Patientory (PTOY), The Crypto Worth Less Than A Cent, Can Be Very Profitable In The Future

Many cryptos are all about a promise. Patientory is one of them. The crypto, which was created for a health app, is worth only a cent per PTOY token, but some of its executives believe that the project may be worth millions in the day.

Chrissa McFarlane, the CEO of the company, was recently interviewed by the crypto media outlet Coindesk. According to her, at the moment people are using the token only for small experiments, but she defended that the project may be worth millions in the future.

One of the main goals is to have data from healthcare providers in order to create a big network that will provide all range of health services for users.

At the moment, the project lacks clients, but it has a growing community with several contributors. The project is basically gearing up for a profitable future, its CEO affirms. According to her, the standards for interoperability of the company are getting better and, with time and testing, the network will finally be prepared to empower patients and to finally be profitable.

So far, Patientory was only able to get $12.4 million USD. Most of the money came from the Initial Coin Offering, which was held two years ago, but some came from venture capital later on. Most of the money has been used in the development of the platform and in related events aimed to bring awareness to the project.

Unfortunately, the future of this project is far from certain. While the management is sure that the product is innovative and will bring millions in profit, the truth is that most startups end up dying after a few years.

Read Original/a>
Author: Daniel W

Should Ripple Burn XRP To Pump Prices as Investors Disgusted in Company Dumping New Coins Into Market

XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019

Bitcoin was created with a fixed supply. It was, according to Satoshi Nakamoto, an anti-inflation measure. This way, there would be no mechanism to keep introducing more coins in the market. Ripple has followed the opposite route. The XRP market has innumerous tokens locked and Ripple can toss them into the market at any time.

This prompts the prices of the token to remain stable or low because there is never a shortage of tokens since they are constantly being released. Ripple works just a like Central Bank in this regard.

Now, a trader called Crypto Bitlord has started a petition so that Ripple should burn half of its XRP tokens in order to boost prices. With the supply reduced, the prices would rise. The main argument of the petition is that Ripple keeps dumping XRP on the market and it affects the price. This is unfair because the company holds over 50% of the total tokens.

So far, the petition is only half successful and just has over 300 signatures, but the idea is at least interesting. It is a good idea?

To Burn Or Not To Burn

Ripple is probably not burning the tokens. It can gain a lot of money by actually selling the tokens and what will the company get by burning them? Nothing.

Unlike its so-called decentralized system, Ripple is a company. It looks for profit. Because of this, its major interest is catering to banks and other financial institutions that can use its projects, not only its community of investors. Traders will possibly get upset, but it does not seem that things will change anytime soon.

[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.

Read Original/a>
Author: Gabriel Machado

University College London Research: Almost Half of All Blockchain Supply Chains Are in Groceries

Almost-Half-of-All-Blockchain-Supply-Chain-Projects-Are-Involved-in-Groceries

Something very curious about the blockchain technology is that when it was first created, nobody could guess how useful it would be for the groceries market. That’s right. Everybody was focused on the financial side, but most people didn’t pay enough attention to how useful the blockchain can be to track food.

Today, almost half of the supply chain projects focused on blockchain technology are for groceries, a new survey made by University College London has discovered.

In order to get to this result, the researchers investigated 105 projects. 52% of them, almost half, were focused on groceries while 17 were focused on fashion and 14 on healthcare. The other 41 projects were more diversified.

The ones that operate in other areas were mostly projects which were more related to actual functional specializations than industries or could be used in several different industries at the same time, which made it clear just how important using the blockchain to tracking food can be.

One of the main reason for the dominance of this specific industry is that clients are increasingly interested in having more information about the products that they are about to buy. Groceries that can prove that they are healthy are starting to get an edge in the market.

Several major companies are already using the technology for the benefit of their clients. Walmart and Carrefour are some of the big retail names using it so far and companies such as IBM are offering solutions in this area. Groceries is set to be one of the areas that will use the blockchain the most in the coming years.

[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.

Read Original/a>
Author: Hank Klinger

Bakkt To Launch Bitcoin (BTC) Futures Very Soon, Pending Final Regulatory Approval

Bakkt-To-Launch-Bitcoin-BTC-Futures-Very-Soon-ICE-CEO-Affirms

Bakkt, the Bitcoin futures platform created by the Intercontinental Exchange (ICE), is set to launch really soon, according to reports. The CEO of ICE, Jefferey Sprecher, has recently affirmed that the company is currently working in order to develop a regulated ecosystem that will cater to investors from all over the world.

He affirmed that the company is still waiting for the last regulatory approvals in order to move forward,but that they are pretty close of finally being able to launch their physically-settled futures. However, no specific timeline was provided during his speech.

It is now almost a whole year since Bakkt was announced and the platform is still not online. Bakkt was originally announced back in August 2018 with its ambitious plan of having physically-settled Bitcoin futures.

The initial launch date was December 2018 but the world has not been kind to ICE and Bakkt since then. Several problems with the regulators delayed the launch of the products considerably.

This caused some changes in the company’s plan, too. Initially, it was supposed to have its derivatives products overseen by the U. S. Commodity Futures Trading Commission (CFTC). Now, the derivatives will be self-certified after some headaches with the regulator.

One of the main points that are still being awaited by the company is the trust charter from the New York Department of Financial Services. As soon as the warehouse of the company is approved by this local regulator, the products will finally be out of the door and Bakkt will start officially.

Launching is not a guarantee of success, though. Companies such as TD Ameritrade and ErisX are also planning to offer similar products. LedgerX can also be a competitor in this area, so it looks like Bakkt lost the chance to have an edge on the competition by not being approved quickly enough.

In spite of all the trouble with Bakkt, ICE is doing just fine, though. The company had revenue of $1.3 billion USD in the second quarter of 2019. The Chief Financial Officer of the company, Scott Hill, affirmed that ICE continues to be interested in the crypto market and that he believes that the Bitcoin ETF will be a reality within the next few years.

Read Original/a>
Author: Gabriel Machado

Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

An insurance consortium called B3i has recently created its first blockchain product, which is based on the R3 Corda blockchain.

According to the press release, the new product will be called Property Catastrophe Excess of Loss Reinsurance. The product was being awaited for a long time as the company first announced that it was developing on top of Corda around a year ago.

Nicknamed as Cat XoL (because the official name is just too big), the product was created in order to increase the speed and diminish the costs of the transactions in the market. This way, the dealers, brokers and insurers would be able to make business in a more secure and efficient way.

According to the company, the new product is “the first of its kind” because it integrates the nodes of several actors and creates a structure that is more stable than the ones which are being used so far.

The team also affirms that the product makes the investors able to overcome some of the most time-consuming tasks and cut useless work. Also, the decentralization and immutability of the blockchain are used to create a network in which information can be shared in real-time in a secure and efficient way, which will drastically reduce any kind of operational risk.

Because of this, the expectation of the company is to be able to make lasting changes in the market and to upgrade it for its most efficient version. In order to create its product, B3i has been able to raise $22 million USD so far, according to its official filings.

The Chief Product Officer of B3i, Sylvain De Crom, affirmed that the Cat XoL app is the first blockchain offering of the company and the wider infrastructure that was created by the company until now. With this, he promised that the insurance market would become more seamless over time.

John Carolin, B3i’s CEO, called this a pivotal moment for the company and affirmed that CatXoL is one of its greatest creations.

Read Original/a>
Author: Gabriel Machado

Ripple Expands Its University Blockchain Research Initiative (UBRI) To Japan, Now in 14 Countries

Ripple Expands Its University Blockchain Research Initiative (UBRI) To Japan, Now in 14 Countries

Ripple, the company that created the third-largest cryptocurrency by market cap, XRP, has decided to expand its University Blockchain Research Initiative (UBRI). Now, the company has expanded the program to Japan, which makes it present in 14 different countries.

According to the reports, the University of Tokyo and Kyoto University will be a part of the initiative. At the time of this report, UBRI has 33 universities as partners and the number continues to increase with these additions.

The goal of UBRI is to accelerate academic research and innovation about the blockchain all over the world. In order to foster the blockchain technology, Ripple has several partnerships with post-doctoral programs and undergraduate students.

Kyoto University, for instance, will host interdisciplinary workshops that will use the blockchain technology to address global problems. The Department of Economics of the University of Tokyo is starting seminars related to the technology and professors from both universities are starting some research in the area.

As a part of the initiative, the University of Tokyo has affirmed that it will also grant scholarships to the students who are chosen to be a part of the research team.

Ripple and Japan United To Develop Blockchain Technology

According to Eric van Miltenburg, the special vice president of Global Operations at Ripple, the company’s university partners are continuing to transform the world by studying the technology and the academic community is set to be vital in the future of the industry.

He also affirmed that the UBRI network will continue to grow across several countries and that this will accelerate the development of the blockchain across different realities, all with the help of Ripple.

Miltenburb believes that these programs will be important in order to prepare the next generation of people who will work with the blockchain. Entrepreneurs, engineers, and developers will get the expertise that they need in order to create better products.

Emi Yoshikawa, the senior director of Global Operations at the crypto company, praised Japan for becoming a leading force in the crypto industry. According to her, the region is one of the ones that is exploring more of the blockchain ecosystem right now and is set to have great results in due time.

She affirmed that there are very high levels of academic interest in the blockchain and that, with the help of Ripple, Japan is set to become an important country in this landscape.

Read Original/a>
Author: Gabriel Machado

CipherTrace Creates New Blockchain Solution For FATF’s Travel Rule Regulations

CipherTrace-Creates-New-Blockchain-Solution-For-FATFs-Travel-Rule-Regulations

A blockchain developer called CipherTrade is set to launch a new solution that was created in order to help crypto companies to meet all the requirements of the Financial Action Task Force (FATF). The FATF, a famous international organization that fights money laundering, has recently announced new rules for its members, so the solution comes in a good time.

CipherTrace is set to team up with Shyft, a startup focused on creating a platform that will be used to store and prove identities using the blockchain technology. The two companies are set to work together in order to enable other companies to be compliant with the new “Travel Rule” created by the FATF at the same time that the clients will keep their privacy.

In order to do it, the two companies are set to create a Know Your Customer (KYC) platform that will together with an Anti-Money Laundering (AML) system and will let the participant companies transfer proof of knowledge between each other without needing to identify the information personally.

The New FATF Travel Rule

This new project was created after the Financial Action Task Force decided to announce its new recommendations for crypto. The entity works in 37 countries, so the rules will affect a considerable part of the world.

According to the new rules, companies that can be considered “virtual asset service providers”, which includes exchanges, will have to inform the FATF about their clients whenever they move funds between companies.

At the moment, the members have 12 months to adhere to the new rules and they will be reviewed after June 2020.

The Solution Created By CipherTrace

The main problem faced by the exchanges at the moment is that they lack the structure to meet these requirements. For instance, most companies have to way to share their KYC with other companies or to alert them of any kind of suspicious activity.

Shyft and CipherTrace have already started to create a pilot program that can help them to develop a system of shared smart contracts that could be used for companies as a solution to this problem.

Their goal is to make both KYC and AML considerably more efficient and to maintain a high level of privacy at the same time that security and shareability are enhanced. The information would only be revealed to other companies in case the authorities asked, so all privacy would be maintained this way.

Dave Jevans, the CEO of CipherTrace, has affirmed that with cryptographically controlled mechanisms, a company could preserve the system’s anonymity while helping the authorities to continue its fight against tax evaders, terrorists and other criminals.

According to him, it is the goal of the company to create solutions that can be used to preserve privacy at the same time that they can do what the FATF is asking.

Read Original/a>
Author: Gabriel Machado

Quadriga’s Fraud is Surfacing as Founder Moved Customers’ Funds in his Personal Account

Quadriga’s Fraud is Surfacing as Founder Moved Customers’ Funds in his Personal Account
  • Ernst & Young report: Quadriga late founder Gerald Cotten created fake accounts
  • Over $200 million stolen from customers, 9,450 BTC, 387,738 ETH, and 239,020 LTC
  • QuadrigaCX’s late founder and CEO moved the funds of users to his own account on other cryptocurrency exchanges, according to the fifth report by Ernst & Young.

In a 70-day page report released Wednesday, one of the big four accounting firms claimed that Gerald Cotten, who died last December transferred millions of dollars in cryptocurrency out of customer accounts into others exchanges. These funds were used by Cotten to furnish his trading habits and personal lifestyle.

Cotten, it appears stole more than $200 million from his customers.

“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten,” the report said. “It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”

Fake Accounts, Poor Practices, Mismanagement

Cotten reportedly created fake accounts on Quadriga under multiple aliases and credited them with fake fiat that did not exist. This resulted in:

“inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.”

EY further noted that in trading on competitor exchanges, Cotten incurred trading losses and incremental fees that adversely affects the crypto reserves of the exchange.

Between 2016-29, Cotten transferred 9,450 Bitcoin (BTC), 387,738, Ether (ETH) and 239,020 Litecoin (LTC) out of exchange’s accounts.

The report also detailed poor practices and mismanagement, noting that Quadriga had no contingency plan for the loss of its funds or the owner. The exchange even engaged in poor accounting practices and did not maintain any documentation.

EY Recovers $32 Million in Fiat

While Cotten had full access to the platform, the system didn’t register its activities within the site that EY says this approach could be made on Cotten’s request.

It has also been found that a significant amount of fiat currency was transferred to both Cotten and his widow. Per the report, the acquired assets of the pair worth about $12 million including a boat, aircraft, luxury cars and 16 properties in Nova Scotia.

As reported previously, Quadriga initially filed for creditor protection when the exchange lost access to its cold wallets and corresponding keys that held the assets owed to clients. This was after the death of co-founder Gerald Cotten.

So far, EY has recovered $32 million in fiat currency, with most of the funds collected from third-party payment processors and identified an additional $1 million in cryptographic competition.

Read Original/a>
Author: AnTy

CryptoCompare Created An Exchange Benchmark, Here’s Why

CryptoCompare Created An Exchange Benchmark, Here’s Why

As you may know, CryptoCompare created its own exchange benchmark. Why? The company recently posted in order to explain its decision.

According to the company, exchanges changed in many ways in the last few years, however, there was one aspect that called out everybody’s attention: fake volumes. More and more people started to affirm that most of the trading volumes were actually fake or manipulated.

The volumes were manipulated because many companies were actually involved in wash trading, which is basically the semi-illegal practice of trading with yourself to fake your volumes to look higher than they are.

This is why the Exchange Benchmark is an important tool, as it will help the company to create the trusted volume of the exchanges, which helps to address the fake volume issues. The technology uses a qualitative and quantitative metric which will show the adjusted trusted volume of exchanges.

CryptoCompare also explained that the issue with fake volumes started last year. After the crypto mania, trading volumes started to decline a lot. This made several companies see their quantity of users go down radically, which prompted them to fake their volumes in order to continue looking relevant in this scenario.

In fact, the low-value exchanges were the most with higher volumes when compared to 2017 exactly because they were faking them. The company correlated the spikes in trading with the value of BTC and the exchanges that passed the benchmark with high grades saw their trading went up as the prices did and down following the prices too.

The low-quality exchanges, however, saw their volumes spike a lot when the prices started to crash. Many of these exchanges appeared out of thin air during 2018. They are not as respected as Coinbase or Binance, just have high volumes, which are not even real.

Some of the bad exchanges, such as Coinbene and CoinEx, for instance, offered their tokens to traders. These tokens lost most of their value soon. They do not have a healthy business and they know it.

Binance, however, which uses its tokens to offer traders a chance to pay fewer fees, is only seeing the prices of its BNB tokens go up. Why? Because Binance does not have to fake volumes in order to be the most important exchange in the world.

The Bitwise report, which proved that most volumes were fake, was actually not that surprising for who was following the market during 2018. A certain collapse happened and many bad actors appeared. Companies with low volumes and suspicious of wash trading flourished.

Why use the benchmark? To give credit to the companies that deserve it. Not everybody is faking volumes and people have the right to know which are the companies that are.

The methodology enabled CryptoCompare to define which exchanges were engaged in healthy trading without needing to tie this to their rankings in rough numbers. The main page of the company was now also ordered by the grade of the companies, which goes from A to F, instead of their volumes.

The crypto market may be the victim of fake volumes from time to time, but it is also the truth that some companies are making an important effort to change this reality.

Read Original/a>
Author: Gabriel Machado

Bitcoin Is Corrupted Because It Was Created By Man, Yet Gold Was Created By God

Bitcoin Is Corrupted Because It Was Created By Man, Yet Gold Was Created By God
  • Analyst Chris Mancini believes Bitcoin is corrupted since it was not created by God
  • Bitcoin was created by humans, that were also created by God

There are different analysts that have given their point of view about different virtual currencies, including Bitcoin (BTC). This time, Chris Mancini, an analyst at Gabelli Gold Funds, commented that the flagship cryptocurrency was corrupted because it was created by humans, unlike gold, which was created by God, a divine entity. Bitcoin has also been attacked as associations have been made between the pseudonymous cryptocurrency and its use in financing illicit activities.

Bitcoin Is Corrupted Because It Was Created By Man

In general, Bitcoin is associated with digital gold because it shares several of the properties of the precious metal, including scarcity. Nonetheless, the analyst Chris Mancini believes that Bitcoin is corrupted because it was created by man. During an interview with Kitco News, he said that Bitcoin is a store of value because it cannot be replicated in its current form.

He said that central banks around the world were not going to purchase the digital asset and that they prefer to buy gold. China and Russia are currently making large purchases of gold rather than Bitcoin. Another thing he mentioned is related to hard forks such as Bitcoin Cash (BCH) or Bitcoin Gold (BTG).

About it, he mentioned:

“The concept of coming in and buying a gold coin down the street, putting it in my socks and having another gold coin one day, that’s crazy. So, that just can’t happen. But, with Bitcoin, you can. You can have another piece of Bitcoin, created off of Bitcoin”

He then stated that Bitcoin has been corrupted because it is a creation of man and gold cannot be corrupted because it is a creation of God. According to Mancini, Bitcoin is a means of payment rather than a store of value.

Although he criticized Bitcoin, he praised blockchain technology. He claims that there are many users purchasing other precious metals using distributed ledger technology (DLT). After the comments that Mancini gave about Bitcoin, users on social media commented about it saying that humans were also created by God.

It is clear that Mr. Mancini is defending the interests of its company related to gold rather than Bitcoin. Indeed, he said that Bitcoin is not a store of value, but instead a means of payment. Although Bitcoin can be used to perform transactions, other analysts agree that its main feature is being a store of value.

Bitcoin’s price is $7,816.93 BTC/USD exchange rate today. The real-time BTC market cap of $138.7 Billion currently ranks #1 with a chart dominance at 55.57%, daily trading volume of $5.62 Billion and live coin value change of BTC 0.75 in the last 24 hours.

Latest Posts About Bitcoin and Gold’s Store of Value Asset Class

[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.

Read Original/a>
Author: Omar Faridi