Day: August 7, 2018

Bitcoin lacks native privacy and anonymity. Its transactions are public for everyone to see and are broadcasted in real time. To counter this problem, people often rely on mixing services to obtain at least a degree of privacy. There are a few aspects of coin mixers often overlooked by the average Bitcoin user.

5. Not Just a Tool for Criminals

Most people associate coin mixers with criminals laundering Bitcoin proceeds. While that is a valid use case, there are many other reasons for using such tools and services. A lot of users and traders simply like to remain anonymous, and using a mixing service can help achieve that goal.

Such a desire mainly stems from a fear of public identification. More specifically, users are worried their Bitcoin holdings will be traced back to them, which might attract all kinds of attention. While these users are far less common than people laundering criminal proceeds through coin mixers, it shows the model can be used for perfectly legitimate uses as well.

4. Companies Use Coin Mixers

Coin mixers are quite appealing to many companies. While some firms have embraced Bitcoin payroll options, keeping specific information about recipients private is always preferable. Additionally, using a mixer will help companies “mask” the amounts they are paying their employees. Whether or not that requires the use of a mixer is a different matter altogether.

3. Trust Is Critical

One of the important points people often overlook is that one needs to trust a coin mixer to send their money to a specified address. Although this may not seem like an issue, “removing taint” from large sums of Bitcoin is rather problematic when using a mixer. After all, a site owner could always decide not to forward the coins to a given address. Significant trust is required, and trust is not easy to give or earn over the internet.

2. It’s Not Free

Unlike traditional Bitcoin transactions, using a Bitcoin mixer is relatively expensive. On top of paying transaction fees, service providers usually charge anywhere from 1-3% in fees based on the amount being mixed. If one tries to mix 100 Bitcoin in one go, he or she will lose up to 3 BTC in the process. It is a very steep price to pay, although for those who genuinely want privacy or anonymity, it can still be worth it.

1. Government Intervention

Although one could use coin mixers to avoid government intervention, these services also tend to have the opposite effect. They make it easier for criminals to launder proceeds in an anonymous manner, which makes government officials even more intent on shutting down these types of services. Cracking down on coin mixers is difficult since most of them reside on the deep web.

West Virginia State is to pioneer a blockchain-based voting application for smartphones, which allows for its military troops serving overseas to vote in the midterm federal election ballots this November.

Whilst the United States still wrestles with the notion that Bitcoin could have played a role in the operations of Russian hackers during the 2016 elections, it appears as though progress is being made on the side of blockchain technology adoption.

We use smartphones perform many practical functions like banking, shopping and navigation, so it was perhaps only a matter of time that smartphones would have the capacity to be a part of governmental procedures.

Voting on the blockchain

There are several companies exploring the potential use of mobile apps as viable voting systems, and some are applying blockchain to the concept, a technology that is popularized by its anonymous, transparent and secure nature.

The project is a partnership between West Virginia state and Boston blockchain startup Voatz. To utilize the app and vote, users will be required to register by taking a photo of their government-issued identification and a video of their face. One uploaded, facial recognition software will verify the photo and video and approve voters.

In March 2018, it was reported that West Virginia Secretary of State Mar Warner was trialing blockchain voting for the Mountain State’s Senate Primary election on 8 May. It was decided that should it prove successful, the state would allow for all 55 counties to participate with this new method in the November 2018 general election.

Upon the conclusion of the pilot, it was reported from Warner’s office that no problems were found after four audits of the software, which included components such as cloud and blockchain infrastructure.

At that time, the pilot was offered to those serving overseas in the military and families within two state counties. This was to remedy the issue of late receipts and lack of voter anonymity caused by “absentee ballots” provided to those serving overseas.

Despite its success, the blockchain voting system will be limited to those serving abroad. Warner said, “There is nobody that deserves the right to vote any more than the guys that are out there, and the women that are out there, putting their lives on the line for us.”

Blockchain and cryptocurrency in politics

There is, however, skepticism. A chief technologist at the Center for Democracy and Technology was quoted by CNN as saying that “mobile voting is a horrific idea”.

Blockchain and cryptocurrencies persist in their boundless potential to penetrate traditions of modern life. Political endeavors in the United States would appear to persist with a love-hate relationship with cryptocurrencies.

Recently, North Carolina denied cryptocurrency campaign donations, a candidate in Wisconsin is going ahead with accepting digital currencies for his campaign despite the controversy surrounding it. A 2020 Presidential election candidate is also accepting multiple cryptocurrencies, a decision that has yet to be met with scrutiny.

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This article originally appeared on Bitcoin Magazine.

Bitcoin Press release: Leading cryptocurrencies Decred, Zcoin and others choose StatX to share information and messaging.

July 31st, Santa Clara, California, USA – Delivering high-quality data and building crypto community engagement is viewed as mission-critical to blockchain company brand perception and value. Despite this, many online groups have been hijacked by disgruntled followers, scammers, malicious bots, and users; all treating the environment as a helpdesk rather than a community. California-based blockchain startup StatX is taking a new approach by providing an information-sharing and messaging mobile app for the crypto and blockchain community.

Noah Pierau, Community Builder at Decred, (a top 30 cryptocurrency with a focus on governance) had this to say about StatX;

“While there are many pure chat applications, StatX has the unique ability to combine technical indicators such as exchange rate and PoS info conveniently with chat functionality, all in one beautiful mobile app. StatX improves the signal to noise ratio in the blockchain community.”

According to the company, the issue with fellow messaging apps such as Telegram is that they are ‘conversation-centric’, rather than ‘Information-centric’. StatX app users can expect a well presented, simple and elegant dashboard offering company financial and status information.

This often includes updated financial data and metrics like market cap, price, token distribution, social reach, and product roadmap milestones. The app can also provide users with the status of programs like airdrops and bounty programs. Also, if users are not in the app, they won’t miss important updates since notifications can be set to alert users anytime a dashboard stat changes.

In addition, full-featured chat is just one tap away, and because the dashboard addresses most of the communities FAQs and information needs, the chat promises to be of much higher quality since only “value add” questions and topics are raised. Users no longer need to scroll madly to find the admin posts with the information they need.

The company has seen strong adoption and interest in using the app for ICO and crypto fund investor relations. The app is also used as a mobile information sharing platform for crypto exchanges and coin or ICO listing sites. Moreover, StatX is an open platform that any organization can use to create easily a community of serious investors and followers that are interested in tracking and conversing around key company information that changes frequently.

Prasad Raje, StatX co-founder and CEO offered these words on StatX and it’s growing network;

“Our secret sauce is the unique way StatX combines information and conversation to drive a higher quality and higher value user experience. It’s gratifying to see that our approach has been validated in the marketplace by a growing number of crypto industry innovators such as Boosto, Decred, Foleum, MediBloc, ZCoin and many others.”

Another major advantage of StatX is that it supports several measures designed to minimize spam and scams. For example, unlike Telegram, StatX does not publish an open API for followers of a group (an API is available for group admins to automatically create and update stats). Admins also benefit from having a more streamlined and automated process for sharing information via the dashboard. They can also leverage tools like “quick reply” which is used to provide answers instantly to recurring questions.

Reuben Zap, COO of Zcoin, had this to say about the company’s partnership with StatX;

“Zcoin is happy to partner with StatX to deliver Zcoin price and blockchain metrics to our community via StatX. We want this to be a high quality information and conversation channel with all parties interested in Zcoin.”

As a company at the heart of the crypto brand-building ecosystem, Boosto, the leading influencer-driven decentralized app store, appreciates solutions that help companies get out ahead of their own brand narrative.

Boosto CPO Rock Zhang stated;

“By presenting the metrics and company data that we want to share and driving the conversation around that, StatX provides an excellent tool for proactively building and controlling our brand online,”

Learn more about StatX – https://www.statx.io/
Download StatX on the App Store – https://itunes.apple.com/us/app/apple-store/id1033683041?pt=117886919&ct=pr_27
Download StatX on Google Play – https://play.google.com/store/apps/details?id=io.statx.anduril&referrer=utm_source%3Dpr_27
Follow StatX on Twitter – https://twitter.com/StatXapp
StatX Blog – https://www.statx.io/blog/
Youtube: https://www.youtube.com/watch?v=facAAM9IUk4

Media Contact

Contact Name: Wayne Caccamo
Contact Email: [email protected]
Company Name: StatX Inc.

StatX 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. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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Various companies have added “blockchain” to their names or created subsidiaries allegedly focusing on this technology. In most cases, such companies are looking into completely new industries. That only makes people more concerned that few of these firms will ever build anything related to blockchain technology.

10. Seven Stars Cloud Group Inc

Formerly known as WeCast Network, it is not the first time this company has changed its name. The original venture went by the name of You On Demand, which was a video-on-demand service provider. As such, its decision to explore blockchain makes some sense, as a decentralized video distribution platform could unlock new use cases.

9. LongFin Corp

Although it seems natural for a firm such as LongFin Corp to explore blockchain, transitioning from AI and machine learning to blockchain is still a big leap. The company also made some key acquisitions to ensure that its venture into the world of blockchain will prove successful.

8. Nodechain Inc

Perhaps the odd duck on the list is Nodechain Inc. Its current name has a blockchain ring to it, yet its former business venture focused entirely on e-cigarettes and vapes. How that will mix with cryptocurrency mining and blockchain is unclear at this stage.

7. DNA Dynamics

Even under its new name, it sounds odd for the former mobile gaming and medical marijuana company to focus its attention on the Bitcoin ATM industry. It’s an interesting business decision well worth keeping an eye on.

6. Riot Blockchain

Despite the somewhat aggressive name, this former biotech company has high expectations of both cryptocurrency and blockchain technology. Its decision to invest in these industries is remarkable, and it shows how both the blockchain and cryptocurrency industries are growing.

5. Blockchain Group Co Ltd

Few people expected a company intent on selling Chinese tea to venture into the world of blockchain. This sudden shift in direction came to be during December of 2015, when company officials outlined their future strategy.

4. Social Reality Inc

It is evident blockchain technology can have many use cases. For Social Reality Inc, combining digital market and data management with distributed ledgers is the next milestone waiting to be reached.

3. Intercontinental Technology Inc

An innovative name coupled with disruptive technology can pave the way for big changes in the future. For this company, it is a very big change from manufacturing and selling cigars, although that doesn’t make it less appealing.

2. The Crypto Company

This is one of the more controversial firms to have entered the blockchain space, as the SEC halted the trading of its shares a while ago. Pivoting from developing innovative sports bras to blockchain is a big leap, and there are still some concerns as to how this will play out exactly.

1. Hive Blockchain Technologies

It would almost appear as if this company is collecting new names to label its failed business projects. After venturing into petroleum, resources, and mining bullion, the leap to mining Bitcoin was never fully realized. That may be for the better, although it is unclear if the company has given up on its dreams entirely.

Researchers have uncovered a large botnet that mimics legitimate accounts on Twitter to spread a cryptocurrency “giveaway” scam.

The UK’s Financial Conduct Authority has established a global alliance promoting international collaboration for fintech technologies such as blockchain and crypto assets

The world of blockchain and cryptocurrencies is filled with innovative designs and concepts. When it comes to finding the right consensus algorithm, there are many different options to choose from. While some of these ideas might not be conventional, they are still valid in the long run.

6. Proof-of-Authority

In PoA networks, blocks are only validated by certain appointed accounts. Very few projects currently explore the Proof-of-Authority consensus algorithm, even though it provides a high throughput and a completely different level of scalability. This comes at the cost of dealing with a system which leans towards centralization, as transactions are only validated by approved accounts. This also makes it far less suitable for public blockchains.

5. Proof-of-Weight

Despite the name not necessarily making sense on paper, it is a different take on proof-of-stake. Instead of gaining popularity based on the percentage of tokens owned by any user, it will use a different weighted value. The particular value is highly dependent on the project implementing this algorithm, although it can support some very unique business models. Filecoin is an intriguing example in this regard.

4. Byzantine Fault Tolerance

Most people are familiar with this consensus algorithm without even knowing it. Stellar, Ripple, and Hyperledger are three projects utilizing BFT because of its high throughput and low cost, despite being perceived as relatively centralized. Further research into these options will help improve BFT as a whole, as a few different implementations exist already.

3. Hashgraph

Although Hashgraph has made its way into some recent Bitcoin forks, it is still a relatively new project. Nodes share known transactions with other network participants at random intervals. Eventually, the entire transaction ledger is shared across the network. With its estimated throughput of over 200,000 transactions per second, it certainly suits a purpose. Unfortunately, it is not immune to attack, which makes it less suited for public blockchains.

2. Block-Lattice

The Nano team has introduced a very unusual twist on using a consensus algorithm. Every user has their own chain which they can write information to, and all nodes have a copy of all existing chains. Transactions are recorded in “pieces”, with the sending block residing on the sender’s chain, and the recipient’s chain recording the receiving block. Block-Lattice has a very unique structure, although it still needs some improvements to become fully usable.

1. SPECTRE

The award for longest consensus algorithm name goes to Serialization of Proof-of-Work Events: Confirms Transactions Via Recursive Elections, or SPECTRE. It combines proof of work with direct acyclic graphs to improve scalability. In a perfect world, this solution will handle multiple blocks per second. It is evident this concept has some merit, even though there is currently no currency which utilizes it.

Public Korean gene sequencing firm Macrogen is developing a blockchain-based ecosystem to allow for the secure exchange and storage of genomic big data

US Drug Enforcement Agency confirms major use of crypto is speculative trading, not crime

It has been reported that UK bank Barclays has been looking into the possibility of opening a trading desk.

Three months is a long time in cryptocurrency circles. Bitcoin News ran a story in May suggesting that the bank had no such plans and would continue to monitor clients. Barclays spokesman Andrew Smith in an emailed statement in April commented:

“We constantly monitor developments in the digital currency space and will continue to have a dialogue with our clients on their needs and intentions in this market.”

Cryptocurrencies presented a “real challenge” earlier in the year for Barclays CEO Jes Stately who was said to have suggested at a shareholder’s questions session:

“…on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance… On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”

Barclays may still not want to have a part in these “activities” but there is activity happening at the bank, according to reports. The former head of trading at Barclays has a new position, now entitled ‘Head of Digital Assets Project: Barclays Investment Bank’, while the director of oil options trading at the bank, Matthieu Jobbe Duval, is now ‘Digital Assets trading – Consultant at Barclays’.

The implications are clear if these titles represent anything, and illustrates that Barclays has moved on since the May statements. Duval suggests that Barclays:

“Hired him to produce a business plan for integrating a digital assets trading desk into [the bank’s] markets business revenue opportunity, competitive landscape, budgeting and planning for delivery, IT buildout, capital and balance sheet impact.”

Business Insider, who ran the original story, said that a bank representative denied that any such project existed and crypto trading was not planned.

Other major banks Goldman Sachs and JPMorgan Chase have admitted to some cryptocurrency interest, with Goldman soon to open a desk after client pressure and JP Morgan at least building a team with boss Jamie Dimon almost conciliatory after scathing crypto comments last year.

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