An event at SXSW pitted Blockchain Capital’s Jimmy Song against IBM’s Chris Ferris in a debate over permissioned vs. permissionless blockchains.
VanEck’s Gabor Gurbacs has questioned whether being “sufficiently decentralized” means a crypto is not a security, as suggested by SEC execs.
A new initiative seems to be gaining strength in the Bitcoin user community after Trace Mayer, investor and host of The Bitcoin Knowledge podcast, proposed to each user, hodler, and trader to join in celebrating the Bitcoin Genesis Block creation day by running a proof of keys.
For Mr. Mayer, the best way to celebrate this day is with a kind of “friendly activism,” withdrawing funds from all exchanges, custody services and similar that do not give users control over their private keys.
Not Your Keys, Not Your Bitcoins
Mayer is a fervent advocate of the motto “not your keys, not your bitcoins.” With this massive action, he hopes to raise some awareness of the true philosophy of the cryptocurrencies, while helping to alert the population about the dangers of giving such control to third parties despite the convenience and security that these services guarantee.
In a tweet posted on his account on December 9, Mayer expects thousands of people to join the initiative on January 3, 2019, a day on which there will also be a network consensus. Mayer hopes to repeat this experience each year as a “new Bitcoin cultural tradition.”
Let’s start a new #Bitcoin cultural tradition.
An annual Proof of Keys Celebration on Jan 3rd to declare monetary sovereignty by withdrawing all $BTC held w/ trusted 3rd parties to software we control private keys & do network consensus.
— Trace Mayer [Jan/3➞₿∎] (@TraceMayer) December 9, 2018
An Initiative That Has Sparked Positive Reactions
The creators of this initiative believe that services that deprive users of control over their private keys go against Bitcoin’s original vision. On the website created to promote this initiative, Satoshi Nakamoto himself is quoted as explaining that bitcoin’s solidness lies precisely in the fact that with it, a user does not need to give control to third parties over his money or assets.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. – Satoshi Nakamoto”
Notable people from the ecosystem have joined the initiative, and the community has reacted positively.
PoK-emon 2.0 https://t.co/WAD4vCVivC
— Stacy Herbert [Jan/3➞₿∎] (@stacyherbert) December 9, 2018
That’s awesome, great initiative!
— Tuur Demeester (@TuurDemeester) December 9, 2018
— AtomicWallet.io [Jan/3] (@atomicwallet) December 11, 2018
So far, none of the third-party services have issued any statements. There are no relevant predictions about the impact of this measure or the welcome it will have, but the positive comments and enthusiasm shown in the responses to Mayer’s tweet are noteworthy.
The post BTC Hodlers Propose to Withdraw All Their Bitcoins From Exchanges as a New Tradition appeared first on Ethereum World News.
The Lightning Network is about to breach the 102 BTC capacity, and that could very well be the nicest thing to happen to Bitcoin of late. The Lightning Network brings to Bitcoin what everyone has been waiting for all along: A faster, secure payment processing system right at the top of the Bitcoin blockchain. That’s exactly what CoinGate sought to achieve when it introduced the Lightning Network.
It’s Like An Off-Shoot Of The Chain
Basically, this network acts as an off-chain layer to the Bitcoin blockchain where a batch of transactions can be processed before the underlying general chain or ledger is updated. This has the good effect of boosting the transaction processing speed since the system doesn’t have to update every transaction instance separately.
Speed, Low Fees, Sharp Growth, And Zero Errors
Besides processing transactions in milliseconds, the Lightning Network also significantly reduces transaction fees. The Lightning Network facilitates instant transactions and boosts the scalability of the underlying Bitcoin blockchain network. Currently, various versions of Lightning Wallets are used by a number of transaction processing entities that act on behalf of the merchants. The merchants include Lois Chevrolet, Livejasmine, and Chronoswiss. The network was first introduced by Joseph Poon and Thaddeus Dryja back in 2015 when the Lithuanian-based company, CoinGate, entered the market.
A look at the network’s recent growth rate confirms that its impact on the Bitcoin market will be significant. Over the past month alone, the network’s capacity has shot up by 5%, node count has increased by 10%, and channel count has gone up by 6%. At the moment, the network boasts 3,369 nodes running over 12,000 channels. Within the past 6 months, the network capacity has shot up from 3 BTC to the current 102.64 BTC.
During its initial beta test, the network was involved with 100 stores selected from all across the world, and not a single error was recorded. That’s a huge plus for a payment processing system that’s handling billions of transactions per second. In terms of partnerships, CoinGate is yet to associate with any US entity, but that’s expected to happen in the coming year. All said and done, the Lightning Network seems pretty poised to take Bitcoin adoption to a whole new level.
The post CoinGate’s Lightning Network To Boost Bitcoin Adoption, 4,000 Merchants Already Onboard appeared first on Ethereum World News.
Tron is getting another mega boost after another popular, fast-growing crypto exchange listed it on its platform. ChangeHero, the exchange in question, facilitates crypto-to-crypto exchanges. Announcing the news of the listing on Twitter, Tron’s Justin Sun said that TRX users can now exchange USD for TRX at ChangeHero’s Instant Exchange.
Being a fast-expanding platform, ChangeHero accommodates over 100 cryptocurrencies for trade and supports 9 languages. One of Tron’s cornerstone strengths is facilitating fast transactions and ensuring that its network users have the best experience.
As a matter of fact, the listing of TRX on ChangeHero is bound to bear fruits in the near future. First off, ChangeHero offers the best rates and an impressive 5-star support system for its customers, and that means that TRX will benefit from the secure transfer facility on the platform. The exchange has since availed TRX to all its users to trade on the platform. Besides that, customers can now exchange the coins for USD on the same platform, with more currencies or trading pairs set to be introduced in time.
Evidently, many crypto exchanges have had a positive regard of Tron since its maiden entry into the market, and that support seems to have grown even stronger after the launch of Tron’s MainNet and migration from the ERC20 network. Tron migrated to the new MainNet back in June 21, 2018, and large players in the crypto exchange business like Binance, Bittrex, and Bitfinex have supported it all along. In fact, Tron’s long-term vision and ease of liquidity is one of the reasons that it’s gaining so much traction in the crypto world.
More Support From Other Quarters
Besides ChangeHero, Tron has also been added on Abra, a progressive crypto wallet that supports over 28 cryptocurrencies in its built-in exchange function. It supports cryptos like Bitcoin, Ether, Litecoin, DiGiByte, XRP, Cardano, among others. On Twitter, Justin Sun praised Abra as an easy-to-use App where users can easily sell, buy, or safely store their cryptocurrencies.
To prove that TRX really meets the high standards that users need in the market, Abra explained, on its official website, that it carries out serious vetting of each cryptocurrency that joins its platform, including and not limited to the crypto’s liquidity. Abra also announced plans to launch an app to enable people to purchase cryptos via banks. TRX is among the cryptocurrencies to be floated for purchase.
From where it stands right now, TRX looks very attractive to many other crypto exchanges expected to list it in the near future, and that will obviously affect its price upwards.
The post Tron Set For Huge Leaps After ChangeHero Lists TRX appeared first on Ethereum World News.
The 9th edition of the Binance Community Coin of the month competition has ended, and the winner is none other than GoChain. The aim of the competition is go give a chance for the listing of new cryptos on the Binance platform. The winner gets to be added to the platform for free. Well, this time, GoChain is lifting the cup and it now joins the list of other winners to be added on the exchange. Binance is one of the largest and popular crypto exchange platforms in the world.
GoChain Won Hands-Down
Over at GoChain, the team is happy to have had a chance to participate in the competition. Indeed, they had applied several times without success. With the listing, GoChain is set to reap the benefits of being available on a world-class exchange platform, and that will definitely contribute greatly towards its easy availability, acceptance, and popularity in the crypto market. However, Binance is yet to announce when the listing of the new cryptos will actually happen, but there’s a general consensus that it could happen sometime within the next few months.
Crypto exchanges normally charge a fee to add new digital assets (cryptocurrencies) on their platforms. In the case of the free chance, Binance nominated GoChain (GO) to participate in the competition along others that included Cortex (CTXC), Byteball (GBYTE), MediBloc (MEDX),and Everipedia. From the votes cast, GoChain won with 46%, Everipedia got 23%, Cortex scored 14%, Byteball scooped 8.8%, and MediBloc came last with 6%.
Some People Got Lucky Too
The participants paid for their votes at a cost of 0.1 BNB per vote, and with the total number of votes cast standing at 3,917, about 391.7 BNB coins were collected. Binance added 1,500 BNB to that, bringing the total to 18,917 coins. The amount was locked in a Lucky Draw Pool and shared among the 500 winners during a live-stream session.
GoChain boasts of a relatively scalable system with way more through-put than Ethereum – although it’s based on the Ethereum blockchain system. Besides the speed and scalability, GoCahin is also focused on providing crypto transaction service platform at attractively low costs.
On the brighter side, GoChain has received even more good news besides winning the Binance competition. The crypto’s future seems to be brightening up in Asia as it has also been added on UpBit. UpBit is the largest crypto trading platform in South Korea.
Throughout summer, Bitcoin price has been swinging between $6,000 and $8,000. However, according to some price analysts, Bitcoin price may well see a breakout come November. Forbes’ Billy Bambrough opines that market experts expect the breakout as early as November this year. However, he recognizes that a section of these experts are pegging their hopes on September, with the end month favored.
This breakout is expected because of two primary reasons: First, SEC is deliberating on whether to approve the Bitcoin ETF application presented by SolidX/VanEck. The decision is set to happen on or before September 30, and hopes are high that the proposal might be approved especially after the decision was delayed. Also, the fact that SEC announced its decision to review 9 other ETF applications turned down recently is another strong indication that things could turn out positive for the crypto.
Secondly, the Intercontinental Exchange (ICE), which is NYSE’s parent company, is set to launch a Bitcoin ETF on 5th November. The ICE launched a crypto platform, Bakkt, back in July and has partnered with large corporations like Microsoft, Boston Consulting Group, and Starbucks. However, the ICE’s ETF will differ from others in that it will be offered via its own platform and will use Bitcoin for every transaction conducted on its network. This measure is aimed at improving price discovery.
Finnbjornsson: Bitcoin Price To Hit $10,000
Bambrough also cited another expert, Hermann Finnbjornsson, who said that the value of Bitcoin could swell up to hit $10,000 within the first week of November. Hermann is the founder and chief executive at Svandis, a crypto advisory firm. Speaking to The Street, Hermann said that Bitcoin had a more than 99% chance to succeed in a bullish run.
However, there’s a still some debate within the crypto community about whether Bitcoin really needs an ETF approval to succeed. So far, the cryptocurrency has survived and weathered storms for a whole decade since its inception back in 2009. This puts to question the impact of an ETF approval on the Bitcoin market. Granted, there exists a possibility of the cryptocurrency being over-financialized as a result of an ETF.
In any case, the events of late September and early November will spell out the future of the coin market. If both ETFs pull through, it could mean a huge boom with a significant price upshot for the cryptocurrency.
The talk in town is no longer about if a Bitcoin ETF will be approved, but rather when. That means that the approval is currently deemed imminent. However, the crypto market may have to wait a while longer for this to happen as it is unlikely to come into play in 2018. Predictions from various sources indicate that the approval may come sometime in 2019, terming the year as the more realist period for the expected development.
SEC To Review Verdict
Perhaps one of the more important factors that could affect this perception is the issue surrounding the US SEC’s decision to review its earlier verdict to reject ETF approval proposals by the Winklevoss twins. At the moment, the approval seems imminent, but it’s the timing that has some people concerned.
An ETF includes any kind of fund, be it mutual or hedge fund, that is traded within a listed exchange platform. With an ETF, most assets traded are regulated by CFTC or SEC. Currently, very few crypto assets are recognized by these two regulatory bodies. As such, any trading fund would need to list its shareholders as securities. Because of these regulatory challenges, SEC is still wary of approving their ETF proposals.
There Have Been Attempts
There have been noted attempts to get SEC to approve ETF applications, with the most noticeable being the recent proposals presented by the Winklevoss twins in March 2017 and July 2018. However, the two applications were turned down. More applications have followed, from various other parties, with varied revisions and details.
In August 5 2018, a report from the US Equity Research and written by Scott Suh andMichael Graham opined that the imminent approval of a Bitcoin ETF was at the top of the agenda for the majority of institutions seeking to breaking into the new digital asset class. They mentioned the application by SolidX /VanEck as one of the various applications awaiting verdict. Although some major industry players don’t really take a Bitcoin ETF as very necessary, there’s a general consensus that its approval would likely trigger a short-term event and it could well fuel a bullish run.
As for the proposal presented by VanEck/SolidX, the SEC review date has been set for September, and there’s a possibility that this date may be change. This makes 2019 the more realistic timeline for the review and possible approval of a Bitcoin ETF. However, the ball is now in SEC’s court, and the market can only anticipate.
Sunny Lu – founder of the 18th largest cryptocurrency by market capitalization which is attracting growth very speedy, added his comments on the future of the network during a live chat on Youtube.
The commentary started with a Mr. Lu praising the VeChain community highlighting out that it is one of the best and great examples of a crypto-community. He cited the extension of the X-node binding time window as one of the main actions the team took as a result of the community input.
Accordingly with Foundation’s reward pool that holds 15 bln VET tokens, when Thunder, Mjolnir and Strength Nodes are tracked for hand-out, the overview of the X Node will resume.
When it comes to the MainNet, Sunny Lu added that everything is going according to plan as approximately 90% of VEN turned to VET. Proportionally with this, he is very happy with the new Protocol – Multi Task Transactions and how it rolled out. It makes it possible to issue various transaction in one major one.
As the platform hit the above-100,000 trx mark, the blockchain is signaling that adoption is on its way for VeChainThor. However, even with that score they are still somewhere around 1.5 transaction per second, and they will need a lot more to compete with existing centralized payment options.
For the near term, the founder noted out the VeVID service that makes it possible for the user to verify their identity. On top of that a VeChainThor mobile wallet was mentioned. He confirmed that another partnership will be added to the current line-up of automotive companies that includes BMW and Renault.
– OceanEx and VeChain
As explained by John P. Njui in a previous EWN – VET post – OceanEx is an AI powered digital asset trading platform within the VeChainThor Ecosystem. The platform uses AI technologies to provide an actively protected and ultra-liquid cryptocurrency trading market, full-fledged quantitative trading capabilities, and a rich set investment tools and products to meet a wide spectrum of investment strategies from all types of investors.
The project is currently in the WhiteListing process for those who would like to participate in the VeChain Community Round. The minimum VET required to participate in the WhiteListing currently stands at 50,000 VET (Approximately $695 with VET valued at $0.016722).
The fifth largest coin by market capitalization is welcoming much gain after the roller-coaster pathway that the cryptocurrencies experienced the last days. Only behind MIOTA’s strong 15.00% increase in the last 24-hours, EOS has jumped upwards for 4.71% reaching above the major $5.00.
On the upside, a close above the $5.25 level and the 61.8% Fib retracement level of the last decline from the $5.65 high to $4.53 low is likely to push the price further higher. The next major resistance is near the $5.50 level, above which, the price may well test the last swing high at $5.65.
Experiencing various cases and knowing that the network is open for RAM exploit issue attacks, the team behind EOS commenced a solution to prevent it. By implementing lines of code, users that are targeting to reach this were able to steal RAM by installing worth noting amount of garbage into rows that are inserted in the name of the second account which is sending to the original account tokens.
It has been announced by the team that the solution to deviate the exploit works by sending the coins to a proxy which starting-off has no RAM available. This includes the first word of a memo which is the account that you want to complete the transfer.
EOS has retained its top spot in the latest ranking of public blockchain projects released by the Chinese government. This latest ranking is the fourth since the index debuted at the end of May 2018.
For the third month in a row, EOS has maintained its number one spot atop the ranking. The delegated proof-of-stake (DPoS) blockchain project edged out Ethereum after the first rankings were released to gain the top spot since June 2018. Apart from topping the charts, EOS also occupied the top place in Technology index.