Alphapoint and Muirfield Investments announce partnership to securitize property on the blockchain with a new token standard with built-in compliance.
Archives for May 14, 2018
Zcash just became the first privacy coin to earn itself a fiat trading pair on a mainstream American exchange.
On Monday, May 14, 2018, a Gemini blog post announced that the Winklevoss-run exchange would list Zcash after it received the go-ahead from the New York State Department of Financial Services (NYSDFS). Opening deposits for Zcash on May 19, 2018, at 9:30 a.m. EST, the exchange will officially commence trading for the asset at 9:30 a.m. EST on May 22, 2018.
Zcash utilizes two addresses, shielded and unshielded, to offer anonymity options to its users. Gemini will accept deposits from both addresses out of the gate, but, for the time being, withdrawals can only be made to unshielded addresses until the Gemini team implements withdraw support for shielded address.
“Exchanges are the #1 on-ramp from fiat to cryptocurrency so to the extent that someone can use USD to safely purchase zcaxh in an exchange is good for consumer confidence,” Josh Swihart, Marketing Director at Zcash told Bitcoin Magazine.
“Privacy is necessary for transacting online and it’s missing from Bitcoin and Ethereum. Having Gemini as a regulated entity bolters that confidence.”
Once its market on the exchange is live, Zcash will become the third cryptocurrency to trade on Gemini behind its flagships, bitcoin and ether. According the the NYSDFS, Gemini has also received approval to begin trading Litecoin and Bitcoin Cash, but no official dates for their listings has been revealed.
“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash,” Eric Winer, Gemini’s VP of engineering writes in the official blog post.
With a $1.2 billion market capitalization, Zcash is one of the most popular privacy coins available, second only to monero. The listing is a landmark victory for both Zcash and the privacy coin subcategory, as the anonymity such coins offer have often left investors wondering whether or not they can withstand the scrutiny of the U.S. government’s regulatory eye.
“People value convenience over privacy and we’ve seen what the result of that is,” said Swihart. “The recognition that privacy is vital to human rights and that can coexist with regulatory compliance is awesome. It’s an awesome day.”
“Part of the reason a coin like Zcash has a smaller market cap is because people are not sure if regulators will ever get comfortable with this type of technology,” Cameron Winklevoss told Bloomberg. “[This listing] demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology.”
The Winklevosses have not been shy in working with government officials to hammer out regulatory clarity in an industry that is wanting for clear legal parameters. Their Gemini exchange is fully licensed and regulated as a trust company by the NYSDFS. This status has led the Chicago Board Options Exchange to use Gemini as one of the primary market trackers for its bitcoin futures derivatives. In addition to public sector regulations, the Winklevosses have advocated for a private sector coalition of cryptocurrency exchanges to effect responsible self-regulatory guidelines, as well.
This article originally appeared on Bitcoin Magazine.
Steve Eisman, the money manager who found fame after he successfully managed to make millions shorting subprime mortgages ten years ago, has spoken out against cryptocurrencies.
Earlier today at the CFA Institute’s yearly conference, Eisman addressed a sizeable audience questioning the need for the existence of digital currencies.
Eisman: “I Don’t Know What I’m Looking At”
During his presentation, Eisman stated that the reasons why Bitcoin and other cryptocurrencies had gained popularity were two fold. Firstly, they were a tool for people to speculate with. Secondly, that money launderers were using them to clean cash. For the Neuberger Berman managing director, these were the only reasons why anybody was even interested in the financial innovation.
He continued, questioning the rationale behind digital currencies existence in the first place:
“I don’t see the purpose of it… What value does cryptocurrency actually add? No one’s been able to answer that question for me.”
Eisman was speaking at an annual conference for the CFA Institute – a global association of investment professionals. He addressed a crowd of around 1,500 on a panel discussion in which he stated clearly that his expertise lay outside of cryptocurrencies so he hadn’t ever invested in them:
“I don’t touch it… I don’t know what I’m looking at…I have no interest”
He also stated that he had no desire to trade traditional currencies and questioned the lack of regulation in place governing cryptocurrency investors and traders:
“I don’t understand why regulators haven’t regulated it more heavily.”
Eisman initially found fame after correctly predicting the 2008 financial crisis. He was subsequently immortalised in a bestselling book by author Michael Lewis, ‘The Big Short,’ which was then turned into a movie of the same title. Actor Steve Carell played the role of Eisman. According to the man himself, Carell’s portrayal was very accurate, despite him having little to do with the making of the film.
During the panel discussion at the CFA Institute conference and an interview that followed, Eisman also addressed the current economy, the likelihood of a similar crash today, and how he knew that the U.S. housing market would tumble so spectacularly around a decade ago.
With Eisman’s outlook on cryptocurrencies, he joins a chorus of voices that includes Charlie Munger, Warren Buffet, Jamie Dimon, and various other names associated with traditional banking and financial institutions. Between the three mentioned, such insults as crypto being a ‘fraud,’ a ‘scum-ball activity,’ and ‘rat poison squared’ have been levied towards the potentially revolutionary financial innovation. Surely if there was nothing to fear from Bitcoin and the rest of the digital currencies, there would be no need for such attacks. Perhaps they doth protest too much, methinks?
Featured image from Shutterstock.
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Ex-JPMorgan blockchain lead Amber Baldet has finally revealed her new startup, a decentralized application store.
The Bytecoin price has risen sharply for the day, from $0.012075 on close of trading May 13 to $0.012438 on Monday. However, the coin’s price has seen a series of odd events and swings since Binance announced its listing on May 7. By May 9, Bytecoin hit an all-time high of $0.0300, a whopping 343 percent
The post Bytecoin Price Explodes 82% Following Series of Strange Events appeared first on CCN
Samourai Wallet is collaborating with goTenna, a Brooklyn-based company specializing in off-grid communications, to produce txTenna, an Android app that combines mesh networking with Bitcoin transactions. The app will allow users to pair their phones with goTenna’s portable antennas in order to broadcast transactions.
goTenna produces consumer-grade hardware to facilitate mesh networking — a concept that echoes much of the decentralization ethos that we see across the cryptocurrency domain — which operates by allowing peers to connect directly to one another for the purpose of routing packets, sidestepping the need to rely on an ISP or cell tower.
“What will happen when these massive centralized networks fail due to natural disasters, as they did after Hurricane Sandy in 2012, or due to some kind of outside cybersecurity attack? What will happen when providers decide to crank up prices just because they can?” said Rich Myers, goTenna’s Decentralized Applications Engineer.
“Mesh networks are the only legitimate alternative to these traditional centralized communication networks. They are completely decentralized and democratized, leaving the power of communication in the hands of the people. Beyond that, they are much more resilient to unforeseen disasters — the only thing these networks need to function is a mesh networking device paired with a smartphone.”
For its part, Samourai Wallet has been focusing on censorship resistance and privacy-oriented tools since it began in 2015. With features such as direct interaction with trusted nodes, added hops to circumvent chain analysis, and SMS commands for remotely wiping wallets, it has seen widespread adoption by users wishing to incorporate an additional level of privacy into their Bitcoin transactions.
Samourai has been curating Mule.tools, an R&D initiative to further reinforce the censorship-resistant properties of the Bitcoin blockchain and also published the code for Pony Direct, a proof-of-concept app for broadcasting transactions over SMS in January.
“We believe one of the most fundamental value propositions that bitcoin provides is censorship resistance,” SW, the CEO of Samourai, told Bitcoin Magazine. “The freedom to transact freely and without permission is not a freedom to take lightly, or give up without a fight. We saw the open internet transform into a walled garden, captured by regulatory and corporate interest working together — and largely aided by red-herrings like ‘net-neutrality.’
“The tools we are building arm the little guy — the individual — with the tools they need to level the playing field against the inevitable overstepping of bounds by hostile actors, oppressive regimes and overzealous governments,” said SW. “We’re making some material changes to Samourai Wallet to allow for a greater high latency and offline experience. In conjunction with the release of txTenna, Samourai Wallet users will be able to theoretically keep their phone offline at all times and still be able to send and receive payments with minimal hassle.”
The concept explored by txTenna follows in the path of alternate methods to access the blockchain, previously seen with both the Blockstream Satellite and in the works of Nick Szabo and Elaine Ou. Not only does it provide more versatility to those wishing to avoid using censored systems, but it opens up a slew of use cases for Bitcoin in regions with less-developed infrastructures and those affected by natural disasters.
This article originally appeared on Bitcoin Magazine.
ASICs offer security. GPUs offer decentralization. The answer might come down to your view of governments.
Aion will ask its token holders to destroy their erc-20 aion tokens so that they can move to the aion mainnet, launched last month.
Lawmakers at CoinDesk’s Consensus 2018 conference today argued that regulatory “sandboxes” may offer the best approach for blockchain innovation.
A Next-Generation Blockchain Ecosystem for Ubiquitous Value Transfer
Blockchains and cryptocurrencies. These two buzzwords together have generated a tremendous amount of hype, promise, caution, and confusion in the technology scene over the past two or three years. Despite the growing excitement surrounding blockchain and its seemingly infinite applications, blockchain is still very much an emerging technology. At this year’s Silicon Valley Innovation & Entrepreneurship Forum, BUMO announced a blockchain ecosystem that it hopes will allow the blockchain to truly permeate the marketplace and the world, becoming a feasible solution for financial institutions, non-profits, healthcare providers, and individuals alike.
Today’s mainstream blockchain platforms, such as Bitcoin and Ethereum, are single-chain systems. With the dramatic increase in the number of blockchain users and transactions, the problems of low scalability and low throughput have become increasingly evident. BUMO has developed an innovative blockchain solution that leverages multi-chain technology, hybrid consensus algorithms, cross-chain protocols, and smart contracts. BUMO’s goal is to integrate these technologies to alleviate the current blockchain bottlenecks related to performance, scalability, and application diversity.
Speakers at the 2018 Block Chain Developer’s Summit at SVIEF featured two industry veterans with diverse backgrounds and years of experience in some of China’s leading tech firms. Steven Guo, a co-founder of BUMO, began his study of the blockchain business in 2014. He recently led strategic investments for the 21Vianet Group, one of the largest data center providers in all of China. 21Vianet operates Microsoft’s Azure Cloud and Office 365 services in China and houses data centers for IBM and other tech giants. Steven Guo also participated in the creation of a cloud computing fund for the National Development and Reform Commission.
Co-founder of BUMO, Steven Lee, gained his stripes as one of China’s early internet entrepreneurs and as an early practitioner of the blockchain. His experience includes working for Tencent, PPTV, serving as the COO of Jiayuan.com, and as the founder of Betterwood. Steven Lee led talks with developer communities in Berkeley, California and in Atlanta, Georgia. The city of Atlanta, Georgia was recently the victim of a massive ransomware attack that paralyzed its computer-related infrastructure for days. How blockchain technology can mitigate these risks in the future remains to be seen, but it’s fair to say that both community leaders and businesses are seeking new ways to strengthen their networks from rogue elements on the world wide web.
So how does BUMO solve the fundamental issues in blockchain development? BUMO proposes a three-tiered, basic public blockchain development framework:
(1) A blockchain-based ubiquitous trust network. Its framework comprises of blockchain technology developed with multiple features such as an innovative consensus mechanism, multi-chain structure of the main chain-subchain, main chain-backlink structure of the main chain, and developer-friendly smart contracts.
(2) A credible value circulation system. BUMO’s blockchain leverages multiple tools for establishing digital identity for pass-through agreement, pass value transfer, decentralized transactions, and Dapp built-in exchange, to promote the maturation of its value distribution system.
(3) An applied ecology shared by the general public. Dapp for the blockchain can be likened to apps for your mobile phone. Dapp not only provides users with the most intuitive understanding of the blockchain but also the value support of the entire blockchain network.
To this end, BUMO hopes to attract more developers to is developer-friendly ecosystem by providing API interfaces and commonly used functions involving assets, transactions, and wallets. BUMO allows developers to utilize DAPP on their network to build a blockchain network based on BUMO’s mature code base and technical support. The BUMO core system architecture and code, based on Bubi Blockchain technology, have been vetted for two years for security loopholes and operational failures. In addition, the Bubi blockchain has already provided business services for the banking, insurance, gaming, and tourism industries over the past few years.
The BUMO Phase 1 Public Chain Mainnet will be fully online towards the end of May. BUChain Phase 1 already boasts the support of a myriad of existing applications. From June to July, BUMO will cooperate with local blockchain communities to hold a developer contest based on the BUMO chain that will be released in following days. Further highlighting BUMO’s bold moves in the industry, BUMO plans to open four offices, with locations including Silicon Valley, Los Angeles, Boston, and Delaware.
BUMO hopes that its innovation via an interconnection of pre-existing frameworks will assist in greatly promoting the development and adoption of blockchain technology, allowing digital assets to flow freely at a scale yet to be realized in the blockchain industry. To hammer this point home, Steven Lee emphasized “Let’s stop talking vision, and show me the code.”
About BUMO Blockchain
BUMO Blockchain has been widely used in digital assets, trade finance, equity & bonds, supply chain traceability, commercial credit, joint credit information, public notarization, electronic invoices, data security, etc. It is currently working with mainstream financial institutions including exchanges, banks, etc., to run trial tests on its applications. With decentralization as core, BUMO is committed to creating a new generation of value-based networks that allow digital assets to flow freely.
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