Day: April 30, 2018

Meat manufacturer Oscar Mayer has launched a bacon-backed cryptocurrency, which fans can cash out for real bacon.

Technology pioneers have been showing an interest in blockchain technology and cryptocurrency for quite some time now. Especially for pioneers active in the coding world, the concept of cryptocurrency is rather intriguing. Alphabet’s Sergey Brin recently mentioned Ethereum in a positive light. This took a few people by surprise, although most of his comments revolved around artificial intelligence.

Sergey Brin and Ethereum

As is usually the case when a famous technology pioneer references cryptocurrency, there is a fair bit of surprise and confusion to contend with. In the case of Alphabet president Sergey Brin, his recent comments regarding Ethereum shocked a lot of people. Not because they were negative, but mainly because he sees the bright side of cryptocurrency in general. It is quite uncommon to hear someone think along those lines these days.

To put this into perspective, Sergey Brin recently talked about cryptocurrency and artificial intelligence. In issuing Alphabet’s annual founders’ letter, Brin highlighted two emerging trends which are of great importance to him personally. Brin has mixed feelings about AI, which is not entirely surprising. Cryptocurrency, on the other hand, gets a rather big vote of confidence from Brin, although it will not have any impact on the Ethereum price.

Brin referenced the effect cryptocurrencies have had on the computing industry and in general. Specifically, he mentioned the “GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum.” This particular algorithm is one of the reasons why the demand for more powerful graphics cards has risen so sharply in the past few months. Mining cryptocurrency has become a booming industry, but the demand for GPUs to mine Ethereum may drop off if the price remains on the relatively low end of the spectrum.

While the public’s opinion on cryptocurrency is still all over the place, one cannot deny the impact it has had on the computing industry. Currencies such as Ethereum have shown the world how things can be done differently and how one could empower such ecosystems. That in itself is an unexpected advancement in the world of computing, and one which might not have been triggered by any other technology. According to Brin, that is a positive development, even though a lot of people remain wary of cryptocurrencies, for obvious reasons.

How Ethereum and other cryptocurrencies will affect the future of computing as a whole remains to be seen, but Ethereum has shown the world that GPU-friendly proof-of-work algorithms can exist without too many problems. Now that Ethereum mining ASICs have come around, it will be interesting to see if any modifications are made to this algorithm.

We do know that Ethereum’s developers are planning a switch to proof-of-stake in the very near future. When that will happen remains a bit unclear, although Casper is coming together nicely as we speak. It is evident GPU mining will come to a halt where Ethereum is concerned, but that doesn’t have to be a bad thing. It is good to see technology pioneers such as Sergey Brin acknowledge that cryptocurrencies have a positive side which most people tend to overlook for no apparent reason.

Figures released after the second cryptocurrency exchange group this year hosted by Japan’s FSA on 27 April show a tripling of cryptocurrency enquiries since the same time last year.

The first such meeting which took place last month revealed that there were 3.5 million now trading in cryptocurrency in Japan. These new figures confirm the massive spike in interest in digital currencies over the course of the last year.

Japan’s Consumer Affairs Agency (CAA), which compiled the figures, said that 2,769 domestic enquiries were filed in 2017 on topics related to cryptocurrencies, whereas the previous year the total was only 847. However, the agency confirmed that many of the enquiries were concerned with exchange platforms’ security and the legitimacy of certain ICOs. Most of the enquiries were from the 40s to 50s age group although there was only a slightly lower percentage in other age groups. Some calls were even from parents with concerns for their teenage children using cryptocurrency.

The release of this data by the FSA, after two meetings of the exchange group, is the agency’s latest move to bring greater transparency to Japan’s burgeoning cryptocurrency environment. According to it, study and disclosure of domestic trading statistics is a step towards a thorough examination of Japanese cryptocurrency trading. It represents a significant move in light of the recent hacking of domestic exchange Coincheck on 26 January, during which 526 million XEM tokens worth USD 400 million was stolen.

Forbes reports that the FSA has recently taken another step towards preventing such hacking events by encouraging cryptocurrency exchanges to give up handling Monero (XMR), Zcash (ZEC), and Dash and other anonymous cryptocurrencies favored by hackers.

Japan’s licensed cryptocurrency exchanges have also recently formed a self-regulatory body that will have enforcement power over its members. The organization would be able to create a whitelist of favourable exchanges while being able to pressure exchanges into delisting any cryptocurrencies the FSA might regard as suspect.

image source: https://pixabay.com/en/question-mark-pile-question-mark-2492009/ – qimino

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Databroker DAO Helps Unleash the Potential In Untapped Data

In today’s world it has become evident that personal data is becoming increasingly valuable. Data has become a valuable asset to businesses, who can target specific demographics and markets based on their personal information. However, in recent times the way some organisations collects and stores data has become unethical as personal data has been obtained without the consent of many, and in some instances this valuable data has been wasted.

The IoT sensor data market is massive, spanning  600 billion USD per year. That figure is expected to double in the next three years. Most sensor data is not utilized to its full potential, because it goes through a gateway operator into data silos where it is locked away once it’s purpose has been served.

Imagine the potential if all of this untapped data was effectively utilized by data-hungry third parties. All 600 billion USD worth of data could be searched for and purchased on a decentralized network. For the first time, DataBroker DAO has transformed the data market by making this data easily accessible to individuals and businesses on the Ethereum blockchain.

A Sensor Data Revolution

The way data is used and obtained has become a hot topic in recent times. Individuals, governments and organizations alike are becoming increasingly aware of the value that data can hold. The primary market for sensor data is expected to reach 1.2 trillion USD by 2019 and it is estimated that at least 10% of this data is sought for others. With such a demand, businesses and individuals pay premium prices for the data.

DataBroker DAO has the solution. By using smart contracts on the Ethereum network, it is now possible to unlock the true value and potential of the data market. Sensor owners can now sell the data generated by their sensors and buyers can purchase this data using DTX tokens. This has massive implications on a global scale, as anyone in the world can buy data, creating a global market for local data. The result: DataBroker DAO cuts out the middleman as buyers and sellers can share data in a cost effective and ethical manner.

On the Road

To kick off DataBroker DAO’s exciting new chapter, they are hitting the road by taking part in different conferences and summits across the globe. DataBroker DAO is sharing its groundbreaking vision with the world, where organizations and individuals can network with like minded peers in order to share and experience the groundbreaking platform together. The itinerary is listed as follows:

• April 16-17: World Blockchain Forum, Dubai.
• April 17-19: Eventhorizon, Berlin, Germany.
• April 18-19: Blockchain Expo, London, UK.
• April 19: Xero-In, Amsterdam, Netherland.
• April 23-24: Smart Island World Congress, Mallorca, Spain.
• May 2-3: Future Blockchain Summit, Dubai.
• May 3: FPA Connects, Dubai.
• May 2-5: AND& Festival, Louvain, Belgium.
• May 3-4: Arch Blockchain Summit, Luxembourg,
• May 3-4: Blockchain in Health, London, UK.
• May 12-13: World Satoshi Summit, New Delhi, India.
• June 6: IOT Smart Cities Convention Europe, Antwerp, Belgium.
• June 11-14: MoneyConf, Dublin, Ireland.
• July 9-13: Rise Conference, Hong Kong, China.
• October 22-25: SIBOS, Sydney, Australia.

DataBroker Token Sale

The platform is soon to undergo its main token sale, which will last a month. There is also a 10% bonus for contributors buying the DTX token in the first week.

The tokens will become available for trade a week after the sale ends on Chankura.com. The data trading platform will then transition to the mainnet in mid Q2 2018 and gateway operators will be integrated into its system to allow for mass uploads of sensor devices.

DTX is available at $0.23 per token in the pre sale, with an additional 50% bonus. The minimum contribution must be 10 ETH in the presale and the main event will see a 10% reduction in DTX bonuses in the first week.

The true ramifications of DataBroker DAO will soon be realized. Soon, owners of isolated data from millions of sensory devices will be available anytime, anywhere. The true value of untapped data can now be utilized in a convenient and ethical manner as data owners can now monetize the data they choose to sell.

For more insight into DataBroker’s exciting new chapter visit their website, where you can also find their whitepaper. Or get in touch on Telegram and join the data revolution.

The post DataBroker DAO Announces Worldwide Roadshow Dates appeared first on BitcoinNews.com.

Various Asian countries have taken a harsh stance against initial coin offerings. Given the previously unregulated nature of that industry and the large sums being raised by ICO teams, that is not a big surprise. It seems one South Korean company is trying to have a positive impact on the sector. The Korea M&A Center is launching a new platform meant to protect ICO investors.

A Positive ICO Development in South Korea

No one will deny the role of importance which South Korea plays in the world of cryptocurrency. After China banned CNY trading, South Korea was fairly quick to take its place in the fiat currency trading department. That was a rather interesting development, and one that has also caused some regulatory challenges in the region. Particularly when it comes to initial coin offerings, things have gone from bad to worse fairly quickly.

Several months ago, it became clear that South Korea’s FSA did not take kindly to ICOs and ICO-related products. As such, many people expected initial coin offerings to be completely banned in the country, even though that is not exactly what has happened. There is still a lot of unease when it comes to embracing this business model in South Korea, but that situation may come to change fairly soon.

That’s because the Korea M&A Center has made it clear they are working on a new patented platform to protect ICO investors. That is a rather surprising turn of events, although it also has a lot of merit. More specifically, their ESC Lock service offers an escrow system similar to those found in traditional financial markets, but tailored to initial coin offerings. The end result is that investments will be locked, as will be the ICO tokens issued by the companies in question.

That’s a very different take on initial coin offerings, and one that could bring a lot of legitimacy to this particular industry. With various ICO scams having been recorded in recent history, it is evident something will need to change where ICOs are concerned. Moreover, there is an alarmingly high rate of projects failing to reach commercialization, which doesn’t bode well for investors either. ESC Lock should be able to address all of those issues, as investors need to be protected.

ESC Lock will only deposit investments in ICO companies if certain conditions are met. Any company failing to live up to these expectations will not receive any funding, and investors will simply get their money back. This will put a lot of pressure on ICO projects to actually deliver the goods, and will hopefully weed out the bad seeds altogether. It is a positive development for the industry, albeit one that will remain limited to South Korea, for the time being. Of course, one could argue that ICO investors simply need to conduct their own research first and foremost. That would certainly solve a lot of problems, though companies may still not be able to enter the commercialization stage. 

An SEC commissioner warned that initial coin offerings could be fraudulent, but consumers cannot necessarily identify fraud.

Karate Combat league will feature the Bitcoin logo at the center of their fighting ring as they bring professional Karate competition to the world for the first time.

Karate Combat Gets Funding From Non-Profit Bitcoin Organization

The Karate Combat League being launched by web portal Karate.com claims to be the first international, full combat showcase for Karateka (professional Karate fighters) to compete at the highest level in events created by experts from within the sport. It will also be the first professional sports league that features the Bitcoin logo. In this case, emblazoned in white at the center of their fight pit.

The Bitcoin centric group bitproj.org, a nonprofit that raises funds to increase world knowledge of cryptocurrency has sponsored the league. The pairing is a natural fit as MMA and martial arts-related sports have been maturing and gaining acceptance alongside cryptocurrency and often appeal to the same demographic.

Karate Combats launched on April 26 was covered at Sports Illustrated online with overhead shots of the competition that framed the Bitcoin trademark B crisp and clear at the center of the ring.

Karate Combat CEO Michael DePietro was quoted when talking about the creation of the league saying:

“Approximately 50 million Americans have participated in Karate at some point in their lives with an even greater worldwide following, yet no professional league exists.”

It seems bitproj.org finds no conflict with joining their mission of creating Bitcoin awareness and understanding of the groundbreaking blockchain technology with the ancient martial art by supporting the fighting league. Karate Combat League includes 100 fighters from 30 different nations who will appear as a league at the 2020 Tokyo Olympic games.

Bitcoin and MMA Have History

As cryptocurrency and MMA were both started in somewhat obscure corners of world culture and have had to buck against the old guard in their respective fields to gain acceptance it’s no surprise that there has been a degree of crossover between them before.

Take veteran professional welterweight UFC fighter and early cryptocurrency adapter Jon Fitch. Fitch found himself underwater for $180,000 on his condo in San Jose California after the housing meltdown in 2008. He got interested in Bitcoin as a decentralized currency when he saw the same banks responsible for that crisis being bailed out by the federal government as ‘being too big to fail.’

Fitch reportedly became the first professional athlete to be paid in Bitcoin in 2015 and has since negotiated contracts to include Bitcoin paydays whenever possible. Fitch has been sponsored by NautilusCoin in the past and sees cryptocurrency as a perfect match for MMA which includes contestants from around the world who often run into financial problems moving their money around. He said:

“The appeal for me with bitcoin and MMA is it’s an international sport. A lot of guys have problems with getting paid and the payment processing that goes on.”

Image from Shutterstock.

The post New Karate Combat League Features Bitcoin Logo at Center Ring appeared first on NewsBTC.

According to Le Monde, France’s State Council of taxation has announced a severe lowering of financial penalties on gains from cryptocurrencies such as bitcoin. The agency is signaling crypto tax will plummet from its current 45% to an across the board flat 19%. It’s a dramatic change in orientation from the government. Could it be France is ready for a decentralized, digital financial future?

Also read: Telegram Urges Paper Airplane Protest, Pussy Riot Activist Arrested

France Lowers Crypto Tax

It has been an active year so far for La République. Bruno Le Maire, Minister of Finance, argued a month ago how, “A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens,’ crypto-actives or not. It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient,” setting off a wave of enthusiasm from bitcoiners.

For at least four years, however, the Republic of France has kept taxation on bitcoin core and cryptocurrency capital gains in general at nearly half. There appears to be a softening in this regard, as regulators responded to pushback by enthusiasts, and have pledged to bottom the current rate, 45%, by more than half, to 19%.

Good news started, perhaps, back in early 2017 after France elected the very young Emmanuel Macron, then 39. While the ecosystem has no political affiliation or loyalty, Mr. Macron gave an encouraging sign by allowing himself to be photographed with a cold storage wallet. It would later be revealed as a publicity stunt prior to his run. But, nevertheless, he at least seemed familiar with the technology.

An Active First Quarter

Again, during the first quarter of this year France has expended more political calories on the issue of crypto. Beginning with an appointment of an industry “Mission Leader,” France was particularly vocal about carrying forth some kind of world consensus on laws governing crypto (to no avail) ahead of the G20 meeting in Argentina. Shortly after, French minders cracked down upon crypto derivatives, and would a month later publish warnings about 15 “unauthorized” exchanges and platforms.

Around the same time as comments from the Minister of Finance and various regulatory activity, local bitcoiners took their case to the High Administrative Court. The court then ordered cryptocurrencies such as bitcoin be reclassified as property, thus leaving room for lower taxation. Profits derived from mining, however, are to remain under the banner of capital gains, as they’re considered purely commercial activities.

Do you think this will start a trend among EU countries? Let us know in the comments section below.

Images courtesy of Shutterstock.

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

The post Vive la France! Bitcoin Tax Slashed by Republic appeared first on Bitcoin News.

An Iranian government minister has confirmed that an “experimental model” of a domestic digital currency is now ready #NEWS

The Federal Trade Commission (FTC) is planning to host a workshop on cryptocurrency scams and fraud in June.

Canada is fast becoming a world leader in embracing cryptocurrency and blockchain technology behind the US and the UK.

Due to provincial research and development, low energy costs, high-speed internet and internal regulation, Canada, home of Ethereum, has become an established global leader in blockchain innovation.

Ethereum blockchain technology is now used around the world with a wide variety of applications in major sectors such as government, health, and education. A Cornell University study shows there is a clear difference of nodal distribution between Ether and Bitcoin around the globe. Emin Gun Sirer, Cornell professor, and computer scientist suggests:

“The Ethereum nodes are both in the latency space, and also geographically, more distributed around the world, as opposed to Bitcoin nodes, which tend to be located in data centers”

Toronto based Vitalik Buterin, who is the inventor of the Ethereum Blockchain, a second-generation open source software platform, is largely responsible for Canada’s current popularity as a major Fintech hub. The Ethereum Blockchain extended Nakamoto’s original bitcoin blockchain by adding the concept of smart contracts, which have changed the face of data protection and storage around the world.

The Blockchain Research Institute (BRI), based in Toronto, has currently invested in over 70 research projects which are looking at ways the blockchain technology can be used in industry. The BRI has joined with the Information and Communications Technology Council (ICTC) of Canada and the Bank of Canada to build a nationwide blockchain system.

This year, Canada’s first Blockchain exchange-traded fund began trading on the Toronto Stock Exchange and the Bank of Canada piloted a research program to examine the possibility of a national cryptocurrency.

ConsenSys, an Enterprise Ethereum Alliance member for over 10 years, now offers some of the lowest electricity rates in North America, and Quebec has consequently become a crypto mining hub. This has drawn crypto-miners to the region.  A local Quebecoise ether miner commented:

“Quebec is one of the best places in the world for mining, thanks to low cost electricity, cool temperatures, and high-speed internet. There’s a lot of data centers in Montreal and they’ll rent you a space for your own server or ZTE smartphone…”

The Ontario Securities Commission (OSC) has granted regulatory relief to allow Ontario’s first regulated ICO under existing exemptions in securities laws.

Image Courtesy:  https://pixabay.com/en/lake-louise-canada-landscape-1761286/

The post Canada Ranks With The Best As Blockchain Nation appeared first on BitcoinNews.com.

Capital gains taxes and cryptocurrency have always been an odd couple. Although a lot of people see the merit in proper taxation guidelines for cryptocurrency, things are never as clear-cut as they might appear. In France, a new proposal has been introduced to reduce the capital gains tax on Bitcoin from 45% to 19%. It’s a positive development, as a lower flat rate simply makes a lot more sense.

France Reduces Bitcoin Capital Gains Tax by 60%

Anyone who currently deals with Bitcoin for speculative or professional reasons in France will pay a capital gains tax on their profits. That’s been the situation for quite some time now. The original regulation dates back to July 2014, and it has not seen any major changes since that time. This is not to the liking of local cryptocurrency users, as paying a 49% capital gains tax seems crazy.

Changing this rule has been an ongoing battle, although major success has been achieved. French sources report that the Council of State will reduce the capital gains tax on Bitcoin and other cryptocurrencies. That is a very positive development, even though the flat fee concept will remain in place. With the tax rate dropping from 45% all the way to 19%, a very positive change has been introduced by French officials.

Although this still means French cryptocurrency enthusiasts will lose one-fifth of their profits, it is better than giving up almost half of them. Any gains from the sale of cryptocurrency are now considered to be industrial and commercial profits if these sales occur regularly. For users who only sporadically sell cryptocurrencies, the earnings will be labeled as non-commercial profits.

It is important to note that the Council of State is now putting the sale of cryptocurrency on the same level as that of movable property. The movable property designation usually applies to more tangible assets, such as jewelry, cars, and so forth. However, it also applies to intangible goods, such as patents, copyrights, and now cryptocurrencies. With the flat fee of 19% now applying to all of these products and assets, a more lenient ecosystem has been created which may allow cryptocurrencies to thrive in the years to come.

It is possible that there will be exceptions to this tax ruling. That’s because the Council of State acknowledges that certain “circumstances specific to the transactions” could cause this tax rate to change. It all depends on the type of trading activity, the amount involved, and the origin of the cryptocurrency in question. Any gains not considered the result of an investment transaction will always be considered to be industrial and commercial profits, even if it is a one-off transaction.

This latter point could have big consequences for people who mine Bitcoin. As mining is not related to investment, it is only normal that it would be considered commercial profit first and foremost. Any income from a professional activity – such as freelancers being paid in Bitcoin – will also fall into that category, which is no big surprise either. All things considered, this new regulation is rather positive for the cryptocurrency industry in general.