Day: December 29, 2017

The use of blockchain technology is increasing rapidly across industries. Thanks to the cryptocurrency technology’s ability to create an efficient, secure and fool-proof system with room for automation. However, a glimpse at the entire ecosystem and the adoption rate, one can easily spot the challenges that are currently being faced by various organizations when it comes to development and implementation of decentralized ledger and its associated smart contracts capabilities into their operations and processes.

One of the main challenge being lack of expertise in the development of blockchain-based applications, which are better known as decentralized applications or DApps. There are only a handful of developers, who are proficient in the technology and given the demand, they tend to charge a lot for their services. At present, only large companies with deep pockets can afford such services, leaving small and medium enterprises and individuals behind. Even if someone is willing to learn and build DApps, the existing development environments are so cumbersome to use, that they end up being more confused than succeeding in their mission.

At the time when the blockchain and decentralized applications are becoming the next step in the technology evolution, it is imperative for the creators of blockchain protocols and ecosystems to provide user-friendly and easy to understand solutions which can be adopted by anyone, irrespective of their technical background. Such solutions are already available for legacy platforms, but not in the blockchain environment, at least until now.

Fabric Token (FT), a blockchain project has recognized the need for such easy to use solution to make decentralized applications available to everyone. In order to make it a reality, they have come up with an ecosystem which makes building DApps from scratch a walk in the park. The platform makes use of a tried and tested approach in the cryptocurrency sphere to create a DApps development environment with easy to use interfaces, with which individuals can create their own smart contracts and applications over blockchain.

In simple words, the Fabric Token platform offers a solution which is akin to WYSIWYG development tools that make building websites as easy as dragging and dropping various elements. However, the functions of the Fabric Token ecosystem are much more complicated than that as it is designed to enable users to create full-fledged DApps in a simple way, while providing an option to further customize the underlying smart contracts to suit their needs. In order to make it a reality and build an entire ecosystem around it, the Fabric Token will be sold in a crowdsale, set to begin on February 15th, 2018.

By the way of offering such a solution, the FT project aims to drive widespread blockchain adoption as Fabric Token is designed not just to accommodate complex systems but also the simplest ones that are used by everyone, every day.

The holistic Fabric Token system is composed of 4 major parts, which include TokenGen – a simple web application for smart contract generation, which can be readily used to create custom tokens and crowdsale code to run an ICO. TokenGen is supplemented by DApp Workbench, which provides the environment for businesses of any size to easily create decentralized applications without the inherent need for programming knowledge.

Now, what is the use of creating a DApp if it can’t be put to use? The BPMN compatibility of DApp Workbench allows the creators of smart contracts to readily incorporate them into existing Business Process Models and BMPN compatible tools to introduce blockchain into regular business operations.

These solutions are fueled by the platform’s own Fabric Token which acts as a medium of value exchange against services within the ecosystem. The value of Fabric Tokens will be tied directly to the overall performance and growth of the Fabric Token ecosystem, rather than other factors that are known to influence other cryptocurrencies in the market. Meanwhile, the Fabric Store enables monetization of products and services built over the platform by providing a place to buy and sell smart contract components, DApps and more against FT cryptocurrency.

Once the Fabric Token ecosystem is fully functional, it is expected to drive blockchain adoption to new levels. Those who are interested to play a role in the inevitable blockchain revolution can do so by taking part in the upcoming crowdsale.

More information about the Fabric Token project is available at – https://fabrictoken.io/

The post The New Revolution in Blockchain Development: Fabric Token appeared first on NEWSBTC.

Physical bank branches are already losing their usefulness and appeal; entire financial sector will move to digital banking to compete for customers. #EXPERT BLOG

The Japanese financial regulator has approved one more cryptocurrency exchange, making it the 16th exchange to be licensed. As competition intensifies, some local exchanges are branching abroad in search for more volume and liquidity. Meanwhile, more merchants are embracing bitcoin.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Another Bitcoin Exchange Approved

Japan’s Financial Services Agency (FSA) has licensed one more cryptocurrency exchange. The Tokyo-based Bitocean Corporation is now the 16th company to gain approval by the agency to operate a crypto exchange. According to the FSA’s website, bitcoin is the only cryptocurrency listed to trade on this exchange.

Bitocean was founded in 2013 in China and Japan, its website states. The company is developing two-way bitcoin ATMs (BTMs) as well as a bitcoin trading platform. “We are working on setting up a new bitcoin trading platform in Tokyo while at the same time we are contributing to help with Mt Gox’s liquidation/rehabilitation process,” its website states.

This is the third round of approvals by the FSA. The first round was in September when 11 exchanges were approved. The second time was early this month when the agency approved 4 more exchanges, as news.Bitcoin.com reported. Meanwhile, Japan’s second-largest bitcoin exchange Coincheck has not yet been approved; Coincheck’s application is still under review by the agency.

Local Exchanges Expanding Abroad

As new exchanges come onboard, established trading platforms that were already approved by the FSA have been strategically expanding overseas. Nikkei recently reported:

Japanese trading platforms are expanding overseas in an effort to grow trading volume and enhance liquidity. Now that Japan has some 20 digital currency exchanges, there’s not enough business to go around, and investors are often having to wait to complete transactions involving infrequently traded currencies. These currencies also tend to fluctuate wildly when a big order is placed.

The country’s largest bitcoin exchange Bitflyer expanded into the US at the end of November and is planning to open an exchange in Europe. Other trading platform operators expanding overseas includes Quoine, which is launching in the Philippines next year. Bitpoint expanded into South Korea in November and is preparing to open an exchange in Taiwan in January. Bitbank is also planning to enter other Asian and Africa markets.

More Merchants Embracing Bitcoin

As the number of exchanges grows, so does the number of merchants accepting bitcoin payments. News.Bitcoin.com recently reported on a leading used car automotive group and dealerships embracing the cryptocurrency.

Recently, a variety of smaller merchants also started accepting bitcoin. One example is housing and facility construction specialist Hiroden Co. Ltd which started accepting the digital currency on a trial basis last month, with a limit of 1 million yen including tax. The company is located in Hirosaki City, a small town in the rural Aomori prefecture.

Last week a Tokyo-based stress care specialist called Stylefulness also began accepting bitcoin payments.

Earlier this week the Tokyo Campervan Rental Center Group, also known as Tokyo CRC, started accepting bitcoin at its five locations. Moreover, the group is offering a 20% discount on rental fees between January 4 to March 31 of next year for customers paying with the bitcoin.

What do you think of the growing number of crypto exchanges in Japan? Let us know in the comments section below.

Images courtesy of Shutterstock, Japan’s FSA, Stylefulness, and Tokyo CRC.

Need to calculate your bitcoin holdings? Check our tools section.

The post Japan Approves New Bitcoin Exchange as Adoption Grows and Peers Expand Overseas appeared first on Bitcoin News.

Can we deliver a magic pill to fix healthcare? Blockchain-based project seems to think so. #SPONSORED

To short or to long? Is bitcoin in a bubble? We summarized the various views from prominent figures in the finance world and the academia.

As IOTA consolidates, Monero and DASH are bouncing from the minor support trend line and the triple bottoms respectively.

Of the 5 alt coins we are focusing on, NEM is the only token that has gained ground this week.

NEM BUYERS EYEING $1.1

Nothing serious for NEM. Our trade plan is panning out well. From yesterday’s price action, the 38.2% Fibonacci retracement seem to be a perfect spring board for buyers.

On the secondary chart, the stochastics are turning from oversold territory complete with a buy signal. Because everything is going according to our plan, our immediate bull target at $1.1 remains unchanged.

DASH FOUND SUPPORT AT THE TRIPLE BOTTOMS

The charade continues.  Even after DASH tested the triple bottoms with sellers appearing to be in control, buyers jumped in and buoyed prices.

The $1000 round number not only proved sensitive but a perfect trampoline for buyers. Any close above $1200 or the 61.8% Fibonacci retracement level on the upper side will invalidate our bear projection.

Considering the buy signal which has been printed, any pump to confirm the recent bull candlestick in the 4HR chart shall increase odds of bear cancellation.

IOTA CONSOLIDATES

Even though we can see IOTA found support at $3.3, it is highly likely that a retest will be on the cards in the coming days. Besides the persistent sell pressure, we have to note the influence of the middle BB.IOTA prices have been moving along it in the past 4 sessions.

From the chart, a stochastic buy may print. Therefore, we shall have to see if IOTA price action will follow through and sync with momentum.

Of course, $5 is our immediate resistance and should act as our ceiling in the next couple of day. What is of importance though is the support at $3.3.

We need a strong close below it to confirm sell pressure otherwise this consolidation will render stochastics useless.

MONERO PRICES BOUNCE FROM THE MINOR SUPPORT TREND LINE

A couple of Monero higher highs relative to the lower BB is relieving for buyers. Additionally, the fact that there is support at the minor trend line hints of possible reversal and paring of December 22 losses.

The 61.8% Fibonacci retracement level from where I recommended selling will be our immediate resistance level and assuming prices close above it, then well, we shall have no option but to trade with the trend.

LTC FINDS RESISTANCE AT $255

We are definitely in a down trend and should $255 and the minor resistance trend line remain a reliable LTC price tag, then it is likely that the bear pressure we saw yesterday may continue.

There is a little bit of buy pressure yesterday but the fact that buyers are not able to break past the immediate resistance at $255 means we continue shorting with every LTC appreciation.

Conversely, if prices blast through the middle BB and the minor resistance trend line by New Year, then LTC might be on a path towards recovery.

All charts courtesy of Trading View

The post LTC FINDS RESISTANCE AT $250 AS IOTA CONSOLIDATES appeared first on NEWSBTC.

Recently Singapore had its first high profile legal case involving over 3,000 BTC in a dispute between the UK-based company B2C2 and the local cryptocurrency exchange Quoine. According to the Singapore Commercial Court documents, Judge Simon Thorley has dismissed the plaintiff B2C2’s case for US $43Mn worth of bitcoins.

Also read: While Bitcoin Trades Above $19K In India — Tax Officials Are Snooping for Gains

Crypto-Market Maker B2C2 Says Quoine’s “Technical Glitches” Messed Up a Large Digital Asset Trade

Just recently news.Bitcoin.com reported on the electronic market maker B2C2 suing the trading platform Quoine for reversing trades. B2C2 says that the Singapore exchange breached the firm’s opportunity to sell the digital assets to financial institutions who trust the company will have “seamless trading settlement” at all times. On April 19 B2C2 tried to sell ethereum (ETH) for bitcoins, but according to them Quoine had a “technical glitch.” Allegedly the trading platform’s “ETH/BTC quoter” software stopped functioning, and the crypto-liquidity provider was shut out of the deal.   

“In consequence, all the orders which were on the ETH/BTC order book ceased to be available, and no true market price could be set,” explains the court document.

Singapore Commercial Court Judge Dismisses the Application for Summary Judgment

However B2C2 legal team filed the case with the Singapore International Commercial Court and aimed for a ‘summary judgment.’ This means the court can decide on the case based on both sides of the argument without taking the procedure further to trial. Judge Simon Thorley emphasized that the plaintiff’s arguments did not justify a ‘summary judgment.’     

“In the present case, I do not consider that the plaintiff’s responses to the defendant’s arguments are sufficient to deny it the right to a trial — The defendant’s case on the mistake itself is a cogent one, and I accept that a more thorough investigation of the facts behind the setting of the abnormally high offer price is justified in order to place the court in a proper position fully to assess the state of the plaintiff’s knowledge,” explains Judge Thorley’s decision.

Equally, after the full facts are established, it will be possible to examine the law on unilateral mistake where computers are involved in greater detail than was possible on an application for summary judgment — For these reasons, I dismiss the plaintiff’s application for summary judgment.

B2C2 has not yet commented on whether it will try to review the case by utilizing a different court procedure. Judge Thorley notes that B2C2 must establish a “prima facie case for judgment” while Quoine needs to provide a “fair or reasonable probability that there’s a real or bona fide defense,” Thorley adds.

What are your thoughts on Singapore’s first bitcoin trial being dismissed? Tell us your thoughts in the comments below.

Images via Shutterstock, Quoine, and the Singapore Commercial Court documents.

Need to know the price of bitcoin? Check this chart.

The post Singapore Judge Dismisses $43M High Profile Bitcoin Case appeared first on Bitcoin News.

Kidnapped EXMO Director Paul Lerner released today after paying a $1 mln ransom in BTC, according to The Financial Times

This may have been the first real consumer transaction using the Lightning network.

INK is using Blockchain to help artists recognize their work and not let middlemen taking away a huge chunk of their earnings. #BLOCKSHOW