Adult Entertainment Site, PornHub, Adds Support for XRP, BNB, USDC & DOGE

Adult Entertainment Site, PornHub, Adds Support for XRP, BNB, USDC & DOGE

Giant adult entertainment platform, Pornhub, is expanding its payment options for its customers after adding support for four other cryptos: USDC, BNB, XRP, and DOGE.

The popular adult content website with approximately 120 million visitors per day will accept premium subscriptions using the four virtual coins.

Notably, the platform removed its support for privacy-oriented digital asset Dash and the PumaPay token that had been added in mid-December. This shows that the new changes were agreed at the end of last month.

The four crypto options also raise the number of coins supported by Pornhub to sixteen up from fourteen. The addition of the four crypto payment options was hailed by Changpeng Zhao, the founder of the globe’s largest crypto exchange, Binance, which also owns the BNB token. CZ tweeted to alert his followers that they can now subscribe to premium videos using Binance coin.

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Attracting 3.6 billion visitors per month, Pornhub is arguably one of the most popular websites in the world. Although most of its content can be accessed freely, the site requires its customers to pay to access premium videos.

In the past, subscriptions were payable through Mastercard and Visa. However, following allegations that Pornhub had published videos involving rape and child abuse, the payment platforms withdrew their support for the site. The firm has strongly denied these allegations stating that they conduct due diligence before posting a video.

With the cutting of ties with Visa and Mastercard, Pornhub started to list cryptos as alternative payment options. Puzzling, the addition of Ripple’s XRP came as a surprise to many following the coin’s recent delisting from major crypto exchanges.

Pornhub’s crypto payment options are widely used in the US, Singapore, and the UK, while in various EU nations like Germany, the firm supports bank wire services.

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Author: Joseph Kibe

JVCEA Approves Enjin Coin for Coincheck Listing; Becomes First Gaming Token in Japan

JVCEA Approves Enjin Coin for Coincheck Listing; Becomes First Gaming Token in Japan

Enjin Coin has passed Japan’s stringent crypto rules and procedures to become the pioneer gaming crypto to win approval for use within the country.

In a press statement sent to Bitcoin Exchange Guide on Tuesday, January 19, 2021, Enjin Coin (ENJ) revealed that it had been approved by Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory entity that oversees the country’s crypto exchanges.

According to the press statement, the token will debut in Coincheck Japan starting on Jan. 26. This means that customers will have a chance to buy the coin using the local currency, the Japanese yen.

ENJ describes itself as a store of value token that can be saved as non-fungible tokens (NFTs) once created by the Enjin gaming platform users. These NFTs are tradable, can be swapped, and integrated within the platform, thereby having the capacity to form a fresh in-app economy. The statement reads,

“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture. We believe some of the world’s best blockchain games will come from the Japanese gaming industry.”

Coincheck is regulated by the Japanese Financial Services Agency (FSA) and is one of the country’s biggest crypto marketplaces. According to FSA crypto listing history, ENJ becomes the first to be listed in Japan’s gaming category.

The firm behind ENJ token, Enjin, set operations in Japan in 2019 after inking a partnership deal with HashPort, a blockchain accelerator based in Tokyo. HasPort was looking for ways to bring the Enjin gaming platform to the country. The two firms have been working aggressively to push for the licensing of ENJ by JVCEA to gain access to the Japanese exchanges. Per the press statement,

“After more than a year of due diligence, the approval and listing of Enjin Coin on Coincheck is an important milestone for Enjin and adoption of its blockchain platform in Japan.”

Following the approval, ENJ’s value exploded, and by publication time, the coin was exchanging at $0.43, an increase of about 90%. The coin has also joined the top 100 currencies club as per the market cap has reached $350 million.

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Author: Joseph Kibe

USDC Circulating Supply Increases by 3.14B; Stablecoin ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC Circulating Supply Increases by 3.14B in 2020; CEO Says Stablecoin Is ‘Way Ahead of the Pack’ in Regulatory Compliance

USDC’s supply has surged 687% in less than ten months. Circle CEO Jeremy Allaire says the latest regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system.”

Stablecoin USD Coin, created by Center Consortium, a collaboration of Coinbase and Circle has surpassed 3.6 billion in circulation.

“USDC crossed 3.5B in circulation, newly 500m new in circulation in past couple of weeks,” tweeted Jeremy Allaire, co-founder, and CEO of Circle.

A few hours later the same day, Allaire took to Twitter again to state that the coins in circulation had crossed $3.6 billion.

In mid-March, the market cap of USDC was just around $457 million, representing an increase of 687% in less than ten months.

2020 has been a year of stablecoins as the combined supply of these coins surpassed 20 billion recently.

Another interesting metric is the on-chain volumes of these stablecoins which have crossed the $1 trillion mark, this year, for the first time ever, analyzed The Block. Last year, the volume was a mere $248 billion.

The dominant stablecoin in the market, Tether (USDT) remains the king here as well by accounting for 76% of all the stablecoin on-chain volume followed by USDC at 15% and then DAI at just 7% share of the market.

As for the blockchain, Ethereum is the obvious leader with 83.5% of stablecoin on-chain volume share followed by Tron and Omni at 14.5% and 2.1% respectively.

Regulators onto Stablecoins

This increased popularity and usage of fiat-backed cryptos have brought regulatory scrutiny on the stablecoins.

Just this week, President Trump’s Working Group on Financial Markets published a statement where it says stablecoins must meet the same regulatory standards as other financial systems. It requires the issuers to obtain and verify the information of the parties involved in the transaction of stablecoins across unhosted wallets.

“Nearly everything that is being proposed is highly aligned with how Centre operates and USDC is issued today. Broadly, this is a very significant development in terms of acknowledging USDC as emerging significant payment infrastructure in the US,” commented Allaire on these new proposed rules.

He further went on to say that all the regulators are asking for are already the “hallmarks” of the company and they are “way ahead of the pack.”

These regulations “pave the way for stablecoins to become a major part of the payments and settlement infrastructure of the financial system,” said Allaire.

However, the rules on transaction reporting for unhosted wallets, which cross-references the midnight rule-making by Treasury Secretary Steven Mnuchin, “will be vigorously fought.”

“We are looking forward to picking this conversation up with the Biden Administration, and the many many leaders and civil servants across the US Treasury, SEC, CFTC and others as we usher in the next major phase of the global financial system.”

Jeremy Allaire Co-founder and CEO of Circle

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Author: AnTy

MimbleWimble Privacy Coin, GRIN, Becomes Latest Network to Be Hit With A 51% Attack

GRIN, a mimblewimble protocol-based privacy coin, had become the latest victim of a 51% attack when a group of unknown miners got control of more than 50% of the network’s hashing power.

On November 7th, the network came under attack by an unknown mining group, which was able to gain control of 57.4% of the hashing power.

A 51% attack occurs when more than 50% of the network’s hashing input is controlled by a single entity, which increases the risk of double-spending. As per on-chain data, the unknown miner group managed to reorganize one forked block at 23:17 UTC and since then increased their control on the network to 58.1% by Sunday. Currently, at 58.5%, according to Grinscan.

A tweet from 2Miners on Nov 8th revealed the 51% attack on the GRIN network, where they revealed that currently, they only have 19.1% of the hashing power of the network. The tweet read,

“Grin Network Is Under the 51% Attack! Payouts are stopped. Please mine at your own risk only because the new blocks could be rejected.”

GRIN Token Maintains Its Position in the Market

The news of the 51% attack didn’t really impact the token’s price as it remained a study showing a minimal drop of 1.4% over the past 24 hours.

The more diverse the mining input, the more secure the network, which is proven in the current case. The diverse mining input would ensure that a 51% attack would cost the miners more money than what he would gain in return. For example, the Ethereum Classic (ETC) network has the highest share of 51% attacks where the network experienced three 51% attack in August this year itself.

The miners needed $7,000 per hour to control more than 50% of the mining power; the cost is relatively low when compared to Bitcoin and Ethereum networks; however, it’s significantly higher than the GRIN network. The unknown miner group only required $25 per hour to control more than 50% of the platform’s hash input.

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Author: Hank Klinger

JPMorgan Dives Deep in Blockchain with Onyx, CEO says Tech is Now Just Beyond the ‘Hype Curve’

  • JPMorgan’s stablecoin JPM Coin is finally being used commercially for the first time.

Takis Georgakopoulos, JPMorgan’s global head of wholesale payments, revealed on Tuesday that a major tech firm, whose name is not disclosed, will be using the token to make global payments starting this week.

The investment bank that moves more than $6 trillion a day across more than 100 countries has created a business unit called Onyx. In the making for five years, it is staffed with around 100 employees to do the blockchain projects in-house. Georgakopoulos said,

“We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.”

The bank aims to save 75% of the total cost for the industry. But the project is months from its commercial launch, said Umar Farooq, the newly named CEO of Onyx.

“If you think about blockchain, we are either somewhere in the trough of disillusionment or just beyond that on the hype curve,” Farooq said, referring to the “Gartner Hype Cycle.” “That’s why at JPMorgan, we’ve been relatively quiet about it until we were ready to scale it and commercialize it.”

As we reported, the bank has also revamped its Interbank Information Network (IIN), piloted in 2017 as Liink that has over 400 banks and corporations as partners.

The company is also looking into creating new, separate payment rails for central banks that are interested in starting their own currencies. Georgakopoulos said,

“If we are able to develop a model that works, we think the probability of adoption becomes very high.”

Additionally, JPMorgan is reportedly actively exploring digital asset custody and is looking for help from crypto firms. To offer the services, it would enlist sub-custodians and have already reached out to firms like Fidelity Digital Assets and Paxos.

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Author: AnTy

Decentralized Storage Network Filecoin to Launch Mainnet on Oct 15th; Raised $200M In 2017

Three years following its successful initial coin offering (ICO) approximated at $205M, Filecoin has finally confirmed that its long awaited mainnet launch is set for mid next month.

In a blog post from the team, the decentralized storage platform stated that the mainnet will be rolled out on Oct.15. The firm also revealed that the network will go live at block 148,888.

The platform is designed as a blockchain rival to Amazon Web Service as well as Cloudflare. The platform conducted one of the most successful ICO’s in history raising $205 million.

Dubbed decentralized dropbox, Filecoin is seeking to end the overreliance on the third-party hosting services used by companies such as Microsoft or Amazon. This will be advantageous to users as their content will not be monitored, like is the case with Dropbox, all information within the Filecoin platform will be encrypted making monitoring impossible.

The upcoming launch will end speculation in regards to years of delay. The firm had forecasted that its testnet would be launched by the end of 2018 while the mainnet was set to go live by 2019. The team then revised its estimation saying that the testnet was to be launched in the spring of last year while the mainnet would be launched by end of last year.

Filecoin was finally able to release its testnet in December last year. At that moment, the firm explained that the mainnet was set to be launched in March this year. Now, almost an year after the launching of the testnet, the firm has announced the mainnet will be launched mid next month.

All signs show that Filecoin is set to meet the expectations. On Aug. 24, the team released an incentivized testnet which is a sign that the platform is at the final stages of its design and development.

However, the team is facing challenges as an infuriated group of miners as well as venture capitalists in China are threatening to fork the platform before it can be officially launched. The group are of the view that they might be underpaid if the mainnet goes live. Protocol Labs, the firm behind Filecoin, had earlier released a paper stating that about 80% of miners could be rendered unprofitable.

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Author: Joseph Kibe

Lithuania’s LBCOIN, The World’s First Collectible Digital Coin, is Sent to the ECB Council

The world’s first collectible digital coin called LBCOIN was sent to the email inbox of European Central Bank policy makers on Monday from one of their colleagues.

The coin came to Governing Council members as a link to an e-wallet with six digital tokens. These tokens feature a portrait of one of the 20 signatories of Liithunai’s 1918 declaration of independence.

“I’m curious how popular this is going to be among Governing Council members,” said Vitas Vasiliauskas, Lithuania’s central bank governor. “I’ve asked for feedback,” he added.

Just last week, ECB President Christine Lagarde said that they would soon discuss whether or not the eurozone should create its very own digital currency.

Currently, finance chiefs of the euro region are working on devising a regime to regulate fiat-backed stablecoins.

Call for a Digital Euro

Before being sent to the colleagues, the LBCOIN was demonstrated at last week’s Governing Council meeting about how it works.

Based on blockchain technology, the project took three years to complete, Vasiliauskas said.

“We’re the first to issue” such a coin, he said. “The whole experience gave us ample possibilities to comprehend the technology.”

The users of the tokens can also trade them among themselves after activating the tokens. The specific set of them can also be exchanged for a credit card-sized physical coin that has a nominal value of 19.18 euros.

The central bank governor believes the LBCOIN experience will help ECB in reaching the decision on a digital euro. According to him, it was the social media giant Facebook’s stablecoin Libra that helped euro-area central banks in recognizing that digitization can revolutionize the financial system.

“We absolutely need to move forward, we see the Chinese are already testing it in practice, launching the CBDC in certain regions,” he said. “Europe shouldn’t sleep through this again.”

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Author: AnTy

Coinbase and Circle Launch Major Upgrade in USDC 2.0; Stablecoin Sees ‘Unprecedented Adoption’

Coinbase and Circle, the members of the Centre Consortium, has announced a major upgrade to the stablecoin USD Coin (USDC) protocol and smart contract.

Launched in September 2018, this regulated stablecoin saw an “unprecedented adoption” during the pandemic, surpassing $1.4 billion, up from about $450 million at the beginning of March, and recording more than $90 billion in on-chain transaction volume.

With the latest upgrade, USDC will become “significantly easier for people to use USDC in payments, commerce, and peer-to-peer transactions,” besides adding additional security to the smart contract.

More importantly, Centre says USDC 2.0 is introducing “gasless sends.” Transaction on the Ethereum network involves “gas fees” and in order to pay this, most digital wallets are required to purchase and hold a balance of Ether (ETH).

Now, with the latest upgrade, the idea is to remove the barrier to “mainstream adoption and broad usage of digital dollar stablecoins for internet payments.”

The official announcement states USDC 2.0 enables users to delegate the payment of the gas fees to another address, giving the developers the option to either pay the fee on behalf of the customer or deduct the fees in USDC.

As such, customers will be able to send and receive USDC payments on a peer-to-peer basis using only USDC.

“These simplified and improved user experience flows will accelerate the virality of making and receiving payments using USDC on the internet.”

Another thing USDC 2.0 introduces is a new set of on-chain multiple signature contracts which means administrative operations can be managed on-chain, in a result, improving the “security, auditability and in turn resilience.”

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Author: AnTy

Binance Futures to List BTC/USD ‘Inverse’ Perpetual Futures; Leveraged Up to 125x

Binance announces the launch of its Bitcoin perpetual coin margined futures contract expected on Tuesday, August 11, 2020, at 7 AM GMT. According to the published blog post, traders can leverage their positions on the BTC/USD coin margined contracts up to 125x, to increase their rewards.

Remember, a higher leverage position increases your risk by the same proportion; hence be careful while using leverage.

The statement obtained by BEG states the coin margined BTC/USD contracts will be listed on Binance Futures, the exchange’s derivatives wing. BTC/USD coin margined perpetual contracts are similar to standard crypto futures. Still, they do not have an expiration date, and the margin is set in BTC instead of the conventional fiat currency.

Binance Futures’ BTC/USD coin margined contracts are the second in line to use BTC as the base currency following the recent launch of quarterly BTC/USD coin margined products. The exchange has launched the COIN- and USDT- margined products in a bid to promote the use of BTC and altcoins as the currency of settlement.

Changpeng “CZ” Zhao, CEO of Binance, states the ‘inverse’ futures contracts “helps strengthen the digital asset’s industry standing” as they allow long term crypto hodlers to invest with a long term view on the crypto. On the launch of these margined futures products, Aaron Gong, VP of Binance Futures said,

“[Binance] We are the only exchange that offers users flexible control of their margin balance by either spreading it across all their open positions or setting individual limits for each position they own (cross or isolate margin modes), as well as the ability to switch their margin modes at any time.”

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Author: Lujan Odera

Coin Metrics’ Trusted Volume Framework Reveals Only 14 Exchanges Are Reporting Real Trading Data

Coin Metrics, a crypto analyst firm, has released a new framework called ‘Trusted Volume Framework’ to evaluate how trustworthy is the trading volume clams made by various exchanges every year.

The analysts at Coin Metrics found that only a handful of exchanges, among hundreds, managed to cut when it comes to offering trading volume data. The study also found that a majority of the exchanges have been showing 10x the actual volume. Exchanges dwell into wash trading, and many other unethical means to show an inflated number to attract more customers.

Key Takeaways of the study revealed:

  • Fake trading volumes have been a black mark on the industry – it is difficult to find a single metric to easily sift through the reported numbers.
  • We’ve taken a data-driven approach to the problem and are excited to introduce a “trusted volume” metric to help identify the legitimate trading volume.
  • Our framework for measuring the reporting quality of exchange is broken down into three broad categories: volume correlation, web traffic analytics, and qualitative features.

As of June 2020, the passing exchanges for ‘trusted’ spot volume include Binance (and Binance US), Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbase, Gate.io, Gemini, itBit, Kraken, and Poloniex.

Jon Geenty, a data scientist at Coin Metrics, commented on the growing trend of showing inflated numbers and said:

“Exchanges are especially notorious for boosting volume numbers to game ranking sites or other nefarious reasons. The industry is full of technical information that can be difficult to understand and, at times, misleading. We are working to create a more transparent environment for those within it and a safer, more trustworthy source for those hoping to learn more.”

How did Coin Metrics Evaluate Fake Volume?

Coin Metrics’ Trusted Volume Framework
Source: Coin Metrics

Analysts at Coin metrics did not collect data from top exchanges; instead, they collected trading volume data from trusted spot exchanges which included:

The Coin Metrics subjected these exchanges to three litmus tests, which included comparing the price feed for the exchange against the trusted exchanges. Any exchange with a 60% correlation with the trusted exchange ‘passed’ the test.

The second test assesses the exchange’s volume against the web traffic of the platform, so if an exchange is inflating its volume, then the ratio will be higher as well.

And for the third test, Coin Metrics checks qualitative measures taken by the exchange, like whether the exchange is un/regulated, whether the platform boasts KYC features and others.

Among the most popular exchanges which could not pass the test had only one contender in OKEx, which failed on all the tests.

It was revealed that, in the last 24 hours, the overall volume of the crypto market was $13.25 billion, while the exchanges combined showed a total trading volume of $113 billion.

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Author: James W