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BitGo Launches Custody for Blockchain Capital’s Security Token BCAP

BitGo clients will be able to hold their BCAP assets using qualified and regulated custody service BitGo Trust Company.

Blockchain security firm and wallet service BitGo has announced support for Blockchain Capital’s ERC-20 token, according to a press release shared with Cointelegraph on March 19.

Blockchain Capital’s BCAP token is a security token based on the Ethereum (ETH) blockchain that was launched in a $10 million initial coin offering (ICO) back in April 2017. BCAP represents an indirect economic interest to the limited partnership interest in the tokenized investment fund, and is the world’s first security token that was sold in an ICO.

According to the recent BitGo announcement, BitGo users will now be able to hold their BCAP assets using BitGo Trust Company, a qualified and regulated custodian that provides compliant custody for security tokens. As a part of the announcement, BitGo has also introduced its multi-signature wallet security.

Ben Chan, BitGo’s chief technology officer, said that qualified custodial services that are compliant with securities regulations are critical for users of the platform.

Recently, Estonian Nasdaq-powered digital trading platform DX.Exchange announced the launch of its own security token trading and security token offering (STOs) listings. The platform reportedly allows investors to buy security tokens using both fiat and crypto such as Bitcoin (BTC), Ethereum, Tether (USDT) and Ripple (XRP).

Previously, insurance giant AXA XL launched an insurance product that covers equity crowdfunding and STOs, and purportedly protects new online capital formation techniques, aiming to increase trust, confidence and security to potential investors guaranteeing that the issuer is insured.

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Crypto Exchange Huobi Adds Support for Ethereum-Based Tether

Major crypto exchange Huobi Global has launched support for the Ethereum blockchain-based version of stablecoin Tether.

Huobi Global crypto exchange has launched support for the Ethereum (ETH) blockchain-based version of USD-pegged stablecoin, Tether (USDT), according to a press release published on Feb. 27.

Starting today, Huobi will offer deposit and withdrawal services for major stablecoin Tether in both its original Bitcoin (BTC)-based Omni Layer Protocol and its more recently launched ERC-20 token form, which is built on the Ethereum blockchain.

Launched in 2014, Tether aims to allow users to trade and transact traditional fiat currencies on the blockchain. Tether has two tokens, USDT and EURT, purportedly pegged 1:1 to fiat currencies, USD and the euro, respectively.

Tether announced support of the Ethereum blockchain in January 2018, enabling users to operate USDT and EURT tokens compatible with the ERC20 standard.

According to Huobi’s press release, ERC20 Tether “has a much smoother and faster deposit/withdrawal process, […] which is an advantage for institutional traders and others who prized speed.”

The Ethereum-based token also enables interoperability within Ethereum-based protocols and decentralized applications, while also reducing transaction fees and confirmation time. According to official data from Tether’s blog, the ERC20 version of Tether operates 15-30 seconds faster than the version running on the Bitcoin-based Omni Protocol.

Huobi CEO Livio Weng said that the launch of ERC20 Tether on the platform intends to simplify the trading experience for both retail and institutional traders.

Created in 2012, the Omni Layer was formerly known as Mastercoin, a digital currency and communications protocol based on the Bitcoin blockchain.

Recently, the Enterprise Ethereum Alliance (EEA), a global blockchain community with over 500 members, announced the launch of a token task force, aiming to contribute to entreprise tokenization focusing on support for ERC20 and ERC721 tokens.

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DDEX To Fork the Ox Protocol, Remove ZRX and Name their New Protocol Hydro

After much deliberation, the team at the DDEX decentralized exchange has decided to fork the Ox protocol that is the backbone of the exchange. Tian Li, CEO of DDEX, made the announcement two days ago via a Medium post.

Mr. Li praised the efforts of the Ox team in delivering a high quality, useful code with smart contracts that DDEX has used to become one of the largest decentralized exchanges on the Ethereum network. But due to diverging future plans, the team at DDEX has decided to rewrite a major part of the codebase as part of their ‘fork’.

Tian Li went on to further explain their recent move to fork the Ox protocol and remove ZRX to create Hydro.

Although we were thrilled to see 0x tackle such a wide range of important issues, our perspective of what’s most urgent diverged. Being on the front-lines, it is painfully apparent that most DEXs today still are plagued by rudimentary problems such as order collision, front-running, and poor liquidity.

After much deliberation, we’ve decided to fork the 0x protocol.

Although we are using the term “fork” to give proper credit, we rewrote a large portion of the codebase. We plan to ship a new order schema, an engine capable of true matching, robust market orders, and a fundamentally different liquidity sharing model. The ZRX token will be removed as well, because fee-based tokens create unnecessary friction.

We are calling this new protocol Hydro, to emphasize that liquidity matters above everything else.

Do or Die for DDEX

According to DDEX’s website, the decentralized exchange is currently in the process of migrating to Hydro. In the medium post, the CEO of DDEX, acknowledged that if the new hydro protocol does not deliver, DDEX will be outclassed and quickly become irrelevant.

About the Ox Protocol

The Ox protocol facilitates the exchange of ERC20 tokens, game items and other digital assets on the Ethereum network. The protocol enables developers to focus on building while Ox handles the exchange. By sharing a standard API, relayers can aggregate liquidity pools, creating network effects around liquidity that compound as more relayers come online.

Use case of Ox include:

  • Gaming and collectibles
  • Prediction markets
  • Order Books
  • Decentralized loans
  • Stable tokens

Relayers is a name used to refer to exchanges using the protocol. This name is preferred rather than the common term of ‘exchanges’. Current relayers using the Ox protocol and their 24 hour trade volume can be found below.

  1. DDEX – $274,353 in 24 hour trade volume
  2. Radar Relay – $61,290 in 24 hour trade volume
  3.  STAR BIT – $3,704
  4. Token Jar – $307
  5. Paradex – $305
  6. The Ocean – $26

What are your thoughts on DDEX forking the Ox protocol, removing ZRX and creating Hydro? Please let us know in the comment section below. 

The post DDEX To Fork the Ox Protocol, Remove ZRX and Name their New Protocol Hydro appeared first on Ethereum World News.

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Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM)

In a move that has left many crypto enthusiasts scratching their heads, the cryptocurrency exchange of Coinbase has announced that it was exploring listing another set of cryptocurrencies. This new list was announced before completion of the previous list of 5 digital assets. That list still had 2 digital assets yet to be listed on Coinbase: Cardano (ADA) and Stellar (XLM).

The exchange made the announcement via twitter as follows:

Coinbase is exploring the addition of 30+ new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law.

A Total of 31 Digital Assets

Coinbase went on to announce via Medium.com that it was exploring the following new list of 31 digital assets.

Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL).

The Observation that Coinbase Likes to List ERC20 Tokens First

In the previous list of 5 digital assets that Coinbase was exploring, it was noted that the exchange listed the ERC20 tokens of Ox (ZRX) and Basic Attention Token (BAT) first. This is in line with a March 2018 announcement by the exchange that it was supporting the Ethereum ERC20 technical standard. From a software integration point of view, Coinbase will have an easier time listing ERC20 tokens than listing Cardano (ADA), Stellar (XLM), XRP and any other coin with a different protocol.

25 Tokens In the New List

Out of the 31 digital assets mentioned by Coinbase, 6 are coins on their own networks. They include ADA, EOS, NEO, XLM, XRP and Tezos (XTZ).

This means that the other 25 are tokens that could be listed before the 6 aforementioned coins.

We can also assume that the exchange might choose to list Dai (DAI) next since it is a stablecoin. The past few months of market volatility has created a need for stablecoins for traders to hedge with during times of market turmoil.

The ‘Anomaly’ That was ZCash (ZEC)

The listing of ZEC by Coinbase a few days back caught many traders off guard. No one expected ZEC to be listed before ADA and XLM. This then led us to explore two speculative reasons as to why this was so.

Firstly, we put forth the idea that Coinbase wants to compete with the Gemini exchange by the Winklevoss Twins that already has ZEC. Secondly, we put forth the idea that ZEC was listed due to demand by institutional clients. Coinbase did a similar thing when they opened an OTC trading desk after requests from institutional investors.

The Silver Lining

However, in our attempt to explain how and when Coinbase will list XLM, XRP or ADA, we have missed the obvious: that the future holds the possibility of more digital assets being listed on the platform.

What are your thoughts on Coinbase announcing a new list of 31 digital assets before completing the earlier list of 5 that included ADA and XLM? Please let us know in the comment section below.

[Image courtesy of Shutterstock]

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 Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM) appeared first on Ethereum World News.

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OmiseGO (OMG) Coin Story, Vision and Latest to Stay Updated

One of the best recoveries in price the last days is OmiseGO’s OMG against the US Dollar as its trading pattern was performing even lower than the leading coins when the bears had their saying. Per time of writing: 3.87% gain in the lat 24-hours reaching $4.86.

OmiseGo OMG

Facilitated on the Ethereum blockchain, OmiseGO is a decentralized way of transferring and exchanging money or any token value.That with no virtual geographical boundaries. Being advised by the man behind the giant Ethereum Vitalik Buterin and the co-founder dr. Gavin Wood and author of Plasma and Lightning Network – Joseph Poon, make the work of the team more hyped about and very promising.

It is like a digital wallet you keep with yourself being stored on your phone and accessible as easy as any social network application you use. Requiring only internet it could be a solution for many that do and do not use a bank for their money transferring. Keeping in mind that in many parts of the world registering for a bank account is almost impossible, as OmiseGO team calls them the unbanked, OMG could possibly save time, energy and money while being very low in fees.

“Look at financial systems today. Look at banks. There are barriers to entry, to just getting an account…. Our view… is that having the ability to transact money easily should be seen as a human right.” – Vansa Chatikavanij, OmiseGO’s managing director

The technology behind OmiseGO makes it a platform supporting multiple applications like white-label software development kit (SDK), digital asset gateway, decentralized exchange and clearinghouse.

Latest

Stanford University computer scientists, the Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital, have unveiled the Center for Blockchain Research, an ingenuity fashioned to enhancing blockchain technology research in a bid to fortify the mode of financial dealings over the internet.

A release by Stanford University indicated that the research center is led by Dan Boneh, a Professor of Computer science in the School of Engineering and an expert on cryptography and computer security, and David Mazières, who is also a Professor of Computer science.

OmiseGO’s team is preparing to commence its own network called Tesuji Plasma which is being tested right now. GitHub’s repository made it available for download to interested crypto enthusiasts. However, the incomplete nature of this milestone limits the users from applications in the real world as of now.

The idea on which the team is working hard is that the new network will handle and support the management of coins in general making sure that the OMG tokens and deposits are transfers/made safely and with no issues.

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Google Releases Tools For Ethereum Blockchain Analysis

Internet giant Google has expanded its big data analytics with the inclusion of tools to explore the Ethereum blockchain.

Just a few months after releasing Bitcoin support for its BigQuery database tool, Google has announced a new plugin for analyzing the Ethereum platform. In a blog post last week the tech giant stated;

“Ethereum and other cryptocurrencies have captured the imagination of technologists, financiers, and economists. Digital currencies are only one application of the underlying blockchain technology. Earlier this year, we made the Bitcoin dataset publicly available for analysis in Google BigQuery. Today we’re making the Ethereum dataset available.”

The post elaborates to explain the primary differences between the Ethereum blockchain and Bitcoin’s. These include a token based smart contract principle, precise and direct Ether value transfer resembling accounting ledger debits and credits, and the virtual machine that can execute arbitrary code. It added that Ethereum blockchain data was now available for viewing with BitQuery, Google’s web service that enables interactive analysis of massively large datasets working in conjunction with Google Storage.

Chrome users are now capable of accessing and reading all of the data stored on Ethereum’s blockchain. Google elaborated on the development stating;

“A visualization like this (and the underpinning database query) is useful for making business decisions, such as prioritizing improvements to the Ethereum architecture itself (is the system running close to capacity and due for an upgrade?) to balance sheet adjustments (how quickly can a wallet be rebalanced?).”

A software system has been built on Google Cloud that ‘synchronizes the Ethereum blockchain to computers running Parity in Google Cloud, performs a daily extraction of data from the Ethereum blockchain ledger, including the results of smart contract transactions, such as token transfers, and de-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration.’

Google then demonstrated a few examples of how this data could be put to use. The first of which was a list of the most popular smart contracts by transaction count. The most popular ERC721 (collectible) smart contract by transaction count is the main contract for Cryptokitties unsurprisingly. This data can then be probed deeper to find out more information on the evolution of these digital moggies in the form of some fancy charts.

Another example was a look at the top ten most popular ERC20 contracts and some statistics from number five, OmiseGO, with evidence of airdrops showing a high number of OMG receivers but no increase in senders.

Girl in a jacket

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Ethereum (ETH) Price Analysis: On the Lookout for a Breakout

Ethereum is consolidating in a symmetrical triangle and might be to break out soon.

After the strong moves in the previous month, Ethereum is now consolidating inside a symmetrical triangle pattern as bulls and bears wait for catalysts. Price is approaching the peak of the formation so a breakout might be due soon.

The 100 SMA is above the longer-term 200 SMA to hint that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a downside break. The chart pattern is around $80 tall so the resulting move could be of the same size.

RSI appears to be slowly making its way down, indicating that sellers have the upper hand. This could lead to a break below the $290 triangle bottom, which is also around the 200 SMA dynamic inflection point. Stochastic was on its way up to show the presence of buying pressure but seems to be turning down also.

Ethereum has been struggling to hold its ground since breaking below the $300 key psychological level. Buyers would need to be strong enough to push price past this level to draw more bullish energy and sustain any rallies.

The recent drop is being pinned on the cashing of ICOs as most tokens chalk up consecutive declines. And since ERC-20 tokens were mostly used for the creation of ICOs for funding purposes, the profit-taking activity has consequently led to selling of Ethereum.

A pickup in cryptocurrency prices could then be needed to restore demand for Ethereum, as well as improvement in risk taking. Traders are keeping tabs on Turkey and potential contagion, as this might also lift demand for alternative assets like digital currencies. This has been the case when capital controls were imposed on Greece a few years back as people looked for a better store of value or medium of exchange than a rapidly dropping currency.

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Artist Ai Weiwei Uses Ethereum to Make Art About 'Value'

Chinese artist and activist Ai Weiwei has partnered on a new art project that utilizes a pair of newly-minted ethereum-based tokens.

Motherboard reported Friday that Ai – well-known for his criticism of China’s Communist government as well as his art installations and photos – is working with Irish conceptual artist Kevin Abosch.

Together, Ai and Abosch have created two new tokens, freely distributable, in an effort to (as they describe it) illustrate how worth is perceived and imbued within modern society. And it’s an area that Abosch has already been working in – bridging the worlds of art and cryptocurrency through his work – as the New York Times previously reported.

The project, dubbed PRICELESS (ticker symbol: PRCLS), involves twin tokens, one of which is made publicly available to the extent that, in theory, every person on the planet could own a fraction. The other token, according to Motherboard, is locked away and inaccessible to anyone.

“It’s not about a potential for creating art, but, rather, to question the existing system and the potential to create a new system outside of the established one,” Ai told Motherboard.

As Abosch said to the publication:

“From the moment we’re born, people try to ascribe value to us — ‘Oh, that boy is so full of potential, or oh, that girl is worthless’ — it’s something society does to us and it’s something we do to ourselves … Our project is just another thing to engage people in the hope that they will spend a little bit more time reflecting on the perversity of how most of us ascribe value to things.”

Wallet addresses holding nominal amounts of the PRCLS token have already been printed on paper and sold to buyers, with each wallet address representing different “priceless moments” shared between Ai and Abosch, illustrating how the token can represent value.

Ai revealed in an interview with Motherboard that, for him, blockchain represents “an opportunity to set up a new system that could dismantle the old system, or at least offer a new possibility for communication.”

Ai Weiwei image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Prime Trust Enters Crypto Custody Race, Will Hold 'Any' Ethereum Token

Prime Trust, a small U.S. financial institution that’s played a behind-the-scenes role in several dollar-backed cryptocurrencies, is entering the hotly competitive crypto custody business.

Revealed exclusively to CoinDesk, the Nevada trust company quietly began offering cold storage for bitcoin in mid-July, and will announce next week that it can also handle custody for ether and any token issued on the ethereum blockchain under the ERC-20 standard. 

Such services are in demand among institutional investors, who despite the bear market find crypto’s returns alluring, but don’t want the bother of protecting the private keys to a digital wallet and/or are required by law to use a qualified custodian. In cold storage, these cryptographic keys, which are like a long password and can be used to drain the money from a wallet, are kept offline, on a hardware device or a piece of paper that’s typically locked away in a safe. 

However, several big names in financial services are entering this niche as well, with Northern Trust, Goldman Sachs and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, all looking to offer institutional-friendly solutions. Crypto startups like Coinbase, BitGo and Ledger have also been courting this market.

But Prime Trust says that as a startup launched two years ago with all-new technology, it can outmaneuver the big boys. Referring to Northern Trust’s testing period and the uncertainty over when Goldman will come out of the bushes with a custody product, Scott Purcell, Prime Trust’s CEO, told CoinDesk,

“They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast.”

Back-office breakthrough

Previously, Prime Trust was known in the crypto space for its back-office role in the so-called stablecoin announced last month by IBM and startup Stronghold. The token, issued on the Stellar blockchain, is backed one-for-one with U.S. dollars that Prime Trust deposits at federally insured banks where it has relationships. Purcell said it’s also providing this service to 10 similar projects.

He claimed his company will be the first to offer custody for any ERC-20 tokens, which he described as no small feat.

Purcell said his team solved a “massive technical problem” after partner company Polymath hosted a conference in Barbados. There, his engineers were able to spend quality time with some of the authors of the ERC-20 standard, which allows the creation of different tokens representing various kinds of assets on the same blockchain.

“We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course),” said Purcell.

Doing so is “great in theory, impossible in practice due to various tweaks/nuances in each different token. That’s why nobody does this – nobody until now.”

Racetrack image via Shutterstock.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Markets Tech Firm to Launch Crypto Derivatives Exchange

Interactive financial markets technology platform LevelTradingField is launching a cryptocurrency derivatives exchange using the ethereum blockchain.

Dubbed CADE, the exchange is set to go live this September. It will list ERC-20 tokens which track bitcoin, ether, litecoin, bitcoin cash, ripple and monero, with more to be considered on a rolling basis, according to a press release published Friday.

These tokens will allow traders to reap the economic benefits of investment in crypto without actually owning any of the digital goods.

All derivative tokens on CADE are to be priced in LUSD, a stablecoin pegged to the U.S. dollar and guaranteed for by the company.

The press release notes that this type exchange could be used in a variety of beneficial ways, not just for cryptocurrency traders, also but miners and long-term investors.

On the other hand, the release also notes that CADE will only accept participants who have successfully passed through a “robust compliance framework” in order to ensure that know-your-customer and anti-money-laundering standards are upheld.

Last year the company launched a Bitcoin Market Predictor attracting participants to bet on the future price movements of bitcoin in a game of skill akin to fantasy sports betting. More recently, LevelTradingField also announced a new partnership with global connectivity provider, NetXpress, to feature a cryptocurrency feed for users consolidating data from major cryptocurrency exchanges.

Exchange display image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.