7
Nov
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Alex Tapscott, CEO of NextBlock Global, a venture capital company investing in blockchain technologies, announced in a press release yesterday that he is canceling their plans to go public through a reverse takeover (RTO) of Nobelium Tech Corp., a company listed on the Toronto Stock Exchange (TSX). Tapscott said the young company had “stumbled” in falsely listing some crypto and blockchain experts as members of the firm’s advisory board. He is currently talking to NextBlock investors to work out how to return their original investments and to “rebuild the trust of those [they] have disappointed.”NextBlock Global raised $20 million in their initial oversubscribed fundraising in July 2017 and had hoped to raise $100 million in the public offering. They planned to invest in digital currencies, blockchain hosting platforms and blockchain-based applications.CIBC and investment bank Canaccord Genuity (a former employer of Tapscott’s) were underwriters on the deal, but CIBC pulled its support from the young venture capital firm amid the allegations. According to BNN, clients of CIBC received an email saying, “CIBC has withdrawn as an agent from the NextBlock Global Limited private placement.” CIBC was not available for comment.Sources have told BNN that Canaccord Genuity remained in the deal.An article in Forbes last week detailed complaints from Kathryn Haun, Vinny Lingham, Dmitry Buterin and Karen Gifford that Tapscott had circulated an investor deck that incorrectly listed them as members of the NextBlock advisory board.Dmitry Buterin, co-founder of Blockgeeks and father of Ethereum co-founder Vitalik Buterin, was included in at least one draft of the investor deck. He told Bitcoin Magazine in a recent interview what had happened. He recounted:“It’s pretty simple. Alex asked me to be an advisor, I declined. Then I got a deck forwarded to me which listed me as an advisor. It was forwarded to me by investors who received it from Alex.”Buterin said he had met with Tapscott to let him know he wouldn’t be on the advisory board:“We had a meeting and I was not convinced that they have the right resources to pull this off.”When Is an Advisory Board Not an Advisory Board?A thread on Twitter about NextBlock recently included some comments about how advisory boards have become routine and are often used as window dressing for making ICO pitches and, therefore, they aren’t really “advising” as such.One user commented that likely only 50 to 60 percent of advisory boards are legitimate anymore, and put the NextBlock situation in a different light, implying that it’s become common practice to dress up a proposal with photos of known experts.Amber D. Scott, CEO of Outlier Solutions, told Bitcoin Magazine that she gets several requests a week to sit on ICO advisory boards. Scott explained that the conversation often goes like this:ICO rep: “We saw you speak at an event and would love to add you as an advisor.” Scott: “I’ve looked at your website/white paper and I’m not sure where you need compliance advice. Could you please elaborate on that?”ICO rep: “You don’t actually have to do anything. We’ll just put your picture and bio on the website. You have a great name in the community.”Andreas Antonopoulos, well-known author of “Mastering Bitcoin,” says on his website that he does not accept invitations to sit on advisory boards and that he will not discuss projects publicly if he does work as an advisor.Vitalik Buterin has also had to make it clear several times on Twitter that he is not an advisor for a number of firms that have touted his advice.What could have been a major scandal for both the Tapscotts (father Don and son Alex) has been averted by this move, but how much long-term damage both NextBlock and the Blockchain Research Institute will sustain to their reputation remains to be seen.The father-son Tapscott team co-founded the Toronto-based think tank Blockchain Research Institute, and co-authored the book “Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business and the World,” which has been translated into more than 20 languages.The Blockchain Research Institute is holding a Members Summit this week in Toronto. Members of the think tank include CIBC, Microsoft, IBM, Fujitsu, Accenture, Tencent, Bell, Nasdaq, FedEx, Interac and the Governments of Canada and Ontario.The post NextBlock CEO Alex Tapscott Cancels Plans to Go Public and Will Return Money to Investors appeared first on Bitcoin Magazine.

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3
Nov
Off

Blockstream is introducing Simplicity, a new programming language for blockchain-based smart contracts, intended for inclusion in Blockstream’s sidechains and eventually in Bitcoin. The new language was presented by its creator, Russell O’Connor, Infrastructure Tech Developer at Blockstream, at the ACM SIGSAC Workshop on Programming Languages and Analysis for Security (PLAS 2017).”Simplicity is a blockchain programming language that is so simple, it fits on a t-shirt,” O’Connor told Bitcoin Magazine. “It is critical that smart contracts behave in ways that all participants expect, and applying formal verification to Simplicity allows us to achieve that.”Simplicity is still a Blockstream Research & Development project, but there’s potential for its use in Blockstream products in the future, according to the company’s announcement.“Simplicity is flexible enough that I anticipate many new, domain-specific, languages will generate Simplicity, and this will give users the freedom to generate smart contracts using the tools that most suit their needs,” added O’Connor.O’Connor’s paper, titled “Simplicity: A New Language for Blockchains,” presents Simplicity as “a new programming language, designed to be used for cryptocurrencies and blockchain applications, which aims to improve upon existing cryptocurrency languages, such as Bitcoin Script and Ethereum’s EVM [virtual machine], while avoiding some of the problems they face.”Bitcoin script is limited by design and unsuitable for complex smart contracts that need more than a small set of simple templates to perform tasks like digital signature verification. Ethereum, on the other hand, includes a more expressive and flexible, Turing-complete programming language, which allows for arbitrarily complex smart-contracts in principle. But, in practice, Ethereum doesn’t support static analysis to pre-determine the computing resources that a program will require and, thus, filter out too costly contracts and infinite loops. Therefore, pre-paid “gas” fees are lost when an Ethereum program “runs out of gas.” The simpler Bitcoin scripting, which supports static analysis, doesn’t present similar issues.In a post to the bitcoin-dev mailing list, O’Connor proposed Simplicity as an alternative to Bitcoin Script, noting that static analysis is important for both node operators and for Simplicity program designers.“Static analysis is a technique that provides a universal algorithm to determine how much any Simplicity program will cost to run before you stake your money on it,” O’Connor told Bitcoin Magazine.Simplicity can be seen as a more flexible alternative to Bitcoin scripting, not Turing-complete but expressive enough to build useful smart contracts for blockchain applications, or as an alternative to Ethereum, which will support static analysis and other desirable features including improved safety, formal semantics, and Merkelized Abstract Syntax Trees (MASTs). While Simplicity is intended as a low-level language for smart contracts, O’Connor envisages the possibility of compiling programs written in higher-level languages (like Ethereum’s Solidity) to Simplicity.“Ivy and the Σ-State Authentication Language are existing programming language development efforts that may be suitable for being compiled to Simplicity,” notes O’Connor in the paper. “For the time being, generating Simplicity with our [Haskell] and [Coq] libraries is possible.”The next step in Simplicity’s development will be a bare-bones SDK (Software Developer Kit) that will include formal semantics and correctness proofs in Coq, a Haskell implementation for constructing Simplicity programs and a C interpreter for Simplicity. Then, the new language will be ready for initial deployment in the Elements project, Blockstream’s open-source codebase for sidechains, so that developers can start experimenting with the code.But, as O’Connor stated on bitcoin-dev, “Only after extensive vetting would it be suitable to consider Simplicity for inclusion in Bitcoin.”The post Introducing a Programming Language so Simple, It “Fits on a T-shirt” appeared first on Bitcoin Magazine.

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3
Nov
Off

BTC Media, the largest media group in the blockchain and cryptocurrency space, announced the launch of BTC Labs, a venture studio focusing on launching and incubating blockchain applications for the digital media industry on September 25, 2017.  BTC Labs, in turn, introduced Storyboard Ventures, a venture financing arm of the organization, seeded with $2 million to fund forward-thinking and promising media projects. According to BTC Media, Storyboard Ventures will be vigorously searching for those entrepreneurs who are “building use cases that leverage decentralization to disrupt longstanding inefficiencies” within the digital media industry.“The internet drastically altered how we consume and distribute information, but the media industry has failed to adapt its underlying business model,” Jeremy Kandah, Storyboard Venture’s Portfolio Manager, said in a statement. “Blockchain technology is revolutionizing the way that digital information is transacted, creating a host of new monetization models and connecting content creators directly with consumers. Storyboard Ventures will support the projects and pioneers shaping this media landscape of the future.”On November 1, 2017, BTC Labs announced their second project, the MAD Network, a decentralized ecosystem for the ad tech industry designed to return lost value to advertisers and publishers. The MAD Network will become the programmatic advertising platform within BTC Labs’ decentralized media suite, a collection of blockchain-based tools for the media industry. BTC Labs is working closely with the MAD Network to develop its technical architecture, as well as advising them on their upcoming token sale, which will take place on November 30th, 2017.“The MAD Network is one example of the suite of decentralized media applications that BTC Labs will support through research, development and funding,” Tyler Evans, CEO of BTC Labs, said to Bitcoin Magazine. “It is a perfect use case for distributed ledger technology because it takes the value that is traditionally captured by middlemen and brokers in the digital advertising ecosystem and instead, redistributes that value to the stakeholders in the network.”“BTC Labs has been instrumental in the development of the MAD Network,” Adam Helfgott, Project Lead at the MAD Network, said. “We’ve been able to leverage their breadth of expertise and knowledge in the blockchain space to help formulate our development plan and go-to-market strategy.”The first project backed by the venture studio was Po.et, a protocol utilizing and implementing blockchain technology and timestamped metadata to accelerate solutions for the publishing industry. BTC Labs developed the core architecture behind Po.et and helped guide the organization through a successful token sale process. As Bitcoin Magazine is a brand of BTC Media, all content of the publication is verified via Po.et.Blockchain technology has allowed for increased innovation, resulting in more equitable ways of sharing data and exchangin value. These new benefits of blockchain technology can be also implemented within the media industry to tackle numerous issues, including intellectual property registration, content monetization, licensing, ticketing and ad-tech. BTC Labs will focus on both the blockchain and media industries with an aim to support disruptive, open-sourced and decentralized networks. It recognizes that, in a decentralized network, every stakeholder can retain the fair value of their work. Thus, the innovation studio will develop decentralized networks to empower not just content creators but also brands and consumers.Disclaimer: BTC Inc. is the parent company of BTC Media and Bitcoin Magazine.The post Funding the Blockchain Future of the Digital Media Industry appeared first on Bitcoin Magazine.

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31
Oct
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On the anniversary of the publication of Satoshi Nakamoto’s Bitcoin white paper, the price of Bitcoin reached a new all-time high, following the news that CME Group, one of the world’s largest derivatives exchanges, will launch a Bitcoin futures product on November 14, 2017.Futures or derivatives in general are understood by their relationship to risk. They are investment products that can be bought and sold in the future based on being pinned to a fixed price through a contractual agreement. Basing futures off another fixed price allows investors to avoid financial risk or assume it for profit during price fluctuations.Like most futures, CME’s Bitcoin futures product will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR). According to CME, the BRR is a standardized reference rate, which — along with a bitcoin spot price index, the CME CF Bitcoin Real Time Index (BRTI) — “accelerat[es] the professionalization of bitcoin trading.” Like most other financial institutions exploring cryptocurrency, CME is launching a Bitcoin futures product to both satisfy client interests and investigate the rewards of testing blockchain technology’s “transparency, price discovery and risk transfer capabilities,” as noted by Group Chairman and Chief Executive Terry Duffy.The BRR and BRTI are two tools that have become consistent and reliable price references for bitcoin globally. The BRR has been calculated and published by CME and Crypto Facilities Ltd. since November 2016. Designed according to the IOSCO Principles of Financial Benchmarks, the BRR computes price by compiling and calculating data from a number of Bitcoin exchanges including Bitstamp, GDAX, itBit and Kraken.The implications of this Bitcoin futures product launch are far-reaching. It signifies both mainstream network adoption and a reduction in price volatility. As an investment product, it can readily fit into the stock portfolio of a traditional investor.The post Setting Bitcoin’s Price Mechanism: CME Group to Launch BTC Futures appeared first on Bitcoin Magazine.

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30
Oct
Off

After bouncing back and forth from $5100 to $6100, BTC-USD managed to squeeze out one more (albeit short-lived) all-time high. This article is going to present an update to the last discussion regarding the potential Wyckoff Distribution and provide a more contextualized, macro-view of the current bitcoin market. Before reading any further, I would like to emphasize the word “potential” within the context of this discussion because until the market actually reverses, this is nothing more than a potential market set-up:Figure 1: BTC-USD, 1-HR Candles, Potential Wyckoff DistributionWhen we last discussed this potential distribution pattern, we hadn’t experienced the first Upthrust (UT) or the following Upthrust After Distribution (UTAD). Both Upthrusts represent a brute-force market test of the bitcoin demand and, as you can see, the Upthrusts were very short-lived and ultimately pulled back to more comfortable price levels. At the time of this article, we are potentially in what is known as “Phase C” of the Wyckoff distribution. Phase C is meant to intentionally deceive the bullish retail traders into buying and to shake out unconfident shorters. The whole purpose of Phase C is to create the illusion that market wishes to push upward and resume the uptrend while the larger market players unload their liquidity onto the more bullish investors. In the Wyckoff distribution model, the UTAD is the terminal shakeout opportunity and serves to test the remaining market demand before a larger correction follows. During yesterday’s potential UTAD, one of the top contract holders on OKCoin got liquidated for a 480,000 contract position — or, in other words: $48 MILLION dollars. Yesterday’s liquidation was the largest liquidation in OKCoin history. So, if you feel as if you can’t quite get a grasp on the market and you keep getting stopped out of your positions, just know you aren’t the only one. All of this misdirection is part of Phase C within the Wyckoff distribution model.Figure 2: BTC-USD, 12-Hour Candles, MACD and RSI DivergenceOn a more macro-view, we see clear signs of bearish divergence on both the RSI and MACD indicators. This gives us an indication that the market is struggling to squeeze out new highs and the bullish momentum is starting to die down.Zooming out, we can see bitcoin has been confined within a fairly clean ascending channel and has well-defined support and resistance along the Fibonacci Retracement set.  The channel and Fib set start from the $600s:Figure 3: BTC-USD, 1-Day Candles, Macro ChannelOne thing of note in this macro trend is dramatic decline in total volume (shown in pink) over the length of this ascending channel. The decrease in total volume shows a decrease in confidence as the price continues to climb to new highs. As the volume continues to decline, it indicates a shift toward retail investor pressure and a smaller buying influence from larger, institutional investors. If the market begins to reverse on a macro scale, we can expect to find support along the Fibonacci Retracement values shown above. Also, on the 1-day candles, there is historic support along the 50 EMA and 200 EMA. Over the course of the last year, bitcoin has yet to successfully break below the 200 EMA (shown in red), so we can expect to see a significant level of support along the 200 EMA.With the uncertainty surrounding the upcoming hard fork, it’s fairly difficult to anticipate how the market will behave. It’s important to keep in mind that it is entirely possible it could make further moves upward; should the market pick up bullish momentum, we can expect a test of the upper trendline of the ascending channel near the lower $7000 values.Summary:Bitcoin is continuing to show characteristics of a distribution phase.On a macro-scale, Bitcoin is signs of bullish exhaustion in the form of RSI and MACD divergence.If the market pulls back, we can expect to see support along the macro Fibonacci Retracements.Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.The post Bitcoin Price Analysis: Signs of Divergence May Point to Potential Distribution Phase appeared first on Bitcoin Magazine.

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28
Oct
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The SegWit2x hard fork is drawing closer by the day. Within little over two weeks after the publication of this article, a group of Bitcoin companies and miners plans to double Bitcoin’s block weight limit as per the New York Agreement.But it currently seems certain that not everyone will adopt this incompatible protocol change. As such, the SegWit2x fork would result in two different blockchains and two different currencies. For the purpose of this article, these two blockchains will be referred to as the “original chain” and the “SegWit2x chain,” with their respective coins.The big question, right now, is which of these two blockchains would be considered the “real” Bitcoin, with the currency ticker “BTC.” Since no single individual or entity is really in charge of this decision, Bitcoin exchanges play a major role: they list the currencies that are traded under specific names.To find out which coin is likely to earn the ticker “BTC,” here’s an overview of the 20 largest Bitcoin exchanges based on trading volume according to data from Bitcoinity, and their stance on this naming issue.1. Bitfinex: original chain is “BTC”, SegWit2x chain is “B2X”Hong Kong–based cryptocurrency exchange Bitfinex is the largest Bitcoin exchange in the world by trading volume.Interestingly, Bitfinex also offers a futures exchange, on which claims on the future versions of the coins on both chains are already traded. These futures are currently labeled as “BT1” for coins on the original chain, and “BT2” for coins on the SegWit2x chain.In Bitfinex’s announcement of these futures, published on October 5, as well as the accompanying terms and conditions, the exchange also reveals that “the order books for the BT2 trading pairs will become the order books for the B2X pairs.” Meanwhile, the BT1 futures will be settled into BTC. In other words, the coins on the original chain will be listed as “BTC”, while the coins on the SegWit2x chain will be called “B2X.”2. BitMEX: original chain is “BTC”BitMEX, a cryptocurrency exchange officially based in the Republic of Seychelles, is the second-largest Bitcoin exchange in the world based on trading volume.In a blog post published on October 13, BitMEX announced it would continue to list coins on the original chain as “BTC.”Moreover, because SegWit2x will not implement strong replay protection, BitMEX will not list coins on the SegWit2x chain at all, nor offer any other type of support. 3. Bitstamp: unknownBitstamp, which is officially based in the United Kingdom but operates from several European countries, has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.Bitstamp did sign a hard fork statement insisting on consensus and strong replay protection for hard forks earlier this year, though that statement referred to a potential Bitcoin Unlimited hard fork — not SegWit2x.4. GDAX: hash power decides which chain is “BTC”U.S.-based cryptocurrency exchange GDAX is effectively the exchange-arm of Coinbase. And Coinbase is a signatory of the New York Agreement.Regardless, it’s not certain that Coinbase (and therefore probably also GDAX) will list coins on the SegWit2x chain as “BTC.” In fact, the company could well list the coins on the original chain as “BTC” — but public statements have been somewhat contradictory.The company initially put out a statement saying that the coins on the original chain would be listed as “BTC,” and the coins on the SegWit2x chain as “B2X.” However, this initial statement was effectively withdrawn the very next day, as the company put out a new statement “clarifying” that Coinbase will actually list the coins with the most accumulated hash power backing it as “BTC.” And on Twitter, company CEO Brian Armstrong suggested that it’s not just hash power but also market cap that will decide which coin will be listed as “BTC.”5. bitFlyer: unknownbitFlyer is the biggest Bitcoin exchange in Japan. bitFlyer is also a signatory of the New York Agreement in support of the SegWit2x hard fork, which suggests that the exchange will at least support the coin on the SegWit2x chain. bitFlyer has not yet made any public statements concerning the naming of the coin(s), however, and did not respond to inquiries from Bitcoin Magazine.6. Kraken: unknownU.S.-based Bitcoin and cryptocurrency exchange Kraken has not yet made any public statements concerning the SegWit2x fork, either.In response to inquiries from Bitcoin Magazine, the exchange also refrained from commenting on the naming issue and instead stated:“Kraken makes no promises/guarantees/warranties on the outcome of the fork. We will make our best effort to handle things in a way that benefits the most clients, but clients should manage their own wallets/coins if they want perfect control.”7. HitBTC: original chain is “BTC”, SegWit2x chain is “B2X”Like Bitfinex, cryptocurrency exchange HitBTC is already offering a futures market where the two future coins are traded.And in an announcement published on October 17, the exchange said it will list the coins on the SegWit2x chain as “B2X.” The coins on the original chain will continue to be listed as “BTC.”However, HitBTC does note that the “Bitcoin community might encourage ‘BTC’ title being relocated to the SegWit2x token.” They added: “Whatever happens, we will proceed with the decision that will be the most convenient for our traders.”8. Bitcoin.de: unknownThe German Bitcoin exchange bitcoin.de has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.9. CoinsBank (formerly known as BIT-X): original chain is “BTC”United Kingdom–based cryptocurrency exchange CoinsBank (formerly known as BIT-X) has not made any public statements concerning the SegWit2x fork.In response to inquiries from Bitcoin Magazine, however, the exchange indicated that it will list coins on the original chain as “BTC” and will not support the SegWit2x chain.They stated:“We inform you that we are proponents of the BTC core and not planning to support other branches.”10. CEX.IO: original chain is “BTC”, SegWit2x chain is “B2X”United Kingdom–based Bitcoin exchange CEX.IO will list coins on both chains. In a blog post published on October 20, the exchange announced it will list the coins on the SegWit2x chain as “B2X.” It also states in the announcement that coins on the original chain will continue to be listed as “BTC.”11. itBit: unknownU.S.-based Bitcoin exchange itBit has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.12. Gemini: hash power decides which chain is “BTC”In an October 24 blog post written by Cameron Winklevoss, one Gemini’s founders, the U.S.-based Bitcoin exchange explained that it “will be measuring total cumulative computational difficulty of the blockchain to determine what we will call Bitcoin and BTC and on the Gemini platform.” In other words, Gemini will give the name “BTC” to the coin that has the most hash power attributed to it.It may also list the coin that does not attract the majority of total hash power, but the exchange has not given any guarantees yet, nor did it mention a name for this coin.13. Coinfloor: unknownU.K.-based Bitcoin exchange Coinfloor has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.Coinfloor did sign the hard fork statement insisting on consensus and strong replay protection for hard forks, which originally referred to the potential Bitcoin Unlimited hard fork.14. BTCC: unknownLike Bitfinex and HitBTC, Hong Kong–based Bitcoin exchange BTCC is already offering a futures market where the two future coins are traded. These coins are currently referred to as “1MB” for the coin on the original chain, and “2MB” for the coin on the SegWit2x chain.However, as opposed to Bitfinex and HitBTC, BTCC has not announced what it will call the two coins after the split has occurred. The exchange also did not immediately respond to inquiries from Bitcoin Magazine.15. BitMarket: unknownPolish Bitcoin exchange BitMarket has not yet made any public statements concerning the SegWit2x fork. The exchange did respond to inquiries from Bitcoin Magazine, but it did not reveal which coin will be listed under what name or ticker.Instead, a BitMarket representative stated:“We reserve the right to decide whether to support or not [the] given fork of the Bitcoin. Our decision will depend on the stability of the fork’s network and what issues it may cause in the future.”16. QuadrigaCX: unknownCanadian Bitcoin exchange QuadrigaCX has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.QuadrigaCX did sign the hard fork statement insisting on consensus and strong replay protection for hard forks, originally referring to the potential Bitcoin Unlimited hard fork.17. Mercado Bitcoin: original chain is “BTC”Brazilian Bitcoin exchange Mercado Bitcoin recently signed a statement on behalf of the Brazilian and Argentinian Bitcoin communities in opposition of SegWit2x.When asked by Bitcoin Magazine, the exchange further explained that it may or may not list the coins on the SegWit2x chain, which will in part depend on whether or not the SegWit2x chain implements strong replay protection. (This currently seems very unlikely.)If Mercado Bitcoin does list this coin, it will use the ticker “B2X” because “the market is converging to this ticker.” They added: “We also tend to consider the Core version the legitimate one.”18. Bitso: unknownMexican Bitcoin exchange Bitso is a signatory of the New York Agreement in support of the SegWit2x fork. The company has since also confirmed that it will support coins on both chains — even though it did sign the Bitcoin Unlimited–inspired hard fork statement insisting on consensus and strong replay protection for hard forks.Regarding names and tickers, a Bitso representative told Bitcoin Magazine:“We have not yet decided on ticker names but hope to make an official statement soon.”19. The Rock Trading: original chain is “BTC”Malta-based Bitcoin exchange The Rock Trading has not yet made any public statements concerning the SegWit2x fork. It did, however, sign the Bitcoin Unlimited–inspired hard fork statement insisting on consensus and strong replay protection for hard forks.And, when asked by Bitcoin Magazine, The Rock Trading CTO Davide “Paci Barbarossa” Barbieri said the exchange will list the coins on the SegWit2x chain as “B2X” — if the exchange lists that coin at all.Said Barbieri:“As stated publicly, we are generally against any hard forks; we do not currently guarantee that we will handle SegWit2x, or that we will list it; as far as I know replay protection is still a concern.”And: “If we do [list the coin on the SegWit2x chain] we will probably call it B2X or something like it.”20. EXMO: unknownU.K.-based cryptocurrency exchange EXMO has not yet made any public statements concerning the SegWit2x fork. The exchange also did not respond to inquiries from Bitcoin Magazine.This article will be updated as the news develops. Did I miss anything? Feel free to let me know at aaron@bitcoinmagazine.com.The post To B2X or Not to B2X: How Exchanges Will List the SegWit2x Coin appeared first on Bitcoin Magazine.

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24
Oct
Off

<br /><br /><br /><br /><br /><br /><br /><br /><br />The rise<br />of bitcoin along with other cryptocurrencies represents a watershed moment for<br />the world of digital innovation. <br /><br /> <br /><br />But the<br />growth in the market capitalization and complexity of these assets has spawned<br />the need for an “assurance service” that provides auditing, verification,<br />monitoring and reporting around them. <br /><br /> <br /><br />Verady, LLC, a company with a stellar track record in delivering these<br />services to the Bitcoin market for several years, is now extending and launching<br />a public-facing network platform to fill this growing need across all<br />blockchain asset classes. <br /><br /> <br /><br />Established<br />in October 2016 as a startup company based in Atlanta, Georgia, Verady’s<br />strategic path was paved by way of discussions and research from the blockchain<br />regulatory software company Coinpliance<br />and its clients. <br /><br /> <br /><br />Coinpliance<br />was founded in 2013 and successfully serviced the Bitcoin marketplace until the<br />sale of its processing service to a major client. The founders of Coinpliance<br />later combined their experience and assets to form Verady.  <br /><br /> <br /><br />Verady’s<br />two co-founders, Kell Canty and Nathan Eppinger, are both computer science graduates<br />from Georgia Tech. Their combination of common backgrounds with differing<br />experience levels and perspectives have led to a unique profile for the<br />company. <br /><br /> <br /><br />“I’m a technologist by heart and have a computer science degree<br />from the Georgia Institute of Technology,” said Canty. “I’ve co-founded<br />multiple fintech startups, including a market-leading real-time credit and risk<br />assessment company that was acquired into Fair Isaac Corporation.”<br /><br /> <br /><br />Canty initially became aware of Bitcoin through his<br />interest in payments and computer science in 2012. Later, he became intrigued<br />by the concept for a Bitcoin regulatory software company. This led to the<br />founding of Coinpliance in 2013. Later, he and Eppinger reconnected to<br />establish Verady for the purpose of addressing the world of blockchain asset<br />assurance. <br /><br />As CEO of Verady, Canty leads product direction and business<br />development efforts, while Eppinger serves as the CTO. <br /><br /> <br /><br />When asked<br />what emerging trends are currently informing the strategic direction<br />Verady, Canty indicated the following: <br /><br /> <br /><br />· The amazing rate of growth in terms of both the<br />value and diversity of blockchain-based cryptocurrencies and tokenized assets<br /><br /> <br /><br />· The lack of tools and services to address<br />traditional industry standards regarding accounting, auditing and verification<br />of blockchain assets<br /><br /> <br /><br />· Gaps from a regulatory standpoint, particularly<br />in the area of taxation<br /><br /> <br /><br />· The “blind spot” that traditional financial<br />services, particularly credit/loan offerings, have for the value of blockchain<br />asset balances and cash flow held by individuals and companies<br /><br /> <br /><br />One of<br />Verady’s core beliefs is that traditional accounting systems, firms and standards<br />currently lack the functionality regarding new innovations of cryptocurrencies<br />and other blockchain assets. <br /><br /> <br /><br />Blockchain’s<br />value as a public transaction ledger makes it ideal in terms of serving as the<br />basis for independent verification. Verady, however, asserts that a gap exists<br />in terms of the blockchain not holding the information in a form that<br />accountants, auditors and other financial professionals can access, understand or<br />use. <br /><br /> <br /><br />Verady’s<br />blockchain asset assurance network, known as “VeraNet,” is poised to address<br />this. By assuring these assets, the VeraNet will provide the bridge between<br />blockchain-based crypto-assets and the traditional financial ecosystem. This<br />bridge is designed to manage the complexities of blockchain technology in order<br />to deliver concrete, standardized reports and data that is usable by<br />traditional financial institutions.<br /><br /> <br /><br />“Verady’s<br />long-term vision is that of being the globally recognized leader in the area of<br />blockchain asset assurance,” said Canty. “Audit, verification and<br />reporting on these assets can serve to help them be further adopted on a worldwide<br />basis. Combined with blockchain-based identity, the enablement of credit<br />underwriting based on cryptocurrencies could greatly aid in financial<br />inclusion, particularly for many living in underdeveloped countries across the<br />globe.”<br /><br /> <br /><br />To learn<br />more about Verady, visit its website and follow it on Twitter.<br /><br /> <br /><br />The post Verady’s Vision for Asset Audits and Verification appeared first on Bitcoin Magazine.

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24
Oct
Off

A report titled “Consumer Digital Payments — US,” which was released on October 11 by Moody’s analyst Stephen Sohn and team, reassures the payments sector that blockchain technology is a distant threat. Moody’s thinks that blockchain technology is a…

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24
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Abra, a mobile payment and digital currency platform that relies on Bitcoin, closed $16 million in series B funding, led by Foxconn, the electronics supplier for Apple and other tech giants.  Bill Barhydt, founder and CEO of Abra, made the announcement on October 23, 2017, at Money20/20 in Las Vegas, where he also outlined his vision for how consumer product companies will use Bitcoin in the future. Other investors in the round include Silver Capital and IGNIA, as well as previous investors Arbor Ventures, American Express Ventures, Jungle Ventures, Lerer Hippeau and RRE Ventures. Total funding to date for the company now stands at nearly $35 million.“We believe that Abra represents the future of digital payments and banking,” Jack Lee, founding managing partner at HCM, the investment arm of Foxconn, said in a statement, adding that Abra could potentially usher in a new era of financial inclusion to billions of people. In speaking with Bitcoin Magazine, Barhydt explained that Abra plans to use the funds to expand globally and invest in future product development. “We have a lot of project announcements we will be making on a rolling basis,” he said. Three-Part VisionThough Barhydt did not offer exact details on what Abra’s new products will be, he did drop several hints in his three-part vision for how consumer products will implement Bitcoin in the future. The first part, he explained, involves cross-border and consumer payments, which he said has been Abra’s focus for a couple of years now.The second part involves using Bitcoin as an investment vehicle, in which smart contracts built on top of Bitcoin’s ledger would enable more complicated if-then types of financial transactions — payments that go through only if specific conditions are met.Abra already relies on smart contracts to hold fiat currency and manage bitcoin price fluctuations, Barhydt explained.He went on to describe the third part of his vision: “A new model of consumer asset finance,” which he said is where consumer product companies like Foxconn enter into the picture.It was an idea that he conceived while recently traveling to Africa. There, he saw how a company was leasing solar panels to people who were making regular micro-payments via M-Pesa, a mobile money transfer service.“They give solar kits to people who use them only if they make a weekly lease payment from M-Pesa wallet,” he explained. If a borrower does not make the payment, a SIM card in the phone communicates with the battery in the solar panel, shutting it off.His idea was to extend the concept to other consumer appliances, like refrigerators, flat-panel TVs and washing machines, that people in developing countries struggle to afford.“Using this model of embedding this cellular technology combined with a Bitcoin-based payment system like Abra, you now have a new model where people can do instant on-lease payments,” he said, calling it a “new trillion-dollar business” that can only be done on scale using something like Bitcoin. Continuing to remain tight-lipped about future product launches, Barhydt said, “Our goal is to be the best digital currency wallet in the world for the average consumer, starting with real cash and bitcoin, and we’ll see how it evolves from there.”The post Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space appeared first on Bitcoin Magazine.

The post Abra Closes $16M in Funding and Looks to Venture Into Consumer Product Space appeared first on bitcoinmining.shop.