Day: August 30, 2018

Bitcoin has today lost the $7,000 price point, as market-wide corrections set in

One of the pioneers of the Chinese ride sharing industry is launching a blockchain-based application to increase passenger safety and streamline services.

News of the app’s development is particularly poignant as it comes in the wake of the second death of a passenger travelling with domestic ride hailing giant Didi.

Improvements to Ride Hailing Services Could Have Prevented Two Recent Tragedies

China’s ride sharing industry has been hit with another tragedy. An individual has been sexually assaulted and murdered whilst using the country’s largest provider of ride hailing services.

One of the early pioneers of ride sharing in China believes that blockchain could help improve passenger safety and prevent further incidents like the one reported in the South China Morning Post. Andy Chen Weixing is launching a blockchain-based application called VV Go that will help improve safety for passengers and also increase the income of their drivers. It will be his first venture into the industry since he was forced out of his former company following a merger with Didi Dache in 2015.

Chen stated in an interview with the publication:

“I think a good design of rules can definitely help improve safety, and blockchain is the very thing to design better rules.”

One of the measures that will be built into the application is a distress signal feature. This will allow the passenger to send out a call to alert other drivers and police in the event of an emergency. This is a particularly welcome safety feature as the victim in the second incident of murder had attempted to contact a friend for help as the situation began to look suspect.

Chen is building his blockchain-based ride share application through a non-profit organisation called VV Share. It will run on a blockchain going by the same name. He is looking to create a similar user experience provided by offerings by Uber and Didi only with the added benefits of increased efficiency and transparency provided by blockchain technology.

The application itself will make use of digital tokens. VV Share will create 100 billion VVS tokens. It is believed that around 80% of these will be distributed to users and the rest will be used as part of a founders’ reward scheme. However, token supply and their end distribution are still to be finalised.

Naturally, since the nation of China forbids the distribution of digital tokens via a pre-launch sale, we are not expecting to see the tokens disbursed following the formula used in a typical initial coin offering (ICO).

Featured image from Shutterstock.

The post Chinese Ride Hailing App Aims to Increase Passenger Safety with Blockchain appeared first on NewsBTC.

Blockchain technology can unlock a lot of new business use cases. Although one could argue this technology is also vastly overhyped, it remains to be seen what will come of it in the long run. If the Australian National Blockchain is any indication, things will get rather interesting moving forward.

The ANB Concept Explained

It is rather uncommon to build one blockchain ecosystem to serve the needs of an entire nation. Australia is positioning itself as a rather interesting exception in this regard. The Australian National Blockchain will offer technology for the entire nation and introduce a lot of innovative features for companies and service providers to experiment with.

How Does it Work?

As the name suggests, the Australian National Blockchain is a cross-industry large-scale blockchain infrastructure. It is a collaboration between Herbert Smith Freehills, Data61, and IBM. The purpose is to enable blockchain functionality for companies across Australia. That functionality will include smart contracts, as well as decentralized applications designed for a wide range of purposes.

Although this venture could have come to market a lot sooner, it took Herbert Smith Freehills an additional two years to introduce blockchain technology. During the first phase of integration, the team quickly realized there were a lot of hurdles to overcome when focusing on smart contracts. Because of the evolution blockchain technology has undergone in the past 24 months, the process has become a lot more straightforward overall.

For the time being, the Australian National Blockchain will be a pilot project for a select group of business clients. Attracting regulators, banks, and law firms to this venture will be challenging, although not impossible. The team is confident that the ANB can become a tool for sharing information in a more efficient and transparent manner.

The Road Ahead

Given the newness of the Australian National Blockchain, its future remains somewhat unclear. A lot will hinge on successfully implementing distributed ledgers in a commercial manner, although it seems that will not pose much of a problem thanks to IBM’s expertise. Its focus on smart contracts also shows there is a lot of potential for this type of technology moving forward.

Following the creation of Venezuela’s state-backed cryptocurrency, the Petro, citizens in the economically tumultuous country say that use of the Petro is nowhere to be found.

The new investigative report from Reuter’s comes just a couple weeks after President Maduro declared it as the second national currency and mandated that banks adopt it as a traditional currency.

The Petro was seen by the government as the solution to the country’s economic issues, which include the hyper-inflation of the state’s fiat currency, the Bolívar. Since its launch in February, citizens say that no one is using the Petro.

Speaking to Reuters, Igdalia Diaz, a homemaker, said that “there is no sign of the Petro here,” while speaking about the crumbling infrastructure, failing schools, and widespread starvation.

Interestingly enough, the Petro hasn’t been listed on any major cryptocurrency exchanges and isn’t accepted at the majority of shops in the country. Many see the launch of the Petro as being a cash grab by state officials, like President Maduro, who claims that the crypto has raised $3.3 billion that has been used to pay for import fees.

Lack of liquidity, and U.S. sanctions against the crypto, are partially to blame for the lack of widespread adoption. Analysts also claim that it is unlikely that the initial coin offering (ICO) brought in a significant amount of funds, with Tom Robinson, chief data officer and co-founder of Elliptic, a blockchain data company, explaining that:

“This certainly doesn’t look like a typical ICO, given the low level of transaction activity. We have found no evidence that anyone has been issued a petro, nor of it being actively traded on any exchange.”

Investors around the world invested in the Petro ICO, feeling that the first state-backed cryptocurrency would offer a great investment prospect if it successfully adopted. However, most of these investors are now claiming that they were scammed.

On an online cryptocurrency forum, Bitcointalk, some Petro investors stated that they feel they were scammed, while others blamed U.S. sanctions for the lack of liquidity. One poster who claimed to be an investor said, “as of now yes we got scammed, time will tell if it was a good investment or not.”

Petro Failing, but Dash Sees Surging Adoption in Venezuela  

Although the Petro is not seeing adoption in Venezuela, the cryptocurrency Dash has experienced surging adoption rates due to its cheap and rapid transaction times, and a huge marketing push from the Dash Core Group. While speaking to Business Insider, Dash Core Group’s CEO, Ryan Taylor, said:

“We are seeing tens of thousands of wallet downloads from the country each month… Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”

In addition to quick transaction times and low fees, companies see the benefits of using cryptocurrencies, like Dash, in countries like Venezuela because they lose money in the time it takes to process a credit card transaction.

Taylor explained this, saying:

“Effectively, even if I accept a credit card, three days later when the funds hit my account, it’s worth significantly less in Venezuela than when the authorization went through.”

The use of cryptocurrencies in countries suffering from economic turmoil proves their utility, providing individuals with an alternative method of payment superior to that of their state’s fiat currency. Citizens in Turkey have also notably been using cryptocurrencies, like Bitcoin, over fiat currency due to similar economic problems.

Featured image from Shutterstock.

The post Report Finds Venezuela’s Petro is Not Being Used in the Country appeared first on NewsBTC.

An investigative report into Venezuela’s national oil-backed cryptocurrency, the Petro (PTR), has attempted to square government claims with facts on the ground

A U.S.-based multi-asset custody firm has announced that it will launch a fully insured storage option for clients seeking to secure their digital currency holdings. To facilitate this, Kingdom Trust has partnered with the respected insurer Lloyd’s of London.

Kingdom Trust Brings Much Needed Insured Custody Solutions to Crypto

For those not technically minded, storing digital assets securely can be something of a nightmare.

Firstly, private keys need to be generated in a completely offline environment. These then need backing up and storing in a way that will protect them from prying eyes, real-world and cybercriminals, and natural disasters. Then there’s the matter of passing the value on should the holder of the funds pass away.

Many seeking exposure to this growing asset class would prefer to gain it under the protection of a custodial solution like those provided for traditional holdings. One company in the digital custodial sector has just ramped up the level of protection it can provide to clients.

Kingdom Trust recently announced a partnership with the well-respected insurance firm Lloyd’s of London. According to a post on their website, this should provide additional peace of mind to those wanting to store their digital assets using a third party custodial service. It is also thought to be a vital step in encouraging the planet’s largest money managers and financial institutions to enter the market.

Kingdom Trust’s CEO, Matt Jennings, stated:

“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets… By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”

Kingdom Trust currently secures over $12 billion in assets. The firm provides custodial services for both traditional assets, as well as digital currencies. The digital currency options include Bitcoin, Bitcoin Cash, Bitcoin Gold, Ether, Litecoin, XRP, and around 25 smaller cap coins. They also plan on expanding this service in the coming months.

The company claims to differ from other firms in the space offering such custodial solutions. They state that most other companies providing such services lack various qualifications required by regulators to oversee the storage of assets. These include: regular audits, proper safekeeping, and adequate record keeping. With almost a decade of experience in securing assets plus new deals with established insurers, Kingdom Trust are positioning themselves as market leaders in terms of digital currency custodial services.

Many established digital currency and legacy financial firms have recently launched or are currently exploring their own custodial solutions for digital assets. The lack of adequate security provisions for those who do not wish to manage their own private keys is seen by many as one of the largest barriers to institutional money entering the market.

Featured image from Shutterstock.

The post Kingdom Trust Partners with Insurance Firm for Its Digital Asset Custodial Services appeared first on NewsBTC.

There is a bright future ahead for digital assets in the world of global remittances. TEMPO Money Transfer is one of the platforms tapping Stellar and its native XLM asset to achieve this goal. Its integration with Stellar allows for cheaper and faster money transfers on a global scale.

The TEMPO Money Transfer Concept

Unlike what some people may assume, TEMPO Money Transfer never started out as a blockchain or digital asset remittance platform focused on Stellar. Instead, it was designed to make remittances from the Philippines to the rest of the world a lot more straightforward. It did not take long for the team to partner with Coins.ph, which is one of the bigger money transfer providers in all of the Philippines.

How Does it Work?

Incorporating the Stellar asset and its native technology was not as straightforward as one might think. TEMPO Money Transfer leverages Coins.ph’s expertise in enabling Stellar-based transfers using one’s name and mobile phone number. Recipients have their accounts created automatically, which then allows them to receive the transmitted funds in a wide variety of ways. Options to receive funds include at-home delivery, which is a rather interesting option not found in most other countries.

For Stellar, being a part of TEMPO Money Transfer is also a major development. It shows the potential this digital asset has in the remittance world, as TEMPO was able to introduce global payments in an affordable manner. Although the company could have chosen Bitcoin as well, that network is subject to lengthy settlement times and often higher network fees compared to Stellar.

Most users of TEMPO Money Transfer aren’t even aware that they’re using Stellar as an asset or its underpinning technology for transfers. Even so, the company continues to introduce new products and services based on these technologies. Online money transfer functionality has been a recent addition, and more features can be expected in the future.

The Road Ahead

With its innovative approach, TEMPO Money Transfer can become a major remittance player. Tapping Stellar allows the company to expand its presence and introduce a lot of new features which will help the company grow in the future. The firm is already making inroads in France and Germany, whereas other countries are still behind the curve. It’s an interesting firm to keep an eye on, as its approach may elevate Stellar to a whole new level.

Japanese singer and actress Rie Kitahara has appeared on behalf of the Tokyo Metropolitan Police Department in a public awareness campaign against cybercrime including crypto fraud.

Kitahara, well known in Japan as a singer in girl idol group Ngt48 and ex-band member of Akb48 and Ske48, took on the role of cybersecurity manager in a police department event in Tokyo. Some 1,700 guests attended the event last week which mainly focused on email phishing and fake websites. Ashai TV, who broadcast the event commented:

“Last year, the number of cases with cybercrime victims reported to the Metropolitan Police Department was 13,101 which has been decreasing overall, but the damage of unauthorized access to [steal] virtual currencies such as Bitcoin is increasing.”

The World Economic Forum has warned that cybercrime is one of the major risks in 2018 due to the rate of technological advancement worldwide. Its report, published earlier this year, indicated that the main reason for the increase is due to growing cyber dependency which has added to the volumes of data theft over time.

A chief security scientist has suggested that companies are slow on updating systems as new technologies arrive on the scene. Due to this, eight global economies, the USA, Germany, Estonia, Japan, Holland, Switzerland, Singapore and Malaysia all see cyber-attacks as a major threat

In terms of cryptocurrency trading, the Council of Anti-Phishing Japan has issued its own warnings regarding the use of email in particular, commenting, “We are working to raise awareness of the public not to immediately click the URLs indicated in the email.” It added that recipients should contact a legitimate crypto exchange employee before opening mail.

Reports suggest that the Tokyo Metropolitan Police Department has been cooperating with ten of the country’s largest crypto exchanges; SBI Virtual Currencies, Bitflyer, Bitpoint Japan, GMO Coin, Bittrade, Quoine, Bitbank, Btc Box, Money Partners and Coincheck.

The exchanges have agreed to “mutual cooperation, cybercrime reporting notification, criminal investigation cooperation, information sharing, [and] measures to prevent widespread damage”.

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The post Japanese Actress Takes Role with Tokyo Police to Fight Cybercrime appeared first on BitcoinNews.com.

France reportedly attempts to get a second chance in legal battle with Russia for alleged ex-owner of crypto platform BTC-e’s extradition

Ripple saw a victory Wednesday as a lawsuit against it received a “complex” designation, meaning it will be coordinated with another case.

This article originally appeared on Bitcoin Magazine.

IBM has partnered with the Australian government and legal experts to build a blockchain-based smart contracts platform for enterprises