Cryptocurrency ‘Could Be The Next Step In The Evolution Of Money,’ Says IMF

In its latest crypto shilling video, the International Monetary Fund (IMF) clubbed every cryptocurrency in one bundle with the focus on payments.

It doesn’t differentiate bitcoin from others, combining certain properties of the largest digital asset with other cryptos.

“It sounds like they’re gaslighting the general populace to prepare them for an IMF coin,” commented Samson Mow, CSO at Blockstream on the explainer.

Talking about the “special currency” that solve the problems presented by the traditional system, where the payment is processed by a bank or credit card company that takes a cut of the transaction, is time-consuming and expensive, and needs to be trusted with our sensitive data, cryptos are secure and based on the science of cryptography, IMF explains.

They remove the middleman and broadcast the transaction to the entire network, recording it in a permanent way meaning “it’s almost impossible to fool the system,” states the video covering “What are cryptocurrencies?”

With cryptos, transactions are faster, but they can’t process large amounts quickly yet, and even those people who don’t have bank accounts can buy or sell goods and participate in the global economy, it explains.

But the international organization was back to chanting the risk of transactions in most cryptocurrencies being anonymous with some even being untraceable, making it “easier for bad guys to make payments without being noticed.”

And of course, if you lose your password you lose all your money. “If someone can help you recover your money, it’s not your money,” counters Mow.

Not to forget, they are still “highly volatile,” (but not more so than stock markets are currently thanks to the central bank and government). And they are also not even widely accepted, reminded the IMF. IMF states,

“But if we counter the risks, then this new technology or some variation of it can completely change the way we sell, buy, save, invest, and pay our bills.”

What’s not covered is Bitcoin is already there, becoming a new investment class and increasingly becoming a part of the portfolios, that has been attributed to be an inflation hedge and a store of value.

Crypto “could be the next step in the evolution of money,” concludes the video.

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Author: AnTy

Enjin Rolls Out Minecraft Plugin, EnjinCraft, to Drop Blockchain Assets into the Game

One of the most popular video games in the world, Minecraft, now has a plugin that lets its players spawn blockchain assets.

The plugin is called EnjinCraft, and has been built by Enjin, a well-known gaming startup. EnjinCraft is open-source and allows players to place blockchain assets in the Java Edition of Minecraft without the need for any code.

When it comes to how the tool works, users put the file ‘EnjinCraft’ into the players server folder for plugins, where the integration and distribution of blockchain assets as tokens can begin.

It’s Not the First Minecraft Plugin by Enjin

EnjinCraft is the second Enjin release for Minecraft. The first Minecraft plugin by Enjin was released in 2013 after a collaboration with Bukkit. It’s called DonationCraft and has reached 5.1 million downloads, as it allows Minecraft players to grow their servers through the creation of a donation store and server website.

With this new offering, server hosts can create localized Minecraft economies. Providing players with tangible ownership over currencies and in-game items. Furthermore, they can securely trade assets in the peer-to-peer (P2P) manner on the server, via chat rooms or in the Enjin Marketplace, which is a digital trading platform.

Enjin Also Released a Java SDK

Enjin has also released a Java open-source development kit (SDK) that allows developers the ability to implement the blockchain into Java-based web, mobile or desktop apps. Here’s what the company’s CTO and co-founder, Witek Radomski, had to say about what’s happening at Enjin at the moment:

“EnjinCraft is the beginning of a new era for sandbox games. Players now have a tangible stake in their gaming worlds, and server owners can create new kinds of addictive experiences by using branded collectibles and items with scarcity and value in the digital universe.”

Expansion into Asia

Back in February, Enjin introduced its development platform on Ethereum to allow developers the integration of their crypto assets into apps and games without any blockchain coding.

The startups gaming project became active this year. In April this year, Enjin said it’s going to open its crypto wallet in China, as it wants to expand into Asia and already asked for the China’s Ministry of Industry and Information Technology’s approval to do so.

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Author: Oana Ularu

TikTok Owner ByteDance and a Chinese State Owned Media Partners on Blockchain and AI

The proprietor of renowned video sharing social media platform TikTok has inked a deal for a joint venture with a Chinese state owned media company to develop artificial intelligence as well as blockchain-based business models, Bloomberg reports. The deal will be led by TikTok’s parent company ByteDance.

ByteDance is establishing a joint venture with Dongfang Newspaper. The new joint venture will be based in the capital of Shandong province in China known as Jinan and was launched on Dec. 10. The venture was started with an initial capital of $1.43 million or 10 m Yuan. as per the agreement, ByteDance will be the minority shareholder owning 49% of the new venture while Dongfang will have a 51% stake.

Currently, TikTok has about 500 million users who are active and is ranked second among the most downloaded apps within the Apple Store but only in the US. Cointelegraph alleges that the app is likely to be funneled to the fresh joint venture as its video feed is entirely managed using an AI algorithm that predicts the user preferences and offer content that will fit the user.

Although it is not yet known how TikTok and ByteDance will initially benefit from this agreement, one probable way can be verification of digital media data. It is expected that a currency model could be introduced for the users. There are suggestions that verification of digital media data could be introduced due to the emergence of deepfakes AI-produced videos.

ByteDance has entrenched itself as one of the rapidly growing startups in China and has been in the forefront in the creation of a number of partnerships mostly with state owned media groups in efforts to get content for its recently launched news aggregator platform known as Jinri Toutiao.

ByteDance’s TikTok app has become one of the most sought after apps in the US, especially with the youths and has received endorsements from celebs like Katy Perry as well as Ariana Grande. However, the recent relations with Chinese state owned firms has raised eyebrows in the recent past with the US security agencies cautioning its users to be extra vigilant with the personal data they share within the app.

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Author: Joseph Kibe

New Lightnite (Fortnite-Inspired) by Satoshis Games Uses Bitcoin’s Lightning Network for Payments

You may have heard of Fortnite. It is the most famous video game in the world right now, so it is not surprising that people are starting to apply the blockchain technology to it.

Satoshis Games has recently announced that it is developing a new game called Lightnite, which is said to be similar to Fortnite but using the Bitcoin Lightning Network for microtransactions.

According to the game’s announcement, the main idea of the game is that you earn Bitcoin by shooting someone and lose it by getting shot. This means that each interaction in the game either makes you lose money or gain it all the time.

Obviously, the best way to deal with so many microtransactions is to use the Lightning Network. The network allows transactions as low as $0.00008 USD without clogging the network, so it is ideal for this kind of game.

It was also announced that some items in the game will have a value in BTC that you can pay for with coins you pick up from a dead player. You can use BTC to buy items from the store. The balances of the players will be updated all the time.

Fortunately, the game will have two modes. One of them is as described and the other one is set to be Bitcoin-less mode, in which non-Bitcoin users can also play without losing or gaining any money whatsoever.

According to the company, the game will be released on all major platforms such as Steam and Itch.io, but also on Elixir, a new game distribution platform by Satoshis Games.

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Author: Hank Klinger

New IRS Notice Could Be Trouble For Crypto Investors but Revenue Service Says It’s Not An Audit

The U. S. Internal Revenue System (IRS) has recently posted a new video on social media talking about the CP2000 notices it sent to people who did not pay their taxes as they should. This has troubled crypto investors, as most of them did not know how to pay their taxes due to lack of clarity from the IRS.

While the CP2000 notice is not really directly related to crypto, many crypto investors are bound to be affected by it because of a single fact: the IRS expects them to magically know all the rules. The crypto tax legislation in the U. S. is quite confusing and old. Because of this, people often report it wrong.

Several exchanges divulge the information of its clients with the U. S. without ever informing them, so they may receive a letter if their tax filings do not match what was expected. Not many people know, but the law requires U. S.-based exchanges to do it.

According to the IRS, CP2000 notices are not audits, but they work in a similar way and people still have to answer them within 30 days. They may contest what is in the letter, but they will have issues if they choose not to respond to it. If someone just ignores the letter, the person will receive a CP3219A letter, also known as a statutory notice of deficiency.

Unfortunately, while the IRS does not decide to create a clearer regulation to determine how cryptos work, crypto taxes will still be too complicated. Because of this, investors will possibly continue to receive these ominous letters.

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Author: Gabriel Machado

New York Times Says Cyber Criminals Are Using Bitcoin to Get Around Sanctions

  • Bitcoin is not an anonymous asset and can be tracked.
  • A promotional video from Hamas encourages individuals to donate to their cause with Bitcoin.

The traditional finance market has been worried about a few of Bitcoin’s attributes, but proponents have largely focused on the blockchain’s lack of anonymity as a reason that criminals would be dissuaded. However, changes in the sanctions between the US and other countries have led cyber criminals straight to Bitcoin’s doorstep, applying the digital currency to their various funding efforts, according to reports from Decrypt and the New York Times.

The militant group in Palestine – Hamas – is considered to be a terrorist organization, and it has been largely kept out of the traditional financial system. However, as Bitcoin is not controlled by a single entity, the military wing has developed a way for their campaign to raise money through Bitcoin. In the latest version set up by the Qassam Brigades, every person is provided with a Bitcoin address where funds can be sent. In doing so, law enforcement can’t exactly track the funds. This website also includes a video that shows senders how to evade the authorities and prevent the transaction from causing an alert.

A screen shot from a Qassam video that explains how to acquire and send Bitcoin without tipping off the authorities.

A screen shot from a Qassam video that explains how to acquire and send Bitcoin without tipping off the authorities.

Bitcoin has been involved with drug purchases, money laundering, and more. However, the increase in the number of terrorist organizations using Bitcoin and other digital coins has attracted the attention of the authorities. While individual campaigns don’t appear to gain much funding, the authorities have pointed out that there is little funding necessary for terrorist attacks.

Former CIA analyst Yaya Fanusie, who now acts as a consultant on rogue actors who use cryptocurrency, explained that more of these circumstances will arise, and “it is something that people should pay attention to.” Even the Treasury Department’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, mirrored these comments during an interview, even though the concept is new to these terrorists.

Steven Stalinsky, the executive director of the Middle East Media Research Institute, said, “They seem to be reacting to all the economic sanctions by saying, ‘We are going to try using Bitcoin.’” Stalinsky’s organization, known as Memri, will soon be publishing a report with over 200 pages, explaining the signs that cryptocurrency is being used by terrorist organizations. The report will specifically reference groups in Syria that are already on the run.

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Author: Krystle M

YouNow Live Streaming Project Files New Crypto Offering With the US SEC for Props Token

YouNow-has-Filed-a-New-Crypto-Offering-With-the-US-SEC
  • YouNow’s decentralized video platform was launched all the way back in 2017.
  • As things stand, YouNow’s executive brass does not plan on raising funds via a token sale event.

YouNow — a live streaming venture that is funded by Union Square Ventures — recently filed a public offering for its native token offering (called ‘Props’) with the US Securities and Exchange Commision.

Props tokens can be used within YouNow’s decentralized digital video ecosystem.

Instead of launching a token sale event to raise funds for itself, Younow plans on “qualifying the distribution of its tokens” so as to reward its core user base.

In all, the company plans on distributing a total of 178 million tokens.

As per a blog post released a few days back by the Props Project, YouNow’s SEC filing will allow Props to create one of the world’s first ”consumer-focused token networks”.

[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.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Shiraz J

VID Token: Social Media Video Journal App to Monetize Your Memories?

VID

What Is VID?

VID is a privacy-focused AI video journal app that allows users to remember their lives and monetize their memories. VID is a memory media platform—a cloud-based, calendar-centric hub for all your memories. VID users will be able to recall nearly every important moment of every single day of their lives. They will be able to search their memory as easily as we search the internet using Google.

Video Content Growth

The developers of the VID platform drew their inspiration from the spurted growth of the video content industry. According to June 2018 statistics, in every minute of every day, Netflix users stream 97,222 hours of video while YouTube users watch 4,330,560 videos. This is without mentioning Instagram, Facebook, and Snap users.

The numbers for visual content continue to rise every day. Experts predict that video content will account for almost 82% of the world’s total internet traffic by 2021.

Problems with the Present Social Media Setup

Data Privacy

Over the last few years, the major social media platforms have experienced huge user data scandals. People around the world have become more conscious of how these platforms collect their data and the potential misuse of it. For this reason, VID aims to secure everything stored in its user’s private journal with zero-knowledge encryption, which is one of the safest methods of cloud storage currently available.

Fake News And Bad Actors

Another problem that rocks the social media sector is the prevalence of fake and faceless accounts. The prevalence of pseudo accounts on major social media platforms such as Facebook often lead to the circulation of inappropriate content, abusive interactions between users, and the use of peoples’ social media accounts for political gain. To avoid these problems, VID has initiated a stringent account verification process to ensure that preserving memories through video remains the sole purpose of VID’s platform. To gain access to a public account, VID users will undergo stringent verification.

VID Target Audience

Everyone with a smart phone could be a potential audience for VID. However, people born between 1980 and 1994 (Generation Y) and those born after 1995 (Generation Z) are likely to be early adopters of the program as they represent that largest proportion of users on visual social media platforms. VID aims to reach 20 million daily active users on its platform within 12 months, utilizing the five major social media platforms:

  • Facebook
  • Instagram
  • Twitter
  • Snapchat
  • YouTube

VID Components

Camera

When a user opens the VID app, it opens to the camera screen. This is to provide ease of use and to encourage users to capture their memories in real time. Once captured, the user can choose to make the clip either private or public.

Journal

The Journal is in a calendar format and is the main interface that provides an overview of all VIDs captured by a user. The Journal represents that timeline of memories that a person captures. When a date is pressed in the journal, the VID captured on that date is played.

Journal Search

This is the platform’s search function, which allows users to search their memories. During recording, a user can tag the clips. Tags may include location, activity, occasion, or peoples’ names. These help users to easily organize and search their memories.

Other VID components include the Vibe Screen and the Feed.

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Author: Bitcoin Exchange Guide News Team