Rememberful Bitcoin News.
The MEGA extension for Chrome has been hacked and now can steal Monero from users’ computers, along with other sensitive data
The MEGA extension for Chrome has been hacked and now can steal Monero from users’ computers, along with other sensitive data
Brad Garlinghouse remains a dedicated Ripple and XRP ambassador. Recently, he admitted that citizens are far from using XRP for buying coffee or settling normal bills. That’s why he considers XRP a “digital asset” which the company—as acknowledged by Mitsubishi UFJ Financial Group—is using to build a convenient, secure and cheap remittance solution for companies…
The post XRP Price Analysis: XRP Prices Lag as Technicals and Fundamentals Diverge appeared first on NewsBTC.
Brad Garlinghouse remains a dedicated Ripple and XRP ambassador. Recently, he admitted that citizens are far from using XRP for buying coffee or settling normal bills. That’s why he considers XRP a “digital asset” which the company—as acknowledged by Mitsubishi UFJ Financial Group—is using to build a convenient, secure and cheap remittance solution for companies as well as individuals.
Mitsubishi UFJ Financial Group, a Tokyo based bank and the sixth largest bank in the world with operations in more than 50 countries is the latest financial institution to praise Ripple (and XRP). The bank which enjoys high liquidity every day as they move funds is part of Ripple’s Global Payments Steering Group (GPSG) together with other global banks as Merrill Lynch and Standard Chartered after striking a partnership with Ripple early last year.
Ripple : Mitsubishi UFJ Financial Group, "MUFG"
Digital Transformation
MUFG Coin – New digital currency & smart contract network
Evaluation of blockchain technology#Ripple #XRP pic.twitter.com/nShYCR8hzs
— Bank XRP (@BankXRP) May 16, 2018
By admitting the benefits of Ripple, the company joins a multitude of firms who have made no secret their admiration of Ripple and their mode of operation. Though they claim XRP and Ripple are two separate independent entities, Ripple make use of XRP and one of their product xRapid utilize the native RTXP coin as a liquidity tool facilitating an almost instantaneous conversion of fiat and conveyance of value from one jurisdiction to another.
Undoubtedly, Ripple and XRP do complement each other and while companies can chose to forego xRapid for example and instead make use of xCurrent or xVia, Jim Chauncey-Kelly, the Director of Talents Acquisition at Ripple said that the company plans on merging these three independent products into one wholesome solution called Convergence. He has since retracted his statement and denying its existence.
If at all current XRP price represents the current market valuation of Ripple’s innovative products then there is a gross undervaluation of the third most valuable digital asset in the world. Better still are the metrics behind XRP and in the last week for example, XRP is struggling against short sellers and is down four percent.
That means the coin is actually underperforming against most of its peers in the top 10 and after three weeks of higher highs XRP prices are yet to reverse week ending Aug12 high-low and 40 cents. Solely because of this stalemate that is apparently unfavorable to bulls and volumes which are tapering, it is unlikely that XRP might edge past our immediate resistance line at 40 cents.
At least not in the short term unless of course there is an extraordinary event. However, should this bear projection be null, then bulls would only enter longs once there is a conclusive breach and close above 55 cents on the upside.
18 days later, XRP consolidation continues. This time round, not only are prices moving inside a bull flag but also inside Aug 17 high low. Unless otherwise, we retain a neutral stand with a bullish bias due to that Aug 17 bullish engulfing candlestick.
Therefore, before we trade, we suggest waiting for a break out in either direction–with a move above Aug 17 highs ushering short term long aiming for 55 cents. On the flip side, a high volume dip below 30 cents and prices might collapse towards 15 cents, our original and ultimate bear target projected in our last XRP trade plans.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
The post XRP Price Analysis: XRP Prices Lag as Technicals and Fundamentals Diverge appeared first on NewsBTC.
In the past five years, the group of coins that make up the top 10 cryptocurrencies has changed substantially. While that is to be expected in any early-stage technology field, a comparison of today’s top crypto assets versus those from five years ago …
In the past five years, the group of coins that make up the top 10 cryptocurrencies has changed substantially. While that is to be expected in any early-stage technology field, a comparison of today’s top crypto assets versus those from five years ago also serves as a reminder to altcoin investors of how risky their holdings actually are.
The abandoned towns of rural Canada are continuing to prove an attractive place to set up new Bitcoin mining operations. The cold climate and abundant spare energy resources make them an ideal location for the power-intensive industry. Ocean Falls: A Ghost Town with a Bright Future? Ocean Falls is one such town. It is located…
The post Canada’s Ocean Falls Turns to Bitcoin Mining to Breath Life into Rural Town appeared first on NewsBTC.
The abandoned towns of rural Canada are continuing to prove an attractive place to set up new Bitcoin mining operations. The cold climate and abundant spare energy resources make them an ideal location for the power-intensive industry.
Ocean Falls is one such town.
It is located in British Colombia and was once home to a vast wood mill, which supported the paper industry. However, since the 1980s, the mill has been silent. An always small community of locals shrank dramatically in the years that followed. Where 5,000 had once based their livelihood on the mill, now only 100 remain, reports Bloomberg.
This summer, parts of the mill came back to life. In the place of the once whirring buzz saws, now the faint hum of computer components and their fans can be heard. That is because a blockchain startup has decided to set up shop in Ocean Falls.
Ocean Falls Blockchain was drawn to the area because of its abundant hydroelectricity. Powering the old mill was a dam that is still capable of producing around 13 megawatts of electricity. Since the dam is not connected to the grid, the energy generated is used to power Ocean Falls’s tiny community, as well as nearby towns Bella Bella and Shearwater. The combined total power consumption of these three locales is less than a third of the energy created by the dam. This means there is a lot left over for particularly power-hungry businesses.
Many industries would love to tap into such a resource. However, the remoteness of Ocean Falls means that most simply cannot make it work logistically. Bitcoin mining, however, is different since nothing physical is created by the super-processing units used by miners. Therefore, those involved in the industry can forget the logistical concerns that have hampered the ability of cannabis growing operations, casino companies, breweries, and water-bottling plants alike to call Ocean Falls home.
The entrepreneur behind Ocean Falls Blockchain is Kevin Day. Day approached Brent Case, the operations manager of the firm who owns the dam, in 2015. He had the idea to build a mining operation in the town, but without the technical knowledge and connections of someone like Case making it a reality was a different story.
The pair have spent the last two and a half years transforming a huge room in the old mill into a mining facility. This involved negotiations with the owners of the dam, Boralex. Once they had agreed on a rate (according to Bloomberg, the price is unknown, but believed to be less than 4c per kilowatt hour), the equipment could be brought in. Finally, when all was finished, the mine started working in July of this year.
Case was excited by the prospect of breathing new life into the town and using up some of the power that is going spare. However, since data centres require minimal upkeep after their initial setting up, it is unclear just how the industry will impact the town.
After all, there will not need to be hundreds or thousands of employees in Ocean Falls. This means that the local economy may not see much of an impact at all. Granted some will be required to move to the town, but hardly in the numbers needed to kick start such a forgotten town once again. Perhaps places like Ocean Falls are destined to remain ghost towns, despite their role in promoting decentralisation and security on the Bitcoin blockchain.
Featured image from Shutterstock.
The post Canada’s Ocean Falls Turns to Bitcoin Mining to Breath Life into Rural Town appeared first on NewsBTC.
Public sector blockchain trials are to be doubled in 2019 by the Korea Internet and Security Agency (KISA), moving the number from 6 to 12. Double time Innovation in South Korea is showing no signs of slowing; on 4 September, CoinDesk Korea reported that KISA’s spokesperson Min Kyung-sik said that it would be investing over …
The post South Korea to Double Blockchain Pilots for Public Sector in 2019 appeared first on BitcoinNews.com.
Public sector blockchain trials are to be doubled in 2019 by the Korea Internet and Security Agency (KISA), moving the number from 6 to 12.
Innovation in South Korea is showing no signs of slowing; on 4 September, CoinDesk Korea reported that KISA’s spokesperson Min Kyung-sik said that it would be investing over KRW 10 billion (approximately USD 9 billion) into a dozen blockchain projects, surpassing 2018’s KRW 4.2 billion which had been given to six projects.
According to Min, KISA also has plans for three or more “private-led blockchain national projects”, saying, “The block-chain public demonstration project started with the purpose of activating the domestic block-chain industry by acting as the primer of the blockchain spread in the public sector.”
KISA is a sub-organization of the Ministry of Science and ICT, which this year chose the six public sector projects from a selection of 72 pilot ideas that had been submitted from 41 institutions.
The six projects that were chosen in 2018 gave focus to online voting, livestock supply chain management, shipping logistics, real estate transactions, customs clearance and cross-border e-document distribution.
In November 2018, the results of the trials will be made public, shortly after applications for KISA’s blockchain hackathon competition close. The competition is part of the Blockchain Promotion Week event which runs from the 26 to 30 November. The week is designed to increase public awareness of the technology and display real-world applications of it.
Participants in the hackathon challenge are tasked with “providing national benefits” with blockchain, using the technology to solve social issues, create Dapps and develop innovations for both public and private industry.
Blockchain technologies have been included in a huge fund from the government. In August, the South Korean Ministry of Economy and Finance announced a KRW 5 trillion (USD 4.4 billion) fund called the “Growth through Innovation Investment Plan” for 2019.
An article published by Nasdaq makes conclusions that South Korea is the most innovative country in the world when it comes to blockchain technologies. This is drawn from the pace of which that the nation has been going through the Gartner ‘Hype Cycle Theory‘.
It is a five-stage cycle that South Korea is evidently passing through with pushes for regulations, Proof-of-Concept (PoC) projects, blockchain related summits, parliamentary debates, mainstream media adoption and the like. It appears to be only a matter of time until South Korea secures an industry-leading position ahead of the rest of the world.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post South Korea to Double Blockchain Pilots for Public Sector in 2019 appeared first on BitcoinNews.com.
After last week’s gains, buyers are slowing down and from EOS, ADA and XLM charts, the consolidation inside Aug 28 or Sep 1 high low should cement our forecast today if not through this week. Unless otherwise, our stand is neutral but we retain a bullish leaning. Our previous trade assertions would be more solid…
The post Litecoin, EOS, Stellar Lumens, Tron, Cardano Price Analysis: Bitcoin Dominance Increase is Negative for Altcoins, TRX Dips appeared first on NewsBTC.
After last week’s gains, buyers are slowing down and from EOS, ADA and XLM charts, the consolidation inside Aug 28 or Sep 1 high low should cement our forecast today if not through this week. Unless otherwise, our stand is neutral but we retain a bullish leaning. Our previous trade assertions would be more solid more so should there be blasts above immediate resistance levels.
Let’s have a look at these charts:
Happy #CryptoTuesday! Ledger now supports Hycon, Waves, Rise, FIC Network, Pirl, EOS and Akroma. These 3rd-party apps for Ledger Nano S are available on Ledger Live: https://t.co/lVojp5GnZu
For more details on upcoming cryptos support visit https://t.co/4PGV5TOz2l pic.twitter.com/Bsy2LVx6Zp
— Ledger (@LedgerHQ) September 4, 2018
Technically, EOS prices are on an uptrend and though there is a glass ceiling impeding further gains as the chart shows, the current correction is likely to be a short term. This is so because accompanying volumes are low and are struggling to reverse Sep 1 gains.
From historical price set ups, this is a classic effort versus result situation and as long as prices continue to range inside Aug 21 and most importantly within last week’s bullish engulfing bar, buyers can always search for long opportunities anywhere between current spot prices and $5.5. The latter as we said represents immediate support and a potential Fibonacci retracement reaction level at 38.2 percent from our last EOS trade plan.
With a five percent gain backing Litecoin, bulls are back in contention. This comes after extended periods of sell pressure that saw prices dip 90 percent from their all times highs. Though Satis Group project a ball park valuation of $225 in the next decade, they might be proven wrong should there be a pick up from this bottoming market.
Even if prices are edging higher confirming Aug 17, 27 and Sep 1 trend setters, we recommend taking a neutral stand today simply because of prohibitive risk reward ratio. Then again, prices are a couple of dollars away from previous break out level and important level at $70 in our analysis. However, should prices edge higher conclusively breaking and closing above $70, then we suggest picking longs on pull backs as laid out in our previous LTC price analysis.
All things constant, previous Stellar Lumens trade iterations hold true as long as prices edge higher near the apex of this wedge. Picking up from previous Stellar Lumens trade plan, XLM might find support at the marked trend line near 20 cents on the downside and 25 cents marking resistance levels. For now, we recommend a wait and see approach. After all, since prices are at the final section of the wedge, a break out could happen any time. Thereafter, traders can be in a better position to trade in the direction of the new found momentum.
Despite their activity on social media platforms and on-chain incentives as rewards for SR voting, Tron is still outside the top 10 and dipping lower a couple of days after launching the TVM.
Though most are bullish on EVM compatible VM, prices continue to diverge, heading lower but still moving inside a bull flag inside Aug 28 candlestick. From previous trade plans, we hold a positive outlook on TRX and are net long.
At the moment, those who are yet to execute longs should wait for a break out above the bull flag and 3 cents before making entries in lower time frames according to the break out direction. Accompanying this break out should be high volumes showing participation intent.
To say the least, movements of most coins under our preview have been flat. It is even worse in Cardano where prices are ranging within a 1 cent range inside Aug 28 high lows. While markets might actually rise in line with recent gains and the overall revival of the altcoin market, recent fluctuations are solidifying our reasons for taking a neutral stand at the moment.
That’s aside factoring in risk reward ratio now that 12 cents is an important price level in our analysis. As mentioned before, any thrust above 12 cents would most likely lead to an influx of traders aiming for 20 cents and 40 cents in a purely bullish outlook. On the flip side, any dip past 8 cents and ADA might register new ATLs.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
The post Litecoin, EOS, Stellar Lumens, Tron, Cardano Price Analysis: Bitcoin Dominance Increase is Negative for Altcoins, TRX Dips appeared first on NewsBTC.
Crypto exchange ShapeShift has introduced a new rewards program, which will eventually turn into a mandatory membership program for the exchange’s users
Crypto exchange ShapeShift has introduced a new rewards program, which will eventually turn into a mandatory membership program for the exchange’s users
CointelegraphBitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4CointelegraphAlong with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have …
Cointelegraph | Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4 Cointelegraph Along with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have also made their presence felt in Turkey and Venezuela, which are reeling from economic crises. The increased volume of trading during moments ... Betting on the Price of Bitcoin: Will BTC Soar to $20000 by the end of 2018? Crypto update: Bitcoin continues to push higher, Ethereum, Ripple, and Bitcoin Cash sink lower |
As some economies adopt crypto amid economic crises, gradually rising prices could benefit the long-term growth of virtual currencies
As some economies adopt crypto amid economic crises, gradually rising prices could benefit the long-term growth of virtual currencies
A new report forecasts the crypto ATM market to grow to $114.5 million by 2023, from $16.3 million in 2018
A new report forecasts the crypto ATM market to grow to $114.5 million by 2023, from $16.3 million in 2018
The crypto market is beginning to show some signs of recovery following the massive sell-off that pushed the overall cryptocurrency market cap to below $200 million. The signs of recovery come as Bitcoin has found some relative stability above the $7,000 threshold, which is allowing some alt-coins to post slight gains. Bitcoin Stable, Alt-Coins Higher…
The post Bitcoin Finds Momentum at $7,400, Traders Show Big Optimism Toward Tokens appeared first on NewsBTC.
The crypto market is beginning to show some signs of recovery following the massive sell-off that pushed the overall cryptocurrency market cap to below $200 million.
The signs of recovery come as Bitcoin has found some relative stability above the $7,000 threshold, which is allowing some alt-coins to post slight gains.
Bitcoin is currently sitting at just under $7,400 according to CoinMarketCap, which is nearly $2,000 higher than its three-month lows of $5,800.
In the weeks following Bitcoin hitting its year-to-date low of under $6,000, the price steadily rose to well over $8,500 before crashing back to approximately $6,000.
During this time, alt-coins saw meteoric rises, but were quickly driven to new year-to-date lows as market sentiment became overwhelmingly bearish and volume subsided.
XRP, for instance, fell from its three-month high of $0.68 to its year-to-date low of just over $0.26. ETH has also seen immense volatility, falling from its three-month high of over $600 to its year-to-date low of approximately $260.
The markets have yet to see a meteoric rise following the last crash, but they have found some relative stability and are beginning to recover. Bitcoin has risen almost $1,500 from its one-month low of $6,000 on August 13th. In the time since alt-coins have also seen some small price rallies, with XRP rising $0.08 to $0.34, and Litecoin (LTC) rising nearly $20 from its low of $50.
On Twitter, many popular technical analysts have shared their thoughts on the current state of the cryptocurrency markets. The Crypto Dog (@TheCryptoDog) mentioned to his 90 thousand followers that “if you’re bearish on $ALTS right now you are probably not very experienced at trading $crypto.”
Another popular trader on Twitter, Cheds Trading (@BigCheds), expressed his hesitation to be bullish due to the overwhelming amount of bulls on Twitter. He said that “crypto Twitter is hella bullish on $BTC #Bitcoin right now and that concerns me as a contrarian.”
While the Bitcoin markets are relatively stable right now, there could be some major volatility in the upcoming month.
On September 30th, the U.S. Securities and Exchange Commission (SEC) is scheduled to give their decision on the CBOE VanEck/SolidX Bitcoin ETF, which was postponed last month.
If the SEC approves the application, there will likely be a major rally for Bitcoin, which could lead the entire cryptocurrency markets upward. If the SEC declines the application, or postpones their decision on the application, the markets will likely fall due to the high anticipation for a positive decision.
Many people feel that investors should focus less on the Bitcoin ETF and more on other institutional venues that are beginning to take shape.
One such example would be NYSE parent company’s Bakkt crypto exchange, which has big name partnerships including ones with Microsoft and Starbucks. If the CFTC approves Bakkt’s application to be an exchange, the exchange could draw a significant amount of institutional money into the crypto markets.
Regardless of the SEC and CFTC’s decisions on the Bitcoin ETF and the Bakkt exchange, it is likely that the current stability in the crypto market is the calm before the storm.
Featured image from Shutterstock.
The post Bitcoin Finds Momentum at $7,400, Traders Show Big Optimism Toward Tokens appeared first on NewsBTC.
One-dollar Bitcoins at Walmart are on sale, but it’s of the chocolate variety, perhaps showing the US retailing giant’s faith in blockchain technology to boost candy sales. It is unclear exactly why Walmart is selling the gold-wrapped Bitcoin chocolates, somewhat ironically advertising them at an “everyday low price”, possibly in reference to the flagship cryptocurrency’s …
The post It’s No Joke! Walmart Entices Customers with $1 Bitcoins appeared first on BitcoinNews.com.
One-dollar Bitcoins at Walmart are on sale, but it’s of the chocolate variety, perhaps showing the US retailing giant’s faith in blockchain technology to boost candy sales.
It is unclear exactly why Walmart is selling the gold-wrapped Bitcoin chocolates, somewhat ironically advertising them at an “everyday low price”, possibly in reference to the flagship cryptocurrency’s drop from the dizzying heights of USD 20,000 at the end of last year, now trading at USD 7,290.95 (at time of writing).
The Philadelphia-based candy manufacturer Frankford Candy & Chocolate Company is responsible for the chocolate coins, although they are not the only ones suffering from crypto-choc. “Foiled Again Chocolate” is one of the many companies who distribute Bitcoin chocs online, theirs made from Belgian milk chocolate and available in gold or silver foil. In fact, it seems that the internet is awash with chocolate Bitcoins.
While Walmart hasn’t actually expressed any allegiance to the real coin it is one of the major retailers now actively using blockchain technology. The company has almost been hyperactive this year filing blockchain patents or integrating the technology into its existing systems.
A recent patent filed means that automated vehicles could one day deliver packages for Walmart using blockchain technology. The patent is concerned primarily with receipt of goods at the point of delivery allowing automated vehicles to have safe access for the AVGs on arrival. Supply chain patents have also been filed by the company enabling the blockchain track products as it passes through courier services to customers, providing another layer of security that the product will be delivered as promised.
Last year Walmart filed a patent with the United States Patent and Trademark Office (USPTO) for blockchain technology that stores critical personal medical information in a wearable device that can be accessed by paramedics during an emergency.
It’s unlikely given the company’s huge investment in blockchain tech that the sale of Bitcoin chocolates, available in a 1.48-ounce mesh bag of six, is a complete coincidence. Walmart advertises the choc treats on their product page as “the modern currency in chocolate!”.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post It’s No Joke! Walmart Entices Customers with $1 Bitcoins appeared first on BitcoinNews.com.
“We suck at marketing,” Eiland Glover, CEO and founder of Kowala, admitted in good humor. “Our PR probably doesn’t want to hear me say that, but it’s true.”Glover’s brutally honest statement is by no means a refl…
“We suck at marketing,” Eiland Glover, CEO and founder of Kowala, admitted in good humor. “Our PR probably doesn’t want to hear me say that, but it’s true.”
Glover’s brutally honest statement is by no means a reflection on the company’s work ethic or even its progress — quite the opposite. The milestones the project has surpassed this summer have been an unintentionally well-kept secret, which makes its most recent announcement pretty surprising: Kowala, an under-the-radar stablecoin based in Nashville, Tennessee, is being integrated into Ledger’s hardware wallets.
An integration by the world’s largest hardware wallet manufacturer is a significant stamp of approval, especially considering it’s the first stablecoin to merit the company’s attention.
“I think it’s indicative of what we’re all about,” said Glover, who also pointed out it was the Ledger team that originally approached Kowala about integration. “We’re not the best social media mavens; we’re not the best hypesters. The Ledger deal is indicative of when very serious companies [and] organizations take a deep dive into our code and look at what we’re doing (the structure, the monetary policy, the algorithmic stability mechanisms) [and] say, ‘This is the real deal.’”
The integration announcement also came shortly before another milestone moment for Kowala: the launch of its mainnet alpha version, Andromeda.
Tether likely comes to mind for most people when thinking of stablecoins. The multibillion-dollar market cap coin has become synonymous with its asset class, although TrueUSD, a rising competitor, has recently inserted itself into the conversation.
Both Tether and TrueUSD retain their stability with underlying collateral in fiat. For both currencies, each coin is reportedly backed 1:1 by a corresponding dollar, though questions continue to surround Tether’s coin issuance as it has never received an official audit.
Outside of the fiat-collateralized model, MakerDAO’s stablecoin, Dai, pegs its value to the USD with collateral in cryptocurrency. Through what the project calls Collateralized Debt Positions, anyone can issue Dai with an Ethereum-powered smart contract — so long as they have an excess of cryptocurrency, usually bitcoin or ether, to back the issuance and hedge against volatility.
Self-advertised as a “non-asset-backed stablecoin,” Kowala breaks the collateralized mold that shapes the market’s most prominent fiat-pegged coins. In fact, the only thing backing Kowala is its mining protocol, smart contracts and some serious mathematical gymnastics.
The coin’s economic model is a play on the seigniorage shares stability mechanism proposed by economist Robert Sams in 2014. Taking its cue from the economic principle of the same name, the seigniorage shares model leverages smart contracts to keep a coin’s value stable without needing to tie it to an underlying currency. Overseeing mintage, the smart contract would issue and buy back coins in response to price movements; if price goes above $1, for instance, the smart contract would mint more coins to compensate; if it goes below this threshold, then it would buy back coins until the price stabilizes.
As a non-asset-backed stablecoin, Kowala achieves the same end but through different means. Instead of smart contracts, the network’s miners are in part held responsible for the coin’s stability and distribution. When prices exceed $1, miners net larger mining rewards until the coin’s price reaches an equilibrium. If the price dips too low, then all transaction fees are sent to a dead-end address and burned, taking coins out of circulation permanently until the price stabilizes.
Kowala utilizes a two-tiered token system to structure its stability mechanism. The first of these, kUSD, is the stablecoin itself, serving as the network’s native currency and its mining reward. The second token, mUSD, is a staking token used to gain mining rights on the network. Miners must stake at least 30,000 mUSD in a mining client to earn kUSD.
This week’s Andromeda release sees the distribution of mUSD to Kowala’s early investors. Fully regulated as a securities sale under the U.S. Securities and Exchange Commission (SEC) guidelines, mUSD was only available for private purchase by accredited investors. In our interview, Glover said that Kowala “originally intended to hold a public token sale,” but as the regulatory conversation became complicated, the team decided to err on the side of caution.
“We decided to play it safe rather than get slapped with a subpoena halfway into our token sale,” John Reitano, Kowala’s CTO, said.
Once the project gains traction and has sufficiently decentralized, Glover said, there are plans to take its mUSD sales public for unaccredited investors. Until that time, however, the team is looking to free up avenues for additional private investments, and it’s working on a crowdfunding model with an undisclosed partner to this end (Glover indicated that Kowala can not reveal specifics due to securities guidelines).
With Andromeda underway, Kowala is standing on its own two feet. But by distributing the network’s mining tokens, this alpha version is only just baby steps. It won’t be until these miners begin minting and distributing kUSD — and these coins start trading on exchanges — that the project will truly test its balance and see if it has legs.
Glover indicated in our interview that Kowala is in talks with “a number of top exchanges” as the project enters a phase of seminal growth. These exchanges will provide the live price-watching that the mainnet’s upcoming Boӧtes release, slated for September of 2018, hopes to introduce, along with a kUSD wallet app.
As the project grows, the team plans to extend its stablecoin to additional currencies. Kowala’s roadmap has the Chinese yuan and Russian ruble in its sights. Glover teased that the project also hopes to establish a presence in Japan; they are tied up in NDA business talks with a multitude of top corporations.
Until then, Andromeda marks the introduction of a hitherto unforeseen stablecoin model. Lacking central control and governed by mathematical principles, kUSD adheres to Bitcoin’s decentralized ethos by completely divorcing itself from underlying assets and centralized entities. If its mainnet functions fully operationally, as its testnet did in its controlled, theoretical confines, Kowala could effectively set the standard for what a fully decentralized, autonomously maintained stablecoin looks like.
“With the distribution of our mCoins, we come even closer to fulfilling the promise of the original Bitcoin whitepaper and creating the infrastructure that this industry needs to go mainstream. Andromeda brings an unprecedented level of decentralization to the stablecoin class, allowing users of the kUSD to forgo the centralization problems that have plagued the space for years. Such a system will allow node operators around the globe to have ownership of a money supply mechanism that keeps the stablecoin within its target range around one dollar, without that money supply being locked in a vault controlled by a small handful of c-suite executives,” Glover said.
This article originally appeared on Bitcoin Magazine.
BitcoinistOn Marxism and the Value of BitcoinBitcoinistWhat is bitcoin worth? That would seem like a fairly easy question, answerable by simply checking the top banner of this very page. But what gives it this value? That would seem to depend on who yo…
Bitcoinist | On Marxism and the Value of Bitcoin Bitcoinist What is bitcoin worth? That would seem like a fairly easy question, answerable by simply checking the top banner of this very page. But what gives it this value? That would seem to depend on who you ask. |
Over the last nine months, news.Bitcoin.com has reported on the many misfortunes the project Bitcoin Gold (BTG) has experienced. The forked protocol has been mired with issues and controversy since the day the project was announced will be delisted from the exchange Bittrex. The Seattle-based trading platform says they lost over 12,000 BTG during the […]
The post Bittrex to Delist Bitcoin Gold Over 51% Attack appeared first on Bitcoin News.
Over the last nine months, news.Bitcoin.com has reported on the many misfortunes the project Bitcoin Gold (BTG) has experienced. The forked protocol has been mired with issues and controversy since the day the project was announced will be delisted from the exchange Bittrex. The Seattle-based trading platform says they lost over 12,000 BTG during the network’s 51% attack, and the firm had asked the BTG development team to compensate them for the loss.
Also Read: New Information Heightens Satoshi Nakamoto Mystery
At news.Bitcoin.com we’ve reported on Bitcoin Gold (BTG), a fork of Bitcoin Core (BTC) numerous times, as the project has constantly been the center of many controversies. The project was first announced as a BTC fork that would attempt to be ‘ASIC resistant‘ by utilizing a consensus algorithm called Equihash. Unfortunately for the team, the project has been plagued with constant issues and contentious announcements like the development team choosing to claim a pre-mine before launch. Then there were third-party wallets that allegedly stole people’s keys, and of course, the cryptocurrency’s horrendous market performance since BTG started trading. Then, this past May it was discovered that Bitcoin Gold was not so ASIC resistant as the network was manipulated in a 51% attack.
Of course, the development team vowed to fork the currency so it could change the consensus algorithm to be ‘ASIC resistant’ and the protocol was changed, but exchanges had lost a lot of money due to the 51% attack. Numerous exchanges including Binance, Bitinka, Bitfinex, Bittrex, Bithumb, and Hitbtc lost funds and the hack resulted in a total loss of around 388,000 BTC or $18M USD at the time of the hack. Bittrex lost approximately 12,372 BTG and asked the BTG development team to compensate the firm for the losses, according to the BTG organization.
“We regret to inform our community that the crypto exchange Bittrex has decided to de-list BTG after we declined to pay them 12,372 BTG to remain listed,” explains the BTG team. “Bittrex informed us that they make this decision because the BTG team would not “take responsibility for our chain,” and that taking responsibility meant paying Bittrex 12,372 BTG to cover the loss they incurred.”
They later informed us they would cover part of the loss from their own BTG reserves and requested we pay the remaining ~6000 BTG, and that if we did not, we would be delisted.
According to the BTG developers, they did not accept the 6,000 BTG offer and will still be delisted from the Seattle-based exchange. The BTG team instead explains how they helped Bittrex and other trading platforms when the attack had occurred the best they could. BTG developers detail they took “every reasonable step to try to help ensure Bittrex’s safety against this threat.” Moreover, the BTG organization says that other exchange owners can be sure in the future they will be of assistance.
With cryptocurrencies that have very little to no hash power-backed security, exchanges are taking a big risk by listing certain digital assets, as BTG is not the only cryptocurrency network that’s suffered from a 51% attack. However, the BTG team initially claimed the network would be ‘ASIC resistant’, a promise they could not fulfil.
What do you think about Bitcoin Gold being delisted from Bittrex because of the 51% attack? Let us know what you think about this subject in the comment section below.
Images via Shutterstock, Bitcoin Gold, and Bittrex logos.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
The post Bittrex to Delist Bitcoin Gold Over 51% Attack appeared first on Bitcoin News.
