Day: April 7, 2018

The cryptocurrency world has gone through various notable improvements in the recent past. These improvements in infrastructure and platforms have been so far designed to appeal to the niche market of serious crypto-users. However, it would be notable that even with these efforts in place, there is still a lot to be desired especially while considering the exchanges and how they can appeal to the younger generation (who are an important part of the much broader market).

The Millennials Are Taking Over

Speak of the digital world and what comes to mind is the Millennials and Generation-Z taking over the mantle from the old guard. This is a target group that needs attention, and the crypto world cannot afford to ignore them as they also happen to be the ones driving the market.

Introducing Exenium, a Chatbot with a Difference

The generations, referred to as hipsters by old timers for their fashion sense and attachment to mobile phones have something to cheer about with Exenium – a full-fledged exchange and trading platform packed into a chatbot. Exenium is designed to work with most of the leading instant messaging applications like Telegram, WhatsApp, etc., to make crypto-trading a walk in the park. It offers a familiar interface to users, letting them place orders and execute trades on-the-go.

The features on Exenium includes all the standard offerings of a traditional exchange including cryptocurrency funding, wallets, KYC verification and more. The whole feature list is packaged in an intuitive, quick interface. Further, the platform will also apply for and receive required licenses to act as a financial institution handling both fiat and cryptocurrencies.

Keeping up with the Pace

In its bid to keep up with the demands of the modern generation, Exenium brings in a new definition of stability, thanks to its powerful servers that can handle up to 10,000 order submissions simultaneously. It also overcomes the concerns, usually associated with traditional exchange and trading platforms by implementing state-of-the-art DDoS and hacking resistant security features to provide a worry-free experience to its users. In fact, this Chatbot-based exchange solution has security standards that can be compared to those of Swiss banks.

The fact that Exenium promises a perfect mix of usability and security to the crypto community, coupled with its integration to the instant messaging interface is a sure sign that this exchange will excite not only the younger generation but also any other crypto enthusiast out there.  The ease of placing orders on the platform is going to encourage users further to trade more fervently to drive the volume upwards.

The XNT Token

Exenium is powered by XNT cryptotoken (ERC20 compliant token), which is the preferred mode of payment for commissions, services and products offered on the platform. Offered as part of the ongoing crowdsale, the token attracts a large number of users on to the platform. To sweeten the deal further, Exenium offers a 10% discount on all purchases made using XNT within the platform and the received tokens will be burnt, to fuel demand in the market.

The platform encourages the listing of new cryptocurrency-XNT pairs on the system to provide more trading options to users.  

Exenium is currently in its 7th bonus stage, offering a 15% discount for limited time. The token sale is set to end with a 10% bonus on April 15, 2018.

Participate in the Exenium crowdsale by checking the Telegram bot at @Exenium_bot

What do you think about Exenium’s design and usability interface? Let us know of your views in the comments section below.

The post Exenium: Revolutionary Exchange on a Messaging Interface appeared first on NewsBTC.

Foxconn is going to assist Sirin Labs with the development of its new Finney blockchain phone.

The blockchain Blackberry

Finney, the “state-of-the-art mobile device for the Blockchain era”, is rumored to ship in October for a target price of USD 1,000. Sirin has currently received 25,000 preorders, with 2018 sales expected to exceed 100,000 units, with the possibility of reaching several million. The device is due to initially go on sale in stores located in active crypto communities such as Vietnam and Turkey. The mobile is also available to be shipped worldwide via purchases from their website. As sales increase, the intention will be to expand distribution to common mobile retailers.

Cryptocurrency accessibility

Cryptocurrencies have grown in popularity but in terms of everyday convenience, there hasn’t been much progression. Most people store cryptocurrency on hardware or software wallets which tend to require PC access or hot wallets such as Coinbase. Although mobile wallets are available, they aren’t necessarily as secure. Bitcoin ATMs are increasing in number, but are not as abundant as their fiat counterparts and are limited to trading a few currencies. Having a secure, intuitive mobile designed from the ground up around blockchain would bring cryptocurrency use to the mainstream.

Tech specifications

Current smartphones have several underlying issues in their ability to deliver a secure crypto experience. Sirin Labs’s mission with Finney is to provide the functionality and usability of an Android. Their flagship will shift towards enhanced security via its suite of cybersecurity technologies, providing reliable access to the blockchain. Finney’s physical security switch is a cool addition to the hardware as a preventative measure.

An app store for distributed apps (like ysigns messenger app) will streamline accessibility and provide a competitive marketplace for developers. The ability to make easy purchases from crypto-friendly sites like Overstock and Newegg with quick conversions from cash to crypto may encourage a more widespread adoption from customers and retailers alike.

Secure future

It’s time for innovation in the outdated mobile market shadowed by ever-growing cyber threats. With more personal details being stored on our mobile devices, a future with secure mobile trade and communication is imperative. Mobiles need to take on the responsibility of safeguarding our data so we don’t have to worry as much.

The post Finney the Blockchain Blackberry appeared first on BitcoinNews.com.

Tempers often flare in the world of cryptocurrency. With so many different opinions and “egos” to deal with, clashes are unavoidable. Justin Sun, founder of the Tron Foundation, has attracted the attention of Vitalik Buterin. Calling Tron better than Ethereum is definitely a stretch, as it is the same as comparing apples with pomegranates.

The Justin Sun Statement That Started it All

Earlier this week, Tron Foundation founder Justin Sun made a remarkable tweet. He claims his brainchild is superior to Ethereum in many different ways. It has a higher transaction throughput, zero fees, and a consistent coinburn. Additionally, it uses the Java language, which is more commonly used compared to Solidity.

Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX $TRX pic.twitter.com/WvxH5EToa8

— Justin Sun (@justinsuntron) April 6, 2018

While all of those statements are true, Tron is little more than a testnet right now. In fact, its testnet was only released a week ago. For a multi-billion dollar project, Tron had no working code for the public to play around with for several months. Ethereum, on the other hand, has been around for several years now and continues to improve.

It is always easy to claim a new project is better when someone else laid all of the groundwork. While Ethereum is far from perfect, it is not on the same level as Tron. There is no point in comparing the two, as they are very different from one another. That doesn’t mean they can’t both succeed or fail in the long run. There is still plenty of work to be done for both teams.

Vitalik Buterin Rebutts Aggressively

Although most people consider Vitalik Buterin to be always friendly, his Twitter remark was quite sharp. Rightfully so, in this regard, but still somewhat out of character. Buterin aptly pointed out how Tron is better at copying existing whitepapers compared to Ethereum. Not something to be proud of, although the Tron whitepaper will always remain a topic of debate.

8. Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)

— Vitalik "Not giving away ETH" Buterin (@VitalikButerin) April 6, 2018

It is evident the concept of a working product will always trump words on paper. In this regard, Ethereum has been pretty solid for the past few years. Tron still has everything to prove, although their testnet seems to hold up quite well. A testnet is not the same as a live network with thousands of users. Additionally, it remains to be seen if Tron will ever be capable of testing its massive transaction throughput in a real-world scenario.

At the same time, Tron is currently built on top of Ethereum. While the project will seemingly move to a new platform, it just goes to show they chose Ethereum for a reason. If it is that terrible, they could have easily rolled out their proprietary infrastructure from day one. Rest assured this is not the last we heard of this particular discussion either.

Cryptocurrency enthusiasts and developers need to work together instead of starting silly arguments for marketing purposes. Tron is, for all intents and purposes, not in the same league as Ethereum without a working live net. When that comes to market, things can be compared properly, even though it will remain futile to do so.

Image Courtesy of Shutterstock

The post Justin Sun’s Tron “Marketing Stunt” Draws Sharp Reply Form Vitalik Buterin appeared first on NewsBTC.

Cryptocurrency has been under fire by the governments of both India and Pakistan over the past few days where the digital currency has come under renewed pressure by recent official action there.

Tech investor Tim Draper, who returned to the Indian market early in 2017, is concerned by the Indian government’s enforcement of a crypto prohibition against Indian banks and financial institutions. Draper, who was wooed back into the Indian market last year by promises of a crackdown on corruption by India’s prime minister, Narendra Modi, regards the moves as a “huge mistake”.

In an interview with The Economic Times published yesterday, he noted that both blockchain and Bitcoin were “the best things to have happened for business”. He insisted that “countries such as India, where billions of rupees are wasted on inefficiencies and paperwork, will benefit from the ease and security of blockchain”. Draper suggested in the interview that a tech drain could easily follow any total ban of cryptocurrency in India due to other emerging players around the world needing the technological expertise to develop their own industry portfolios.

The Indian government had indicated early in 2018 that cryptocurrency might become a target for regulation. There were suggestions that a total ban might be imminent rather than the restrictions announced two days ago, prompted by comments earlier this year by India’s ministry of finance when cryptocurrency was described as a “ponzi scheme” with no intrinsic value.

Draper, a Bitcoin enthusiast, suggested that an Indian government ban would be “stifling innovation” and that companies should relocate. He claimed that “they (government) should be creating an environment where these ideas can be tested and promoted”. He also suggested that Bitcoin should become India’s national currency as the digital currency’s global nature would make it “acceptable everywhere” in the future.

The post India’s Crypto Crackdown “Stifling Innovation” and is a Mistake Says Tim Draper appeared first on BitcoinNews.com.

Most cryptocurrency enthusiasts have heard of the Chainalysis firm by now. This company specialized in blockchain analysis services, with a primary focus on Bitcoin. That situation has come to change, as other currencies are now supported as well. Additionally, the company has unveiled its Know Your Transaction solution, which is also quite interesting.

Chainalysis Continues to Evolve

For businesses active in the world of blockchain and cryptocurrency, there is no time to stand still. Even though both of these new industries offer a lot of promise, one still needs to tap into this potential to make things happen. Since most of the technology is used and controlled by machines, it’s somewhat difficult to make sense of what is happening under the hood as a human. Chainalysis aims to change that.

More specifically, the firm has been around since 2014 and aims to offer insights on how Bitcoin and other cryptocurrencies are used these days. Although not everyone is a big fan of blockchain analysis firms like this one, the company does provide valuable insights to ensure there is no illegal activity taking place with these cryptocurrencies.

Even though the company mainly focuses on Bitcoin, that will come to change throughout 2018. Looking beyond Bitcoin is an absolute must in the world of cryptocurrencies, and this concept applies to anything related to this new form of money. For Chainalysis, that means it will begin focusing on Bitcoin Cash as well.

The company’s investigation software, known as Reactor, will properly analyze the Bitcoin Cash blockchain moving forward. That is not the only cryptocurrency to receive the Chainalysis treatment this year, though. The goal is to support at least 10 different cryptocurrencies before the year is over.

Which coins those will be remains to be determined. Likely candidates include Litecoin, Ethereum, Ethereum Classic, and XRP. More privacy-centric currencies still remain out of the company’s reach, although this is always subject to change. After all, anonymous currencies tend to flourish on the deep web and other places of a shadier nature.

Last but not least, Chainalysis is also introducing the Know Your Transaction feature. As the name somewhat suggests, this tool provides real-time feedback on the underlying purpose of a transaction. This information is fed back into exchanges’ transaction processing engines. This will help create alerts for risky transactions, and can even speed up account reviews as well.

Artificial Intelligence (AI), blockchain and robotics are the building blocks of our autonomous future. Shipping companies are taking steps to move towards zero human intervention in cross-border trade. Blockchain and AI will remove the need for physical documents and their processing by customs officials, which will save time and expenses.

Blockchain and AI’s role in automating shipping

AI algorithms are getting increasingly accurate with spotting fraudulent financial transactions. Combine this feature with blockchain’s irrefutable decentralized ledger and you have the basis for a secure automated import/export system. Although some of these decisions in the interim will be audited by humans for accuracy, the integrity of the future documentation will be by machine alone. Smart contracts will contain primary information on cargo and record receipts regarding handling fees and taxes.

AI can also contribute to security by working at the same level as blockchain’s cryptography. A new branch of AI develops algorithms that can work with data while it is still in its encrypted state. Blockchain’s decentralized approach will ensure trade records will be stored in several locations without any chance of being manipulated. This will increase security for personal data as well as against fraud and other related crimes. 

Automated trade for India

India, as part of its digitization agenda, hopes to implement a level of automation by next year. The system will initially be limited to specific importers or exporters. Currently, it takes up to 267 hours (11 days plus) for import consignment clearance. OECD countries can take as little as 8.7 hours for the same task.

Automated movement of cargo and low maintenance will mean customs can allocate its resources more productively. Trusted members of trading organizations who meet the criteria for reduced examination or inspection and pre-arrival import declarations will be able to take advantage of the automated procedures. Direct port entry, deferred duty payments, fast-tracking of adjudication and refunds, and risk-based assessment will all be streamlined under the new system. India’s score for cross-border trade should increase along with productivity.

Fully automated shipping

The future of global trade could be entirely automated with navigation included. Automation of shipping vessels would require a complex system of AI and navigational data. Shipping routes would need to be shared amongst vessels. Data would need to be stored in a safe, reliable and secure manner.

AI software built into the blockchain network would be safe from manipulation. Software updates to vessels could be tied to privacy keys for an additional level of authentication. Now seems like a good time introduce the security of blockchain’s data infrastructure as a basis for future systems.

Blockchain Driving the Future of Autonomous Cars

The post AI, Blockchain, Robotics and Automated Shipping appeared first on BitcoinNews.com.

Chile’s national energy commission, Comisión Nacional de Energía de Chile (CNE), has announced the launch of a pilot project that utilizes the Ethereum blockchain to store the nation’s energy sector data.

CNE issued a press release on 5 April detailing the benefits of using the decentralized system, as opposed to what is described as an ”easy to manipulate” standard security database. The Ethereum blockchain is a peer-to-peer network, considered superior to more vulnerable alternatives that require a central facilitator.

The energy data will initially be stored on Energía Abierta, a database that is reported to administer across hundreds of thousands of servers. This provides the public with real-time access to the information stored. The energy data will be subject to a stringent verification process before it is then transferred to the Ethereum blockchain by CNE employees.

The data stored on the blockchain is designed to be accessible to the public through one of several graphical user interfaces.

Chile’s minister of energy, Susana Jiménez, recently noted the crucial nature of public disclosure of energy data, stating that it increases confidence in the government from citizens as well as from stakeholders. She acknowledged that public information is a key feature required to make ”investment decisions, designing public policies or creating new tools at the service of society”.

CNE first revealed plans for the project in February of this year, citing the primary reasons behind the move being to improve data security, accuracy, transparency and accessibility.

The news from CNE follows the recent threat of bank suspension against Buda.com and CryptoMKT. The two cryptocurrency trading platforms registered in Chile faced the suspension because of their digital currency holdings. Initial coverage of the event noted that the move was at odds with the country’s generally liberal economic policies.

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It has been rumored for some time now, but Monex will finally buy Coincheck. It seems the transaction will be completed for the sum of $33.59 million, which is a lot lower than people initially expected. For the troubled Japanese cryptocurrency exchange, this news comes at a very intriguing moment. How this acquisition will affect the trading platform remains to be seen.

Coincheck Finds a new Buyer

The year 2018 has been quite a troublesome one for Japanese cryptocurrency exchange Coincheck. Even though the company is one of the more solid trading platforms in Japan, the hack which saw 500 million NEM being stolen earlier this year shook up the industry. In fact, some people expected the company to go bankrupt as a result, but things never got to that point. In fact, the company repaid all affected customers out of pocket and showed the cryptocurrency world how resilient this trading platform really was.

Unfortunately, repaying customers only solved part of the problem for Coincheck. The company also faces additional scrutiny from Japanese regulators, who are still investigating the hacking incident. As such, the future of Coincheck remains in question, even though it seems things are slowly heading in the right direction again.

More specifically, the past few weeks have been abuzz with rumors regarding Coincheck being acquired by online brokerage firm Monex Group. Even though there was never any real evidence to indicate the latter company was interested in the exchange, it seems both parties have reached an agreement. Monex Group will acquire Coincheck for $33.59 million.

Although that seems like a small amount, it is evident the company was not planning to pay more for full ownership of the exchange. Given Coincheck’s recent issues and regulatory scrutiny, it appears to be a fair offer, all things considered. The goal is to execute this deal by April 16, with the Coincheck CEO and COO resigning from the board of directors at that time. They will remain on board as executive directors, though.

As one would expect, this news has sent the Monex Group’s shares in an upward spiral. At its peak, the stock price jumped by a stunning 20%, indicating Japanese investors are still quite keen on cryptocurrency in general. Whether or not that sentiment will remain in place when the acquisition officially happens is a different matter altogether. It remains unclear if anything will change for existing Coincheck customers.

For the exchange itself, this news comes at the best possible moment. With an investigation underway and discussions relating to this recent hack still taking center stage, it seems the puzzle pieces are finally falling into place. From March 2017 to March 2018, the company generated a net income of $4.4 million, which is not terrible, all things considered.

There are a lot of misconceptions regarding a recent decision by the Indian government. Various sources claim India has banned Bitcoin trading. That is not the case whatsoever. Instead, the RBI is ending its relationship between its own banks and any user or corporation dealing with cryptocurrencies.

The Current Bitcoin Situation in India

This week’s press release by the Reserve Bank of India has caused quite a stir. Depending on how one interprets the message, it seems the RBI wants to ban all Bitcoin trading. That is not the case, although their ultimatum is still rather significant. As of April 5th, the RBI has severed all ties with its own “regulated entities” and anyone dealing with cryptocurrency.

For banks servicing cryptocurrency companies, a big deadline looms overhead. All of these institutions have a maximum of three months to cease the support. If they do not adhere to this deadline, the bank in question is no longer a “partner” of the RBI. It is a fear-mongering tactic, although one that is not necessarily fatal.

According to Unocoin, there isn’t much to be worried about. There is no ban on Bitcoin and no indication the RBI deems it an illegal currency. No funds have been frozen either, and exchange users can continue to use the platform as they always have. With no banks alerting Unocoin of any impending changes, business will resume as normal until stated otherwise.

What Does it Mean for Bitcoin Trading?

That is the big question on a lot of people’s minds. Exchanges can always look outside of India for banking partners. Additionally, it remains to be seen how many exchange-serving banks will adhere to this ultimatum in the next three months. So far, it seems the damage will not be all too great. Do keep in mind this is always subject to change

As has become evident with other exchanges, there are crypto-friendly countries. Malta comes to mind, as Binance recently migrated there. There’s also Switzerland, which seems to keep an open mind toward cryptocurrencies. If push comes to shove, Indian exchanges have other options to look into. It may hinder the use of INR, albeit it is still too early to draw any conclusions in this regard.

This decision by the officials India is not entirely surprising. For several months now, the RBI has warned about the risks associated with cryptocurrencies. This latest “warning” seems to be a logical evolution of this semi-negative stance. However, the government is still working on actively regulating cryptocurrency. How that will play out in India, remains to be determined. The only thing that matters is how Bitcoin trading is not banned in the country.

Image Courtesy of Shutterstock

The post No, India Has Not Banned Bitcoin Trading, Government Confirms appeared first on NewsBTC.

Coinbase remains one of the biggest cryptocurrency exchanges in the world. When the firm hinted at a major announcement, people simply expected it to announce the listing of various new currencies. Instead, the company made it clear it would launch a venture fund to invest in early-stage blockchain companies. That’s not the exciting news people were looking for, but it’s not a bad business decision either.

Coinbase’s Venture Fund is Intriguing

It is always good to see more companies focus their attention on investing in blockchain startups. Although there are already numerous ventures active in the blockchain world right now, there’s always room for more competition. It looks like Coinbase wants to get in on the action, as the company has announced an early-stage venture fund.

As the name suggests, this venture fund is designed to invest in blockchain and cryptocurrency firms during the early stages of their development. It will serve as an incubator of sorts, and investing in firms aligned with Coinbase’s values will be a top priority. 

According to the company, any profits generated by its venture fund will be “de minimis”. This indicates Coinbase is not looking to turn $1 million into $100 million anytime soon, even though the fund will receive $15 million in starting capital. This is not the final balance, mind you, as the fund will grow in size as time progresses. Later this week and early next week, the fund will commence seed-stage investment, although no further specifics have been announced at this time.

Interestingly, Coinbase will invest in competing service providers if it deems it the best course of action. That in itself is a rather remarkable outlook, although Coinbase acknowledges it is not the best exchange by any means. Even so, funding competitors looking to make an impact in the cryptocurrency industry is something that will undoubtedly raise a lot of questions.

As of right now, it seems Coinbase Ventures is mainly looking for founders, rather than the next lucrative cryptocurrency. To some people, it may sound as if the company is going back on its initial plan to list additional currencies, although that will still happen as planned. One thing that everyone can agree on is that the cryptocurrency ecosystem needs to grow beyond its current scope, and some strategic investments may be required to make that happen.

It will be interesting to see what the future holds for Coinbase and its new venture fund. There are dozens if not hundreds of startups which could use the funding to make a positive impact. At the same time, there are a lot of projects which will never succeed, and Coinbase Ventures will need to avoid these risky companies. A very intriguing future lies ahead for the cryptocurrency space, as many positive things continue to happen.