Concerned About Libra’s Future: Facebook Goes Hunting for Experienced Staffers

It’s a crucial time for Facebook, and the company itself knows this. After the official announcement of Libra, last week, the spotlight beamed on the firm and how it intends to handle copious amounts of financial data.

In the wake of the hearings and debates that are sure to precede the launch of Libra, the social media giant is taking proactive steps to quell concerns over the security of its cryptocurrency.

Need a Job?

Earlier today, the company put out a vacancy for the Head of Data Science at Calibra wallet- its in-house wallet application. Per the job description, the selected candidate will be in charge of monitoring and analyzing user data, while also coming up with resolutions on how these data can be progressively applied.

The company is calling for people with quantitative analysis, data presentation, and data handling skills for the role, as well as an ability to “drive data quality across the product vertical and related business areas.”

The job vacancy is the latest in Facebook’s sprawling efforts to beef up its blockchain posse. As it stands, the social media company has over 20 blockchain-related vacancies open, as they are looking to double down on the development of Libra and other associated endeavors.

However, one of the most exciting vacancies at the company would have to be the one for a Public Policy Manager. The vacancy, which was posted today as well, shows that Facebook is searching for an official who would analyze potential policy risks, while also “responding strategically to related legislative and regulatory initiatives.”

While there is a myriad of qualifications, Facebook specifically details experience in “payments, commerce, blockchain, digital identity, cryptocurrency, and related policy issues, as well as experience working on technology policy issues generally.”

The company’s search of a Policy manager is especially interesting, considering the situation that the company has found itself in. While there was a lot of anticipation concerning the announcement of Libra, even the staunchest optimist would agree that the reactions so far haven’t been particularly warm.

Regulators aren’t Fazed

While crypto heads have busied themselves by analyzing the asset and criticizing areas such as its multiple currency peg and whether- or not- it is truly decentralized, authorities have focused more on the risks it poses to customers.

A day after the Libra whitepaper was published, Rep. Maxine Waters, Chairperson of the U.S. House Committee on Financial Services, called for the social media company to delay its development.

In response to Waters’ request, the United States Senate has scheduled a July 16 hearing on the currency. Entitled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” the hearing is set to look into a wide array of security issues, including how Facebook expects to ensure best practices in Anti-Money Laundering (AML) standards and handle Libra customers’ privacy.

Countries like Russia have been vocal about their distaste for the currency. Speaking to a local news outlet, Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov said Russia won’t legalize the upcoming stablecoin from the tech giant.

The Bank for International Settlements (BIS) also issued a stark warning about the potential risks of the large tech firms entrance into the finance space and how it could disrupt the status quo.

The bank made this known in a new economic report titled Big Tech in Finance: Opportunities and Risks, where it specifically called out Libra. The institution, which is owned by the world’s central banks said regulators must ensure a level playing field and prevent the abuse of financial data by big tech firms.

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Ellcrys: Decentralized Software Development DAO, Pre-IEO Coming Soon

Ellcrys is getting ready for its pre-IEO, and that could be a great thing for developers everywhere.

The idea that drives Ellcrys is simple: allow developers everywhere to own, collaborate and build the next generation of software without having to deal with a centralized authority that could stifle innovation.

Let’s be honest about the world we live in. There are today, and always have been, powerful parties that want to control how technology evolved and who has access to information.

Ellcrys

The internet has grown out of open source information sharing architecture, but there are still many ways that centralized authority can influence how information is shared on the internet.

When it comes to software development, control over information has far-reaching consequences.

Ellcrys Designed a Global Platform for Innovation

Blockchain is already making a big difference in numerous global industries. Financial firms have rushed to roll out blockchain platforms because of the efficacy and transparency that are inherent to blockchain architecture.

Ellcrys sees the potential for blockchain to be applied to what is arguably the most powerful area of human technology: software development. The platform that Ellcrys developed has to important aspects that could shift how open source software development takes place.

The first is ownership. Ellcrys allows software developers to establish ownership over code, and share it among a group via smart contracts.

Features

Instead of having to incorporate and engage the legal system in multiple jurisdictions, Ellcrys lets independent developers work together across the globe, and ensures that the ownership of their work is secure.

The second aspect of Ellcrys’ platform that could change the development game is that it allows git hosting on a network that is designed to resist censorship. The network also offers the potential for high-availability and freedom from powerful parties with divergent interests.

Microsoft hasn’t taken over the consumer computer market because it has the best OS. The company has become a powerhouse because it was able to secure an early advantage in the PC market, and has been terrible to open source developers ever since.

The next generation of computing could fall into the same trap, but the platform that Ellcrys designed is the perfect solution to that potential pitfall.

Ellcrys Pre-IEO: The Details

Ellcrys is opening up its blockchain to investors on July 1st, with a pre-IEO.

It plans to sell 18,700,000 ELL tokens over the course of a month, at the price of 0.08 USD per token. The pre-IEO is a part of Ellcrys’ token sales, which started in late 2017.

Token Sale

If you are interested in buying tokens, the pre-IEO details can be found here.

PeopleMint is a Novel Token Generation Model

Ellcrys came up with PeopleMint, which is how its tokens will be created. PeopleMint is an interesting idea that will help to democratize the creation of ELL coins in a way that previous blockchains can’t match.

A platform like Bitcoin was designed to be free from centralized authority, but it created a network that rewards a few major players.

As mining tokens becomes more difficult, the hardware required grows more costly.

Fewer people can afford to run the network, which could mean big problems for the blockchain down the road. If and when mining coins becomes cost prohibitive, the entire blockchain (and everything on it) will become worthless as no one will want to operate it.

PeopleMint is a radically different system for creating new ELL tokens.

The process of creating new tokens with PeopleMint starts with bank notes (aka paper money). A video is made by a real person with a bank note, and that will become the basis of new ELL tokens. The process involves a substantial amount of oversight and is fully explained in Ellcrys’ Whitepaper.

The bottom line is that Ellcrys has designed a token issuance system that won’t support a market where a few token holders control the entire network, and new people can always enter the token creation process.

Decentralized

Ellcrys Uses a Scalable Hybrid Consensus System

Ellcrys recognized that the consensus system the original Bitcoin blockchain used simply isn’t going to scale up to the needs of a growing global online development community.

The idea that an entire blockchain has to be hosted by every node isn’t inherently bad, but it does create an impediment for growth if the blockchain becomes sufficiently large. Limits to realistic growth is one of the reasons why Ellcrys chose to employ a hybrid consensus system similar to what drives Bitcoin-NG.

Protocol

Bitcoin-NG uses a verification process that allows the network to continue functioning, even when it is looking for a new leader for the ‘epoch’. The original Bitcoin blockchain can’t match this, as it is incapable of processing transactions during the 10-minute block interval.

The Ellcrys consensus mechanism is a uses both Proof-of-Work and Proof-of-Stake. The model that Ellcrys chose is based on the ideas that were described in the Proof of Activity protocol by Iddo Bentov et al.

Bentov discussed a process which extends the Nakamoto Proof of Work via Proof of Stake to increase the security of the network, while at the same time reducing the dependence on miners as the only contributor to network security. Ellcrys sees this innovation as valuable and built its consensus system to work along these lines.

Ellcrys’ Platform Helps Software Grow in an Open Environment

Ownership is one of the most important ideas in any economic system. There is a good reason why people tend to work harder when they have a share of a company or product.

Ellcrys found one of the most powerful areas of both social and economic development and created a new way for software developers to connect, share, and build new tools. In addition to creating an environment that encourages collaboration, it also allows software developers to create ownership agreements.

If we consider what Microsoft actually is, at its most basic level, it is easy to see how powerful Ellcrys’ platform could become.

Bill Gates was able to build one of the largest fortunes in human history by getting his software included in PCs at a time when there were few competitors. The nature of Microsoft as a company is simply a group of software developers who are able to work together and be rewarded for their efforts.

In addition to allowing software developers to work together, Ellcrys designed a platform that helps keep code free from censorship, even if powerful entities oppose what the code is capable of doing. Sometimes new ideas can harm the existing power structure, even if they would benefit the world’s population as a whole.

We have seen how much blow-back cryptocurrency created at the highest levels of banking. There are other ideas, especially in the world of cryptography, which could be even more disruptive.

Ellcrys is Helping to Build The Future

A company like Intel or Foxconn has to make huge investments in factories, but software companies specialize in human capital. With the ability for open economic collaboration that Ellcrys’ platform gives developers, it is conceivable that the next generation in software could be totally decentralized.

Ellcrys has been working on its platform for years, and it appears that it has made solid progress. It will be interesting to see how the platform develops as more investment money comes in, and how successful it is in attracting software developers to a robust, decentralized platform.

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Ethereum Org a Validator for Facebook’s Libra? Idea Gets Floated

When Facebook formally unveiled its Libra cryptocurrency last week, cryptoverse stakeholders instantly took to debating whether the coin — envisioned as a basketcoin in a dual-token ecosystem — would compete against or rather boost the adoption prospects of top digital assets like bitcoin (BTC) and ether (ETH).

Ethereum

Those conversations continue one week on, and the thread just received its latest wrinkle: conjecture arising around the possibility of an organization representing Ethereum joining the Libra Association to become a Libra Core validator.

Using a June 24th Twitter thread to outline how such an arrangement could take place, SpankChain chief executive officer Ameen Soleimani floated the idea of a decentralized autonomous organization (DAO) and a legal organization being coordinated to become a leading member in the Libra ecosystem on the behalf of Ethereum.

When the Libra whitepaper was unveiled last week, Facebook revealed itself as among approximately 30 organizations that would serve as Libra’s first validators — a privilege reportedly costing $10 million USD per member.

Major enterprises like Visa, Mastercard, and eBay were among those organizations, but due to the Libra protocol’s underlying Byzantine fault tolerance consenus model, the basketcoin project is still in need of around 70 more validators.

Alas, there’s plenty of room for newcomers as it stands. If a group serving on behalf of Ethereum did join in, it would be the first of its kind — a body representing a public blockchain community — in the governance association. Cryptoeconomy natives Coinbase and Xapo have already paid up to be validators, though they’re enterprises.

Yet the glaring questions of who would represent Ethereum and how they would do it quickly rise to the fore. Soleimani had some ideas here, too.

A DAO on a Mission

The SpankChain CEO added that once a “hybrid legal org + DAO” had been worked out, it could conduct a security token offering (STO) to raise the $10 million necessary to become a Libra validator.

The body could then directly partake in Libra’s governance and foster projects that involve both Libra and Ethereum, like bridges, Soleimani said.

But why should the Ethereum community embrace such an idea, and why should Libra’s backers go along with it? Soleimani said the prospective meld could, among other things, bridge “the ETH & Libra open source dev communities.”

The ConsenSys alum also implied the Ethereum representatives could vote for ether to become one of Libra’s reserve currencies (some have already speculated about the possibility of BTC being similarly tapped, but there’s no official word on the basket’s composition for now). Ether being voted in would undoubtedly further legitimize the Ethereum network’s native asset in mainstream circles.

As for what Libra would stand to gain, the SpankChain CEO said welcoming an Ethereum representative into the fold could bring increased credibility and productivity to the newly devised cryptocurrency project.

Of course, Soleimani’s propositions are just that for now — propositions. But the rising specter of Libra will ensure these propositions get plenty of discussion in the coming weeks. In fact, more formal activity around a “LibraDAO” has already begun.

MetaCartel Working on ETH-Libra Bridge

Soleimani, who spearheaded the creation of MolochDAO, had mentioned the possibility of a theoretical Ethereum organization helping to flesh out Libra-ETH bridge tech.

Notably, another DAO — the relatively new MetaCartel group — is already at work on such a bridge, which they’ve dubbed the SpicyBridge, an homage to the DAO’s chili pepper mascot. One of the DAO’s engineering teams, “Taco Team Six,” is leading work on the development of the SpicyBridge.

It’s an early Libra-minded foray for the DAO, which is gunning to boost Ethereum’s dapp scene. In the meantime, the wider debates will continue as to how Ethereum’s stakeholders should position their project in relation to Libra.

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Cardano (ADA) Price Prediction: Bulls Likely To Gain Strength In Near Term

Cardano price climbed higher recently and broke the $0.1000 resistance before correcting lower. Bitcoin price is gaining momentum, increasing chances of a fresh increase in ADA above $0.1000.

  • Cardano price is struggling to settle above the key $0.0982 and $0.1000 resistance levels.
  • There is a key connecting bullish trend line forming with support near $0.0890 on the 4-hours chart.
  • ADA could start a solid increase if it settles above the key $0.1000 pivot level.

Cardano ADA Price

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Cardano Price Analysis (ADA to USD)

After forming a support base near $0.0840, cardano price started an upward move above $0.0900. ADA price even broke the key $0.1000 resistance level, but it struggled to stay above the stated resistance.

Cardano Price Analysis (ADA to USD) Chart

Click to Enlarge Chart

Looking at the 4-hours chart of ADA/USD, the pair climbed above the $0.1000 level, the 25 simple moving average (4-hours), and a major bearish trend line on the same chart.

A swing high was formed at $0.1038 before the price started a downside correction. It declined below the $0.1000 support and the $0.0980 level. Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $0.0843 low to $0.1038 high.

There was also a spike below the $0.0920 level and the 25 simple moving average (4-hours). However, the bulls were able to defend the $0.0900 support area.

The price stayed above the 61.8% Fib retracement level of the recent wave from the $0.0843 low to $0.1038 high. Moreover, there is a key connecting bullish trend line forming with support near $0.0890 on the same chart.

At the outset, the price is trading with a positive bias above the $0.0920 level. On the upside, there are many resistances near the $0.0960, $0.0980, $0.0985 and $0.1000 levels.

A convincing close above the $0.1000 level is needed for a fresh increase in cardano price towards the $0.1050 and $0.1100 levels. Conversely, there is a strong support forming near the $0.0900 area on the downside. If ADA/USD fails to stay above the $0.0900 support, the bulls are likely to lose control in the near term.

The market data is provided by TradingView, Binance.

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Binance Coin (BNB) Price Prediction: Primed For More Upsides Like Bitcoin

Binance coin price surged higher and traded to a new all-time high close to $40.00. BNB price remains in a strong uptrend and it could continue to rise versus USD and bitcoin.

  • Binance coin price tested the $40.00 resistance level before correcting lower.
  • There are two important bullish trend lines forming with support near $35.50 on the 2-hours chart.
  • BNB price is likely to climb above the $38.00 and $40.00 resistances in the near term.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

As discussed in one of the previous analyses, binance coin price gained bullish momentum and tested the key $40.00 barrier. A new all-time high was formed near $40.80 before BNB price corrected lower. Overall, the crypto market, including bitcoin, Ethereum and ripple remain well supported for more gains.

Binance Coin Price Analysis (BNB to USD)

Click to Enlarge Chart

Looking at the 2-hours chart of BNB/USD, the pair surged above the $36.00 and $38.00 resistance levels. There was also a close above the $36.00 level and the 25 simple moving average (2-hours).

Finally, there was a clear break above the $40.00 level and the price traded to a new all-time high was formed near $40.80. Later, it corrected lower sharply below the $38.00 level.

However, the $35.00 support level acted as a strong buy zone. Moreover, there are two important bullish trend lines forming with support near $35.50 on the same chart. The price is currently trading above the $36.00 level plus the 23.6% Fib retracement level of the latest drop from the $40.86 high to $34.77 low.

On the upside, there is a major resistance forming near $38.00 and a bearish trend line. Besides, the 50% Fib retracement level of the latest drop from the $40.86 high to $34.77 low is also near $38.00.

Therefore, if there is a successful close above $38.00, the price is likely to climb above the $38.50 and $39.00 levels. The main hurdle is near the $40.00 level, above which binance coin price could even surpass the last swing high near $40.85 in the coming sessions.

The market data in the USD is calculated by TradingView, Binance.

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CNBC Anchor Lauded by Bitcoin Community as he Deems Libra a ‘Non-Crypto’

To most in the crypto community, mainstream media is viewed with intense skepticism.  Most of these attacks come from mainstream outlets, from CNBC and Forbes to the New York Post and Bloomberg. For instance, one Bloomberg op-ed headline published in January 2018 reads: “Sorry, Bitcoin Fans. Digital Currency Is Still a Dream.”

But, Bitcoin and its devout followers may have found a mainstream media “inside man”, so to speak, that is heading one of CNBC’s top shows.

Squark Box

Meet Joe Kernen

The anchor’s name is Joe Kernen, a panelist and showrunner at CNBC’s “Squawk Box”, the station’s morning Wall Street show.

Ever since Facebook’s unveiled Libra, their soon-to-launch pseudo-centralized stablecoin, Kernen has come to an understanding of Bitcoin almost like he has had some sort of epiphany.

It all started last week, which was when the “Squawk Box” correspondents began to cover news of the Silicon Valley-backed cryptocurrency.

CNBC Anchor Downs The Bitcoin Red Pill

As many were claiming that this was a “cryptocurrency”, Kernen rebutted. The television star questioned Libra’s “inherent value”, discussing the fact that it will just be based on the United States Dollar and similar assets in that class.

Kernen even hinted at his mistrust of fiat monies, noting that the only thing backing paper currencies is the governments and central banks, then adding that the European Union leaders have begun to debase (inflate) the Euro.

And to put a cherry on the proverbial Bitcoin cake, he made the argument that a “real Bitcoin” may have more value than Libra due to the former’s decentralized blockchain.

Following the airing of this segment, Crypto Twitter, including many prominent executives and commentators, quickly lauded Kernen. Due to his newfound knowledge of cryptocurrency, Kernen continued his Bitcoin crusade the day later. After briefly calling himself a “Bitcoin bull” and a “god” of sorts, the Squawk Box personality quipped:

“Blockchain transactions create inherent value. But making a digital currency that’s based on a fiat currency doesn’t make any sense. If you put in a dollar and out pops a cryptocurrency worth a dollar, that’s not a cryptocurrency.”

Bitcoin is For The People

On Monday, Kernen took the time to bash Libra for the umpteenth time. After Bart Smith of Susquehanna laid out his thoughts on why Libra isn’t a cryptocurrency, the “Squawk Box” host then said something that was music to the ears of cypherpunks across the globe. Sounding like a Satoshi Nakamoto excerpt, Kernen explained that Libra is a currency for corporations, but Bitcoin is a currency built and used by “the people”.

This small yet notable comment confirms, according to Barry Silbert, that Kernen has entered the “five phases of Bitcoin acceptance”: dismissive, skeptical, intellectually curious, believer, and evangelist.

To CNBC’s credit, the entire organization isn’t filled with seemingly anti-crypto commentators. On CNBC Africa, there’s Ran NeuNer, an early crypto investor and venture capitalist, that runs “Crypto Trader”, an occasional one-hour segment that covers conferences, price action, and news events in this budding industry.

And on the “Fast Money” and “Futures Now” segments, CNBC brings on well-known analysts, like Tom Lee and Brian Kelly, some of which have a good understanding of the space.

With this new knowledge that Kernen and his peers know more than they previously let on, many in the cryptocurrency ecosystem are hoping that CNBC can begin to take more balanced approaches towards this space. Whether or not this happens remains to be seen, however.

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Dow Shivers Paralyzed with ‘Screaming’ Stock Market Warning Signs

Dow Jones futures were paralyzed in early trading Tuesday as major warning signs flashed across the broader stock market. The market is in the bizarre position where all asset classes are firing on full power. The Dow and S&P 500 are at or near all-time highs. At the same time, defensive assets like gold, bonds, yen, and even bitcoin pound higher. This isn’t a market in equilibrium and something has got to break. Dow trades flat ahead of G20 meeting Dow Jones Industrial Average futures traded flat on Tuesday morning, extending Monday’s sideways movement. At 7.08 am EST, DJIA futures

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Epic Games Forces Fortnight Leave on Employees in Overworked Gaming Industry

Epic Games has taken a long, hard look at the current state of Gaming. the development firm behind Unreal Engine 4 and its predecessors it's taking strides to make gaming a better, more profitable, and more sustainable industry. Facing major competitors Like Valve, Epic Games is pushing other companies to compete with a higher standard. Epic Games has been widely criticized for inciting a crunch based and high-stress work environment for their development, creative, and other teams. Epic Games has historically given a winter break to their Studio employees. This year, Epic Games has announced it 2 weeks summer shutdown

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Six Years Later, the Number of Bitcoin ATMs Just Crossed 5,000 Globally

Nearly six years after the first Bitcoin ATM was installed in Vancouver, Canada the number of the cryptocurrency-dispensing machines across the world has risen to 5,006, according to Coin ATM Radar. In the last 60 days, an average of just under 6 Bitcoin ATMs were installed per day. Has the US bitcoin ATM market reached saturation point? Unsurprisingly, the U.S. leads in the number of crypto vending machines with over 3200 Bitcoin ATM locations. This is around 64 percent of the world’s total. Canada, which hosted the world’s first ever cryptocurrency dispensing machine, was second with over 680 locations. In

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$11,381: Bitcoin Price Bulldozes to New 2019 High; All-Time High Next?

The bitcoin price has surged to a new 2019 high once again at $11,381 less than 24 hours after climbing to $11,200 on June 24. Analysts like Fundstrat’s Thomas Lee, RT host Max Keiser, and technical analyst Peter Brandt foresee the bitcoin price reclaiming its all-time high at $20,000 in the near term as the dominant crypto asset continues to see its momentum strengthened. Where is the ceiling for bitcoin? According to David Puell, the Head of Research at Adaptive Fund, strong resistance for bitcoin can be found at the $13,800 to $13,900 range. There exists a possibility that the

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#cleanworld Challenge Launched by Novarum Sky and Artificial Intelligence Provider PowerBrain.Shop®

Next-generation Artificial Intelligence software developer PowerBrain.Shop® and Drone solution provider Novarum Sky announced launch of #cleanworld challenge Eindhoven, June 25, 2019 /PowerBrainShop/, São Paulo, June 25, 2019 /Novarum Sky/ The Drone solution provider Novarum Sky and their artificial intelligence (AI) technology partner PowerBrain.Shop® announced a joint initiative aimed at driving the development and application of environmental protection solutions – leveraging the latest AI and Drone technologies. Inspired by their passion for the Fridays for Future (#fridaysforfuture) movement and the Trashtag challenge (#trashtag) the Brasilian CEO of Novarum Sky, Mr João Marcelo Correa and German CEO and Chairman of the Board

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Bitcoin up 250% From Bottom, Same Again to $40,000 BTC

A big bullish weekend is usually followed by a red Monday for bitcoin and crypto markets but this has yet to materialize. BTC has continued to climb and is now back at its 2019 and fifteen month high again. Further gains are likely and if Bitcoin can repeat is previous six month’s performance big things are in store.

Bitcoin Back Above $11,000

Bitcoin has made it back to its yearly high point of $11,200 during Asian trading today. It is the third time since breaking the five figure barrier that BTC has hit this resistance point so a move above it could be on the cards. Yet again a predicted pullback has failed to materialize as BTC defies the correction calls.

A marginal dip back to $10,800 did happen yesterday but the general trend over the past 24 hours has been steadily climbing. Daily volume has dropped below $20 billion, but only just. The king of crypto is up an impressive 20 percent since this time last week.

That sounds good but an even more impressive figure is the 250 percent BTC has made since its low in mid-December. From a bottom of $3,200 Bitcoin has climbed to a top of $11,250 in just six months. A repeat of this performance with a further 250 percent from today’s prices will put BTC very close to $40k. Trader and investors Josh Rager thinks it could be even more:

“Solid point here. Now $BTC has topped this weekend at 259% increase since the bottom. Another 259% from this point would lead Bitcoin to $40k”

Can BTC Rip to $13,500?

A few hours ago Rager added that a break of resistance at $11,500, which is only $300 away now, may cause BTC to surge all the way to $13,500. There is very little resistance in-between on the weekly chart and the 0.618 Fib retracement level also lies here.

“$BTC break and close above $11,500 could likely lead price to rip up to $13,500+. Large gap in volume profile and no major resistance above. I’ll putting in a confident buy/long (with a stop) for a possible opportunity for a $2k move.”

Bitcoin’s recent retest above $11k has lifted total crypto market capitalization to $333 billion. BTC now commands almost 60 percent of the entire market and is showing no signs of abating. Great news for the Bitcoin maximalists, but not so pretty for those holding altcoins.

Gains are still very marginal for most of them and many are still down over 80 percent from their peaks. Bitcoin is still commanding things in crypto land this week.

Image from Shutterstock

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Circle CEO: ‘Non-Sovereign’ Bitcoin and Cryptos Will See Continued Growth

Circle CEO Jeremy Allaire believes non-sovereign cryptos such as bitcoin will see continued growth despite the emergence of assets such as Facebook’s Libra and stablecoins.

Jeremy Allaire, co-founder and CEO of payments company Circle, believes non-sovereign cryptocurrencies such as bitcoin (BTC) will continue to see growth despite the proliferation of new forms of digital assets such as Facebook’s Libra and stablecoins

During an interview on CNBC’s Squawk Box on June 24, Allaire argued that the cryptocurrency landscape will not evolve in a “winner takes all” direction, but that a range of different digital assets with varying degrees of autonomy and regulation will become broadly used by individuals and investors alike.

Allaire made one prime distinction between different digital assets, pitting stablecoins and other asset-pegged cryptocurrencies — e.g. Libra or the dollar-pegged stablecoin USD coin —  against non-sovereign cryptocurrencies such as bitcoin:

“Individuals and institutions are going to have crypto finance accounts where they’re going to hold all these different assets and be able to send and receive all of them. It’s not going to be a winner takes all model.”

Allaire argued that for everyday payments, which people may need to denominate in their salaried currency, or for transactions such as taxes, fiat-pegged cryptocurrencies will continue to see increased adoption. Regulators and governments, he added, will — and are already — find ways to cement regulation of the issuers of such assets.

At the same time, however, Allaire said he believes that an increasing recognition of the value of having access to a censorship-resistant and highly secure digital asset such as bitcoin — a non-sovereign currency —  will ensure its continued growth.

Allaire also gave his perspective on the crypto market’s renewed bullish momentum, noting that back in December — when the market bottomed in the depths of crypto winter — we saw long-term conviction investors beginning to build significant positions in core digital assets.

This is now being boosted by rising fundamentals of cryptocurrencies’ technology, the emergence of retail and institutional platforms, and new regulatory frameworks taking shape, he claimed. 

Last but not least, he proposed that new blockchains such as Libra are being taken as indicators that crypto is becoming a mainstream phenomenon that is ultimately going to reach billions of people.

As reported, both disruptors and incumbents — decentralization advocates, government and central bank representatives alike — have expressed mixed views about the potential impact and design of Facebook’s newly-unveiled digital currency, Libra. 

Yesterday, a former economic adviser to United States President Donald Trump said he thought that the digital token would represent a challenge for central bankers and was on balance a good thing.

With A $20 Million Tron (TRX) BuyBack Plan, Bulls Are Vibrant

  • Tron (TRX) up 14.7 percent, may flip XLM
  • A $20 million TRX buyback could stir controversy

Buying back coins or tokens is a great way of supporting prices. Tron could do that. With a stellar dApp ecosystem, TRX investors shall benefit. At the time of press, the coin is 14.7 percent higher from last week’s close.

Tron Price Analysis

Fundamentals

Given the substantial rise of Bitcoin (BTC), altcoins are following suit. Of the many coins that could secure a spot in the top 10, TRX is one. Registering a double-digit expansion in the last week, TRX is one of the top performers.

Behind the resurgence are bullish developments that could form the base of another wave lifting prices towards 10 cents or higher. Boasting a market cap of $2,567 million and changing hands at 3.8 cents at the time of press, TRX bulls are in the driving seat.

From candlestick arrangements and significant events, odds are TRX will likely print a new 2019 high by the close of the year. Behind this optimism is the unconfirmed plans of a $20 million TRX buyback plan.

Although controversial, moping supply creates room for demand. Therefore, as buyers scramble for the few coins in circulation, the price of the asset digital asset will readjust upwards, rewarding holders.

However, the question now is whether this announcement categorizes the currency as a security. Earlier this year, unsubstantiated rumor had it that the US SEC would bar their citizens from investing.

Deemed as “unregulated security,” the ramification would be dire for TRX should the agency follow through with their threats.

Candlestick Arrangements

Tron TRX

As aforementioned, the phenomenal rise of BTC is a trigger of altcoins. The altcoin season may be on. From candlestick arrangement in the daily chart, resistance is at the 4 cents mark. It is capping May 2019 procession while doubling as the first target of previous TRX/USD trade plans.

Since prices are firm above 3.1 cents at the back of high trading volumes, there are two ways of trading this set up. Firstly, aggressive traders can buy the dips with stops at 3.1 cents. Alternatively, conservative traders can wait for better signals. That means any close above 4 cents ought to be with high participation completing the reversal of June 3rd double bar bear reversal pattern. Such a move would effectively reverse losses of June 3rd, re-affirming this overview.

Technical Indicators

In light of the above, June 22nd bull candlestick leads this trade plan. It is extensive and propelling bulls are high trading volumes of 16 million. However, any break out above 4 cents confirming buyers ought to register an uptick in participation preferably exceeding 28 million of June 3rd.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post With A $20 Million Tron (TRX) BuyBack Plan, Bulls Are Vibrant appeared first on NewsBTC.

Bitcoin Hits New 2019 High as Crypto Markets Top $335 Billion

Crypto markets hit another new 2019 high; Bitcoin surges higher, TRX, NEO climbing, VeChain going vertical. 

Market Wrap

There has been no dip this week as we have seen in previous ones. Usually after a bullish weekend, crypto markets cool off early the following week. This has not happened as Bitcoin has kept up its momentum driving total market capitalization higher still as it remains over $330 billion.

Bitcoin has made it back above $11,000 for the third time and has just hit a new 2019 high of $11,350. The king of crypto is still on a roll as it approaches resistance above $11.5k during Asian trading this morning. Daily volume is back over $20 billion and BTC market cap has just hit $200 billion as the train keeps on going cranking another 5 percent on the day.

Ethereum has inched back over $310 again but it has only made 2 percent and is only moving in the shadow of its big brother. There is very little else driving ETH at the moment which has been as weak as the rest of the altcoins.

Altcoin Outlook

There is a lot of green in the crypto top ten at the moment but gains are fractions of a percent for many. Bitcoin is clearly the dominance force yet again eating away at that altcoin market share. Tron has held on to its top ten position adding a further 3 percent today, and BCH is up around 2 percent. The rest have barely moved at all.

Top twenty crypto movements are equally lethargic, only NEO has made more than 4 percent as the Chinese Ethereum reaches $17.50. Cardano, Monero and NEM have added a couple and the rest are barely changed from yesterday’s levels. Ontology is close to regaining a top twenty spot with a 6 percent rise today.

FOMO: VeChain Goes Vertical

VET has done very little this year but a 28 percent pump today may change that. FOMO has been induced from a rumored Walmart tie up with VeChain as volume surges and the token hits 1 cent for the first time in months. VET market cap is now over $500 million as it moves up to 27th place.

Following a dump earlier in the week Insight Chain is back up 40 percent today and Energi continues to climb with a further 35 percent added. There is a lot of FOMO going on with low cap altcoins today as at least twelve of them are in double digits. GXChain is getting hit at the other end of the crypto top one hundred as it dumps 10 percent, Decred is not far behind.

crypto

Total market cap 24 hours. Coinmarketcap.com

Total crypto market capitalization has gained over $10 billion in 24 hours to hit a new 2019 high of $336 billion. Low cap alts are not making a dent and only Bitcoin is driving it up as dominance reaches 60 percent again. Over $50 billion has been added since the same time last Tuesday as BTC pumps 20 percent in a week. Altseason is still nowhere to be seen.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

The post Bitcoin Hits New 2019 High as Crypto Markets Top $335 Billion appeared first on NewsBTC.

Privacy Crypto Zcash to Undergo Complete Rebuild Because It Was A Failure: Analyst

Decrypt’s Tim Copeland attended a developer conference hosted by the Electric Coin Company in Croatia. He reports that the company is considering the most significant possible changes to its product, Zcash. #2 Privacy Coin Considering Massive Development Pivot If you’re studying crypto, you may have heard of Zcash. It’s a “privacy coin” which allows users to guard their transaction details from the public, and currently the #2 coin in its class by market capitalization (after Monero). Zcash developers want the cryptocurrency to service as many as 10 billion people in the coming three decades, Copeland reports, and they’re willing to

The post Privacy Crypto Zcash to Undergo Complete Rebuild Because It Was A Failure: Analyst appeared first on CCN Markets

Bitcoin Price (BTC) Sets New 2019 High: Stage Set For $12K?

  • There was a fresh increase in bitcoin and it broke the $11,250 resistance against the US Dollar.
  • The price traded to a new 2019 high and it is likely to accelerate above the $11,500 resistance.
  • There was a break above an ascending channel with resistance near $11,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is gaining momentum and it could even trade towards the $12,000 level in the near term.

Bitcoin price is trading with a bullish angle above $11,200 against the US Dollar. BTC price could continue to accelerate gains as the bulls eye more gains above $11,500.

Bitcoin Price Analysis

After a short term downside correction, bitcoin found support near the $10,525 level against the US Dollar. The BTC/USD pair formed a swing low at $10,523 and it recently climbed above the $10,800 and $11,000 resistance levels. The price is gaining momentum and it recently broke the $11,250 resistance. Moreover, there was a break above the 76.4% Fib retracement level of the last drop from the $11,293 high to $10,523 low. Similarly, there were gains in Ethereum and ripple.

BTC is now trading well above the $11,200 level and the 100 hourly simple moving average. Besides, there was a break above an ascending channel with resistance near $11,250 on the hourly chart of the BTC/USD pair. As a result, the price surpassed the last swing high at $11,293 and traded to a new 2019 high above $11,300.

The price is clearly trading with a positive bias above the $11,200 and $11,250 levels. If it continues to grind higher, the next stop for the bulls could be near the $11,475 level. It represents the 1.236 Fib extension level of the last drop from the $11,293 high to $10,523 low. However, there are high chances of an upside break above the $11,500 and $11,600 level.

Therefore, the price may even trade towards the key $12,000 level in the near term. On the downside, an initial support is near the $11,200 level, below which bitcoin could test the $11,000 level. If there are more losses, the price could test the channel support near the $10,980 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is showing a lot of bullish signs above $11,200. The bulls are currently in action and it seems like they are eyeing a fresh increase above the $11,300 and $11,400 levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is currently gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 65 level, with a bullish angle.

Major Support Levels – $11,200 followed by $11,000.

Major Resistance Levels – $11,300, $11,475 and $11,600.

The post Bitcoin Price (BTC) Sets New 2019 High: Stage Set For $12K? appeared first on NewsBTC.

Bitcoin Leading Crypto Market Higher: BCH, XLM, EOS, TRX Price Analysis

  • The total crypto market cap is currently holding the $300.0B and $310.0B support levels.
  • Bitcoin price is up more than 4% and it is trading nicely above the $11,000 resistance level.
  • BCH price is gaining momentum towards the $490 and $500 resistance levels.
  • EOS price is currently above the $7.200 level and it may soon test the $7.400 level.
  • Stellar (XLM) price is slowly grinding higher towards the $0.1300 and $0.1320 levels.
  • Tron (TRX) price is performing nicely and is trading above the $0.0380 level.

The crypto market cap is gaining momentum, with bullish moves in bitcoin (BTC) and Ethereum (ETH). Moreover, BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) could continue to rise steadily.

Bitcoin Cash Price Analysis

After a downside correction, bitcoin cash price found support near the $460 level against the US Dollar. The BCH/USD pair is now moving higher and is trading above the $475 and $480 levels. An immediate resistance is near the $490 level, above which it could attempt to surpass the $500 barrier.

On the downside, an initial support is near the $472 level, below which there is a risk of a fresh drop to $460. Any further losses might lead the price towards the $450 level in the coming sessions.

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price settled above the key $7.000 support area and is currently trading with a positive bias. The price is currently above $7.200 and it may slowly rise towards the $7.400 resistance area.

Stellar price climbed above the key $0.1250 and $0.1280 resistance levels. XLM price is now trading near $0.1280 and it could soon test the $0.1300 resistance level. If there is an upside break above $0.1300, the price could accelerate towards the $0.1320 level.

Tron price performed really well recently and broke the $0.0320 and $0.0350 resistance levels. TRX price is now trading above the $0.0380 level and it is likely to climb further higher towards the $0.0392 and $0.0395 levels. The main hurdle on the upside is near the $0.0400 level.

Crypto Market Bitcoin BTC BCH EOS TRX XLM

Looking at the total cryptocurrency market cap hourly chart, there was a downside correction from the $325.0B swing high. However, the $300.0B support area acted as a strong support. The market cap recovered recently and is currently placed nicely above the $305.0B and $310.0B levels. An immediate resistance is near $320.0B, above which there are high possibilities of more gains above the $325.0B swing high. If there is a fresh decline, the $310.0B level might act as a decent support, followed by $300.0B. Overall, there could be more upsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.

The post Bitcoin Leading Crypto Market Higher: BCH, XLM, EOS, TRX Price Analysis appeared first on NewsBTC.

Ripple Price (XRP/USD) Up 3%, Eyes Fresh Break Past $0.50

  • Ripple price found support near the $0.4450 level and recently climbed higher against the US dollar.
  • The price is now trading well above the $0.4600 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • There were positive moves in bitcoin and Ethereum in the past few hours.

Ripple price is showing a lot of positive signs against the US Dollar, just like bitcoin. XRP price is likely setting up for more gains above the $0.4850 and $0.5000 levels in the near term.

Ripple Price Analysis

After a strong upward move, ripple price corrected sharply below $0.4750 against the US Dollar. The XRP/USD pair even broke the $0.4600 support and traded close to the $0.4450 level. However, the bulls defended the $0.4450 support and the 100 hourly simple moving average. As a result, the price started a fresh increase above the $0.4550 level and the 100 hourly simple moving average.

Moreover, the price broke the 23.6% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low. The price is now trading nicely above the $0.4650 level and is well above the 100 hourly SMA. However, the $0.4750 level is acting as a strong resistance. Besides, there is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low is also near the $0.4770 level. Therefore, an upside break above the $0.4750 and $0.4770 levels could set the pace for more gains. In the mentioned case, ripple price might even break past the $0.5000 barrier.

Conversely, if XRP continues to struggle near the $0.4750, it could correct a few points in the near term. An immediate support is near the $0.4650 level, below which the price could test $0.4600. The 100 hourly SMA is also near the $0.4600 level to provide support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price recovered nicely above the $0.4600 and $0.4650 levels. However, the bulls need to gain traction above $0.4750 to set the pace for more gains. If bitcoin continues to climb higher, there are strong chances that XRP might surge above the $0.4800 and $0.5000 levels in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, with a minor bearish angle.

Major Support Levels – $0.4650, $0.4600 and $0.4550.

Major Resistance Levels – $0.4750, $0.4770 and $0.4850.

The post Ripple Price (XRP/USD) Up 3%, Eyes Fresh Break Past $0.50 appeared first on NewsBTC.

IOTA presents at IEEE ICBC in Seoul

The IEEE ICBC is a premier forum for the latest research in the field of DLT. At the IEEE International Conference on Blockchain and Cryptocurrency 2019 in Seoul, South Korea, several members of our research team co-authored and presented the paper ‘Achieving Fairness in the Tangle through an Adaptive Rate Control Algorithm.’

The paper, co-authored by Dr. Luigi Vigneri, Senior Research Scientist at IOTA and member of the Coordicide team, proposes a novel algorithm to deal with network congestion and to prevent spam attacks in the Tangle. Instead of using Proof of Work with fixed difficulty (as in the current IOTA implementation), the work suggests to adapt it depending on node reputation and the number of transactions recently issued. This allows slow nodes to get their transactions confirmed with high probability while introducing a throughput cap for potential attackers.

At the conference, Director of Research Dr. Moody Alam also served as a panelist on the “Beyond Cryptocurrencies” roundtable, where he discussed the current status of research into scalable DLT, as evidenced by IOTA, as well as a vision for the role of these new technologies in the near future.

IOTA also set up a desk in the conference hall, where our paper and broader vision received a lot of interest from conference participants.

Having a paper accepted and presented at IEEE ICBC is no small feat, and served as a true testament to the growth and strength of our research team. We look forward to sharing more research through public research forums such as these in the future.


IOTA presents at IEEE ICBC in Seoul was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on the: IOTA Blog on 

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ELI9: Azimuth (previously known as NB-PoW)

ELI9: Introducing Azimuth (previously known as NB-PoW)

A simple explanation (ELI9=explain like I am 9) of Azimuth (also known as NB-PoW) — A different approach to proof of work that we are working on as part of our long-term vision for IOTA. This post is the result of a collaboration among Marcos Andrade, Philipp Blum, Andrew Brough, Jake Cahill, Dave de Fijter, Sabri Goldberg, Sergey Ivancheglo, Igor Nielsen, Navin Ramachandran, and Samuel Reid.

First, let’s set the scene…

A wireless IoT device walks into a bar and starts doing push-ups.

“You don’t need to prove how much work you can do anymore” says the barmaid.

She looks at him, notes down his position at the bar and hands him the drink.

“Why are you writing down my position?” he asks.

The barmaid explains. “It’s one of the new bar rules. I can take one order from each position only once.”

“But, what happens when I leave?”

“Well, I won’t serve your position again until my timer goes off. I think I’ve set it for 8 seconds.”

“Ah, now we’re on the same wavelength!

“How do you find it so easy to turn customers away?”

“It’s easy. You all have faces for radio.”

“That Hertz!”

The Bar — Explained

In Azimuth, nodes can send transactions to nearby neighbors through the air. On receipt, the neighbors make a note of which direction a transaction came from before processing it.

You can see this in action when the IoT device ordered a drink. Think of the order as a transaction. The barmaid (or neighbor) makes a note of his position at the bar.

If, during the same round, a neighbor receives another transaction from the same direction, it will treat it as spam and ignore it.

Until the timer goes off (signaling the end of a round), a device can’t order another drink from a position that’s already been served.

The idea here is that, during a round, a node cannot occupy enough physical space to send lots of spam from different directions and overwhelm the neighbor.

The device wouldn’t be able to change positions at the bar fast enough to order enough drinks to disrupt the barmaid.

Because nodes limit transactions by direction, they don’t need to know who their neighbors are in advance. Instead, they can accept transactions from any node as long as they don’t send them from a direction that’s already been used during a round.

The barmaid doesn’t care who the customers are. She doesn’t want to remember names or faces. She simply takes orders and notes down positions.

An 8-second round at the bar

Why are we building Azimuth?

When anyone is free to take part in a network, some users turn out to be dishonest. An example of a dishonest user is one that sends many transactions to a node to try and take it offline. These transactions are known as spam.

To discourage spam, IOTA uses proof of work (PoW), which links transactions to a limited resource: computational power (work done by a computer). This way, sending spam transactions costs time and energy.

For devices such as laptops or servers that have access to the Internet and plenty of power supply, PoW is easy to do. But, devices on the Internet of Things (IoT) are often small and power-constrained, so this extra use of power is wasteful.

Instead, we need a way for these IoT devices to protect themselves from spam without wasting their energy on PoW.

With Azimuth, we can replace computational power with direction (a limited number of directions exist, so we link each transaction with a direction).

When a device uses Azimuth, it doesn’t need to do any work. The action of sending a transaction from a given direction is enough.

By using this approach, small IoT nodes can save energy, extend battery life, and avoid doing those troublesome push-ups.

Comparison of energy use between proof of work and Azimuth

Want to know more?

In this post, we discuss how Azimuth can use direction to limit transactions. For example, Li-Fi networks could use optical sensors to detect direction. But, Azimuth does not enforce any specific implementation. For example, radio networks are free to use antennas to detect signal strength and distinguish devices by distance.

As we mentioned before, all permissionless networks have dishonest users. In the case of Azimuth, these users could try to fake their direction or their distance to be able to send more transactions during a round. This type of attack is called a Sybil attack.

Today, devices already have the means to detect some of these attacks through radio resource tests, which would be prohibitively expensive to cheat. For example, a radio device would need many transmitters, and a LiFi device would need to be large enough to occupy lots of physical space.

We invite you to learn about these technologies if you want to know the details of how Azimuth will work.

TL;DR

Azimuth will allow IoT nodes to protect themselves from spam without using unnecessary computational power doing proof of work.

This approach to spam protection will also allow nodes to accept incoming transactions from any neighbor who is close enough (autopeering).

As a result, small IoT devices will easily be able join an IOTA network without wasting their resources, leading to an increased number of nodes — an important step towards a machine-to-machine economy.


ELI9: Azimuth (previously known as NB-PoW) was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on the: IOTA Blog on 

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IOTA Foundation Releases the Results of the Trinity Security Audit by SIXGEN

We are pleased to release the results of the Trinity audit conducted by world-leading cybersecurity firm SIXGEN. A security assessment of all desktop and mobile versions (Windows, Mac, Linux, iOS and Android) revealed an overall LOW risk of compromise from external attackers. Wallet security is at the core of the Trinity team’s approach and we maintain high standards across all app areas. The audit results validate this approach and confirm the overall security of Trinity as a method for safeguarding IOTA tokens. The report can be found here.

The audit was performed in a two-stage process. First SIXGEN conducted manual and automatic analyses of encryption methodologies, sensitive data handling, network and OS interfacing, alongside emulation of real world attack attempts. And provided remediation steps for their findings (all of low and informational risk level). Then, working together with the SIXGEN team members, the Trinity team applied the suggested remediations. And finally, the SIXGEN team reassessed and retested those remediations.

“We reviewed the security of the Trinity wallet and determined it to have a low risk of compromise from external threats,” said Ethan Dietrich, CEO, SIXGEN, “It is clear the Trinity team takes security very seriously and has applied best practices throughout the wallet’s development.”

Trinity beta is available for download on all major mobile and desktop platforms.

https://trinity.iota.org/


IOTA Foundation Releases the Results of the Trinity Security Audit by SIXGEN was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on the: IOTA Blog on 

The post IOTA Foundation Releases the Results of the Trinity Security Audit by SIXGEN appeared first on Coin News 24/7 | All Crypto news sorted for all Coins.

Finally…A Better Payment Experience: Sarinya’s Story

Pay Forward is a new video series from Ripple that highlights the stories of people around the world directly impacted by cross-border payments.

Eight of the top ten countries using mobile payments can be found in Asia. According to a recent survey conducted by PwC, a staggering 86% of the population in China use mobile payment apps and in Thailand, it’s as high as 67% of the population. As the overseas workforce and tourism continue to grow in the region, people continue to look for better ways to send and receive funds across borders.

Meet Sarinya
Sarinya Sumniangngam is one of them. Sarinya lives in rural Nothaburi province of Thailand. At her home she proudly displays a framed photo of a smartly-dressed graduate receiving a diploma from Thai Crown Princess Maha Chakri Sirindhorn.

The young woman in the picture is Sarinya’s daughter, who currently manages a restaurant in Japan. She regularly sends money home to help cover family expenses and pay for her brother’s education.

The cross-border payments process is difficult to navigate
Sumniangnam’s daughter is one of some 1.1 million Thai citizens living and working abroad. The amount sent home by Thai workers has continued to rise over the past decade, with the World Bank estimating $6.72 billion in remittances last year alone. Globally, the research from the International Fund for Agricultural Development shows that over 800 million people depend upon remittances sent by overseas family members.

Despite the prevalence of mobile services in Asia, and the high number of Thai workers sending money home from abroad, the cross-border payments process is incredibly difficult to navigate. In an effort to avoid oppressive fees, some overseas workers occasionally engage in risky behavior such as sending money back with travelers or using illegal remittance services.

There is a faster, more convenient solution for sending money home
Fortunately for Sarinya, her daughter uses a payment rail powered by RippleNet. Her daughter sends money through SBI Remit which connects to Sarinya’s local bank account.

Before her daughter started using the app that Runs on Ripple, Sarinya would have to travel to the bank and fill out numerous forms to receive the money, a process that was both inconvenient and time-consuming. For recipients like Sarinya, speed matters–a family emergency once required an immediate payment for medical bills.

For millions of others, time delays can interfere with covering critical expenses – emergencies, tuition payments, unexpected bills. As the usefulness of electronic payments and QR code technology takes over the payment experience in Asia, Sarinya is a direct beneficiary of Ripple’s vision of the “Internet of Value” – where the exchange of value is as painless as sending an instant message. It’s a vision that replaces travel time, line queues and incompatible banking systems with ease and instant connectivity.

Today, Ripple is focused on addressing the needs of Sarinya and millions of others around the world. RippleNet provides financial institutions who help these workers with a faster, easier and more reliable way of sending money home. If you’re interested in learning how RippleNet can help you better serve your customers, contact us.

The post Finally…A Better Payment Experience: Sarinya’s Story appeared first on Ripple.

This article was originally published on: The Ripple Blog on 

The post Finally…A Better Payment Experience: Sarinya’s Story appeared first on Coin News 24/7 | All Crypto news sorted for all Coins.

IOTA Newsletter #11 — Coordicide Blueprint, Supply Chain Tracking, Smart Cities & more

IOTA Newsletter #11 — Coordicide Blueprint, Supply Chain Tracking, Smart Cities & more

IOTA announces the blueprint for Coordicide

IOTA unveils blueprint for Coordicide. Read more about the removal of the Coordinator in the article and get an introduction to this technological breakthrough in the video below.
Read more…

Watch the Coordicide video

Recent News

Simply track the provenance and authenticity of your shirt
IoT software company EVRYTHNG and fashion labels ALYX and Avery Dennison utilize IOTA for supply chain to prove authenticity and product journey.
Read more…

Smart City Contest Winners
Discover all the winning projects in the fields of Smart Mobility, Smart Energy, Smart Buildings & Smart Districts.
Read more…

In case you missed it…

Subscribe to the Newsletter (and receive it directly to your email)


IOTA Newsletter #11 — Coordicide Blueprint, Supply Chain Tracking, Smart Cities & more was originally published in IOTA on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on the: IOTA Blog on 

The post IOTA Newsletter #11 — Coordicide Blueprint, Supply Chain Tracking, Smart Cities & more appeared first on Coin News 24/7 | All Crypto news sorted for all Coins.

Erlay: een niet-technische uitleg

Erlay beoogt een optimalisatie te realiseren voor al het dataverkeer dat tussen bitcoinnodes uitgewisseld wordt. Het zou de nodes minder moeten belasten, wat de vereisten voor het draaien van een node verlaagt. Maar wat doet Erlay precies?

Broadcasten op dit moment

Dit is Bob.

erlay

Bob wil een bitcointransactie verzenden. De reden is niet relevant, al kan je die wellicht raden.

Hij wil natuurlijk dat zijn transactie zo snel mogelijk opgenomen wordt in de bitcoinblockchain. Om dit te bewerkstelligen is het van belang dat zoveel mogelijk nodes in het netwerk op de hoogte zijn van de transactie die Bob met zijn wallet heeft verzonden. Dit verspreiden van de transactie gebeurt van node op node, wat dus erg belangrijk is voor een goed functionerend netwerk. Dit vergroot immers de kans dat zijn transactie door een miner wordt opgemerkt, waarna die in het volgende block meegenomen kan worden.

Aangezien Bob liever zijn geld uitgeeft aan andere dingen, heeft hij geen eigen node in het bitcoinnetwerk. In plaats daarvan vertrouwt hij op de node van Alice om zijn transactie naar alle andere nodes door te sturen.

erlay

Bob weet dat zijn bitcoins niet door Alice gestolen kunnen worden, wanneer hij haar node slechts gebruikt voor de propagatie van de transactie.

De node van Alice bekijkt de transactie van Bob eerst goed, om de geldigheid van de transactie te controleren.

erlay

Daarnaast kijkt Alice haar node ook of Bob de verstuurde bitcoins niet stiekem eerder al heeft uitgegeven. Dit doet het door in de lijst met unspent transaction outputs (UTXO's) – bitcoins die zijn aangekomen op een adres, maar nog niet zijn uitgegeven – te kijken naar het balans van dat adres.

Als alles gecontroleerd is, zal de node van Alice de transactie goedkeuren en naar acht andere nodes doorsturen.

erlay

Bob mag de node van Alice dan blindelings vertrouwen, de nodes die Bob's transactie via Alice ontvangen hebben dit vertrouwen niet. Ook zij zullen de checks uitvoeren die Alice heeft gedaan; de geldigheid van de transactie en of de bitcoins nog wel uitgegeven mogen worden.

Zoals je je nu kunt voorstellen, zullen steeds meer nodes de transactie van Bob ontvangen, en weer doorsturen. Echter weten nodes niet wie de transactie al hebben ontvangen. Het wordt dus willekeurig doorgestuurd. Dit heeft het gevolg dat nodes dus meerdere keren dezelfde transactie – die van Bob – zullen ontvangen.

erlay

Er wordt dus een hoop teveel aan berichten uitgewisseld tussen de nodes. Dit geeft natuurlijk een grotere zekerheid dat alle nodes de transactie zullen ontvangen. Echter moeten de nodes de last van alle extra ontvangen data wel zelf dragen.

erlay

Zo ontvangen de nodes dus veel meer data dan nodig is. Uit het onderzoek van de Erlay bedenkers komt naar voren dat 44% van al het verkeer tussen nodes onnodig is. Dat is dus een hele hoop verspilde data! Dit legt onnodige druk op nodes, zeker degene waarvan het internet niet al te best is of waar er zelfs per MB betaald moet worden.

Dit probleem wordt dus aangepakt met Erlay.

Broadcasten met Erlay

Terwijl wij langzaam wegwijs werden in de wereld van UTXO's en de onnodige data die tussen nodes uitgewisseld wordt, heeft Bob een eigen node opgezet.

erlay

Bob heeft ook meteen maar een connectie gemaakt met de node van Alice. De transactie die hij verstuurt wordt nu dus via zijn node naar Alice en zeven andere peers gestuurd. Deze acht ontvangers versturen zoals eerder ook al uitgelegd, na het controleren en verifiëren, de transactie weer door naar andere participanten van het netwerk.

erlay

Bob's peers in het groen, en hun peers in het blauw.

Nadat de transactie over het netwerk is gegaan, blijkt dat niet elke node de transactie heeft ontvangen. Dit is het gevolg van het niet overspoelen van alle nodes met dezelfde transacties.

Dit lijkt op het eerste gezicht een probleem, maar dat is het niet. De nodes hoeven niet bang te zijn dat het een transactie mist en zo niet goed kunnen functioneren. Eens in de zoveel tijd vraagt de node een zogenaamde schets op. Deze schets bevat alle transacties die alle peers zelf hebben ontvangen. Dit gaat als volgt:

  1. Elke peer stuurt een schets van alle transacties die in hun bezit zijn. Zo'n schets is kleiner dan wanneer elke transactie afzonderlijk verspreid moet worden.

  2. De node maakt vervolgens een schets van zijn eigen transacties, en vergelijkt deze met de ontvangen schetsen. Verschillen deze? Dan mist er dus iets! Een soort zoek het verschil.

  3. De node kan vervolgens op basis van de schets de ontbrekende transactie alsnog opvragen bij zijn peers, waarna de transactiecollectie dus weer compleet is.

Een goede metafoor om het verschil tussen de schets en de transactie duidelijk te maken is een panorama zicht van een landschap (alle transacties) of een close up van een specifieke bloem of rots in dat landschap (één specifieke transactie).

erlay

Voordelen en nadelen

Er is wel een keerzijde wanneer je de schetsen aan het vergelijken bent, opzoek naar het verschil. Het duurt zo'n 2,6 seconde langer om jouw transactie bekend te laten zijn bij het hele bitcoinnetwerk. Een stukje langzamer dan wanneer alle transacties in het wilde weg worden geschoten.

Aangezien Bitcoin gemiddeld elke 10 minuten nieuwe transacties opneemt in de blockchain, lijkt deze kleine vertraging wel overkomelijk. Er staat namelijk tegenover dat de nodes een stuk minder data hoeven te verwerken. Dit zou meer mensen kunnen stimuleren om een eigen node te gaan draaien; iets wat de decentralisatie van Bitcoin maakt of kraakt.

Wanneer kan ik upgraden?

Op dit moment wordt er nog feedback verzameld op basis van het researchdocument.

Als er geen bezwaren aan het licht komen van andere onderzoekers, ontwikkelaars of de community, zal het voorstel formeel gepubliceerd worden om het toegevoegd te krijgen in de bitcoinsoftware.

Erlay is geen extreem zware upgrade; er zijn 'slechts' 548 regels code voor nodig, waarbij geen van de kernregels van Bitcoin aangepast hoeven te worden. Hierdoor blijven dus ook oudere versies van de software werken, wanneer Erlay wordt toegevoegd. Het is nu dus wachten totdat het voorstel goed geanalyseerd is, en de eerste concrete plannen in een BIP gepresenteerd zullen worden.

Dit artikel is geschreven op basis van het artikel van Sam Wouters. Sam spreekt over Bitcoin en blockchain gerelateerde onderwerpen, met het doel deze complexe onderwerpen zo eenvoudig mogelijk begrijpelijk te maken.

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