Day: May 4, 2018

A weekly roundup of regulatory moves by different nations and agencies.

Among conferences, BlockShow is like the Cirque du Soleil of the circus – we stand out from the competitors. We are not your typical conference: we remove standard, official stuff from it and focus on a casual atmosphere where [the] community feels [at] home and where people can network and sign contracts. We disregard the word “official”, and like to replace it with “informal”. We are a show for blockchain business representatives to spend their time efficiently.

Addy Creeze, CEO of BlockShow

With new and exciting seminars across the world, blockchain technology is opening its doors to influencers and users from all backgrounds. But, when it comes to educating consumers about the technology, there have to be more than just concepts – there has to be show. It’s important for these engagements to appeal to more than just the intellect of individuals, but to their passions and hobbies.

Meet the Cirque du Soleil of the blockchain – BlockShow Europe. Providing exposure to the most innovative releases and promising blockchain companies that are disrupting global industries like IoT, AI, and cybersecurity, BlockShow Europe aims to stand out from its competitors. Jimmy Wales, the founder of Wikipedia and one of Time’s “100 Most Influential People,” will be delivering a keynote speech at BlockShow. Wales, a huge influencer and proponent of the crypto sphere, first started toying with Bitcoin back in 2014, according to a March 2014 tweet. Accompanying that tweet was his wallet address, and within no time he had received a total of five BTC in unsolicited donations. The rest, as they say, is history. Since 2014, Wikipedia and the rest of the Wikimedia Foundation have accepted Bitcoin donations, helping to drive usage of the digital currency.

Much like how Jimmy and other influential individuals have pushed the adoption of cryptocurrency and blockchain technologies, the conference at which Jimmy will be speaking is also helping the industry grow in an effort to bolster the understanding and usage of these technologies. BlockShow Europe is dedicated to discovering the hottest innovations and trends in both the European and global blockchain scenes. The event will bring in more than 3,000 attendees, over 150 projects, and 80 speakers and experts from various walks of life, including banking, tech, and numerous other institutions and global industries.

Most importantly, it’s also about making sure the space plays ball with the higher-ups – regulators. At the event, representatives of central banks and European governments will also share their vision and experiences of harnessing blockchain technology.

The event will take place in Berlin on May 28-29.

Bitcoin press release: Slate Entertainment Group is proud to announce the launch of SLATE [SLX] blockchain network. Slate will revolutionize the entertainment industry by using blockchain technology to provide transparency and accountability in the entertainment space, while making it easier than ever to find and buy the entertainment you love.

28th April 2018, North America’s: Slate will power the first blockchain video on demand (BVOD) service, BINGE, and facilitate all types of entertainment discovery and ticketing. Binge introduces BVOD (Blockchain Video on Demand), the first premium decentralized streaming platform to utilize the power of distributed ledger technology.

For the Binge streaming media platform, blockchain technology facilitates streaming content and transparent behavioral analytics that reveal consumer tastes. Binge’s model of transparency is an entertainment-industry first. Binge will provide real-time revenue sharing between content providers and creators, while mediating access to the valuable network data and analysis that improves content development.

What is Statix

Powered by the SLATE network, SLATIX will be the new go-to mobile app for entertainment discovery and ticketing. Consumers using SLATIX can discover great content through a curated system of authenticated reviews, and earn substantial discounts and access to entertainment events, including movies, concerts, plays, museums and sporting events. Repeat users will enjoy loyalty rewards and an unparalleled entertainment experience. Curation of a trustworthy review system is incentivized with Slate token rewards (SLX). Since the tickets are secondary tokens on the Slate blockchain, they are forgery-resistant and securely exchangeable on the secondary marketplace.

How Does Slate Work

SLATE is a blockchain-based entertainment utility protocol powered by a cryptographically secure multilayered network. The decentralized system will deliver low-cost, high-speed, high-definition video globally and facilitate live event ticketing on the blockchain. Consumers will be able to spend SLATE cryptocurrency (SLX) on some of the best entertainment the world has to offer. The use of SLATE enables fair and transparent compensation between creators, producers, and distributors. Creators are compensated fairly and consumers get higher quality entertainment, while event hosts have the peace of mind of knowing their tickets are secured by the blockchain.

Masternode Network

The SLATE network consists of a primary network, the distributed ledger for the SLX cryptocurrency, and a secondary layer of “Masternodes.” These service nodes store videos and deliver them to Binge customers. Masternodes will be a premier way of earning SLX through the hosting of nodes and storage of content, providing SLX Masternode owners with real world passive income. The genius of the network is in the aligned incentives: the SLX cryptocurrency motivates service providers to maintain an always-on global network.

Unrestricted Global Access

Consumers are the authority that matters when it comes to content decisions. Not governments. Not companies. Blockchain gives power to the people. Binge’s peer-to-peer distribution network will safeguard consumer choice. SLATE cryptocurrency will eliminate barriers to international commerce and net neutrality. Trustless transactions mean fast payments that bypass banks and bureaucracy, while still honoring licensing agreements. Accessible content. Fair payment. The road to freedom is being paved by blockchain.

Pre-Sale & Token Sale

The initial sale distributes 48% of the total network supply of SLX coins. The sale is structured so that earlier purchasers get fair bonuses. Receive up to forty-five percent (45%) discount based on pre-sale price of twenty cents ($0.20). The pre-sale bonus starts at 5% for the first five days, then drops by 1% every five day period. The intended token sale opens at twenty-seven cents ($0.27), and rises by two cents ($0.02) every four day period, to a peak of thirty-five cents ($0.35).

The Pre-Sale starts May 11th and runs through May 26. Register now and get whitelisted for the coming entertainment revolution. The intended public token sale begins shortly after.

Follow Slate on their favorite channels to be sure not to miss any updates, bounties, competitions, and giveaways.

Visit the Website: https://slate.io
Read the Whitepaper: https://slate.io/SLATE_WHITEPAPER.pdf
Discord: https://discordapp.com/invite/ENuwHH5
Telegram: https://t.me/Slate
Twitter: https://twitter.com/slatecurrency
Facebook: https://www.facebook.com/slatecurrency
Instagram: https://www.instagram.com/slatecurrency/
GitHub: https://github.com/slatecurrency

Media Contact
Name: Jose Maradiaga
Location: North America’s
Email: [email protected]

Slate 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. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.

This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. The Slate token sale is closed to US participants and participants of all countries in which ICOs are illegal.

The post PR: Introducing SLATE: The Entertainment Currency appeared first on BitcoinNews.com.

From what was rumored to be the biggest initial coin offering (ICO) in history, Telegram has now shut down its much-publicized ICO, as reported by the Independent.

While some have claimed that Telegram already successfully raised its monetary target, it seems more likely that the cancellation was due to the tightening of ICO regulations happening across the world and particularly in the US.

ICOs have collectively raised USD 12 billion in funds since 2014, but perceived connections with scams and fraudulent activities have led the Securities and Exchange Commission (SEC) to scrutinize the legality of these fundraising efforts.

SEC chairman Jay Clayton recently testified before the US Congress, saying, “Many ICOs are being conducted illegally. Their promoters and other participants are not following our security laws.”

Satis Group created a resource to identify ICOs and cryptocurrencies as scams, but Telegram’s fundraising for the Telegram Open Network (TON) coin does not appear to fall into this category. Officials have argued, however, that this could not be accurately identified until the final launch that was scheduled for later this year.

Telegram’s ICO

In the white paper detailing the ICO held by Telegram, the company detailed its objective to create a cryptocurrency that could overcome the limitations of Bitcoin and the other leading cryptocurrencies. The digital currency was advertized to offer lower transaction fees at quicker transaction times.

The white paper reads: “To this day, no consensus-backed currency has been able to appeal to the mass market and reach mainstream adoption. Telegram will use its expertise in encrypted distributed data storage to create TON, a fast and inherently scalable multi-blockchain architecture.”

Frustrated investors

Investors and industry pundits have reacted angrily to the cancellation, which reportedly raised USD 1.7 billion. While this gives Telegram enough finances to launch TON, they have put the cryptocurrency on hold.

ShapeShift CEO Erik Voorhees is one such frustrated industry specialist who vented on Twitter.

The SEC has created an environment where only the rich (aka “accredited investors”) are able to get access to financial deals. The plebeians must stick to the lottery. Telegram Cancels public sale of tokens due to SEC: https://t.co/jHH4LgMvO5

— Erik Voorhees (@ErikVoorhees) May 2, 2018

Telegram has a long way to go to rebuilding a relationship with the investors. With its ICO promoted as bringing the world the first mainstream cryptocurrency, this is disappointing news for some in the cryptocurrency market.

The post Telegram Cancels ICO Amid Tightening of Regulations appeared first on BitcoinNews.com.

Blockchain technology has been touted as the solution to many of the challenges facing most industries today. From insurance and real estate to content distribution and supply chain management, the potential of blockchains to revolutionize business is great. However, contrary to popular opinion, only 1% of chief information officers in a recent Gartner poll indicated that they’re currently making use of blockchain technology in their organizations. The poll, which included 3,138 CIOs, revealed a worrying reality of low enterprise implementation and people’s apprehension towards the new technology.

The Numbers Are Worrying

The survey, which was released on May 3, revealed that only 8% of respondents are engaged in short-term planning or are currently experimenting with blockchain tech. The majority of the respondents indicated they were either not at all interested in implementing blockchain technology at their organization, or were aware of its benefits but lacked any actionable plan to implement it. The latter group constituted a majority of the respondents (77%), with 34% being not interested at all and 43% not having any plan in motion.

Of the 293 CIOs who have begun efforts to incorporate blockchain technology in their organizations, the majority of them are of the opinion that it will force their IT departments to make radical changes. 23% perceive the blockchain as the technology that requires the most new skills to implement, 18% said that people who are skilled in blockchain applications are the most difficult to find, while 14% indicated that the blockchain calls for the greatest change in the culture of their IT department. A further 13% believe that their entire IT department would have to be overhauled for proper blockchain implementation.

The survey further revealed that the fields that are most actively involved in blockchain implementation are financial services, insurance, and telecommunications. These industries have continued to exploit the blockchain to increase transparency, efficiency, and to cut costs. However, there is a growing presence in the transport and utilities provision industry, as well as at government institutions. This is largely due to a growing focus on and demand for greater process efficiency.

Has Blockchain Adoption Been Overhyped?

With these figures in mind, it’s easy to wonder whether blockchain adoption, especially for enterprise use, has been overhyped. David Furlonger, the vice president at Gartner, had this to say:

This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment. It is critical to understand what blockchain is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow.

The study also revealed that there’s a widely held apprehension that stems from organizations not being able to accommodate the change in the operating and business models that is brought about by the implementation of blockchain technology. In this regard, Furlonger added:

Blockchain technology requires understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures. It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures.

He further warned organizations against rushing into deploying blockchains, as such a decision could prove quite costly. Deploying a blockchain in most instances means a complete overhaul, or at the very least, carries great ramifications concerning control of the networks and the economics.

While many industries indicate an initial interest in blockchain initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems.

This is one of the most thorough blockchain adoption surveys to date, and will offer a point of reference against which we can gauge future advancements in enterprise blockchains.

The chairman of Switzerland’s largest bank UBS warns against crypto, but sees potential opportunity in using blockchain tech

Portugal’s parliament is scheduled to debate cryptocurrency payment regulations in the following weeks, with an objective of instituting a new legal framework that guarantees the safety of consumers.

As reported in the local news outlet Jornal de Negócios, the government plans to discuss applicable sanctions, as well as the distribution and supply of cryptocurrencies. Likely this will also cover the contentious issue of initial coin offerings (ICOs). The Portuguese government is looking for an outcome of new payment services to emerge that are both safe and cost-effective.

Those in government have argued that the regulation of specific aspects that are not yet  controlled will allow new types of payment services to expand, in time contributing to a legal framework that will ”accommodate the innovation to the benefit of consumers, and to even promote competition.”

Specifically, the parliament is looking to implement a set of standardized rules to access payment accounts, which could prevent unnecessary difficulties or interferences. As well as this, Portuguese political representatives hope to establish operational risk management and complaint mechanisms for service providers, ICO operators, and cryptocurrency users.

In assuring the financial security of cryptocurrency traders and businesses is paramount, the government is looking to implement ”complaint mechanisms for payment service providers and for electronic money issuers, as well as for the respective supervisory authority.”

Comparatively, Portugal has a positive attitude to cryptocurrencies; the agenda for the country now is to even expand cryptocurrency-related services in the country, promoting competition in a safe, transparent environment.

In December last year, Portugal’s Securities Market Commission disclosed that they were supervising banks and brokerages to keep an eye on what was called ”Bitcoin euphoria” across Portugal.

The European Parliament recently saw a majority agree that cryptocurrencies required closer regulatory enforcement, with members agreeing management was needed to prevent their usage in money laundering and terrorist financing.

The post Crypto Payment Regulations on the Agenda in Portugal appeared first on BitcoinNews.com.

Thus far, 2018 has largely been a period of uncertainty regarding the state and future of Initial Coin Offerings. With the US SEC taking an increasingly active role in the regulation of ICOs, and an increasingly controversial perception of this funding method, it is unclear what sort of role ICOs will serve in both the short and long run.

Earlier this week, the Wall Street Journal reported that Telegram had decided to cancel its hotly anticipated ICO. The encrypted messaging application plans to create the Telegram Open Network (TON), a massively scalable blockchain ecosystem for micropayments and file storage, among other services, through DApps and smart contracts across multiple, connected blockchains.

Previously, the plan was for an open ICO to take place after a two-stage private pre-sale. However, after receiving a combined US$1.7 billion from both stages of the pre-sale, an anonymous source announced to the WSJ that the public ICO would no longer take place. The article suggests that this move was made in response to increasingly harsh SEC regulations. Speculators suggest that Telegram may have been one of the dozens of recipients of subpoenas sent by the SEC throughout March, and decided to shutter the ICO as a precautionary measure.

However, a more likely explanation is simply that the roughly 200 backers provided more than enough funding for Telegram to create its TON. With total pre-sale funding of $1.7 billion, these 200 backers contributed a whopping $8.5 million on average. Of course, this implies that anyone without millions in capital to invest are simply shut out of the opportunity to contribute to TON.

While concerns over regulatory influence are certainly not insignificant, the far greater concern spawned by Telegram’s decision relates to the fundamentals of the ICO model. In traditional investing, only 5% of the population, those approved as accredited investors, have the privilege of participating in startup investing, among other financial activities. One’s status as an accredited investor in the US is entirely based on wealth and income. Accredited investors are individuals with personal net worths in excess of US$1 million, or those who earn an income of over $200,000 annually. The other 95% of the population is simply deemed not qualified to partake in “risky” investing behavior.

The Initial Coin Offering represents a fair and empowering means of investing, as anyone, worldwide, maintains the right to invest as much or as little as they choose in the projects they support. This connects the 95% to the 5% who have been able to accumulate an increasing amount of capital specifically due to the size of their existing capital. Telegram’s decision to limit participation to just the ultra-wealthy flies in the face of the philosophy of ICOs and cryptocurrency in general.

As a result of Telegram’s decisions, GRAM, the fuel behind the TON ecosystem, will be held entirely by just 200 individuals plus the Telegram team. In comparison to other cryptocurrencies and ICOs, this is an extremely centralized distribution. Not only is this a scary precedent, but it means that the most popular messaging app among the global cryptocurrency community now flies in the face of decentralization, a core value of blockchain technology.

Because Telegram’s private pre-sale was so successful, a bigger concern may be whether or not future cryptocurrency initiatives follow similar, centralized solutions. The decentralized nature of cryptocurrency can only be maintained if centralized approaches are not rewarded similarly to their decentralized counterparts.

Coinbase has made new hires and acquisitions recently with a view to dominating all aspects of the virtual currency space but detractors say they are centralizing what is supposed to be decentralized.

Coinbase is Bulking Up to be the Google of Crypto

San Franciso startup Coinbase may not be the largest cryptocurrency exchange in the world though it is widely regarded to be the most popular. But, as it moves towards including more services through internal development and acquisitions, detractors say that it is going against the unregulated spirit of Bitcoin by attempting to dominate the space.

Their recent hire of Emilie Choi, a mergers and acquisitions specialist fresh from completing eight years as head of corporate development at LinkedIn where she completed over 40 deals, sends a clear message about their intention to expand.

Choi is upfront about her strategy to emulate what Google did in their early days by acquiring talent and products to allow Coinbase to grow in all directions using the technology at hand.

Presently Coinbase’s portfolio offers four main services, it’s original cryptocurrency exchange, GDAX exchange, which is geared for institutional investment, Coinbase Custody, and an open-source browser for Ethereum developers called Toshi. Choi’s intentions are to build on these core businesses by adding services that consumers will find ’delightful’.

The cryptocurrency exchange has made three acquisitions in 2018 including the $100 million buyout of Earn, an email marketing platform that pays out in cryptocurrency when the recipient completes a set task. Days after the buyout, now former CEO of Earn, Balaji Srinivasan was made Coinbase’s first-ever CEO. Choi was quoted in Business Insider as saying:

“We’re the ultimate mullet company: business in the front, party in the back.”

Is There A Coinbase ‘Mafia’?

As Coinbase cherry picks new team members and acquires companies to help them become a one-stop shop for everything cryptocurrency and beyond, in regards to fintech services, some detractors see it’s expansion as the kind of competition crushing methods that monopolies of the early 20th century like U.S. Steel would use.

Early adapters and believers in the core principle of Bitcoin being a currency outside of the system have voiced criticism that one company would be so ‘central’ to so much of the crypto market anathema to the movement.

Spencer Bogart, partner at Blockchain Capital, was quoted alluding to the growth of and influence the cryptocurrency exchange has in the cryptcurrency market today:

“They clearly are supporting this notion of a Coinbase mafia and I don’t think that’s on accident.”

Featured image from Shutterstock.

The post As Coinbase Looks to be the Google of Crypto, Are They Becoming the Bitcoin Mafia? appeared first on NewsBTC.

Fintech start-up issues first physical Bitcoin “banknotes”