Bakkt in Business: Big Bitcoin Boost is Coming for BTC/USD Bottom Line Value

Regarding the title of this update…well, sorry, we just couldn’t help ourselves. Glad to have you with us on this fine Monday afternoon, morning, night, or hell, maybe it’s even Tuesday where you are.

Yesterday, Bakkt announced it would open physically-settled futures trading on September 23. That’s only about a year later than anticipated, but better late than never, right? Now, the skeptics out there are saying (with a smug smile, no doubt) that since Bakkt already delayed several times, nothing is keeping them from doing so again.

After all, this isn’t the first (or second) time Bakkt has hit us with a date for release. However, optimists that we are, we think it’s different this time.

Bakkt is a Big Deal

Bakkt is bringing two massive infrastructural changes to the crypto table. On their own, each would be a big deal, but together – well, that’s what really gets us excited.

1. Bitcoin Warehousing: Institutions want to buy Bitcoin, but they have no idea how to store it. Even if they did, they want someone else to be responsible for it in case something happens. Typical, but understandable. Bakkt is providing warehousing for physically-settled Bitcoin futures for exactly that reason, and it should be the icing on the cake for institutions who have been sitting on the sidelines so far.

2. Physically-settled futures: Back in 2017, everyone got super excited about CBOE futures, only to realize way too late (see: after the dump) that these futures had almost nothing to do with actual BTC. Physically-settled futures change all that. Instead of being settled in cash, these BTC futures actually deal in the asset itself – it needs to be held as part of the futures contract.

In this one-two setup, we’ve got a reason and way for institutions to buy BTC, even if for purely speculative purposes, and we’ve got qualified custodianship in the warehouse. The whole thing is such an obvious win for the crypto space.

We said that Bakkt dropping a date is different this time. Why is that, you ask? Because before, Bakkt waited for the CFTC to drop in and approve the custodianship angle, but after waiting and waiting, it never materialized.

So, Bakkt changed tack and went after the New York State Department of Financial Services for the green light. The September 23 live date is a result of that shift, and New York’s willingness to get the job done.

You can read Bakkt’s official statement about it all here.

Who Says Altcoins Aren’t Getting Adopted?

Altcoins have (understandably) been taking a lot of heat from HODLers. After doing nothing but lose sat value for the better part of 1.5 years, it’s tricky to stay upbeat about them.

And yet, there’s a delicate balance to maintain between becoming jaded and going overly optimistic. Zcoin is a perfect example of the benefits of keeping an eye on the right projects. Two days ago, the Zcoin team announced a major partnership with Satang App, a Thai payment app with five million merchants already on board.

The result of the partnership is that XZC is now spendable with those millions of merchants by Satang App’s estimated 50 million person userbase. Had you completely checked out of the crypto news cycle, you’d have easily missed this, despite potentially maintaining that no one uses crypto.

It’s the little things that count – they add up and make the big picture even sweeter.

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Author: Bitcoin Exchange Guide News Team

Over 3.5 Millions Accounts Registered on Tron Mainnet As TronWallet Adds Bitcoin Support

Tron CEO and founder, Justin Sun, has just reported that the total number of accounts on the Tron mainnet now exceeds 3.5 million. Moreover, the block height has reached 11984687 with 1073 online nodes.

This wide scale adoption of the network is astonishing given that Tron launched a little over a year ago. Just the other day TronWallet in a tweet said that it was adding Bitcoin to its wallet. As per the tweet the wallet is set to support Bitcoin in the coming days, however, no timelines were given. The tweet read:

Although the Tron foundation seems to be doing pretty well going by the stats, its native coin TRX has plummeted to the 14th position according CoinMarketCap’s top rated cryptos.

Tron does have a functioning mainnet, which many cryptocurrencies do not. It is also a blockchain platform which supports a wide range of decentralised applications (dApps) competing with the likes of other blockchain platforms Ethereum and EOS. In fact, it was found that Tron has surpassed Ethereum and EOS in total dApp users. It may be these factors which are increasing Tron’s popularity.

It may also be due to the ease of using the network. Creating an account on Tron is relatively easy, which may explain the high number of registered accounts. It requires a mere 0.1 TRX to generate a key pair and to extract a public key. It is thus possible that while the network has a large number of real users, they are not completely active.

1 TRX is worth $0.02. Tron might still be struggling because its popularity is a double-edged sword. It receives a major amount of negative publicity due to the antics of Justin Sun, who always seems to be embroiled in controversy.

The most recent of this is the massive failure of his planned lunch with Warren Buffett. Sun donated a staggering $4.5 million to charity to have lunch with the famed crypto-sceptic. After creating a media circus out of the event, the lunch eventually got cancelled due to Sun’s ‘kidney stones’, a claim which is still questioned.

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Author: Joseph Kibe

Ex-Coinbase CTO To Be Decentralized Finance Blockchain Project Findora’s New Strategic Advisor

Coinbase’s former CTO Balaji Srinivasan has just decided to be a part of Findora, a blockchain company focused on decentralizing the financial market. The former Coinbase exec will become one of the new strategic advisors of the project.

When he left Coinbase, the executive affirmed that he “enjoyed his time” and was ready for the future in order to find new challenges. He also has experience as a general partner at Andreessen Horowitz, a prominent venture capital firm and as the CEO of Earn.com, a messaging service focused on the blockchain technology.

Dan Boneh was also hired as an strategic partner in the same day. He is the current head of the cryptography group of the Stanford University.

Charles Lu, the CEO of Findora, has affirmed that it was important to welcome personalities such as the two new advisors on the team now. These are people with years of experience, he affirmed, and will be very important in order to offer unique insight to Findora.

According to him, the company has the goal of democratizing finances and will continue to do it while letting the users have more control over their data whenever it is possible.

This way, the CEO believes, individuals and companies will have more financial freedom to be a part of the global ecosystem. The goal of the platform is to support open banking, P2P lending, asset securitization and several decentralized apps.

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Author: Gabriel Machado

Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

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Author: Bitcoin Exchange Guide News Team

Bitcoin Blockchain Brings the Hammer in Hitting a Hash Rate of 80 Quintillion For First Time Ever

Bitcoin-BTC-Hits-Hash-Rate-of-80-Quintillion-For-First-Time-Ever

The Bitcoin market is growing a lot lately. Do you want proof of that? Just look at the hash rates. According to data taken from Bitinfocharts, the BTC hash rate has overcome 80 quintillion SHA256 hashes for the first time in its history.

When there is more computing power being used in order to mine BTC, the hash rates go up, so this means that now the network has more miners than it ever had before.

In recent months, the hash rates had been reaching several new all-time highs. A downtrend was started during the second half of last year, but it has reversed now, starting around April 2019.

With the rise of the hash rates, though, it becomes harder to mine Bitcoin. The difficulty goes up and it takes more time to accomplish. This happens when the network is set to have around a single block mined every ten minutes.

Higher Hash Rates Means More Security

A high hash rate can represent a boost in investor confidence. With more people mining, the network will be more prepared to withstand 50% attacks, which happens when someone is able to control half of the hash power alone. This way, a person can use double spending to basically fake transactions.

With more security, the result is obviously more confidence. Several people criticized the network last year when Bitmain got close to having 50% of the hash power and we are very far from that. More hash power means that the network is often more decentralized and that it will be more stable for the years to come.

[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

Enterprise Ethereum Alliance (EEA) To Launch Its New Mainnet Initiative

Enterprise-Ethereum-Alliance-EEA-To-Launch-Its-Mainnet-Initiative

One of the main consortiums based on the Ethereum ecosystem, the Enterprise Ethereum Alliance, has just announced that a group of developers is being tasked to work on the collaboration between the mainnets of the members.

This group will be known as the EEA Mainnet Initiative and will have the goal of accelerating the cooperation between the companies that are a part of the consortium. They will get together to develop solutions that will make their work more interoperable than it is right now. According to the group, the initiative will help them to match the current requirements of the market, which include greater interoperability.

One of the board members of the EEA, Marley Gray, which also works on Microsoft, affirmed that Ethereum-based mainnets need to increase not only their interoperability but also the scalability of their projects in order to prepare for the future.

Joseph Lubin, one of the creators of Ethereum, founder of ConsenSys and part of the EEA, also talked about this. He affirmed that Ethereum technology is used today more than ever and that most major organizations are starting to get interested, so it is the time to upgrade the tech.

More about this project will be available on Devcon5, which is set to happen in October.

Aya Miyaguchi Will Be A New EEA Board Member

During the same time that the company announced about the new initiative, the role of Aya Miyaguchi was also revealed. She was welcomed as the new board member of the consortium. According to Miyaguchi, this is an exciting time to be a part of the industry.

At the moment, the EEA has over 450 members, being one of the most important blockchain consortiums in the market at the moment. Companies such as JP Morgan Chase, Accenture, Microsoft, Banco Santander, and Cisco are all a part of the project.

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Author: Bitcoin Exchange Guide News Team

London-based Standard Chartered Will Start Using The Blockchain For Supply Chain Finance

London-based-Standard-Chartered-Will-Start-Using-The-Blockchain-For-Supply-Chain-Finance

Standard Chartered, a bank based in the U. K., has just made its first transaction using a new blockchain-based supply chain application. According to the bank, they did it with Linklogis, a supply chain company based in China.

The two companies signed the partnership back in February 2019. At the time, they agreed on collaborating in order to expand the visibility of the bank’s supply chain. The Linklogis’ platform called WeQChain was used for the new transaction. This platform is based on the technology from Tencent, the Chinese tech giant.

According to the official press release, the main idea is to boost the transparency of the bank at the same time that the processes are being optimized. Another goal is to optimize the way that people can access credit on Digital Guangdong.

In case you don’t know, Digital Guangdong is a joint company made by four giant ones: China Telecom, China Unicom, China Mobile, and Tencent. Since its creation, the project has been responsible for creating over 700 digital applications.

Xie Wen, who works like the Chinese head of commercial banking for Standard Chartered’s local division, believes that the partnership will be very important in order to help the company to remain competitive in a scenario in which several participants are starting to upgrade their technology.

Standard Chartered is an important bank that is headquartered in the U. K. but has a strong presence in several continents such as Asia and Africa.

[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

Chinese Alcohol Wholesaler And Marketer Oranco To Use Blockchain To Fight Counterfeit Products

Chinese-Alcohol-Wholesaler-And-Marketer-Oranco-To-Use-Blockchain-To-Fight-Counterfeit-Products

Oranco one of the most prominent premium alcohol marketer and wholesaler in China just announced that they are going to use a product based on blockchain technology to fight fake products.

Counterfeit goods are a nearly $500 billion industry that, by nature, is difficult to quantify. It’s likely that this number is much higher. Chinese merchants are particularly egregious in this regard, developing cheap knockoffs of popular brands and selling them to unsuspecting customers who are hungry for a good deal.

The press release of the product states:

“On August 20, 2018, the Company, through its wholly-owned subsidiary Fengyuang Huaxin Liquor Development Co., Ltd., entered into an agreement (the “Agreement”) with Guangzhou Silicon Technology Co., Ltd. (“GSTC”), a company specializing in blockchain technical solution development and technical support, to develop the Technology for the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.”

Now, in accordance with the agreement, the participating companies have agreed on developing a blockchain-based tech for

“the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.”

Blockchain offers an undeniable advantage for trust and customer/brand relations. By allowing identification information to be recorded and, above all, verified, it can allow real traceability of the marketed products and the way they have been produced.

President of Oranco, Mr. Peng Yang commented:

“This technology will assure the authenticity and further build the value of our premium products. We look forward to further exploring and exploiting blockchain technologies following this exciting step.”

Using blockchain to see if a product is fake or real is nothing new and has already been used for several years for the certification of diamonds and precious stones by Everledger, a company that has created a universal registry. Each stone or diamond is notarized in the blockchain with many traceability elements such as the owner’s name, the serial number which is also laser engraved on the stone, and all related data: size, color, purity, and so on.

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Author: Sritanshu Sinha

John McAfee Released from Jail, Wants To Be UK Prime Minister and US President At The Same Time Now

John McAfee Released from Jail, Wants To Be UK Prime Minister and US President At The Same Time Now

There are not a lot of people in the crypto scene who are crazier than John McAfee. Just a few days after getting out of jail, the famous crypto influencer and notorious troll affirmed that now he wants to rule over the United Kingdom and the United States… at the same time.

He talked about his latest aspirations on Twitter after alleging that he is a British citizen born in England as well as an American citizen born in the U. S. because, well, it’s 2019, you can simply claim anything on the internet and people will believe you.

McAfee laid out his plan this way: he was actually born in England, however, he was in an American base. His mother was British and his father was American. Another point is that no law actually forbids anyone to be the leader of two countries at the same time. He also affirmed that he was one of the only people alive who could qualify for this job.

McAfee Is Actually A Fugitive From the US

The famous crypto troll did not mention it, but there is a “small” issue if he wants to be the president: he can’t actually be in the U. S. without being arrested. He has not paid his taxes for eight years, so he’s a runaway now and he is going to be arrested as soon as he puts his foot in the country.

He claims that the Department of Justice is making a “bogus case” against him for money laundering and, when you consider that he is a man who has not paid his taxes for eight years, it actually seems pretty credible that he is laundering money.

Also, McAfee has just spent four days in jail in the Dominican Republic. He was charged with illegal gun possession and it was not a single gun, but many of them. He actually had a stash of guns on his yacht which could make a small-time drug lord envious.

Would You Vote For McAfee?

McAfee is a pretty colorful figure (not to say he seems like someone insane at times). He s became famous when he created the McAfee antivirus, which made his net worth of over $100 million USD. However, he claims that he has lost most of his money after the 2008 financial crisis.

In the last ten years, he married a prostitute who solicited him, and became one of the most famous of crypto promoters, a fugitive from his own country and even got somewhat involved in a weird murder case.

Now, he’s running for U. S. President and U. K. Prime Minister at the same time. Would you vote for him? He urged people to “free themselves” from taxes and affirmed that he doesn’t know anything about foreign relations, immigration, education or anything.

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Author: Gabriel Machado

Developer Enables People to Put Personal Files on XRP Ledger And Ripple Rushes To Fix Situation

Developer Enables People to Put Personal Files on XRP Ledger And Ripple Rushes To Fix Situation

Not all ideas are very well-received in the blockchain community. Just look at hard forks. People at Bitcoin, Bitcoin Cash and then Bitcoin SV simply could not agree.

Now imagine that someone can simply make an app that will cause a lot of controversy without actually needing anyone’s permission. That would cause a lot of trouble, right? Well, this is the situation at the XRP Ledger now.

An anonymous developer created a program called “Indestructible Immutable Infinite File Storage (IndImm)”. The name is pretty self-explanatory.

The tool exploits a memo field that all XRP transactions have, so they did not need any consensus change for this “upgrade”. You can just upload whatever you want there. Great idea, right? Well, not according to Ripple and most of the XRP community.

Ripple Rushes To Fix The Issue

As reported by Decrypt, Ripple is actually working on a fix right now. The reason for that is that spammers could simply upload a bunch of heavy files on the system and this would drastically slow down transactions, as well to make them more expensive.

Since Ripple has several products based on the XRP Ledger, this is very dangerous for its plans, so the company is already rushing in to save (its own) day.

Blockchains are not made to store infinite data, which is why some, such as the Bitcoin network, have a cap on how much data you can upload. Even with this, the full BTC network is already 226 GB right now.

Spammers could store a lot of information there easily and completely break the network. The only point that could actually end up stopping them is that it would be very expensive to do it. So it will hardly be done as a prank. It costs around $11 USD to send 1 MB to the network.

Unfortunately, some groups are already reported to be planning to take down the network. Decrypt found a group on Discord that was trying to coordinate an attack. Fortunately, though, the attack was not successful so far.

The reaction of the community was also not positive. Witse Wind, the dev who created the XRP Tipbot, affirmed that you “can’t have enough development in this ecosystem”, however, he affirmed that he was pretty worried because this could hurt the network.

Another problem that was pointed out by Wind is that someone could upload child pornography or other kinds of illegal material on the network, which would render it illegal and cause even more problems to the network.

The CTO of Ripple, David Schwartz, affirmed that there is no serious threat of attacks soon. To him, the main danger is that spammers and trolls can make the network harder to run over time if the app is not shut down.

The Opinion of the Controversial Developer

A crypto media outlet called The Block Crypto was able to reach out to the anonymous developer who created the app and interview it. This is interesting since it provides another take on the whole situation.

The dev behind the project describes himself as “not an expert” in the blockchain tech, especially Ripple. According to him, the reason for creating the app is because 99% of the crypto world is being used for speculation. Because of this, his idea was to form a large and relevant market in which users could have a real use case.

The use case? Fight censorship. By uploading files in an immutable way, they could store them forever online. This, he affirmed, would make crypto really useful.

He also argued that the app could lead to high usage of the network, which could limit the volatility and even end up helping Ripple, which is the opposite of what most people believe right now. Ripple was chosen because it has low transaction fees and a solid track record, as well as a great API that is pretty easy to use. Basically, it was simple, recognizable and served the purpose marvelously.

According to the developer, the reaction to the app is not really overall negative, too. To him, it is like 75% positive and only 25% negative, something that you would not believe by hearing the fierce criticism of the opposition.

The developer ended by affirming that it was not true that he was working in order to destroy Ripple. To him, the fees make it too prohibitive that people will simply upload stuff enough to destroy the network.

However, he announced that the future of the project is uncertain due to the negative criticism and that stopping development is an option if the community feel as if the network is being harmed.

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Author: Gabriel Machado