTC), just might be a key in holding back more crypto acceptance on a broader scale. Of its many ironies, BTC’s open ledger provides a wealth of information for both consumers and businesses, and aspects of industrial espionage are sure to follow, something giants like Mastercard are keen to avoid at all cost.

Privacy for Mastercard is Different than Privacy in the Crypto World

The cryptocurrency world has continued to tackle the issue of private, cash-like transacting since its inception. Alternatives abound among tokens and alternative coins, and their numbers and intensity are growing at record paces.

Mastercard Latest Crypto Patent: Anonymous Third Party TransactionsFor traditional payments companies, avoiding a public distributed ledger is equally growing in importance. They’ve several masters to please, including lawmakers and regulators who wish to grant such transaction access to police. Eliminating peer-to-peer features is also very important, and so third party processors are vital to the company’s plans. A lucrative side business is to sell such information to other companies hoping to exploit its proprietary data for advertising purposes, for example.

Crypto-related patents recently granted to the company include travel and even coupons. They’re yet another ironic turn for a company with well-known hostilities toward the crypto community.

What do you think about Mastercard’s patent moves? Let us know in the comments. 


Images via the Pixabay, Mastercard.


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Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash Support is Now Live on Purse.io

This week the well-known Purse.io, a firm that allows people to purchase items on Amazon and save 15 percent or more, has announced that Bitcoin Cash (BCH) support is now live. Furthermore, due to a partnership with the Bitcoin Cash Fund, the company is offering $10 cash back to Purse shoppers who shop and earn before the end of July.

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30%

Purse.io Launches Full Bitcoin Cash Support

Bitcoin Cash Support is Now Live on Purse.io The firm Purse.io has officially announced full BCH integration due to the overwhelming requests from people asking the company to deploy more coin support. Purse says they have completed a major overhaul of the entire Purse experience, including a redesigned wallet that helps reduce fees.

“Our community has demanded more cryptocurrency choice and this is our first big step. To celebrate, we’ve partnered with the Bitcoin Cash Fund to rain cash on you all,” explains Jaqi Lenee the company’s product design leader.

We’ve built support for Bitcoin Cash [BCH], which is a great option for people who want to save more dough. Transaction fees on this network are currently cheaper and less volatile. Shoppers, simply fill your wallet with Bitcoin or Bitcoin Cash and start shopping. Earners, you’ll be able to pick which coin you’d like to earn before accepting an order. Choose wisely. (Or flip a coin?)    

Bitcoin Cash Support is Now Live on Purse.io

The Purse and Bitcoin Cash Fund Cashback Promotion

The ‘Cashback’ contest will offer $10 cash back for 1,000 shoppers until the end of July and $850 in prizes for top earners, explains Purse. Based on the number of BCH orders accounted for within that time period, there will be a 1st place reward for $500, 2nd place ($250), and 3rd place ($100). Purse details that the Cashback promotion will distribute contest rewards after deliveries are confirmed.

Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash fans were excited to see that BCH is now integrated into Purse.io and even posted on some of the purchases they have been making since the launch. One Reddit user writes, “Just made my first purchase. It couldn’t be easier, and I will write a full review when I get my BCH.”

What do you think about Purse integrating bitcoin cash into their system? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock and Purse.io


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PR: Finland Government and Essentia.One Reveal Plans for International Blockchain Logistics Hub

Finland Government and Essentia.One Reveal Plans for International Blockchain Logistics Hub

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.

Essentia.One – the decentralized interoperability protocol – has announced it’s partnership with the Finland Govt. to develop a second pilot. This time Essentia will focus on building blockchain based solutions in the field of smart logistics.

Essentia co-founder Matteo Gianpietro Zago confirmed their move as a progression from their first pilot which began development back in April of this year to tackle unemployment rates and to track production chains.

“The success of our first e-government blockchain project with MTK meant we built a level of mutual trust, and as passionate believers in the underlying value in blockchain, we knew that we could adapt the technology to solve many more issues in different governmental departments”

Finland has now begun ventures to secure its place as one of the leading logistics hubs in the world. Industry representatives are seeking forward thinking solutions to combat the issues facing the ever-expanding administration and data management in logistics and transportation.

Essentia.One has teamed up with the governmental association ‘Traffic Lab’ to ensure information regarding end-to-end deliveries – such as delivery contents and contact information – are securely and safely accessible to authorized stakeholders.

“We envision the Essentia protocol completely revolutionizing the methods of data management. The proven power, and benefits of Blockchain technology will give Finland’s international logistics hub that extra competitive edge,” says Matteo speaking from the Amsterdam headquarters.

The pilot is set to be presented to Finland’s Ministry of Transport and Communications, Finnish Transport Safety Agency Trafi, the Finnish Transport Agency, the Finnish customs, the Finnish Communications Regulatory Authority and other members of the new Corridor as a Service (CaaS) ecosystem.

To stay up to date, you can follow all the progress and developments on Essentia’s Telegram channel.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.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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