Day: July 18, 2018

Over the past few years, people have become aware of the fact that their personal data is often used by social media companies and online retailers for advertising purposes. In addition, a surge in the number of recent data privacy scandals has forced more people to make use of advanced security protocols so that they have more control over their private information.

TaTaTu can be thought of as a transparent social media and entertainment platform that rewards users for not only creating novel content but also for their time. TaTaTu’s users will be able to watch content for free—however, before going live, the data will first need to be approved.

The platform uses an ad-based distribution scheme which rewards content creators and viewers for their time and attention—thereby allowing the “user to become the product”.

Overview of the Platform

• When making use of TaTaTu, network participants enter into a relationship with advertisers which allows them to receive lucrative incentives.
• Users at all times have complete knowledge of how their data is being used.
• Based on the personal preferences expressed by a customer, the platform only displays the most relevant products that a viewer is most likely to buy.
• TaTaTu has helped devise an open environment where people can enjoy free content without infringing on the rights of content creators, brands, and other users.
• The platform features a highly attractive UI that can be used by customers with varying degrees of technical prowess.

Key Features

TaTaTu will be powered by a social media framework that has been built using blockchain technology. Once the platform is live and fully operational, users will have the ability to add photos, create videos, comment on posts, and chat with their friends in a manner that is accessible and quite similar to other popular platforms such as Facebook.

TaTaTu’s mobile user interface

However, what sets TaTaTu apart from other social media service providers is the fact that the platform is decentralized and anybody using or contributing to the network is rewarded for their efforts in the form of native TTU Tokens. These tokens not only serve as rewards but are also used as fuel for advertising and tracking distribution rights for movies and other internal content. Additionally, according to the official whitepaper, the company also hopes to launch an e-store in the near future where customers will be able to buy and sell a wide array of merchandise.

Lastly, to help facilitate the smooth working of its platform, TaTaTu Enterprises Ltd takes a small percentage of profits from all transactions but allows users to retain a majority of the received revenue.

How Does All of This Work?

The TaTaTu platform consists of three core components, namely:

• Advertising Video on Demand (AVOD)
• A social media and user management protocol
• A native blockchain and ERC20 token

A diagrammatic representation of how the platform works

The AVOD module is comprised of a video playback widget which includes:

• A video on demand player
• A movie listing screen
• A movie detail screen

Additionally, the AVOD unit also contains a series of unique web applications, an iOS app hosted on the Apple App Store, and an Android app hosted on the Google Play Store (so as to maximize product accessibility).

How payments work within the ecosystem

In terms of its blockchain design, TaTaTu plans on utilizing Ethereum-based smart contracts to facilitate the creation of intelligent representations of existing rights records that are stored in individual nodes within the network. Each individual contract will contain metadata about record ownership, permissions, and data integrity.

Lastly, blockchain transactions are carried out via cryptographically signed instructions so as to carefully manage the individual properties of the data in question. Policies are carried out by the contract’s state transition functions, which enforce data alternation only by legitimate transactions.

About the team

Andrea Iervolino is the founder and CEO of this project. According to his online bio, Andrea launched his first business venture at the age of 13, and over the years has produced and distributed over 500 films. Some of the major hits that Andrea has been associated with are Rush, Apocalypto, Sliding Doors, The Passion of Christ, and Memento.

Jonathan Pullinger is the CTO of TaTaTu. Having been a Bitcoin miner since 2012, Jon has been actively involved in this scene and previously worked for a number of established blockchain projects including:

• Hyperledger
• Fabric
• Waves Platform

Lastly, Ed Mcculloch is TaTaTu’s Head of Platform Development. He has worked at AKQA, TMW, and Starcom, where he served a variety of established clients including:

• Microsoft/Xbox
• Sony Mobile
• Nissan
• Diageo
• Unilever

Token Financials

Having been in the crypto market for just over two weeks, the value of TTU has remained fairly stable over that time.

TTU token lifetime performance data (courtesy of CoinMarketCap)

While initially trading at a rate of US$0.59 (on July 3), the currency was trading at $0.479 at the time of writing.

As of July 16, TTU possessed a total market cap of US$46,418,399 along with a token supply of 10,000,000,000 TTU. However, of these tokens, only 96,727,971 TTU were in circulation.

Final Thoughts

With the online entertainment industry in dire need of disruption, TaTaTu seems to be destined for big things. Not only does the service help reduce platform bias, but it also ensures that adequate rewards are provided to content creators and viewers.

If you would like to start investing in TaTaTu, TTU trading pairs are currently available on HitBTC.

Major advances are being made in South Korea, the nation’s financial watchdog is planning an organization-wide reshuffle, creating a new bureau to look at financial innovation policies and announcing a reduced tax policy for “new-growth technologies”.

New bureau for financial innovation

On Tuesday, South Korea’s Financial Services Commission (FSC) published a press release which reveals intentions to “better protect” its domestic financial consumers and make preparations for the financial innovation due to arrive with the Fourth Industrial Revolution.

In response to the growing prominence of cryptocurrencies as well as the fourth industrial era, the FSC has put together a new entity named the Financial Innovation Bureau (FIB).

This newly-formed bureau is designed specifically for “policy initiatives for financial innovation e.g. innovative financial services using fintech or big data and responses to new developments and challenges such as cryptocurrencies”.

It is another step by the pro-crypto nation to pre-empt the coming Digital Economy 2.0; recently the Korean financial watchdog also revealed its latest guidelines for cryptocurrency regulations which further provide consumer protections.

It is a timely press release, as on 10 July, anti-money laundering banking rules created by the FSC were officially enforced. Furthermore, the government is expected to reveal the final draft for new regulations are after a large opinion research operation has been conducted.

Reducing new-tech tax

In a report from CoinDesk Korea, the government has announced tax cuts for companies described as “new-growth technologies”, a term which encompasses 157 technologies across 11 areas which include, blockchain-based information security technology, quantum computing and commercialization facilities.

There is little clarity as to where exactly the government stands regarding blockchain technology, making it unclear on how blockchain-related banking projects will benefit from this announcement due to initial coin offerings and digital currencies still being considered as gambling or “multi-level fraud”.

A further detailed announcement is expected to arrive on 26 July, with further clarifications on the new-growth technology tax credit scheme.

This announcement, from the “Revitalization Support System for Investment Promotion” that took place at the ministerial meeting on 18 July, comes at a time when South Korean lawmakers across major political parties are submitting draft bills to clarify regulations on the nascent blockchain industry.

South Korea is perhaps one of the most active components in the future of blockchain and cryptocurrencies. Yhe nation tends to positively push the technology as well as legislation and regulation at unprecedented rates.

On 26 July, the flurry of draft bills being submitted to the South Korean National Assembly will end, and on this date also, the taxation details will be revealed. It appears as though South Korea is gearing up to tackle blockchain and cryptocurrencies ahead of 2019, which could prove favorable in the blockchain race.

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Blockchain startup Nervos Network has secured $28 million to develop its blockchain applications from a group of companies including Sequoia China and Polychain Capital

Peter Gabriel, the former frontman of progressive rock band Genesis, is entering the cryptocurrency world by backing a British blockchain startup named Provenance. The rock star is the most recent celebrity putting its name behind digital currency-related startups.

Genesis Frontman Peter Gabriel Invests in Supply Chain Blockchain Startup

U.K.-based social enterprise project Provenance is building a traceability system for materials and products using distributed ledger technology in order to make supply chains more transparent. The startup leverages the Ethereum blockchain to track where food sold at retail is from.

In 2017, Provenance was able to raise about $800,000 in a seed round from investors including Humanity United, Merian Ventures’ Alexsis de Raadt-St. James, startup accelerator Plug and Play Tech Center, investment firm Digital Currency Group, among other backers. The startup aimed to use the funds raised to plan the launch of its product. Supply chain solutions have been their focus since being founded in 2013.

The new funding round was backed by Working Capital partner Chemain Saan, who will join the board of the startup. The above-mentioned investors were also backers besides Peter Gabriel, who explained the importance of more transparent supply chains.

“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way.”

While the amount of funding into Provenance remains undisclosed, Peter Gabriel is now part of a growing list of celebrity cryptocurrency and blockchain enthusiasts, although his investment approach did not include an initial coin offering (ICO).

Celebrity-endorsed ICOs include Paris Hilton’s promotion of AI blockchain platform called LydianCoin in 2017. World heavyweight champion Floyd Mayweather and  Uruguayan footballing legend Luis Suarez endorsed the STOX initial coin offering last year, which raised over $30 million.

Celebrities have become more cautious on their ICO endorsements ever since Mayweather and DJ Khaled came under fire for having promoted an ICO that turned out to be a scam. A startup called Centra Tech raised $32 million from thousands of investors based on false claims regarding its products, such as e-wallets and major credit card backed prepaid debit cards which the U.S. Securities and Exchange Commission (SEC) found to be untrue. Neither Mastercard nor Visa supported their prepaid cards.

The SEC later said that both celebrities involved in the STOX initial coin offering had to disclose any compensation they received to promote the fundraiser. The financial watchdog did not comment on whether it will prosecute them for having aided and abetted the alleged scam.

Featured image from Shutterstock.

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Bulls are back with a vengeance as shown by a 100 percent increase in trading volume from just four days ago.

Ripple and Coinbase have had a long history, one that has involved a lot of heartbreak for XRP enthusiasts. With XRP being the third-most valuable crypto by market capitalization, it was expected that the largest crypto exchange in the US would list it, but it hasn’t. The XRP community has not lost hope, and rumors have kept surfacing that their time has finally arrived. Recently, Coinbase announced that it was considering five new currencies for listing, but XRP wasn’t among them. And it’s not just Coinbase that is steering clear of XRP, with renowned venture capitalist Arianna Simpson announcing that her firm would invest in cryptos but steer clear of XRP, as she is concerned with its centralized nature. Ripple just can’t seem to catch a break.

The Anguish for XRP

Ripple’s struggles can be attributed to the longstanding controversy as to whether or not it’s a security. The SEC has promised to crack the whip on cryptos that are set up as securities, and XRP has been on top of the list, according to many market experts. This has been the key reason why most crypto exchanges in the US have shied away from listing it.

Having announced plans to add support for Ethereum Classic recently, Coinbase subsequently announced that it was considering five more cryptos for listing as it seeks to expand its offering, but XRP wasn’t one of them. The five were Basic Attention Token, Cardano, Stellar Lumens, 0x, and Zcash. Making the announcement on Twitter, Coinbase stated that these currencies will need a lot of due diligence before they are listed, and even then, they could not guarantee that they’d list them. Nevertheless, it’s still a huge deal for these cryptos, and with over 15 million users trading on Coinbase, these cryptos would be accessible to a much larger audience if listed.

The snubbing continued for XRP after renowned investor and crypto enthusiast Arianna Simpson announced that her firm was interested in investing in cryptos but would steer clear of XRP. And once again, it’s Ripple’s centralized state that has her concerned.

I have a lot of concerns about the level of centralization there, and I have regulatory concerns if what they have issued is a security.

Simpson’s Autonomous Partners hedge fund launched in December of last year and has attracted investment from Union Square Ventures, Craft Ventures, and the Coinbase founder, Brian Armstrong. Billionaire investor Steve Cohen also recently invested in the fund. Simpson stated recently that she intends to invest in Ethereum and Bitcoin as her fund explores other next-generation cryptos.

It’s still up in the air if people want to do a number of things on the blockchain. We’re still figuring out what needs one and what doesn’t. But it’s clear they want to trade, and they want to play games.

Simpson’s hedge fund follows in the footsteps of Austin, Texas-based venture capital firm MultiChain Capital, which has made public its belief that XRP is going to be deemed a security by the SEC. The Andreessen Horowitz-backed firm announced two weeks ago that it was going long on EOS and Ethereum but would go short on XRP, whose price it believes will crumble soon. MultiChain believes that the SEC will classify XRP as a security, denying it access to certain crypto exchanges and consequently leading to the crumbling of the price. MultiChain also announced that it was shorting Litecoin, stating that it’s just an imitation of Bitcoin and has no reason to exist.

The co-founder and manager of the money management firm Citadel has voiced his grievances with Bitcoin. Ken Griffin stated today that none of his portfolio managers are interested in exposure to digital assets.

Ken Griffin: “I Still Scratch My Head About Bitcoin”

It’s very rare here at NewsBTC that we get to report on a prominent figure from traditional finance proclaiming their love of Bitcoin. Today is no exception.

Ken Griffin of Citadel spoke at the eighth annual Delivering Alpha Conference held in New York earlier today. CNBC reported:

“I don’t have a single portfolio manager [of mine] who has told me we should buy crypto, not a single portfolio manager.”

Griffin went on to state that there was simply no need for Bitcoin because you can’t pay your taxes with it. Evidently, the billionaire hedge fund manager doesn’t fully understand the permissionless, unconfiscatable nature of blockchain-based digital assets. In his words:

“What people don’t understand with cryptocurrencies versus the U.S. dollar – you have to have the U.S. dollar to pay your taxes at the end of the year. You don’t have a choice. There’s no need for cryptocurrencies. They’re a solution in search of [a] problem from my perspective.”

As a professional money manager, it’s hardly surprising that Griffin entirely misses the problem that cryptocurrencies solved. He sounds like he doesn’t understand the necessity of having an asset that is out of the control of national governments and unaffected by the risk-taking whims of individuals much like himself. After all, Bitcoin was a direct response to the global recession of 2008 that was created by reckless speculation.

When the likes of Griffin, Jamie Dimon, and Warren Buffet attack Bitcoin publicly, you have to wonder what their motive is. Are they really blind to why the planet has collectively decided to store over $127 billion in an asset class that is out of the control of such banking elites?

Or, are they trying to cling on to their privileged current positions by discouraging people from getting involved in cryptocurrency? A final interpretation could be that such public statements allow themselves and their clients to quietly accumulate crypto assets before going public about their holdings in expectation of a price spike.

At the Delivering Alpha Conference, Griffin went on to state that he wasn’t keen on offering clients exposure to crypto, even if they requested it:

“I have a hard time finding myself wanting to be in a position of being a liquidity provider for a product I don’t believe in.”

Griffin’s words are similar to those of the BlackRock CEO earlier this week. Larry Fink claimed just yesterday:

“No. I don’t think that any client has sought out crypto exposure… I’ve not heard from one client who says, ‘I need to be in this.’”

Featured image from Shutterstock.

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Binance has become synonymous with the crypto exchange industry. It has become almost impossible to mention the industry without paying homage to the world’s largest crypto exchange by trading volume. Founded by Blockchain.info developer Changpeng Zhao and Yi He, a former executive at OKCoin, Binance’s rise to the summit has been swift and unprecedented. Trading over $1 billion worth of crypto daily, Binance has eclipsed other exchanges like Bithumb and Huobi which have existed for much longer, and with its easy-to-use and intuitive platform and the able leadership of CZ, Binance looks set to dominate the charts for a whole lot longer.

Shooting for the Stars

Binance was launched in July 2017 to cater to a rapidly-increasing Chinese crypto market, and a year later, it has gone beyond its motherland and dominated the world. Launched by CZ and Yi He, Binance quickly gathered momentum, with users praising the platform for its speed and easy-to-use nature. Binance also offered more trading pairs than many existing platforms, which attracted even more users.

The exchange has also experienced its share of challenges, the biggest being the shifty regulatory frameworks in jurisdictions where it has set up operations. Originally from China, it had to move its operations to Japan after the People’s Bank of China began to crack down on exchanges. Japan had initially been the friendliest jurisdiction for cryptocurrencies and received praise the world over for its stellar handling of the nascent industry. The country even set a precedent for the world by becoming the first country to recognize Bitcoin as a legal payment method. Business was thriving for Binance and the other Japanese exchanges. Nothing could go wrong, except something did.

Following one of the biggest heists in the crypto industry in which the Japanese Coincheck exchange lost over $500 million worth of digital tokens, everything changed. The Japanese government, through the Financial Services Agency, cracked down on crypto exchanges as it sought to ensure that such a heist never took place again. A number of exchanges were closed down as they were unable to comply with the new set of regulations. Others were unable to acquire the necessary licensing to continue conducting business in the country. Binance was among the latter and had to shift base again, this time settling in the small island nation of Malta, a nation that has established itself as being among the crypto-friendliest countries in the world.

Binance has continued to establish itself as one of the most prominent players in the crypto industry by taking part in initiatives that support the development of the industry. One of them is its recent investment in Founders Bank, the first decentralized bank, which will be owned by the community through the purchase of its native token. It has also set up a $1 billion fund that will invest in promising blockchain startups and which will be administered by its Binance Labs incubator. The fund has already invested in a number of startups, among them MobileCoin and chilliZ.

The future looks bright for Binance as it keeps growing and expanding to new territories, the latest of which is the East African country of Uganda. With cryptos becoming more popular with each passing day, Binance is uniquely positioned to become a financial services giant that will rival some mainstream companies that have existed for decades.

Bitcoin (BTC)

Bitcoin’s price has incurred a massive spike since yesterday, jumping from around $6,700 to $7,300. With the $7,000 mark breached, many analysts are wondering if $8,000 isn’t too far away.

One source claims the recent jump is part of a wave of “new money” entering the crypto marketplace, and that this money created what they call a “short squeeze” on traders who are betting against bitcoin’s price while hoping to profit from its respective declines. In turn, they could be forced to purchase bitcoin to cover their losses.

Ethereum (ETH)

While bitcoin may be on the rise, Ethereum is falling hard, dropping from $501 to $476 – roughly $25 – in less than 24 hours.

However, financial experts like Kevin O’Leary – often referred to as “Mr. Wonderful” – are pointing their fingers at Ethereum and claiming it will soon be the top crypto entity, as people are losing their trust in bitcoin.

“People are saying [bitcoin]is not the definitive platform anymore, and that maybe Ethereum is becoming the new platform,” O’Leary states.

Ripple (XRP)

At press time, XRP is trading for roughly 48 cents.

Global financial system Cambridge Global Payments is testing Ripple’s xRapid platform for its cross-border payments. Over the past few years, bitcoin has lost its popularity in the remittance arena thanks, in part, to its heavy transaction fees, and Ripple has often claimed it can remedy the situation.

In a report, representatives of Cambridge state, “Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service.”

The platform is first being tested in Mexico and Latin America. If all goes well, Cambridge will next test the system in the Asia-Pacific region.

Bitcoin Cash (BCH)

BCH is currently trading for $821, and is up alongside its parent currency bitcoin.

U.S.-based digital trading platform Robinhood has recently announced it is adding bitcoin cash to its crypto exchange. Previously, Robinhood primarily dealt with bitcoin and ether.

Robinhood is only available in about 17 states, though executives have cited plans to expand in the coming months.

Litecoin (LTC)

Litecoin is presently trading for just over 86 dollars.

Litecoin is joining bitcoin cash on Robinhood’s crypto exchange, and is now the fourth major crypto-entity to be added to the platform.

Conclusion

The cryptocurrency market has grown by over $20 billion in the last day, and thus we are witnessing signs of healing occur throughout the space. However, investors are warned that volatility remains a major issue, and they should only play with funds they can afford to lose.

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A Singapore-based property company has claimed to be the first real estate developer in Southeast Asia to implement blockchain technology for conducting individual and institutional investment business in the sector, writes E27.

The company, NOON Capital, plans to utilize Ethereum technology in the financing and management of its real estate investments, two of which are in Thailand with a combined value of USD 20 million.

NOON announced that as part of its new way of conducting real estate business, it will aim to secure investor funding through digital certification backed by each project. Also using blockchain tech, the company hopes to be able to enable tenants to pay monthly rentals and utility bills via a digital wallet.

Its two new investments, both developments on the Thai tourist hub island of Phuket, are reportedly the direction NOON would like to take using its new blockchain-backed system. The company’s managing partner Luca Dotti explained:

“Thailand has a stable currency, low inflation, a strong banking system, and is embracing blockchain technology. It has great infrastructure for both our investors and tenants… This makes rapidly developing cities such as Phuket an attractive proposition, because it has the safety and structure of a developed country, while also having immense real estate potential for investment and development.”

In other blockchain news from Singapore, British-Dutch transnational consumer goods giant Unilever is to launch a platform run by date tech company Blis which will run on the IBM blockchain platform. The platform has been launched to address compliance and global regulations issues concerning the verification of demographic data.

The Singapore government has called for a more comprehensive spectrum of blockchain adoption. It continues to focus on the all-encompassing integrated blockchain technologies and development for broad industrial adoption.

In line with the country’s proposals to develop blockchain technology, a recent consultation paper from the Monetary Authority of Singapore has made proposals for existing regulations to be changed. This comes in light of emerging blockchain-related business practices on the city-state island.

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