Day: June 1, 2018

Various cryptocurrency companies have made the move to Europe in the past few months. This is not entirely surprising, as Europe has a relatively open mind when it comes to cryptocurrencies and blockchains. BitBay, the Polish exchange, is now moving to Malta.

Another Company Moves to Malta

It has become apparent that Malta is the go-to place to set up a cryptocurrency company office. Various firms have made the move in the past few months, and it seems this momentum will not be slowing down anytime soon. That is a positive trend, as Europe has been far too quiet on the cryptocurrency front over the past few years.

The ‘exodus to Malta’ trend suddenly got a lot of attention when Binance announced that it wanted to set up shop in this particular country. While that was good news for the exchange itself, Binance also made it clear that it wanted to create a lot of jobs in the country. Moreover, the Maltese government announced that it will welcome other cryptocurrency companies as well.

The latest firm to make the move is BitBay. Although most people may have forgotten this Polish cryptocurrency exchange existed, the firm has made a name for itself in Poland over the years. This shows that other European countries haven’t given up on Bitcoin and other cryptocurrencies. Europe needs some positive financial news these days, as the eurozone is in a state of flux.

BitBay’s sudden move to Malta is easy to explain. The firm relies on a Polish bank partner to perform its operations. Unfortunately, it seems the banks in Poland are no longer interested in working with this company for some reason. As such, the company had few options left on the table, and moving to Malta seemingly made a lot of sense.

Until this transition is completed, users will have to deal with limited functionality on the BitBay platform. As of today, PLN-based transactions will no longer be possible. Additionally, all trading activity on BitBay Poland will be suspended as of September 17.

It will be possible for individuals to set up new accounts once the company has moved to Malta, and all of the features and tools will remain the same. The Polish branch of this firm will continue to exist for quite some time to come, although it will no longer be involved in any cryptocurrency exchange operations moving forward. It’s an interesting development that will strengthen the cryptocurrency industry as a whole.

With an urgent need for safe, secure storage, we are now seeing a growing variety of custody options available for digital assets, both to individual investors and institutional players such as hedge funds and banks. We take a look at some of the most effective custody options.

The EOS ICO is almost over, raising more than double that of Telegram in the biggest crowdsale so far

Charity-focused AidCoin will be matching the winning bid in a charity auction. The funds raised by the sale of 2018 FIFA World Cup prizes will be donated to The Blue Marine Foundation (BLUE) charity.

AidCoin Working with BLUE to Protect the Ocean Around Menorca

The winning bid in the charity auction was for £5,000. The lot the winner managed to scoop was a bundle of FIFA World Cup prizes. These include the chance to open the tournament being held in Russia this month. As well as this unique experience, the winner will also receive tickets to the England vs. Belgium match being held on June 28, return flights, luxury lodgings for their time in Russia, and a host of other goodies. Both the winner of the auction and a child aged 12-17 are invited to enjoy the spoils.

The prize package was donated by Sunseeker International – a high-end British yacht manufacturing firm. It was won yesterday after the conclusion of the auction that was overseen by CharityStars, a platform that makes it possible for winners to live a dream while supporting worthwhile causes.

Bids for the monster prize haul were accepted in AidCoin, as well as Bitcoin and Ethereum. AidCoin themselves will match the £5,000 bid and donate it to the marine charity BLUE.

BLUE will use the funds to support one of their newest projects. The goal of it is to help protect the seas around the Mediterranean island of Menorca. The area suffers greatly at present from unregulated fishing, tourism, and pollution. The programme should hopefully help to increase the numbers of fish living in the surrounding ocean, reduce plastic waste, and educate the recreational boating community about the importance of marine conservation.

The CEO of AidCoin spoke to FundRaising.co.uk about the auction. Francesco Nazari Fusetti said:

“AidCoin is pleased to be supporting BLUE’s latest project. We believe in the power of AidCoin to reinstall trust in the face of recent adversities within the financial management of charities. It enables a transparent, trackable and completely secure means of donating to charities via the Ethereum blockchain.”

He went on state the importance of cryptocurrencies disruptive potential in a number of sectors. He added to this that he felt it time for the charitable sector to also ‘reap the benefits’ of digital currency.

The auction by AidCoin is hardly the first act of charity that has been associated with cryptocurrency, however. Earlier this year, we reported on GiftCoin, another crypto that had been built for altruistic purposes. There was also the move by Unicef Australia to use in-browser cryptocurrency mining to fund their aid programs. The HopePage launched in late April and allows visitors to donate a percentage of their computing power to mine Monero for good causes.

Featured image from Shutterstock.

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As we progress into a hyperconnected world, blockchain technology is continuing to revamp countless industries. Skywire is the most advanced blockchain application ecosystem in the world. With a vision to make the internet as transparent and accessible as possible, Skywire is restructuring how the world wide web connects people. Developed by early contributors to both Bitcoin and Ethereum, Skywire boasts a secure and scalable service, that is set to transform global connectivity.

Blockchain-based solutions are changing the modern world at an accelerating rate. The method of handling data packets on the internet, or TCP/IP,  is being revamped. TCP (Transmission Control Protocol and Internet Protocol) is a speed-handling system in which data packet loss is controlled and IP is a routing handling system for data transmission. These two protocols are outdated by more than 40 years and are another example of Skywire’s innovative solutions.  

The Power Of Skywire Mesh Networking

Skywire offers a decentralised solution that removes the aging protocols used for today’s internet. With a blockchain-based internet services, Skywire is a mesh network consisting of thousands of nodes that connect directly for forwarding and routing internet traffic. This creates a network that is more secure, stable and faster than the current web. The Skywire mesh functions more efficiently and differently from the conventional TCP/IP system, creating a decentralised and well-distributed network.

Skywire is meticulously designed, with an updated protocol called Multi-Protocol Label Switching. MPLS allows for scalability and high performance of data transfer across any medium. MPLS also empowers privacy functionality as each node on the network can only see the previous node and the next jump for the data packet. This is a far more transparent system with security and privacy at its core. An excellent improvement compared to IPV4 and IPV6 protocols, where anyone can view the origin and the destination of the data being sent.

Skywire Is Cost Effective

The Skywire network establishes a new internet for the world to benefit by utilising blockchain technology. It’s an internet built by the people, for the people, without the need for a centralised stronghold that legacy ISPs have on the world’s internet services. At present, most individuals have to choose from a limited number of internet service providers within their geographical location. This enables exploitation when ISPs are charging whatever they want at their users’ expense.

Skywire has the solution: with tens of thousands of nodes around the world in the Skywire network, users are empowered with the choice to connect to any of their preferred nodes.

This a notably cost effective solution, as users only pay for the bandwidth they use, and are paid for the bandwidth that they provide. As a result, internet costs will be driven down and control is put back into the hands of the users. For the first time, users will become their own internet service providers, by receiving payment for the services they provide and paying for the services they choose to use. Skywire is set to change the global connectivity of people, offering a significantly cheaper solution that is set to revamp traditional services.

Skywire Testnet Release

Skywire have offered a peek into what their ecosystem has to offer going forward. A testnet service was released on 22nd May, 2018. This initial software will allow users to test the capabilities of a decentralised internet.

The testnet phase will reward Skyminers (the hardware telecom backbone of the Skywire mesh internet). With stable nodes and an uptime of at least 75% per month will be rewarded with Skycoins as a gesture for their participation. Self-built DIY miners from the community are also eligible to participate.To find out more about Skywire and their exciting new chapter, visit their website. To learn more, read the whitepaper and connect on Telegram. Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

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A lot of intriguing developments are taking place in South Korea. It recently became apparent that the government would revise its existing regulations, although no one knew for sure how things would play out. On Wednesday, the South Korean Supreme Court recognized Bitcoin and other cryptocurrencies as assets.

Another Plot Twist in South Korea

No one will deny the global impact South Korea has had on the cryptocurrency trading industry. Its exchanges are the main reason why so many cryptocurrencies saw a massive spike in value in late 2017 and early 2018. That party came to an abrupt end when the government decided to introduce some regulatory measures which spooked a fair few traders.

Due to this legal uncertainty, the future of cryptocurrency in South Korea has remained in question for some time now. While officials are looking for different ways to bring more legitimacy to this industry, an uneasy standstill has subdued most of the markets.

It does appear there is a bright light at the end of this rather dark tunnel. Earlier this week, the South Korean Supreme Court ruled that cryptocurrencies are assets, which will have some intriguing consequences. This decision was made as part of an ongoing court case involving $2.3 million worth of Bitcoin that was seized from an individual running an online pornography platform.

By granting cryptocurrencies the status of “asset[s] with measurable value”, a very interesting situation has been created. While it is also the first time cryptocurrencies have been confiscated in South Korea, this is still an important development in the ongoing process of regulating Bitcoin.

This decision differs from that of a lower court earlier this year. At that time, the lower court argued Bitcoin did not have any value as it only existed electronically and had no physical form. With the Supreme Court having overturned that decision, it will be interesting to see how the cryptocurrency ecosystem evolves in South Korea moving forward.

One somewhat negative aspect of this ruling is that officials can confiscate any cryptocurrency earned through illicit methods. In a way, that is positive, as it will help weed out any malicious actors from the cryptocurrency ecosystem. At the same time, it may also lead to a more negative focus on Bitcoin, as the world’s leading cryptocurrency is often mentioned in the same breath as online crime.

Africa and the Middle East

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.

Nigeria

Nigerian diaspora considering Bitcoin for sending remittances: The Nigerian diaspora around the world is using Bitcoin to send remittance money in more and more cases, according to latest reports from the African nation. Nigerians sent a staggering amount of USD 22 billion in remittances back to the country and Bitcoin is now being increasingly seen as a viable alternative to the expensive SWIFT transfer.

Requiring no bank account or previous history, many blockchain startups have now started in the country to address this issue and ensure flawless remittance transfers from around the world irrespective of location.

Blockchain conference by local blockchain group organized in Lagos: A local blockchain user group has successfully organized a blockchain conference in the capital city of Lagos. The conference was a step to make the Nigerians realize the immense potential of cryptocurrencies in the present and future.

According to Chimezie Chuta, founder of the user group, “Blockchain technology will transform our lives, governments. And how we run organizations, structure them and interact with people across the world.”

South Africa

$14.5 billion investment firm Sygnia launches crypto exchange: A big South African Investment firm has launched its own cryptocurrency exchange according to latest reports coming from the African country. Sygnia Asset Management, a big investment firm worth SAR 180 billion (USD 14.5 billion) has announced that it will launch a cryptocurrency exchange this year according to BusinessTech.

CEO of Sygnia was of the opinion:

“The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows. With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products.”

Crypto scam leaves thousands of investors defrauded: Defunct South South African cryptocurrency scam Bitcaw Trading Company (BTC) is now under investigation by the South African authorities.

Several investors complained to the authorities that they invested in a fraudulent scheme that turned out to be Bitcaw. Bitcaw operators conned tens of millions of dollars from the investors.

Central bank terms crypto “cyber-tokens” and not currency: In a recent move this week, the South African central bank has termed cryptocurrencies “cyber tokens” and not currencies according to latest reports from Bloomberg.

Francois Groepe, the deputy head of the Reserve Bank said:

“We don’t use the term “cryptocurrency” because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value. We prefer to use the word ‘cyber-token’.”

Zimbabwe

Court lifts ban on crypto by national bank: Latest news emerging from Zimbabwe states that the country’s Harare High court has lifted a ban on cryptocurrencies operating in the country following last week’s move by the state bank.

The Reserve Bank of Zimbabwe had earlier placed a blanket ban on banks and other financial institutions on cryptocurrency trading. The move was challenged in the court by Golix, one of the largest cryptocurrency exchanges in the country and the verdict came in the exchange’s favor.

Despite the ban being overturned in court, the restoration of the accounts of the cryptocurrency exchange will take some time following finalization of regulatory issues by the government.

Middle East

Israel

Crypto regulation delayed: The Israeli government has postponed regulation on the cryptocurrency market.

The government is looking for increased discussions on the topic with the public but the move also leaves blockchain startups practically stuck in limbo with no legal cover.

United Arab Emirates

50% of fiat banking to shift to blockchain: According to latest reports from the Middle East, the government of the UAE is going to shift over 50% of banking operations to blockchain-based systems by 2021.

According to the ruler of the UAE, Sheikh Muhammad Al Maktoum, the move will save the country USD 3 billion a year and will bring revolutionary changes to the country’s banking system.

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In the world of cryptocurrency, growth can be rather difficult to achieve these days. For Ethereum, that is far less of a problem compared to some other currencies. In fact, an important milestone has just been reached, as there are now over 35 million unique Ethereum addresses on the blockchain.

Another Milestone for Ethereum

While there are a lot of interesting developments in the world of cryptocurrency, it remains a rather niche market. In fact, one could argue there isn’t much interest in this particular industry these days, despite the amount of money that’s been made in it.

Even so, there are some interesting developments taking place in the Ethereum ecosystem these days. In particular, it seems a lot of new Ethereum addresses have been created in the past few months. There are now over 35 million unique Ethereum addresses, which is a rather interesting development for the world’s second largest cryptocurrency by market cap.

This is an ongoing trend which became more apparent several months ago. Earlier this year, there were 31 million unique Ethereum addresses in existence. At that time, the Ethereum blockchain had more addresses than Bitcoin, and it seems things are still moving in favor of Ethereum as of right now.

This does not mean there are 35 million unique Ethereum users by any means. Indeed, a fair few of these addresses are linked to smart contracts, and various projects use multiple contracts to conduct their day-to-day operations.

Additionally, there is no way to determine the exact number of unique Ethereum users at any given time. Considering that most exchanges have a handful of addresses, it is safe to assume that most individual users have at least three or four as well. Even so, it will be interesting to see how these numbers evolve in the months to come.

Most people will also be interested in the number of active Ethereum addresses, which is rather different. Ethereum has trumped Bitcoin in this regard for the first time in its history, as there is a 78,000 address gap between the two. An interesting competition is occurring between these two currencies, and no winner has been determined just yet.