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Changpeng Zhao Likens Binance Chain To Ethereum, BNB To ETH

Binance Chief Speaks On DEX — BNB Like Ethereum (ETH) 

As reported by Ethereum World News last week, Changpeng Zhao, CEO of the world-renowned crypto startup that is Binance, recently sneak peaked its most promising venture yet, the so-called “Binance Chain” and the decentralized exchange (DEX) that will be based upon it.

Through the medium of a short video, an unnamed member of the project’s vast team outlined the latest edition of the DEX demo, which sports a graphical user interface (GUI) that is reminiscent of the startup’s world-renowned centralized exchange. The seven-minute video outlined a number of the venture’s pertinent features, including the issuance of trade orders, which were surprisingly quick, account and wallet creation for the newfangled blockchain, and the in-house block explorer.

While the ambitious project was well-received by the community at large, with Binance Coin (BNB), the startup’s in-house crypto asset, posting a hefty single-digit gain following the DEX sneak peek on Tuesday/Wednesday, little is still known about the venture’s exact intricacies and caveats. Former Bloomberg employee Zhao, who also goes by “CZ,” recently took to CoinTelegraph to lend his insight on the matter.

The long-time crypto advocate, who made an entree into this innovative ecosystem years ago, told the media outlet:

The Binance DEX is a decentralized exchange that allows you to trade you to another token on our chain… The chain also allows you to send and recieve BNB, which is the native coin, plus other tokens. So the blockchain can allow you to send and recieve [tokens/coins] directly, only if I want to send them to you.

CZ, doing his best to explain Binance’s latest initiative in-depth, added that the blockchain his upstart developed is very similar to how Ethereum, ETH, and ERC-20 tokens operate and are transacted/traded.

Touching on what sets Binance’s DEX and blockchain apart from competing networks, namely Ethereum, Stellar, EOS, or Tron, the industry savant first noted that ideally, cryptocurrency transactions would be “instantaneous.” Yet, as seen by the block times posted by the Bitcoin network, for example, transactions almost always take upwards of 10 minutes to settle.

While Zhao acknowledged this, stating that “initially [blockchains] did that,” the CEO noted that as Bitcoin and Ethereum have drastically grown in popularity, not only can transaction fees spike, but so can the speed of transfers. CZ noted that with Binance Chain, faster and cheap transactions should be possible yet again, which he sees as the “original inspiration for crypto” and related technologies.

Further touching on this point, the former OkCoin (OkEX) executive, explained that current DEXs, while much more distributed than centralized exchanges, are “either slow or have relatively difficult UIs,” with there being close-to-zero platforms to provide a happy medium for consumers. As such, Zhao is seemingly stating that the creation of the Binance DEX was predicated on the need for a “high capacity chain” and an easy-to-use decentralized platform. CZ explained:

So, we believe that as we improve the latency and the user experience on the DEX, we’re hoping to see liquidity increase on the DEX, hopefully making a [good] contribution to the market.

Putting a spotlight on BNB, which has followed the performance of Bitcoin (BTC) in recent weeks, Zhao noted that his firm is currently “working with many partners on the business side” to implement BNB into their services. One of Binance’s recent notable partnership is with TravelByBit, which allows cryptocurrency users to travel the world through the use of cryptocurrencies. In the end, as alluded to by the member of Binance’s top brass, these partnerships come down to Binance’s goal to create a cryptocurrency ecosystem that is cost- and time-efficient and widely used.

Binance Forges Ahead In Crypto Bear Market

Binance Chain and its decentralized platform aren’t the only ventures that the preeminent crypto startup is embarking on.

Binance Labs, the venture and incubator arm of its namesake, recently made a $3 million investment into Koi Trading. San Francisco-based Koi Trading, for those who aren’t aware, is an emerging platform that acts as an OTC desk, specializing in the facilitation of non-retail investor-issued crypto exchange orders.

Title Image Courtesy of sydney Rae on Unsplash

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Cardano [ADA] To Survive and Showcase ‘Interest’ in the long Run

Experiencing the current general market uncertainty, many crypto-enthusiasts and traders ask themselves more often which coin will turn as true value in the years to come.

Taking a look at the yearly chart and seeing the not-stopping price decline of the  virtual assets you can easily conclude that 2017 was the year of gold-rush while now technological potential is truly being the base of value comparison. Additionally, if one certain blockchain platform network does find its widespread adoption it does not mean that the native token will be part of the utilization too.

With the much anticipated atomic swap being underway various token’s have their value at risk as there is no necessity of holding on a coin for a longer time. One digital currency that will not be impacted by the last mentioned factor is Cardano and its price/value staking. Opening doors for a way to receive passive income via holding the token on a longer term, will give individuals a reason to go for the leading coin. Likewise bank interest that many use to stack value but with a dose of hype.

Additionally, the same speculative-train from 2017 could pass by again hoisting the prices exponentially, following the event of the cryptocurrencies finding complete usefulness.

Read Also:

Cardano (ADA), Stellar (XLM) See Green as Investors Respond to Coinbase

2 Reasons Cardano (ADA) Could Be Listed on Coinbase Before Stellar (XLM)

The Cardano Foundation recently wiped the dust off its one-month dormant Twitter account to issue a notable announcement, divulging that Cardano’s hierarchy had undergone a sudden shift. As Charles Hoskinson, one of the masterminds behind the Ethereum and Cardano projects alike, put it, “The Babylonian Captivity of Cardano Has Ended.”

Per a public statement issued by the Foundation, Michael Parsons, the former chairman, has stepped down from his role willingly, with this change taking effect immediately.

Weiss – Ratings: According to the recent study, XRP, XLM, ADA, and EOS were rated higher than “B,” meaning that the prestigious risk assessment firm recommends their purchase.

“These are among the few that are beginning to put it all together — the advanced tech and adoption in the real world. They’re not all the way there yet. But they’re making good progress.”

The post Cardano [ADA] To Survive and Showcase ‘Interest’ in the long Run appeared first on Ethereum World News.

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CEO: Dash (DASH) To Survive Crypto Winter, “Not At Risk of Shutdown”

Dash (DASH) “Not At Risk Of Shutdown” In Crypto Collapse

In 2018’s crypto bear market, Dash Core Group (DCG), the consortium behind the DASH altcoin, has seemingly gone silent on a public stage, with there being little-to-zero propagation of news regarding the once much-hyped project. And as such, some skeptics have deemed the project “dead.” Yet, in a recent Medium post, Ryan Taylor, CEO of DCG, exclaimed that his startup is “sustainable” and will survive the crash in Bitcoin (BTC) prices.

In the post, which can only be deemed a ‘wall of text’, Taylor first gave some context to crypto’s recent collapse, calling out the Bitcoin Cash debacle (he called it “FUD”) as a key catalyst. The DCG chief then noted that there a number of startups likely “shutting down quietly, running on fumes, or burning through distressed ICO funds,” before adding that his firm doesn’t fall into this unfortunate category.

Taylor exclaimed that DCG “is not at risk of shutting down anytime soon,” nor has fears of laying off a substantial amount of staff, due to a “significant [capital/fiat] buffer” it has built up for itself to account for crypto’s enamorment with parabolic swings and killer drawdowns. Through the following paragraphs, which were countless, the DASH proponent accentuated the logistics of DCG’s buffer, along with its operations so far and ambitions for the future. And while the topics covered varied wildly, an underlying theme of perseverance and survival was evidently referenced throughout Taylor’s post.

Even in tweets prior to the aforementioned blog, Taylor outlined why Dash’s ecosystem continues to boom. The industry savant drew attention to a number of developments, including booming DASH wallet download statistics, strong trading volume, and a recent successful network stress test. Keeping this all in mind, the prominent cryptocurrency advocate, concluding his comments on the matter, wrote:

In short, the network keeps growing despite the price declines and the reduced speculation. Proud to see the strategy working on the metrics that determine long-term success. Heads down… we are getting there!

At the time of writing, DASH is up to $77.15 U.S. dollars a piece, with the asset posting a jaw-dropping 11.5% in the past 24 hours.

Not All Crypto Startups Have Survived The Massacre

While DCG seems slated to survive, or even thrive in the ~85% market decline, not all startups and prominent upstarts in this ecosystem have been all too lucky.

As reported by Ethereum World News previously, ETCDEV, an essential player in the Ethereum Classic ecosystem, announced its closure on December 3rd, 2018. Through a tweet, Igor Artamonov, the founder and chief technology officer of the prominent development consortium, wrote:

Although the ETCDEV executive cited a lack of sustainable financing, this message comes just days after Artamonov released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team. Regardless, the fact of the matter is that Ethereum Classic (ETC) remains heavily wounded after this occurrence, as the project lost its primary development team.

The sad collapse of ETCDEV comes just days after Steemit, the company behind the (somewhat) decentralized social media platform that shares its name, revealed it was undergoing a business reorganization, purging 70% of its employees.

Per previous reports from Ethereum World News, Ned Scott, CEO of Steemit, said on the matter:

“While we were building up our team over the last months, we had been relying on projections of basically a higher bottom for the market… Since that’s no longer there we’ve been forced to lay off more than 70% of our organization.”

He explained that as Steemit’s top brass met, amid worsening market conditions, it became logical that a staff restructuring at the private startup was necessary. Interestingly, Scott failed to divulge an exact headcount pre- and post-purge, making it difficult to discern how many were affected.

SpankChain, an adult entertainment platform centered around blockchain, recently saw its CEO take to Reddit to announce that it, as well as Steemit, had downsized drastically. The project head noted that the SpankChain project now hires a mere eight individuals, and has reduced its burn rate from $200,000 to $80,000 per month.

Title Image Courtesy of Ryan Graybill on Unsplash

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It Is No Longer a Matter of ‘If’, But ‘When’ Coinbase Will List XRP

On the 7th of December, the popular American cryptocurrency exchange of Coinbase made an announcement that excited a lot of crypto enthusiasts as well as angering a few. The announcement was that the exchange was considering support for 31 additional digital assets on its platform. A few crypto enthusiasts wondered why the exchange would provide a new list when the previous list – that still had Stellar (XLM) and Cardano (ADA) – was not complete.

Others pointed out that the exchange went ahead and listed 4 ‘relatively unknown’ ERC20 tokens rather than solid tokens linked to solid projects. These 4 tokens were Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA).

One such complaint can be seen in the following tweet.

A Silver Lining for XRP

The new list did however include XRP thus providing a silver lining for fans of the digital asset who have been waiting for a listing since early January this year. Back then, XRP went on to reach levels of $3.84 as traders were sure it was next to be listed on the exchange. Bitcoin Cash had been listed a few weeks earlier in December 2017.

But the listing fell through and XRP tailspinned to current levels of around $0.30. The decline in value was  however accelerated by the current bear market that was catalyzed by regulatory fears across the globe, exchanges being hacked, hash wars and traders throwing in the towel due to investor fatigue.

XRP Continually Resilient

However, amidst the turmoil, XRP has managed to become one of the most resilient digital assets in the current bear market. XRP has slowly but surely climbed the ranks according to market capitalization even edging out Ethereum (ETH) in the process. XRP is now ranked second according to market capitalization.

Discrepancies Between Coinmarketcap.com and Yahoo Finance

XRP traders have noted that when using the popular cryptocurrency tracking website of Coinmarketcap.com, $50 Billion in market capitalizations stands between XRP and Bitcoin: The King of Crypto.

Checking the cryptocurrency screener on Yahoo Finance, we find that the difference in market capitalization between the top two is  now reduced to $30 Billion. A screenshot from Yahoo has been provided below for a better visualization.

The difference between the two tracking websites is that Coinmarketcap does not include the entire supply of XRP when doing its calculations for market capitalization. It uses 40.92 Billion XRP to reach the market cap figure of $12.86 Billion. Yahoo on the other hand, uses the entire 99.99 Billion XRP to calculate its market cap figure of $31.367 Billion.

Market Reaction When Coinbase Lists XRP

This then leaves us with the question as to what will be the market reaction when Coinbase lists XRP. The exchange has already provided the information that it is exploring listing the digital asset. Therefore, it is safe to assume if XRP is listed in the coming days, it could close the gap it has with Bitcoin or even succeed in dethroning the King of Crypto.

Using Coinmarketcap figures, XRP needs only be valued at $1.525 to dethrone BTC. On the other hand, when using Yahoo’s figures, XRP needs to be valued at $0.624 to achieve a similar feat.

Do you think Coinbase will list XRP soon? What will be the market reaction of such an event? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post It Is No Longer a Matter of ‘If’, But ‘When’ Coinbase Will List XRP appeared first on Ethereum World News.

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BSV User Films Himself Supposedly Double Spending his Crypto on a 0-conf Transaction

Bitcoin Cash SV (BSV), the altcoin born after the fork of Bitcoin Cash, seems not to be as secure as Craig Wright says as some hours ago a user reportedly was able to double spend his coins in a “0-conf transaction”.

The double spend is an attack in which a user manages to spend their cryptocurrencies repeatedly taking advantage of vulnerabilities inherent to the nature of consensus algorithms. Generally, the most feasible causes that can facilitate a double spend are a 51% attack or a race attack.

So far there are no records of an attack of this nature to the Bitcoin ( BTC ) network, something that is even more difficult when it is practically a habit that merchants wait for several confirmations or rely on payment processors.

However, given the nature of 0-conf transactions, an attack of this type, although difficult, is also possible and a user with the alias of “reizu”  uploaded a video on Vimeo filming an effective double spend of his BSV tokens:

Reizu Explains What He Did (And How Double Spent His BSV)

The user also wrote about this vulnerability on a blog posted on Honest.cash explaining how he carried out the attack (for educational purposes).

According to his explanation, the root cause of BSV being so vulnerable is because of its centralization. Taking advantage of this situation, he sent multiple expenses through the different nodes which allowed him to prove that the danger is genuine:

Then I had an idea. What if I send each node an unique transaction? Instead of a double-spending, it would be a kind of four-hundred-and-fifty-spending, one for each node of the BSV network … By keeping a record of which node each transaction was sent to (txid), then I could see which transaction is the one that was mined in the next block. That way it would help me for identify the mining nodes.

Indeed, after a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes. I also confirmed what we already knew, that Bitcoin SV mining is very centralized. Specifically:

  • 34% of the hashrate is only 1 node.
  • 59% of the hashrate are 2 nodes.
  • 68% of the hashrate are 3 nodes.
  • 75% of the hashrate are 4 nodes.

Therefore, if there are 450 nodes in the BSV network; transaction T1 could be sent to 446 nodes, transaction T2 sent to 4 nodes, and the odds of transaction T2 being mined would be 75%.

Reizu pointed out that from his point of view, to avoid the possibility of this attack, “nodes must communicate with each other when they receive a double-spending transaction (sending a proof), ignoring it silently does not make sense”. He explained that other solutions are simply less convenient.

After this news broke, some Twitter users wrote to Craig Wright asking for an explanation. Weight simply denied the rumors without providing further logical or technical back to his words

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Bitcoin Cash (BCH) Temporarily Overtakes BSV After Gemini Listing

Gemini Adds Bitcoin Cash Support

Starting today, users of the U.S.-regulated, Winklevoss Twins-headed Gemini platform will be able to deposit Bitcoin Cash (BCH), the chain backed by the ABC client. This development comes via an official statement from the New York-based company, issued through Medium on Thursday morning.

Per the announcement, trading for BCH will commence on Monday, December 10th, while custodial services for the popular altcoin have already started. BCH is now the fifth crypto asset listed on Gemini, now an exchange even more exclusive than Coinbase when it comes to listings. BCH joins Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and ZCash (ZEC), the latter of which was recently added to Coinbase in a surprising turn of events.

BCH trading on Gemini was first announced in May, after the startup received approval from the New York Department of Financial Services (NYDFS), but the Winklevoss Twins were mandated to delay the asset’s launch due to the fork.

Closing off its announcement on the matter, Gemini maintained that the addition of BCH is in-line with the startup’s underlying mission. It was explained by Eric Winer, the platform’s Vice President of Engineering:

“We are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian. We are proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

Abra Reactivates BCH Trading

Just days prior to Gemini’s surprising announcement, American crypto platform Abra, often touted as a Coinbase and Circle competitor, also made a BCH-related announcement, but in a different context.

Through an official company blog post, the Mountain View-based startup first noted that prior to the November 14th hard fork, it suspended its in-house BCH-centric services. But starting last Monday, deposit, withdrawal, and trading support for the controversial asset resumed. The fintech company then issued a comment on why it chose to back ABC, the client of choice of Roger Ver, Bitcoin.com, and Bitmain, as such a decision was likely deemed disputable.

Abra, headed by crypto advocate Bill Barhydt, noted that it is “becoming clear” that ABC is the dominant chain, presumably due to the block lead and higher PoW statistics the fork had at press time. Yet, the popular crypto-centric platform added that it may “consider supporting” BSV, ABC’s primary competitor chain, in the future, dependent on how two chains play off each other moving into the future.

BCH Overtakes BSV After Multi-Week Brawl

For those who aren’t in the loop, amid this week’s market tumult, BSV, backed by the notorious Craig “Faketoshi” Wright and Calvin Ayre, saw a monumental rally this week, moving up the crypto standings faster than many could utter “HODL.”

In a matter of days, if not hours, BSV began to approach the market capitalization of BCH, with many crypto-centric commentators taking to Twitter to express their disbelief, as many thought the civil war between the two factions ended.

As BTC tanked, falling under $3,500, BCH followed close behind the world’s first cryptocurrency. Although many expected for BSV to follow suit, it didn’t, with the forked asset immediately surging, passing the market capitalization of BCH.

However, with Gemini’s stamp of approval, BCH has started to outperform BSV for the first time in days, recently surpassing its competitor in terms of market capitalization.

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United American Corp. (UnitedCorp), a digital technologies company focused on developing products related to blockchain technologies, and cryptocurrency mining (among other practices) has decided to take legal action against the most critical players on the BCHABC camp of the infamous “BCH hash war“, accusing them of manipulating not only the market but also the core functioning of the entire blockchain.

The lawsuit was filed before the UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA and in the first place goes directly against Bitmain, Inc., Saint Bitts LLC d/b/a Bitcoin.com (“Bitcoin.com”), Roger Ver, Bitmain Technologies Ltd, Bitmain Technologies Holding Company (together with Bitmain, Inc. and Bitmain Technologies Ltd., “Bitmain”), Jihan Wu, Payward Ventures, Inc. d/b/a Kraken (“Kraken”), Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox.

BCH ABC: Were Developers Hijacking the Blockchain?

The essence of the lawsuit is that the defendants participated in a premeditated scheme in which, in a dishonest way and contrary to the interests of the users, they illegally exercised their power as administrators of various pools to illegally use hash power in an unnatural manner to ensure that they have the longest chain with the most significant proof of work. After consolidating this domination, they arbitrarily implemented a series of checkpoints to prevent a return to previous blocks.

“By essentially bringing in mercenaries from another network (the BTC network) to temporarily mine the Bitcoin Cash network during the software upgrade and then leave, Bitmain and Bitcoin.com effectively hijacked the blockchain. Their actions diluted the “vote” being exercised by the existing nodes during the upgrade, violated the ground rules of the network that other users had relied on and respected for years, and artificially pumped up the chain implementation with computer hashes to dominate the temporary software upgrade
But the scheme did not end there. The next day on November 16, 2018, BitcoinABC through defendants Amaury Sechet, Shammah Chancellor, and Jason Cox, implemented a “poison pill” in the chain referred to as a checkpoint.”.
The implemented checkpoint is problematic because it also “centralized” what should be a decentralized market due to the way the checkpoint was added and its location close to the tip of the blockchain
The decision by Bitcoin ABC to “lock down” the blockchain after an arbitrary number of blocks close to the tip of the blockchain – through a mechanism referred to as“checkpoints” and “Deep Reorg Prevention” – will allow anyone with 51% hashing power to quickly cement control of the blockchain ledger. They would also cement control over future changes to Bitcoin cash functionality as well as changes to the consensus rules. Combining this checkpoint power with the hashing power of Bitcoin ABC backers amounts to centralization. Anyone who combines hashing power and checkpoints in this fashion will be able to override any consensus reached by the rest of the network, forcing others to conform or create an unwanted hard fork.”

Not Just a “Developer Thing”

Similarly, UnitedCorp states that the rest of those involved were aware of the damage their actions could cause since the “conspiracy” had been planned for a long time. Not only did it involve people in the world of mining, but it also used programmers, communicators and even exchanges like Kraken which already manifested its pro-BCHABC stance before there was any result:

Indeed, as early as the next day after the update, individuals in the cryptocurrency industry such as Andreas Brekken (self-proclaimed “advisor to some of the most successful blockchain projects in the world” and software engineer at Kraken), held online forums acknowledging that Bitcoin ABC developers and crypto exchanges such as Kraken agreed to implement centralized checkpoints.
See https://www.youtube.com/watch?v=UjAHJY0QZhs; see also
https://brekken.com/about. Brekken goes on to admit in the video “this has been planned for a long time” and “we knew within 30 minutes we had it.” “

BCH Hash War: A Lose-Lose Situation

The results of the BCH War were catastrophic, as recognized by virtually the entire community of crypto users. The market crash affected the normal functioning of UnitedCorp’s economic activities, for which they hope to obtain compensation if the Court determines that these losses occurred as a result of the dishonest actions taken by the defendants:

“As a result of the aforementioned market manipulation, the value of the cryptocurrency that Plaintiff mines in its BlockchainDomes has fallen significantly. The combined value of the forked currency is lower than the pre-fork currency, and the resulting confusion has been severely detrimental to the market overall. Some trading platforms have chosen to list only one of the two resulting currencies, thus reducing liquidity and the value of the currencies.”

UnitedCorp bases its claim on the fact that the aforementioned individuals came together to plan and execute actions that resulted in a violation of Section 1 of the Sherman Act and section 4 of the Clayton Act. For this reason, it expects not only that the implementation of checkpoints and similar changes will be prohibited, but also that the blockchain will be restored to “its previously decentralized form with the previous consensus rule.”

BCH ABC vs BCH SV comparison.<br /> Graphs: Coinlib

So far, there has been no pronouncement by those accused. The full text of the lawsuit is available here

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UnitedCorps Launches Suit Against BCH ABC Supporters. “Bitmain and Bitcoin.com Hijacked the Blockchain”

United American Corp. (UnitedCorp), a digital technologies company focused on developing products related to blockchain technologies, and cryptocurrency mining (among other practices) has decided to take legal action against the most critical players on the BCHABC camp of the infamous “BCH hash war“, accusing them of manipulating not only the market but also the core functioning of the entire blockchain.

The lawsuit was filed before the UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA and in the first place goes directly against Bitmain, Inc., Saint Bitts LLC d/b/a Bitcoin.com (“Bitcoin.com”), Roger Ver, Bitmain Technologies Ltd, Bitmain Technologies Holding Company (together with Bitmain, Inc. and Bitmain Technologies Ltd., “Bitmain”), Jihan Wu, Payward Ventures, Inc. d/b/a Kraken (“Kraken”), Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox.

BCH ABC: Were Developers Hijacking the Blockchain?

The essence of the lawsuit is that the defendants participated in a premeditated scheme in which, in a dishonest way and contrary to the interests of the users, they illegally exercised their power as administrators of various pools to illegally use hash power in an unnatural manner to ensure that they have the longest chain with the most significant proof of work. After consolidating this domination, they arbitrarily implemented a series of checkpoints to prevent a return to previous blocks.

“By essentially bringing in mercenaries from another network (the BTC network) to temporarily mine the Bitcoin Cash network during the software upgrade and then leave, Bitmain and Bitcoin.com effectively hijacked the blockchain. Their actions diluted the “vote” being exercised by the existing nodes during the upgrade, violated the ground rules of the network that other users had relied on and respected for years, and artificially pumped up the chain implementation with computer hashes to dominate the temporary software upgrade
But the scheme did not end there. The next day on November 16, 2018, BitcoinABC through defendants Amaury Sechet, Shammah Chancellor, and Jason Cox, implemented a “poison pill” in the chain referred to as a checkpoint.”.
The implemented checkpoint is problematic because it also “centralized” what should be a decentralized market due to the way the checkpoint was added and its location close to the tip of the blockchain
The decision by Bitcoin ABC to “lock down” the blockchain after an arbitrary number of blocks close to the tip of the blockchain – through a mechanism referred to as“checkpoints” and “Deep Reorg Prevention” – will allow anyone with 51% hashing power to quickly cement control of the blockchain ledger. They would also cement control over future changes to Bitcoin cash functionality as well as changes to the consensus rules. Combining this checkpoint power with the hashing power of Bitcoin ABC backers amounts to centralization. Anyone who combines hashing power and checkpoints in this fashion will be able to override any consensus reached by the rest of the network, forcing others to conform or create an unwanted hard fork.”

Not Just a “Developer Thing”

Similarly, UnitedCorp states that the rest of those involved were aware of the damage their actions could cause since the “conspiracy” had been planned for a long time. Not only did it involve people in the world of mining, but it also used programmers, communicators and even exchanges like Kraken which already manifested its pro-BCHABC stance before there was any result:

Indeed, as early as the next day after the update, individuals in the cryptocurrency industry such as Andreas Brekken (self-proclaimed “advisor to some of the most successful blockchain projects in the world” and software engineer at Kraken), held online forums acknowledging that Bitcoin ABC developers and crypto exchanges such as Kraken agreed to implement centralized checkpoints.
See https://www.youtube.com/watch?v=UjAHJY0QZhs; see also
https://brekken.com/about. Brekken goes on to admit in the video “this has been planned for a long time” and “we knew within 30 minutes we had it.” “

BCH Hash War: A Lose-Lose Situation

The results of the BCH War were catastrophic, as recognized by virtually the entire community of crypto users. The market crash affected the normal functioning of UnitedCorp’s economic activities, for which they hope to obtain compensation if the Court determines that these losses occurred as a result of the dishonest actions taken by the defendants:

“As a result of the aforementioned market manipulation, the value of the cryptocurrency that Plaintiff mines in its BlockchainDomes has fallen significantly. The combined value of the forked currency is lower than the pre-fork currency, and the resulting confusion has been severely detrimental to the market overall. Some trading platforms have chosen to list only one of the two resulting currencies, thus reducing liquidity and the value of the currencies.”

UnitedCorp bases its claim on the fact that the aforementioned individuals came together to plan and execute actions that resulted in a violation of Section 1 of the Sherman Act and section 4 of the Clayton Act. For this reason, it expects not only that the implementation of checkpoints and similar changes will be prohibited, but also that the blockchain will be restored to “its previously decentralized form with the previous consensus rule.”

BCH ABC vs BCH SV comparison.<br /> Graphs: Coinlib

So far, there has been no pronouncement by those accused. The full text of the lawsuit is available here

The post UnitedCorps Launches Suit Against BCH ABC Supporters. “Bitmain and Bitcoin.com Hijacked the Blockchain” appeared first on Ethereum World News.

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Decentraland (MANA) and Enjin (ENJ) are blazing a trail for crypto-infused gaming and Coinbase just took notice

The gaming industry is a multi-billion-dollar global opportunity for crypto, and we aren’t just talking about CryptoKitties and betting dapps.

At the cutting edge of the mash-up of crypto and gaming are crypto projects Decentraland and Enjin.

As this story was being written the news broke that both projects’ tokens had been included in Coinbase’s latest clutch of assets it is exploring for possible listing.

That’s a major vote of confidence (or a crazy decision on Coinbase’s part, as some of my colleagues here at EWN have suggested) regarding both the strength of their technology offerings and adoption trajectory. [update – MANA has been listed on Coinbase Pro]

However, the two projects are very different beasts, as we shall see.

For the new breed of crypto investors that places a premium on fundamentals rather than obsessing over speculative price potential, they deserve attention.

Decentraland is one of the sector’s strongest projects

Decentraland, founded by Argentinian Esteban Ordano, is a decentralised virtual world in which you can buy parcels of LAND sized 10m x 10m. The currency of the world is MANA. It is launching its second LAND auction next week (10 December) and there are only 9,350 parcels up for grabs. Total parcels in the world are capped at 90,000.

The first LAND auction saw 34,356 parcels sold for a total of 161 million MANA but 9,331 were not sold. It was in the first auction that the layout of Genesis City was established. The SDK is in alpha release with the full launch happening early next year.

Over 161 million MANA was spent on LAND during the first auction, amounting to roughly $30 million at the time (it finished in January 2018). However, after the conclusion of the auction there were still 9,331 LAND parcels left unowned, so now there’s a second chance to join the LAND rush.

Binance partnership

The project has just done a deal with Binance in which 1,875,000 MANA and one Binance-branded parcel of LAND is available to the lucky winners of the competition the partners are running.

Binance Coin (BNB) is one of a growing list of currencies that can be used to purchase LAND in the auction.

The latest cryptoasset to join that list is dapp platform Zilliqa’s ZIL token. Dai and MKR are also among the coins accepted in the auction.

LAND owners are free to build whatever they want on their land, although the game developers are coding filters so that users can choose not to see what they might consider undesirable content.

EWN reached out to Ari Meilich, project lead of the blockchain-powered virtual world, which, unlike Second Life from the earlier days of the internet, cannot be closed down by a centralised owner.

“Binance has about 10 million users, and very popular social accounts – so naturally a lot of new people started following and engaging with our project,” says Meilich.

“We are currently announcing other major crypto projects to the auction, and the interest continues ramping up.”

The web client for non-LAND owners to explore the world launches in the first quarter of 2019.

The project raised $25 million in its initial coin offering last year and has attracted investment from Boost VC and UK-based Fabric Ventures.

BUIDL and they will come

3D-world coders and artists are excited by the opportunities the platform offers.

One of those is Sam Clare who was featured in a BBC Stories video report that is well worth viewing, as is a fly-through of Clare’s work referenced below.

“To be honest I haven’t done anything in regards to my Decentraland parcel. I have read up on and gotten myself comfortable with babylon.js [the project’s SDK was originally using Three.js] and will build something when DCL launches,” he told EWN.

At the moment, then, Clare is honing his skills in readiness for the launch and it’s another crypto-infused world that has his attention.

“I have mainly been developing on my Cryptovoxels [another virtual world on the Ethereum blockchain] parcels as that is live and development for that has been rocketing recently.  I have a fair few parcels.

“You can visit my crypto punk shop at www.cryptopunk.shop and one of my galleries at www.samsplace.space. I also built the BLUP parcel, 8bit Nintendo hommage and the Ministry of Smiley Faces.”

Clare says he will be holding on to his Decentraland LAND for some time to come or at least until it hits a valuation of 10 million MANA. He bought his parcels for $900.

Enjin is on fire

Enjin is an altogether different proposition. It is positioning itself as a one-stop shop for game publishers who want to implement blockchain tech and for gaming communities looking to add value to their ecosystems by leveraging the Enjin Network.

The Enjin Network has an impressive 20 million users with 250,000 gaming communities onboard.

The project has just inked a deal with Titan Flight Studios in which it will be integrating Enjin’s ERC-1155 Ethereum-compliant token into its ReBounce game.

EWN asked Simon Kertonegoro, vice president of marketing at Enjin, when gamers would be able to get their hands on the product.

“There’s no specific launch target but they’ve advised us that they could complete the integration within a month, that would include the launch of an item sale and the marketing that goes with it.”

Titan will use Enjin’s tech to help it roll out what it calls “high-velocity esports games” for other companies.

Non-fungible tokens – from ERC-721 to ERC-1155

At the heart of both Decentraland and Enjin is the Ethereum-compliant non-fungible token (NFT) standard ERC-721 that came to prominence with CryptoKitties.

The popular ERC-20 token standard is fungible, meaning each unit is the same as another and are therefore interchangeable.

Non-fungible tokens are important for gaming because each token is different and as such can be used to identify individual difference. In other words, NFTs are essential for representing unique items, be it CryptoKitties collectibles or other digital items in game worlds.

Gamers will immediately appreciate the importance of NFTs, but let’s spell it out for those of you who think Discord is something to do with chaos and not a core part of the growing gaming communities, along with Twitch.

In-game purchases and trading is booming

In-game purchases are mushrooming as gamers splash out on items used in gameplay –swords, helmets, blasters, outfits… you name it.

And it doesn’t end there. There’s also a secondary market in the virtual items, with gamers increasingly looking to trade their items with fellow fans of their favoured game in a niche, if that’s the right word, thought to be worth as much as $50 billion, according to WAX.io. The most expensive virtual item was a virtual planet that sold for $6 million.

Skins are one of the most sort-after of virtual items as they change the appearance of characters in entirely unique ways.

Add to that the fast-growing eSports space where gamers come together to watch the best-of-breed compete and the opportunity is even more enticing for the crypto disrupters.

Keeping track of who owns what, the provenance of a particular item, tracking its value and providing a venue for trading and more, all requires not just a currency but a ledger that records all of the above in real-time.

In a nutshell, trading in-game digital assets is difficult and complicated.

You guessed it, that’s where crypto comes in.

Statista estimates that by 2020 consumers will be spending $32 billion on in-game purchases.

Add mobile, PC and console gaming revenues together for 2017 and it comes to a massive $108.4 billion, according to SuperData, and that’s not including virtual reality, augmented reality and eSports.

ERC-721 – the best of both worlds with fungible and non-fungible

Think about tracking all the individual weapons in World of Warcraft (100,000 of them), for example. Some of them are much like all the others but others will have unique attributes such as strength and health built up over many hours of gameplay etc or a character that has honed. Its skills to by passing through ascending levels of difficulty.

From a performance aspect storing all that information on blockchain may not be efficient, especially when it comes to real-time transactions between multiple players.

For Decentraland that’s not so much of a problem, at least for the auction.

“Unlike our first auction, there’s no bidding in this one, so at most there will be a total of about 9,350 transactions, which at Ethereum’s current throughput (half a million per day, roughly) is more than manageable over the course of a few days,” Meilich explains.

Building on the parcels should not pose a performance problem either.

It’s a different matter with massively multiplayer gaming.

For Enjin ERC-721 was not good enough so they developed their own token standard – ERC-1155 – that encompasses both fungible and non-fungible digital assets. It was developed by co-founder and chief technical officer Witek Radomski, as reported by EWN in July.

The standard is taking off says Kertonegoro because of its performance gains:

“We have 12 upcoming games that have publicly announced their adoption of our tools after signing up for our early adopter program (EAP).

“These games are in development and blockchain is being integrated using our tools, as we speak. We also have many more games that have signed up for our EAP and are getting ready to announce.”

Kertonegoro explains that aside from setting up websites, launching a multifaceted wallet and Enjin Beam is QR code airdrop system, the heart of the network is its tools for managing the properties in digital worlds.

“ENJ’s core purpose is to be used to create digital assets. It functions as a resource/material that is placed inside ERC-1155 tokens, granting access to our tools.

“Most ERC-1155 tokens that currently exist are made using our ecosystem and therefore contain Enjin Coin.”

The metrics are impressive: “There are 4,722,968 ENJ currently locked inside items and we haven’t even released our development tools to the public yet,” says Kertonegoro.

“Once we release the Unity SDK and our co-marketing campaign alongside Unity goes out to their 4.5 million game developers, we expect to gain a lot more traction,” he adds.

It’s a currency too and coming to gift cards soon

The Enjin coin has increased in popularity as its utility value grows.

“ENJ can also be used as a currency. It is definitely the most used currency when it comes to purchasing ERC-1155 tokens peer-to-peer. If you take a look at any of the following Telegram channels you will see thousands of trades happening with ENJ as the currency of choice. https://t.me/erc1155_collectibles – https://t.me/catsinmechs – https://t.me/warofcrypto – https://t.me/NineLivesArena– https://t.me/cryptofightsgroup etc.”

The lesson here is that adoption creates liquidity and that’s how projects will survive and thrive – not by overpromising and then failing to deliver a product.

Enticingly, Kertonegoro says ENJ will soon be “a currency of choice on a Gift Card site where users will be able to use BTC, ETH, ENJ, and LTC to purchase gift cards for 200+ companies such as Amazon, Nike, Uber, iTunes, Google Play etc.”

“We are also working out a deal to integrate our coin into a crypto payment gateway that will enable any online business to accept ENJ with ease.”

Although we should perhaps all stop fixating on token prices, it is worth noting that most altcoins are down 80-90% or more, that’s not the case with either MANA or ENJ.

MANA, currently priced at $0.052081, is down 53% against the dollar but 123% higher against BTC and 139% higher against ETH, on a one-year view.

The relative stability seen in the MANA price chart is notable.

In fact Decentraland is one of only 10 crypto projects that is down less then 85% this year.

ENJ is priced at $0.023361 at the time of writing and is 58% lower against the US dollar but 105% up on BTC and 118% up against ETH.

No wonder Coinbase is considering listing both of these coins (MANA has just been listed on Coinbase Pro). Game on.

ENJUSD and MANAUSD 1-day charts, Binance (source: TradingView) Green line = 50 simple moving average (SMA), Blue 100SMA, Red 200 SMA

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Venezuela to Use Petro Cryptocurrency in International Oil Trade

The government of Venezuela recently announced the intended sale of its oil using the Petro cryptocurrency to circumvent U.S economic sanctions come 2019.

Circumventing U.S. Sanctions

According to Venezuela-based satellite tv, TeleSUR, Venezuelan President, Nicolas Maduro announced that country would create a basket of cryptocurrency for oil-backed state cryptocurrency, Petro. The sale of oil using Petro would commence in 2019. The President said that this move was to expand the economy and reduce the reliance on the U.S. dollar.

Before the announcement, Maduro met with the Russian President, Vladimir Putin to discuss the commercialization of hydrocarbon resources. Both presidents also discussed ways to combat the fall in oil prices that has crippled the Venezuelan economy in recent years.

President Maduro further stated that Russian was already trading in oil along with other products in yuan, and said that Venezuela was going to tow the same line by selling oil products in Petro.

Maduro’s latest idea is a way diversify transactions in the international market by using the Petro coupled with a financial plan to circumvent U.S. sanctions. The President further said that it was essential to have an expansive and balance monetary system that sees the dollar as a currency of exchange but not a political system.

Petro is strengthened as a solid financial exchange instrument to consolidate our economic independence.

The number one Venezuelan government official also called the Petro an “economic revolution” in a tweet posted recently. The president also voiced his support for the Organization of Petroleum Exporting Countries (OPEC) and said that the December 2016 Vienna agreement must be cut and extended. The country would preside at the 175th OPEC meeting.

The Economic Revolution came with our cryptocurrency Petro, to break the economic siege imposed by imperialism. Nobody will stop us!

Legitimizing the Petro

Venezuela’s foray into the cryptocurrency space has seen lots of criticism and negativity. With the country’s plummeting economic crisis, many residents sought digital currency as a means of survival. However, with the criticisms surrounding its oil-backed state virtual currency, Petro, the government is determined to give the cryptocurrency an international status.

Recently, the South American country announced its intention to use the Petro as a means of payment acceptable by members of OPEC. The government would present the proposal to the body in 2019.

Also, the country’s Supreme Court of Justice recognized the oil-backed cryptocurrency as a legal means of payment. Before the ruling, Venezuela officially launched the “Petro coin” and stated that citizens could purchase the coins with fiat currency.

Image courtesy of

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