Day: July 27, 2017

New digital currencies are created virtually every other day. In most cases, these currencies are clones of code from existing projects such as Bitcoin or Litecoin. However, this does not appear to be the case for one small town in South Africa. The town of Orania has created its own digital currency. This region has developed a bad reputation and is considered a “relic of apartheid,” but it could serve as an interesting proving ground for wider cryptocurrency adoption. 

The E-ora Digital Currency is Born

Anyone in the world can, in theory, issue their own digital currency in a matter of minutes. In most cases, they only need to copy an existing digital currency from one of the many GitHub repositories and make the required changes to rename it. Orania, a notorious town in South Africa, has created its own “e-ora” digital currency to complement the existing “native” paper currency. Unlike what most people think, Orania does not just use the South African rand like the rest of the country.

Instead, Orania has its own chamber of commerce and central bank, which issues the ora currency. This situation has been going on for quite some time and has always been frowned upon. Then again, there is no reason not to print your own paper currency if the government allows it. Ora notes are pegged to the South African rand, making them legal in a way. They are only valid for three years.

Now that a new digital currency, the e-ora, is in circulation, all residents of Orania can gain access to the new currency through a custom application. Users can buy e-ora from the central bank and trade them with anyone else using the ora. Funds can also be exchanged through smartphones, although it remains to be seen if there will be any use of QR codes. It is an interesting experiment.

This particular digital currency is designed to advance the independence of Orania as a whole. Part of the local population even hopes to see Orania become an independent Afrikaner state. E-ora will also enable more efficient transactions, as it removes the need to print paper currency. It can nullify fees that apply to payment card transactions, which is beneficial to retailers as well. And as a form of electronic cash, it remains backed by the South African rand.

Considering how Orania boasts a population of just 1,300, it will be interesting to see just how successful this digital currency turns out being. There are only a small number of potential users, despite the population having grown by 10% per year on average. Interestingly enough, Orania has just 2% unemployment, with over 125 active businesses in the city. This is a perfect testing ground for such a digital currency initiative, even though it may not be successful in the end. The worst case scenario would see E-ora adoption falling flat and people reverting to regular Ora currency.

According to economist Dawie Roodt, this project could be quite successful in the long run. If the E-ora is a success, we might very well see similar projects in other South African regions over the coming years. Digital currency is a “great disruptive power,” according to Roodt. South Africa is plagued by a highly inefficient state, which warrants experimentation with different types of money. It is definitely an experiment for us to keep an eye on over the coming months.

Check the price analysis for Bitcoin, Ethereum, Litecoin and ZCash.

A noted investor is taking aim at bitcoin and cryptocurrencies, deeming them in a recent investor note as “not real”.

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There were more bizarre aspects of the BTC-e and Mt. Gox hacking incident and the report of WizSecurity, which were not highlighted.

Windows users are all too familiar with the concept of backdoor Trojans, malware, and ransomware. CowerSnail is a new type of backdoor Trojan which seems to share a lot of vulnerabilities with a previous type of ransomware designed to install cryptocurrency miners on Linux servers. This malware is coded in the Qt language, hinting at cross-OS compatibility. That is not the only aspect of CowerSnail making it unique.

CowerSnail Backdoor Trojan Is Not Weaponized Yet

One thing to take into account with malicious software is how it often falls into one of two categories. First, there are the active threats looking to deliver a payload and open the floodgates to hackers taking advantage of infected devices. CowerSnail falls into a different category, as it is not a weaponized backdoor Trojan at this stage. That does not mean it will not pose a massive threat to Windows users around the world, however.

Security researchers have already noticed some intriguing traits of this new Windows malware. First of all, it is written in the Qt coding language, which is incredibly rare. There have been instances of Qt malware before, but none of those projects amounted to much in the end. Secondly, it appears the developers of CowerSnail are the same people responsible for a recent ransomware strain which infected Linux servers with cryptocurrency mining software. For now, it serves the sole purpose of providing backdoor access to infected Windows hosts.

CowerSnail has one primary function, which is to execute batch commands on infected Windows devices. These commands are communicated over a connection with a centralized command & control service. If this server is shut down, the backdoor Trojan will become far less potent. However, without an exact location or IP address, there is nothing to take down anytime soon. Assuming this malware become successful, identifying the server will become somewhat easier.

The use of Qt as a coding language hints at cross-operating system compatibility. That would also explain why this backdoor Trojan shares so many similarities with the EternalRed malware which made the rounds about a month ago. Most of the code is seemingly ported from that malware, rather than embodying a different coding language altogether. It is certainly possible we will be seeing more types of Qt malware in the future. Having the option to create one nefarious tool capable of attacking multiple operating systems is potentially alluring to hackers.

Other features presented by CowerSnail provide plenty of additional reason for concern. It is possible for hackers to install the malware as a service, or even uninstall it from the service list. Additionally, the backdoor Trojan is mainly designed to collect information, although it seemingly does not use keyloggers or screen grab tools to do so. Once again, this constitutes a non-weaponized version of what this backdoor Trojan may be capable of in a few weeks’ or months’ time.

Security researchers are understandably quite concerned about this “criminal group” and its next objective. After targeting Linux and now Windows computers, it is impossible to tell what the future holds. This is likely not the last time we will hear about CowerSnail either, as it has a lot of potential to cause significant harm in the future. It will not install cryptocurrency mining software on your computer for now, but that could change very soon.

Bank of America Managing Director Francisco Blanch thinks that Bitcoin cannot successfully expand around the world without being subjected to some regulatory guidelines especially with security-related issues.

As the possibility of an August 1 user-activated hard fork (UAHF) approaches, a few well-known bitcoin exchanges have issued statements to customers that they will not support the ‘Bitcoin Cash’ (BCC) protocol and its associated token.

Also read: How Exchanges Plan to Deal With a Possible August 1 Fork

The First Exchange to Announce the Platform Will Not Support Bitcoin Cash

Over the past few weeks, Bitcoin.com has kept our readers informed of the possibility of an upcoming hard fork at the end of the month. It seems that the user-activated hard fork that was initially supposed to just be a contingency plan against the user-activated soft fork (UASF) still might happen. This means Bitcoin Cash supporters will try to veer off from the main chain and operate on their own terms of consensus. Over the past few weeks, many bitcoin trading platforms have revealed their plans to deal with this particular hard fork as some of them will list the BCC token. However, there are a bunch of other well-known exchanges that will not support the BCC branch.

The first bitcoin trading platforms to announce they will not support the BCC hard fork were GDAX and Coinbase. The GDAX exchange is a subset of the Coinbase company, and the August 1 UAHF plans are the same.

“The current User Activated Hard Fork (UAHF), including Bitcoin ABC, is a proposal to alter the Bitcoin protocol by creating a new version of the Bitcoin software, which will operate on its own, separate blockchain,” explains Coinbase and GDAX. “We do not plan to offer support for the UAHF chain at this time — You will not be able to withdraw the UAHF version of any Bitcoin from Coinbase.”

The UAHF is incompatible with the current Bitcoin protocol and will create a separate blockchain — Should the UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin. Any BTC within customers’ accounts will remain accessible over the main blockchain only, and will not be converted into BTC on the UAHF chain.

Poloniex Leaves the Decision Up in the Air

On July 24 the large cryptocurrency exchange Poloniex revealed its plans to handle the “potential bitcoin network disruption.” The exchange will be halting withdrawals and deposits but will allow trading to continue on August 1. As far as the hard fork is concerned and listing the BCC token on Poloniex, the firm says at this time they “cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split.” From Poloniex’s announcement, it seems the trading platform is leaving it up in the air for now.    

“Even if two viable blockchains emerge, we may or may not support both and will make such a decision only after we are satisfied that we can safely support either blockchain in an enterprise environment,” explains the U.S. based exchange Poloniex.

 Itbit Will Not Support the UAHF Outcome

The institutional bitcoin trading platform Itbit has also detailed that it will not support Bitcoin Cash or a UAHF derivative token. From August 1 at 00:01 UTC to August 2 00:01 the exchange will not process fiat and bitcoin withdrawals alongside suspending BTC deposits. According to Itbit the UAHF proposal could effectively create a new coin on August 1, 2017, and the company will not support the outcome.

“Itbit will not support the trading of Bitcoin Cash — If customers want to access Bitcoin Cash immediately following the fork, they should withdraw their Bitcoin to an external wallet address on or before July 31, according to standard cutoffs,” Itbit details.  

If customers leave Bitcoin on Itbit, their Bitcoin Cash will not be immediately available for withdrawal. However, customers will continue to be able to withdraw and trade Bitcoin.

Bitmex and Exodus Choose to Decline BCC Listing

The cryptocurrency exchange Bitmex is also joining the exchanges that will not support the BCC blockchain. Bitmex says the change is “incompatible” with the current Bitcoin ruleset and the trading platform may be unable to protect the new BCC tokens on behalf of clients.

“As such, Bitmex will not support the split or distribution of Bitcoin Cash, nor will Bitmex be liable for any Bitcoin Cash sent to Bitmex,” the company’s blog explains. “Therefore, it is up to our users to withdraw from Bitmex prior to August 1st if they wish to access Bitcoin Cash tokens or any other hardfork.”

The wallet and built-in exchange platform Exodus says they will not embrace the BCC token either. However, Exodus users will be able to import their keys into a BCC compatible client and retrieve their hard fork holdings after the split. The company highly recommends not using bitcoin during the fork and tells customers they should patiently wait for the protocol change to end. Similarly, the bitcoin wallet provider BTC.com will also provide a tool for those who wish to extract their Bitcoin Cash from the BTC.com wallet.  

Bitstamp Says BCC is an ‘Altcoin’ and Will Not Support the Protocol

The European Union-based bitcoin exchange Bitstamp has taken the opportunity on July 27 to inform customers what it plans to do during a potential hard fork. As of now Bitstamp will not honor the BCC side of the fork and considers the token an “altcoin.”

“In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal,” explains the company’s blog post.

In Bitstamp’s view, BCC is an altcoin and the decision to list BCC tokens remains at our sole discretion at all times.      

There are also a bunch of exchanges like Okcoin, Huobi, Livecoin, BTCC, Bithumb, Viabtc, and others that have announced they will support the Bitcoin Cash blockchain and list the BCC token. It’s also worth noting the Bitcoin Cash token may have a problem with its abbreviated ‘BCC’ ticker as it is already used by a cryptocurrency called Bitconnectcoin.

Meanwhile, many BCC advocates are disappointed with these other trading platforms choosing not to list the UAHF token. Some skeptics have even asked what these exchanges plan to do with the bitcoin left on platforms and whether or not the company will reap the benefit of this potential split. Whatever the case may be these trading platforms will not support the BCC protocol, and those who wish to obtain the token should remove their funds from these specific exchanges.

What do you think about the exchanges that are choosing not to list BCC? Do you think they have given customers enough notice? Let us know what you think in the comments below.

Images via Shutterstock, Bitcoin Cash, Coinmarketcap.com, and the Viabtc exchange.

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The post Fork Watch: These Bitcoin Exchanges Will Not Support ‘Bitcoin Cash’ appeared first on Bitcoin News.

What does the SEC decision really mean for the industry?

Officials in Karnataka are planning an event on blockchain and governance in the near future.

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The concept of a chair has not undergone too many radical changes throughout its lifetime. While chairs come in many types, the main concept consists of legs, a seat, and usually a backrest. Computer chairs replace legs with wheels to spin around on, whereas lounge chairs are elongated and have armrests. Noonee, a Swiss startup, is currently working on the world’s first chairless chair exoskeleton. It is a radical change to chairs as we know them.

What on Earth Is a Chairless Chair?

Noonee is bridging the gap between using a chair and standing up with its new product. Its exoskeleton provides the “feeling” of sitting on a chair, while still requiring one to stand up, bend his or her knees, and stay in shape by doing so. It is a vast improvement compared to standing desks, assuming that this prototype can be turned into a viable product over time.

The main reason the chairless chair even exists is to improve working conditions when performing repetitive standing work. The chairless chair’s exoskeleton is claimed to help address fatigue and improve concentration. It also provides a supporting system that keeps one’s overall body weight as low to the ground as possible. The product’s battery lasts for several days, not hours. On paper, it sounds like it could work, but the result has yet to be determined.

What makes the chairless chair so intriguing is how it allows its wearers to “sit” as they would using a regular chair. This is made possible with a micro DC motor which locks the exoskeleton in a seated position. Once the user starts to walk again, the lock is removed, allowing him or her to move around freely. Users can incline their seats as much or as little as they like in order to create an optimally comfortable work position. Such an exoskeleton would do wonders for most factory workers.

The chairless chair has many health benefits as well. Standing for long periods of time causes joint pain, cramps, and other bodily issues which can lead to long-term injury. The exoskeleton relieves most of the stress one exerts on his or her body, while still allowing the wearer to remain in shape. Moreover, this product may allow employees to work at a heightened performance level for an extended period of time. Not having to deal with aches and fatigue will certainly boost one’s productivity.

All of this sounds promising, but can it translate into real life? Practical tests carried out at a Swiss Audi plant provided some upbeat results. After making improvements to the initial design, the second test was received with a lot of optimism. Since the design supports the legs and lower back, a lot of workers were quite eager to give it a try. So far, the overall response has been mostly positive, and the Swiss company will continue to make improvements as time progresses.

While the chairless chair sounds quite impressive, it is not necessarily a product for everyone. People who spend most of their time sitting behind a desk may not necessarily see any benefits from using this product. Then again, sitting or standing all day is not healthy for any human being. Intermediary solutions such as the chairless chair could prove invaluable in any environment. It will all depend on how viable it is to commercialize this product.

Cornell University Professor Emin Gun Sirer said that ICO guidelines issued by the SEC will have a “chilling effect” on Blockchain technology innovations.

HitBTC has announced it will offer Bitcoin Cash futures trading prior to the token’s creation Aug. 1.

The government of Malta is advancing its plans to allow the legal use of digital currencies such as Bitcoin at online casinos.