Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

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Author: Lujan Odera

Raziel Book Review: Blockchain for Keeping Secrets and Online Wills?

Raziel Book Review: Blockchain for Keeping Secrets and Online Wills?

Raziel Book is a secret keeper that eliminates time and space limitations and helps users organize their scattered documents and information and even make beautiful memories after death. The platform derives its name from the archangel Raziel found within the teachings of Jewish mysticism.

Regarded as the Keeper of Secrets, Angel of Mysteries, and Revealer of the Rock, Raziel is described as the ruling prince of the second Heaven.

He is believed to expound the Torah’s divine wisdom and protects the ministering angels from the living creatures that uphold the universe. Raziel is set for launch in about 61 days from this writing.

Raziel Pillars

Raziel operates on the following pillars:

  • Cryptocurrency: by adding crypto payments into the mix, Raziel provides consumers with unparalleled benefits, which include simplicity, lower overall cost, security, privacy, and a greater level of control over one’s funds.
  • Security: As the first layer of security, Raziel Book uses SSL encryption on all pages when a user is logged in. SSL ensures all the data being transmitted over the internet is secure such that even if someone was eavesdropping on a wireless connection, all the data transmitted to Raziel Book remains safe.
  • Safety: the website provides a way for users to write and store letters to their friends. Each letter, when finished, will be stored securely and encrypted with a special password of the owner’s choice. No one will be able to read any of the letters when the owner is still alive.

Raziel Features

  • Family: you can send your wills online for each member of your family separately.
  • Personal Life: Raziel Book allows you to keep feelings alive with them, and send memorable messages and videos even after death.
  • Friends: You can make beautiful memories after death by setting up messages and videos even after death through Raziel Book.

How Raziel Book Works

The process of sending wills is smart and easily set up. Each user can design multiple wills and specify whom to send them to and in what manner.

For example, tell your family that you have an account on Binance via your email address then add the password here on Raziel. If the worst should happen your family will know where your funds are and will receive the password from us. This way, no one can hack your account because no one has all the information.

Raziel serves like a piece of the puzzle giving your family the missing piece to collect your funds.

  • You can upload details, images, videos, and recorded voice messages and combine them with your testament or will. Besides, you can define one or several receivers for these testaments.
  • Define Receivers: Users can define recipients in the user panel and add an unlimited number of phone call or emails. Additionally, they can add the time or period of their choice.
  • Upload Multimedia: You can upload details, images, videos, and voices to create a testament.
  • Set Your Settings: The user can set a period of time
  • Smart Death Detection: the system uses a set of logical algorithms added to our detection system
  • Periodic inquiries over time: An email will be sent to the user over a predefined time period. If the user does not reply to the email or phone calls, the system will move on to trigger your predefined settings.
  • Safeguarding: Set a trusted person as a safeguard. Raziel Book will contact this person first if the user cannot be reached.
  • Unique code: For each testament, create a Unique Code

Importantly, Raziel Book takes security seriously by using the latest technologies combined with physical storage to protect users’ data.

[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: Bitcoin Exchange Guide News Team

Australia’s Crypto Tax Laws Faulted for Inefficiency as Investor Pays $100,000 for Holding a $20,000 Digital Asset Portfolio

Australias-Crypto-Tax-Laws-Faulted-for-Inefficiency-as-Investor-Pays-100000-for-holding-a-20000-Digital-Asset-Portfolio

Australia, a market leader in digital asset accommodation has contributed strongly to this space since the bull run in Q4 of 2017. This atmosphere is generally good for the blockchain and crypto industry as more enthusiasts look for regulatory friendly destinations to implement their ideas.

In addition, the premier Bitcoin Exchange Traded Fund is set to be launched by BDO, an accounting company that operates in Australia.

The Australian crypto regulatory space is however not perfect as one would imagine for a crypto-accommodating country. A recent report by Micky.com indicates that foreigners investing in digital assets within Ausralia’s market are faced with higher tax burdens. In fact, one of the investors was shocked when they realized that they had to pay taxes more than the amount of digital assets owned.

Crypto Tax Australia Director, Adrian Forza, said that one of the firm’s client was forced to pay taxes for digital assets 5 times bigger than his current portfolio. The situation came about as a result of Australia’s Taxation Office (ATO) requirement to declare digital assets upon receiving. Forza’s client had received an initial $250,000 worth of digital assets but the investment had fallen to $20,000 at the time of tax payment.

The digital currency proceeds owned by this client had been documented in January,2018 and were meant for development within the same industry. At that time, the market was still green after BTC hit the $20,000 but did not sustain this level past Q1. It therefore followed that the client now owes $100,000 worth of taxes while the investment is way below the taxed amount.

In Forza’s opinion, the scenario is a mess which does not take fairness into account;

“That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair.”

Furthermore, Forza added that Australia ought to enhance its regulation to be more clear for the blockchain and cryptocurrency space. This is particularly for income generated from mining and investing activities within cryptocurrency.

Exclusion Of Hard Fork Coins In Regulations

According to Forza, the ATO made additional regulations that prospective crypto investors may have not come across. One of the distinguishing examples is the case of Ethereum Classic that is considered as the original cryptocurrency while Ethereum’s value is pegged at $0 for investors who held the coin at time of its fork. In simple terms, one would have to incur tax charges for the full amount received upon the sale of ETH. He further explained that;

“In the crypto space people think of Ethereum as the original, but the ATO has said that Eth is the one that changed and ETC kept all of its original properties.”

Similarly, folks who got proceeds for Bitcoin SV and BCH during hard forks are subjected to the same outcomes as that of Ethereum Classic and ETH. Digital coins that were received due to have forks have their base cost set at 0. However, crypto investors that have been holding their positions longer than 12 months are allowed to claim tax discounts.

Better Clarification In Cryptocurrency Tax Laws (Mining & Masternodes)

One of the issues that Forza has asked to be addressed is setting clearer regulations around the earnings from cryptocurrency. This mainly involves the income resulting to mining and masternode investments together with better definition of investing compared to crypto trades.

Jonathan Carley, DigitalX head of finance, also joined in the push for better regulations for firms to leverage digital coins even more. The blockchain firm head noted that reforming the Fringe Benefits Tax would allow employers to pay in digital coins.

The former BDO auditor noted that Australian firms that paid their employees in crypto coins were subjected to the Fringe Benefits Tax. This also affects the payment of services by firms who wish to leverage the lower transaction costs and time efficiency of digital assets.

Carley, said that this type of tax makes companies lose instead of gaining by transacting in crypto coins as they have to incur more than 40% costs on the dollar. The alternative of stablecoins is also as costly given that ATO does not qualify them as fiat currencies hence taxed as cryptocurrencies. He pushed for a better definition of the digital assets recommending that ATO classifies them as security tokens, cryptocurrencies and stablecoins.

In addition, Carley called for a tax structure that would enable offsetting losses incurred during a financial year with gains made in another time period. He supported the argument with 2017’s market run where investors made over 70% in profits but later lost more after they invested in different digital assets and the market went into a downtrend.

Regulation On Crypto Payments And Investments

The crypto assets ought to be defined according to their purpose, investing or payments, according to Carley’s view. He said that digital assets regulation would be much easier if they were categorized and users did not have to incur penalties for using the wrong coins.

Both Carley and Forza however do not believe that the popular suggestion in crypto forums to tax the coins as ‘fiat in, fiat out’ would be adopted by the ATO. Carley noted that in as much as this is preferred he does not see any signs by the ATO to accommodate such a strategy in crypto regulation.

Knowledge Gap In Cryptocurrency Laws

Forza stated that the most threatening challenge in crypto taxation was a poor understanding of these laws amongst the market players. Its main consumers are between the age of 25 to 40 and are yet to encounter an accountant in their lives.

One advice that Forza gave to crypto investors was to invest more in record keeping. This can be done through crypto services such as TaxToken, CoinTracking and using the Independent Reserve to calculate tax. Despite the slight variation in accuracy due to different exchange prices, Forza assures that this information would cut it for the ATO.

“The ATO only expects you to make a reasonable effort,” he noted.

Furthermore, crypto investors ought to download their statements from time to time as we have seen digital exchanges closing without notice in the past.

Australia’s Crypto Tax chat founder in Facebook also acknowledged that the gap in regulation understanding poses the biggest challenge in crypto. Users often do not understand the distinction between investing and trading digital assets. One is subject to tax once they convert crypto into fiat due to the taxable gains of exchanging one asset for another.

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Author: Bitcoin Exchange Guide News Team

Crypto-Linked Stocks In Asia Have Still To Follow Bitcoin’s Price Surge This Year

Crypto-Linked Stocks In Asia Have Still To Follow Bitcoin’s Price Surge This Year
  • Cryptocurrencies expanded this year but Asian stocks linked to the crypto space are not growing
  • Crypto-related stocks in other parts of the world are expanding

Bitcoin (BTC) experienced a very positive year, growing more than 100% and making investors have a positive sentiment about the crypto market.

As Bitcoin surged and other virtual currencies followed, investors in traditional stocks are thinking about where to invest to benefit from this new bull trend that seems to have started.

However, there are some stocks in Asia that are not following Bitcoin’s trend, even when they are linked to the digital currency.

Crypto Asian Stocks Should Follow Bitcoin’s Price

Some of the assets that have been positively affected by this price surge in Bitcoin include Grayscale Bitcoin Trust, growing 189% since January, Riot Blockchain Inc, with a price increase of 78%, Marathon Patent Group Inc. that climbed 50%, and many other assets that rose over 65%.

In Asia things are different. The Monex Group Inc., that owns Coincheck, a popular Japanese exchange that experienced a massive hack in 2018, is more than 2% down this year. According to a recent report released by Bloomberg, other companies such as Remixpoint Inc. lost 10% during 2019. This company is in charge of operating the crypto exchange BITPoint.

Furthermore, a shareholder of the South Korean crypto exchange Bithumb is also down 14% since the year started. Finally, BC Technology Group Ltd., is also down 35% even after launching a crypto exchange called ANXONE.

Vijay Ayyar, the head of business development at crypto exchange Luno, commented about this:

“Companies that have invested in exchanges, I do think they will lag price appreciation in terms of the stock. […] I do think that in crypto, the general consensus seems to be that you are basically better off owning crypto rather than trying to invest in the peripheral stocks. Owning crypto-linked stocks is a lesser risk and potentially lesser reward because it’s not going to directly be as lucrative.”

It is generally difficult to determine the exposure that a company has to the crypto market relative to other operations they conduct. There are some features that investors should have a look at if they want to understand whether a stock is closely linked to the crypto industry.

Ayyar mentioned that it is necessary to have a look at the ownership of digital assets, their investment in a crypto exchange and whether they invested in a blockchain project.

Bitcoin’s price is $9,282.91 BTC/USD exchange rate today. The real-time BTC market cap of $164.95 Billion currently ranks #1 with a chart dominance at 57.01%, daily trading volume of $4.99 Billion and live coin value change of BTC 2.23 in the last 24 hours.

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Author: Carl T

Best Ethereum ERC-20 Based Dapps With Highest Development Work

Best Ethereum ERC-20 Based Dapps With Highest Development Work

Decentralized applications (Dapps) has become a trend in the decentralized space, where various blockchain networks are working to help the developers create software applications which work on the principles of decentralization.

There are numerous protocols using which developers can create their Dapps, but today we will look at some of the best ERC-20 based Dapps which saw a ton of development in the month of May. ERC-20 is one of the most commonly used protocols by developers and Ethereum network is behind the creation of the protocol.

Development activity on any platform suggests that there is continuous progress going on to make the product more refined and efficient for mass use. So, let us dive deep to see what all Dapps saw major developments on their platform.

1. Status

Status is an open-source mobile Dapp browser as well as a messenger and based out on the Ethereum network. The developers behind the project have been focusing on releasing a beta version which includes features like ERC-20 token support, a privacy mode which enables the app to show a blank screen when switching between applications on your mobile device.

Some of the other features which have been recently added include,

  • Private Browsing has been relocated to the browser from the main profile and the user can now access it by a simple two-option setting.
  • A new feature called ‘Fetch more messages’ can retrieve messages from 30 days back, instead of just 24-hours.
  • Added Bug reporting feature for both Android and iOS.
  • Developers have worked hard to bring progress on data sync.

2. Storj

Storj is a decentralized cloud object storage service and has shown tremendous development activity on the platform in the month of May.

The main objective of the developers was to give some final touches to the Dapp in the run-up to the beta launch. Developers also worked on increasing the durability of the stored files as well as performance improvement.

Some of the notable development on the platform includes,

  • Introduction of macaroons in the Uplink using which the users upload their data on the cloud. Macaroons are a decentralized encrypted key sharing system which only provides a read-only option for encrypted files stored on the Storj network.
  • Developers also finished the waitlist invites to the storage node operators which would allow anyone to easily join the Storj network and start earning Storj token by simply sharing one’s extra hardware storage.
  • Developers also continued their progress on various other aspects like garbage collection, audits, and referral program functionalities.

3. Augur

Augur is a decentralized prediction market where users can bet on an event with “Yes” or “No” shares, and if their bought share wins, they receive ether payouts. The Augur network has seen tremendous growth in the month of May where they have primarily focused on eliminating bad players on their platform.

Developers have worked on the redesign of the Reference UI and created an all-new middleware system for v2 contracts. Some of the most noted development work on the network include,

  • A completely new design for showing Market information, Market lists, Market creation, and Reporting.
  • Giving finishing touches to the newly introduced v2 middleware.
  • Introduction of the Augur app for rating good markets from the fraudulent ones.
  • Now the aim is to completely integrate the new v2 middleware with UI codebase

4. Aragon

Aragon is a decentralized management tool which allows the users to manage the decentralized organization as well as create bureaucracy free global communities. The developers behind the network have introduced major updates on various projects running on the platform in the month of May. Some of the major development include,

  • Introduction of ‘The Planning Suite’, which is a project management application. It was launched on the Rinkeby testnet.
  • Now users can access Getting Started documentation in the Aragon Developer Portal.
  • The new Aragon 0.7.2, the addition to the Aragon 0.7 Beta version which brings more usability enhancements like smart contract upgrades, faster organization loading time and an address labeling system as well.
  • Developers also worked on major bug fixes on some of the major projects running on the platform.

5. Gnosis

Gnosis is another decentralized prediction market Dapp platform which has seen some of the major and much-awaited updates on the platform in the month of May. The biggest one being the launch of much-anticipated dxDAO, which is a next-generation decentralized autonomous organization. dxDAO would be responsible for community governance of software protocols.

The developers behind the network have also launched new clients for the Gnosis Safe multisig ERC-20 wallet with UX and design improvements. Developers are also working towards integrating new features for the consumers like availability of non-ether token for both incoming and outgoing transactions.

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Author: Bitcoin Exchange Guide News Team