Day: May 10, 2018

Crypto exchange Lykke has started a combined accelerator and venture firm focused on blockchain ventures with two former IBM and UBS executives.

Cointelegraph

Huawei Releases Bitcoin Wallet In App Store, Pre-Installed On All New Smartphones Cointelegraph Huawei Technologies Co., a Chinese multinational communications technology company, has announced that mobile phone users will be able to download Bitcoin (BTC) wallets on new Huawei devices starting Friday, Bloomberg reported May 10. Huawei is ... Huawei Poised to Give Chinese Users Easier Access to BitcoinBloomberg Huawei to make it easier for Chinese people to use bitcoin on their mobile phonesSouth China Morning Post all 9 news articles »

With falling returns on ICO investments understanding the fundamental value of crypto assets enables us to make better mid to long-term investment decisions and if you get the fundamentals right you can at least invest in crypto assets with confidence in place of hope. Consider the following three steps in building your core portfolio.

Huawei to release Bitcoin wallet from BTC.com on the pre-installed AppGallery app store on their devices, potentially easing access to crypto for Chinese customers

Undoubtedly, Cardano (ADA) sellers have been in charge in the past few days. Week over week, Cardano (ADA) is down 16 percent and in the last 24 hours, it lost five percent of its value. While we remain optimistic of recoveries in the coming sessions, we need Cardano bulls to push prices above the middle BB and May 7 highs at 35 cents. Afterwards, we can be in a better position to affirm a shift in momentum or not.

From the News

You don’t need to sweat pitching especially if you have a superior product at your disposal. That’s what Cardano is doing right now and as a cryptocurrency that promises merging technologies to blockchain, expect demand from payment providers. Emurgo, a Japanese start up incubator is one of them. By utilizing ADA, Emurgo plan to integrate Cardano’s blockchain technology in Metaps Plus, a South Korean payment provider.

EMURGO announces Ada token acceptance on Metaps Plus which is one of the largest mobile payment platform in South Korea.

The first Asian cryptocurrency integration into mobile payment platformhttps://t.co/AAPOahZcd7 #ADA #EMURGO #Cardano

— EMURGO (@emurgo_io) May 9, 2018

That’s massive on any scale considering that Metaps Plus has more than 10 million offline and mobile customers who shall now use ADA to settle bills in stores exceeding 40000 in South Korean alone. What this means is that customers shall be better placed to enjoy the benefits of blockchain and this case Cardano guarantees seamless if not immediate payments besides a fraud free transaction. Emurgo plans to complete this integration by Q3 2018.

Talking of partnership, Cardano markets herself as a platform that shall change the paradigms of smart contracts. The cool thing about is that Ethereum’s ERC-20 tokens are backward compatible with Cardano smart contract platform. This might be the reason why the Ethiopian government sees value in forging a partnership with Cardano where the later shall be tasked with tracking the origin of their coffee inside their blockchain.

Just signed an MOU with the Ethiopian Ministry of Science and Technology to explore training blockchain developers and use Cardano in the Agritech Industry pic.twitter.com/r06W0RSZye

— Charles Hoskinson (@IOHK_Charles) May 3, 2018

In return, Cardano shall seal the deal by providing education on the workings on blockchain. With the MoU in place, Cardano shall now start exploring new ways in which Ethiopia’s Agri-tech sector can benefit from using blockchain.

Cardano (ADAUSD) Technical Analysis

Weekly Chart

Even though we are seeing bearish moves when we take a top down approach, traders should be content with the fact that prices are still trending inside week ending April 30 candlestick. Remember, that candlestick was bullish and their high low at 38 cents and 25 cents shall be our immediate resistance and support. Because of this technical formation, it is likely that prices might sync and rebound back to bullish ways.

However, that is subject to how ADA bulls behave by end of this week. In that case, looking for under-valuations in lower time frames and waiting for proper bull triggers whenever higher highs prints can be a good trading strategy. Going forward, conservative buy entries should be at week ending May 7 at 40 cents. There, if buyers manage to push above 40 cents then it would mean prices would be oscillating above the middle BB and edging towards the ideal $1 ADA valuation many desire.

4HR Chart

It this time frame it is clear that ADA sellers are in charge. In fact, the thing is, they have been successful in pushing prices down in the last 24 hours. ADA is down five percent in the last 24 hours and approaching this week’s support at 30 cents.

Advised by developments in the weekly chart, our trading strategy is simple: search for buy opportunities in lower time frames. Now, notice that visible long lower wick clear in the weekly chart? Those are bullish signals meaning buyers might be loading up at around these prices.

Now, our immediate resistance line in our entry chart is this middle BB and any spike above 35 cents should beckon buyers to jump in right away with stops at 30 cents. If not, then bears might continue with their relentless push and week over week erosion towards 25 cents. So, if today end up bearish, then sell and trade with the prevailing trend.

The post Cardano (ADAUSD) Technical Analysis: May 11, 2018 appeared first on NewsBTC.

After periods of modest gains in the first half of the week, sellers are now shifting gears and eroding gains in most coins under our focus. Litecoin, Tron and IOTA offer good examples. In this regard, I expect to see a further buy pressure relieve with IOTA and Litecoin sellers in particular retesting previous supports at $1.5 and $140 respectively.

Let look at these charts:

EOSUSD (EOS)

At long last, we shall have a cryptocurrency price index tracking the performance of the sphere’s most liquid coins including Bitcoin, Ethereum and EOS against the USD. The new index dubbed the Bloomberg Galaxy Crypto Index (BGCI) is a collaborative initiative between Mike Novogratz, a former partner at Goldman Sachs and Bloomberg, a financial news outlet.

Together with Galaxy Digital Capital Management LP, we've launched the Bloomberg Galaxy Crypto Index (BGCI), designed to track the performance of the largest, most liquid portion of the #cryptocurrency market: https://t.co/O13ake2gbk pic.twitter.com/kF8DRobdHQ

— Bloomberg Terminal (@TheTerminal) May 9, 2018

The reason why I really think this is positive is because Mike insists that BGCI shall usher in transparency which many institutional investors think is lacking in this space.

On the chart, we shall trade according to yesterday’s trade plan. EOS is still in consolidation mode and it is likely to continue with this oscillation and lower lows. In that case, we expect support at $15.50 and if there is a break below it then $13 could easily be our next stop.

LTCUSD (Litecoin)

Even though Litecoin is down four percent in the last 24 hours or so, chances are prices might still find support at $150. This is assuming news of TokenPay acquisition of Munich based WEG bank AG may lays the ground work for a potential partnership with Litecoin. TokenPay were the main players behind the scene accelerating Verge and Porn Hub sensational partnership.

#TokenPay Announces Acquisition of 9.9% of WEG Bank AG in Germany with Option to Acquire an Additional 80.1% upon Approval.Full Details Here: https://t.co/FV3u0tjEoi $TPAY #TPAY pic.twitter.com/bGmuEvcXmu

— TokenPay (@tokenpay) May 9, 2018

Technically, Litecoin prices are down yes but if bears fail to drive prices below $150, a key support level as the chart shows, then yesterday’s trade plan would be valid.

So, regardless of this temporary bear move and rejection of higher highs at $160, it is likely that we might see a move back to $160 in the course of the day. If not and bears slice through $150, $140 and $125 would be reasonable targets.

XLMUSD (Stellar Lumens)

All we are seeing are swings on this pair. While Stellar Lumens sellers continue to march, eroding positive gains in the last 24 hours, it is the reaction and apparent rejection of lower lows at 35 cents that interests me.

Today, especially if we see Stellar Lumens support at 35 cents, then yesterday’s trade plan would still be valid. In that case, we shall wait until proper confirmations print out meaning bulls shall only trade longs if and only if there is a push above the middle BB and 40 cents.

Otherwise, any contrary event that sees sustained Stellar Lumens sell pressure below 33 cents would mean sellers are in charge. As such, realignment of our trade plan over the weekend will be necessary.

TRXUSD (Tron)

Chest thumping on Tron’s part and while Ethereum processes more than 750,000 transactions per day, Tron can barely manage 50k. So, even if it is faster with a vibrant community and can scale, it still has a long way to go before it dislodges Ethereum.

At the moment though, the movie continues and whether we shall have a happy ending after mainnet launch remains beyond the curtain. Patience is the word and loading on dips can be the only insurance for Tron believers now that organizations as Tipping Point community prefer Tron as a vehicle for fund raising.

Tipping Point Community에서 기획한 자선 사업 기금을 모으는 만찬회가 실리콘 밸리에서 개최되였습니다.만찬회에 Chris Larsen 등 유명 인사들이 참여하였고 자선기금 모금 방식에 BTC,ETH,TRX 거래를 추가하였습니다. @justinsuntron @Tronfoundation #TRON #TRX $TRX https://t.co/YFN6cSxxWT

— Tron Foundation Korea (@TronKR) May 10, 2018

Price wise, our stops are likely to be hit as Tron sellers step on the gas pedal. Tron is down three percent in the last 24 hours and with increasing bear volumes at 8 cents, we might as well see a drive towards 6.5 cents. After all, that 1.5 cent range between 6.5 cents and 8 cents are important key support levels that influences our analysis. So, if sellers maintain prices below 8 cents today, we shall change our tact and sell. In that line, bear targets should be at 6.5 cents and 6 cents.

IOTUSD (IOTA)

It would be a big boost for IOTA if Project Qubic which is apparently on everyone lips comes to pass. While it has not yet being proved, as IOTA shall official release their update on June 3, Project Qubic shall accelerate Tangle’s proof of work even when the computer or the IoT device, which must run on JINN processor, is offline. How Project “Q” works I don’t know but what I’m certain is that IOTA is up in the last month.

#Qubic is a project #IOTA has been working on for quite a while internally & is one of IOTAs main priorities for 2018 & 2019. Details with a lot more material, specifications & further information surrounding the uniqueness of Qubic will be made available on the 03-06-18. #Q pic.twitter.com/GNTGRcKV5W

— IOTA News (@iotatokennews) May 7, 2018

Obviously, patience is important if you want to trade IOTA. Considering price action and indecision in the last couple of days, bears are likely to get the upper hand and relieve buy pressure. In the last 24 hours for example, IOTA prices are down four percent meaning sellers are now testing the $2 support and psychological level.

Besides, the daily chart stochastics are bearish with diverging %k and %d signals meaning sell momentum is high. Even though selling would be risky, it is fading the market, safe stops at $2.5 and targets of $1.5 would seem reasonable.

The post IOTA, Stellar Lumens, Tron, Litecoin, EOS: Technical Analysis for May 11, 2018 appeared first on NewsBTC.

Bitcoin Press Release: After a successful pre-sale and an overwhelmingly positive reception worldwide, Blockshipping announces the public sale of CCC tokens launches May 14.

Copenhagen, May 8, 2018 – The container shipping industry today accounts for around 60 percent of all the world’s seaborne trade, but this hugely valuable industry has been troubled for years by challenges such as;

• Overcapacity
• Low freight rates
• Security threats
• Increasing environmental regulations.

Blockshipping is creating the Global Shared Container Platform (GSCP), which is both the first real-time registry of the world’s approximately 27 million shipping containers, and a joint platform for all players in the container shipping industry – allowing them to efficiently perform a wide range of transactions related to the handling of containers globally.

Additionally, wide adoption of the platform will result in industry savings of USD 5.7bn annually through smarter handling of shipping containers and substantial reduction of the global CO2 emissions.

Since the Blockshipping token sale was first announced at the beginning of March, the reception to the Blockshipping GSCP project has been extremely positive, and the Blockshipping team has great expectations for the public sale.

Great tracker list ratings:

Blockshipping has been reviewed by several leading ICO ranking sites, and the results clearly conclude that the Blockshipping token sale is in the top tier in terms of quality:

• TrackICO: 5/5
• Wiser ICO: 5/5
• ICO Calendar: 5/5
• ICO Street: 4.8/5
• Foundico: 7.8/10
• ICO Marks: 8.1/10
• ICO Stock24: 4.2/5 – “Best ICOs – category: Transport & Logistics”
• ICO Bench: 4/5
• ICO Token News: 4.5/5

Global Media Attention and Vibrant community:

In a short amount of time, Blockshipping has managed to raise awareness about the company’s token sale in most parts of the world. Starting in Denmark and Scandinavia at the beginning of March, the wave of media attention spread rapidly worldwide with more than 100 articles about the Blockshipping GSCP project and the token sale in all continents in crypto media, fintech media, shipping media and broader business media.

Furthermore, only two weeks after the initial public announcement, the Blockshipping.io had a vibrant community of more than 8,000 Telegram members (now over 9,500), more than 7,600 followers on Twitter and thousands of views and shares of Blockshipping’s stories on LinkedIn, Facebook and Medium.

Huge Industry Interest – Announcing the First Client:

The positive ratings and the overwhelming interest from both community and media have strongly supported Blockshipping’s firm belief in the great potential of the Global Shared Container Platform.

But even more important is the positive interest that Blockshipping is receiving from the shipping industry.

Blockshipping’s CEO, Peter Ludvigsen, explains:

“Traditionally, the shipping industry has a reputation for being rather conservative, but what I have experienced since the announcement of our GSCP project is anything but the traditional pushback on new business ideas. It has been like one unbroken series of positive dialogues with key players of all areas in the container shipping industry.”

“I am extremely proud to say that a few days ago Blockshipping obtained confirmation from a global container carrier that they will join our GSCP platform as our first customer. This is a carrier in the 10-20 global ranking who has also confirmed that they will join our Customer advisory board.”

How to participate in the public sale?

To participate in the Blockshipping public sale contributors will have to register on the sales portal and complete a KYC (Know Your Customer) check. This registration can be done prior to the opening of the public sale on May 14.

Blockshipping has created a token model that includes a unique set of features for the benefit of the contributors.

The token model involves the issuance of two different tokens:

• The internal utility token, Container Platform Token – CPT
• The external Revenue Share Token, Container Crypto Coin – CCC

All contributors can start to place their orders for Blockshipping’s CCC tokens when the Blockshipping’s public sale opens on May 14, 2 pm CET. The CCC tokens can be paid for with Ethereum, Bitcoin, bank transfers (USD, EUR, DKK) or via debit or credit card.*

To learn more or participate in the token sale visit the Website: www.blockshipping.io

Chat on Telegram – https://t.me/blockshipping
Read the Whitepaper – https://www.blockshipping.io/whitepaper
Meet the Team – https://www.blockshipping.io/our-team/
Connect on Facebook – https://www.facebook.com/blockshipping/
Follow on Twitter – https://twitter.com/Blockshipping

Media Contact
Name: Michael Juul Rugaard
Contact Email: [email protected]

Blockshipping 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. *Please be aware that Blockshipping cannot accept contributions to the token sale from citizens of the United States of America.

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The post PR: The Blockshipping Public Token Sale Opens on May 14th appeared first on BitcoinNews.com.

North America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

USA

New York cryptocurrency probe continues: New York Attorney General Eric Schneiderman’s resignation might have brought a slight relief for cryptocurrency exchanges but the department says that the probe will continue in the near future. Schneiderman resigned within three hours after reports emerged of physical abuse to four women but this won’t stop any investigation into the operations of cryptocurrency exchanges, 13 of whom are under investigation.

The Virtual Markets Integrity Initiative was launched by Schneiderman on 17 April, just a few weeks before his time abruptly came to an end. The office had sent letters to 13 exchanges including (1) Coinbase, Inc. (GDAX); (2) Gemini Trust Company; (3) bitFlyer USA, Inc.; (4) iFinex Inc. (Bitfinex); (5) Bitstamp USA Inc.; (6) Payward, Inc. (Kraken); (7) Bittrex, Inc.; (8) Circle Internet Financial Limited (Poloniex LLC); (9) Binance Limited; (10) Elite Way Developments LLP (Tidex.com); (11) Gate Technology Incorporated (Gate.io); (12) itBit Trust Company; and (13) Huobi Global Limited (Huobi.Pro).

The New York BitLicense is widely seen as one of the harshest cryptocurrency laws in existence that outlaws all Bitcoin dealers and exchanges and requires extensive legal costs to acquire. Only four companies have been granted permission under the law and the rest of these exchanges face continuing troubles.

Texas securities board issues cease-and-desist letters to crypto exchanges: The Texas Securities Board (TSSB) has served two cease-and-desist letters to cryptocurrency exchanges because it believes they are scams. The Exchanges BTCRUSH and Forex EA & Bitcoin Investment LLC have been involved in promising returns of up to 4.1% daily and 1000% per 21 days profit and that caught the attention of the TSSB as a possible scam.

While the companies disguise themselves as mining companies, they are far from such because mining profits aren’t this much at all which reinforces the belief by the state board that these are not real mining companies.

Violating this order can result in USD 5,000 fine and two years in state prison. The exchanges have the option to request a hearing within 31 days.

Wisconsin seeks approval for Bitcoin campaign donations: The Wisconsin state Ethics Commission has asked the state legislators to decide on whether campaign contributions made in cryptocurrency can be allowed by the state or not, according to a report by Washington Times.

The Senate and assembly action committees have asked to provide clarity regarding the new currencies and whether candidates may be able to accept cryptocurrencies or not. US states are still mostly seen as skeptical towards cryptocurrency donations to campaigns. Wisconsin Libertarian party Chairman Phil Anderson has asked to allow cryptocurrencies due to their popularity and conversion to fiat at the time of receipt is also being discussed.

Kentucky Derby opens for crypto for the first time: The famous Kentucky horse race event will accept cryptocurrency wagers according to wide reports from the media. The horse race takes place in Louisville, Kentucky every year and is part of a two-week festival in the small state which is world famous for its gambling and other activities like the Grand National in the UK and Melbourne Cup in Australia.

Bitcoin, Bitcoin Cash and Litecoin are being cited as top cryptocurrencies being fared in wagers this year as punters rush to get a bet on their favorite horse rider. 

US Racing’s operations director Tim Maxwell said: “…both the legality and associated risk management of accepting cryptocurrency needs further clarification before we see widespread adoption in the gaming and racing industry as a whole.”

Oracle to roll out blockchain products: California-based ERP giant Oracle has announced that it is ready to roll out blockchain-based platform-as-a-service products for clients around the world according to a news piece from Bloomberg.

The company had over USD 37.3 billion in sales last year and this could be a big news for blockchain-based businesses as enhanced security and functionality would mean more investment in the sector especially in the Oracle’s space.

Millennials prefer Bitcoin over other investments and trading options: A recent survey has discovered that millennials in the US are starting to prefer investment in Bitcoin over other traditional ventures including stocks. More than 27% will prefer investing USD 1,000 in Bitcoin rather than in stocks, according to the survey.

Millennials who came of age around the 2008 financial crisis had a hard time and they blame the big banks and corporations for the whole mess so it is no surprise that they see Bitcoin’s transparency and profit-making capability as a viable alternative.

Canada

Blockchain startup flees from US to Canada: CBlocks, a Miami-based cryptocurrency company has announced that it is moving to Canada due to regulatory troubles and uncertainty in the United States. The firm had been trying to clear legal hurdles in the US for a while but has eventually decided to move to its northern neighbour, signalling a potential exodus from the US.

Austen Bunsen, one of the co-founders of the company said: “They can’t agree as to whether we’re a money services business or not.”

Getting a precise answer to this question is tricky as the Securities and Exchange Commission of the US has been reluctant to classify blockchain businesses as either.

Canadian bank says crypto is the future: Canadian bank ATB Alphabeta has voiced its support for cryptocurrencies and blockchain by saying they are the future. Many such businesses have to continue to rely on banks due to a variety of reasons and in countries like India, banks have refused to entertain them. This is one of the rare instances where a bank has actually credited cryptocurrencies as  the future in the fintech space.

While the bank has acknowledged that Bitcoin is currently taboo in banking circles due to its unorthodox approach, anonymity and other features, ATB is ready to become progressive and become Canada’s leader in the business.

 

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The post North America: Crypto and Blockchain News Roundup, 4th to 10th May 2018 appeared first on BitcoinNews.com.

Financial institutions reported 40-70 percent savings and faster payments in a recent pilot of Ripple’s xRapid platform

INNOVATIVE BIORESEARCH, a biotech company specialized in HIV, cancer and regeneration research, launched INNBC Token sale to develop their novel cell-based therapy for HIV, along with an app named “You’re not alone” providing on one hand a decentralized database for clinical data, and on the other hand a social platform to provide information, support and services to the HIV positive community. In addition, the INNBC Token will be spendable to buy classic iconic JDM cars, and as such it will be backed by the value of actual physical goods. INNBC Token sale is something unique among current ICO offerings.

• First ICO launched by a Biotech Company for funding novel AIDS cure research, with the goal of developing SupT1 cell infusion therapy, a low cost, cell-based therapy for HIV to allow access to the treatment where access to traditional costly HIV antiretroviral treatment is hampered by social and/or economic limitations. “Because although we are a for profit company, we do have a coscience”.
• Creation of the first decentralized database for processing clinical data, with an application designed by a research scientist to ease the process of performing research. The blockchain technology provides some specific features that make it an ideal application for scientific data, such as immutability (scientific data need to be immutable), decentralization (scientific data need to be publicly shared), and secutity (smart contracts are almost impossible to compromise).
• The “You’re not alone” app will provide a social platform for the HIV seropositive community, where they can start topics and discussions, and find information and support about the seropositive condition. “We hope to create a community were the HIV seropositive people can stand together and not feel alone in their battle against AIDS”. The INNBC Token will be spendable in the app ecosystem to access moderation roles and earn from in app ads. INNBC Tokens will also be rewarded to members who make particularly useful contributions helping other members in the forum topics.
• The INNBC Token will be spendable to buy wonderful iconic JDM cars such as Skylines, Supras, Subarus and Evos from the INNBC JDM ONLINE GARAGE that will be launched right after the Token sale, which will offer amazing deals and worldwide shipping. Tokens are not usually backed by the value of actual physical goods, which means there is nothing stopping them from falling in value other than trust in the platform. “However, we wanted to provide something more for INNBC Token holders. Here at Innovative Bioresearch we love JDM cars. Because, let’s face it; imports will always beat muscle cars! Therefore, we wanted the INNBC Token to be backed by the value of wonderful JDM cars. We believe that providing such a straightforward utility (i.e., you can directly use the INNBC Token to buy physical goods as you would with a fiat currency) can seriously help reaching those customers who are not normally into the crypto world”.

INNBC Token sale starts 1 May 2018. 20% discount at pre-sale. Get more info at https://www.innovativebioresearch.com/pre-ico

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

This article originally appeared on Bitcoin Magazine.

Iskender Syrgabekov – inventor of the SIZE algorithm, has disclosed many considerable details of his patented invention, which is about to disrupt distributed data storage industry.

Iskender, let’s start from the essence of your invention. What is the SIZE algorithm developed for?

The algorithm helps to store data with maximum reliability and security, both in terms of protection against unauthorised access and prevention against data loss. The data is protected at the one-time pad (OTP) level with an unprecedented reliability: for example, with the expansion of the network, it is possible to lose up to 98% of stored data and still recover an original file.

Why is the SIZE a unique algorithm with such level of data recovery?

Let’s see how the SIZE algorithm works. It splits an original data into small packages and transforms each of them, generating additional data for validation. Even after implementing the first round of algorithm, we can restore to the original from the transformed data even if 33% of all packages have been lost. With every additional round, the algorithm continues to split data packages adding redundant code. The number of encoding rounds determines the level of reliability. With higher reliability level, there are more options for data recovery.

At the 10th level, for example, it is possible to lose even 98% of stored data and then restore the original file completely. Therefore, it is enough to save any 2% from all packages stored in the network to restore the original file. To date, there is no other technology in the world coming close to such results!

How much redundancy does your algorithm generate?

At the first level, for example, with the same reliability as mirroring with a 2-fold redundancy, the file size will increase only by 1.5 times from the original. At the 5th level, the redundancy will increase by 7.6 times. Therefore, if we compare our algorithm with a replication method, then to have the same reliability of storage in replication, it would be necessary to make 32 backup copies. That is, in our case, the redundancy of the replication method is 32 vs 7.6 redundancy produced by the SIZE algorithm!

Therefore, you suggest using an error correction code instead of a replication?

Yes, our innovation lies in the fact that we propose a new method of using correction codes that not only replace the traditional methods of achieving safety and security, but do so with superior parameters, both technical and commercial. I would like to emphasise that, today in the world there is no technology comparable to ours in any respect.

What’s the purpose of error correction codes?

Correction code is a well-known method to ensure reliability of data storage and transmission. It detects and fixes errors during the transmission of data in cases when the channel fails. An algorithm transforms an original digital file and creates an additional, redundant information. Then the original file is stored together with the redundant data either as a whole file, or as split into many smaller packages. If any part of a file is lost, the algorithm uses the redundant data to recover the missing information. The most well-known correction algorithms are Reed-Solomon codes, which are used in CD-ROM technologies. They allow to read a CD with a lot of scratches.

The SIZE algorithm also belongs to this type of codes; however, it differs significantly from its predecessors.

You declare that the SIZE algorithm also protects information from unauthorised access. How does the algorithm guarantee privacy?

For data protection, the SIZE algorithm applies well-known digital electronics operations. However, these operations have never been applied to special algorithms with a special sequence of mathematical operations and have never been used to protect information. We use this algorithm to transform any digital content into a new form — a set of digital packages. Each of these individual packages has no functional value and may not even contain a single bit of the original information. To restore the initial information, you have to reassemble the original file from a set of packages in a specific way, performing a series of mathematical operations.

There is an infinite number of ways to transform data, the algorithm specifies only the general direction of the process. A user can choose a specific way of transformation, so no-one else can access this data, except for the user.

To summarise, the SIZE technology guarantees privacy and security for a data storage and transmission. The algorithm characteristics fully meet the requirements for the post-quantum protection system.

It sounds like a revolutionary idea. It is well known, that even using AES256 encryption specification, which is a standard of data protection for U.S. government agencies, cannot provide a 100% guarantee for the information security.

Let’s start from the beginning. First, technically speaking, the SIZE is not an encryption algorithm in the sense we understand the term “encryption”. Encryption, in cryptography, is a special transformation of information in order to prevent unauthorised access to it. The SIZE algorithm relates to a class of correction codes that correct errors, however the security provided by the SIZE algorithm is one of its extra and most important properties. It seems to be a contradiction at first sight: how is it possible to use a data recovery algorithm for data encryption?  In reality, everything is very logical – our algorithm also produces multi-level file transformation, same way as the encryption algorithms does. And just like encryption algorithms, our code makes unauthorised access to the data impossible. At the same time, our algorithm is unique, because it does not have an encryption key.

If the algorithm does not have an encryption key, how can a user recover his file?

During data transforming process of an original file, the SIZE technology automatically creates a meta-file, which in this context we may call a cryptographic “key”. This “key” is created only once and is never repeated. Even if we transform the same file several times with the SIZE algorithm, a new meta-file will be created every time. The file transformation process is defined by the program settings, which are set by the user randomly and not by the “key”. There is no key to store or transfer. The technology does not imply any key storage solution. To read the protected file, the user has to know the settings of the program, which are stored in the meta-file. The meta-file is small file few hundreds of bytes in size.

Therefore, a meta-file is not a “key”, it’s just a description file. To summarise, in the SIZE technology, the cryptographic key does not exist.

Is it true that your algorithm provides quantum-resistant security?

Since, the SIZE algorithm does not use encryption keys, there is nothing to decrypt for quantum computer. The input and output data have an infinite number of combinations. Each of those solutions from quantum computer will produce various sets, and each of the solutions will have the same probability, in other words it is an equivalent to the absence of a correct solution.

Therefore, the protection of our algorithm provides the post-quantum protection.

After we have discovered all the advantages of the technology, we wonder how complex is it? How complex a device should be to run this algorithm?

The SIZE algorithm is distinguished by its simplicity. It does not use any complex mathematical operations, it works within the framework of standard binary logic, and does not need significant computational capabilities. This property makes it possible for smartphones working on a simple ARM memory processors, to be used for data storage.

What is the best scenario to implement your invention?

Our algorithm is perfect for decentralised data storage on a large number of nodes. The solution architecture of the SIZE algorithm does not require a central server. The algorithm manages the ecosystem autonomously: it controls operations and quality of nodes, manages nodes reputation, and distributes data.

Since there is minimum requirement for computing resources, any user device can function as a part of a distributed data storage. The reliability and security for this system will be higher than the capabilities of centralised storage and at much lower cost.

The technology based on the SIZE algorithm is patented in the UK, European Union, USA, Japan, and other countries. There are more than 20 patents in total.

What does SIZE name stand for?

The algorithm was named after its inventors: Syrgabekov Iskender & Zadauly Erkin.

Thank you, Iskender! Your invention is very interesting. I hope we will see the applications for decentralized data storage based on the SIZE algorithm and will be able to test the technology very soon.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Cryptocurrencies are increasingly being represented in pop culture. TV shows, cartoons, and even entire networks are making reference to the coins — in particular Bitcoin — and associated technology like initial coin offerings (ICOs).

Marvel Comics

This week a new Marvel comic was released: Hunt for Wolverine – Adamantium Agenda #1. The comic, which can be viewed here, sees cryptocurrency being used instead of ‘a large briefcase of unmarked bills’ by characters who, presumably, are attempting to make a monetary deal with some undesirables.

HBO: Silicon Valley

HBO’s Silicon Valley is one of the TV shows that is making reference to cryptocurrencies. Season five of the hit show has a sort of central cryptocurrency theme. The season starts by hilariously using death metal band Napalm Death’s two-second long song ‘You Suffer’ as an alert for changing Bitcoin prices. Gilfoyle, the character who creates the alert, does so to keep tabs on Bitcoin prices in relation to mining efficiency, saying:

“Whenever the price of Bitcoin dips below a certain value it’s no longer efficient to mine. When it comes back up, it is. So I need to know when it breaks that threshold so that I can remotely toggle my [mining] rig at home.”

Later, the show sees Gilfoyle, again, promoting cryptocurrency as an ‘ideal form of money’ — a concept first proposed by Aristotle almost 2,500 years ago. To show his enthusiasm, Gilfoyle develops an entire presentation to convince his startup co-founder that they should launch their own cryptocurrency. Gilfoyle even comes up with a plans to hold an ICO as a way to raise funds for their PiedPiperCoin, which Gilfoyle claims ‘decentralizes the internet.’

Showtime: Billions

‘One million dollars straight in crypto, in cold storage,’ explains Billions star Damian Lewis — who plays Bobby ‘Axe’ Axelrod — while holding a Ledger Nano S in front of his face. In the scene, Axe is offering to pay a trader at his hedge fund $1 million in an unnamed cryptocurrency.

The show’s plot evolves around Axe using cryptocurrency to securely transfer money without being detected, after being banned from trading due to his antics deals on previous episodes. On said previous episodes, viewers see evidence of Axe hiding his secret Wall Street trading profits in crypto when he secretly meets his trading partner and remarks:

“You are now officially but unofficially the proud owner of half of my half of [the hedge fund’s] profits, paid in crypto of course.”

CBS

The cryptocurrency revolution isn’t just hitting specific TV shows, it also has entire networks interested. It was reported this past Monday, May 7, that cryptocurrency Youtuber Jason Appleton — known as Crypto Crow — has inked an agreement with CBS for a 13-episode cryptocurrency show that will air later this year (first) in New York markets as a test for popularity. The show could eventually be delivered to over 40 million homes via Roku. Also of note is that the project is being funded entirely by Bitcoin. The CBS announcement reads as follows:

“This will be the first time a cryptocurrency Youtuber has launched their own television series fully paid for by Bitcoin. All promotional sponsors, features and the like are paid by Bitcoin.”

Episodes of the Crypto Crow Show will be targeted at informing beginners about topics including cryptocurrencies, ICOs, mining, trading, and more:

“Each episode will feature educational information focused on helping newcomers to the crypto space such as researching, investing and how to stay secure in their efforts while featuring ICO and cryptocurrency companies and how they affect the industry,” the announcement explains.

Featured image from Shutterstock.

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