Orchid to Debut A Privacy VPN Network Based on Token Technology in December

Orchid, a Virtual Private Network provider, has announced its plan to roll out a token-powered (OXT) network and an application during the first week of December. The company majors in offering decentralized VPN and is also a platform where node providers can trade in tokens for advertisements using the Ethereum blockchain tech.

“We will be launching one of a kind App that will operate based on the use of native tokens,” said Steven Waterhouse, the CEO at Orchid. Users will use the OXT token to pay for Bandwidth offered by node providers. These tokens will be generated at the launch, and the system operates based on a staking model.

According to Waterhouse, the company will have between five to ten node providers during the launch. The node providers will include both the new crypto technology and the traditional VPN space. Waterhouse adds that the initial offer was meant to boost the early stages of the system.

Virtual Private Networks have in use by millions of people globally for internet browsing. However, the VPN space is faced with the challenges of a centralized authority.

The company has managed to raise about $48 million through a number of investments since 2017. The major investors with Orchid include Sequoia, Andreessen Horowitz, Polychain Capital, and Blockchain Capital. Brad Stephens, Blockchain Capital’s managing partner said,

“To secure communication and privacy from state surveillance, VPN spaces should be decentralized. Orchid has illustrated the importance of VPN decentralization. We have worked with the company as an investor and advisor since 2017.”

The only problem facing the company has been to secure token-powered platforms by wholesale adoption. One of the investors, without any stake in Orchid, though, told CoinDesk that priority-payment tokens such as OXT and utility tokens are not a strong incentive to attract investors and without the investors, it is hard to have a significant value.

Waterhouse, however, defends the company’s token project saying that it has been developed with the investors’ best interests in mind. “We have been focusing on building the platform in the Web3 world,” says Waterhouse. The major objective is to develop a user experience based on privacy and one that is easy to understand and appealing to its users.

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Author: Denis Miriti

Private Corporations Should Develop a USD-Cryptocurrency, Not the Govt: Coinbase Legal Officer

The chief legal officer for Coinbase is urging the private sector players to join forces and come up with a tokenized version of the US dollar.

According to Brian Brooks, the time has come for the development of a digital US dollar but the major issue should be the one to lead the initiative, the private sector or the government.

Brooks in an article published in Fortune, opined that private firms should come together to develop a virtual US dollar. He explained that the government should only come in with favorable regulations rather than be the one to lead the initiative. Brooks explained that the best way to go about it is to allow the private actors within the crypto and financial industry to develop the digital currency while government agencies offer regulation guidelines.

Brooks suggests an unofficial public-private agreement where the private sector will allow the government to control the fiscal aspects while the government allows the private sector to control the technological aspects of the digital currency.

Brooks’ suggestions are different from the Libra project. The Facebook’s led stablecoin project has elicited concerns from policy makers around the world with various Congress and Senate members saying that the stablecoin will hard to control or regulate. The idea of pegging the Libra crypto with various worldwide currencies will inevitably dispose the US dollar as the global reserve currency. Several central banks heads like Lael Brainard of US have stated that Libra has the capacity to destabilize the global financial market.

Brooks explained that just like stablecoins pegged on the US dollar do not compete with the dollar, so will a digital dollar. He stated that the Federal Reserve will still maintain the control of the digital dollar.

Brooks explained that more stablecoins will continue to be minted if the government does not come up a guideline to guide the private sector to develop a digital dollar. For now, Brooks calls on the government to ensure that the stablecoins have the requisite dollar reserves they claim to have.

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Author: Joseph Kibe

Ethereum-Based Private Jet Leasing Marketplace Jet Token is Raising $10 Million

Us based start-up, Jet token is currently raising $10 million for its Ethereum based private jets marketplace for hire. Anyone is free to hire the jets using ERC20 tokens. Jet token says this method of payment is very convenient and fast. A single flight from NYC (New York City) to Miami can cost $15,000.

The general aviation manufacturers association has said that currently, there are 14,217 private business jets in the US, leading in the private charter flights industry. However, currently, only 2,876 charter flights are remaining.

Focusing on the SEC

This company was founded in July 2018, and it was to compete with the TurnKey jet Inc. Turnkey Jet was the first crypto company to have a no-action letter from the SEC. Jet token, too, has decided to ride along with SEC decision on TurnKey. This decision was done to avoid their future tokens to be deemed securities.

This is what the jet token filling with the SEC read,

“We intend to operate in full compliance with the SEC’s guidance in the TurnKey Jet, Inc. No Action Letter dated April 3, 2019, and any future refinements to that guidance in the future, so that U.S. federal securities laws will not apply to the offer, sale and any resale of Jet Tokens,”.

The jets and the App

The jet Token company has outlined that it has already launched the IOS app and is planning to ship in this initial version of the app with built-in crypto payments by the end of this year.

The jet Token company will just serve as a broker for booking flights. However, they will also reserve their fleet of jets to compensate for a late or a canceled flight.

Also, the company filing reads,

“negotiated terms with Honda Aircraft Company for 4 Honda Jets and with Gama Aviation for the maintenance, management, and operation of our leased aircraft.”.

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Author: Matthew North

Swiss Private Bank Affirms It Has 400 Clients Are Inquiring About Crypto Offerings

Maerki Baumann, a Swiss private bank, has recently affirmed that 400 new clients are currently interested in crypto and blockchain offerings. According to the bank, which is based in Zurich and has around $8.2 billion USD under its management, the blockchain is the way to “rejuvenate” the business.

The CEO of the company, Stephen Zwahlen, affirmed that the bank is used to looking for clients, so they were surprised when around 400 clients knocked on their doors wanting to invest in crypto.

Most of them were between 30 and 40 years and struggled to access the financial world. Now, they wanted a shot at it and believed that Bitcoin could be their investment.

According to Zwahlen, the bank is now looking to become the go-to private bank when it comes to crypto investments. Most banks do not support the technology but he believes that the nascent industry can bring a lot of benefits for the institution and its clients.

Now that the company has been properly approved to offer crypto services, it is looking to establish the right partnerships that could help it to offer the best products for its clients.

The CEO affirms that the third part of the plan will be to advise the clients and manage their resources in the blockchain market. According to him, big demand is expected, as crypto assets will be significantly more important in the future and are maybe even surpassing the more traditional ones.

However, the company will not be dealing directly with Bitcoin. Instead, it will outsource crypto trading, clearing, and settlement and only manage it via third-parties.

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Author: Gabriel Machado

PIVX And 200 Other Proof of Stake Blockchains May Be Vulnerable, Lunar Digital Assets Affirms

It seems that PIVX, a popular private transactions crypto, may be vulnerable to attacks together with 200 other chains. According to a recent report made by Lunar Digital Assets, there is a vulnerability of the system that can be currently exploited. Every chain using PIVX or its variants is possible to be attacked this way.

Basically, the attacker could exploit this specific vulnerability in order to get impossibly high staking rewards using the proof of stake system of the network.

This is not the first that this vulnerability is exploited. As soon as the PIVX devs found out about it, they rushed to fix the issue. However, another developer, BitGreen, has noticed that the problem was being exploited once more. Someone has probably figured how to undo the progress made by the team and started to use the exploit.

As soon as the developers discovered it, they notified all related companies of the bug and now PIVX is working once more to solve it and stop the attacks.

People Are Accusing the PIVX Team

The situation got heated recently after some people started to claim that the PIVX team might be behind the attacks. According to critics, the team knew of the bug and did nothing about it or failed to fix it properly.

Some others criticized the team for not having a timely response for the problem and simply standing still while the problem was still out there. This led some critics to theorize whether people from the company were exploiting the bug for money and used this inside source in a malicious way.

At the moment, the PIVX team has not explained publicly why the problem was not fixed months ago.

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Author: Bitcoin Exchange Guide News Team

Wirex WXT Token Launches with Emphasis on User Rewards Rather than Fundraising Method

Crypto Payment Company Wirex Adds 10 New Fiat Currencies In Major Update

Many private firms have launched their own native tokens for a number of reasons such as giving their customers access to certain services and as a means of fundraising through ICOs and so on.

Everyone from cryptocurrency exchanges such as Binance who launched their native BNB token to large banks such as JPMorgan announcing their own JPM coin this year, it seems many firms are seeing the benefits of getting in on the cryptocurrency game and are launching their own tokens.

The latest of these is Wirex who announced on June 10, 2019, that they will be launching the Wirex native WXT coin which is their first native cryptocurrency. Wirex is a crypto and fiat payments platform and according to the official statement, the purpose of the coin is that it is is to designed to help users access unique rewards and save on fees.

The New Token

In the official announcement of the Wirex token, it was also stated that the launch would help the company achieve its ultimate goal which is “[democratizing] access to fast, low-cost international remittance and empower retail and corporate customers to use their cryptocurrency in day-to-day life.”

Wirex also launched their own debit card in the past which allows users to make both fiat and crypto payments all in one which has become quite popular with even Coinbase announcing the launch of their own card recently.

According to their CEO Pavel Matveev, “we believe that the nascent token economy will eventually replace conventional fiat currency as the dominant form of payment.”

“The Wirex Token helps us integrate with the payment environment of the future and offer users a convenient, fast, and cost-efficient way to move digital money across borders.”

The WXT tokens themselves will be sold and distributed through an ICO via OkEx’s jumpstart program. The first public sale will take place on June 26, 2019, and during that time only 1 percent of the total WXT token supply will be available to buyers and will also be sold on a first-come-first-serve basis for one cent per token.

In order to be eligible to participate in the sale and purchase tokens, buyers will need to have a verified Wirex account and must make a purchase of at least $25 in WXT with a maximum cap of $10,000.

Most times, when an initial coin offering is held by a company, the end goal is to raise funds but the management of Wirex has stated that this is not their goal in this case.

“Token sales are usually fundraising exercises. This is not Wirex’s top priority, which is why we’re only putting 1% of the total token supply up for sale during the IEO,” a company announcement said. “Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.”

Despite this, an exclusive IEO sale will take place on the wireless platform on June 13, 2019, and during that time two million worth of the token will be sold.

While some customers might have wanted to take advantage of this, the announcement stated that the sale is already overbooked though Wirex is always happy to talk to investors.

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Author: Tokoni Uti