Two executives from Golem Factory are leaving the startup to head up a new non-profit R&D effort.
The crypto-verse’s market is getting even more unpredictable as on a daily basis there is one coin (mostly altcoins) that stands out tremendously compared to the others. In most cases when the bears are having the saying, the token values are not impacted that heavily by any team announcement, chain improvement news or partnerships taking place. However, this time VeChain (VET) just hit it right.
VeChain VET Price and Latest
The pair VET/USD is up for 10.50% in the last 24-hours reaching a 30-days highest of $0.01952. Accordingly, it is leading the BTC market with 9.69% while trading a volume of almost $40 mil in the last day. If the token price makes it above the $0.02000 mark it would opened gates and welcome even more bulls ensuring further gain for the upcoming days.
Sunny Lu – founder of the 17th 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. He confirmed that another partnership will be added to the current line-up of automotive companies that includes BMW and Renault.
PICC or People’s Insurance Company China – one of the leading insurance firm based in China has partnered up with VeChain – accordingly with Forbes post and VeChain’s announcement.
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.” – Sunny Lu
Additionally, vie the VeChain Foundation twitter page the team announced that MainNet v1.0.2 is released with various improvements and fixes.
VeChainThor mainnet v1.0.2 has been released. Key updates include new features, bug fixes and performance improvements. For more details, please visit https://t.co/vm6Zqa169W pic.twitter.com/rufoUTDSYT
— VeChain Foundation (@vechainofficial) September 3, 2018
A goodwill ambassador for the United Nations Industrial Development Organization (UNIDO) has been named as the head of crypto exchange Binance’s new charity foundation.
Announced today, the move puts Helen Hai – whose work is primarily focused on development in Africa – at the top of the Binance Charity Foundation, the philanthropic arm of one of the world’s largest exchanges by trade volume.
“Helen is a true believer in the Foundation’s mandate: Blockchain for social good. Blockchain can make charity transparent, hence using technology and innovation to support the UN’s Sustainable Development Goals,” the exchange said in a statement.
Hai is said to have led a charity effort on behalf of the foundation last month, which saw the collection of donations for East Africa’s jobs development programs.
The charity group is the latest affiliated organization that Binance has launched in recent weeks. Indeed, the foundation’s creation suggests that the company is putting its reported profits to work – according to Business Insider, Binance expects to bring in as much as $1 billion in profit over the course of 2018.
Binance is also looking to invest in the next wave of cryptocurrency and blockchain startups. It announced a $1 billion “Social Impact Fund” in early June, as CoinDesk previously reported.
“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry,” Ella Zhang, who leads the exchange’s incubator program, said at the time.
Image via Shutterstock
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The 9th largest cryptocurrency by market capitalization named IOTA [MIOTA], created by IOTA Foundation [nonprofit German-based organization], impacted the cryptoverse heavily with its debut in the top ten list of coin’s and giving birth to a new term of cryptos 3.0 in the community.
First things first, IOTA joined the crypto-world in 2015 with the work of David Sønstebø, Dominik Schiener, Dr. Serguei Popov and Sergey Ivancheglo who still are running the show in the most important parts of IOTA’s team.
Despite the fact that the concept and idea of blockchain in general is loved and much welcomed as it sums almost all up what the cryptocurrency ecosystem is made of – IOTA, like no-other, introduced a coin that is not utilizing blockchain tech to function.
It is designed to run on a network called Tangle by Dr. Serguei Popov, which brought to us a way to fix almost all existing issues that digital currencies of the first and second generation are facing. Various benefits are packed in the Tangle-package that has been delivered, like: very fast transactions, no limit to scaling, no-fees and secure data/info transfer.
Blockchain platforms like Bitcoin do demand transaction fees to push away those individuals that are using the network from spamming it. On such a network [like Bitcoin’s], fees/per transaction could go up to $0.50, which is very high for what mainstream utilization accordingly with widespread use would ask for.
IOTA brought its solution of being zero-fees for transaction. For the system to function properly, there is no need for miners to complete transactions as the network is planned in that way that every time a new transaction is issued, it is confirmed by the next one as the present one confirms two prior itself being requested. Accordingly, the system-network Tangle can handle infinite amount of transactions at zero-cost.
Partnership – Created specifically for machine economy, interactions and payments, MIOTA is IOTA’s main product as the system’s token currency. Soon to be supported by the Deutsche Bank – who added that IOTA runs under the future of world-economy. RBVC or The Robert Bosch Venture Capital has put down its first investment [and a major one] in distributed ledge technology – more precise in IOTA.
IOTA Foundation has entered into a business alliance with Schindler Group, at the same time it employed Michael Niles as its new Board of Director, and Andrew Greve, who is currently finishing his Ph.D. in Political Science at Rutgers University as its Online Community Liaison (OCL).
Based on information and news updates shared on twitter by IOTA’s Twitter site and Startup Autobahn posts, Porsche Digital Labs and IOTA will be working together on a project initiated by Startup Autobahn called Program 4.
Welcome to @StartupAutobahn Program 4 – yesterday we officially kicked off our fourth batch with 31 startups from the US, Canada, UK, Israel, Japan, Australia, France, Portugal, Netherlands, Belgium, Germany, Austria and Switzerland. Read more: https://t.co/8dqtGsU3T0 pic.twitter.com/VXQBk175uh
— STARTUP AUTOBAHN (@StartupAutobahn) March 23, 2018
IOTA – USD
Following the same path as almost all other leading coins, IOTA price is on the red zone against the US Dollar with a 5.35% drop in the last 24-hours. IOTA is currently traded on several major exchanges with the company planning on adding more in the future. For the time being, it is changing hands at Exrates, OKEx, Coinone, Bitfinex, Binance.
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Much of the growing interest in Bitcoin and other digital currencies has focused on getting and not giving. But flying under the radar is an exciting new trend toward leveraging cryptocurrencies for philanthropy.
Fundraising with Crypto
Over the last few years, a number of charities and foundations have been trialing Bitcoin donations. These include such well-known organizations as the Red Cross, Save the Children, United Way and the Electronic Frontier Foundation. Cryptocurrency donations to charity are clearly on the rise. Fidelity Charitable, which houses the nation’s largest donor-advised fund, received $69 mln in cryptocurrency donations in 2017, up from $7 mln received in 2015 and 2016 combined.
Beyond charity donations are many innovative platforms and projects happening in the emerging “crypto-philanthropy” space. These include crowdfunding platforms such as BitHope, which allows donors to make Bitcoin donations to selected charities for their fundraising campaigns. Besides, some new tools like GiveTrack and Alice can track the flow of donations from donor to a done openly, and to verify what charities have received and achieved, all on a Blockchain.
Beyond cryptocurrency donations and tracking, a number of social purposes digital coins have been created to support specific nonprofit programs and endeavors. Clean Water Coin, for example, was designed to raise money for the nonprofit charity and bring clean water to the families around the world. Pinkcoin, a philanthropy coin which allows investors to both donate to charity and to earn a return on their investment, is listed on major cryptocurrency exchanges and has performed well in comparison to other commercially traded digital currencies.
Another new arrival in the cryptocurrency for charity space is the “crypto-foundation.” One anonymous investor established a foundation to give away 5,057 Bitcoins. The motto of the donor’s charity, the Pineapple Fund, is: “Because once you have enough money, money doesn’t matter.” So far, through the anonymous outreach of an individual who goes by the moniker of “pine,” $56 mln has been donated to 56 hand-selected charities.
Further down the road, we may even see an autonomous and decentralized foundation or fund, under which grant and financial distributions are made purely through the votes of holders of foundation created tokens. Such a “Distributed Autonomous Foundation” would be governed by an external collective of shareholders with the right to direct donation flows and even produce and fund project ideas through majority token rule.
Blockchain-based systems could also help to improve the reputation of charities. According to recent studies, one in three Americans are said to lack faith in nonprofits, many believing that these institutions spend too much of their budgets on overhead and too little directly on programs. Reduced overhead spending due to improved operational efficiencies and disintermediation through Blockchain technologies (e.g., direct donor to beneficiary giving) could help restore faith in charitable giving among skeptical givers. This, in turn, could lead to increased philanthropic engagement and a rise in overall giving.
In the future more charities, and even foundations could produce their own cryptocurrencies, the sale of which may enable a new sustainability model. A charity token exchange developed exclusively for the buying and selling of them, may one day bolster a new market-based approach to philanthropy in which both philanthropists and charities make money from trading “digital currencies for good.” Nonprofits and foundations could also engage in fundraising through token mining.
Despite unlimited opportunities, there are many challenges ahead. Most prominent among them is the fact that digital currency donations and Blockchain anchored systems are still new and untested in the world of philanthropy, and there are limited awareness and interest among individual givers, charities, and foundations.
What the future holds
In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector.
As donations through Bitcoin and other digital currencies become more commonplace and acceptable and assuming the crypto market continues to flourish, crypto-philanthropy will indeed grow. There will also be more testing of smart contracts and Blockchain managed to give and to track which, if successful, could establish a new norm for transparency in philanthropy. Ultimately, as givers and beneficiaries interact more directly, we may see diminished roles for charities, aid agencies, and foundations - in some cases even the removal of these entities from the philanthropic equation.
On the flip side, if greater transparency in giving and impact does lead to increased confidence in charities, millions (or even billions) of dollars more could be generated for the social sector.
Regardless of which way the wind blows, it’s a brave new world just waiting to be explored by those wanting to give a little back.
The views and interpretations in this article are those of the author and do not necessarily represent the views of Cointelegraph.
Paul Lamb is the Principal of Man on A Mission Consulting and a former nonprofit executive and social entrepreneur. He has launched numerous nonprofit organizations and social enterprises and advised nonprofits, foundations, and companies on leveraging technology for social good. His business background includes positions as Director of Programs and Executive Director of the China Business Forum at the US-China Business Council in Washington, D.C., a business analyst and a marketing consultant for both U.S. and Asian firms.
Another cooperation has been declared with IOTA – the Berlin based cryptocurrency start-up at the Connected World conference with Volkswagen. The main reason running the movement is that the future of smart cars [connected] could be decentralized technology.
After the German-based Bosch, a multinational engineering and electronics company, reported that it is intending to adopt the IOTA for its autonomous cars project and its investment in the crypto-firm back in mid-December, Volkswagen has made its move to be part of the tech-world changing wave.
All started with the CDO of Volkswagen stepping in in Jan as he was chosen to be part of the supervisory board of IOTA-Foundation. Johann Jungwirth, has been Head of Digitalization Strategy of Volkswagen AG since November 1, 2015. Jungwirth was named Director, Mac Systems Engineering at Apple in Cupertino, CA (USA), in 2014. He was responsible for innovation in design and engineering in product development as well as hiring, growing and leading a multicultural research & development team and supporting the Special Projects Group.
Being part of the supervisory board concludes with Jungwirth taking action when it comes to the foundation’s annual roadmap and add his comment to the future of the cooperation between Volkswagen and IOTA.
During the Bosch Connected World Conference, the CDO described at what level the potential of free technology actually stands.
In contrast to conventional blockchain solutions, IOTA relies on a non-blocking tangle system, which is especially beneficial in the Internet of Things in combination with countless endpoints. The validation of transactions is done by the confirmation of other transfers. Thus, each transaction must first validate two more transactions in the IOTA network to be valid.
Which concludes the network to be very different and unique comparing to other platforms as it becomes more powerful the more subscribers are there. On top of that, the security of normal blockchain solutions is kept at stable healthy
— Stefan Ferber (@Stefferber) February 21, 2018
The explained network above allows transactions to be completed free while they are confirmed at a very short-period of time. The technology also works offline and promises quantum security.
Imagine every MaaS electric self-driving vehicle as entrepreneur with its own identity, wallet, autonomous pricing and payments for parking, charging, cleaning, maintenance, etc. I am a big believer in Distributed Ledger Technology and Decentralized Computing, esp. Tangle #IOTA https://t.co/wRLqAjo33S
— Johann Jungwirth (@JohannJungwirth) February 22, 2018
The much talked about New Connected Car systems could find a lot of use in practice of the IOTA platform as it can keep safe the distribution of OTA software updates. In addition, a use for MaaS solutions (Mobility-as-a-Service) is conceivable, as Jungwirth explained above.
Very worth mentioning – IOTA Foundation has teamed up together with Taipei city to deliver blockchain technology to its ID [identification] plans. Wei-bin Lee – Department of Information Technology commissioner, declared that on the project Digital Citizen Cards the city has created a team made of IOTA and Biilabs [local startup].
« We’ll be starting with related applications for Digital Citizen Card that can be used as a platform. We also seek to boost the authentication and integrity checks for municipality-to-municipality/institution-to-institution data exchange (such as medical records). »
These developments could just be the beginning of a very promising technology that has been given birth by the cryptocurrency-ecosystem that is slowly but strongly cementing its place in practical use.
IOTA Foundation is announcing and launching the IOTA Ecosystem after various negotiations that led to the creation of partnerships backing the network up. IOTA Ecosystem – represents a place that initiatives, startups and developers in a global-scale range will be working with the target of the decentralized future.
With giants like Volkswagen adding its CDO Johann Jungwirth and BOSCH stepping in the scene with Dr. Hongquan Jiang being added in the board of supervisory and advisors of IOTA Foundation, the network continued to grow which would be a support on numerous struggles like legal and technical.
On the other side, Dominik Schiener – Co-Founder of IOTA, continued meeting with Fujitsu’s team to look into the potential of machine to machine and industry 4.0
The multi-million dollar fund – The Ecosystem Development Fund
The project was planned out and run by a a few members of the IOTA community that had the idea of making the fund real that could hold the back of various sides and efforts while creating the Ecosystem.
The fund managed to gather donations from many community members raising an amount of 20 TIOTA (equal to ~$200,000 USD at that time) which is now estimated to worth tens of millions of dollars and thus have great potential to empower the Ecosystem in the future.
“While we have many details still to work out, we are beginning to close in on a framework which will define the IOTA Ecosystem and the EDF going forward. Because the IOTA community is at the center of this initiative we wanted to share some of our thinking now to allow the broader IOTA community the opportunity to provide thoughts, suggestions, and insights.”
Relying on the development fund, the Foundation can continue to specify different projects which will be supported that the community believes that do have great impact on IOTA’s road.
The real purpose behind the EDF is to bring together practitioners, developers, hobbyists, and enthusiasts in order to build IOTA applications into all aspects of the economy including the for-profit, not-for-profit, academic, and governmental sectors.
Having various [while being many] old and new members adding their part in IOTA’s rise, the team feels like the project would come to be just natural having a place that all can exchange ideas, work together and so on:
“The EDF’s role will be to support any and all work which contributes to the Ecosystem. The IOTA Ecosystem is too broad a community to be limited in its focus and so the EDF will be agnostic to both industry and geography. Support will be given to all aspects of the IOTA Ecosystem including, but not limited to, education, awareness, public utilities, proof-of-concepts, pilots, philanthropy and development. The EDF does not aim to pick winners and losers, but rather foster an open and collaborative environment where work can be shared and improved upon. Through a reputation system, the community will be responsible for evaluating the quality of the contributions and determining the trustworthiness of the Ecosystem’s community members.”
What it makes even more interesting is the fact that anyone can be part of the Ecosystem while having conceptual thoughts, ideas or further IOTA development to give out. Everything will be examined and discussed by the Foundation and if approved, the EDF will support a possible project and/or solution for the IOTA Ecosystem. The ones that would try hard and set-mind for helping the network and ecosystem will be given a fund as an award to continue working on the development.
Taipei city has included The IOTA Foundation in its project and team as support for reaching the ideal smart city goals.
The target is to add IOTA’s network structure [the ledger technology] for which it is known – Tangle, for a way to find what are open doors for meeting the Smart City Living Lab needs through various projects.
First on the to-do list would be the creation of digital citizen cards with the TangleID integrated in as a safety against any interference with the goal of causing damage. The reason would be first and foremost to make citizens feel at ease so they do not have to worry about any Identity fraud or theft during voting or while providing background medical record info.
“With Taipei City always thinking ahead and with IOTA’s technology, this partnership is a strategic move to usher in the era of smart cities to the citizens of Taipei,” said Wei-bin Lee, Commissioner of the Department of Information Technology in the Taipei City Government, in a press release.
A project that is currently underway is Airbox. As a joint effort by Edimax, Realtek, Asus, and Academia Sinica, LASS and Taipei City, they are creating palm-sized air sensors that detect temperature, humidity, light, and pollution.
The detectors will be located on 150 elementary schools and citizens home, which upon launching will gather air quality information and make it available to be seen online – reaching the level of one of the most detailed environmental sensor network in a global scale.
End of last year [around Nov] it was stated out that companies like Bosch, Microsoft, Tine, Accenture, Fujitsu and PwC have joined the IOTA Foundation’s data marketplace. It is a new project that is targeting to form a trading-ground for companies to purchase or sell data from IoT-connected devices and sensors.
The data which is collected through the Airbox project is going to be put on the Tangle system for receiving payments in IOTA – the development will be made possible with BiiLabs. The data which is gathered with the help IOTA’s technology will be on real-time air pollution and used by all the PM2.5 stations in the state.
The Co-Founder of BiiLabs – Lman Chu, stated that the project which has brought together BiiLabs, Taipei City and IOTA has enormous potential and exciting to work with:
“There is enormous potential for other opportunities with IOTA’s DLT for the Internet of Things, as well as Smart Cities.”
IOTA is considered as a new generation of cryptos that go beyond blockchain. The Deutsche Bank that is the German global Banking and financial services company on its report about the potential of blockchain has mentioned that the doubtful point in blockchain technology has been solved by IOTA for overcoming fees and scaling issues.