Archives for February 4, 2018
If you just had enough of Bitcoin forks lately, then this might be of interest – an upcoming Litecoin fork called Litecoin Cash (LCC) is coming up shortly and it will be using SHA256 as mining algorithm among some other changes. The Litecoin Cash (LCash anyone?) will be forking at Litecoin block which should occur on or around February 19th, 2018 will have a 10:1 claim ratio for Litecoin (LTC) users holding their coins in a local wallet or a compatible exchange or service that will support LCC. The maximum LCC supply will also be 10 times higher at 840 Million and the block reward will also be 10 times higher than what Litecoin currently has, so 250 LCC per block. The target block time remains at 2.5 minute, though difficulty adjustment will be changed, LitecoinCash will be using Evan Duffield’s proven DarkGravity V3 algorithm from Dash to recalculate mining difficulty on every block. There will also be a a slow start for the mining so block rewards will start at 1.25 LCC and grow to 250 LCC over the first 400 blocks after the fork. Unfortunately there is also a mention of a premine, supposedly less than 1% of total money supply at fork time to be paid to a development fund (should be about 5.5 Million LCC).
The reason that the team behind Litecoin Cash (LCC) cites as choosing to switch to SHA256 proof-of-work algorithm for mining is that this should enable a new use for previously obsolete Bitcoin mining hardware. While that may be true it will also open up the doors to large mining farms using up to date Bitcoin mining hardware, so well… good luck with that if things pick up fast. The “small premine” is not small at all even at 1% considering that there are already 55 Million Litecoins in circulation (out of 84), so around 550 Million at forking time for LitecoinCash out of 840 Million. The 1% premine is 5.5 Million LCC or 550 Thousand LTC, looking at it this way certainly does not make it “small premine”, does it? So next up anyone else seeing Litecoin Gold or more likely Litecoin Silver with Equihash or another GPU friendly mining algorithm? Anyway, nobody holding LTC is going to refuse some free coins, just be careful and always transfer your Litecoin coins to a fresh address first before importing any private keys into LitecoinCash or any other fork wallet for that matter.
XinFin opens token sale of it’s utility tokens, unveils the first of it’s kind hybrid blockchain XDC protocol Singapore based XinFin unveiled the first of its kind Hybrid Blockchain protocol architecture for enterprise adoption for global trade and finance market, opens sale of it’s utility tokens. (For Immediate Release) XinFin unveiled its Hybrid… View Article
XinFin opens token sale of it’s utility tokens, unveils the first of it’s kind hybrid blockchain XDC protocol
Singapore based XinFin unveiled the first of its kind Hybrid Blockchain protocol architecture for enterprise adoption for global trade and finance market, opens sale of it’s utility tokens.
(For Immediate Release) XinFin unveiled its Hybrid Blockchain network, powered by the XDC protocol. The XDC protocol enables real world enterprises to work with Blockchain and digital assets ecosystem with a network architecture that combines best features of public blockchains and private networks. The XDC protocol has been architected to make it compliant with laws of the land and can work purely as a messaging layer for existing and approved payment mechanisms in any country.
The ERC20 utility token XDCE is hosted on decentralised ethereum Ecosystem and will let global enterprises work with XDC Protocol. The XDCE utility tokens are now available through it’s public ICO. The utility tokens will help get access to the XDC protocol and its subnetworks by hosting XDC masternodes.
- Youtube : https://www.youtube.com/watch?v=K-tHZkV6zAs
- Telegram : https://t.me/xinfintalk
- Token Sale Page : www.xinfin.io
- Main Website : www.xinfin.org
XinFin raised over USD 1.5 million in a private sale in July-August 2017 and utilized the funds to build it’s XDC hybrid blockchain protocol and the tradefinex.org app meant for bridging the global infrastructure deficit. Over a half a dozen PoCs have been completed on the XinFin network and the proceeds from current round of token sale will be used to extend the PoCs into sizeable pilot projects with enterprises and institutions around the world. The funds will also be utilized for ecosystem development and masternodes proliferation of the XinFin network amongst institutions.
“The major hurdles for mainstream adoption of Blockchain ecosystem is the power intensive mining process, highly congested trust less networks, security and scalability. The XDC protocol is designed considering real world applications in global trade and finance. It has also been designed to make sure the enterprises that work with XDC protocol can work with full regulatory compliance.” Said Alex Mathbeck, head of marketing at XinFin.
“XinFin has architected its hybrid network from a fork of Quorum. The network consensus is two tiered. Along with a PBFT derived consensus mechanism between nodes, XinFin has implemented a stake based rule set that governs node participation.
The network maintains a private state and a public state. Private state ensures that the sensitive financial data is secure yet at the same time its public state makes it transparent and verifiable. The architecture makes the XDC protocol secure, scalable and lightning fast. Its Hybrid nature also makes it highly interoperable with legacy systems and other Blockchain platforms. XinFin network is highly compatible with the Ethereum network and its smart contracts while the underlying fuel is very cost efficient making transactions costs negligible. IoT layer over the XDC protocol allows real time state change to the Blockchain. The XDC protocol will support utility tokens in compliant jurisdictions to run on the XDC protocol.” Said Karan Bharadwaj, CTO of XinFin.
“The various tiers of XinFin master nodes makes it flexible for participants to work with the XDC protocol in a secure environment. The XDC can act as a pure messaging and confirmation layer using existing payment rails or as a settlement layer through approved and regulated institutions.” added Mr. Alex Mathbeck.
Tradefinex.org is the first of the distributed app launched in beta environment that uses the XDC protocol. TradeFinex is a smart contracts User Interface for global trade and finance using XDC Protocol. Tradefinex application is aimed at helping enterprises and policy makers to minimize inefficiencies in the $27 trillion annual infrastructure and international trade market. TradeFinex platform was inaugurated at the 2nd Global Summit on P2P Digital Asset System Summit held in India and is being extended to leading trade associations, financial institutions and regulators worldwide.
XinFin network has initiated onboarding of global alliances and developer communities to build disruptive Apps on XDC protocol to improve business process efficiency.
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The crypto landscape in Dublin has changed rapidly, and with an enthusiasm perhaps disproportionate to the city’s scale.
LitePay is to launch this week, and LitePal later this year.
“If you really can change the way that people connect, communicate and share, you’ve built a better platform that people are going to be engaged in almost 24/7,” says Ron Russo, founder and CEO of GLX — Global Listing Exchange. Ron spoke at the North American Bitcoin Conference 2018 about the company’s vision and on… View Article
Bluzelle, which raised $19.5 million in an initial coin offering (ICO), says a decentralized version of structured databases would be more resilient.
Kim Dong-yeon, the Finance Minister of South Korea, firmly stated that cryptocurrencies as incentive systems are necessary for public blockchain networks to operate. “Blockchain technology can disrupt and revolutionize the world. But, for open-source blockchain networks, cryptocurrencies are necessary as incentives for individuals to participate in the network.” Yeon’s statement was released this week, following… View Article
Kim Dong-yeon, the Finance Minister of South Korea, firmly stated that cryptocurrencies as incentive systems are necessary for public blockchain networks to operate.
“Blockchain technology can disrupt and revolutionize the world. But, for open-source blockchain networks, cryptocurrencies are necessary as incentives for individuals to participate in the network.”
Yeon’s statement was released this week, following the official decision of the government to not ban cryptocurrency trading both in the short and long-term. During a government hearing held on February 1, Yeon further emphasized his stance on cryptocurrencies, when he stated that the South Korean Finance Ministry has no intentions to eliminate cryptocurrencies or strictly restrict them to the point in which cryptocurrencies can no longer be used in the local market.
“The Finance Ministry has no plans or intentions to eliminate or prohibit cryptocurrencies. Blockchain technology is an important technological breakthrough to fuel the fourth industrial revolution and as such, the ministry will take a cautious approach in regulating the cryptocurrency market. For negative use cases of cryptocurrencies, the ministry will impose strict regulations,” added Yeon.
Previously, several government officials and self-proclaimed influential economists in South Korea claimed that blockchain networks can function without cryptocurrencies, and that cryptocurrencies like bitcoin and Ethereum are not necessary. Yoo Shi-min, a popular author and former government official, criticized bitcoin as a gambling tool, stating that the blockchain is a disruptive technology but cryptocurrencies are not.
Jang Jae-seung, a professor at Korea Advanced Institute of Science and Technology (KAIST), the most prestigious technology-focused university in the country, directly refuted the claim of Yoo, noting that without cryptocurrencies serving as incentive systems, public blockchain networks cannot function. Centralized blockchains are not an option as they lack strong security measures, transparency, and most importantly, decentralization.
Minister Kim echoed a similar sentiment to professor Jang, as he explained that mining is a necessary and a crucial system of open-source and public blockchain networks. Without incentives, individuals do not have the motive to contribute to the network and inevitably, the public blockchain will disintegrate.
“It doesn’t apply for centralized or permissioned blockchains but for public blockchain networks, mining is necessary to create blocks and provide incentive to individuals within the network,” said Kim.
Although the South Korean government and the Blue House, the executive office of President Moon Jae-in, reaffirmed on several occasions that the government will not ban cryptocurrency trading, the statement of Finance Minister Kim strongly reasserted the South Korean government’s intention to regulate and foster the market, to protect investors and help businesses grow.
Cryptocurrency exchanges remain optimistic in the long-term growth of the market and their enthusiasm is demonstrated in the entrance of new cryptocurrency trading platforms into the market. Huobi, formerly the largest cryptocurrency exchange in China, has already obtained 150,000 users on its waiting list and it plans to launch its exchange in the first quarter of 2018.
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