Bitcoin Cash is set to quadruple its block size today, from 8MB to 32MB — delivering transaction capacity far in excess of what it requires to meet its network demand. So nine months on from its hardfork of Bitcoin, has Bitcoin Cash done what it set out to do — and where does it go from here?
Archives for May 15, 2018
Decentralized energy platform ImpactPPA announced at Consensus 2018 in New York City that it has partnered with the Indian government to re-energize India’s cottage industry.
Under the auspice of the Honorable Minister Shri Giriraj Singh, ImpactPPA will be working with India’s Ministry of Micro, Small and Medium Enterprises to carry out the government’s Bhartiya Harit Khadi Gramodaya Sansthan (BHKGS) initiative. Translated roughly as “Indian Green Cotton Textile Village Development Organization,” the initiative will push to introduce some 50 million jobs for female workers in India’s more rural states.
Starting in Khanwan village in Bihar, the program plans to install textile looms in the homes of women workers. Per the partnership, ImpactPPA is charged with delivering renewable energy to power these looms, using the Ethereum blockchain to manage supply-chain logistics for the initiative.
“It’s an honor to work with the government of India to deploy out technology solutions,” Dan Bates, CEO of ImpactPPA, said in a statement. “A project of this scope clearly demonstrates that the use of renewable energy and blockchain technology has reached the mainstream. This partnership perfectly aligns with our fundamental mission to help improve quality of life with energy as the engine for social good and greater economic justice.”
The project estimates that its female workers could generate 8,000–10,000 rupees (~$115–145 USD) a month right out of their homes. This would mean that some families could experience a 60 percent increase to their monthly incomes, as the joint monthly income for families in some of India’s poorest villages just barely clears 7,000 rupees ($~100 USD).
Come June, the program expects to unveil the first iteration of its project, ushering in the milestone with a ribbon-cutting ceremony by Indian Prime Minister Narendra Modi. The inaugural facility in Khanawa will consume 100 KW of energy provided by ImpactPPA, as well as 2 KW systems to deploy the facility’s solar-powered looms.
“Having worked with the government of India on various solutions and projects for social impact, this alliance is a game-changer,” remarked Aradhana Singh, CEO and managing director of Sarang Services Pvt. Ltd., a company serving as India’s domestic partner for the project. “We are thrilled that ImpactPPA will be the provider of energy and blockchain technology and services for the project, bringing tangible economic growth opportunities while advocating women’s empowerment.”
ImpactPPA’s Mission and Story
With a history of providing renewable energy to underdeveloped areas for over 10 years, ImpactPPA wants to cut through the bureaucratic processes that it claims keeps clean, reliable energy from circulating in areas that need it most.
ImpactPPA plans to cut through the red tape of centralized NGOs and governments with its distributed platform and token (MPAQ). Through a combination of blockchain technology, smart contracts and its SmartPPA energy protocol, the project will streamline energy financing by allowing anyone to submit a project proposal to the network for consideration. Community members can then vote on which projects should see funding with the MPAQ token. If approved, ImpactPPA can then easily deploy energy to electricity anchors, called smart meters, whose data is connected to the blockchain.
ImpactPPA believes that its tokenized model can free energy innovations and electrical infrastructure projects from outdated financing processes. Most of all, it seeks to serve the underprivileged and destitute, as it envisions a future in which energy projects can easily enter into poorer areas thanks to a decentralized, global approach to funding and approval.
This article originally appeared on Bitcoin Magazine.
Mobile payments network Circle made two announcements this week which are likely to make a big splash in the blockchain industry. The first was a $110 million USD Series E equity investment and partnership with mining giant Bitmain; the second was its creation of a tokenized “stablecoin” asset designed to hedge against price volatility in crypto transactions.
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FT reported that the investment puts Circle into the “top tier of cryptocurrency companies by funds raised” and could value the company as high as $3 billion.
Bitmain is leading the round, joined by previous fellow investors IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera. Newcomer investors Blockchain Capital and Tusk Ventures have also contributed. Circle posted:
Bitmain co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology.
Circle’s New ‘USD Coin’ – A Regulator-Friendly Tether?
On its company blog, Circle said a USD-pegged token is essential for blockchain tech and payments to be adopted widely. Extreme price fluctuations in crypto asset values often makes them risky tools for payments and storing value.
Its solution proposes fiat-backed digital tokens, the first of which will be “USD Coin” (or USDC). To be available in the coming months, USDC is aimed at traders looking for a more stable store of value to hedge in and out of trading positions, and new token creators who wish to create financial contracts denominated in assets less volatile than BTC or ETH.
Itself based on the Ethereum ERC-20 token standard, USDC will be available to anyone who has completed a KYC process. It forms the backbone of Circle’s blockchain payments network CENTRE, and will be available to trade on any exchange that accepts it, starting with Circle-acquired Poloniex.
The idea is for exchanges to redeem USDC directly for U.S. dollars (although they may charge a fee to do so), and for other creators to issue tokens based on the world’s other fiat currencies.
Though Circle didn’t mention the Tether (USDT) token by name, USDC appears to be a more regulator-friendly version of the USD-pegged asset popular on big exchanges like Bitfinex.
Fiat-backed crypto assets may be a widening trend for the traditional financial sector as well, with Japanese banking conglomerate MUFG also announcing this week it would create a token pegged 1:1 to the Japanese yen (JPY).
Circle’s History in the Blockchain Industry
This week’s moves further reflect Circle’s on-again, off-again enthusiasm for cryptocurrencies — or at least, their overt endorsement of them in public. The company launched in 2013 as a consumer-friendly payments network that made it simple for users to buy and sell bitcoin, though “pivoted” away from its image as an exchange platform in 2016.
However, Circle continued to deploy blockchain technology as a backend mechanism, launching its own protocol called Spark (which later became CENTRE).
The company is led by founder and CEO Jeremy Allaire, a long-time Silicon Valley identity.
Since the start of the 2017 crypto asset boom and re-emergence of digital money in the mainstream mindset, Circle began making new plays in the space. It acquired digital asset exchange Poloniex in February 2017, and has further staked its claim to being a major blockchain company with this week’s announcements.
Is Circle making the right moves? Let’s hear your thoughts in the comments.
Cryptocurrency derivatives exchange LedgerX has launched the first bitcoin savings account regulated by the Commodity Futures Trading Commission (SEC). The new product, unveiled by the New York City-based firm on Tuesday, allows institutional investors to earn USD interest on their bitcoin holdings over three-month, six-month, and 12-month maturity periods, with target yields of up to
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Even though Ethereum is trading at 50 percent of its ATHs, chances are it might retrace in the coming days. In the last 24 hours for example, it is down three percent after failing to surge past $900 earlier this month. Now, because we have these lower lows, taking shorts might be a good trading strategy that flows well with the current trend.
From the News
Remember Nigel Green, the Founder of deVere Group? Well, he projected that Ethereum might close at $2,500 a piece by the end of the year. That’s pretty much outlandish from those who think Ethereum’s end is near. It’s without a doubt that despite the difficulties of Crypto Kitties and scaling concerns by the end of 2017, Ethereum remains a platform of choice for many blockchain startups looking to leverage on its smart contract abilities.
Simply put, Ethereum is the king of Smart Contracts. Then again, developers are working hard behind the scene on Casper and Sharding that will eventually deal with scaling problems. So, in my view, it wasn’t hard a choice for UK’s Crypto Facilities to come up with Ethereum Futures. With this release, Crypto Facilities now have four different crypto futures that would help oil the crypto sphere with liquidity.
— Crypto Facilities (@CryptoFLtd) May 11, 2018
A few days later, Crypto Facilities joined hands with the Chicago Mercantile Exchange (CME) creating the CME CF Ether-Dollar Reference Rate and the Real Time Index. According to their joint press release, the Ether-Dollar Reference Rate would provide a standard and a spot price index from live Bitstamp and Kraken spot rates.
Today we’re launching the CME CF #Ether-Dollar Reference Rate and Real-Time Index.
— CMEGroup (@CMEGroup) May 14, 2018
Both products shall be overseen by an independent committee who shall from time to time meet to review the practice standards and setting the code of conduct governing the standard. Lest we forget, we haven’t seen strong institutional involvement in Ethereum and unlike Bitcoin futures, caution should be practiced.
Ethereum (ETH/USD) Technical Analysis Weekly Chart
What interests me in this chart is the series of higher highs following that bullish bounce from support at $350. While we remain bearish we must be cognizant of Ethereum buyers who are trying to push prices above the immediate resistance line at $850 though with small volumes.
Remember, prior to this, we only needed buyers to push and close above the main buy trigger line at $900. However, sellers are now finding shorting opportunities at every highs as price-volume relationship hints of.
Notice that after week ending May 6, there was an immediate spike in volume but rather than inching higher, there was a drop in prices albeit with a long lower wick. So, if Ethereum buyers are indeed in charge then they must breach $850 with strong volumes. Otherwise, any break below $600 shall attract bear waves reversing April gains.
Like the weekly chart, bears seems to be in charge in the daily chart. Here, we can see waves of lower lows after that strong bullish push towards $1350 in the first week of January 2018. At the moment though, buyers are finding resistance with every higher highs.
On May 6 for example, there was a deluge of sell pressure with volumes spiking to 243K up from 193K the previous day. From there sellers have been consistent
If this is a retrace before a bullish explosion, I don’t know. What is clear for sure is that EOS, Tron and a host of other cryptos under our radar are reversing their two or three days gain. Spearheading this depreciation is EOS which is down eight percent in the last 24 hours and quickly approaching our main support line at $13.
Let look at these charts:
I mean, with a market capitalization of $15 billion, stakes are high for EOSIO and its co-founder. As we near the launch, investors expect nothing short of success. After all, we might take confidence from Block.One VC partnership and the more than “100” startups that will launch their projects on the new super fast and “near free” EOSIO blockchain. Demand is there yes and the right thing to do by all accounts is to search for coin under-valuation before riding with the trend-at the right times.
Regardless of the positive sentiment, May 11 candlestick is of significance in our analysis. Then again, in the short term-following EOS ATHs print on April 29, bears are obviously in charge. In line with our previous trade plan, buyers should remain neutral until we see an up-thrust accompanied by strong volumes past $16. Otherwise, consistent EOS sellers might push prices back to our first potential reaction point at $13 and later $9.7 as visible in the daily chart.
Among other coins, Litecoin is one of the coins under monitor from CCID and published in their monthly Global Public Chain Assessment Index. There are several criteria that the Chinese department shall use to generate reports. This is surely good news and some sort of endorsement for Charlie Lee and Litecoin.
Technically, Litecoin is ranging and oscillating between a $70 range defined by $180 and main support at $110. Well, it’s obvious that sellers are in charge considering those series of lower lows in the last four months or so. While fundamentals over the past week have been encouraging, there is no impetus to push prices past the mid range resistance at $160.
This means the last four candlesticks are short covering events and as such, every high is a selling opportunity as yesterday’s four percent slide and bear candlestick shows. I recommend trading with the trend today and selling with stops at $155 and targets at $110 looks good.
XLMUSD (Stellar Lumens)
Even as we continue to rock back and forth, we haven’t heard much from Stellar Lumens in the last couple of weeks despite it being a high liquid coin with a market cap of $6.5 billion. Should those be red flags? Or is there something happening behind the scene? Well, what we do know is that Stellar is down five percent in the last week and four percent in the last 24 hours alone.
From the charts, Sellers are in charge just like most coins under our radar. We can see a brief appreciation in Stellar Lumens prices but the accompanying volumes are low. On May 14 for example, there was a surge in volumes but prices moved lower with yesterday being a follow through. Because of this, trading with the trend can increase our odds of turning in a profit. Risk averse traders shall trade when there is a break below 30 cents while others can sell now with stops at 40 cents. Targets should be at 20 cents.
The cool thing that should
Bitcoin Press Release: Competitive Video Gaming – known as Esports – is becoming increasingly popular year after year. In the latest report, market researcher Newzoo predicts esports global revenues will reach $905.6m in 2018, up 38.2% on last year, and $1.65bn in 2021. In its early years esports sponsorship was largely endemic brands associated with gaming or computer peripherals, but more recently large mainstream brands such as Mercedes, Gillette, Red Bull and many more are getting involved.
The esports audience is very valuable to mainstream advertisers. They are mostly in their 20s and 30s, passionate, very engaged, and with a higher than average disposable income. As audiences for traditional sports are declining, more fans are turning to esports. According to an LEK Consulting Survey, already 40% of millennials prefer esports to traditional sports. Mainstream brands are starting to follow.
However, there are a number of issues facing the esports marketing world.
Complexity of the Market – esports can be complicated for brands new to the market. There are several game titles, genres, leagues, teams and tournaments and it can be difficult to understand the best channels to reach the desired target audience.
Scale – Esports revolves mostly around major tournaments, unlike traditional sports where smaller local competitions and league games happen frequently. As the scale of these increases, it is difficult for brands and advertisers with more limited budgets to get involved. Likewise, it is becoming more difficult for smaller tournaments and teams, and streamers with smaller audiences to gain access to the large advertising budgets available to their more successful counterparts.
Agencies and Intermediaries – These complicate the marketing landscape, fragmenting the industry and further reducing access to participants with lower budgets. Efficiency and return on investment is reduced by the number of “middlemen” involved in the industry.
Lack of Data – As a relatively new industry which is changing all the time mean it is difficult to get accurate and consistent data to measure the success of marketing campaigns.
EIPlatform is being developed from the ground up to provide a solution to these issues by facilitating effective, direct interaction between brands, participants and the audience. One of the key aims of EIPlatform is to replace agencies with a single point of entry to the market for more personalized and efficient direct marketing. Security of transactions is a key element in the development of the platform, and one that is sadly missing from the current esports market.
The platform will simplify the current fragmented market and allow access for smaller teams to the large advertising budgets involved at the top level of the industry. At the same time, it will allow all sizes of new advertisers and brands to access the audience much more easily.
EIPlatform’s advanced data management and analysis, made possible by blockchain and smart contracts, will allow brands and advertisers to understand and target their desired audience segment more effectively. They will be able to measure the performance of their investments and identify new opportunities within the esports marketplace.
The EIPlatform currently has no competition in esports. With the team’s technical ability and unique understanding of the problems faced by those in the esports industry, they are confident that the concepts underlying the project are solid. The team is headed by Sergey Nevodnichiy, the founder and CEO of international most successful esport team, Team Empire. He says, “The scope of the EIPlatform is ambitious, but there is no doubt that the EIP team have the right combination of abilities to succeed in this venture. EIPlatform has the potential to be a game-changer for the esports
Encrypted messaging company Telegram has filed a trademark suit against a Florida company that also intends to create a cryptocurrency named “gram.” The suit, which was filed on May 11 in the San Francisco branch of the US District Court for the Northern District of California, alleges that Lantah LLC violated Telegram’s service mark rights
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This week news.Bitcoin.com spoke with the team behind a new trading platform called Dex.top — a decentralized exchange built using a smart contract. According to the Dex.top developers the exchange has no access to a user’s private key and assets are never held on the Dex. This means, much like the cryptocurrency wallets out there that allow individuals full control over their private keys, Dex does the same as it acts a non-custodial trading platform.
A New Bitmain-Incubated Cryptocurrency Exchange Dex.top Utilizes a Smart Contract to Facilitate Decentralized Trades
The Switzerland-based exchange, Dex.top, is an open source decentralized trading platform incubated by the well-known blockchain firm Bitmain Technologies. Unlike traditional cryptocurrency exchanges, Dex.top is built from a smart contract that is compatible with both the Ethereum and RSK networks. The organization claims that all assets are kept within a smart contract and are never held by the exchange. Dex.top says that users maintain full control over their assets and transactions are always signed by the users themselves.
“Technically users do not need to trust Dex.top, as Dex.top neither has a user’s asset nor does it have the authority to transfer the user’s asset. Lastly, our platform utilizes Raft’s algorithm to ensure our system’s security and usability,” explains the Dex development team.
It initially creates ROC (Replayed-On-Chain) trading mechanism, which supports off-chain and on-chain of two ledgers that secure assets and instant trading.
Dex.top and Metamask
The exchange explains that as it builds on the ERC-20 framework, in the future developers hope to add other public blockchains into the mix such as RSK, BCH, and EOS. This week news.Bitcoin.com was granted access to look at the exchange via the trading platform’s trial period. Dex.top representative, Yixuan Lin, tells us the trading platform’s public launch will begin around the end of May. While giving the platform a tour we noticed that users utilize Metamask as their wallet which gives the exchange fluid transfers with ETH or ERC-20 tokens. Users simply tether their Dex account to the Metamask wallet and when you sign to deposit or withdraw tokens users confirm via the Metamask UI. The Dex team in the future it will also be collaborating with other wallets like Imtoken, Bitcome, and the hardware wallet Ledger. At the moment due to the pre-trial period, the Dex.top platform has very little volume and users at the moment.
The Dex.top user interface. The Dex.top Team Plans to Integrate an ERC-721 Marketplace and Collaborate with Other Decentralized Platforms
Additionally, the Dex.top team says it hopes it can also work with other prominent decentralized exchange platforms like Kyber, IDEX, and DDEX. Alongside this, the project will also be implementing ERC-721 protocol compatibility and a marketplace for these types of tokens. Yixuan Lin explains to news.Bitcoin.com that the Dex.top team members are based in Switzerland, the United States, Singapore, and Hong Kong and all of them are huge fans of decentralized concepts. For now, users can register on the platform and check it out, while the Dex.top team emphasizes that they look forward to greeting the cryptocurrency community at the end of this month with its new exchange.
What do you think about the Dex.top platform and concept? Let us know your thoughts in the comments below.
Images via Shutterstock, Pixabay, and Dex.top
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A global venture called Komainu has been created to provide a secure digital asset custody solution for institutional investors. Partners in the venture include Nomura, a global financial services group, Ledger, a digital asset security solutions provider, and Global Advisor Holdings, an international investment house. Japanese Holding Company Nomura Unveils Institutional-Grade Cryptoasset Custody Service The
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