Day: September 12, 2018

This article originally appeared on Bitcoin Magazine.

A group of cryptocurrency luminaries and businesses have announced the formation of a US lobbying entity based in Washington known as the Blockchain Association. The creation of the political solicitation group was initiated by firms such as Circle, Coinbase, Polychain Capital, and the Digital Currency Group.

Also read: With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

Digital Currency Businesses Initiate US Lobbying Group Called the Blockchain Association

This week a group of well-known cryptocurrency firms announced the launch of a US lobbying organization called the Blockchain Association. Cryptocurrency and blockchain firms such as Coinbase, Circle, Digital Currency Group, and Polychain Capital have been revealed as some of the founding members of the blockchain advocacy group. The Blockchain Association claims to be the first wholly-dedicated lobbying organization that aims to seek influence over the law in regards to the blockchain and cryptocurrency industry.

According to reports, the Republican lobbyist Kristin Smith, tech entrepreneur Josh Mendelsohn, and former congressional staffer Marvin Ammori will lead the Blockchain Association’s staff. Moreover, Smith has experience in the political spectrum and has lobbied for blockchain issues back in 2014.                   

“I’ve been spending a lot of time doing a lot of the basic education work in this space,” explains Smith during the announcement. “I’m excited to focus exclusively on these issues.”

Coinbase Chief Legal and Risk Officer Hopes to Bolster a ‘Regulatory System That Will Stand the Test of Time’

The news follows the recent political action committee formed by Coinbase. According to Reuters, the funds raised by the San Francisco firm’s committee could be used for US elections. The Blockchain Association focus will be an advocacy group that bolsters digital currency and blockchain technology within the political system’s laws.

The chief legal and risk officer at Coinbase, Mike Lempres, says the group aims to create long-lasting standards. “The Blockchain Association is an effort to get the preeminent companies in the space together so policymakers know they’re hearing from companies that welcome regulation when it’s appropriate,” Lempres emphasized.

We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.

US law and the government have been dealing with blockchain and cryptocurrency transmission for years now and there have been many bills passed over the last year. Further, since the inception of the Bitcoin protocol, many other groups have tried to influence US congressional leaders. However, the Blockchain Association will be the first full-fledged lobbying entity designed to specifically lobby US bureaucrats.                 

What do you think about the Blockchain Association? Let us know in the comment section below. 

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The post High Profile Cryptocurrency Firms Hope to Influence US Law appeared first on Bitcoin News.

Cointelegraph

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 12 Cointelegraph For the past three days, Bitcoin has been trading inside the intraday highs and lows formed on September 8. Failure of the bulls to secure a bounce from the critical supports is a negative sign. The moving averages are declining and the RSI is in the ...

Forbes

Cryptocurrencies Are In A Bear Market But Bitcoin Is Holding Steady Forbes Cryptocurrency and tokens are like any market; when money flows in, the price goes up, when money flows out, the price goes down. Right now the money flow is out of cryptocurrency and into fiat. Ethereum is being particularly affected as all those ... and more »

After years of waiting for the government to put in place regulations to govern the industry, crypto and blockchain industry leaders have come together to establish a lobbying group whose goal will be to push for the implementation of these policies. Based in Washington D.C, the group brings together some of the biggest names in the industry, including startups like Coinbase and crypto-focused VC firms like Polychain Capital. Known as The Blockchain Association, the group aims to become the voice of the industry in D.C and to work with the regulators from the inside, helping shed light on the developments in the industry and influencing the policy-making process.

The Inside Man

The crypto industry has for a long time been perceived as anti-government, perhaps largely because of its promise of taking the power away from a few entities and giving it to the people. However, many industry leaders have continuously sought to involve the government in their operations and have called for the implementation of regulations to govern the industry. The Blockchain Association is the latest effort by the industry to work with the government, with the group hiring a former Senate aide, Kristin Smith to lead the charge. Smith was the aide to former Maine Senator, Olympia Snowe, before taking over the blockchain lobbying duties for the bitcoin-friendly online retailer, Overstock.com.

As revealed by The Washington Post on September 11, some of the founding members of the new lobby group are Coinbase, fintech startup Circle and crypto-focused VC firms Digital Currency Group and Polychain Capital. Protocol Labs, the company behind decentralized storage startup Filecoin is also among the founding members.

The industry is not looking to circumvent the set regulations, Coinbase’s Mike Lempres told the Post. Instead, it’s been awaiting regulations for the longest time to weed out the scammers and promote healthy competition, Lempres, who is the chief legal and risk officer stated.

The Blockchain Association is an effort to get the preeminent companies in the space together so policymakers know they’re hearing from companies that welcome regulation when it’s appropriate. We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.

The group’s first priority will be working with regulators and lawmakers to establish regulations that will govern the application of the U.S tax laws to cryptos. This has been one of the most contentious issues in the industry, with the IRS’s current application of the tax law being deemed prohibitive by many crypto users. The contention hasn’t been made any better by the different regulatory authorities that have issued different classifications of cryptos; the IRS as a property, the SEC as a security and the Financial Crimes Enforcement Network as a currency.

Earlier this year, the Winklevoss twins announced an industry initiative to self-regulate which was officially launched a month ago. Known as the Virtual Commodities Association, the body has picked up new members over the last month as more crypto companies seek to become compliant with the set laws and to become actively involved in the formulation of new ones. Among the body’s founding members are crypto exchanges Bitstamp, Bittrex and Bitflyer USA.

The post Leading Crypto Firms Form A Lobbying Group To Push For Regulation appeared first on NullTX.

Bitcoin continues to emerge as the leading cryptocurrency, currently at almost 58% of the total market cap. Will it pull the altcoins up in the near future?

The Avaí Futebol Clube is hoping to raise $20 million in the coming months with an initial coin offering.

Technology continues to evolve in many different ways. In the military, technological developments also play an increasing role of importance in this day and age. We have seen the Russian military experiment with the exoskeleton, and today we are seeing the United States taking a step to advance their military’s tech by signing a contract with a company developing the “Molar Mic”. This tooth mic allows soldiers to communicate in a discreet and invisible manner.

Tooth Mics Become More Common

A lot of things have changed in the world of communication technology over the years. Consumers use mobile devices rather than physically-connected solutions to communicate with the rest of the world. It is only normal the demand for smaller devices will continue to rise. Recent developments in battlefield communication take this concept to a whole new level.

More specifically, it appears the US military is currently experimenting with tooth mics. Unlike their regular communication devices, these mics are not visible on one’s body surface. They literally clip to one’s teeth, which allows for invisible communication networks. As such, the idea of relaying information on the battlefield takes on a whole new dimension.

As explained to DefenseOne, this new product is the direct result of a new deal between the Pentagon and a Californian company. This $10m contract will fund the research of the Molar Mic. By clipping the device to one’s back teeth, it can act as both a microphone and a speaker. Receiving communications without the need for a headset or earpiece is a radical advancement which can introduce a lot of benefits over time.

Incoming sound is transmitted through the bone matter in the jaw or skull. This relays the data directly to one’s auditory nerves. Outgoing sound is passed through an external radio transmitter worn on the neck and sent to a radio unit which is on the operator’s body. In theory, the outgoing signal can be broadcasted anywhere, although range restrictions will still apply first and foremost.

It is not the first time technology firms explore ways of delivering auditory information through the human body directly. Whether or not this has any negative long-term effects, remains to be determined. The experience of hearing conversations through one’s head rather than through the ear may be a bridge too far for a lot of military personnel at first. At the same time, the potential of such solutions cannot be denied either.

Under the hood, the Molar Mic uses near-field magnetic induction to connect to its transmitter. This technology is very similar to traditional Bluetooth connections, but far more difficult to detect. More importantly, this communications standard can pass through water, something that is impossible with Bluetooth or similar technologies. Although the Molar Mic is primarily intended for military personnel, it may become a consumer-grade product in due time.

The post Molar Mic Brings Invisible Communication to the US Military appeared first on NullTX.

Between Harvey, Irma, Maria, and now Florence, the United States has seen an unprecedented amount of disastrous natural disasters that have devastated communities and have left billions of dollars’ worth of damages in their wake. Ethereum’s blockchain is now potentially being used to solved many of the resulting problems.

The sheer number of insurance requests to cover things like damaged or lost homes and cars has posed a huge issue for the insurance industry, as they have to rapidly approve requests for funds in order to replace or repair any home/auto damages caused by the hurricanes. It now appears that the industry is turning to blockchain technology in order to increase their efficiency.

Using Blockchain is the Next Step for the Insurance Industry

The current process of approving the vast quantity of requests that come following a natural disaster is quite complicated and starts with a team of adjusters and agents working to filter out fraudulent requests from people trying to capitalize on the disaster. The insurance companies also have to coordinate with reinsurance companies, that help to cover the windfall of expenses that follow these types of disasters.

Due to the convoluted and inefficient process of accepting insurance claims, especially following disasters like hurricanes, many insurance analysts and blockchain experts see it as the best solution to fix the industry’s problems.

A newly founded Switzerland-based blockchain startup, called Etherisc, is working to provide solutions to the inefficiencies of the insurance industry by using the Ethereum blockchain and smart contracts to automate certain processes that are currently done manually by employees. In addition to being cheaper, the automated solutions will also reduce fraud and human error that can cost insurance companies a fortune.

If Etherisc’s system is widely adopted, it would ultimately lead to automated insurance payouts, which would allow victims of natural disasters to secure funding to pay for the resulting expenses, which include hotel/motel costs, car rentals, and repairs to water or infrastructure damages to their homes.

Quick insurance payments are particularly relevant to families or individuals who have their homes completely destroyed, as the rebuilding process can take a significant amount of time, and the faster it begins the faster they can get back to a normal living situation.

Etherisc’s co-founder, Renat Khasanshyn, spoke to Forbes about the use of their systems for pending disasters, like the category four hurricane, Florence, that is barreling towards the east coast at over 140 miles per hour:

“We’d love to offer policies in Virginia. Yet launching a product in multiple locations is no easy task,” Khansanshyn said.

Etherisc has raised $3.6 million since its founding in 2017 through an Initial Coin Offering and is in the early stages of offering their Ethereum-based solutions to insurance companies. If used, their blockchain system could save insurance companies tens of millions of dollars and could help the hundreds of thousands of people that file insurance claims following disasters.

While speaking about the 225,000 insurance claims filed by those victimized by hurricane Maria in Puerto Rico, Khasanshyn said that, “Our plan is to begin writing policies for the next hurricane season in Puerto Rico.”

Featured image from Shutterstock

The post Ethereum Blockchain Being Used to Help Hurricane Victims with Insurance Payouts appeared first on NewsBTC.

Bitcoin Press Release: Domino’s Pizza, GameStop and Caribou Coffee are to accept $PAC through $PAC’s strategic partnership with Crypto Payment Network (CPN).

September 6th, 2018. London, UK. Domino’s Pizza, GameStop and Caribou Coffee amongst many other household brands will soon be accepting $PAC via the $PAC debit card. There are several other fortune 500 companies already signed up with the CPN network. $PAC along with CPN will be announcing many more well known household brands as new merchants shortly.

Crypto Payment Network

CPN is a cryptocurrency payment network, whereby a merchant (eg. GameStop) will be able to accept cryptocurrency and receive cash (USD or Euros) via ACH/SEPA transfer, while the consumer enjoys the convenience of paying with $PAC. CPN is working towards payment Card Industry Data Security Standard (PCI DSS) compliance, which would allow $PAC debit cards to become usable anywhere that traditional bank cards such as VISA and Mastercard can be used. Essentially Everywhere!

Bridging the Gap
The biggest hurdle for merchants accepting digital assets is market volatility. They need to be able to predict expenses, pay employees, pay taxes, and make purchase orders well in advance, so converting crypto to fiat immediately to hedge against losses from market fluctuations is essential. This partnership is the bridge between $PAC and fiat, making it an easy road for merchants to accept $PAC as a regular currency.

Brad Marsh, $PAC CMO commented:

“By design, $PAC was created to be a spendable, transaction-focused digital currency. It features near zero transaction fees and instant cross border transfer speeds. These key features combined with the CPN network will make $PAC a market leader for full scale retailer adoption. This latest partnership proves that $PAC is serious about its commitment to consumer satisfaction and its expanded adoption potential.”

Jeff Manuel, CEO, CPN also stated:

“The integration of such a large restaurant chain is always a challenge and will be incorporated over the next few quarters. We look forward to a long lasting and profitable relationship with the leading pizza restaurant. CPN card holders will soon be buying pizza at Domino’s with their $PAC card and will be enjoying many more benefits in the near future.”

More Strategic Partnerships on the Horizon

We at $PAC would like to thank CPN for this partnership. Please stay tuned as many more household brand names will soon be accepting $PAC both online and in-store. For further information of this partnership, please check our latest blog post. https://blog.paccoin.net.

$PAC is the successor of PAC coin (PACcoin) via a community rebrand and relaunch.

Get hold of $PAC here: https://paccoin.net/exchanges/
$PAC Website: https://paccoin.net/
$PAC Useful links: https://paccoin.net/useful-links/
$PAC on Twitter: https://twitter.com/Paccoinofficial

Media Contact
Name: Christopher Martin
Email: [email protected]

$PAC 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. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.

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The post PR: “$PAC ACCEPTED HERE” $PAC – The Global Mass Use Crypto appeared first on BitcoinNews.com.

The Marshall Islands plans for a national cryptocurrency has encountered a setback after the International Monetary Fund (IMF) warned against the idea.

In a 58-page report, the IMF suggests that banks will refuse to work with the island’s businesses should the government go ahead with its plans for adopting the Sovereign (SOV).

Politically, the Marshall Islands is a presidential republic in free association with the United States, with the US providing defense, subsidies, and access to US-based agencies such as the Federal Communications Commission and the United States Postal Service.

Although the new cryptocurrency, the Sovereign (SOV), was set to displace the US dollar as the official currency, it was likely that the country’s 53,066 population would continue to use the dollar until banks and credit companies put in place a framework for the currency’s use. The new report by the IMF could put the future plan in jeopardy; the IMF has used provocative language urging the island republic to cease its activities, with this warning:

“The potential benefits from [digital currency] revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks. In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.”

There is a critical view held by economists in some countries whose governments may be considering similar moves to adopt a national cryptocurrency, that a mass decentralization of financial power may result in the diminishing of IMF’s authority. A warning by IMF’s deputy director Dong He earlier this year clearly suggests that the organization may be secretly worried at the movement towards global digital currency adoption.

He argued that “crypto assets may one day reduce demand for central bank money”, suggesting central banks should “forestall the competitive pressure crypto assets may exert on fiat currencies”.

David Gerard, author of ‘Attack of the 50-foot Blockchain’, asserts that the IMF is not so heavy-handed as they might appear, suggesting that, “The IMF is not strong-arming the Marshalls, what they’re doing is describing what will obviously happen if they proceed.”

As yet there has been no comment from the Marshall Islands authorities over the IMF suggestion they should “seriously consider” their great crypto-leap forward. Other countries considering similar plans to integrate cryptocurrency into their banking systems at this level will be interested to see how this situation develops in the weeks to come.

 

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Tether’s position as the most dominant stablecoin is in danger as two fully audited stablecoins debut — and experts are enthusiastic about the future of crypto

Crypto exchange Binance is working with the Malta Stock Exchange to develop and launch a security token trading platform.

This article originally appeared on Bitcoin Magazine.

There appears to be some confusion surrounding the VeChain network. Ever since the project underwent changes earlier this year, there is some uncertainty as to how the two native currencies of the network will operate. On the one hand, there is the VET token, but there is also a THOR token. This article will give an overview on VET vs THOR and go over the differences between them.

The VET Token Explained

Since VeChain launched its main net, the main token of the network was changed from VEN to VET. It is only normal a main net launch introduces a “new” native currency for that project, and VeChain is no different. VET Is also the main token in terms of network services, such as masternodes and staking. It is also the only one being tracked on CoinMarketCap as of right now.

However, the VET token will not be able to perform every task on the network either. There is a need for a secondary currency, which will help power operations on top of this blockchain ecosystem. For most holders and short-term investors, this will not matter too much, as they simply hope to see the VET price rise accordingly. That is something rather likely to happen in the future, partially because of the secondary currency which makes up this ecosystem.

The THOR Token Explained

The secondary currency powering VeChain’s network is known as THOR. It is a token which will power business-oriented operations, such as dApps and other services. THOR is earned by VET holders as an incentive to make them effectively stake their coins. The THOR token can then either be traded against other cryptocurrencies, or used by the holder themselves depending on what their intentions are exactly.

It is also worth noting the VeChain team wants to ensure THOR has a relatively stable value. It will not be pegged to the USD dollar like traditional stablecoins, yet the VeChain Foundation will implement “mechanisms” to monitor the supply, consumption, and price of THOR. They can adjust the rate at which this token is issued and control the overall supply at any given time. It is an interesting business model, albeit one that also raises a few questions.

What Comes Next?

It is evident VET and THOR are entwined in many different ways. Both will play an integral role in the future of VeChain moving forward. It is not the first time a specific cryptocurrency uses two types of tokens to power transactions and network operations either. Whether or not it will work in favor of VeChain, is very difficult to predict at this time.

For the time being, distinguishing between VET and THOR is simple. One needs VET to run a masternode or stake coins. Doing so successfully will reward users with THOR as an incentive. Anyone holding 100 VET in an X-Node will earn 1 6 THOR per year based on current calculations, which results in a monthly income of $0.002. It is an interesting development which may spur a lot more interest in this particular altcoin.

The post VET vs THOR Explained appeared first on NullTX.