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Crypto Wallet Vows to Make Transferring Funds as Simple as ‘Sending a Text’

The company behind “one of the world’s most secure mobile cryptocurrency wallets” says its platform offers banking-grade features to protect tokens, while ensuring that completing transactions is as simple as “sending a text.”

SovereignWallet says one of its main motivations is promoting financial inclusion and enabling the unbanked to create accounts for crypto directly from their smartphones. Through its wallet, Ethereum and its own utility token can be sent to recipients easily — and users receive notifications when transactions are completed. It plans to support other cryptocurrencies in the future.

According to its white paper, the platform is hoping to tackle the high costs associated with sending remittances around the world. It cited research from the World Bank that showed 250 million migrants sent $583 billion to their families in 2014, yet often faced “exorbitantly high” fees. SovereignWallet says that its service could prove quicker than conventional methods of sending remittance, with users enjoying “relatively low fees” by comparison.

Other features of the SovereignWallet app include a secure chat. Through end-to-end encryption, the platform says one-to-one and group conversations are “guaranteed to stay private.” Chat histories are not stored on its server, and messages which are sent in error can be deleted quickly.

Revitalizing infrastructure

SovereignWallet argues that, while blockchain is secure, the infrastructure supporting it is not — creating the risk of major breaches and affecting confidence in crypto. It says its team has applied more than 20 years of experience in developing secure products for banks and governments.

The platform says it is a part of blockchain 3.0 — harnessing the latest advancements in this technology. As well as offering considerable improvements when it comes to smart contracts, scalability, interoperability and sustainability, SovereignWallet claims this latest generation helps eliminate pitfalls, such as slow transaction speeds, huge energy requirements, programming errors and security flaws in smart contracts. As it is decentralized, all data would remain with the users.

Its ecosystem is underpinned by a new ERC-20-compliant token known as MUI. SovereignWallet says it is designed to try to eliminate the volatility that’s seen in many cryptocurrencies — effectively meaning they are unsuitable to store value and impractical to use for everyday purchases. Illustrating why the status quo needs to change, its team wrote in a blog post: “Holding your wealth in cryptocurrency could see you rich one week and unable to pay your rent the next.”

The company has also warned that centralized exchanges are a “time bomb waiting to blow.” Not only have some of them already been blighted by major attacks because of their “dangerously flawed security,” but SovereignWallet says that these institutions continue to hold the majority of cryptocurrencies.

An ecosystem for the future

The company has recently added support for AirSwap (AST), 0x Protocol (ZRX) and OmiseGo (OMG) tokens to the wallet. Now these tokens can be transferred via the SovereignWallet interface.

Beyond remittances and instant messaging, SovereignWallet says it will enable ICOs for fledgling startups to be implemented properly. In time, the platform will also offer a decentralized exchange.

The company is holding a token sale, which is designed to fund the completion of its app. The second phase, which will see MUI tokens offered to the public, begins at 10 a.m. Korea time on Sept. 5 and concludes just before midnight on Sept. 30. A total of 50 million MUI tokens are being sold, with an exchange rate of 1 ETH to 5,000 MUI.

Seokgu Yun is the founder and CTO of SovereignWallet, while his co-founder Frances Kim serves as COO.

The company was established in 2015, and the team hopes it will be able to reach out to the hundreds of millions of people who have a smartphone but no access to basic financial services — creating new opportunities and fueling economic growth.

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Lisk (LSK) Reaches Most Important Mark to Date: Core 1.0

As reported previously on EWN on the Lisk Review Blog Post, the development team behind Lisk (LSK) were preparing for the MainNet migration on Aug 29:

“Here at LiskHQ, we’re buckled down and working hard in preparation for the upcoming Lisk 1.0.0 migration on Mainnet on August 29. All of the components of the Lisk ecosystem — Lisk Core, Lisk Elements, Lisk Commander and Lisk Hub — are all being updated and aligned with one another for the big migration. In addition to this, the Lisk Core team is also working on future releases,” the Lisk team wrote in the blog post..

Read Also:  Lisk (LSK) Coin Story, News And Development And Future Price Prediction

The coin that started with a successful ICO in Feb 2016 and a MainNet launch later on did stand out quite well against similar competitors. The platform enables developers to use the most famous programming language JavaScript to create dApps or decentralized applications run on the network. With the side chains connected to the main chain while accordingly developers managing the dApps on the side ones, the team is trying to overcome the existing problems that Ethereum is facing, for example scalability.

Going past many days of very strict yet constant testing the team launches the very important Lisk Core 1.0 to the Main Network. With its SDK or SideChain Dev Kit scalable blockchain apps are made available for creation. On top of all that, users can deploy their token on the net.

Max Kordek – Lisk Co-founder and CEO of Lightcurve added on the event:

“Today marks the beginning of a new era for the Lisk community. The road to innovation is rarely smooth, and we have taken a methodical, measured approach to our development phase, taking no shortcuts along the way. It is with a great sense of collective pride that we officially announce the release of Lisk Core 1.0, an achievement that reaffirms our ambition to be the enablers of innovation in the fast-evolving blockchain ecosystem.”

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Ripple’s XRP Ledger Supporting DCEX exchange for Faster Transactions

Digital currency related services company AlphaPoint is helping the launch of a new decentralized exchange, as announced on 30 Jul.

A San Francisco-based market platform – DCEX, opened doors for registration however users are are not able to change hands with crypto for a few more days. The currency exchanging ground highlighted that the third largest token by market capitalization is the base coin.

“We, as founders, have been in the crypto space since its inception that went unnoticed by many. Interest in blockchain is slowly becoming global, escaping the narrow indoor spaces of technically inclined groups of enthusiasts. At DCEX we firmly believe that a true industry leader must be unrivalled in every element of the service it offers. We offer the excitement of trading, and provide you with the means to navigate the uncharted waters of cryptocurrency trading.”

Users can begin registering on the DCEX website.

15 trading pairs are delivered to the crypto-community by the platform, which includes BTC, LTC, ETH, ETC, VEN, XRP, Stable-Coin and TrueUSD. Accordingly, later on the Chinese Ethereum or NEO and Cardano’s ADA will be listed too.

As explained by Salil Donde – AlphaPoint CEO, DCEX is the first in history crypto-currency exchange platform to utilize the XRP token as its base coin. It chose XRP to make transfers faster and cheaper, as the ledger is developed for high speed and settlement in a few seconds.

The above announcement arrives around one and a half month after AlphaPoint declared it did raise $15 mil in capital funding.

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IOTA Crypto: Accusations, Development and Price

First of all, it is of standard before stepping in to invest or trade a particular cryptocurrency that is changing hands in the market, you have to do your own research with no importance as to which coin it is. At the same time, as you are going link after link, platform after platform, you might run into fake news which could change your mind one chosen crypto.

Twitter seems to be the main tool for following up with how well currencies are doing given the fact that lots of people are sharing new information about the currencies at all times. Even developers have found social media very useful as they can now share their announcements and get to a wide array of targeted audiences quickly.

So, using a particular platform, the approach towards information and data in general around the virtual currencies has become easier and faster, which is why the latest development regarding IOTA spread very fast.

As it seems, the crypto that is positioned as the 11th largest coin by market capitalization in global-scale is not pairing to its realistic price as it should be lower – according to many analysts and various individuals.

The issue that gave birth to this war among IOTA fans that mostly went on Twitter, one of the largest social platforms, was the declaration of cryptocurrency experts that have shared their opinion publicly about having IOTA trading at an unrealistically high price when compared to its true value and technical capabilities.

To add on the matter, proof was delivered by them showcasing that the price should not climb higher due to purposeful flaws in the system. According to what info and data is being spread, the crypto-experts have proven that the platform is a centralized network in contrary to blockchain and with no characteristic of a decentralized network. Continuing, the network is unstable with flaws and errors that are set on purpose and intention.

After this announcement, confirmed widely across the internet with solid proof of the story, developers have refused to talk to the press and answer any questions regarding IOTA, its systems, alleged flaws and the most recently confirmed accusations.

On the other hand, IOTA fans supporting the silent war of the team behind the coin, have entered a phase of them against everybody, going that far as reporting accounts that share the information.

Time has still to tell what is true and what news should be believed, however it is for sure that many are complaining about their funds and that IOTA price is trading under the $1.80 level while sinking even lower.

The recent fall in price might be the result of the IOTA promoters sharing fake news as much as the result of the recent discovery that IOTA can’t be considered to be a decentralized platform. Obviously, if the accusations are true traders and investors could return to sell mode but it should be not long before it is set as to what news should be believed.

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Former Fed Chairman Ben Bernanke Believes Bitcoin Unlikely to Succeed

Ben Bernanke, the former Chairman of the Federal Reserve, made his views against Bitcoin clear at a conference organized by Ripple in Toronto.

Echoing the views of J.P. Morgan CEO Jamie Dimon, Bernanke feels that the decentralized nature of Bitcoin, which puts it outside government control, will trigger its downfall. Speaking at Swell, a three day conference organized by Ripple in Toronto, Bernanke said:

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.”

He attributed the current run up in price of Bitcoin to its speculative nature and felt that Bitcoin hasn’t proven itself as a transactional currency. In his opinion the government will eventually step in to prevent Bitcoin from rivalling fiat currency.

Blockchain, not Bitcoin

While dismissing the possibility of Bitcoin becoming a successful alternative to fiat currency, Bernanke was all praise for the Blockchain. As reported by Fortune, Bernanke said:

“The Fed, the Bank of England, and Japan are very supportive of these technologies because they’ll improve payment systems.”

He praised Ripple for working with regulators and observed that a Blockchain-based system might have prevented hackers from robbing $80 mln from the Central Bank of Bangladesh.

Flip Flop Views on Bitcoin

Ben Bernanke’s views on Bitcoin have changed over the years. In 2013, during a Senate Committee hearing, he called virtual currencies ‘innovative payment systems‘ and said that the Fed had no plan to regulate them. In 2015, he said that Bitcoin’s volatility and anonymous nature were serious problems. The market however, seems to be ignoring Bernanke and Dimon’s views on Bitcoin and pushing it to scale ever higher peaks.