n nn nn A new program to set up Lightning Network micropayments, tippin.me, has recently entered beta testing.The developer for this project described some of its details on a Reddit thread to the r/Bitcoin subreddit. The dev says that it allows you to receive tips micro-payments over the Lightning Network, anytime, anywhere, without needing a LN node, by means of a simple web custodial wallet. Upon signup, tippin.me gives you a personal tippin’ link to be shContinue Reading
While trustless interactions on Ethereum are native to the protocol, trustless interactions between the Ethereum blockchain and other blockchains are difficult to implement. Interoperability protocols heavily rely on atomic swaps, which typically come with a free option problem.
For this episode we’re joined by James Prestwich, CEO at Summa. Summa designs and implements cross-chain financial contracts and instruments such as swaps, options, futures, and auctions. Summa recently conducted a dutch auction spanning the Bitcoin and Ethereum blockchains: Ethereum NFTs were auctioned off trustlessly to bidders on the Bitcoin network. We also discuss Riemann, a framework for deploying transaction scripts to UTXO-based chains, as well as the advantages of the predictability of transactions in UTXO-based chains and how to bring some of those advantages to Ethereum smart contracts.
Topics discussed in this episode:
- James background in Japanese and how he became interested in blockchain
- James contributions to Bitcoin Script
- Summa’s recent cross-chain auction in which Ethereum NFTs were auctioned off to participants on the bitcoin network
- Riemann, a framework for deploying script based transactions to UTXO blockchains
- Atomic swaps leading to free options
- Advantages of transaction predictability in UTXO based chains
Links mentioned in this episode:
- Summa Website
- Cross-chain Auctions via Bitcoin Double Spends (article)
- Statesless SPV (article)
- Declarative Smart Contracts (article)
- Introducing Reimann (article)
- James Prestwich on Twitter
- Azure: Deploy enterprise-ready consortium blockchain networks that scale in just a few clicks
Support the show, consider donating:
- BTC: 1CD83r9EzFinDNWwmRW4ssgCbhsM5bxXwg (https://epicenter.tv/tipbtc)
- BCC: 1M4dvWxjL5N9WniNtatKtxW7RcGV73TQTd (http://epicenter.tv/tipbch)
- ETH: 0x8cdb49ca5103Ce06717C4daBBFD4857183f50935 (https://epicenter.tv/tipeth)
This episode is also available on :
Watch or listen, Epicenter is available wherever you get your podcasts.
Epicenter is hosted by Brian Fabian Crain, Sƒbastien Couture, Meher Roy & Sunny Aggarwal.Continue Reading
n nn nn nnnnnnnnnA common narrative in todays financial world is that cryptonholders are often unable to execute trades without paying large amounts ofncommissions and fees. Traditional markets are loaded with retail brokeragesnthat bet against their clients with artificially adjusted prices, spreads andnunrealistic fees.nnEnter Quantfury, an emerging enterprise thatsnon an ambitious quest to reshape this landscape for everyday cryptocurrencynholders and others whContinue Reading
Seven major crypto exchanges in South Korea have joined forces to create a sound cryptocurrency ecosystem. They have agreed on joint measures such as information sharing and real-time monitoring of abnormal transactions. Meanwhile, the Korean government is working on institutionalizing crypto exchanges.
Seven Crypto Exchanges Join Forces
A parliamentary policy debate on the subject of cryptocurrency exchanges was held on Monday in Seoul, according to local media. Representatives of seven major crypto exchanges in South Korea attended the event and signed an “Agreement for the creation of sound cryptocurrency ecosystem.” The exchanges are Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco. They aim to create “a healthy cryptocurrency ecosystem … to prevent crime and protect investors by creating a sound cryptocurrency ecosystem and preventing money laundering,” Sedaily elaborated.
Under their agreement, the exchanges will establish a consultation system for crime prevention and investor protection, implement real-time monitoring of abnormal transactions such as money laundering and voice phishing, strengthen customer identification, prevent illegal transactions, and introduce some restrictions on transactions with unverified customers.
It was pointed out at the forum that there is an urgent need for government-level regulation since self-regulatory measures are not legally binding, Business Watch reported, and quoted an industry official as saying:
With this agreement, exchanges can establish a close cooperation system and improve their image for investors, but in fact, there is no special penalty for failing to comply.
Regulations and Standards in the Works
Kwon Dae-young, head of the financial innovation bureau at the Financial Services Commission (FSC), explained that “Currently, the government’s position has not changed much since it was revealed last December or January this year.”
He further detailed, “We are trying to institutionalize” cryptocurrency exchanges, “but before we do, we have to answer the question of how to deal with the damage and tears of many virtual currency investors. We must see if any of the projects that can help the people in their daily lives have been presented. Trust and authenticity are important.”
Lee Seok-woo, president of Dunamu Inc. which operates cryptocurrency exchange Upbit, was at the meeting. He proposed a number of measures for cryptocurrency exchange regulation. His recommendations include minimum qualifications and standards, AML/KYC (anti-money laundering / know-your-customer) obligations, and an exchange registration system. Lee was quoted by Business Watch as saying:
If you [crypto exchange] cannot meet the standard after a six-month or one-year grace period, you should close it.
What do you think of these exchanges collaborating to create a sound crypto ecosystem? Let us know in the comments section below.
Images courtesy of Shutterstock and Sedaily.
Need to calculate your bitcoin holdings? Check our tools section.
The post 7 Major Exchanges in Korea Agree on Joint Measures appeared first on Bitcoin News.Continue Reading
Four Vermont state agencies have launched a blockchain working group to learn more about the technology and its impact on the economy.
The working group will comprise the Attorney General’s Office, the Department of Financial Regulation (DFR), the Secretary of State, and the Agency of Commerce and Community Development (ACCD), and will include industry experts among members. The group will purportedly begin its work in January 2019.
The group will purportedly address three core issues, including the opportunities, challenges, and concerns surrounding blockchain technology, the necessity of blockchain-specific regulation, and ways to protects customers who deploy the technology or are affected by it.
Attorney General Donovan stated that the group will enable state regulatory agencies to better understand blockchain and determine how to engage with “a technology that may represent a new business sector.” Donovan added:
“In an era of persistent data hacks, security breaches, and online activity, exploring new and innovative ways to protect our data is essential. And, we must strive to balance economic opportunity with consumer protection.”
Over the last year, administrations of other U.S. states have also established blockchain working groups. This summer, Connecticut governor Dannel Malloy signed SB 443 into law, which established a blockchain working group to study the technology. The body is also tasked with shaping a plan to “[foster] the expansion of the blockchain industry in the state.”
California’s AB 2658, a bill that calls for the establishment of a working group on blockchain technology, passed both houses of the state legislature in August, and was subsequently signed into law by the governor in late September. The bill defines blockchain as “a mathematically secured, chronological, and decentralized ledger or database.”
In March, the U.S. Federal Trade Commission (FTC) created a blockchain working group to identify and target fraudulent schemes which affect the FTC’s consumer protection and competition missions. The group intends to combine expertise and practices on one platform which will coordinate efforts in countering fraud in blockchain and cryptocurrency-related fields.Continue Reading
A common narrative in today’s financial world is that crypto
holders are often unable to execute trades without paying large amounts of
commissions and fees. Traditional markets are loaded with retail brokerages
that bet against their clients with artificially adjusted prices, spreads and
Enter Quantfury, an emerging enterprise that’s
on an ambitious quest to reshape this landscape for everyday cryptocurrency
holders and others who enjoy trading the markets. Founded in April 2017 with offices in Toronto
and Singapore, Quantfury offers a state-of-the-art trading app for both iOS and
Android that allows traders to utilize their cryptocurrency holdings to trade
equities, cryptocurrencies, fiat pairs and commodities, in fiat amounts.
Fueled by the smartphone revolution, cryptocurrency owners now
have the ability to trade both traditional financial instruments and
cryptocurrencies without commissions or other types of fees.
It’s here where the Quantfury trading app delivers an
exquisitely well-designed interface for both platform traders and token
holders, all in the palm of their hands, free of fees and through real market
prices. Crypto holders can register on the app within minutes, select and post
their crypto collateral amount and begin trading.
Through the use of the Quantfury app, all financial instruments
are quoted in real time, in their nominal currency and with best bid and ask
prices delivered directly from the global exchange.
App users get free, fair and transparent trading on both
traditional and cryptocurrency markets, including access to myriad sectors and
Cryptocurrencies are used to fund the collateral, giving users
the green light to commence trading on the app with fiat funds that are 20-times
collateral value and free of any leverage fees. All financial instruments are
quoted in real time, and favorable bid and ask prices are delivered directly
from the global exchanges, representing the best available spreads.
Over the span of 12 years, the company CEO Gregory Kim, who
holds a degree in economics from University College London has held top trading
positions in “Tier-1” financial institutions, most recently with Bank of
America Merrill Lynch.
“Quantfury was started by a group of traders, quants and machine
learning professionals who set out to change the exploitative retail trading
industry,” Kim said. “The goal was to make trading financial markets absolutely
transparent and fair, with zero commission or leverage fees for people
Kim also has a unique strategic direction for Quantfury.
“We are market-agnostic and focused entirely on our product,”
Kim explained. “Quantfury, we believe, is a perfect example of an off-chain
financial technology company using crypto to onboard users, as well as offer a
token model that’s an industry differentiator.
So why should a trader choose Quantfury versus other trading
“Every Quantfury user has the ability to trade with no
commissions, leverage fees or any other type of fees, which is unmatched in the
retail trading industry,” Kim explained. “Our users buy and sell equities,
cryptocurrencies, fiat pairs and commodities at the best bid and ask prices
delivered directly from global exchanges.”
Quantfury has received institutional funding from Invictus
Capital and the Hyperion Fund to fuel their ambitious project. Unlike many
blockchain and ICO projects, Quantfury offers a practical business application
of blockchain technology to deliver integrity and transparency at a time when
the future of trading is still finding its way.
“We are a fintech company leveraging blockchain and crypto,” Kim
said. “Our app is available globally for crypto holders and retail traders.
Note: Trading and
investing in digital assets is speculative and can be high risk. Based on the
shifting business and regulatory environment of such a new industry, this
content should not be considered as investment or legal advice.
This promoted article originally appeared on Bitcoin Magazine.Continue Reading
Despite the market slump, the head of а village council in Ukraine has managed to earn profit from a cryptocurrency investment he made on behalf of the residents of the Elizavetovka, Dnipropetrovsk region. Earlier this year, Maxim Golosnoy bought a small amount of cryptocurrency using his own savings and has recently distributed dividends to the villagers.
Everyone in Elizavetovka to Receive 100 Hryvnias
When Golosnoy announced the investment this past spring, he emphasized that he hadn’t used any budgetary funds for his “crypto experiment.” Ukrainian media reported the local official had spent some of his own money, around $500, to purchase the cryptocurrency. Golosnoy said he bought the digital coins for the people of Elizavetovka, stating that every adult resident owns a share.
During a recent town hall meeting, the villagers learned each one of them is now entitled to receive 100 hryvnias, Ukrainian outlet Segodnya reported. The dividend is worth only around $3.60 but no one really expected any revenue in the current market situation anyway. Golosnoy told them:
This was a cryptocurrency experiment. No budgetary funds have been spent and you still have the cryptocurrency. The funds you have just received are only dividends.
In May, Maxim Golosnoy reportedly purchased for the villagers some cardano, one of the coins recognized as means of payment in Elizavetovka, along with bitcoin core and ethereum. At the time, the price of the cryptocurrency was $0.14 per coin. A month and a half later, when its value reached 39 cents, he sold some of the coins to recover his initial capital investment.
Golosnoy did not go into details about his subsequent crypto deals. ADA is currently trading at around $0.03 after it fell from its all-time high of $1.15 per coin in January of this year.
Crypto Revenues to Be Spent for Road Repairs
The residents of Elizavetovka have decided to use part of the revenues from Golosnoy’s crypto investment to fix some potholes on the road that passes through their village. They have already collected 1,200 hryvnias, a little over $400, to finance the repair works scheduled to begin as soon as the snow melts away next spring, the local TV channel Ukraina reported.
Maxim Golosnoy admitted he plans to continue his cryptocurrency investment experiment. The chairman of the village council hopes he will able to distribute much higher dividends in the future. Golosnoy believes the payouts can reach 2,000 hryvnias next year. He also wants to obtain permission from the authorities in Kiev to invest some of Elizavetovka’s budget surplus in digital assets.
Cryptocurrencies are yet to be regulated in Ukraine. According to a recent report, the government intends to fully legalize them within the next three years. Three bills have been filed in Ukraine’s parliament since last fall, but very little progress has been made toward their adoption. In the last couple of months, Ukrainian lawmakers proposed two new drafts introducing tax breaks for organizations and individuals reporting income and profits from crypto-related transactions.
What do you think about the crypto investment initiative in Elizavetovka? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Facebook.
Need to calculate your bitcoin holdings? Check our tools section.
The post Ukrainian Village Distributes Dividends From Crypto Investment appeared first on Bitcoin News.Continue Reading