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Blockchain Project’s Big Ideas Include Bike That Can Mine Crypto as You Cycle

An open source and decentralized blockchain says it is reducing barriers to entry for newcomers so “everyone can enjoy the benefits and security of crypto.”

A blockchain-based platform says it is the first that puts all users and ecosystem participants on an equal level, and has set out its vision for how its platform will develop in the coming months and years.

Transcendence describes its blockchain as open source and decentralized, and says it offers full compatibility with existing systems such as AmiCloud, an internet-based file storage and file sharing facility, and the indieGO app store.

The company says it wants its platform to offer an open marketplace for developers and artists, giving content creators a way to interact through a decentralized messaging service that provides an option for private communication.

Wallets for Telos Coin, Transcendence’s native cryptocurrency, are being made available through eight operating systems. As well as Windows, iOS, Mac, Android and Linux, support is being offered for those who use AmigaOS, AROS and morphOS.

Through the online web wallet for Telos, the company says that users no longer need to store their private keys or use an offline wallet – adding that transactions can be completed quickly and easily. Further, users have the opportunity to receive payments for the services they offer, with merchants able to integrate the TelosPay system into their website if they so wish.

“Fully fledged infrastructure”

In a video explaining its offering to consumers, Transcendence said its Telos Coin is based on a fork of PIVX technology. The clip adds: “Low energy consumption in comparison to other Proof of Work coins means Telos Coin offers an extremely low cost entry point, which means there is a significantly reduced barrier to entry for users. Everyone can now enjoy the benefits and security of blockchain technology and cryptocurrency.”

The project says that its infrastructure is fully fledged and based on a “decentralized and democratic peer-to-peer model.” Transcendence believes that, in practice, this means that no single entity has the capability of causing its network to stop working – and resultantly, this means funds remain safe and secure at all times.

One of the main services offered by the project is a dashboard where users can send and receive coins, check their balance, and monitor current exchange rates for Telos in one place. The team behind Transcendence says that creating a well-designed and user-friendly dashboard has been a priority.

The next phases

In its white paper, Transcendence has also set out a series of projects where users will be able to use Telos Coin as payment. Among them is ProfitCycle, a concept which enables crypto enthusiasts to earn the currency as they ride their bike in everyday life. An app serves as a wallet, navigation system and community hub – directing the user to places where they can spend their crypto. Power banks are used to power the technology behind the ProfitCycle, and also enable the cyclist to keep their cell phone charged while they are on the move. When the product launches, customers will have the option of purchasing a kit to adapt their existing bike, or buy a completely new one that is furnished with the technology.

Meanwhile, CryptoMages is a trading card game which is set to launch on the Transcendence blockchain. As well as monthly online contests and a global ranking system, the project has plans to release physical decks for the cards which players could use to store Telos Coin in the real world.

Transcendence is the brainchild of Pascal Papara, and Telos Coin has already been listed on five exchanges – including Graviex, SouthXchange and BiteBTC.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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North Korean Hackers Unleash Mac Malware On Crypto Exchanges

It seems that the only thing on the rise in the crypto industry at the moment is malware, not prices. Cyber security researchers have recently revealed more crypto-centric malware emerging from North Korea.

According to a detailed summary by Russian computer security firm Kaspersky, North Korean hacker group Lazarus has been highly active in recent months. The cyber criminals have “successfully compromised several banks and infiltrated a number of global cryptocurrency exchanges and fintech companies,” according to the report.

The malware, named ‘AppleJeus’, was inadvertently downloaded by an employee of an unnamed crypto exchange. The security researchers claim to have made the unexpected discovery while investigating the attack by the group on the exchange. It revealed the victim had been attacked by a trojan crypto trading application recommended to the company via email.

After downloading the malicious software the victim’s computer was infected by Fallchill malware which Lazarus had previously used. Kaspersky went on to state that it was the first time the group had deployed malware for other operating systems;

“To ensure that the OS platform was not an obstacle to infecting targets, it seems the attackers went the extra mile and developed malware for other platforms, including for macOS. A version for Linux is apparently coming soon, according to the website. It’s probably the first time we see this APT group using malware for macOS.”

The payload came via a convincing but fake website as the group strives to reach new levels of sophistication. The actual Trojan arrived as an update to the trading app which is a further attempt to mask its presence. The Celas Trade Pro software from Celas Limited showed no signs of malicious behavior and looked genuine according to the research.

In addition to the Mac version was a Windows version of the spurious trading program in a downloadable file called celastradepro_win_installer_1.00.00.msi. Once installed the Updater.exe module will deliver the payload which is designed to steal cryptocurrency.

Kaspersky continued with a lengthy breakdown of how the malware operates and what they have discovered about the bogus company. In reference to Lazarus it added “Recent investigation shows how aggressive the group is and how its strategies may evolve in the future.” South Korean exchanges have been the target of Lazarus before with a number of reports of attacks earlier this year.

Crypto markets may be in decline but attempts to steal digital assets by hacker groups are definitely taking the opposite trend.

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