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FATF Review Highlights Cryptocurrency Exchanges’ Struggle to Meet AML Standards

In June 2019, the Financial Action Task Force (FATF) presented its revised set of standards for digital asset service providers. The document states anti-money laundering and terrorism (AML / CFT) requirements for regulated VASPs, VASP is the term that mainly refers to cryptocurrency trading platforms, These standards must eventually be implemented in your daily operations. The guidelines are framed as recommendations, and the FATF leaves in the hands of the governments of the participating nations developing its own regulations in accordance with the suggested principles.

The watchdog has also established a 12-month review period to monitor the progress of the public and private sectors in implementing the standards. Following the expiration of the review period in June 2020, the FATF developed a report which sums up the value of a year of legislative and compliance work. Here’s how both the FATF and industry participants assess the current state of international standardization against money laundering in regards to digital assets.

The organism perspective

The report indicates that 35 of the 54 countries surveyed have implemented standards on digital assets within their national legislation, while another 19 have not yet. The FATF admits that implementation was not always smooth for both the public and private sectors. However, the group maintains that it has not identified any major issues that could justify a change to the requirements.

The organization said that would keep a close eye on digital assets and announced another 12-month review of the standards implementation.

A particularly enlightening discussion on the FATF decision-making took place last week on the Dedicated Online Financial Integrity Network (DOLFIN) platform. He webinar had four former heads of the US delegation to the FATF, whose holdings offered an informed perspective on how the organization approaches risk management for virtual assets and stablecoins.

Jennifer Fowler, currently director in the office of Brunswick Group in Washington DC, who served as Vice President of the FATF between 2017 and 2018, said that continuous risk assessment is at the core of the control group’s approach to digital assets.

A troubling trend that Fowler mentioned is that lately the organization has noticed an increase in the number of professional money launderers who turn to cryptocurrencies, especially in the context of the coronavirus pandemic. Fowler mentioned that another potential threat that the FATF is watching closely These are peer-to-peer transactions, the growth of which may make the group’s traditional approach to regulating intermediaries (such as VASPs) somewhat obsolete.

Chip Poncy, currently executive of the compliance team K2 End, led by the United States delegation in the Financial Action Task Force from 2010 to 2013, He spoke about the paradigm of open versus closed circuits in assessing the risks posed by new financial instruments. An open loop system is one that is connected to the traditional financial system, while a closed loop system is self-sufficient.

New financial instruments that create open-loop systems can be regulated at the points that link them to the fiduciary realm (for example, VASPs), while closed-loop agreements have limited interest to the policy community. However, when a closed loop system expands to a considerable size, it can create its own hazards. Thus, Poncy observed, that the GAFI is monitoring the scale of adoption of digital assets.

Without taking your foot off the gas

For VASP representatives and industry insiders, the FATF report had some surprises. Elsa Madrolle, international general manager of cryptocurrency wallet and security startup CoolBitX, told Cointelegraph that the continuation of the 12-month review process was widely expected until June 2021, as the FATF generally stayed in close contact with the industry throughout the year, conducting regular updates to the contact group.

Naturally, service providers welcomed the one-year extension of the review. Under the initial deadline, it has been virtually impossible for market participants to ensure compliance with one of the core components of the standard package, known as the Travel Rule. They hold thatFor transactions exceeding USD 1,000, exchanges must pass on the details about the identity of both the originator and the beneficiary of the funds.

Sumit Gupta, CEO of Indian Cryptocurrency Exchange CoinDCX, stated to Cointelegraph:

“The FATF has committed to conducting a second review in June 2021, indicating that it is reaffirming its stance towards sustainable regulation of the cryptocurrency industry at a pace appropriate to the development of the global cryptocurrency market. We do not see this as an extension of the deadline for VASPs to take their foot off the gas, but rather as a buffer period for the industry to move towards full implementation of the Travel Rule next year. “

Compatibility issues

Others, however, They noted the downsides of the FATF approach. One of the main apples of contention has been that the watchdog’s recommendations are not particularly conducive to the creation of a coherent cross-border regulatory environment. Besides that, the standards may be incompatible with some of the existing regulatory frameworks.

Terry Culver, CEO of Digital Finance Group, commented to Cointelegraph:

“One difficulty is that implementation will face significant challenges from the other conflicting regulations for AML and data protection. For example, FinCen’s travel rule distinguishes US regulation from other jurisdictions. Another example is that the EU determined that mass transfer of personal data to the United States is not allowed under the GDPR. “

Nathan Catania, partner of global digital asset policy and regulatory advisor to, XReg Consulting, He also opined:

“It is clear that there is no unified approach to AML / CFT regulation of VA and VASP, the approaches taken from one jurisdiction to another can vary drastically. This makes it very difficult for crypto companies to navigate what I have called a global regulatory minefield. VASPs will need to be very careful about the customers they target, as they may fall into the scope of regulatory regimes elsewhere. “

To illustrate his point, Catania presented an example of a hypothetical VASP registered in Gibraltar and aimed at Australian clients, who would have to comply with the AML regulations of both jurisdictions.

Too wide or too narrow scope?

Dr. Omri Ross, Blockchain Chief Scientist at Digital Asset Trading Platform, eToro, disagreed with one of the principles of the FATF guidance, which states that digital assets they must be held to the same level of scrutiny as any other asset class. He commented:

“While I sympathize with the reasoning behind these recommendations, my concern is that the application of general standards for supervision and monitoring could stifle technological innovation. However, if these technologies were encouraged, they could in fact introduce much greater transparency into international money flows ”.

By contrast, Manuel Rensink, strategy director of the fintech firm Securrency, highlighted the limited scope of the FATF Travel Rule. Rensink told Cointelegraph:

“An expansion of the Travel Rule should also extend to: transactions in asset-backed digital assets, including digital securities and all stablecoins; P2P transactions as well as automated smart contract transactions based on attributes such as size and volume of the transaction; DEXs, smart contract operators and protocol operators (DeFi) should also be considered VASPs. “

The race for compliance with the Travel Rules

One thing all the experts in the cryptocurrency industry seem to agree on is that currently cryptocurrency exchanges are not technically prepared to comply with the Travel Rule. Culver of Digital Finance Group commented on this matter: “The regulator is ahead of the crypto sector in this area, a nice change of pace.”

At the same time, Blockchain technology clearly holds great promise as a foundation for innovative compliance tools, and pioneering work is already underway in that department. Cointelegraph has already reported on efforts like BitGo’s cryptocurrency wallet API and the partnership between CoolBitX and Elliptic specifically addressing the Travel Rule challenge.

Omri ross of eToro commented:

“Early findings from academic studies, law enforcement and business research indicate that the level of complexity and sophistication that can be achieved using blockchain technologies for KYT is far superior to existing solutions currently used in the financial sector.” .

Manuel Rensink of Securrency, spoke in the same vein, adding that Artificial intelligence (AI) and machine learning reporting tools can be applied to blockchain transactions to enable regulators to much more effectively monitor all transactions within their respective jurisdictions.

This formidable potential will likely translate into a diverse set of solutions at the end of the day. As pointed out Elsa Madrolle from CoolBitX, “It appears that the market believes that there will not be a global ‘one size fits all’ solution that can satisfy the regulations of all jurisdictions while working for all VASPs.” In this situation, the question of interoperability occupies the leading role.

A breakthrough on this front came in early May, when an industry-wide working group on interVASP Messaging Standards (JWG) released a solution designed to allow the systems of various service providers to communicate with each other. As more digital asset service providers join this initiative, It seems perfectly achievable to see the major crypto exchanges comply with the Travel Rule by June 2021.

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Bitcoin price faces its last resistance zone before $ 15,000

The price of Bitcoin (BTC) faces its last resistance zone before the bull market catches fire. However, Will this resistance zone be broken in a single attempt? The graphs suggest that the area between The $ 11,600 and $ 12,000 is a crucial level to overcome if the price of BTC is to continue to climb.

As the price of Bitcoin was unable to break through that resistance zone, there was a small drop from $ 11,900 to $ 11,350 on Friday, after which BTC has managed to recoup most of the losses since then.

Daily performance of the cryptocurrency market

Daily performance of the cryptocurrency market. Source: Coin360

Bitcoin faces resistance between $ 11,800 and $ 12,000

The BTC / USD pair is still struggling in the resistance zone between $ 11,800 and $ 12,000. Unfortunately, there is still no break, while silver and gold have recently shown more strength.

One-day chart for the BTC / USD pair

One-day chart for the BTC / USD pair. Source: TradingView

The graph shows that there is a clear resistance zone between $ 11,800 and $ 12,000. This is a significant level, as it is the final untested level before Bitcoin enters the open air.

If there is a breakout in this resistance zone, the price of Bitcoin can easily reach the levels between $ 15,000 and $ 16,000. Such a move would only increase the FOMO, or fear of missing out, in the markets.

However, such a move is unlikely at present, especially given the recent breakout of $ 10,000.

In other wordsAs the price of Bitcoin turned vertical from $ 9,500 to $ 12,000, a break above this resistance becomes somewhat less likely as there is no accumulation. If an asset wants to break through such significant resistance, generally test the level several times before breaking it.

For example, the consolidation period (similar to the months after the recent Bitcoin halving) resulted in the strength and momentum that eventually pushed the BTC / USD pair above $ 10,000. However, a break above the resistance zone between $ 11,800 and 12,000 is not entirely out of the question.

Smaller time frames held the $ 11,400 level and faced resistance

Like the price of Bitcoin fell from $ 11,900 to $ 11,400 last Friday, The previous resistance zone at $ 11,400 was confirmed as a support level. This test is called change from support to resistance and it is something very common in all markets.

2-hour chart for the BTC / USD pair

2-hour chart for the BTC / USD pair. Source:TradingView

The chart above shows clear levels of resistance and support. Hardiness zones can be found between USD 11,775 and USD 11,850, and the next between USD 11,925 and USD 12,100. The latter is the last hurdle before the continuation to $ 15,000 can occur.

The green zone is a crucial support zone, between USD 11,300 and USD 11,400, which, as mentioned, it was tested just before this weekend.

Either way, volatility will kick in once the price of Bitcoin breaks through either zone. If the price of Bitcoin through hardiness zones, the continuation is likely to approach the USD 15,000. However, if the opposite happens and the price of Bitcoin falls at $ 11,300, a drop towards $ 10,700 will be the next level to test.

Total cryptocurrency market capitalization faces resistance at $ 350 billion

1-hour chart of total cryptocurrency market capitalization

1-hour chart of the total cryptocurrency market capitalization. Source: TradingView

The total capitalization of the cryptocurrency market faces significant resistance, that converges with the resistance of Bitcoin, with $ 350 billion being the last major hurdle before a 30% move toward $ 500 billion can occur.

The graph also shows that the total market capitalization it continues to trade above the 100-day and 200-day moving averages (MA), a crucial signal for bull markets. If the market capitalization moves above these MAs, the market will be in bullish territory and declines should be viewed as buying opportunities.

Essentially, the previous resistance zone at $ 290 billion is the crucial level to hold. As long as the total cryptocurrency market capitalization remains above $ 290 billion, further momentum is likely.

The bullish scenario for Bitcoin

1-day chart for the bullish scenario of the BTC / USD pair

1-day chart for the bullish scenario of the BTC / USD pair. Source: TradingView

Exceeding $ 12,000 would consolidate the bullish scenario. If the resistance zone finally breaks, $ 15,000 will become a very likely target for the bulls.

However, A clear break through the $ 12,000 area can only be confirmed with a change from support to resistance. This would suggest that buyers are stepping in as they the old resistance becomes the new support.

The bearish scenario for Bitcoin

1-day chart for the bearish scenario of the BTC / USD pair

1-day chart for the bearish scenario of the BTC / USD pair. Source: TradingView

The bearish scenario means that $ 12,000 was not broken. If the resistance continues to act as such, it is very likely to occur a renewed rank structure in the coming weeks.

Another argument can be found in the currency markets. The recent breakout of Bitcoin came as the EUR / USD pair broke higher from 1.14 to 1.19. This breakout led to a drop in the USD against other currencies, which essentially triggered the massive breakouts in the prices of Bitcoin, gold and silver.

If the EUR / USD starts to correct from 1.19 to lower numbers, the USD will be strengthening. Such a rally will likely trigger a new corrective move in the cryptocurrency and commodity markets, leading to the scenario described above.

A limited range period would not be a bad thing for the markets, however, since altcoins have continued their good performance in these times. If the price of Bitcoin begins to correct, the focus could shift back to altcoins.

The views and opinions expressed here are solely those of the Author and do not necessarily reflect the views of Cointelegraph. Every investment and commercial movement involves risks, you must carry out your own research when making a decision.

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Russia is poised to create a new regime for tokenized securities

Russian lawmakers passed the nation’s first crypto law after discuss the regulation of cryptocurrencies over the past five years. The bill, titled “On digital financial assets”, it has had dozens of versions that have varied greatly from one another.

The version that was discussed last year did not have the identification of any digital currency at all. Another bill presented this year proposed Jail sentences for buying large amounts of cryptocurrency with cash and large fines for smaller amounts.

While the current version mentions digital currencies, it will not send Russian traders to a decentralized gulag. Basically restricts the purchase of goods and the payment of services with cryptocurrencies, while the issuance and trading of digital currencies will be regulated by separate laws to be discussed in the future.

The reason for this is that the long-awaited “crypto regulation” is not about cryptocurrencies at all.

Digital financial assets are equivalent to security tokens

Under the new law, digital financial assets, or DFAs, represent digital rights, including monetary claims, the ability to exercise rights to issueable securities, the right to participate in the capital of a non-public corporation, and the right to demand the transfer of issuable securities.

In a broad sense, this means that DFAs are tokenized securities. Basically the new Russian law regulates the issuance, circulation and supply of tokenized assets.

DFAs can be purchased with fiat money (Russian rubles and foreign currencies) and other DFAs. Also, in the secondary market, can be exchanged for useful digital assets. But they can’t be bought with cryptocurrencies, I mean “digital currencies”. That is the name they have chosen for cryptocurrencies.

Some major currencies may have problems in Russia

Thus, there is a long and exhaustive definition of digital currencies in law. However, there is a fundamental principle that I would like to consider:

“The digital currency is a set of electronic data (digital code) contained in the information system […] regarding which there is no obligated person for each owner of said electronic data ”.

This significant feature could cause uncertainty for some of the top 20 cryptocurrencies defined as digital currencies under the new Russian law. It could affect token holders of Tether (USDT), TrueUSD (TUSD) or XRP, since the issuers of all these tokens have some obligations. This would have a negative effect, since Russian residents will not be able to trade what qualifies as digital currency.

There is no room for startups

If you thought that the new regulation It would spark a new wave of Russian startups for the issuance and commercialization of DFA, you thought wrong. The DFA can only be issued on licensed broadcast platforms that operate in full compliance with the incredibly strict regulations of the country.

To obtain the necessary license, a company must build an incredibly complicated structure what includes: internal control services, risk management services, etc.

This structure is similar to the one that professional capital market participants already have. In addition, like all activities in this sector will be regulated by the Bank of Russia, it can be thought that this entire structure was designed for large financial institutions that already operate within the market.

The role of startups in the market will probably be limited to user platforms, those who are willing to raise capital for their businesses. But here’s a major hurdle: Because the DFA infrastructure is quite closed, and arguably quite isolated, it will be incredibly difficult to attract foreign investors.

Out of that, there are various technical requirements that broadcast platforms must have, including the perform the Know Your Customer (KYC) check, and the power to freeze or confiscate assets if the authorities so decide. However, there are no blockchain requirements for issuance platforms. Basically, platforms can be built without the need for blockchain technology.

Utility tokens and asset-backed tokens

Thus, You cannot use digital currencies as a payment method and there is still no regulation for cryptocurrencies within the new law. But last year, Russian lawmakers they promulgated the call “Crowdfunding law”, which enables the issuance of utility digital assets (read: utility tokens). These tokens can grant rights to receive goods and services. Additionally, there is a place for asset-backed tokens within this same law, so there could be any action by Russian companies in this area in the not too distant future.

Utility digital assets were also mentioned in the DFA. It allows licensed DFA platforms to issue and work with such assets, and they can even be combined and traded with DFAs.

Will it be possible to work in this market?

Yes, the current framework will allow the issuance of assets, but the main question is: why? Well I don’t have the exact answer right now but there are some use cases.

There is a great opportunity to offer tokenized bonds, which are currently only available for qualified investors, to a wider audience, but it is a solution suitable only for the biggest players in the market. It could have been a great regulated fixed income instrument for cryptocurrency investors, but for now, there are no DFA investments with crypto.

Another is the capital / value in tokens that will allow investors to participate in profit sharing. Although also sIt will be more suitable for the largest players in the market. How can I judge right now the new crowdfunding regime will be much more suitable for small and medium-sized companies or startups. Maybe even possible mix it up with tokenization.

Right now, there are many unclear problems with this law. It’s ironic that with all this time spent creating regulation on cryptocurrencies, there is no such regulation. However, Russian lawmakers managed to create a clear approach to the regulation of tokenized securities.

Not ideal, and some parts of the law desperately need more work, while others are very strange, even mysterious. But there is still hope that, in time, there will be a new market.

The likely scenario is that someone starts working in this market and helps regulators change their mind on some things in the law. But right now, crypto projects that might have started to work in Russia they will continue to function as they did before: in an unregulated manner or simply outside of Russia. Furthermore, all players on the Russian market will have to wait and see how “digital currencies” will be regulated in the future and what the Bank of Russia will come up with.

Points of view, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Artem Tolkachev is the founder and CEO of Tokenomica. For more than six years, Artem has been a leader on key blockchain and tokenization opinion in the CIS region. Since 2011, he is a lawyer and entrepreneur in intellectual property and computer science. In 2016, Artem founded and led the Deloitte CIS Blockchain Lab. As part of that initiative, he led a variety of innovative projects involving the implementation of enterprise blockchain solutions, the tokenization of real-world assets, the legal and tax structuring of offerings. of security tokens, the development of cryptocurrencies and blockchain legislation.

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Grupo Avintia joins Alastria to acquire Blockchain technology as a key tool in the sector

The Avintia Group announced that it joined Alastria, a multisectoral consortium that fosters the digital economy through the promotion of blockchain technology. A decision that ratifies, according to the company, its “commitment and commitment” to innovation and digital transformation in the construction-real estate sector. This was supported by the company through a Press release.

The president of the Avintia Group, Antonio Martín Jiménez, said during the statement that:

“The blockchain has already changed the way of doing business around the world and the construction sector cannot stay out of this evolution, it has to stand out in terms of growth and innovation, as well as in the implementation of these technologies.”

In construction, the contracting of the different tasks that are carried out in a work can be made more efficient, through an automatic process that manages the assignments of the work to the different parties.

In Spain, Alastria, which brings together more than 500 companies from different sectors, has set up a blockchain platform to develop applications in this technology. The first objective is to create a digital identity model, enabling an adequate mechanism of knowledge of the people, organizations and things, users of the network, which facilitates the establishment of relationships with full legal effectiveness between the different entities.

However, digital identity on blockchain will make it easier for a customer to share their data from a trusted source, such as a notary, to perform operations that are now face-to-face, with a “click”.

However, the full development of this technology will take longer because regulatory and institutional changes will be necessary between the different stakeholders, on the one hand, intermediaries, registrars and notaries and, on the other hand, the public administration.

Alastria and Grupo Avintia take one more step towards digital transformation

However, By joining Alastria, the Avintia Group is once again leading the transformation of the sector. The company thus joins this multi-sector consortium, one of the largest in the world in terms of partners and diversity, with more than 560 participants representing up to 21 sectors of activity, from 11 European countries.

Alastria is shown as an association open to all types of companies and organizations, with the mission of reaching all sectors and contributing to the creation of an innovation ecosystem as diverse as possible.

Likewise, Alastria promotes its own innovation methodology that anticipates the needs of society, in this case in relation to the use of products and services based on decentralized technologies. In fact, the association’s operating model is dynamic, evolving in a spiral to mobilize and energize its partners, who transform themselves and use technology in a shared way.

In this sense, Martín Jiménez especially highlighted the strategic approach with which Alastria evolves and its commitment to value sharing. In his opinion, “the new era of construction passes through collaboration and a commitment to excellence”. “For this reason, we share the vision of promoting and consolidating a multisectoral ecosystem promoted by its partners, which allows to capitalize on knowledge by promoting cross-sector interaction between different sectors and at an international level”, he considered.

The statement also detailed that, for Montse Guardia, general director of Alastria, the adhesion of Grupo Avintia comes to add knowledge and experience to the Alastria ecosystem, fundamentally in the real estate sector that brings together a significant number of companies linked to the real estate and construction sectors that are committed to innovation and the development of technology-based solutions, in particular blockchain.

“Blockchain is already an available tool that provides very beneficial use cases for the real estate and construction sector, with applications that can range from its use in real estate operations, the traceability of materials, in processes for the management of works and in general give more transparency over the entire value chain and streamline communication with customers. This technology generates new business models that are beneficial to all. We appreciate the adherence of the Avintia Group, which definitely brings us closer to achieving the common goal of developing an effective framework for the sector and its customers ”, Montse Guardia pointed out.

Innovation at Grupo Avintia

Regarding the Avintia Group, in less than a decade it has positioned itself as one of the most active industrial groups in the construction and real estate sector, maintaining its position as one of the main integrated companies in the world of construction solutions, to the time it has expanded its activity towards real estate management, services and the energy field. A benchmark whose differentiation is based on the quality, adaptability and innovation of its solutions and processes.

The diversification of the company has made it possible to cover and control the entire value chain of the construction-real estate and energy cycle, from the selection and capture of land, to real estate management and energy promotion, through the feasibility study, development and construction of projects, after-sales and maintenance, becoming a benchmark in the sector.

What does the blockchain bring to the real estate and construction sector?

Blockchain technology allows the data that is transmitted to be unalterable, decentralized and traceable thanks to its way of sharing information. In addition, it uses smart and automatic contracts subject to fixed conditions.

The use of blockchain technology in the real estate sector impacts the entire value chain: from land valuation, to the design, construction and marketing of each home.

The intermediaries stand aside. Buyers and sellers will connect through 2P2 platforms and the tokens will allow the purchase of fractions of the houses and the maintenance of the properties will be carried out through smart contracts connected to the devices. The digitization of the blockchain allows creating value-added services that improve the customer experience through a digitization process.

Blockchain technology in the real estate and construction sector could eliminate numerous processes, as well as intermediaries, facilitating access to the necessary information that any of these fields merits. In addition, it will reduce transaction costs and task execution times and provide greater information transparency and security, leaving fraud in the background. Looking at the future of real estate and construction is talking about blockchain, a technology that will become necessary throughout the sector.

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Trinidad and Tobago celebrates its 2020 elections with proposals towards a “Technological Revolution” by its aspirants to the government

The leaders of the different political parties that this coming Monday, August 10, will dispute the general elections in Trinidad and Tobago, They jointly support the idea of ​​aggravating the “Digital Economic Revolution” in that country, based on the use of disruptive technologies such as the blockchain, “Blockchain, Artificial Intelligence (AI), the internet of things, among others. The Caribbean country will hold its electoral elections to choose between 150 candidates from 19 political parties to the new administration that will govern the country for the next five years.

Trinidad and Tobago is a country of about 1.3 million inhabitants, located in the extreme south of the Antilles that defines itself as a parliamentary republic and, like the rest of the world, does not escape technologically evolving, that is why that different political parties have worked on a project that points to the technological globalization of this small Caribbean country.

For the elections of this August 10, there are 19 parties that promise to implement in their government management in the next five years 2020-2025 (if they are victorious at the polls), technological projects based on new technologies. However, not all of them are broad in scope when it comes to this topic.

Digital Society

The (PNM) National People’s Movement has as its premise “Create a digital society”, and is one of the parties that spearheads the implementation of new technologies in its government program.

Under the premise “Digital Society”, the PNM proposes a society, where easy access to the internet, fast connectivity, a conducive digital environment and optimal data storage is, therefore, the basis for the creation of a Trinity and Tobago completely digital.

Among the proposals of this political party stands out in the first place, the development and improvement of broadband and cloud infrastructure, as well as the creation of a digital database to provide the technological environment required by the entire population, especially educational institutions.

Motivated by the chaos that Covid-19 has generated, they have highlighted that technology, the digitization of public and private services and a cashless economy will also facilitate the growth and diversification of the economy, so that in this way the most vulnerable groups can access online services or even carry out basic activities, in the new normal of social distancing.

Digital Economy

Another of the technological contributions proposed by the PNM, is the creation of a “Ministry of Technology and Digital Registry” to create a digital economy based on three basic principles: access, data and trust, thus guaranteeing transparency, security and responsibility in the use of data. It also brings to the fore, the creation of a digital public service through an e-government ecosystem, where as far as possible all government services will be presented online, creating a technological and innovative culture in public officials, in order to improve the public customer experience.

To improve the commercial performance and competitiveness of Trinidad and Tobago, they have two proposals: a national program of Electronic Single Window (SEW): TTBizLink, and the Automated Building System DevelopTT.

The first demonstrates a secure and easy-to-use IT platform that eliminates lines for manual form collection and completion and reduces overall processing time and the second addresses the shortcomings of the current manual building permitting process, through a easy to use online system. This G2C / G2B platform facilitates the construction approval process, minimizing the time to receive planning and construction permits and improving records and data management.

Trinidad and Tobago Technological Culture

The PNM government will involve influential people from the community who are knowledgeable about technology, to promote especially among young people the digital transformation, creating links and digital community portals, it will also use ICT to improve service delivery, accessibility and citizen participation . It will accelerate the implementation of systems that support online learning, remote work and work from home both public and private and electronic commerce.

The parliamentarians are betting on one of the benefits of an integrated digital infrastructure that provides financial solutions that facilitate cashless transactions, for commercial services, for which they will implement the postal order and the necessary electronic money policy, executing strategies such as: updating and proclamation of the Data Protection Law, the development of a national cybersecurity framework policy, the use of Fintech and mobile money solutions, the updating and operation of the government’s cloud policy, among others.

Electronic Identity

PNM will develop a single national electronic identity for all citizens and residents and it will focus the immediate digitization of government services such as passport, motor vehicle registration and driver’s license, licenses, business registration, among others.

It will also develop a national digital database to support all sectors of the economy, laying the foundations for a more technologically integrated society.

Within this broad government proposal, the constituents are committed to the participation of young people in particular in technological transformation. The PNM will empower, link, support, finance and accelerate access to financing, training and equipment for digitization, providing tax credits to assist, finance, incentivize and facilitate entrepreneurs who create jobs in the technology industry with software development that allow the country to align itself in technological convergence.

In this same vein, the UNC (United National Congress) party also raises a technological proposal, which promises a significant and important advance towards the technological revolution of the Caribbean country.

Among its most outstanding proposals is the creation of a “Digital Innovation Park ”, in Seville, Central Trinidad, according to members assert, that this imposing digital park, It will be an attraction for entrepreneurs and companies in the country and abroad, allowing the creation of a group of export companies in selected areas of technological innovation, such as, Agricultural Innovation, Health Technology, Payment Processing, Software Development, Fintech and Call Centers.

The parliamentarians of this political tendency, propose to create a National electronic payments platform to allow the government to digitally reward citizens. The UNC agrees with the position of the National People’s Movement party (PNM), by proposing a unique National Digital Identification program, to allow the entire population to access the different government services, as well as the creation of a national fund of capital to finance, entrepreneurs and companies that encourage technology in the country.

Among other things, UNC will provide incentives to attract technology research centers such as Microsoft, Google, IBM, Facebook and Amazon, to establish innovative platforms within the Digital Innovation Park, which will generate a significant contribution for Software developers and experts from IT of the region.

The government raises in its proposal, allocate 1% of the country’s GDP, to technological research and development with funds destined to UTT, who will place special emphasis on the Internet of Things, Artificial Intelligence (AI), Robotics, and the blockchain “Blockchain”, in turn NIHERST will carry out an exercise of review to determine which Best Best Digital technology has high growth and revenue potential to expand adoption and use for specific industries.

In another area, there is the party “Trinidad Humanity Campaign”, Which proposes to implement digital identification so that citizens can guarantee the payment of taxes and bring together those people who are unemployed and in a vulnerable situation to be able to provide the assistance they require. The PEP Progressive Empowerment Party is also in the same order, which expresses its desire to implement the development of First World in Trinidad and Tobago, with the establishment of online transactions and ATMs to facilitate payments and decentralization of the services.

The Technological Lag

Today’s world economy is a digital economy, the convergence between devices, applications, networks and Internet-based platforms have experienced exponential growth in recent years, becoming a determining factor of economic growth and competitiveness.

Blockchain is an incipient technology, which is increasingly empowering the economic market, in its essence, it represents a fundamental change from a centralized database system to a decentralized and distributed one. The potentialities of blockchain technology are applicable to the universe of Cryptocurrencies. Several applications have already been created, are under development or are being evaluated, including in the government area, such as the registry of assets, citizen identity, supply chains, medical records, among others.

The Caribbean countries have a low scope of coverage in the infrastructure that supports technological development, which is why the future rulers of the Caribbean country have based part of their government project on a digital economy based on disruptive technologies that contribute to Trinidad and Tobago the technological development necessary to break into the technology market.

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Zcash, NEM and DASH top this week’s top cryptocurrencies

During the week of August 1 to 7, the cryptocurrency market continues to grow. Similar to the movements of the previous week, the increases observed in the vast majority of altcoins exceed 23%.

The price of bitcoin continues to grow in these seven days, with a average increase of almost 2%. The value ranged between $ 11,300 and $ 11,700, according to Live Coin Watch statistics, reaching $ 12,000 on August 2. Market analyst Willy Woo stated his belief that we are in “the beginning of the main phase of the bull market”. In his opinion, the jump to $ 11,000 started this bullish phase.

Ether also continues to grow with a weekly advance topping 9%. The price started to rise on August 2, when it hits a high of $ 412. ETH monthly growth is estimated at 58%. In parallel, the statistics of the commercial traffic of the DEX in Ethereum during July had an increase of 184%, compared to the USD 1,520 million traded in June.

Other relevant cryptocurrencies on the market are falling. Ethereum classic loses 7%, and litecoin is down 2%. For its part, Ripple’s XRP grows around 13% and is once again in the weekly top.

The five most appreciated cryptocurrencies this week They are led by Zcash (ZEC), NEM (XEM) and DASH. It is followed by GRIN and Ripple’s XRP.


Zcash Launches update that addresses the Development Fund proposal

Of according to the information posted on the Electric blog Coin Company (ECC), company behind the development of Zcash, this August 5 update was released 3.1.0 on the testnet. This version includes code preparations for the fourth update of the network, identified as Canopy.

The trial version includes improvements such as proposal ZIP214, through which new consensus rules are implemented for the Development Fund of Zcash. The creation of this fund is currently reason for debate in the community. The price by ZEC started to rise from August 2 until reaching USD 100 on day 6.

Meanwhile, the cryptocurrency registry a growth of 23%. It is estimated that Canopy is activated on the main network at block 1046400 (November 2020). At the time of writing, ZEC’s market capitalization is $ 93.two million and daily trade of USD 315 millions.

crypto week behavior
The Zcash protocol 3.1.0 trial version prepares the network for the Canopy update. Source: Live Coin Watch

NEM’s cryptocurrency is traded on the BitFlyer brokerage house

According to a message published on the NEM Twitter account, from this August 6 the cryptocurrency XEM is available for exchange in the Japanese brokerage BitFlyer. The announcement coincided with a significant increase in the price of XEM, which peaked at $ 0.065 on the same day.

The value of XEM has been rising since that date. Average growth was almost 18% for the week. Meanwhile, the NEM Trading team believes that with the inclusion of cryptocurrency in BitFlyer there will be a greater momentum and growth of the community, both in Japan and other Asian countries.

NEM too offered information to users on the use of XEM to make reservations and pay for tourist services of the company Travala. To date, XEM’s market capitalization is around $ 561 million, with a daily trade volume of $ 18 million.

crypto nem behavior
NEM’s cryptocurrency is used to pay for tourist services in Travala. Source: Live Coin Watch

Dash adjusts miners’ reward and launches VISA card in Mexico

Thanks to the signing of a commercial agreement between Dash and the Tauros platform, Mexican bitcoin users can now exchange their cryptocurrencies for pesos, recharge a Visa debit card and make purchases at any establishment with a point of sale.

The information was released on August 4, while the price of DASH registered an advance on that date, when it began a rise that took its value to a peak of $ 104 on August 6. Cryptocurrency had average growth weekly 15%.

Additionally, this week Dash Core Group decided to adjust the reward for miners and masternodes, as a strategy to produce a positive impact of the price. The Dash community also donated computing power to support the initiative from Folding @ home scientists researching therapies to treat coronavirus. DASH’s market cap ends the week at $ 908 million, with daily trade of $ 229 million.

The Dash community donated computing power for research on coronavirus therapies. Source: Live Coin Watch

Grin privacy protocol is implemented on the Nervos network

This August 6 Grin’s plans announced to support the implementation of the Mimblewimble protocol in the Nervos blockchain ecosystem. In this way, the users of this platform they will be able to make private transactions using the native token CKB.

As part of this event, the value of GRIN peaked at $ 0.555 on August 6. The development plan for incorporating Mimblewimble into Nervos is divided into three phases: design of the scheme, technical specifications and implementation. These stages will have a minimum duration of 7 to 8 months, according to a publication on Medium.

He GRIN’s average growth was just over 14%. Grin and Nervos developers will also explore interoperability between the two networks. At the time of this writing, the market capitalization of the cryptocurrency is $ 25.5 million, while the daily trade volume is $ 5.6 million.

The implementation of the Mimblewimble privacy protocol on Nervos will run in three phases. Source: Live Coin Watch

Grayscale XRP Mutual Fund Sales Increase

On July 31, the cryptocurrency fund management firm, Grayscale, announced on Twitter significant growth of its investment products through cryptocurrency funds. It points out that XRP purchases went from $ 3.1 million to $ 6.2 million in recent weeks.

Grayscale’s increased investment comes shortly after several posts and comments from the Ripple community indicate that XRP is one of the cryptocurrencies that will be accepted in the VISA payment system. Prior to that, the financial technology platform Nium, a partner of Ripple, had signed an agreement with Visa. Meanwhile, the price of XRP began a gradual ascent which brought its value to $ 0.322 on August 2. During the week, its price increased by 13%.

Another novelty is the launch of the new Ripple payments API, which allows more merchants to accept XRP. This week Ripple’s quarterly report was also released, according to which XRP sales increased 1,700% in the second quarter of 2020. As of this date, the market capitalization of XRP is USD 12.967 million. The trading volume in 24 hours has been 785 million dollars.

ripple crypto system VISA
XRP has been included in the VISA payment system, along with bitcoin and ether. Source: Live Coin Watch

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technology as the stage for international conflicts, July 31 to August 7

Every Friday, Law Decoded offers an analysis of the critical stories of the week in the fields of politics, regulation and law.

Editor’s note

The trade war between the United States and China continues with its blatant effect on technology. In response to concerns about where the data from TikTok and WeChat, President Trump Shipping twin executive orders than prohibited both applications last night.

This new action is different, for example, from the expulsion of Huawei. Huawei’s hardware is tied to the international supply chain and military networks, which is a much more obvious security risk. TikTok and WeChat are consumer apps, focusing more on posting viral dance videos than top-secret intelligence.

More obviously salacious is the possibility that Microsoft ends up buying TikTok at what might generously be called the wholesale price, as long as it pays the government what it could cynically be called its share of forcing out one of its competitors.

Social media has been a crucial political arena for a long time, even before previous attacks by the administration on local social media such as Facebook and Twitter. Regarding TikTok and WeChat, your data collection practices are really a cause for concern, but these executive orders are not interpreted as good faith efforts for the protection of citizens.

Usually, we are witnessing how technology becomes a place for nations to clash, it would not be the first time, but the big hitters of the 21st century technology have until recently presented themselves as more utopian and international. Something that Gene Roddenberry would have thought. Which is a view that still reigns in conversations about, say, Bitcoin. But as various government agencies strive to incorporate blockchain technology, and while the Space Force steals the Federation logo, it is an open question how all this will play out.

Blockchain analysis led Twitter hacker in 16 days

Using blockchain analysis and documents from the Know Your Coinbase client, the FBI was able to track down three suspects in the July 15 attack on Twitter, leading to their arrests on July 31.

Many in the crypto industry saw the Bitcoin blockchain allow police to track down suspected perpetrators and make their arrests incredibly fast. a change that cash would have done something very unlikely.

Something very funny, is that hearings to reduce Graham Ivan Clark’s $ 725,000 bond were sabotaged by an aggressive Zoombombing campaign which replaced many of the virtual audience screens with pornography.

Somewhat less funny, the prime suspect, 17-year-old Clark, He faces 30 charges and up to 200 years in prison for the attack, which generated $ 117,000 in Bitcoin.

For comparison, Jonathan Mattingly, Myles Cosgrove, and Brett Hankison shot and murdered Breonna Taylor in her bed on March 13. All three are still at large.

“CryptoMom” will remain as SEC Commissioner

After cursory confirmation hearings before the Senate this week, Hester Peirce will remain as a commissioner of the Securities and Exchange Commission (SEC) until 2025.

Known to Cointelegraph readers as “CryptoMom” due to its long-term interest in protecting the industry, Pierce is behind a proposed safe harbor policy that would protect the new blockchain networks that are in transition from centralized to decentralized formats.

Recently, Peirce publicly objected to the SEC’s attack on Telegram’s TON, one of the most famous legal disputes on whether a blockchain network and its native tokens were independent from the team behind their initial launch.

Peirce initially joined as a commissioner in 2018, filling a position that had been vacant since late 2015 for a term that was supposed to formally end last June. Caroline Crenshaw, A longtime SEC attorney, she will complete the list of the five commissioners.

The Blockchain Caucus continues to pressure the IRS

In a recent letter, Four congressmen asked the IRS to reconsider plans to tax staking rewards as income.

This letter is in a sense a political ping “from my last email” after a similar request in December for clarity from the IRS on taxing specific crypto space events like hard forks and airdrops. Both letters have signatories to the Congressional Blockchain Caucus, as well as representation of Fintech Action Group.

For connoisseurs of cryptocurrencies, hard forks and staking are worlds apart. Keep in mind the overall mission of the Blockchain Caucus. Although its members have introduced legislation that pushes for greater use of blockchain technology in a wide range of fields, the caucus itself does not have the status of a subcommittee and therefore does not formally consider new laws. Most of the Blockchain Caucus’s work at the moment it belongs to the category referring to education.

In the corridors of power “politeness” often results in persistent annoyance in the message. The IRS has been slow to respond to cryptocurrencies with consistent guidance, although it has worked to expand its capacity to track transactions and demand more money. Actually it’s just Through outlets like the Blockchain Caucus that the IRS has some incentive to give the cryptocurrency industry a voice.

Further reading

In an opinion piece for the Financial Times, Tom braithwaite break ties between the Chinese and American tech sectors and the inability to completely separate the two.

For Electronic Frontier Foundation, Adam schwartz warns about privacy risks of the proposed California bill to require blockchain-backed certification of COVID-19 testing.

Manatt’s attorneys, Phelps & Phillips they write about the limits of recent authorizations for United States federal banks to guard cryptocurrencies.

Keep reading:

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4 options to buy bitcoin with PayPal (2020)

Key facts:
  • The alternatives allow you to trade between pairs, operate from a broker or obtain loans.

  • Buying bitcoin with PayPal has its risks, but these platforms take it into account.

This article contains referral links. Know more.

Not surprisingly, PayPal account users are considering buy bitcoin. Both, as payment systems, have been consolidating their respective positions in the world. There may be those who consider them rivals, but it is increasingly evident that there are many people who prefer to use, for their own benefit, the advantages that each one offers.

PayPal is a reputable and secure payment method. The North American payment processor is among the systems that dominate electronic commerce in Spain and is one of the most popular in Latin America.

Bitcoin, for its part, is a digital money system that allows to safeguard and send value to and from anywhere in the world without the need for intermediaries, that unique characteristic that has given it a space in the world of finance.

Each one has its utility: Do you need to pay someone for something you bought in an online store? PayPal will help you thanks to its wide adoption Do you want to transfer funds to your friend who is on the other side of the world? bitcoin will solve it quickly. But if what you are thinking about is a currency with which you can preserve value, then you can use PayPal to buy bitcoin. You acquire a currency that will only be under your dominance and that will probably appreciate over time.

Also, if you are a freelance worker, a trader or an entrepreneur, it will be useful to know what are the alternatives that exist to acquire the most popular cryptocurrency. Take into account that you can use this formula to have fiat money, wherever you are or when you need to transfer funds to any part of the world. Bitcoin helps you solve it.

Using PayPal to buy bitcoin also offers other advantages such as, for example, entering the world of cryptocurrencies, trading, obtaining loans or investing. Next we will walk through details of this exchange operation and then show the platforms where to exchange PayPal balance for Bitcoin.

Is it safe to exchange bitcoin through PayPal?

PayPal is a company that takes extreme security measures to prevent its use for illegal purposes. However, there are some elements to consider when buying bitcoin through the payment processor.

To keep fraud at bay, the company pays special attention to customer complaints. This means that, theoretically, someone can exchange bitcoin with PayPal, receive the BTC, and then issue a claim stating that they never received it. PayPal has no way of checking if that is true or not. And since credit companies normally support the plaintiff, they are very likely to return the funds, which would leave the malicious party with the BTCs and the money they previously paid for them. Due to this loophole, most platforms do not allow the purchase of bitcoins with PayPal.

To mitigate the risks that exist in any transaction in which value is exchanged, be sure to be thorough when it comes to review the reputation of the people you choose to trade with in the peer exchange markets, as well as reviewing the reputation of the platforms you select to operate.

While it is true that buying bitcoin with PayPal has its risks, it is also true that it is something that the platforms that we mention in this article take into account when requesting extra information and confirmations for these operations.

What do you have to take into account to exchange bitcoin using PayPal?

When exchanging bitcoin with PayPal you must take into account the system commissions. It is necessary to add the commission corresponding to the transfer so that the seller receives what was agreed. The percentage of PayPal fees is fixed and rarely does it vary. Generally, the fee is 5.4% of the total amount of the operation, plus a fixed fee of USD 0.30. That means that the amount to be paid in commissions will vary according to the amount of money that is transferred as part of the operation. Check more about the commissions here.

In addition to these commissions established by PayPal you must also take into account the commissions of the platform you select to obtain bitcoin. It also considers the commissions of bitcoin transactions, which, although they are not usually high, depend on network congestion.

Is it required to go through an identity verification process to buy bitcoin with PayPal?

Both PayPal and cryptocurrency exchanges require a data registration and verification process. Their systems require their users to be identified to respond to regulatory regulations. They ask for verification of accounts and KYC procedures (Know Your Customer), in Spanish know your client), which implies a ID document with photo or proof of residence.

Most platforms that require identification will allow you to simply tie up a PayPal account, as soon as you go through the verification services process.

Should I take into account the currency in which my PayPal account is?

Yes indeed, it is a key point when exchanging bitcoin with PayPal. Each payment processor account has a base currency, whether in dollars, euros, pesos, soles or others. Most of the platforms reviewed by CryptoNews for this article use US dollars (USD) to buy and sell bitcoin, so you must make sure you have dollars available to operate in them.

When making the operation, PayPal will automatically apply the corresponding exchange rates from the local currency of each user to the destination currency in the operation. To know the exact amount you are paying, choose to have PayPal process the currency conversion and find out immediately the amount of the operation in your local currency. To do this, click on “Other conversion options” on the summary page of your transaction.

Platforms to exchange bitcoin with PayPal for Latin America and Spain


Foundation: 2012 in Finland

Regulation: Finland.

Commission: Buying and selling bitcoin is free. Only users who create ads are charged a 1% commission for each completed trade.

LocalBitcoins, is a cryptocurrency exchange platform that works as an open market in which users can buy and sell bitcoin, person to person, with the platform serving as a trusted third party. Only trade with bitcoin. It uses an escrow system that allows transfers to take place once the funds are received into the seller’s account. It has a good reputation and at the same time allows you to view the reputation of each user. It supports almost all local currencies and offers technical support to its users.

To buy bitcoin with PayPal through this platform you must register, it requires a basic AML-KYC verification. Then log in to your account and press the “exchanges” tab. This will give them access to the ‘find an offer’ and ‘create an offer’ tabs. In the find a deal section, you can simply search for people who sell bitcoin and accept PayPal payments. If you plan to sell, you should go to the section of creating an offer accepting PayPal as a form of payment.

Try LocalBitcoins


Foundation: 2015 at Old Capitol Trail, Wilmington, Delaware.

Regulated: Estonia

Commission: It does not charge a purchase commission. Only sellers must pay a 1% commission per transaction.

Paxful is a platform for peer-to-peer cryptocurrency trading, it allows its users to publish offers for the purchase and sale of crypto assets indicating PayPal as a payment method. The service is available globally. Use a trust system where each user who makes a transaction will leave their comment about the transparency with which the negotiation was made. The platform is simple to operate and offers technical support to its users.

The first thing you should do is register and verify your payment method, then you can log in to search for your first transaction, purchase or sale. Doing so specifies that you want to pay or that you accept PayPal to sell. You will see that a list appears with the main offers available for purchase or sale. Once the person with whom you want to negotiate has been contacted, the transferred BTC will be held by the platform until the payment is made by PayPal. Once this is done the funds will be released.

Try Paxful


Foundation: 2007

Regulated: Cyprus

Commission: Charge a 0.75% spread for Bitcoin. Overnight commissions are also paid.

eToro is one of the largest social trading brokers in the world. Its trading platform is designed to search, follow, comment and copy the operations of other experienced traders. Although you cannot buy bitcoin directly with PayPal on eToro, you have the possibility to fund your account using this payment processor and then trade with those funds

The eToro platform is easy to use for both experienced and beginners alike. A help center is available. To start operating on this platform, you must open an account through the registration page. It requires verification with KYC (Know Your Customer or know your client). When looking at the screen with the word “deposit”, you must select the “PayPal” option and complete with the requested information.

When using the payment processor the minimum deposit is $ 200 as you will see in red. By choosing PayPal as your payment method, your deposit should appear almost instantly. Navigate to the eToro trading interface and filter for cryptocurrencies: filter for “crypto-currencies”. Besides Bitcoin you can also buy Ethereum, Ripple, IOTA, and others. Select the cryptocurrency you want to buy and you should see the corresponding price table. Click on “Trade” in the upper right corner and you can now choose the quantity you want to buy. Finish the process by clicking on “Open the trade”.

Try eToro

XCoins Foundation:

2016 Regulated:

United States Financial Crime Control Network (FinCEN). Commission:

2.9% + USD 0.30 / 5% of the loan amount.

XCoins is a peer-to-peer lending platform for the bitcoin market. Allows you to connect lenders and borrowers of BTC. The website interface is simple and easy to navigate. Offer customer service to raise any issues or concerns.

Through this platform, users have the option of obtaining bitcoin and using it to make loans to others. By depositing money in the system, other users can take loans and carry out operations on their own with that collateral. By lending bitcoin we can take a commission as interest, as if we were a bank lending money. On the contrary, we can also go to the system and borrow an amount of bitcoin that later we will have to return with the corresponding commission or interest.

To operate in XCoin you must have an account. To open it click on “Get Bitcoin Now”, then define the desired amount in USD or BTC. Then select PayPal as your payment method. The value of the purchase will appear immediately in your account when you have become a user of the site.

You can buy between USD 10 and USD 1,000. To lend bitcoin, go to the “end Bitcoin” menu. Determine the dollar amount you want to loan and your interest rate. For loans, the site accepts a minimum of USD 20 and a maximum of USD 1,000. Wait until the site finds a borrower for you or buyers choose you, it is possible to make a refund of your purchase in the future. In this case, the platform will simply retain the fees.

Try XCoins

Crypto assets are volatile instruments whose prices can fluctuate widely in a very short time and are therefore not appropriate for all investors. Trading crypto assets through contracts for difference (CFDs) is not regulated and therefore not supervised by any EU regulatory framework. Your capital is at risk.

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“We believe more in cooperation than in competition”

Tomas Groos is a co-founder of Crypto Rocket and CEO of Crypto Resources. He is one of the minds behind an arduous work to disseminate decentralized technologies in Latin America. Cointelegraph in Spanish spoke with him, in Argentina, to learn about his vision on Bitcoin and cryptocurrencies, among other topics.

Fernando Quirós (FQ) What potential do you see for Bitcoin in the future?

Tomás Groos (TG): Bitcoin has all the tools to become the cryptocurrency of value safeguard. Today it is considered digital gold. It was the first use case of an open Blockchain and there are still many projects learning from it. Despite being a “hard” currency due to the complexity of making changes to its algorithm, Bitcoin is constantly evolving due to our ability to adapt it to our daily lives. It is definitely a tool that is shaping our future.

FQ: And if we talk about stablecoins, what potential do they have?

TG: I believe that they are and will be the intermediate step between the use of FIAT currency and decentralized cryptocurrencies. Before stablecoins existed, one traded “stable” fiat money for volatile cryptocurrencies. With the arrival of these stablecoins, the ease and tranquility to enter the ecosystem increased and this had an impact on adoption, which grew exponentially. I believe that eventually stablecoins will migrate to decentralized projects and those that do not have the potential to be government issued currencies (like CBDCs) will be running on the Blockchain.

CF What other cryptocurrencies do you think have characteristics worth highlighting?

TG: I believe that in order to succeed in this ecosystem, a project cannot lack two things: a decentralized vision, that is, that they pursue a north in which decision-making is not in a few, and a solid base in their security. One of the projects I collaborate with is DECRED. This originated from developers who collaborated with the Bitcoin network and who were looking for the possibility of making changes in the algorithm so that they would allow a more dynamic evolution of the project, but that in turn did not lose the essence of decentralized decision making . That is why they set up a governance system that today governs DECRED, in which coin holders can vote for changes in the network. It is also interesting for its double security system with PoW and PoS.

FQ: How do you see the crypto market in Latin America? And in Argentina?

TG: Argentina is a cubed case of what is happening in the region. My financial background is not the best, however what we Argentines live day by day with the devaluation of the peso is abusive. That is why we look for alternatives to avoid the depreciation of our effort and one of those havens are cryptocurrencies. And even more so today, stablecoins. I think that people’s interest in these restrictions-free alternatives is just beginning to be noticed and that is why the Argentine government has already put the magnifying glass on who is transacting with them, without collaborating with a regulation that promotes their use, rather hindering the ability to this technology.

FQ: Can cryptocurrencies be an alternative for people who are not banked?

TG: I think that the problem of bankarization is more a social problem than a technological one. Although crypto opens the doors to the financial world to anyone who has a Smartphone and an internet connection, this is not a guarantee that this person can be banked. It is necessary to have a very strong educational structure, both in the use and in the awareness of technology. We can do nothing with the best tool if we do not know how to use it. On the other hand, I consider that it is a very strong alternative due to the immense work that they are doing in the user experience of wallets and exchanges to shorten this learning curve.

FQ: What do you think of the regulatory attempts?

TG: Whenever you talk about regulations in crypto it means that the state is giving it the necessary importance to put its hands on it. This translates into a victory on one side and a concern on the other. The actions of government entities are very important to achieve full adoption of cryptocurrencies. It will be up to each government to embrace and empower itself with this technology or to reject it and continue with traditional models. It is necessary that there is a “legalization”, or let’s call it an official recognition of the use of cryptocurrencies, as long as the measures applied do not impact its essence and benefits.

FQ: Is more general financial education needed in the general population?

TG: Yes, definitely. Argentines know from bad experiences what concepts like inflation and devaluation mean, but we lack financial knowledge. We only think of the dollar, believing it to be a safe investment. The day it ceases to be, we will have to migrate to another lifeguard, perhaps Bitcoin is.

FQ: What is Crypto Resources and what services do they offer?

TG: Crypto Resources is a Spanish-language cryptocurrency academy based in Buenos Aires, Argentina. We offer free, quality educational content through introductory talks and webinars. And we offer paid content through online and face-to-face courses, with exclusive teachers for topics such as Cryptocurrency Trading, DeFi, Legal and tax, or to further understand the technology behind Bitcoin. We also offer private consulting spaces or In-Company training for those companies that want to train their staff.

All this can be translated into that we are a tool to enhance the knowledge of those who want to learn about Bitcoin and Blockchain.

FQ: What would you highlight of what has been achieved with Crypto Resources so far?

TG: Crypto Resources was founded in early 2019. During its beginnings, we knew how to engage with those who are seeking to learn about this new technology, listening to them and learning from their needs. From that We create valuable content, expanding our wonderful internal team and making alliances with renowned projects, and even other academies in the field. We believe in cooperation more than competition and that is one of the pillars that drives our growth. The year 2020 and the quarantine were a great opportunity to renew ourselves and we knew how to take advantage of it.

FQ: You talked about cooperation. What is your vision about collaboration between companies?

TG: I believe that those of us who work in this ecosystem have a very particular perspective of cooperation between companies and It makes me very happy to see collaborative values ​​prevail over competitive ones. At the end of the day, we all seek the same thing and the results end up impacting our students and clients. Working in this area is one of the most rewarding challenges I have and I think there is still much to create.

So far this year, it was very positive to expand the knowledge base of future users and developers of Blockchain projects, so the path continues to be shaped more and more sharply for this technology.

It may interest you:

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Bitcoin price on the rise, United States printing money like never before and much more

Bitcoin! Now it turns out that our new support is not 10K, but 11.4K. And I think it’s great! The stimuli have been our sponsor. Even though there is a lot of ungrateful people out there complaining, the rain of money has been a blessing for this space. Wall Street and Crypto are together in this flying banknote party. And you have to celebrate, while it lasts. This will not be for life. And the honeymoon will eventually end. However, if we calm down and keep our greed in check, we may start to build a solid bottom for future hikes.

Now, let’s talk about the most widely read crypto news of the week.

Indeed, after the publication of this crypto news, the price of Bitcoin managed to settle above $ 11,400, breaking a very important resistance. The 10K’s are getting further and further away and that’s the real good news in all of this. Time and distance solidify the supports. And I think the most important thing here is to never go below 10k again. In the past, we have managed to exceed 10k, but for a long time. So every day we pass over this legendary resistance is a great triumph.

We always focus on the highs. And of course the highs are exciting. But the lows and averages are more important. The maximums are exceptional events that only last a few days, but the averages are more relevant in our day to day. The lows, like the highs, are also exceptional events, but in the case of ever higher lows, the positive signals accumulate. So, the longer we last above 10K, the better, and the further we go the better.

This crisis is deflationary. Despite what the gold beetle Peter Schiff says, what we have is deflation. They do not believe me? Review the data. The fall in demand brought deflation. And deflation is creating unemployment. We can criticize many things. We can criticize that the financial markets are the real beneficiaries of the stimuli and not the common people. And we can say that the deficit and public debt are through the roof. But to say that there is inflation in a deflationary crisis simply does not make sense. Political positions are valid, but creating an imaginary inflation crisis does nothing. It is false propaganda. Gold beetles have been with the same broken record for centuries and that is why they are the fools of the financial world. Why do bitcoiners have to imitate them?

If the time comes when the inflation rate exceeds 3%, the Federal Reserve has many tools to withdraw liquidity from the system. For starters, interest rates are on the ground and can easily be raised. And there are also the bonds, which are also on the ground and can be raised without any problem. Inflation can come, but not on the side of the monetary issue. Economic nationalism will drive up prices. In other words, the globalization process is deflationary and reversing this process will generate inflation. Here is a real danger.

One cannot go to heaven and cry. On the one hand, the stimuli are criticized until they can not and on the other the increase in prices is celebrated. Let’s be frank. The crypto community has an identity crisis. Libertarians within the community are still using the same discourse as the gold beetles. There are bitcoiners who think they are gold beetles without being it. They are still mad at Nixon and denouncing inflation that does not exist. Friends, we must turn the page. There are many things to criticize and many reforms to be done. But we will not achieve change with the same speech by Peter Schiff, an outdated speech that has not changed in 100 years.

After such a rise, it is natural that sales are registered. It’s not the end of the world. It is part of volatility. We had time without seeing volatility, but it has returned. However,what is volatility? Volatility is indecision. Hurt whoever hurts, a volatile asset is the opposite of a safe haven. But precisely therein lies the appeal. Do you want big profits? We must take the risk. That idea of ​​having a safe haven that promises big returns and little risk is a pipe dream. The risk is there for all to see. It is not a theory. It’s called volatility. And we must learn to live with it. Moreover, we must learn to enjoy the ride as an adventure. Safe haven is for the bored who buy gold and treasury bonds, crypto is pure adrenaline.

Here, in my opinion, we are facing a conspiracy. The cat’s five legs are being found. Frankly there is no reason to think that TikTok users for the simple fact of being adrift with this ban will soon decide to flock to the crypto world. Although it’s a possibility, I just don’t see this as a fact. These users will surely be sucked into a Big Tech. Microsoft’s offer to buy could be accepted. Or Facebook could create a new TikTok. I dont know.

Here we must recognize that the rise is thanks to the stimuli. Thank you, Federal Reserve. As simple as that. There is no point in continuing with foolish pride. New money is entering the system through the financial markets and prices are inflating. The capital market is the one that is controlling the game. And the Federal Reserve now has complete control of the capital market. Wall Street is celebrating and applauding its host. And Bitcoin is celebrating, but it pouts the host. However, she drinks, eats, and dances at home.

Here we are talking about the Ampleforth cryptocurrency (AMPL) that expands or contracts depending on demand, creating a flexible monetary system. Here is a curious topic. According to the theory, a currency has three basic properties: Value receipt, medium of exchange, unit of account. This sounds beautiful in theory, but in practice it is not feasible. Because a currency that is a good store of value turns out to be a poor medium of exchange and a bad unit of account. And if it is a good medium of exchange and a good unit of account, it is a bad safeguard of value. It is not possible to have all three properties at the same time.

That is why it is best to have mixed systems. That is, use two or more complementary currencies. One is used as an investment and the other is used as a medium of exchange for day-to-day expenses. This solves the dilemma. So one can be sparse and the other flexible. One is designed to increase in price and serve as a safeguard of value, and the other is designed for stability. This stability makes it an excellent medium of exchange and a good account. Wala!

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2020 has been the most challenging year for Bitcoin mining

We can all agree that 2020 has been a rough year: a pandemic that does not end, tragedies everywhere and a lot of political-social instability. This set of elements has hit the world economy in uncalculable proportions, wrapping in this spiral of uncertainty industries that have traditionally remained relatively untouched by global events, as is the case of Bitcoin mining.

The miners of this cryptocurrency have been challenged like never before this 2020, since they have not only had to live the consequences of the coronavirus firsthand, but they have also had to prepare for a difficult year in the internal part of this market. The pandemic was accompanied by the third Bitcoin halving, as well as an increasingly competitive ASIC manufacturing ecosystem, where new and old companies struggle to impose dominance over their mining equipment.

A report The recently published F2pool mining pool demonstrates how the current year has negatively affected the mining industry on more than one occasion. However, at the end of the third quarter of 2020, the outlook does not look as worrying as it initially seemed, since companies and private miners have managed to overcome the most shocking events to a greater or lesser extent (although a new wave of infections could change the panorama).

In this article we’ll dive into the F2pool report, unraveling the biggest facts Bitcoin mining had to face and how it managed to bounce back along the way.

The pandemic complicated Bitcoin mining

Since mid-February the world has stopped until it enters a strict quarantine. Without freedom of mobilization and with coronavirus cases doubling per day, the economy was paralyzed. On the day the WHO declared that the world was being hit by a pandemic, markets crashed and the fateful Black Thursday occurred.

It will remain in our memories that night when the price of Bitcoin plummeted 50%, reaching the minimum of $ 3,800. The market for this cryptocurrency had already had several downturns in 2020, due to market speculation, however this drop was unprecedented because it was full of panic and uncertainty.

Bitcoin was not the only one. Gold, crude, the S&P 500 index; all markets had been affected in similar proportions. F2pool notes in its report that this unusual situation in global markets demonstrated that: “the demand for (means of) survival for society is more significant than having a safe haven asset.” People ran to get their savings and convert them into cash with the aim of solving their needs while they could, in a panorama that the media painted as apocalyptic.

This 2020, Bitcoin miners faced difficulties such as the pandemic, the fall in the price of Bitcoin, the halving, among others. Source: ArtTower / Pixabay

There was a price correction shortly thereafter, but the miners were still hit hard by the fall. 23% of the Bitcoin hashrate dropped immediately with this market crash, that is, a large proportion of miners decided to disconnect their equipment or migrate to other networks until further notice. This is because, with a price of $ 3,800 per BTC, the ASIC equipment that was operating at that time to cover operating costs was not very profitable.

In addition to the downtrend in the market, the quarantine imposed to stop the spread of the coronavirus further complicated the picture. The Bitcoin mining ecosystem has been preparing since last year for the third halving of this cryptocurrency, buying more powerful equipment and conditioning the old ones. However, Due to mobility restrictions, the S19 from Bitmain and M30 from MicroBT were slow to arrive.

The delay further limited Bitcoin miners, who were already holding hands with the upcoming halving. Now with the price of bitcoin depleted and a reward per block of just 6.5 BTC, many miners were forced to stop working until the difficulty was readjusted or profitability conditions improved.

In the report, F2pool suggests that the ecosystem was not ready for the new era of BitcoinSince when the halving occurred in early May, the second post-halving block took 40 minutes to be mined (when it normally takes 10 minutes) and in the first 24 hours only 137 blocks were extracted (when the average is usually 144 ).

Although a decrease in the Bitcoin hashrate was expected after the event, the behavior of the network indicated that there was even less than expected; possibly because the most powerful ASICs on the market had not yet been fully incorporated due to logistics problems due to the pandemic.

The halving said goodbye to the S9

On May 11, one of the most coveted events of Bitcoin for four years was registered, when the reward per mined block was reduced from 12.5 bitcoins to 6.25. This programmed adjustment in the code had a direct impact on the oldest mining equipment on the market, which lost a large part of their profitability after the upgrade.

A few hours after the halving occurred, a drop in the hashrate of 18 EH / s was recorded in the Bitcoin network, a drop that indicated that a significant group of miners had been disconnected from the blockchain. The F2pool report notes that Antminer S9 are the big ones affected by halving, as its earnings fell sharply after the reduction.

The Antminers S9 were the most affected after the halving, strongly reducing their profitability. Source: Instagram PHOTO / Pixabay

Today, the iconic ASIC S9 does not sell for more than $ 30, as miners on the market look for increasingly powerful and efficient machines. In this sense, F2pool estimates that these older models will be fully off the market soon, representing 30% of the hashrate of the entire network.

Machines with an efficiency of 60-80 W / T are increasingly obsolete in a market that is now betting on equipment with up to 40-50 W / T efficiency. However, thanks to the fact that the rainy season in Sichuan (China) coincided with the halving, many of these teams have been able to survive generating minimal profits in a context where electricity costs are lower.

Due to this, the Bitcoin hashrate has increased again, reaching even record highs. However, F2pool researchers point out that when the rainy season ends and increasingly competitive mining equipment takes over, it will be a matter of months for miners like the S9 to completely disappear from the market.

A race for first place

New ASIC machines with higher hashrates and improved energy consumption are introduced every year, as the increasing difficulty of mining drives companies in the manufacturing sector to create increasingly efficient teams.

While miners like the S9 are forgotten, models appear that strut for greater efficiency, as is the case with the M30 from MicroBT and S19 from Bitmain. These two ASICs currently dominate Bitcoin mining; Created with halving in mind, they have been particularly popular for miners to adapt to the new reality of the network and achieve better performance.

This fight for the top of the market has also marked 2020; A few years ago, Bitmain was the undisputed king of the market. However, with the emergence of MicroBT and the expansion of the market for equipment devised by Innosilicon and Ebang, the contest becomes more and more closed and now it has remained as another of the companies that dominate the market.

With a more diverse ecosystem, companies that manufacture ASICs are looking to produce increasingly powerful and seductive equipment in the eyes of their consumers. Similarly, firms such as Ebang and Canaan are also betting on finding new forms of financing, carrying out their first Initial Public Offerings (IPO) on Nasdaq.

The race, as in any other industry, is motivating the ingenuity of the creators of ASIC. Likewise, this move can be highly positive for Bitcoin mining, since it promotes decentralization and combats monopoly, by not having all the power of the market in the hands of a single company.

In the midst of all these setbacks and new elements in the market, the forecast for the next months of 2020 seems to be positive. The price of Bitcoin has stabilized after an upward trend, an event that will be able to be exploited by miners who now have smaller equipment on hand and have already become accustomed to the effects of halving.

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AEVAE uses the implementation of Blockchain technology in the recycling of agricultural waste

Companies like AEVAE has launched a comprehensive digital solution based on Blockchain technology for the management of agricultural waste that uniquely identifies them and allows their traceability in an agile, secure and unalterable way.

The Spanish Association for the Valorization of Containers (AEVAE) is a non-profit association created with the purpose of authorizing and managing a Collective System of Expanded Responsibility for agricultural packaging waste.

The world population growth and globalization have generated a high growth in the demand for products related to agri-food production and with it to the massive use of fertilizers and products related to them. This evolution supposes the generation of thousands of tons of packaging waste that, until a few years ago, were discarded or directly abandoned in agricultural operations, with an irreversible impact on the environment.

Technological actions of AEVAE in partnership with other companies

In this context, the company specialized in digital transformation and blockchain-based digitization solutions Signeblock, together with the environmental consultancy Heura and the association of fertilizer manufacturers AEVAE, have launched a solution for the traceability and optimization of the management of packaging used in agricultural processes.

AEVAE, as a system of extended producer responsibility for this agricultural packaging waste, must guarantee the collection and correct recovery of the packaging waste generated, avoid its uncontrolled disposal and offer alternatives to reintroduce the recovered plastic material into the production system, generating a clear model of circular economy.

Collaboration with Signeblock and the use of Gouze, its Blockchain-based asset traceability platform, allows AEVAE to incorporate the benefits of this technology into these environmental management processes. and thus promote the impact of systems that seek to ensure compliance with the responsibility associated with the manufacture of fertilizers and associated products.

The objective of this collaboration is to promote the progressive development of a circular economy, to combat climate change and achieve the objectives of Europe and the UN set for the period 2020-2030, in which changes are demanded in the production models aimed at enhancing the protection of the environment.

Another example as a way of working is the constant expansion of the AEVAE network of collection points for empty agricultural containers, thereby improving the service to farmers. For example, in June 34 new collection points were created in addition to the existing ones where farmers will be able to leave their agricultural containers empty for free and with the guarantee that they will receive environmentally correct treatment, giving them a new life.

Global plastic production has exploded in recent years

Let us also remember that the global production of plastics has exploded in the last 50 years, and especially in the last decades. If we analyze it, it is surprising that, since 2000, we have produced more plastic than in the entire history of humanity.

Europe, and therefore Spain, is immersed in a new paradigm regarding plastic. In 2025 it is estimated that 10 million tons of recycled plastic will be generated in the European market and that by 2030, all packaging placed on the market must be effectively recycled. Of course, those for agricultural use are within the same regulatory framework.

Traceability thanks to Blockchain technology

Now, the traceability and transparency offered by Blockchain technology, together with the fact that it is a PaaS (Platform as a Service) solution accessible by all actors, helps to know exactly the entire process through which a waste passes, ensuring that it complies with international regulations and facilitating its traceability by all parties involved in the process.

It is an integral solution that allows not only to uniquely identify waste, but its characteristics and geolocation are incorporated into the Blockchain, allowing its monitoring in an agile, secure and unalterable way by all agents, whether manufacturers, packers or distributors, involved in the management of waste originated in production processes.

The solution involves all stakeholders

The solution involves all the actors. The points of purchase or collection of agricultural packaging arranged by AEVAE for the farmers to deliver the used packaging are those that activate the collection requests. The containers received are accumulated and identified in a unique way and on which basic information is provided (such as type of container and weight) and a QR code is generated that is attached to each one of them for traceability throughout the entire process.

From there, carriers, both in the process of collection at origin and delivery at destination, use the QRs generated to transact the user, the geoposition and the timestamp of both operations on the Blockchain through the Gouze App.

In the destination center, the same process of scanning the QR of each bag is carried out, both to collect the geolocation and its “timestamp” and the weight of each one, and thus be able to compare with the initial weight at origin.

In short, Gouze allows information and logistics flows to converge and the collected containers themselves are the carriers of their own information, allowing complete traceability of each of them throughout the entire process, from origin to destination , avoiding any type of fraud in the handling of the collected containers.

Marta Gutiérrez, CEO of SigneBlock, explained the importance of bringing the Blockchain to the waste treatment sector, promoting the development of a circular economy: “It is about incorporating the traceability that digitization offers us to help combat climate change …”

“It is necessary to create a sustainable production system, managing information related to waste at all stages of the supply chain, in an agile and safe way, optimizing said treatment, verifying compliance with current regulations by each responsible entity and allowing all those involved trace the treatment that each residue has followed and avoid any type of fraud or manipulation of these ”.

For his part, José Guaita, CEO of Heura, expressed the need for manufacturers to manage their waste through a SCRAP (extended producer responsibility system) in order to benefit from the application of these new technologies:

“Partnering with other manufacturers gives companies a management tool that, in addition to helping the company comply with environmental obligations, also helps them certify the correct environmental treatment of their waste through new technologies such as Blockchain. The manufacturers can observe at all times the journey of their containers during the useful life of the same until the recycling ”.

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At Bitcoin we trust. The power of faith in crypto

On each bill of dollar, we can read the inscription: “In God We Trust” (“In God we trust”). Faith and money have always had a very close relationship. In modern society, we are governed by the religion of money. It might seem like an exaggeration, but it really isn’t. God has been replaced. Now money is what moves the world. Money is the most universal language of all.

Money, like religion, language, law, and mathematics, is unique to the human being. Abstract thinking makes the creation of symbolic worlds possible. The abstract is not the concrete. However, it is not something that comes from “nothing”. A symbol is not something real in the same way that an apple is real. But it is real in the sense that it does exist. In the imagination, we can assign meanings to things. A second layer world can be created. An apple can be an apple and at the same time it can be the symbol of something else. Importance, sin, reward, danger. I dont know.

Keep reading: 3 ways the US Federal Reserve impression is boosting gold, silver and bitcoins

The human being is a social animal and communicates through codes. And all code requires faith to work. Poetic faith is needed to accept that two unequal things are the same. X = Y, but we know that X is not Y. That is where faith comes in. Symbolic systems are systems of representation. There is the code that is a something and that something represents something else. The word “pipe” means a pipe, but it is not actually a pipe. In fact, they are just shapes on a substrate. But we play the game and pretend. It is poetic faith. Just as we accept being lied to when we watch a movie. We know that nothing is real, but we pretend that it is.

A symbol has two parts. The sign and the meaning. The sign is the physical object, the number, the letter, the icon, the thing. And the meaning is its representation. Ah, but here comes the trick. Because the meaning is a previously established agreement between the parties. Language, for example, is a symbolic system that unites and excludes at the same time. Bring together those who know the code and exclude those who don’t. Because every symbol is a social phenomenon. We must learn the code, and accept it. Otherwise, it is useless. There is faith and there is the church. A code without faith and without a church is a dead language.

Keep reading: Tyler Winklevoss: It’s good for BTC when the Federal Reserve prints money

What is the usefulness of an intangible element? Symbols unite us. Money, for example, is an instrument that organizes us. It is a contract. Money is to value what the clock is to time and writing is to language. In prehistory, money was more of an oral tradition. Primitive society operates on the basis of a gift economy. The booty was informally distributed among all. Everyone collaborates and helps each other, and the economic organization was very rudimentary. Reciprocity was established by family ties and tribal ties. Everything was basically personal.

With the rise of cities and large-scale commerce, the need for more impersonal and precise methods arose. This is the origin of money. That act done to help a person by tribal familiarity had to evolve into a more impersonal contract. The substrate is the sign, but the important thing here is the meaning. A metal, paper, or computer code can be used as a substrate for money. The important thing is its representation. Faith and the church.

Now, faith is lost and churches are divided. But faith is also reborn and new churches are formed. Why create a citizen currency? Bitcoin has emerged as an alternative to money fiat. Why? Why did the 16th century Protestant Reformation arise? It could be said that everything turns to a matter of authority. There is a group that is to the crown of the abuses, errors and discrepancies of the leadership. So these dissidents decide to take their suitcases and run away to another place to build a new church. In essence, Bitcoin is that, a Protestant movement.

Many invest in Bitcoin, because it promises very good returns. Others use Bitcoin, because it is very practical to do so. However, there are many people within the community who have adopted Bitcoin. for ideological, political and ethical reasons. Bitcoin is bitcoin, but it is also dissent. Represents the financial sovereignty of the citizen as opposed to the banks already governments. Citizen power. A Bitcoiner is that person who participates in a new social pact. He uses the new substrate (Bitcoin), faithfully accepts its exchange value (price), and is a member of the new church (The network that accepts Bitcoin).

Bitcoin is a faith just like all forms of money. And the fact that it is a faith explains many things. Explain, for example, the presence of fans. It also explains why the arguments often don’t make much sense. Political discontent influences the discourse. So, the narrative becomes propaganda. The system is demonized and the new religion is idealized. Devotion turns into irrational fanaticism. And young and new converts are the first to fall into this trap.

I dare say that the Bitcoin community will mature as it grows in size and diversity. Libertarians and anarcho-capitalists form a very important group within the community today, but over time more voices with better narratives will emerge. Being a small group, it is easy to create a kind of cult and radical ideas are possible due to the small size. However, growth and diversity often move us away from extremes and create more moderate environments.

Read on: Japan should urge the US to rush with the digital dollar, says Fisco executive

In the coming years, many bitcoiners are going to feel that Bitcoin has lost its way. They are going to feel that the community has renounced its old ideals and nothing is as it was before. They will feel betrayed due to all the changes. In fact, many will want to go back. Surely a Bitcoin cult will emerge from the early days and the noble values ​​of the early church will be long remembered. But that’s very good because it means that we are in the maturing stage. That is the sign that Bitcoin will be something really big.

How to build a church? Attacking the old? No, a church is built with work. The best church is not the one that complains the most about the neighboring church. You have to stop crying for what you do or don’t do Federal Reserve with the dollar. Here what we must do is build. Facts, not words. Create better applications. Invest in infrastructure. Find ways to organize ourselves better. Create a new and better world. The earthly paradise.

Now, faith has always been linked to money. In fact, modern capitalism is the product of Protestantism. Why did the economy flourish in two Protestant countries in the 17th century, England and Holland, while Spain was sinking into decline? The Catholic goes to mass and celebrates the day of his saints, while the Protestant goes to work. The power of faith. But faith works when the work is done. Faith, community, and work. At Bitcoin we trust.

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Affected by hacking 2gether they enter a maze in Spain

The hacking and subsequent theft of more than 1.18 million euros in cryptocurrencies from the 2gether exchange house, in Spain, is generating uncertainty among hundreds of users who operated on the platform. Since August 31, those affected have been in a maze from which there is still no clear way out to recover the funds.

That day the startup reported that their system was violated, mainly affecting accounts for bitcoin (BTC) or ethers (ETH) trading, for example. Three days later the exchange office, which operates in 22 countries of the European Union, reported that it was considering various alternatives to replenish funds and compensate affected users.

Alternatives include using the developing 2GT token as a guarantee of payment. However, there is no definitive launch date and the company would also not be in a position to directly pay for the stolen cryptocurrencies. The option is not well regarded among those affected who are asking for the return exact of the crypto assets that they kept to operate.

One of those who rejects the proposal is Asier Portillo, who told CriptoNoticias that he did not like the alternative of paying with the 2GT token since the future issue does not guarantee anything. On this aspect he indicated:

“We are not happy at all, people do not want the 2GT coin, nor the company’s shares. About 90% of people want the exact return of their bitcoins or ethers. The token has no launch date and would have a price of 0.05 euro cents per unit, something that could go down, especially after the hack that has occurred. Most of the people do not want fiat money either », pointed out the user who has committed about 1000 euros.

hacker platform complaint
After hacking, users reported that they could not access the platform. Source: Capture 2gether.

The skepticism of users about the 2GT token is that they would not see a real use for it, beyond the method of use within the application itself for exchanges.

Officially, the startup indicated that the percentage of stolen cryptocurrencies was 26.79% of the total positions held by users. However, Portillo assured that the figures are different. “In the case of bitcoin the percentage is 47%, while in the case of ether it was 11%,” said the engineering student.

The company itself indicated on Monday that after adjusting the systems the concrete impact on BTC was 47.35%, and on ETH, 11.04%, “The rest of the cryptocurrencies not being affected”.

2gether options after the hack

After what happened, the general concern of those affected is that the company would not be able to return all the cryptocurrencies in the short term. The company put three options on the table: paying in the future with the 2GT token, granting shares of the company under the same conditions that investors have, or waiting for them to collect the cryptocurrencies to pay in stages.

This last point is the one that worries «Jesús» who pointed out that this option can be extended in time, which would harm its operations because almost all its cryptocurrencies were kept in the startup.

«You don’t know what to do, whether to claim until you get a response, at the risk of not getting paid, or wait until they have the BTC to return it to you. I still have bitcoins on the platform and cannot get them out. There are other users who have been able to withdraw what they had to other wallets, but it has not been my case. In addition, apparently the application has already been reactivated and now everything is congested, without taking into account the high commissions that must be paid.

Jesus, user of 2gether.

2gether issued a statement on Wednesday in which it reported that the application was reactivated around 7:00 pm, Spanish time, with the launch of “all services without restrictions”. The information was corroborated by the users consulted by CriptoNoticias who assured that they could already enter to withdraw or continue operating.

“Thanks to the technical analysis of our team and the collaboration of our suppliers, we have progressively detected the friction points, managing to fully stabilize the services around 19:00,” the company highlighted this Wednesday.

As users decide which way to go to try to recover their cryptocurrencies, it was reported that a group of those affected is already preparing a class action lawsuit for what happened. At least 70 people have already consulted a law firm to raise the case and exert more pressure.

authorities hacking funds
The firm LBO Abogados issued a statement about their involvement as investors and that they were ready to defend the rights of users. Source: LBO Lawyers.

Another aspect that was reported by users is that an undetermined number of people were credited with funds that were not in their wallets before the hack. One of the cases was that of an operator who kept 900 euros in his account and when he entered the platform again he had more than 19 thousand euros.

Privacy and data in 2gether

Beyond the committed funds, an element that also raises concerns among users is that of personal data and privacy that could have been violated with the attack. One of those affected, who identified himself as “Ernesto”, indicated that it was possible that the hackers also obtained the personal identification of the operators, financial data of associated cards and passwords, for example.

“It is logical that people are aware of the money, but you also have to worry about the information that could have leaked out of the platform, especially with the recent cases of identity theft,” said the user.

2gether announced on August 1 that passwords had been compromised and that, although they were encrypted, the recommendation was to change it. With regard to the cards, he mentioned: “The credit / debit cards of 2gether customers have not been compromised, both 2gether’s and those used for recharging.”

What happened with the hack into 2gether reopened the debate on the handling of funds by users. The maximum bitcoiner «not your keys not your coins»(If they are not your keys, they are not your currencies), is presented in this case in which the funds of users on platforms of this type can be stolen in the event of piracy, as it happened.

The general recommendation to avoid this type of situation is to trade at the exchange houses and once the operations are finished, withdraw the funds to a cold wallet or to a purse in which the operator manages your private keys.

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Ethereum 2.0 and EOS collide swords for supremacy of scalability

When the EOS network launched in 2018, it appeared to be one of Ethereum’s (ETH) biggest competitors – not only in terms of providing a scalable development platform for decentralized applications, or DApps, but also in terms of a well-funded project with great support, and one that could rival Ethereum as the second cryptocurrency.

So far, although EDApps OS is definitely a worthy competitor, it’s hard to argue that it has taken down Ethereum, which houses almost nine times more DApps on its platform than EOS, according the State of the DApps. However, EOS remains a major competitor, mainly due to its superior performance. Facilitating more than 700,000 transactions in 24 hours, EOS can currently handle around 20 times the volume of Ethereum. This also translates into user numbers, with EOS now catching up.

Top blockchain platforms for DApps

The Ethereum 2.0 update is looming ever on the horizon, promising to level scalability through Sharding. So, How will the new and improved version of Ethereum live up to EOS?

Scalability: The name of the game

Ethereum’s continued challenges with scalability have been one of the most pressing drivers for 2.0 deployment. Currently, the platform can support around 30 transactions per second, causing frequent network congestion and a spiral of gas rates.

Ethereum co-founder Vitalik Buterin has indicated that the implementation of ETH 2.0 will bring a huge improvement, eventually reaching 100,000 transactions per second, or TPS, with the help of the “sharding” mechanism, which allows parallel execution by Division of the Blockchain into pieces. However, although the first phase of the Ethereum upgrade will occur in the late summer of 2020, only in the final phase – which is about two years away – will sharding be implemented, achieving the assured speed of 100,000 TPS.

Unlike Ethereum, EOS was designed from the ground up with scalability in mind, and is achieved by enabling parallel transaction processing, while keeping the number of block producers small, accelerating performance.. The scalability of EOS, compared to that of Ethereum, contributed to much of the buzz generated around the project from the time it started selling tokens in 2017 until its first launch in 2018. Currently, the highest performance achieved in EOS it is located within walking distance of 4,000 transactions per second.

Therefore, there is a good chance that Ethereum 2.0 can compete with EOS when its implementation is complete. However, this assumes that EOS will keep the same transaction speeds that you can currently handle. EOSIO’s strategic vision lists scalability as one of the platform’s priorities, detailing various methods that can improve the vertical and horizontal scalability and the parallel execution of smart contracts. Dan Larimer, chief technology officer for the company behind EOS,, told Cointelegraph that EOS will continue to hold the lead over Ethereum on that metric:

“EOSIO will continue to be the fastest choice in ‘single shard’ applications, as it is rooted at the architecture level, and the release of Ethereum 2.0 will account for more applications on its platform, but not the largest.”

Interestingly, communication between Blockchain is also among EOSIO’s priorities. Larimer clarified that blockchain interoperability could be another area in which EOS could excel, adding: “We are strongly promoting interoperability solutions, such as our recent EOSIO Challenge winner eosio.evm, that allow developers to continue to use and scale their legacy Ethereum smart contracts.

Beni Hakak, CEO of LiquidApps – who runs the DAPP Network – told Cointelegraph that he believes interoperability will lead to a future where both platforms will work in harmony for the benefit of developers:

The future is multi-chain, giving developers the opportunity to combine the benefits of multiple chains, allowing them to optimize their dApps for performance and cost-effectiveness in the way that best suits their end users.“Developers can choose the base layer based on their specific use case, and the interoperability will give them the freedom to migrate to a different chain.”

Decentralization and security

Ethereum can be said to be more decentralized than EOS. Currently, anyone with the right mining equipment can join the Ethereum network and become a miner. The first stage of ETH 2.0 implementation will involve a step to Proof-of-Stake, with the minimum bet set at 32 ETH. Anyone who can reach this barrier can join the network as a validator to compete for block rewards.

A strong interest in staking led some analysts to suggest that there could be a rise in prices as a result of large amounts of ETH being taken out of circulation. Whether in mining or stakes, Ethereum’s decentralized network makes it secure against attack, because the cost of attacking the network is almost prohibitive.

So far, one of the biggest criticisms of the EOS is its centralization, an integral part of the platform’s design. The delegated proof-of-stake consensus only allows a fixed number of 21 block producers, with token holders having the right to cast their votes for who can participate as one of the groups.

However, the number of block producing nodes is not the most pressing concern. Claims about a lack of voter engagement, vote buying, and the concentration of tokens in the hands of a powerful few have raised concerns about the balance of power within EOS. Last year, news emerged that multiple block producers were possibly being operated by a single entity. In this regard, if a powerful party turned malicious, it could attack the EOS network.

However, Vitalik Buterin himself has previously shown his support for the EOS governance model, acknowledging that, while centralized, it avoids the problems that arise from decentralized Blockchains.

The respective teams behind the development of EOS and Ethereum are a pretty good reflection of the way each platform works. The ETH 2.0 team is not a single and consistent entity. Rather, there are multiple teams working on different iterations of the platform. Among them are well-known names in the Blockchain community, including Vitalik Buterin, Justin Drake, and Vlad Zamfir.

On the other hand, while EOS is open source, the company that originally built the platform,, continues to develop it today. is led by CEO Brendan Blumer and Daniel Larimer, the technical director of and the architect of both the Delegated Proof-of-Stake consensus and the Steem Blockchain.

Roadmap and notable developments

The biggest announcement to come out of EOS in recent months is about the launch of its social network, Voice. The company behind EOS,, has previously provided $ 150 million in funding to ensure that the project can operate independently. Meanwhile, most of the news about Ethereum remains focused on the ETH 2.0 update. Although a schedule has not been established, the first phase is expected to be this year with the last public test already confirmed for launch on August 4.

So despite EOS promoting itself as the other half of a “clash of the titans” with Ethereum, the two platforms continue to co-exist without a clear winner emerging. However, Ethereum 2.0’s promise of a huge performance improvement makes it a more serious competitor to the EOS when it comes to scalability.

Nonetheless, a more centralized EOS design arguably gives the platform an agility advantage over Ethereum. Thus, Chances are good that EOS can achieve improved scalability or interoperability before Ethereum 2.0 is fully implemented.

Either way, there’s no reason the two platforms won’t be able to continue to operate side-by-side in the future, as interoperability developments might even see them start to work together in a way that hasn’t been possible to date. As LiquidApps’ Hakak said: “Each chain has a purpose, and brings its own functionalities and its own perks to the table. We are not far from a point where dApps would combine Ethereum and EOS technology without the end user being exposed to the backend.

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