Block.One to Offer Enterprise Blockchain Service Via It’s New ‘EOSIO for Business’ Platform

Block.one, the developer platform behind the EOS network, has launched an Enterprise-grade blockchain solution called EOSIO for Business. The new enterprise platform would allow businesses to leverage their offering on the decentralized tech.

The business platform offers four modes to its clients, which can be utilized to build and maintain blockchain-based infrastructure. The four modes include Blockchain-as-a-Service (BAAS), training businesses on utilizing the platform, technical support, and a certification program.

Ted Cahall, Block.one’s Chief Operating Officer (COO) commented on the launch of the enterprise-grade blockchain solution and said,

“Despite knowing the inherent benefits that blockchain will deliver to their business operations, many in-house product engineering teams are wary of the complexity involved in setting up and administering their blockchain.”

“Our EOSIO for Business customers will be able to work directly with EOSIO experts to ensure that their implementations seamlessly integrate with existing technology, and they will also have exclusive access to the newest EOSIO features and upgrades.”

How EOSIO Promises To Help Enterprises Scale?

The new enterprise-grade blockchain solution from Block.one promises to help businesses grow and scale via its platform without worrying about the technical aspect and maintenance of the services. This part would be taken care of by Block.one itself whose BaaS service would include complete technical support along with maintenance of the EOSIO network

The consulting and certification part of the platform would make it more interactive and help the businesses utilize the decentralized tech as per their business model. The EOS engineers promise to help these enterprises to grow without worrying about maintenance or technical complexities.

Mythical Games is one of the first business rosters for the EOSIO platform. Rudy Koch, co-founder and SVP of Business Development at Mythical Games, said that their association with the EOSIO platform had enabled them to meet their goals. He said,

“At Mythical, we are redefining game economies and creating new revenue opportunities by putting more power and ownership in the hands of players and content creators. EOSIO is an integral part of our efforts.

Leveraging Block.one’s EOSIO BaaS service enables us to continue delivering world-class game technology products to our players and partners.”

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Author: Rebecca Asseh

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today’s crypto world, and no one wants to be left behind, especially cryptocurrency exchanges.

Over the past few months, we saw these exchanges rushing to DeFi space – in the fastest ever listing of these tokens, a complete U-turn from the past few years when crypto projects had to approach them or even pay them to get their tokens listed.

Coinbase has already jumped the altcoins and DeFi mania, this time, it’s Gemini which defines DeFi as a “warm ray of sunlight shining down on us during the winter of our financial discontent.”

According to the exchange’s official announcement, “the Decentralized Finance (DeFi) revolution is coming into bloom, and it presents the possibility of permissionless, bankless, alternatives to the legacy financial system.”

The promise of DeFi is apparently “aligned” with Gemini’s “ethos” of giving its customers “greater choice, independence, and opportunity.”

While the exchange says these new tokens make up some of the major building blocks of DeFi, still, it warns that they present “unique risks,” and the listing doesn’t endorse the protocol and “makes no recommendation that” customers participate in the DeFi ecosystem.

Up until today, Gemini’s list of cryptos was extremely limited. A meager nine coins were available on the exchange for trading viz. BTC, ETH, LTC, BCH, ZEC, BAT, LINK, DAI, and OXT.

But on Friday, Tyler and Cameron Winklevoss-founded crypto exchange has made an aggressive move and extended this list to 15 more coins.

“We are proud to be the first regulated platform to offer trading and custody support in the State of New York,” for a total of 24 cryptos.

The exchange announced new support for the most popular DeFi tokens, including Balancer (BAL), Curve (CRV), Ren Network (REN), Synthetix Network (SNX), Uma (UMA), Uniswap (UNI), and Yearn.finance (YFI) which are available for both trading and custody.

Five tokens that were previously supported for custody, Decentraland (MANA), Kyber Network (KNC), Maker (MKR), Storj (STORJ), and 0x (ZRX), are now available for trading as well.

On top of this, Keep Network (KEEP), Wrapped Bitcoin (wBTC), and tBTC (tBTC), three new coins altogether, have been added to its custody.

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Author: AnTy

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won’t Get Rid of Me’

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is nothing left to build.”

“This space won’t get rid of me,” Cronje clarified on Twitter after his recent interview about quitting crashed the price of YFI about 22%.

On August 7th, YFI, the “valueless, zero supply token” surged to its all-time high of almost $5,300, only to fall to $3,755 today after Cronje’s interview with a crypto publication where he talked about being “close to rage quitting again,” because he is “so sick and tired of this space.”

But since then, the price has rebounded 23%, as per CoinGecko.

Cronje took to Twitter today to thank the community for their “amazing responses” and that one shouldn’t talk to reporters when one is angry and just before one is going to sleep.

His project yEarn, previously called iEarn, on which the South African software developer spent a year building has been seeing immense success, with the total value locked in the protocol smashing to just over $345 million on July 26th, a staggering increase from just $9.3 million TVL just a week before that, as per DeFi Pulse.

He spent $42,467 on building the platform and double of this on audits and hosting to “give up these controls and costs.”

Its token YFI, which handed all the reins to the community, has been growing like crazy. For the time in the space, the team, Cronje, didn’t keep any of the 30,000 tokens, a cap that was decided through a proposal like every other change to be made in this decentralized system.

The token that has “0 financial value” is currently worth $4,465.

“Andre owning 0 YFI is complete and utter bullshit and every single holder especially the big ones should dip into their YFI book and donate to him,” said popular trader MoonOverlord.

The community has been working on a proposal to allocate some of the supply back to the founder. After the recent development, community members also made donations to Cronje, which he “will be returning, all of them.”

Cronje, who was in control of $40 million of customer funds locked in yVaults has also handed its governance rights to 6 of the 9 wallets of community shareholders that also controls YFI minting, as revealed by an independent crypto researcher Hasu.

In response to this, Cronje shared with the publication that he is being “attacked 24/7” when he is just building on his own without raising a single penny, unlike the multi-million dollar VC raised projects that can instantly steal funds or custodial services lying about being DeFi.

“I just don’t get why everyone is so adversarial and targeting my project so much,” he said.

Although it was all the “truth,” he said, it’s “a lot more sensationalist than the full picture.”

This hasn’t been the first time Cronje talked about quitting the space, back at the end of February, the “toxic community” of DeFi pushed him to take a similar decision.

“I learned my lesson back in March, I made the active decision to continue and work through whatever comes my way. I might hate it more often than not, but it’s not going to stop me. This space won’t get rid of me, until there is nothing left to build,” Cronje said today.

Also Read: yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

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Author: AnTy

ZEC Breaks Out of 3-Year Bear Market as Executive Director Bids Adieu to Zcash Foundation

The inaugural executive director of Zcash Foundation, the company behind the 24th largest cryptocurrency by market cap $845 million ZEC, has left the Foundation. Josh Cincinnati in his farewell statement said,

“It was the best team I’ve ever had the honor of working with, and I will miss them terribly.”

Cincinnati believes that after leading the Foundation for over three years, he isn’t the right person to do it anymore and that he shouldn’t do so indefinitely either. Moreover,

“whatever power that has vested to the Foundation should stay in check institutionally, and not accrue to a single leader,” he said, adding that he is “ready for a break and a change of pace.”

Another reason for his departure is that the negotiation and successful conclusion of the dev fund has taken a toll on his “relationship with ECC leadership and damaged my ability to collaborate with them effectively.” Because the Electric Coin Company is unlikely to change its leadership “ever,” “I instead chose to leave.” Before leaving, he shared his prediction that the,

“prospects for private digital cash are bright,” and “the Foundation’s technical efforts will make a big splash this year.”

On Cincinnati’s departure, Analyst Qiao Wang shared some bullish facets about ZEC. He noted how the digital asset has broken out of the 3-year bear market. Up 20% in the past 24 hours, ZEC is currently trading at $87.27.

Zcash started surging this week after bitcoin broke its key levels to make new 2020 highs. ZEC has recorded 205% returns YTD but is still 99% down from its all-time high hit during the last bull market.

Textbook W-shaped bottom, coinciding with governance crisis, usable shielded clients, imminent 1st halving, increasing awareness on privacy, and global return of socialism, Wang pointed out all the reason to be bullish on this digital currency, He said,

“if this isn’t a generational buying opportunity Iono what is.”

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Author: AnTy

Florida Teenager, the ‘Mastermind’ Behind Twitter ‘Bit-Con’ Hack, Arrested

A Tampa, Florida teenager has been accused of being the ”mastermind” behind the biggest hack on Twitter and has been placed under arrest.

17-year-old Graham Clark is facing 30 felony charges for “scamming people across America” that includes organized fraud, communications fraud, fraudulent use of personal information, and access to computer or electronic devices without authority.

The charges have been related to the July 15 incident when some of the big accounts including Elon Musk, Bill Gates, Warren Buffett, Joe Biden, Barack Obama, Kanye West among others were hacked to promote a Bitcoin giveaway scam. The scam was able to steal less than 13 BTC worth about $120,000.

“As a cryptocurrency, Bitcoin is difficult to track and recover if stolen in a scam,” the state attorney’s office said. The suspect behind the attack was found by the FBI and US Department of Justice after a “complex, nationwide investigation.”

IT Department Here

Twitter also released a statement thanking law enforcement for their “swift actions” while sharing further details about the attack.

A small number of Twitter employees were targeted via a phone spear-phishing attack relying on “a significant and concerted attempt to mislead certain employees and exploit human vulnerabilities to gain access to our internal systems,” read the statement.

A total of 130 Twitter accounts were targeted — the hackers tweeted from 45 accounts, accessing the DM inbox of 36, and downloading the data of 7.

The Tempa teen allegedly convinced a Twitter employee that he worked in the Twitter IT department and tricked them into giving them the credentials, as per an affidavit released late Friday.

The Bit-Con

Clark will be prosecuted in Florida so he can be charged as an adult, “This was not an ordinary 17-year old,” said the state attorney who added,

“This could have had a massive, massive amount of money stolen from people, it could have destabilized financial markets within America and across the globe.”

“This ‘Bit-Con’ was designed to steal money from regular Americans from all over the country.,”

“This massive fraud was orchestrated right here in our backyard, and we will not stand for that.”

Clark is just one of the three suspects, the other two were identified as 9-year-old Mason Sheppard from the UK and 22-year-old Nima Fazeli from Orlando.

Sheppard was found thanks in part to his driver’s license used to verify himself with crypto exchanges Coinbase and Binance. His accounts were also found to have sent and received some of the scammed BTC.

Similarly, Fazeli used a driver’s license to verify with Coinbase where accounts controlled by him allegedly received payments in exchange for stolen Twitter usernames.

Both are facing $250,000 fine and while Fazeli is facing five years in prison, Sheppard is being charged with wire fraud and money laundering conspiracy as well on top of computer intrusion as such facing a 20-year sentence.

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Author: AnTy

Here’s Why Bitcoin & Gold Didn’t Surge During the Enormous Volatility in Q1 2020: Report

The reason behind the safe assets like gold and bitcoin not surging despite the coronavirus pandemic creating enormous volatility in the global financial markets is the “intense and large-scale manipulation,” states a report by the University of Sussex.

The report published on May 14 points out how during the 2008 crisis, the correlation between the S&P 500 and gold was about minus 40% but this time around it was +20%.

“As funds flow out of equities one would expect demand for gold and bitcoin to increase,” said Carol Alexander, Professor of Finance at the University of Sussex Business School.

But what happened this time around is that safe havens behaved completely differently. Both gold and bitcoin fell at the same time as US equities.

Safe haven take a hit along with stock market

After the equities market crashed in March 2020, gold had its worst week in eight years when it should have been its best. This was because of the massive shorts on COMEX gold futures, she said.

S&P 500 crashed 33.9% in March and has already climbed above 3,000, up over 34% since the sell-off. The precious metal meanwhile dropped 11.7% from the multi-year lows and is currently at $1,726 per ounce.

However, while the S&P 500 only continued upwards since the fall, gold is down 1.7% from $1,756 in mid-April.

A behavior also is seen in Bitcoin.

BTC fell 63% from February high but recovered and went up 163% to above $10,000 only to now trade for around $8,850.

The report mentions that since its birth in 2009, the world’s leading digital asset has been uncorrelated with any traditional asset. But this time, bitcoin’s correlation with SPX was +63% and remains “unsettlingly” high at 40%.

Bitcoin was “driven down by some pretty obvious manipulation bots on the unregulated crypto derivatives exchanges, especially BitMEX,” Alexander said.

Rarely seen before manipulation affect the markets

On tracking the trades on both gold and bitcoin markets, it was found that there have been detailed huge sell orders on gold futures and massive pump and dump on copper futures in recent months.

Some single trades on COMEX were extremely large — innately clear contraventions of US laws on market abuse. But with the regulators busy in the current time of distress, these manipulations even the large scale ones remain off the radar of regulators. She said,

“We are witnessing financial market manipulations on a scale and frequency that have rarely been seen before.”

Also, large spoofing orders on key cryptocurrency exchanges have been detected.

But those placing these trades are not the only biggest beneficiaries of these attacks but also the holders of US dollars and US assets.

Both of them have become the primary sources of positive returns for global investors in attempts to “curtail the recent trend of some central banks to diversify their reserves away from the US dollar.”

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Author: AnTy

ConsenSys Acquires Fluidity, the Firm Behind Peer-to-Peer AirSwap Trading Network

ConsenSys has acquired Fluidity, the firm behind peer-to-peer trading network Airswap. Airswap has been at the forefront of developing some of the industry’s first of its kind decentralized technology such as tokenization of real estate and security tokenization.

The AirSwap developer team has been instrumental in developing a roadmap and building blocks of defi ecosystem, and even though the terms of the acquisition haven’t been made public, the AirSwap team would continue to build the ecosystem with support from industry in building development after its association with the ConsenSys.

AirSwap was founded by Fluidity and ConsenSys back in 2017 and the acquisition by ConsenSys signifies their focus on developing core decentralized products in order to bring new innovative products to the market. ConsenSys is working to bring new innovative financial product and infrastructure on Ethereum blockchain.

ConsenSys code would leverage Fluidity’s core technology to power decentralized finance and commerce while AirSwap would utilize ConsenSys’s marketing and engineering to power the decentralized ecosystem.

The acquisition would see all the products and services along with the tram of Fluidity move to ConsenSys. The developer team working with AirSwap and Fluidity would continue their work in the fintech verse while ensuring frictionless trade, network growth, and new token mechanisms while working in synergy with the ConsenSys team.

Joseph Lubin, the co-founder of Ethereum network and ConsenSys commented on the latest acquisition and how the synergy between two firms would help in achieving the larger goal saying,

“Bringing Fluidity fully into ConsenSys will unlock powerful synergies that we have identified over the past few months. The team has built best in class token trading technology for different niches that ConsenSys can now help bring forth at scale. We are excited to reinvigorate the longstanding close relationship.”

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Author: James W

Kin Releases its Transparency Report, Revealing Foundation Budgets and Structure

The Kin Foundation that’s behind the social messaging app Kik has been involved in a long-drawn out legal battle with the US Security and Exchange Commission over the distribution of its Kin token.

Kik created the Kin token back in 2017.

The SEC alleged that Kin tokens fall under a Security bracket, and thus it must be registered with the regulatory body before the sale. The total market supply of Kin token has been kept at 10 trillion out of which 1.45 trillion are currently in circulation.

The Kin Foundation has now released a transparency report in association with the Messari group revealing crucial financial details. The transparency report was published on the 21st of May, and gave a glimpse at the operation of the Kin token.

The report revealed that the foundation drafts their budget one year in advance, which determines what funding would go towards developers, user grants, node incentives, and marketing and operations.

The Kin Foundation is currently headed by a two-member board consisting of Ted Livingston, the CEO of Kik Interactive and William Mougayar, author of “The Business Blockchain.” The report further revealed that the board members are selected annually by the members along with a Kin Representative who acts as a medium for the developer community and token holders.

The foundation currently has only one Representative in the form of Matt Hannam, however, the foundation plans to add a couple more representatives in the coming year. The Kin foundation also comprises of an informal community of 10 members who look over the kin rewards and disagreements.

The report revealed that around 28 million users have acquired kin from various sources since its creation in 2017 and around 300 million kin was spent per day this year alone.

The Legal Battle Over Security Tag

The United States is counted among nations with a tough regulatory stance towards crypto. This is because any security token offering which promises a profit on the token over a course of time need to be registered with the SEC. The same issue has led to the halt and several postponements of Telegram’s TON blockchain and GRAM token issuance. The Kin Foundation has maintained, since the beginning that,

“the SEC cannot meet its burden to prove that Kin purchasers were primarily led to expect profits from the managerial efforts of others.”

The foundation also believes that the SEC’s legal case against them is heavily inspired by the Telegram case. Eileen Lyon, Kik’s general counsel said:

“Our take on the SEC’s opposition is that it relies heavily on the recent Telegram case, which we think was poorly reasoned and wrongly decided.”

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Author: James W

Massive Adoption Crypto Conference Organizer Faces Lawsuit For Not Refunding Canceled Event

Jacob Kostecki, the organizer behind the ‘Massive Adoption’ crypto conference, is at the receiving end of a class-action lawsuit from over 2,000 people.

The lawsuit has been levied due to those who bought a tickets to one of his events, but never got a refund, even when the event was canceled by Kostecki himself. The lawsuit aims to recover $75,000 in damages.

The filed complaint claimed that Kostecki advertised the crypto-conference from February 27 to 28th in Memphis, Tennessee, and sold a large number of tickets, along with hotel and airfare packages at considerably lower prices. In total, Kostecki collected about $75,000 from these sales.

However, Kotecki canceled the event on January 31st (original scheduled for November 2019) citing cash issues, while promising to pay back everyone who bought tickets. But none of these customers who paid for the event received any refund, even after a couple of months raising the suspicion.

David Silver, a crypto attorney, filed the class-action lawsuit against the organizer in a Colorado District court this Thursday.

Silver said that the case came to his notice when he saw Kostecki taking advantage of people who could not afford legal representation. Silver took to Twitter and warned Kostecki to return what he owes to people otherwise he would be served with a lawsuit.

Ashley Gentry, of San Dimas who is the lead plaintiff in the case, revealed that the event was scheduled for November and was later postponed to February before being canceled.

The event promised to host 2,000 attendees, along with 60 speakers. Gentry bought a complete package costing $794 for herself, her husband, and one other person back in December.

Silver said that people should be aware and never take hollow twitter promises for granted. He explained:

“We seek damages in excess of $75,000,” the attorney said, which includes the money people lost, interest, other costs, and attorney fees. Typically in a class-action, a law firm only collects fees if it recovers money but according to Silver, who is doing the work pro-bono, “even if we collect attorney’s fees, we will give it back to the victims.”

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Author: James W

Flipside Crypto Report Finds Probable Cause Behind XRP’s Drop In Trade During Weekends

XRP, the third-largest cryptocurrency has maintained its spot for quite some time now only behind Bitcoin and Ethereum. However, XRP has managed to hold onto its position despite the token’s spot price failing to make any significant gain over the past two years. Another interesting thing that came to light was that XRP trading falls significantly during the weekends and nobody knew why?

Flipside Crypto, a blockchain analytics firm seems to have found the answer to this bizarre trading trend and released a report titled “4 Things To Know About XRP Money Flows.” The report found that XRP lacks consumers and retail investors because of which the retail interest in the third-largest crypto asset is quite low.

The report suggests that a majority of the XRP transactions comes from professional traders, investors or payment processors which officially works for the weekdays just like any public or government offices and that is the reason why there is a significant drop in the trading activity for XRP during the weekends.

Flipside Crypto makes use of ‘chain-walking,’ a method to extract stakeholder behavior data which in turn helps blockchain projects to understand their strengths and weakness in order to develop better growth strategies. Flipside Crypto CEO Dave Balter explained where XRP is lagging saying,

“There are a number of impressive blockchains just heading into mainnet, such as Near, Flow (Dapper), Celo and Solana. They are launching with a customer-first mindset and real-world use cases. For example, Flow has already inked deals with the NBA and Warner Music and Celo’s solutions are tailored to aid the financially underserved. Expect big things from these four in 2020 and beyond.”

Ripple the parent company behind XRP has been at the receiving end of several class-action lawsuits which claim that XRP is unregistered security and thus regulators must take action to stop its sale. The fintech firm might not have found many takers in the retail market, but its cross-border remittance technology has been in high demand among banks and financial institutions as it has partnered with over 200 banks all across the globe.

The Flipside report also found that one of the most active XRP wallets is that of Ripple co-founder Jed McCaleb who went on to create Stellar (XLM) as well. Recently, he sold a massive chunk of his XRP stash and it seems he is not done yet. The report found that McCaleb currently has $65 million XRP in his wallet which he might be looking to sell in the coming months.

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Author: Rebecca Asseh