Day: April 13, 2018

The Bermuda Monetary Authority has published a consultation paper that is seeking public feedback on a proposed regulation on cryptocurrencies.

New research highlights that by the end of 2018, 66.3 mln people will use the sharing economy. Defined as an economic ecosystem where private entities share services and goods, studies predict that the industry will one day be valued at $1.93 tln. Ruled by sharing economy giants like Uber, AirBnB and Lyft, other companies are catching up on the growth potential of the new industry.

As young tech startups and industry giants fight for supremacy, others are looking at the sharing economy from a different perspective. By implementing Blockchain-powered solutions, it is now possible to share new types of assets, like storage capacity, computing powers, and more. The problem with the sharing economy is that there’s no single platform to streamline access. Consumers have to sign up on multiple platforms to rent cars, book accommodation, or secure other goods and services.

To solve the issue of trust and improve transactional transparency, new Blockchain-based platform ShareRing is looking to become a disruptor of the sharing economy. By developing an all-in-one app, the project is looking to integrate existing sharing platforms (e.g. Uber, Lyft, Airbnb) into one interface. This way, users will be able to access sharing goods without dealing with multiple accounts.

Keaz technology at the core of ShareRing

The idea to create a single app for renting, borrowing and sharing assets first emerged about 4 years ago from the minds behind international car-sharing leader Keaz. At the time, technological limitations didn’t allow the Keaz team to develop one app to provide universal access. Therefore, they focused on becoming the world’s first platform for sharing vehicles on a global scale.

Now, the team plans to use the perks of Blockchain technology to fill in the gaps and solve issues that were once holding back the sharing economy. With office across the United States, New Zealand, Hong Kong, Vietnam, and Australia, the technology that will backup the ShareRing platform is KeazACCESS API. Released back in 2015, KeazACCESS is deployed in over 300 locations globally with thousands of daily users catering to three major global markets – Internet of Things  (IoT) integration, Sharing Economy, and Vehicle and Passenger Mobility – and its end-goal will be work hand in hand with the ShareLedger Blockchain to take ShareRing to the next level.

A dual coin system powered by the ShareLedger Blockchain  

ShareRing will operate on its own custom Blockchain called ShareLedger – a smart device system – which will make use of the KeazACCESS framework to ease both access and on-demand use of different assets within the sharing economy. The new Blockchain will feature a dual coin system to guarantee transparent, reliable and highly secure transactions on the platform.

The ShareRing utility token is SharePay (SHRP), which will act as a base currency for sharing services. Customers can pay in SHRP for renting assets, whereas the second token – ShareToken (SHR) – is reserved for providers. Its use will be to pay for access to the ShareLedger Blockchain (e.g. addition of smart contract and assets, renting out assets).

By introducing smart contracts, ShareRing ensures a trustless payment structure for renting, borrowing and sharing assets globally from a single place – the ShareRing app. Currently, under development, the app will leverage geo-location services to allow users to see and access sharing services in their area.

After winning 1st prize at the 2017 Blockchain Hackathon in Vietnam, ShareRing’s popularity skyrocketed. Global partners have joined the mission, with more names to come as the project development advances. The ShareRing Public Pre-sale is live throughout the month of April. To participate, a minimum contribution is required.

The post Blockchain Platform Is on the Verge to Developing a Tokenized Sharing Economy appeared first on NewsBTC.

Vietnam toughens crypto measures amid reports of an alleged $658 mln ICO scam, which would be world’s largest to date. #NEWS

Indian cryptocurrency exchange Coinsecure has announced the theft of nearly $3.3 million in bitcoin.

A financial industry self-regulator in Hong Kong is developing a blockchain powered platform for the city’s motor insurance sector.

Bitcoin looks north following a bullish technical breakout.

BTC, ETH, and altcoins continue to grow as the crypto markets are on their second day in a row of solid growth. #NEWS

Bitcoin Press Release: BitUN offers its users both private savings and Investment Bank. The blockchain banking platform uses a native BUC token and will be listed on Hong Kong Exchange Coinsuper in April 2018.

April 09, 2018, Singapore – Earlier this year number one token tracking site Coinmarketcap registered over 1500 different cryptocurrencies and saw the total market cap of these combined digital currencies surpass the incredible value of $800 billion US dollars. Despite a recent market slump, the number of tokens into the market has no slowed down, and the total market cap is expected to continue rising.

Faced with such exponential growth, the digital assets market is facing something in the way of a crisis in a management and investment sense. One of the largest challenges is the substantial disparity between the rapidly developing digital assets market and the currently lagging financial infrastructure service. It is common knowledge that the basic service of the traditional financial industry is the account and assets management service provided by the banking industry.

In the rapidly developing cryptocurrency industry, digital asset wallets are providing all the basic attributes of a traditional bank account, but with additional transparency made possible through decentralized blockchain technology.

Despite these advantages there are still many problems with account safety, convenience, accessibility and token transfer speed.

In addition, cryptocurrency tokens sales, (or ICO’s) have faced recent mainstream media scrutiny, investment process issues, and problematic token distribution schemes. These issues have resulted in a bad name for crowdfunding and a hesitancy for bigger investors to participate in such projects.

The Blockchain based bank BitUN aims to resolve these issues and apply the stability and accessibility provided by all commercial banks. The Hong Kong-based bank acts as both a private savings bank and investment bank, providing the most important and basic services for both financial markets, comes into being.

BitUN, A Cross－Chain Assets Private Bank Based on Lightning Network 2.0

As Bitcoin, Ethereum and the other Blockchain networks apply different network protocols, it has proven to be a challenge to establish a channel for the lightning network between Blockchain networks of different structures. BitUN, based on CAS Blockchain network, creatively defines the meaning of the universal protocol–Lightning Network 2.0 that links Blockchain networks of different structures.

This is a digital currency settling and liquidation network that resolves the hard problem to perform assets management and circulation on many Blockchain networks safely and conveniently. When BitUN is establishing the lightning network channel, it locks the assets of the customers at the original chain through Smart Contract so as to trigger BitUN to execute the Smart Contract that extracts the value.

The value extracting Smart Contract will trigger the double-entry of BitUN system and the bookkeeping is able to record the assets of the customers accurately in the original chain.

The whole process is performed through Lightning Network 2.0, which guarantees the safety of the original chain assets but also greatly enhances the transfer speed, with minimal fees. Users can also return the original chain assets safely through BitUN authorization. All the information can be acquired through the Blockchain browser of BitUN to guarantee the traceability of the assets.

BitUN is also dedicated to building Lightning Network 2.0 into an open protocol of the industry, establishing a world largest cross-chain digital currency transfer and liquidation ecosystem in which all of the assets on the chain can be transferred faster and safer. BitUN has recently been securing numerous strategic partnerships with various global digital asset exchanges.

BitUN utilizes the Lightning Network 2.0 to provide total asset management, the circulation of blockchain networks on different chains, provide OTC trade, whilst connecting with numerous global exchanges.

BitUN, an ICO Store Based on Smart Contract

At present, the crowdfunding projects on the market are in chaos. The investing process has become problematic. Generally, investors have to transfer the assets to the address whether it’s credible or not. The project issuer still performs a manual accounting for the assets and token of investors.

It is also not often possible for participants to track the distribution and defrosting plans of the token. Participants generally have no choice but trust the project founders.

BitUN will aim to integrate the investment, distribution and defrosting plan of the token with Blockchain through reshaping the crowdfunding process with Smart Contract and Blockchain technology. The distribution of token and the defrosting plan of token are set up before distributing the token that is locked up on the Blockchain through a smart contract.

BitUN also optimizes the whole process in which users will have a safer and faster crowdfunding experience. Furthermore, all of the token distribution and defrosting plan can be checked through the Blockchain browser of BitUN. The tokens will be transferred to the targeting account only after meeting the enough defrosting requirements. The entire process is openness, transparent and decentralized.

BitUN news

• March 14, BitUN token BUC ICO finished
• March 23, BUC token released in BitUN
• March 27, BitUN, a private bank of blockchain assets, and Coinsuper, a Hong Kong digital currency financial expert, signed a strategic cooperation agreement. The two parties will take long term cooperation in many fields such as wallet exchange, customer service etc..
• March 28, BitUN signed a strategic cooperation agreement with Higgs Mining, the world best hash mining service. BitUN become the official wallet of Higgs Mining.
• Middle of April, BitUN token BUC will be released in Coinsuper exchange

Airdrop

On March 23, 2018, BUC, the token of BitUN and the 1st round Airdrop candy will both start to distribute in BitUN App to related users. The 2nd round of the BitUN Airdrop is currently underway, and there is still time to get involved.

Learn more about BitUN on the official Website: https://www.bitun.io/
Check out the BitUN Whitepaper here – https://www.bitun.io/documents/BitUN_Whitepaper_cn.pdf
Join the BitUN Official Telegram group: https://t.me/BitUNEN
Find BitUN on Facebook: https://www.facebook.com/bitunglobal/
Follow BitUN on Twitter: https://twitter.com/Official_bitun
Download the BitUN app on the App Store here – https://itunes.apple.com/sg/app/bitun/id1342608180
Download the BitUN app for android here – https://bitun.io/outter-api/v1/app/download

Media Contact

Contact Name: Leaf
Contact Email: [email protected]
Location: Singapore
Company: BitUN

BitUN is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The Hada Dbank token sale is closed to US participants and participants of all countries in which ICOs are illegal.

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The post Blockchain Startup BitUN Offers Promising Cryptocurrency Bank in 2018, Launch in April appeared first on BitcoinNews.com.

Bad news for dirty money launderers and good one for investors and enthusiasts #EXPERT_TAKE

Despite their massive popularity and continued influence on today’s emerging fields of blockchain and cryptocurrency, Bitcoin and Ethereum suffer from architectural flaws in their respective blockchains. And now, from the original developers of two of the world’s most used cryptocurrencies comes Skycoin, the blockchain that seeks to address these shortcomings.

Fault of our Fathers

When it first emerged, Bitcoin appealed to so many due to its promise of financial freedom from the disenfranchisement of the current traditional finance and banking system. For the first time, people saw the possibility of being in full ownership and control of their money, and thus the idea of cryptocurrency was born.

In the years following Bitcoin’s emergence, the very idea of cryptocurrency expanded rapidly, prompting hundreds of blockchain projects and cryptocurrency. Yet, while many sought to promote their own ideas of decentralization, the two major blockchains – Bitcoin and Ethereum -persisted with foundational faults at the very core of their architecture.

Both used the Proof-of-Work (PoW) consensus algorithm – requiring extremely complicated mathematical calculations to be made by machines to solve cryptographic puzzles. This meant that miners with more computational power were more likely to solve these puzzles, in the process verifying transactions and building blocks. As miners were rewarded with newly generated coins and their given transaction fees, the commercial incentive prompted a “processing power race” that continues to this day.

Why the Original Fault Must be Addressed

Skycoin believes that the economic incentive structure played out in the mining process was designed to be conducive to decentralization, yet fundamental miscalculations in early Bitcoin programming meant that its original purpose has not been achieved.

PoW algorithm has led to a hegemony of mining pools with cheap electricity and power-hungry machines at their disposal. Along with power has come influence, with these groups able to orchestrate sweeping network changes through hard forks. Bitcoin’s creator saw this as the largest non-cryptographic threat via so-called “51% attacks” – in which a majority of mining power is in the hands of a single controller.

Energy researcher Sebastiaan Deetman had once predicted that the ever-expanding network could require energy levels equivalent to the national consumption of Denmark by 2020:

“The continuous consumption of electricity through the processing power required by mining incurs monthly costs in the tens of millions. There is little sustainability in this over the long-term.”

Obelisk: Deliverance

Tackling the heart of the problem is Skycoin blockchain’s Obelisk consensus algorithm, which distributes network influence via a web of trust. Instead of miners, nodes will maintain the network. These will be significantly cheaper to produce, obtain and operate. Obelisk was designed to be completely scalable and computationally economic, with budget hardware capable of running it. When node access has low entry barriers, centralization becomes near-impossible.

Without a reliance on mining incentives, Skycoin is safe from 51% attacks. Since there is no chance to take over the network, there will be no industrial-scale mining farms with an army of computers. Even if a group somehow pools together enough resources for a disruption, this takeover attempt would be discovered immediately and shut down, with little to no user impact.

For now, operating an Obelisk node is as easy as purchasing a Skywire Miner, or building your own custom version. While operating nodes do not produce monetary value, this secures the Skycoin network. Operators can choose to contribute resources or bandwidth and earn Skycoin (SKY) in return. This mechanism of incentivization gives Skycoin its inherent value. Bitcoin’s value is currently a speculation of future network value. Skycoin’s value is here and now, with the launching of Skywire testnet.

To learn more, visit the Skycoin website and read the Skycoin whitepaper.

The post Skycoin Announces Obelisk Protocol, Aiming to be what Bitcoin and Ethereum Should Be appeared first on BitcoinNews.com.