It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

Fred Ehrsam, the co-founder of Paradigm, says China is already taking a stand on crypto, and it could beat the US in crypto that too “on multiple fronts.”

“The US is at a very important crossroads with crypto today,” says Coinbase Co-founder Fred Ehrsam, who is also the co-founder of crypto investment firm Paradigm.

In an interview with Bloomberg, Ehrsam talked about the regulation of cryptocurrency as more and more regulators are getting vocal about regulating the crypto space.

“The US is blessed with the best currency and the world’s reserve currency today,” and it also tends to be the de facto financial regulator for a whole bunch of the world, he said, noting that most of the highly valuable companies in the world are American Internet technology companies.

“I do think that crypto is a nuanced issue and that it’s possible the US gets crypto wrong.”

While regulators’ job is to mitigate risk and keep investors safe, at the same time, “crypto is the next Internet sized opportunity for the United States.”

According to him, crypto has the “potential to create as many if not more jobs than the Internet,” the same as economic growth.

China Could Beat the US in Crypto

Cryptocurrencies can actually help with the privacy internet issues as seen with big tech companies in the past decade, according to Ehrsam.

These technologies can be used to “continue to own our own data while still getting all the benefits of the Internet platforms we know and love,” he added.

Ehrsam further noted that China is already taking a stand on crypto, “for better or for worse.” On being asked if he has concerns that China is going to beat the US in crypto and if that’s kind of a big deal, Ehrsam said: “Candidly yes.. and it’s on multiple fronts…”

One front is government programs explicitly built using crypto, which is true both with their CBDC initiative, which is basically making a digital renminbi, and also true of local governments who are trying to use blockchain technology, he said.

Furthermore, most of the crypto mining is happening in China. But the recent crackdown on mining in the country is “actually a huge moment of opportunity today for miners in the United States or globally to step in and on the crypto side to make it more decentralized,” Ehrsam added.

It’s Still Very Early

During the same interview, Ehrsam advised new crypto adopters not to allocate more than what they are comfortable losing. “Perhaps it makes sense to allocate more but error on the conservative side when you’re allocating it first,” he said.

“It’s still very early and as the fundamentals improve over time conviction improves over time.”

He further advised focusing on technology in terms of where this is going and why it is important in the world. Also, “think about it on a fundamental basis,” because “if you have that belief, then it probably makes sense to own something in space. And if that belief grows, then you can always increase it.”

Lastly, Ehrsam said things are never as good as they seem, and things are never as bad as they seem, so think of a 10 to 20-year time horizon.

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Author: AnTy

Israel Govt backed Crypto Startup, Kirobo, Develops Reversible Blockchain Transactions

  • Israeli based blockchain startup, Kirobo, aims at reversing wrong address transactions to eliminate loss of funds through human error.
  • The “Retrievable Transfer” feature is currently in use on Ledger hardware wallets for Bitcoin transactions.

The Israeli startup, launched in 2018, has launched its mainnet version of its Retrievable Transfer feature protecting users from sending their digital assets to wrong addresses. The platform employs a layer two security solution (logic layer) on a blockchain that works in two levels.

First, the recipient of the funds must enter a transaction code to receive the funds. This ensures the open channel between the sender’s and recipient’s address is trusted hence directing the transaction only to the wallet selected. Next, the sender keys in the address as many times until the correct address is provided.

One of the most significant issues affecting crypto adoption is the fear of losing funds over a small error when inputting the long alphanumeric wallet codes. The volume of BTC lost differs from report to report. Several investors have lost funds through malicious attempts or human error when sending digital assets.

Addition to Ledger Hardware Wallet

Kirobo’s security layer will provide privacy enabled, retrievable transactions starting with Bitcoin users on Ledger’s hardware wallet. The platform is secured against a brute force attack and is also non-custodial, meaning users control their funds every step of the way.

Kirobo, supported by the Israeli Innovation Authority, has been testing its reverse transfer feature on the Bitcoin testnet since January. The mainnet feature will be free for any Bitcoin transactions up to $1000 on Ledger. More platforms will be added in the future, said Kirobo CEO, Asaf Naim.

On the firm’s mission, he said:

“Our aim is to make blockchain transactions as simple and as secure as online banking.”

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Author: Lujan Odera

Coin Metrics Report Claims Kik Presented Inaccurate Data About the Kin Blockchain

Coin-Metrics-Report-Claims-Kik-Presented-Inaccurate-Data-About-the-Kin-Blockchain
  • Kik might have presented wrong information about its Kin network
  • Coin Metrics compared the data provided by Kik with other blockchain networks such as ETH and BTC

Kik has recently provided information about activity on its blockchain network to the U.S. Securities and Exchange Commission (SEC). However, Coin Metrics reported that these claims made by Kik are inaccurate.

Kik’s Inaccurate Claims About Kin

Back in 2018, Kik claimed that their network exceeded Ether (ETH) and Bitcoin (BTC) in daily blockchain activity. This demonstrated that Kin was adopted and used by many individuals around the world. However, Coi Metrics claims that the daily operations included a large number of account creations.

Indeed, some of these accounts seem to be empty after a single transaction processed. Although Kin had a very interesting number of daily transactions, it was far from reaching a similar level as top tier blockchain networks.

In addition to it, Kik has also questioned the SEC regarding the token as a security. They said that there were over 300,000 individuals that earned and spent kin as a currency. Coin Metrics explained that there have been just 35,000 addresses that held more than 10,000 kin worth around $0.23.

On the matter, the report commented:

“This is orders of magnitude less than other blockchains in our sample, which each have at least 1,000,000 addresses that hold at least $1.”

Coin Metrics explained that multiple metrics showed that the Kin digital asset was not used more than other chains such as Bitcoin or Ethereum. Just last month, Kik has launched a $5 million crypto campaign in order to deal with the SEC and improve its regulatory clarity.

Back in September 2017, Kik was able to gather almost $100 million during a token distribution event. However, the US regulator claimed that Kik may have violated securities laws in the country. Since that moment, Kik is working in order to prove it has been operating in the market as it should.

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Author: Carl T

Decentralized Applications (DApps) On the Rise after BitTorrent File System Launch

DApps-On-the-Rise-after-BitTorrent-File-System-Launch

DApps On the Rise After BitTorrent File System Launch

One wouldn’t be wrong to say that the Cryptocurrency ecosystem is garnering daily adoption across the globe, this recognition is not only because of digital currencies are seamless and more comfortable means of holding assets, but because of the numerous problems that their applications have been able to solve. However, the crypto space appears to have shifted its focus form promoting and giving the impression that crypto assets could help integrate its applications into solving various real world problems.

A major area of concern has been that of Decentralized Applications [DApps] and one of the companies that have been a key advocate of the DApp advancement has been the Tron Foundation.

According to the recently released DApp weekly report by Tron Foundation:

“The number of #DApps on #TRON continued to grow this week. 55 new DApps were added with a growth rate of 14%. The total number of DApps on TRON is 447.”

DApps Dominate

Gambling applications turned out to be the major contributors among all the Decentalized Apps, after moving up by 44 from the last week. The report also indicated that utility DApps came closest to that of gambling after they moved were up by 9.

“Up to 1000 smart contracts have been deployed on Tron and TRX has made it back to top 10 cryptocurrencies by market cap. Let’s look forward to a decentralized network that is more open and reliable.”

Tron, had climbed to the tenth position on the charts at mid-week, however, it dropped out of the top 10 ranking as its prices fell. At present, Tron is holding the twelfth position on the charts. The crypto asset trades for $0.031 with total market capitalization of $2.1 billion. As indicated by Tron, prominent information site Coinstats included exchange pair insights for the TRXMarket while expecting to survey the performance of Tron’s blockchain and its effective utility.

BitTorrent File System Launch

Notably, the Justin Sun owned company recently made the media spotlight when one of its acquisition, BitTorrent, introduced the BitTorrent File System [BTFS].

Sun revealed that BTFS adhered deeply with the essentials of making a decentralized web or Web 4.0 with the goal that every individual across the globe could enjoy the fortune web based commercial trading. According to Sun’s tweet:

“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”

All of Today’s TRON (TRX) Price Analysis, Chart Forecasts and Industry News

[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: Damola