Day: May 27, 2018

Despite blockchain’s decentralized architecture, centralized exchange (CEX) models dominate the cryptocurrency exchange world. With institutions wary of CEXs’ risks, however, attention is returning to decentralized exchange (DEX) models.

This past week, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their legacy accounts being frozen for not being verified on the exchange. Complaints are piling up on social media and forums over the past couple of days, with reports of even users who have been able to get their account successfully verified through the automated process still cannot trade or access their funds.

Also read: There’s a Bitcoin Themed Card Game On Kickstarter Called ‘Bitcon’

Poloniex Customers Complain About Frozen Accounts  

Back in December of 2017, the cryptocurrency trading platform, Poloniex, announced all users especially legacy accounts who were once grandfathered must verify their identity by Q1 of 2018. Soon after the exchange announced this requirement a press leak revealed the exchange was acquired by the firm Circle Financial but representatives denied the acquisition. Then a few months later in February, it was revealed Circle Financial had officially purchased Poloniex and that the firm was taking over the business. Many people believe Poloniex’s verification requirements were due to the Circle acquisition, as the Boston-based firm is very adherent to regulatory policies like AML/KYC laws. This week, many Poloniex customers are seeing their accounts frozen unless they verify their identity.

On the Poloniex Reddit forum, there are a bunch of complaints and gripes about the verification process. One user on Reddit named u/PauleeWorli explains he is still unable to access his account even after completing the automated process.

“I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in,” explains u/PauleeWorli. “I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $25,000 per day.

But when I go to trade it tells me ‘account frozen’ when I try to place an order. I did make a ticket and then checked Twitter and it seems many people have the same ‘now verified but still frozen’ problem. Can anyone help me here please?

Legacy Customers Say They Didn’t Get An Email Notification Detailing a Specific Time Limit

The Reddit post has a bunch of replies with customers explaining they are having the same issues with Poloniex even after verification. On Twitter, the same sentiment can be seen as there are many Poloniex customers grumbling about frozen accounts. One individual on Twitter explains he is angry because he wasn’t notified of the account freeze taking place this week.  

“Something is wrong, Poloniex, I clearly remember you giving warning before 2018 saying after disabling “TRADING” legacy accounts would be able to WITHDRAW their coins,” the customer emphasizes.  

Freezing suddenly? I didn’t even get an email with time limit!

Just like the many Reddit posts, there are a lot of customers on Twitter complaining about this frozen account issue. At the moment there are currently no official statements on either the Poloniex Twitter page, Reddit forums, or the website itself.

What do you think about the Poloniex freezing unverified accounts? Let us know what you think about this subject in the comments below.

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Images via Shutterstock, Poloniex, and Jamie Redman. 

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newsBTC

Bitcoin Price Analysis newsBTC If we pull Bitcoin statistics then we see a gloomy situation. Bitcoin prices are down 12 percent in the last seven days but pretty stable in the last 24 hours shedding 3 percent as I type this. It has been mild but what we should be looking at is the ...

The general crypto vibe is still bearish. Even if there are announcements supportive of individual cryptos as Bitcoin, we are not seeing any strong movement on the charts. Only lower lows and negative gains across the board is what we see. Despite everything, news of US DoJ and CFTC looking into possible market manipulation is a good thing for investors desirous of smooth volatility.

From the News

Straight from Argentina’s Banco Masventas to Czech Republic’s Prazska Plynarenska, there is a changing tide on the horizon guys! It’s a monitoring tide, that which could lift cryptocurrencies especially Bitcoin hopefully to new levels.

In a bid to remain relevant and not to be perceived as “old” by the young people of Czech Republic, their energy giant distributor Prazska Plynarenska will from June 2018 begin accepting payment in Bitcoin.  It came as no surprise though. The country is a host of several Bitcoin ATMs and several eCommerce platforms accept payment in Bitcoin. However, while elaborating, the company was categorically stating that they won’t be holding any Bitcoin themselves. Instead what would happen is that every time a customer settles their electricity bill in Bitcoin, conversion to fiat-national reserve currency Koruna-will be immediate. Moves like these buoy the cryptocurrency market and in the future-and following the lead of Argentina and Japan, more countries would follow suit and legitimize cryptos.

While this was happening, the US DoJ is looking into what appears to be collective pump and dump efforts. For the keen eyed, this is something that is needed and of course, eyes will be popping soon considering the unregulated nature of cryptos. In the crypto world, especially for traders trading against BTC, wild moves are common. As a matter of fact, it’s not a surprise to see Bitcoin prices swinging more than $1,000 within some few minutes. This worries many and now, together with the CFTC, the DoJ are investigating to check the level of this manipulation and fraud they are sure exists in the market. Efforts of spoofing-where unscrupulous traders place and pull different orders simultaneously or wash trading activities will in the coming days attract the keen eyes of the justice department.

Bitcoin Price Analysis

Weekly Chart

If we pull Bitcoin statistics then we see a gloomy situation. Bitcoin prices are down 12 percent in the last seven days but pretty stable in the last 24 hours shedding 3 percent as I type this. It has been mild but what we should be looking at is the close of each candlestick and the extent of losses within that week. Notice that relative to previous bars, last week depreciation was steep and saw Bitcoin prices slicing though $8,000. At this rate, trend traders should be looking for sell opportunities this day now that our close is below our previous support line at $7,800. Because of this predisposition, Bitcoin sell targets should be at February lows at $6,000.

Daily Chart

To get a perspective of possible trend, May 22 and 23 candlesticks should paint a better picture. During these two days, there was a literal doubling of trade volumes with prices sinking below $7,800. After that, the follow through has been fair in volumes but then prices are not recovering safe yesterday’s weak attempts of buy shore.

In my view, taking shorts anywhere between $8,000 and $8,800 would present with better trade opportunities with targets at $6,000. This is only valid if and only if there is a short covering. Accompanying this appreciation would be light and below average volumes.

On the flip side though, if there happens to be sharp spikes in trading volumes and a bullish engulfing edging past May 23 candlestick, then it will be above time to exit shorts and buy.

The post Bitcoin is Down 50% From 2018 Highs But up 700% From 2017 Lows: Bitcoin (BTC) Technical Analysis (May 28, 2018) appeared first on NewsBTC.

This is an important week for Tron and EOS. We were positive of sharp jumps in the run up to their consecutive mainnet launches but that has not been the case. In my view, these two should be our focus of the week and any spark in market participation with prices appreciating above 7.5 cents and $13 for Tron and EOS could spark buy momentum in the next days if not weeks. But, should support levels collapse then sellers would continue with their trend.

EOS Price Analysis

Token registration and shifting to EOS coin supporting exchange is what you need to do. It’s as simple as that and should be the easiest option if you need not to worry about your coins being lost. Along these development lines, well meaning block producers have gone an extra length to release EOS Bios 0.9.0 for EOS ERC-20 token holders. This service is specifically meant for those who forgot to register their tokens or change to EOS supporting exchanges. All you have to do is to claim ownership is to validate these EOS ERC-20 tokens using your private keys.

Price wise, EOS is trading within a tight trading range and well inside May 24 double bar reversal bullish candlestick. It’s six days ago and with Block One going lengths to make sure this migration is a success, I would suggest riding with sentiment and placing safe stops at May 24 lows. That’s at $10 and considering the surge in market volumes on May 24, buyers should either buy at every hint of bullish moves in lower time frames or wait until prices are above $13 or $14.

Litecoin (LTC) Price Analysis

Maybe it’s because Litecoin is Bitcoin’s lab. Maybe not but when it comes to huge crypto announcement anywhere, Charlie Lee’s Litecoin gets a worthy mention. It’s no surprise that NASDAQ did mention three cryptocurrencies under their radar that they think investors or enthusiast should really consider. Stellar and Bitcoin were some coins but Litecoin’s reason for possible long term hold is its cross chain capabilities after Blocknet announcement. Cross chain and atomic swaps capabilities carry weight and is especially beneficial for merchants and traders on the grass root opting to leverage on blockchain tech via Litecoin. Endorsement from traditional exchange as Litecoin is a boost for Litecoin and we might see some positivity in days to come.

On the chart, we shall be chasing the market and acting carelessly if we recommend short or long trades. Patience is what we need and that’s what we should do. Our buy triggers is above May 24 highs at $135 as long as there is a spike in market volumes exceeding 350k. On the flip side, any dip past $110 and sellers can ride all the way back to $70.

Stellar Lumens (XLM) Price Analysis

While we were upbeat of possible higher highs and absorption of sell pressure after May 24 candlestick, Stellar Lumens prices are still aligning with bears. So far, prices are down six percent in the last 24 hours and if there is a break below 25 cents, then it could get worse of Stellar Lumens valuation. 25 cents is around the 78.6 percent Fibonacci retracement line anchoring on March-April high lows.

Technically, two things can happen today or in the coming days: Either a confirmation of May 24 attempts of bear absorption or a break below 28 cents signaling bears. If the latter happen, then we trade with the trend and aim for 20 cents or lower. Otherwise, any gains and prints above 35 cents would mean eye balling May 3 highs of 50 cents.

Tron (TRX) Price Analysis

Justin Sun and the Tron Foundation more like Dan Larimer and his crew are doing everything they can to make their Tron mainnet launch a success. Of course, expect to hear banter from time to time but those are background noise. Tron through their TVM are offering Ethereum DApp developers a platform with outrageous throughput. At 10,000 TPS-beating Ethereum’s 25 TPS-plus a host of other advantages, Ethereum is lagging. Whether these will draw users and pump prices we don’t know, our charts would mirror that.

At the moment though, price action is still. Tron prices are moving within a range and I’m clear on how I will trade this pair if my trade conditions are met. Its three days before their mainnet launch and all I need is a breach and close above 7.5 cents with volume surges exceeding recent averages. On the other hand, I will sell if we see the same traits but with sellers pushing below 6.5 cents.

IOTA (IOT) Price Analysis

If anything, IOTA traders are at a precipice. Either prices shall move according to May 23 bearish candlestick and close below $1.3 or we see a reversal at a potential buy zone. Considering the past few days price action, chances of the latter happening is high especially if today’s ends higher. IOTA bullish conservatives should however wait for thrusts above $1.65-that’s above May 23 highs to enter long. However, in line with the general bearish trend, any attempt for a close below $1.35 and sellers should aim for 90 cents.

The post Spencer Bogart of Blockchain Capital Recommends Buying EOS and Selling Tron: Tron, IOTA, EOS, Litecoin and Stellar Lumens Price Analysis (May 28, 2018) appeared first on NewsBTC.

The Japanese company GMO Internet Group announced on Wednesday the launch of their bitcoin application specific integrated circuit (ASIC) miner built on a 7nm architecture. They are aiming for the new compact chip design to launch on the 6th of June and for mass production of the B2 miner to lead to the shipping of the final product in October.

The company claims to have already mined a total of 906 bitcoin and 537 bitcoin cash as of April, with current CoinDesk prices that amount to almost USD 8 million in cryptocurrency.

New entries are welcome in the market as according to Bernstein, “Bitmain accounts for as much as 80% of bitcoin application specific integrated circuits (ASICs)”. Bitmain has generated between USD 3 billion and USD 4 billion in profits in 2017. The Beijing-based company rivals profits of one of the market leaders Nvidia, who specializes in chipset design and manufacture. Nvidia’s market cap was USD 147 billion, turning profits of USD 3 billion in 2017. With mining technology reaching similar levels to that of well-established companies it puts into perspective the rate of growth that the market is experiencing. Bitmain has achieved what Nvidia took several decades to achieve in a brief window, this is partially down to the rapid increase in the value of bitcoin. This year they announced their Ethereum ASIC which is going to add to their already expanding profits.

Bitfury Group is also generating competitive revenue with its bitcoin mining operations, and software services turning over USD 93.7 million revenue in 2017’s financial year.

7nm architecture and hardware accelerators

Samsung revealed earlier this year that it is due to start manufacturing ASIC chips in January 2018. Intel has been developing some of its own technologies, claiming their hardware accelerator could create a power reduction of as much as 35 percent.

“Because the software and hardware utilized in Bitcoin mining uses brute force to repeatedly and endlessly perform SHA-256 functions, the process of Bitcoin mining can be very power-intensive and utilize large amounts of hardware space. The embodiments described herein optimize Bitcoin mining operations by reducing the space utilized and power consumed by Bitcoin mining hardware.”

The 7nm Architecture will be the latest advancement in the bitcoin mining sector as well as the computer industry with four-fold efficiency. 7nm semiconductors contain 20+ billion transistors, whilst fitting on your fingertip they are still capable of performing complex computations. Samsung and IBM are also researching and developing these 7nm chips. With 7nm chips on the horizon, this then sets the future for 5nm semiconductors and a move closer to the end of Moore’s Law.

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The Bitcoin lightning network has seen rapid growth since its first transaction in December 2017. There were just 89 lightning payment channels on 19 January 2018, but now there are over 6,600.

The lightning network is a scalability solution for Bitcoin that can massively reduce transaction fees while drastically increasing transactions per second. The lightning network was developed and launched during a time when Bitcoin transaction fees hit all-time highs of nearly 60 USD, making it practically unusable as a currency. The high fees were the result of people sending more transactions than the network could handle, over a quarter million transactions were unconfirmed and sitting in the mempool on 22 December 2017.

A payment channel on the lightning network is created when two users send Bitcoins into a multi-signature wallet, and the transaction opening the channel is stored on the blockchain. The users can then send bitcoins back and forth to each other completely off-chain, using smart contract technology. A ledger is kept by both parties, and after each lightning network transaction between the parties, they sign an updated ledger with their private keys.

Users can send an infinite amount of transactions through a lightning network channel without paying any transaction fees, and all the payments occur within a fraction of a second rather than the average of 10 minutes that it takes for transactions on the Bitcoin blockchain to confirm.

Either party involved with a lightning network channel can broadcast the last valid ledger which was signed by both parties to the blockchain, at which point the bitcoins locked up in the multi-signature address will be disbursed to both parties according to the final ledger entry. This is designed so that neither party in a channel can back out of a payment that has already been agreed upon and mutually signed.

Essentially, when using the lightning network there are only two transactions ever recorded on the Bitcoin blockchain for each payment channel; the transaction which creates the channel and the transaction which ends the channel, and all transactions in-between are off-chain.

This has the potential to allow for many orders of magnitude more Bitcoin transactions per second than the blockchain can handle by itself. Right now there are less than 10 Bitcoin transactions per second, but the lightning network could handle millions or billions of transactions per second, blowing Visa out of the water.

The lightning network still has some development to undergo before it is perfected and made impervious to hacks, but the fact that there are thousands of payment channels now open is a good indicator that it is functional. The lightning network will provide the framework for solving Bitcoin’s scalability problem over a long term. It will allow Bitcoin to be useful as a currency no matter how high the price or transaction volume gets, and therefore the lightning network is essential for Bitcoin becoming a widely adopted global currency.

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Bitcoin Press Release: Cryptfunder is pleased to announce a decentralized cryptocurrency funding platform for highly vetted Initial Coin Offerings (ICOs) and blockchain startups. Cryptfunder aims to be the go-to provider for top-tier blockchain startups, providing a wealth of experience and connections to all participants.

Friday 21th May 2018, George Town, Cayman Islands– At present, there is a heavy influx of startup blockchain companies that are missing the mark during critical stages of their beginning enterprise. Due to the sheer amount of token sales on the market, investors are unable to keep track of every genius disruptive startup, which in turn hurts investor and blockchain innovators.

Furthermore, the ICO market has been fraught with scams and bad press, creating skepticism and again, hurting not just this disruptive crowdfunding method itself, but also is massively damaging to the startups that offer something genuine.

ICO Funding Through Cryptfunder

Cryptfunder is a project designed to provide funding to carefully selected and vetted ICO startups. Cryptfunder’s expert analysts will identify projects that demonstrate excellence and show great potential market value; this can be gleaned from the real-life or real-world application of the project, the utility of the technology proposed and the quality of the team behind the startup.

Cryptfunder wholly believes in the blockchain community and helping to fund ICO’s that break the established mold, exhibit strong fundamentals and demonstrate great vision for their future path. The startup funding industry has little to no competition and Cryptfunder will endeavor to provide first investor level funding in exchange for highly discounted tokens.

Three Products, One Platform

Cryptfunder is made up of three “modules” that bring the ecosystem full-circle. They are designed to keep ICOs listed on the platform healthily funded, and increase as well as maintain the value of the Cryptfunder native token CFND, and allow for investors to view the performance of the CFND token and other holdings/values on the platform.

The CF30 List: Cryptfunder will create a portfolio of thirty other tokens that are to be purchased using roughly 10% of the Cryptfunder ICO crowdsale funds; the tokens selected for the list will be a combination of top-tier, mid-cap and higher risk tokens. Those listed will show the most exceptional growth, stability, and long-term gain potential, serving as backing for the value of the CFND token.

ICO Starter: Cryptfunder will provide ICO’s and other exchanges with funding in exchange for heavily discounted Pre-ICO or other tokens; the Cryptfunder platform will offer the top picks from the blockchain ICO market in a valiant effort to outperform the majority of traditional fundraising standards.

ICO Performance Module: This module is a unique way for Cryptfunder to publicly display the CFND token and CF30 portfolio capitalization, individual token holdings and net growth gains to CFND token investors and holders.

The core mission is to fund the most cutting edge and disruptive technology ICO’s in exchange for their tokens; there will be a minimum of 3-5 funding rounds every month which will increase as the platform grows and improves, alongside the application and funding process.

CFND Token Sale

The Token Sale for the Cryptfunder native token CFND begins May 25th, 2018, 9pm UTC and ends July 8th, 2018, 9pm UTC or after 20,000,000 tokens have been sold. The initial value of CFND is 0.003 ETH per CFND, with a total of 40,000,000 CFND tokens, and half of those (20,000,000) are available for the token sale.

Participants are also eligible for generous bonuses depending on how early they enter the sale, and the bonus structure is as detailed below:

May 25th – May 29th: 15% Bonus

May 30th – June 3rd: 10% Bonus

June 4th – June 8th: 5% Bonus

June 9th – June 13th: 2% Bonus

June 14th – July 8th: Standard ICO Rate

Visit the Cryptfunder Official Site – https://www.cryptfunder.io/
Check out the Whitepaper – https://www.cryptfunder.io/documents/Cryptfunder%20-%20White%20Paper.pdf
One Pager – https://www.cryptfunder.io/documents/Cryptfunder%20-%20One%20Pager.pdf
Github – https://github.com/cryptfunder
Chat on Telegram – http://www.t.me/cryptfunderico
Medium – https://medium.com/@cryptfunder
LinkedIn – https://www.linkedin.com/company/cryptfunder
Follow on Twitter – https://twitter.com/cryptfunder
Like on Facebook – https://www.facebook.com/cryptfunder.io
Reddit – https://www.reddit.com/r/Cryptfunder/
YouTube – https://www.youtube.com/cryptfunder
Instagram – https://www.instagram.com/cryptfunder/

Media Contact Details
Contact Name: Kevin Sarisky, CEO – Cryptfunder
Contact Email: [email protected]

Cryptfunder 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 Cryptfunder token sale is closed to US participants and participants of all countries in which ICOs are illegal.

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OAG sent information requests (“Inquiries”) to thirteen cryptocurrency trading platforms, including Kraken and Bitfinex

Cointelegraph

Bitcoin Pizza Guy: Laszlo Hanyecz on Why Bitcoin is Still the Only Flavor of Crypto for Him Cointelegraph But the transaction did not involve only one person: Jeremy Sturdivant, also known as Jercos, participated in the original Bitcoin pizza deal as the recipient of those 10,000 BTC that he turned into two pizzas. Ever since the fateful first-ever ...

Bitcoin Press Release: ARAW announces their Token Ecosystem, a fully featured platform revolving around a utility based token that aims to disrupt the global E-Commerce Marketplace and Payments industry.

May 20th, 2018. London, UK: The cryptocurrency and blockchain spaces have been growing exponentially over the last few years and thousands of companies and start-ups have been innovating through the blockchain. These companies have created tokens, which all have different purposes. Some tokens have a specific business application, while others just represent equity. Most companies in the industry have very similar visions and projects, but occasionally some really stand out and show huge potential. This is the case with ARAW. This company is creating the ARAW Token Ecosystem, a fully featured platform revolving around a utility based token that aims to disrupt the global E-Commerce Marketplace and Payments industry.

ARAW is the decentralized payment for e-commerce ecosystem. They are on a mission to provide end-to-end solutions for e-commerce Marketplace, Touch & Pay Cryptocurrency Card, Online Cryptocurrency Payment, and Unified Reward System powered by the Ethereum Blockchain.

An Amazing Team of Developers and Advisory Board Members

A well-seasoned team of technology geeks and developers are building the ARAW Token platform with their extensive experience developing complex finance and banking systems from scratch.

Their advisory board members John Wellman, Group CEO of Bleep & Dr. Jane Thomason, Advisory Board member of the British Blockchain, are part of the best in the e-commerce and Blockchain industry and they have huge social impact.

Blockchain User Adoption & The ARAW Platform

The goal of the ARAW token is to be a part of everyone’s day-to-day online & in-store shopping. The company is aiming to contribute to the global Blockchain User Adoption by intuitive and seamless integration of vastly used E-Commerce channel with the Decentralised Payment such that regular people across the world can benefit from the cryptocurrency without needing them to change their shopping behaviour or understand the complexity of the Blockchain technology.

One of the key “components” of the ARAW token ecosystem is its mobile application. On the application lies an e-commerce marketplace where customers can shop digitally using the ARAW token. Moreover, the mobile application provides a cryptocurrency wallet for multiple coins and tokens, as well as fiat currencies. This includes the ARAW token, BTC, ETH, and USD. There is also a digital currency exchange built into the mobile application, which lets users exchange cryptocurrencies to other cryptocurrencies and to fiat and vice versa.

Another strong feature is the Banking System Integration in the app, which allows users to top-up using bank accounts and to obtain cashback on the ARAW tokens.

Customers will also be able to shop in physical retail stores using the ARAW Touch & Pay Card. The goal of the ARAW is to make regular people accustom to use ARAW card for their daily shopping and time-to-time reward them out of box. To increase the merchant adoption rate, the ecosystem introduced Araw Pay, the decentralised payment gateway, which allows merchants to accept online payments with the ARAW token with a click of a button.

Why it is the future of E-Commerce and Payments?

The ARAW Token Ecosystem is the first of its kind. With cryptocurrencies and the blockchain technology taking off in the recent years, many innovations have seen the light of day but none were as complete as the ARAW token ecosystem. It has the potential to disrupt a whole industry in one of e-commerce and payments. This is the case because it provides end-to-end solutions for this industry that is almost begging for change and modernization. With its open API and its plug & play e-commerce platform, the ARAW Ecosystem is really easy to adopt for large enterprises, and it makes it effortless for small and medium merchants around the world to build their own blockchain based e-commerce platform, which in turn will drastically improve revenue.

Rapid Growth and Impressive Statistics

ARAW has seen very rapid and exponential growth over the past couple of months. They currently have users from 170 countries, in 4808 cities! In addition, they have 45,000+ Twitter followers & 50,000+ Telegram group members, which they use to make announcements and spread various news. Furthermore, the platform and the ecosystem have been praised in a lot of YouTube reviews across the world.

Tokensale

ARAW is currently having a high demand in private sale. The pre-sale registration for has been ongoing and pre-sale will start on 1st July. The token is KYC approved and the team is working closely with exchanges to list the token after the token event.

Visit the Website: https://arawtoken.io

Read the WhitePaper: https://arawtoken.io/assets/araw_businesspaper.pdf
Experience the Platform MVP – https://demo.arawtoken.io/
Join the Airdrop – https://airdrop.arawtoken.io/
Follow onTwitter: https://twitter.com/arawtoken
Chat on Telegram: https://t.me/ArawTokenOfficial
Join on Medium blog: https://medium.com/@TheARAWToken
Follow on Linkedin – https://www.linkedin.com/company/arawtoken/

Media Contact
Name: Krutesh Shah
Location: London, UK
Email: [email protected]

ARAW 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 ARAW token sale is closed to US participants and participants of all countries in which ICOs are illegal.

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Mark Carney, Governor of the Bank of England, spoke at the Riksbank Anniversary conference on Friday, putting forward an open-minded stance about the possibility of a central bank digital currency (CBDC).

Potential CBD for England

As reported by Bloomberg, while Carney appeared open to the idea, he also pointed to several issues that prevented him from offering his full support for a CBDC. Specifically, Carney stressed his view that cryptocurrencies are not a true equivalent of money, and that should a CBDC be adopted, it will not be capable of happening successfully in the near future.

During his speech, Carney went on to explain that the Bank of England is looking to boost diversity within the institution by engaging with people who not only come from a mainstream economic background. “The future of central banking may involve fewer central bankers, ” he said, indicating perhaps a future direction more compatible with the cryptocurrency field.

Sweden’s central bank Riksbank hosted the conference. Risbank is currently researching the practicality of implementing an e-krona, a CBDC for Sweden, with results from the inquiry scheduled to be published in 2019.

Carney and Crypto

The Bank of England issued a working paper earlier this month, detailing results of an extended inquiry into the possible financial risks and stability issues associated with CBDC. The report indicated that there was no probable cause to assume adopting a CBDC would create issues surrounding private credit, or total liquidity provision to the economy.

Carney has not held back on his personal, skeptical view of cryptocurrencies in the past. In February this year, he stated ”[cryptocurrency] has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”

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Even though decentralized currencies such as Bitcoin and Ethereum have opened the floodgates to innovative solutions within various sectors in recent years, the process of putting one’s crypto wealth to everyday use is still quite cumbersome and inconvenient.

FuzeX is an all-new blockchain service that seeks to deploy alt-currencies for everyday purposes. The core offering of the company is an innovative card which basically serves as a crypto-enabled e-card.

The FuzeX card is identical in size and thickness to a standard credit or debit card, and consists of these core components:

• An EMV chip
• Dynamic magnetic strip
• E-Paper Display (EPD)
• Three input/option buttons
• Rechargeable battery and charging terminal

The FuzeX card allows users to store, manage and use up to 30 credit, debit and cryptocurrency accounts via a single platform. This helps make financial accounting seamless and allows users to keep accurate tabs on their daily spending habits.

Overview of the system

• The FuzeX card comes prebuilt with buttons to power on/off, enter pin codes, make selections, and authorize payments.
• Through the use of a native E-Paper Display (EPD) module, customers are able to view their balances across various accounts as well as scan QR codes to procure rewards and blockchain addresses.
• The platform has been designed to facilitate hassle-free P2P transfers between crypto wallets.
• Thanks to the Bluetooth connection module that links the FuzeX card and wallet, the platform is able to maintain a high level of security and integrity.
• Customers are also provided with the option to securely lock their FuzeX cards when their wireless connections are disrupted for any reason, thereby allowing for an additional layer of security.

Key Features

As mentioned earlier, the FuzeX ecosystem allows users to connect their accounts (credit, debit, rewards, and cryptocurrency) via the native FuzeX wallet app. Once all of the preliminary synchronizations have been completed, customers are able to make payments using their FuzeX cards without having to go through the trouble of pulling out their smartphones or wallets.

Layered representation of the FuzeX e-card

Additionally, the FuzeX card, when paired with the native wallet, functions as an independent hard wallet for one’s private keys. These fragmented private keys are encrypted and stored within the ecosystem and can be accessed by users only after they have unlocked their FuzeX card and wallet with a secret pin code and an account password.

The wallet allows users to store, spend, receive, and transfer tokens, and provides them with features such as validation of customer registrations (including KYC), and management of crypto portfolios by allowing customers to send, receive, and exchange alt-tokens on a single platform.

Visual depiction of the FuzeX exchange

 

Lastly, the FuzeX exchange acts as the backend protocol that helps facilitate cryptocurrency adoption and allows users as well as merchants to switch between alt and fiat assets (USD, EUR, JPY, and any other local currencies) seamlessly.

How it works

The user first has to download the FuzeX wallet app and create an account on the FuzeX exchange. They then have to transfer the desired amount of crypto from an external wallet to the native FuzeX wallet.

Overview of how transactions work within the FuzeX ecosystem

To make purchases, customers have to select their cryptocurrency of choice from the FuzeX card using the built-in buttons, and the user is provided with real-time exchange rates.

If they are satisfied with the rate provided, he or she swipes their card on the merchant’s POS device. The merchant subsequently receives an authorization for the payment, and the purchase is completed. The buyer also receives an automated purchase summary on his or her FuzeX wallet app.

FuzeX exchange transaction flow

However, according to the whitepaper, a user “must approve transactions on the FuzeX card when the cumulative spending balance surpasses $300 USD (limit adjustable) to finalize the transfer of cryptocurrency payment from his/her user account to the FuzeX exchange.”

About the team

Andrew Bae is the CEO of this project. According to his LinkedIn profile, Andrew specializes in product management and marketing, and has previously been associated with established ventures such as:

• BrilliantTS (President and CEO)
• CrucialTec (Vice President and Co-Founder)

Michael Park is the Chief Technical Officer of FuzeX. He describes himself as a crypto enthusiast whose core interest lies in “merging today’s burgeoning IoT sector with the blockchain domain”. Michael is an alumnus of Kwangwoon University and previously served as the Vice President of the IoT/B2B solution team at Samsung for nearly two decades.

Lastly, Daniel Kim is the CBO of this venture. He possesses a BSc degree in Computer Science from Macquarie University and has previously worked for companies such as:

• Kona Co. Ltd (Global Sales Director)
• CrucialTec (Director of Sales)

Token Performance Details

FXT tokens have been on the market for a little more than two weeks, and have already experienced some minor price swings.

FXT token lifetime performance chart (courtesy of Coinmarketcap)

As of May 26, FuzeX possesses a market cap of US$26,044,254. In all, a total of 1,087,156,610 FXT have been created, and out of them, 728,910,229 are currently in circulation.

Final Thoughts

With widespread crypto adoption slowly entering the mainstream, FuzeX comes at the perfect time to help everyday people deploy alt-currencies for regular, menial purposes, such as buying groceries, paying for gas, or getting a cup of coffee.

If you would like to start investing in this platform, FXT trading pairs are currently being traded on HitBTC, COSS, IDEX, Coinbe, LiveCoin, and CobinHood.