Justin Sun Announces Upcoming Staking Plan for Tron Partners

Tron is now introducing a new staking incentive plan, announced Tron CEO, Justin Sun on Sept. 21.

This upcoming staking plan, Sun says would involve a fair, decentralized distribution of staking revenues.

For each block, Sun explains, the most voted 127 nodes that is Tron partners will receive TRX rewards in proportion to the votes they receive.

The maximum reward for one block is 160 TRX.

What does this Mean for Tron Network

The idea behind this is to encourage greater user participation and smoother engagement with staking from more exchanges, wallet, and partners.

Furthermore, greater turnout and higher stake ratio across the network, Sun says will bring about a more active community and a more robust network economic system.

This will also increase the lock-up amount from users within the TRON ecosystem, he said.

The long list of benefits of this staking just doesn’t end here.

Sun further states how this TRX incentive plan means fewer unnecessary dividend distribution transactions that will lead to less bandwidth consumption and greater network robustness.

The staking plan for Tron partners would also result in more Tron nodes and partners including increased global and community participants which mean greater decentralization of Tron network.

“A foundation for more complex consensus and incentive plans, signaling more possibilities for future development,”

Sun said.

With Great Rewards, comes Great Responsibility

With cryptocurrencies today trading 70 to 90 percent below their all-time high, staking is becoming a popular way to make easy money, in some cases coin holders score up to 30% rewards.

Coins like PundiX — leading with 18.46% yield, IOStoken, Cosmos, Waves, Qtum, VeChain, NEO, NEM, and EOS are coins that offers staking rewards.

However, staking is not just about making easy money, it has become a powerful incentive for participating in governance.

So, it is vital that coin holders understand the responsibility that comes with locking up their digital currencies.

In other news, MakeDao’s Dai stablecoin will be implemented on the Tron through Loom Network, a layer second scaling solution for the Ethereum blockchain.

Loom believes moving dai — the largest DeFi token with more than $337 million locked away in contracts — to other chains will help it grow.

Price wise, TRX is up 2 percent in the last 24 hours while trading at $0.017 as per Coincodex.

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Author: AnTy

Popular Crypto Payment Processor BitPay To Add Support For Ethereum (ETH) Soon

BitPay, one of the main crypto payment providers in the world now, has recently announced that it would start to support Ethereum-based payments. Ethereum (ETH) is the second-largest token by market cap, which makes this a huge upgrade in the services.

According to the press release, all companies that are already using the services will be free to use Ethereum without having to do anything.

The upgrade will be rolled out automatically as soon as it is ready. Unfortunately, no actual date for the launch was given on the press release. It will also be possible to store the new token on the company’s wallet, which is set to be upgraded to hold it.

BitPay was originally launched back in 2011 and it offered the users the option to pay with Bitcoin (BTC) and then Bitcoin Cash (BCH) after the hard fork. So far, the company’s product has been used to pay over $3 million USD since its creation.

Vitalik Buterin, the co-founder and public face of the Ethereum network, has commented on the update, affirming that it is very exciting to see such a leading company integrating ETH with its payment system. This, he believes, will open a whole new channel for innovation.

In related news, BitPay has been working to improve the security of its systems. The company has just introduced new verification methods this year and will now start to require more information about the users before they are able to use the product. They will need to give their passports of social security numbers before they create an account, for instance.

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Author: Gabriel Machado

DASH Enters ‘Transfer-Only Mode’ On Coinbase Pro; Bitcoin and USD Trading Pairs To Start Soon

Coinbase has just announced that it would list a new asset on Coinbase Pro, the institutional version of its services. Now, DASH tokens will be listed on the platform. Deposits are already being accepted at the moment and trading opens up at 16:00 UTC.

This is part of a larger initiative. Last month, Coinbase promised to review eight new currencies. DASH happened to be the first of them to be approved for the professional trading platform.

About DASH

DASH is a proof of work crypto focused on payments. It has a wide network of merchants that accept it as payments all over the world. At the moment, the token has a market cap of $800 million USD and it is the 16th largest coin in the market.

According to the CEO of the Dash Core Group, Ryan Taylor, the listing was important, as Coinbase is one of the largest exchanges in the most powerful economy of the world. He also affirmed that the company was under scrutiny recently because of its CoinJoin transactions, which can be used to have more privacy on transactions, but that the listing proves the quality of the asset.

The CEO affirmed that Coinbase understands this and that Dash is far from the only coin to have privacy features. CoinJoin is basically a technique that mixes up transactions. Unlike other privacy protocols, it does not make the transactions completely anonymous, however.

Taylor affirmed that it was important that both clients and regulators understood the difference between complete privacy and privacy features such as CoinJoin. This, he believes, will help DASH to continue with these features without problems.

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Author: Hank Klinger

Jack Dorsey’s Square Crypto To Invest $100,00 In The “Future Of Money”

The crypto initiative of payment company Square, Square crypto recently announced that they are allocating $100,000 on grants to the BTCPay Foundation.

Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two quarters of this year, yielding shy of $3 million in gross profit. Dorsey said Square’s exposure to various payment methods could help the company “weather storms,” referring to economic downturns.

The announcement for the news said:

“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real-world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”

In an earlier interview, Dorsey had said:

“In the long term it will help us be more and more like an internet company where we can launch a product … and the whole world can use it, instead of having to go from market to market, to bank to bank to bank and from regulatory body to the regulatory body.”

Square’s Cash App is reportedly testing a free stock trading service. In a recent interview, Dorsey revealed that the company was hiring five open-source engineers to work entirely on making the crypto ecosystem better.

Steve Lee, Square Crypto’s project manager had earlier said in an interview:

“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

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Author: Sritanshu Sinha

CryptoKitties Creator Receives $11 From Warner Music And Others For A New ‘Flow’ Blockchain

The company behind cryptokitties, Dapper Labs, has today announced garnering of $11 million in funding to develop a new blockchain that will allow decentralized apps at large scale known as Flow.

The funding round was led by Andreessen Horowitz and a participation by Warner Music Group. Other major venture companies like Accomplice, AppWorks, Autonomous Partners, Fenbushi Digital, among others also participated.

Dapper CEO Roham Gharegozlou, revealed that the project has been under research for two years and that Flow has been developed from scratch to boost high performance of applications as well as games while at the same time adhering to decentralization. Gharegozlou explained that just like the way Bitcoin has opened the financial sector, Flow aims to do the same in the world of entertainment as well as culture.

According to a report by Forbes, Flow aims at supporting artists as well as bands through crypto tokens to offer their fans with new ways of fandom. When it comes to games, Flow will also reward players who add value and allow composability with assets as well as identities.

The head of innovation at Warner Music, Jeff Bronikowski, explained that the company is always active in identifying fresh opportunities for artists especially in the emerging technology front. Bronikowski explained that his company and Dapper Labs have similar visions hence the strategic investment. Based on this agreement, Warner has reportedly invested about $1 million in terms of convertible security. Bronikowski also explained that the new blockchain platform can be utilized to develop unique as well as tradeable merchandize if the transaction volume challenges will be solved.

Flow is said to have a high transaction volume compared to the Ethereum blockchain where it developed its cryptokitties game.

Bronikowski gave a hint that the new platform will bring a new way to share Warner Music’s content and new way of engaging with the signed artists He explained that the new platform will help the company to form a new avenue where the fans can engage with the artists in a different way than before.

Forbes reports that the funds raised will specifically be used to finish the new blockchain platform as well as develop apps on it. Accredited investors will also be awarded part of the company’s stock.

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Author: Joseph Kibe

Binance’s USD-Pegged Stablecoin In Partnership With Paxos, BUSD, To Start Trading Next Week

Crypto exchange giant, Binance, has today announced that its Dollar backed stablecoin will be available on its platform for trading next week on Sep 16 and several BUSD trading pairs will added the same day.

The new date to roll out the new coin as well as its listing was announced by Wei Zhou, Binance CFO as well as Co-Founder and CEO Asia of Paxos Trust Company, Richmond Teo.

Teo said that the coin will offer more stablecoin trading options for Binance clients. Teo continued that the Binance US dollar will be available for trading on Sep 16 against some trading pairs like BTC, XRP and BNB.

According to CoinDesk Paxos Trust Company already has its own dollar pegged and gold pegged stablecoins and at the start of this month, it was awarded extra licensing by the New York State Department of Financial Services (NYDFS) to offer BUSD.

According to Zhou, introducing a stablecoin that is licensed by the New York State Department of Financial Services (NYDFS) is within the exchange’s strategic plan to offer on-chain financial services to its clients from all corners of the world.

While BUSD is licensed by NYDFS, which is a regulator that is famous for stringent crypto regulations, Binance US will not be launched in New York since it has no BitLicence.

Binance has other stablecoins on its crypto exchange platform. In late July, the Jersey wing of Binance created and enabled the trading of a British pound pegged stablecoin known as Binance GBP dubbed BGBP.

Zhou said that Binance is hopeful of creating more compliant stablecoins that are pegged on different fiat reserves in the near future. Zhou believes that many stablecoins in the crypto industry will help in enhancing stability in the crypto space.

The new stablecoin shows that Binance is willing to cooperate with US regulators even as it plans to expand in the US. Binance has already indicated that it plans to be the crypto exchange offering the most crypto tokens in the US.

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Author: Joseph Kibe

Ethereum Co-Founder Joe Lubin Joins Board As ConsenSys Becomes Premier Member of Hyperledger

The co-founder of Ethereum is to join the blockchain development project Hyperledger community. Cointelegraph has announced ConseSys– Ethereum-focused development firm as the premier member of Hyperledger.

Project Hyperledger Besu Already Submitted to Hyperledger

According to the press release by Cointelegraph, ConseSys has already submitted the Pantheon Java-based software to Hyperledger. The project was named Hyperledger Besu as the first blockchain compatible with the public chain submitted to the project.

Brian Behlendorf the director of Hyperledger said that through the submission of Hyperledger Besu, ConsenSys is supporting their intended mission. Brian anticipates building a wide coalition for improving enterprise blockchain.

Improved Interoperability Across the Blockchain

Now that ConseSys is a member of Hyperledger, it is planning to explore interoperability all through the blockchains. As the latest member of the Hyperledger community, ConseSys will support the interoperability between blockchain. This will help support the enterprise blockchain environment by driving standards. Brian commented on the benefits that would come with the collaborative network in the environment. The more members they have networking and working together, the stronger the foundation will be.

According to Ethereum Cofounder Lubin, ConseSys and PegaSys are committed to open-source software and this has already been demonstrated by Hyperledger Besu’s submission.

Hyperledger has over 270 members spread across different industries including IoT, Banking, Supply chain, Finance, manufacturing, and technology. 22 premier members have been included by the governing board ConseSys being one in the list. On top of that, Joseph Lubin becomes a member of Hyperledger governing board.

ConseSys is now an active and committed part of Hyperledger family, plays part as an open-source, and gives the open governance approach to the blockchain. Behlendorf said that the more the members in the community, the stronger the foundation they will build for the blockchain.

Brian agrees that the software is with no doubt of great impact on his company and they are looking forward to more members working together.

According to Cointelegraph report in July, semiconductors manufacturer Intel in collaboration with technology Behemoth has co-sponsored for a new programming project by the Hyperledger development firm.

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Author: Daniel W

Only A Day Remains For US Citizens To Trade On Binance Before Becoming Storage Wallet

It has been about 3 months that Binance had announced that they would be shutting down US based investors from trading on their platform on September 12th. The time has finally arrived.

Binance is currently freely accessible by US residents. However, this has all along exposed the exchange to many risks due to regulators in the US starting to tighten up their grasp over the emerging market. Binance offers a variety of unique altcoins, some of which could very well be considered securities under US law which could eventually land the exchange in the hot seat.

On September 4, Binance CEO Changpeng Zhao confirmed that the exchange

“should not have any US users, as per our TOU.”

A poll posted by Reddit user u/millzcrypto on September 2 (now it has 200 responses), shows what options Binance users are considering. (It is estimated that 20% to 30% of Binance users are U.S. residents.) At the moment, most respondents stated that they are going to use “other,” not mentioned exchanges (34%), followed by KuCoin (30%), Coinbase Pro (21%), and Kraken (12%).

The leading crypto exchange also announced that it is planning to launch a branch in the United States

“in the coming weeks.”

KYC onboarding will begin a few days prior to live trading. To complete the onboarding process, users will be required to provide a valid government ID — driver’s license or a passport — and their social security number.

Notably, Binance.com isn’t the only exchange platform by Binance, it’s localized subsidiaries Binance Jersey, Binance Uganda, and Binance Singapore operate mainly as fiat onramps with a few trading pairs

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Author: Sritanshu Sinha

Nekti Upgrades Its Digital ID Service To Assist Crypto Ventures Adhere To FATF’s New Rules

On Monday, Netki announced it has completed upgrading its digital ID services in order to assist crypto-based companies to adhere to the stringent global rules and guidelines set to combat money laundering.

According to CoinDesk, the TransactID has been upgraded to include two fresh features like the capability to break down certificates of an individual’s identity into lesser pieces of personally identifiable information (PII). The other feature is the capability for both senders as well as receivers of funds to ask PII from one another.

Netki CEO, Justin Newton, explained that prior to the upgrade there was a single big atomic transaction where information was shared on each other on both ends. He added that with the new features, the new protocol will be much more of a conversation and each side will be able to ask and share personal pieces of identification with one other.

The new features comes after Financial Action Task Force (FATF) released new guidelines in June that require virtual asset service providers (VASPs) that comprise of crypto exchanges, to share information on their clients with each other during the transfer of money in order to make sure the law enforcement agencies can have an information trail.

Although FATF guidelines are not binding, about 37 members of the outfit are anticipating to enforce them through legislation in the next 12 months.

Even before the implementation of the FATF’s standards, some countries are already taking measures to crack down on fraud and financing of illegal activities using cryptos. For instance, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently said that the travel rule now applies to crypto exchanges like other financial institutions.

While TransactID was developed for use in the US, the recommendations by the FATF to apply the travel rule even on cryptocurrencies, means that Netki had to go back to the drawing board and come up with a product which can be customized to fit to a country’s interpretation of the standards.

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Author: Joseph Kibe

Gemini Introduces New Settlement Product, Gemini Clearing, For OTC Trading

Crypto exchange firm, Gemini, has announced its newest offering, Gemini Clearing that will allow over-the-counter trading for its users. In a blog post, the crypto exchange announced that the new service will be accessible by everyone both retail traders as well as institutional investors.

Gemini follows other exchanges in the industry such as Huobi and Coinbase in introducing OTC trading services for all its customers.

As per the blog post, Gemini Clearing will be exclusively an off-exchange service for crypto trading. The post states that Gemini clients will be able to negotiate and agree on OTC trades and once the agreement is in place, the funds will be sent to their Gemini accounts.

Additionally, the service will allow third parties to broker the deal or two clients can arrange for the trades. The firm said that it is going to come up with various measures which will drastically reduce counterparty risk which will also make sure that the trades will be settled within the set timeline.

According to Gemini, the new OTC service will also enhance privacy since the trade details will be kept private and will not be published. This means that the trade details will only be available to the individuals or institutions involved.

To deal with fraudsters and to ensure compliance with the government requirements, all the individuals or institutions using the new service will be required to adhere with the set company KYC and anti-money laundering (AML) guidelines.

In other news, the company also announced that Noah Perlman will join the exchange as Chief Compliance Officer with the firm insisting that compliance is one of its core pillars.

Perlman is an experienced financial crime expert and previously worked as the Head of Financial Crimes at Morgan Stanley.

Coitelegraph reports that Off-exchange has been on the rise in the recent past with Kraken reporting that trading on its OTC service has increased by about 20 percent this year.

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Author: Joseph Kibe