IBM And Indian Telecom Firm Tata to Become Part of Hedera Hashgraph’s Governing Body

Technology giant IBM and the Indian telecom company Tata Communications have recently announced that they would be a part of the Hedera Hashgraph, a blockchain network that was created for enterprises.

The blockchain network has affirmed that the presence of these two companies is set to decentralize even more control of the company. At the moment, the company has 31 of its 39 seats for the governing council still open.

Mance Harmon, CEO of Hedera Hashgraph, affirmed that the governance model of the company ensures that no company can consolidate power alone. This is usually done via a checks and balances system that prevents one company from getting all the power alone.

Hedera was created in order to facilitate payments using the blockchain technology and to support smart contracts and file storage. The company was able to raise $124 million USD so far via future token agreements.

The code of the company is fully open for viewing, but it is patented, meaning that it is not open source, only transparent.

According to IBM, one of the most interesting aspects of the network is how private networks can be used to interact with public networks. The Hedera Consensus Service, for instance, can be used to connect public networks such as the Ethereum blockchain with private ones such as Hyperledger Fabric.

Because of this, IBM is certain that this new technology can be used in order to make its own offerings more effective and well-connected to the rest of the blockchain world.

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Author: Gabriel Machado

Galaxy Digital Stays Busy with New Investment into A Crypto Asset Lender, DrawBridge Lending

Galaxy-Digital-Invests-In-A-Crypto-Lender-DrawBridge-Lending

DrawBridge Lending (DBL), a digital asset loaning, borrowing and investing company, has announced that it has received an investment from Michael Novogratz’ owned merchant bank Galaxy Digital with the aim to greatly expand DBL’s institutional investment and lending capacity.

In a press statement, the two companies revealed that they will initially develop a co-branded special-purpose loan funding vehicle (SPV) with a mandate to provide structured financing against institutionally held crypto assets, offering institutions a secure and regulated method for leveraging their digital assets while retaining ownership.

This direct cash investment from Galaxy Digital into DBL will allow the loan and investment capabilities already on DBL’s platform to gain a wider audience.

Galaxy Digital’s founder and CEO Mike Novogratz explained that although crypto institutionalization is new in the industry, it is slowly gaining steam as many companies are being interested in crypto assets and the company has identified DBL as a strategic partner. He said:

“As we look to the future, we recognize the benefit of aligning ourselves with smart and innovative strategic partners who know how to effectively execute in the institutional space.”

According to Cointelegraph, DBL is an authorized lender in the US and is licensed to offer commercial loans in 49 states as well as Washington. The company is also registered as a commodity pool operator as well as commodity trading advisor by the national futures association.

Galaxy Digital has been spreading its investment base to various crypto-based firms and recently entered into a cooperation pact with BlockFi which offers similar services as DBL.

However, according to Jason Urban, DBL’s CEO clarified that his firm utilizes options markets to price all of our loans and investment products, and the options are deemed as swaps by the Commodity Futures Trading Commission. Since swaps cannot be sold to retail investors, all DBL clients must meet certain accreditation threshold requirements.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Joseph Kibe

Bitcoin Privacy At Risk As Battle Between Wallets Intensifies with Samourai and Wasabi

Bitcoin-Privacy-At-Risk-As-Battle-Between-Wallets-Intensifies

Samourai, a Bitcoin privacy wallet, came out last Thursday and announced that Wasabi Wallet, it’s the biggest competitor, is the target of an ongoing network attack. The announcement by Samourai becomes the latest in a string of allegations the wallet provider has put out against their competitor.

According to Samourai Wallet, the attach resembles a Sybil attack. A Sybil attack is when a few users create new false identities to create the illusion that there are large numbers on the network. This would mean that the anonymity set in which Bitcoin transactions can be hidden is not as large as the wallet provider suggests. If one person in a particular set has their identity uncovered, the privacy of all the others is put at risk because most of the accounts in that pool belong to one person.

Samourai says that the attacks on Wasabi’s network go back as far as January 2019. Wasabi has hit back refuting the claims made by Samourai with their allegations against the rival wallet. This back and forth between the two Bitcoin wallets has led to users questioning the ability of either to maintain the privacy of their users.

Two Sides of The Same Coin

The two wallets were the same application before, and their similar core design shows the relationship between the two wallets. The lead designers for Samourai (TDevD) and Wasabi (nopara73) worked together on the building of Zerolink, a long-standing Bitcoin privacy tech.

One of the differences between the two wallets lies in the implementation of Zerolink. Samourai calls it Whirlpool, and it has a different pricing mechanism than Wasabi. According to the co-founder of Samourai Wallet, Whirlpool raises the expense for malicious actors who might want to break the anonymity of users through a Sybil attack.

Wasabi claims that using Whirlpool to protect anonymity is not the best method as it can always be broken because Samourai uses a centralized, backend server to process users’ extended public keys. Adam Ficsor of Wasabi says that the creator of Coinjoin, George Maxwell, approached the Samourai team and raised concerns about the use of a backend server but he was harassed and accused of making false claims.

There’s No Separating the Two

While the two privacy wallet providers are having a go at each other, experts say that nothing is separating the two. Hillebrand says that the issues presented by both are based on different assumptions.

Hillebrand also says that while the basics of Zerolink’s implementation in the two wallets are the same, users are required to take matters of privacy into their own hands by making sure that they stick to the best practices of the respective wallet’s protocol.

Kevin Loaec, Managing Director of blockchain consultancy firm Chairsmiths, said that any implementation of CoinJoin’s Zerolink would be vulnerable to the same kind of attacks. Any mistake from any of the mixing participants remains recorded on the immutable blockchain, and it amplifies the risks of future exposure. Loaec adds that by using wallets like Wasabi and Samourai your spending habits, consolidations you use and all your activity can be used to profile you and reduce your anonymity.

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Author: Ali Raza

Coinbase is Eyeing Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology and Waves Assets

Coinbase-is-Eyeing-Algorand-Cosmos-Dash-Decred-Matic-Harmony-Ontology-and-Waves-Assets

Coinbase has recently announced on its official blog that the crypto company is interested in adding more assets to its international clients. According to the crypto exchange, the long-term goal is to be able to access at least 90% of the whole crypto market cap by using Coinbase.

However, in order to achieve this, the company has to determine which assets are the most important ones first and which ones can be up to its security and compliance measures.

Eight Assets Are Under Review

Coinbase has revealed that there are currently eight assets which are being reviewed by the company: Waves, DASH, Cosmos, Algorand, Ontology, Matic, Decred and Harmony.

At the moment, the company is studying each asset in order to determine how to proceed with the process. Only the ones that do not represent any compliance issue, have a secure technology and are deemed as decent investments will be available on the platform.

Tokens Will Only Be Accessible From Some Jurisdictions

The crypto exchange is adding several tokens to its list of assets recently. The process started a few months ago and the list continues to grow. As expected, some of these tokens will not be available on all the jurisdictions at launch. As each country has different laws, the company is often not able to launch its products in all of them at the same time.

Some U. S. states, specifically, will possibly not be able to receive these assets, especially New York, which is known for its tight regulation.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

New Sun Network Will Go Live This Week With Unlimited Capacity, Will Tron’s TRX Benefit?

New-Sun-Network-Will-Go-Live-This-Week-With-Unlimited-Capacity-Will-Trons-TRX-Benefit

Justin Sun, the famous founder of the Tron Foundation, has recently announced the launch of a new solution that will be called Sun Network. This is set to be a new scaling solution devised for the Tron network. It is set to be released this week.

According to Justin Sun, this new version will bring considerable improvements for the community as it can bring scalability up to 100 times. This, he affirmed, will be very important in order to help the developers who work in the creation of decentralized apps.

The official site of the new Sun Network affirmed that the fees can be as low as 100 times and that there will be some free transactions, as well as confirmation times that will be considerably improved.

What is actually the main announcement, though, is that the new technology will be used in order to allow unlimited growth for Tron. As with any current blockchain, Tron is prone to several issues with scaling, so if the solution is as good as advertised, the network will finally be ready for exponential growth.

Tron is far from the only company that has tried to invent new scaling solutions. Bitcoin has the Bitcoin Lightning Network and Ethereum has several new initiatives which are set to do the same. So far, none of them was completely successful. If Tron is actually able to do it, it can gain an important advantage when compared to other similar projects.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Chief Innovation Officer of LabCFTC, Daniel Gorfine to Step Down to Pursue Goals Within the Private Sector

Chief Innovation Officer of LabCFTC, Daniel Gorfine to Step Down to Pursue Goals Within the Private Sector

On Friday, August 2, 2019, the U.S. Commodity Futures Trading Commission (CFTC) announced that their first-ever Chief Innovation Officer (CIO) and Director of LabCFTC, Daniel Gorfine will be leaving his position to pursue his goals within the private sector.

Gorfine who started his journey with the commission in 2017, was the one to have developed and led LabCFTC, which was described as an endeavor that required, “facilitating market-enhancing innovation, informing policy and ensuring that the CFTC has the regulatory and technological tools,” in keeping up with the ever so evolving the 21st century.

CFTC’s Chairman Health, P. Tarbert is saddened by the news, adding that,

“[Daniel] is a thought leader in the federal government on financial technology issues.”

Furthermore, it seems like P. Tarbert will be the one taking over, as he reported that he is:

“Fully committed to building on the firm foundation Dan has built to further elevate, advance and modernize how we think about applying a sound, principles-based approach to promising new technologies.”

Commissioner Brian Quintenz highlighted many of Gorfine’s strong suits, adding that,

“[Daniel’s] capacity as the Chief Innovation Officer for the Commission and Director of LabCFTC […] has positioned the CFTC at the forefront of the intersection between technological innovation and financial regulation.”

Gorfine has since expressed gratitude in having been able to work along with the likes of Chairman Tarbert, former Chairman Giancarlo and everyone else, adding that he is,

“proud of the work we have done, inspired by innovators we have met.”

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Author: Nirmala Velupillai

BitPay Temporarily Halts Its Operations In Germany Citing Confusion In Crypto Payment Regulations

BitPay-Temporarily-Halts-Its-Operations-In-Germany-Citing-Confusion-In-Crypto-Payment-Regulations

Giant Bitcoin and Bitcoin Cash payment processor BitPay has announced that it is temporarily withdrawing its operations in Germany.

In an e-mail sent to Cointelegraph on 1 August, BitPay confirmed that it had suspended its activities in Germany.

In the sent e-mail, the BitPay head of Public Relations, Jan Jahosky explained that the company has agreed to halt the provision of its services in Germany in view of the coming into force of the new regulations, scheduled for next year.

However, it seems that the company is already considering adding support for the German market again in the future:

“Germany has publicly stated that it wants the crypto companies to hold a license starting in 2020. We have suspended our operations in Germany while evaluating the need to obtain a German license.”

German Companies No Longer Accept Bitcoins

Meanwhile, the computer news site Computer Base today announced that it will no longer be able to support Bitcoin as a payment procedure precisely because of the BitPay suspension.

However, the company has also agreed that the majority of its users pay via PayPal or bank transfer, while Bitcoin does not seem to be a particularly widespread payment method. However, there are alternative, self-hosted and open-source payment processing services, such as BTCPay Server, which lessen reliance on secondary providers.

Reports by Cointelegraph state that starting next year, the new anti-money laundering regulations will come into force in Germany, which requires companies in the crypto sector to have a license issued by the German Federal Financial Supervisory Authority.

In the recent past, Germany has been in the forefront urging other European countries to adopt tough regulations on crypto-based initiatives. The country’s finance minister is on record saying that cryptos won’t be allowed to replace the Euro. Germany’s policymakers have also called for tough measures to curb any threats posed by Facebook’s Libra crypto.

Is Germany becoming anti-crypto going by its recent policies and regulations? Share your thoughts with us in the comments section.

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Author: Joseph Kibe

SpankChain Rolls Out SpankPay To Allow Its Users To Pay For Adult Content Using Cryptos

SpankChain-Rolls-Out-SpankPay-To-Allow-Its-Users-To-Pay-For-Adult-Content-Using-Cryptos

Adult entertainment provider, SpankChain has announced the launching of SpankPay, a crypto payment platform that users can use to pay for adult-rated content.

The Ethereum-based adult content platform is partnering with two partners who have already integrated with the platform; SkyPrivate which anonymously links models with their clients using skype as well as Discord and JustFor.Fans which offers different forms of adult entertainment.

According to an official statement from the firm, Spankpay will allow its customers to use various cryptos to pay comprising of Bitcoin (BTC), Ether (ETH) and Litecoin (LTC), as well as the “privacy coins” Zcash (ZEC) and Monero (XMR).

SpankChain’s CEO, Ameen Soleimani explained about the new payment service:

“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience.”

According to Soleimani, the new payment service platform would charge a 0.5 percent transaction fee.

Officials from the two pioneer partners praised the new payment service platform saying that blockchain-based infrastructure will offer crucial value in the adult content sector. JustFor.Fans creator Dominic Ford stated the following:

“Using SpankChain, we don’t have to worry about being shut down due to the fact that we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly.”

On his part SkyPrivate CEO, Alex Bluck stated that the partnership between his company and SpankChain will help to ensure that people in various industries are given the same treatment and equal rights when it comes to payment of services.

SpankChain has been in the fore line in creating a blockchain-based economic and technological infrastructure that enhance adult-rated content. The firm has already created a camsite referred to as Spanklive that will be integrated with the new crypto payment platform in the near future.

The new payment platform comes several months after SpankChain lost funds in a crypto after a hack in October 2018 that comprised of customer holdings. The firm was however able to persuade the hacker to return the lost funds and agreed to reimburse the affected users.

SpankChain joins the fray in adult content industry who are now accepting crypto payment for products and services offered. In April last year, Pornhub revealed that it had inked a deal with Verge to enable its users pay through cryptos.

At the beginning of this year, one of the largest crypto payment service offeror BitPay revealed that about $1 billion of its revenues in 2018 and cash from the adult entertainment had grown by more than 255 percent from 2017.

Some adult entertainment companies have even taken it a notch higher with CamSoda launching a platform which makes sex toys to vibrate when the prices of Bitcoin, Litecoin, or Ethereum increased.

Do you believe launching crypto payment services by adult entertainment companies will help to spur their earnings? Keep the conversation going in the comments section.

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Author: Joseph Kibe

Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

Bitwala, a Bitcoin bank based in Germany, has recently announced that it was able to get $13 million EUR during its most recent funding round.

The investments were led by Sony Financial Ventures, a Sony subsidiary, along with NKB GRoup and Global Brain.

According to the company, half of the money gathered was given by early investors Coparion and Earlybird Venture Capital.

What Is Bitwala?

The co-founder of Bitwala, a man named Jan Goslicki, affirmed that the reason to create this company was to connect Bitcoin to the more traditional financial world. This, he affirmed, is something that most people simply do not believe to be possible, especially because the German regulation is pretty strict.

However, he believes that the company is succeeding in creating this bridge between the innovative world of Bitcoin and the more traditional and established financial-banking market.

So far, the company already has clients on the 31 countries from the European Economic Area. All clients of the bank are able to get a Bitcoin wallet as soon as they start up their accounts without having to pay any special fee. Also, insurance covers up to $100,000 EUR of the clients in case something happens to the money.

The team affirmed that this money will be used mostly in an effort to get new clients and to expand the current number of employees. Another use of the money will be to create a new service in which the bank will offer BTC accounts for businesses.

At the moment, the bank only has accounts for retail clients. Its fast growth, however, is proving that other types of accounts will be important as well. The Chief Growth Officer of the company, Philipp Beer, has affirmed that the company is looking to grow in all sectors and to be a part of the future of finance in Europe.

Bitwala has been around for a while now and has reached a degree of success. In spite of this, the company was very negatively affected at the beginning of the year when several crypto debit cards backed by Visa ceased to function.

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Author: Gabriel Machado

Bitfinex Starts Real-Time Liquidation Update As It Sets to Deliver Leverage of 100x

Bitfinex Starts Real-Time Liquidation Update As It Sets to Deliver Leverage of 100x

The crypto exchange Bitfinex has recently announced its Bitfinex Liquidation Feed on Twitter. The product, which is a real-time liquidation feature, is described as a new feature to improve the transparency of the leveraged positions on the platform.

This is a part of the company’s updates in order to roll out its new derivative product, which will be launched next week.

According to the company’s CTO, Paolo Ardoino, Bitfinex is finally moving forward with its plan of 100x leverage. He affirmed that high leverage is always accompanied by a very high risk, so having this new platform could be important in order to help the investors who are looking to be well-informed as they are looking for positions to take leverage.

Ardoino also affirmed that full transparency was one of the main goals of the company with the launch of the new derivatives market. This, he believes, will help to avoid any complaint from the users who will get on board in the near future.

Because of this, he plans to increase the transparency standards of all the aspects of the company to make investors are prepared as possible to use their money well.

The Relationship Between Leverage and Liquidation

When investing using leverage, the liquidation of assets is a very important statistic to watch out for. If the leverage used is up to 100x, then the need for being careful is even more important.

This is because Bitcoin and crypto trading is very automated. When there is a considerable crash, many automatic triggers liquidate positions, which causes a lot of volatility. This is why you need to be careful with liquidations.

They can act like a tidal wave that will sweep the market completely and may make you lose a lot of money if you use leverage and does not notice one of them coming.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado