The First Official Cryptocurrency Exchange to be Registered in UAE

A new cryptocurrency is coming to Dubai and it will be the first officially registered one in the country.

Dubai to Get a New Crypto Exchange

According to local media Al Zarooni Group and Crypto Bulls have joined together to launch the Crypto Bulls Exchange which is slated to be one of the biggest game changers for Dubai in the financial world.

Chairman of the Al Zarooni Foundation, Suhail Al Zaroon, stated;

“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Block chain Industry.”

The joint venture is the result of collaboration between the Foundation, Crypto Bulls and Gulf Coin Gold (GCG). CEO and Founder of Crypto Bulls Exchange, Shasha Gupta, said that the industry is continuing to grow in the region and that the exchange has gained over 200,000 traders in the past six months. The exchange will be offering fiat trading pairs in the local currency, Arab Emirate Dirham (AED), though no details on specific pairs were available at the time of press.

Gupta added that “with this unique support from UAE government, Crypto Bulls would be able to attract a huge number of foreign investments in crypto from Asia & Middle East.”

The United Arab Emirates has joined the ranks of Malta, Singapore and South Korea with ambitions to be one of the world’s top destinations for crypto and blockchain industries. It has launched the UAE blockchain strategy which aims to have all 50% of all government transactions handled by the blockchain by 2021.

To turn this vision into reality digital assets must be included in the equation and recent regulations on cryptocurrencies have been issued. A government backed digital currency called Emcash is also in the pipeline. As Dubai opens its doors to crypto, big fintech companies will be attracted to the country.

Ripple to Open Dubai Office

Ripple has been one of the first with its announcement that it will be opening an office in Dubai before the end of the year. Ripple’s global infrastructure innovation head, Dilip Rao, spoke at the Global Islamic Economic Summit last week stating that the firm had already partnered with several financial institutions in the region. He added that “We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE and it really is our fastest growing marketplace,”

The decision to open an office in Dubai is no surprise as the region is becoming a powerhouse for blockchain and crypto industries.

 

Image from Shutterstock

The post The First Official Cryptocurrency Exchange to be Registered in UAE appeared first on NewsBTC.

The First Official Cryptocurrency Exchange to be Registered in UAE

A new cryptocurrency is coming to Dubai and it will be the first officially registered one in the country.

Dubai to Get a New Crypto Exchange

According to local media Al Zarooni Group and Crypto Bulls have joined together to launch the Crypto Bulls Exchange which is slated to be one of the biggest game changers for Dubai in the financial world.

Chairman of the Al Zarooni Foundation, Suhail Al Zaroon, stated;

“This will be the milestone for getting global investments opportunity from all over the Globe in UAE, as all financial techs and investors are looking forward in Crypto & Block chain Industry.”

The joint venture is the result of collaboration between the Foundation, Crypto Bulls and Gulf Coin Gold (GCG). CEO and Founder of Crypto Bulls Exchange, Shasha Gupta, said that the industry is continuing to grow in the region and that the exchange has gained over 200,000 traders in the past six months. The exchange will be offering fiat trading pairs in the local currency, Arab Emirate Dirham (AED), though no details on specific pairs were available at the time of press.

Gupta added that “with this unique support from UAE government, Crypto Bulls would be able to attract a huge number of foreign investments in crypto from Asia & Middle East.”

The United Arab Emirates has joined the ranks of Malta, Singapore and South Korea with ambitions to be one of the world’s top destinations for crypto and blockchain industries. It has launched the UAE blockchain strategy which aims to have all 50% of all government transactions handled by the blockchain by 2021.

To turn this vision into reality digital assets must be included in the equation and recent regulations on cryptocurrencies have been issued. A government backed digital currency called Emcash is also in the pipeline. As Dubai opens its doors to crypto, big fintech companies will be attracted to the country.

Ripple to Open Dubai Office

Ripple has been one of the first with its announcement that it will be opening an office in Dubai before the end of the year. Ripple’s global infrastructure innovation head, Dilip Rao, spoke at the Global Islamic Economic Summit last week stating that the firm had already partnered with several financial institutions in the region. He added that “We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE and it really is our fastest growing marketplace,”

The decision to open an office in Dubai is no surprise as the region is becoming a powerhouse for blockchain and crypto industries.

 

Image from Shutterstock

The post The First Official Cryptocurrency Exchange to be Registered in UAE appeared first on NewsBTC.

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Author: Martin Young

Fake Elon Musk Crypto Giveaway Scam Gets 0.4 BTC as Twitter Fails to Vet Advert

On November 6, a paid advertisement emerged on Twitter, showing a verified account Tweeting out a fake crypto giveaway scam. A verified account with Twitter handle “@patheuk,” the official account of a UK-based film studio Pathé UK, began to Tweet out fake Ethereum (ETH) and Bitcoin (BTC) giveaway scams, claiming to be Tesla and SpaceX

The post Fake Elon Musk Crypto Giveaway Scam Gets 0.4 BTC as Twitter Fails to Vet Advert appeared first on CCN

New Ripple Surge Sees Token Briefly Become Largest Altcoin By Market Cap, Again

Ripple markets appear buoyed this week as the asset gains 18 percent in 24 hours to briefly overtake Ethereum as top altcoin.

Ripple (XRP) overtook Ethereum (ETH) to become the largest altcoin by market capitalization again today, Nov. 6, after gaining 18 percent in 24 hours.

Data from CoinMarketCap confirms the latest switcharound of the top two altcoin assets, repeating a pattern that has occurred several times this year.

Market capitalization overview

Market capitalization overview. Source: CoinMarketCap

XRP shot higher over the weekend as markets reacted to a basket of factors, including fresh uptake of Ripple’s xRapid platform, but it remains unclear which specific factors fuelled the rally.

xRapid, the payment network which uses XRP as its transfer medium, was responsible for a previous bull run in September, which again saw Ethereum relegated to the number two spot in market cap ratings.

At press time, XRP/USD is trading around $0.536, while ETH/USD had gained a modest 1.7 percent in 24 hours to hit just above $212.

New Ripple Surge Sees Token Briefly Become Largest Altcoin By Market Cap, Again

Ripple markets appear buoyed this week as the asset gains 18 percent in 24 hours to briefly overtake Ethereum as top altcoin.

Ripple (XRP) overtook Ethereum (ETH) to become the largest altcoin by market capitalization again today, Nov. 6, after gaining 18 percent in 24 hours.

Data from CoinMarketCap confirms the latest switcharound of the top two altcoin assets, repeating a pattern that has occurred several times this year.

Market capitalization overview

Market capitalization overview. Source: CoinMarketCap

XRP shot higher over the weekend as markets reacted to a basket of factors, including fresh uptake of Ripple’s xRapid platform, but it remains unclear which specific factors fuelled the rally.

xRapid, the payment network which uses XRP as its transfer medium, was responsible for a previous bull run in September, which again saw Ethereum relegated to the number two spot in market cap ratings.

At press time, XRP/USD is trading around $0.536, while ETH/USD had gained a modest 1.7 percent in 24 hours to hit just above $212.

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Author: William Suberg

Will Paraguay Invest Its Excess Power Into Bitcoin Mining?

Paraguay’s Itaipú dam is posing an interesting dilemma to the country; the world’s most powerful hydroelectric plant gives it an excess of energy, but will that energy be used to drive the burgeoning crypto mining industry or help the poor?

A Booming New Business

The Itapú sits on the border of Brazil and Paraguay, pumping energy into Ciudad del Este, a town situated itself on the borders of Brazil, Paraguay, and Argentina. All of that power resulted in a crypto mining industry, particularly Bitcoin and Ethereum, popping up “almost overnight,” according to the Guardian.

An article published Monday noted that some are profiting from the country’s increase in crypto mining, renting out their rigs for cash or raking it in themselves, but others think that power could be better used elsewhere. The article states:

“…many argue Paraguay could better use its abundant hydroelectric energy to help the quarter of the population that currently live in poverty. According to World Bank figures, Paraguay has the highest level of inequality in land ownership in the world.”

But with people already profiting from the South American country’s crypto boom, whether that will happen, and how, remains to be seen. Businessman Gregorio Bareiro told the Guardian that some have already made millions from crypto mining.

Bareiro has a fledgling rental business, loaning out computers to miners, alongside his air conditioning shop. He first encountered crypto mining when he started building ad hoc cooling units for mining rigs. His mining rental business employee a dozen people, and rents out 750 machines. He told the Guardian he has plans to expand.

Since Paraguay’s power grid isn’t equipped to handle the Itapú’s massive output, they sell the excess to Brazil, which keeps energy prices incredibly cheap: around five cents per kilowatt-hour, according to the Guardian. This has led external companies like AWS Mining, who build mining farms in countries with cheap and plentiful energy, to set up shop in Paraguay.

Bareiro thinks that the crypto boom can be the answer to Paraguay’s poverty woes, stating in an interview that “in 10 years, [mining] would generate enough money to pay Paraguay’s external debt” and saying he hopes more crypto-based businesses come to Paraguay.

Investing In Infrastructure, Instead?

People in the crypto business like Bareiro want to take the excess energy produced by the dam and channel it into more mining efforts, but others think the extra power would be better invested in Paraguay’s manufacturing facilities. This group of politicians, business owners, and academics say it would be more beneficial to seize control of the negotiations over Itapú’s power in 2023 to make that happen.

The group believes doing so could generate two million jobs and boost Paraguay’s GDP by four times the current amount. Hosting clean energy data hubs for tech giants like Google could bring in more money for hospitals and infrastructure as well, according to development expert Miguel Carter.

As it stands, the crypto mining boom in Paraguay doesn’t appear to be slowing down. Since around January of 2018, small crypto-related businesses and mining farms have been cropping up to take advantage of the country’s cheap energy bounty. Itapú’s power provides such an incentive that some like Bareiro believe it will draw miners from countries like China and Argentina.

If Paraguay can gain the upper hand in the upcoming negotiations over Itapú’s mammoth power output, they’ll have to think very carefully about what comes next.

The post Will Paraguay Invest Its Excess Power Into Bitcoin Mining? appeared first on CryptoSlate.

CryptoKitties Creator Dapper Labs Raises $15 Million in New Funding Round

Non-Fungible Tokens

Dapper Labs – the Canadian tech venture behind the popular Ethereum-based game CryptoKitties – has raised over $15 million in a funding round led by financial firm Venrock.

Founded in February of 2018, Dapper Labs seeks to bring decentralized environments to over a billion gamers to ensure their information is kept secret. Investors in Dapper Labs include popular U.S. digital exchange Coinbase, Reddit, Union Square Ventures and Andreessen Horowitz.

Non-Fungible Tokens

In addition to Venrock’s participation, Google Ventures and Samsung NEXT also contributed funds to Dapper Labs’ ongoing “pot of gold.” Since first stepping into the blockchain scene, the company has managed to raise over $27 million. Not bad for a company less than a year old…

Dapper says it is planning to use the funds to expand both locally and globally by establishing a U.S. subsidiary led by former executives of the Disney company.

Bringing the “Big Boys” Aboard

It will also see its Canada office take on new executives from companies like Ubisoft – the game maker behind the popular “Assassin’s Creed” and “Far Cry” games – as well as Amazon, EA Sports and Hasbro. The primary goal is to increase widespread adoption of blockchain applications.

CEO of Dapper Labs Roham Gharegozlou explains:

“The evolution of true digital ownership and the interoperability of smart contracts creates new ways for consumers, creators and platform providers to interact completely peer-to-peer with no middlemen. Our mission at Dapper Labs is to use games and entertainment to bring the values of decentralization to billions of consumers worldwide. This round of financing was about getting the right partners around the table to bring compelling content to the blockchain and make sure usability and infrastructure allow for adoption by mainstream consumers.”

People Love Crypto – and Kitties

Arguably, the company’s most popular application continues to be Crypto Kitties, which has accumulated over $10 million in roughly 3.2 million transactions since its inception roughly one year ago. The company set a new standard for fundraising by turning its back on initial coin offering (ICO) models and instead developing and launching a product that utilized blockchain’s benefits beyond the scope of cryptocurrencies. The game is credited for bringing several “newbies” to the blockchain space.

Dieter Shirley, CTO of Dapper Labs and the creator of the ERC-721 standard for non-fungible tokens (NFTs) on Ethereum, comments:

“We launched CryptoKitties to show the benefits that blockchain technology can bring to consumers. By starting with a fun and approachable experience, we appealed to a very broad audience. We’ve seen many opportunities and obstacles for mainstream adoption of decentralized technology, and we can’t wait to use its consumer insights to lower the barrier to entry for blockchain and make the values of decentralization accessible to everyone.”

Setting the Standards

Since CryptoKitties was introduced to the gaming public, Dapper Labs has instilled a new developer program and public API which gives NFT owners and third-party developers open usage rights on original artwork. The company has also created a launchpad program and seed fund to assist third-parties in building self-sustained platforms within the organization’s ecosystem.

David Pakman – general partner at Venrock and now Dapper Labs board member – explains what it was about the company that impressed him and his fellow team members enough to get involved with the funding round:

“Dapper Labs impressed us with their vision. More than any other company in the industry, they truly understand and aim to reach the mainstream consumer. The blockchain will usher in an industry of scarce digital assets and will enable new types of self-expression. Combined with the transition from centralized to peer-to-peer commerce, this will unlock trillions of dollars in value for consumers.”

The post CryptoKitties Creator Dapper Labs Raises $15 Million in New Funding Round appeared first on Blockonomi.

CryptoKitties Creator Dapper Labs Raises $15 Million in New Funding Round

Non-Fungible Tokens

Dapper Labs – the Canadian tech venture behind the popular Ethereum-based game CryptoKitties – has raised over $15 million in a funding round led by financial firm Venrock.

Founded in February of 2018, Dapper Labs seeks to bring decentralized environments to over a billion gamers to ensure their information is kept secret. Investors in Dapper Labs include popular U.S. digital exchange Coinbase, Reddit, Union Square Ventures and Andreessen Horowitz.

Non-Fungible Tokens

In addition to Venrock’s participation, Google Ventures and Samsung NEXT also contributed funds to Dapper Labs’ ongoing “pot of gold.” Since first stepping into the blockchain scene, the company has managed to raise over $27 million. Not bad for a company less than a year old…

Dapper says it is planning to use the funds to expand both locally and globally by establishing a U.S. subsidiary led by former executives of the Disney company.

Bringing the “Big Boys” Aboard

It will also see its Canada office take on new executives from companies like Ubisoft – the game maker behind the popular “Assassin’s Creed” and “Far Cry” games – as well as Amazon, EA Sports and Hasbro. The primary goal is to increase widespread adoption of blockchain applications.

CEO of Dapper Labs Roham Gharegozlou explains:

“The evolution of true digital ownership and the interoperability of smart contracts creates new ways for consumers, creators and platform providers to interact completely peer-to-peer with no middlemen. Our mission at Dapper Labs is to use games and entertainment to bring the values of decentralization to billions of consumers worldwide. This round of financing was about getting the right partners around the table to bring compelling content to the blockchain and make sure usability and infrastructure allow for adoption by mainstream consumers.”

People Love Crypto – and Kitties

Arguably, the company’s most popular application continues to be Crypto Kitties, which has accumulated over $10 million in roughly 3.2 million transactions since its inception roughly one year ago. The company set a new standard for fundraising by turning its back on initial coin offering (ICO) models and instead developing and launching a product that utilized blockchain’s benefits beyond the scope of cryptocurrencies. The game is credited for bringing several “newbies” to the blockchain space.

Dieter Shirley, CTO of Dapper Labs and the creator of the ERC-721 standard for non-fungible tokens (NFTs) on Ethereum, comments:

“We launched CryptoKitties to show the benefits that blockchain technology can bring to consumers. By starting with a fun and approachable experience, we appealed to a very broad audience. We’ve seen many opportunities and obstacles for mainstream adoption of decentralized technology, and we can’t wait to use its consumer insights to lower the barrier to entry for blockchain and make the values of decentralization accessible to everyone.”

Setting the Standards

Since CryptoKitties was introduced to the gaming public, Dapper Labs has instilled a new developer program and public API which gives NFT owners and third-party developers open usage rights on original artwork. The company has also created a launchpad program and seed fund to assist third-parties in building self-sustained platforms within the organization’s ecosystem.

David Pakman – general partner at Venrock and now Dapper Labs board member – explains what it was about the company that impressed him and his fellow team members enough to get involved with the funding round:

“Dapper Labs impressed us with their vision. More than any other company in the industry, they truly understand and aim to reach the mainstream consumer. The blockchain will usher in an industry of scarce digital assets and will enable new types of self-expression. Combined with the transition from centralized to peer-to-peer commerce, this will unlock trillions of dollars in value for consumers.”

The post CryptoKitties Creator Dapper Labs Raises $15 Million in New Funding Round appeared first on Blockonomi.

How Blockchain Can Change Healthcare for the Better

Blockchain Healthcare

Blockchain healthcare solutions could be a long-term trend that is worth watching. Healthcare is a diverse industry that lacks any sort of central record keeping system. In some cases, doctors keep individual patient records that can be hard to access, even for the patient!

Having easy access to medical records can make a big difference in emergency situations. Unfortunately for patients, hospitals and other healthcare providers face an uphill battle when it comes to accessing medical records that should be the property of the patient.

Blockchain Healthcare

Electronic Medical Records (EMRs) are a step in the right direction for patients, but to date, there is still no central clearinghouse for sharing EMRs quickly. According to a recent Medicare study, the average American consults seven different medical providers every year, and they aren’t able to easily share records within their healthcare team.

A Bright Future for Blockchain Healthcare Solutions

Blockchain healthcare records could help patients to get the best care, but they could also create a new economy that would empower medical researchers as well. Medicalchain is a UK based-startup that is working on a blockchain healthcare platform that would give patients an unprecedented level of control over their own healthcare records.

The company was created by a doctor who has firsthand knowledge of how frustrating the current medical record keeping systems can be. Dr. Abdullah Albeyatti is one of Medicalchain’s founders. He told Forbes that, “I was becoming increasingly frustrated, talking to patients who didn’t have their medical records,” and this led him and Mohammed Tayeb to look for solutions.

Blockchain Healthcare

Read: How Blockchain Technology Can Help The Healthcare Industry

In addition to letting patients have full control over the medical records, platforms like Medicalchain could supercharge the medical research sector. Gaining access to large amounts of medical records to perform meta-analysis is a pain. There are loads of laws and regulations that govern access to medical records, and contacting patients on an individual basis is expensive and time-consuming.

A blockchain healthcare platform like Medicalchain would not only give patients real-time access to their medical records, it would also streamline the process of assembling large data sets for medical research, or monitoring the outbreak of dangerous illnesses.

Ready When Hours Matter

There are some pretty nasty diseases out there. Influenza has the ability to kill millions of people, and in recent years the death tolls have been going up. The lack of a central register for health data is a big enough problem in developed nations, but in poor areas like Africa, it is a severe hindrance for global health.

An outbreak of Ebola has the ability to spread rapidly. With the advent of advanced telecommunications it is possible to share information quickly, but without a platform to monitor symptoms, catching an outbreak is more difficult that it needs to be. Now Artificial Intelligence (AI) can constantly monitor medical reports, but it needs to have access to the information to make any impact whatsoever.

A blockchain healthcare records platform could be the answer to this dilemma. If medical records are recorded on a central database, it would be simple for AI to spot an outbreak as it is happening. This would give the authorities the ability to better respond to any problem, and limit the spread of a potentially fatal illness.

Keeping Track of Medicine

In most developed economies, counterfeit drugs aren’t a major problem. In emerging economies, on the other hand, many common medications are routinely switched out for bogus products. Blockchain is a great way to keep track of medications, from the time they are made until they reach their final consumer.

Blockchain has already been used in a multitude of tracking applications, and it promises to be one of the best solutions for keeping track of complex supply chains. If the medical field is successful in developing a central database for patient records, the medications that a person is prescribed could be integrated into the medical records, so that any possible negative interactions would be spotted immediately.

Overall blockchain healthcare solutions are emerging, and the difference they make for regular people could be enormous. For now many of these ideas are still in their early phases. They appear to be getting support from inside of the medical community, and the blockchain development sector as well.

The post How Blockchain Can Change Healthcare for the Better appeared first on Blockonomi.

How Blockchain Can Change Healthcare for the Better

Blockchain Healthcare

Blockchain healthcare solutions could be a long-term trend that is worth watching. Healthcare is a diverse industry that lacks any sort of central record keeping system. In some cases, doctors keep individual patient records that can be hard to access, even for the patient!

Having easy access to medical records can make a big difference in emergency situations. Unfortunately for patients, hospitals and other healthcare providers face an uphill battle when it comes to accessing medical records that should be the property of the patient.

Blockchain Healthcare

Electronic Medical Records (EMRs) are a step in the right direction for patients, but to date, there is still no central clearinghouse for sharing EMRs quickly. According to a recent Medicare study, the average American consults seven different medical providers every year, and they aren’t able to easily share records within their healthcare team.

A Bright Future for Blockchain Healthcare Solutions

Blockchain healthcare records could help patients to get the best care, but they could also create a new economy that would empower medical researchers as well. Medicalchain is a UK based-startup that is working on a blockchain healthcare platform that would give patients an unprecedented level of control over their own healthcare records.

The company was created by a doctor who has firsthand knowledge of how frustrating the current medical record keeping systems can be. Dr. Abdullah Albeyatti is one of Medicalchain’s founders. He told Forbes that, “I was becoming increasingly frustrated, talking to patients who didn’t have their medical records,” and this led him and Mohammed Tayeb to look for solutions.

Blockchain Healthcare

Read: How Blockchain Technology Can Help The Healthcare Industry

In addition to letting patients have full control over the medical records, platforms like Medicalchain could supercharge the medical research sector. Gaining access to large amounts of medical records to perform meta-analysis is a pain. There are loads of laws and regulations that govern access to medical records, and contacting patients on an individual basis is expensive and time-consuming.

A blockchain healthcare platform like Medicalchain would not only give patients real-time access to their medical records, it would also streamline the process of assembling large data sets for medical research, or monitoring the outbreak of dangerous illnesses.

Ready When Hours Matter

There are some pretty nasty diseases out there. Influenza has the ability to kill millions of people, and in recent years the death tolls have been going up. The lack of a central register for health data is a big enough problem in developed nations, but in poor areas like Africa, it is a severe hindrance for global health.

An outbreak of Ebola has the ability to spread rapidly. With the advent of advanced telecommunications it is possible to share information quickly, but without a platform to monitor symptoms, catching an outbreak is more difficult that it needs to be. Now Artificial Intelligence (AI) can constantly monitor medical reports, but it needs to have access to the information to make any impact whatsoever.

A blockchain healthcare records platform could be the answer to this dilemma. If medical records are recorded on a central database, it would be simple for AI to spot an outbreak as it is happening. This would give the authorities the ability to better respond to any problem, and limit the spread of a potentially fatal illness.

Keeping Track of Medicine

In most developed economies, counterfeit drugs aren’t a major problem. In emerging economies, on the other hand, many common medications are routinely switched out for bogus products. Blockchain is a great way to keep track of medications, from the time they are made until they reach their final consumer.

Blockchain has already been used in a multitude of tracking applications, and it promises to be one of the best solutions for keeping track of complex supply chains. If the medical field is successful in developing a central database for patient records, the medications that a person is prescribed could be integrated into the medical records, so that any possible negative interactions would be spotted immediately.

Overall blockchain healthcare solutions are emerging, and the difference they make for regular people could be enormous. For now many of these ideas are still in their early phases. They appear to be getting support from inside of the medical community, and the blockchain development sector as well.

The post How Blockchain Can Change Healthcare for the Better appeared first on Blockonomi.

China Targets ‘Disguised’ ICOs in Crypto Crackdown Update

China Targets 'Disguised' ICOs in Crypto Crackdown Update

The People’s Bank of China (PBOC) has discussed the regulation of cryptocurrencies and initial coin offerings (ICOs) in a recently published report that highlights its plan to crack down on “airdrops,” while laying the groundwork to potentially issue its own virtual currency.

Also Read: Venezuela’s Supreme Court Orders Payment in National Cryptocurrency

Report Highlights Plan to Clamp Down on Airdrops

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateIn the China Financial Stability Report 2018, the PBOC said that it has noted a growing number of “disguised” ICOs since it first launched a crackdown on them last year. It also argued that airdrops are “disguised” ICOs.

“Take airdrops, where tokens are given out for free to participants, rather than raising funds directly in public via ICO, while reserving a portion of the total supply,” the central bank said in the report. “These cryptocurrency startups then try to push tokens’ prices higher in the secondary market in a bid to reap profits.”

Stronger Regulatory Measures for Crypto

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateThe PBOC said that it plans to ramp up its “high pressure” effort to “clean up” the cryptocurrency markets, highlighting four major policy objectives. Firstly, it will seek to maintain a strong regulatory position, while “severely” cracking down on “emerging violations of laws and regulations.” Secondly, the central bank will also “strengthen domestic regulatory coordination” and arrange joint action with multiple regulatory bodies. Thirdly, the PBOC said it will “implement functional supervision requirements.” And lastly, it will “actively promote international cooperation and regulatory coordination” regarding cryptocurrencies.

The report also appears to establish a regulatory basis for the eventual issuance of state-backed cryptocurrencies. “Crypto assets which are not issued by the government do not have legal status equivalent to fiat currencies,” the PBOC said.

Increasing Prevalence of Token Sales

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateOfficial statistics show that 65 ICOs had been completed in China before July 18, 2017, but only five of them were held before the start of that year. The token sales are believed to have attracted participation from approximately 105,000 individuals, generating a total of roughly 2.6 billion yuan ($375.6 million). The total raised is estimated to have accounted for over 20 percent of the global sum that was raised through ICOs during the same period.

Do you agree that many airdrops are simply “disguised” ICOs? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post China Targets ‘Disguised’ ICOs in Crypto Crackdown Update appeared first on Bitcoin News.

China Targets ‘Disguised’ ICOs in Crypto Crackdown Update

China Targets 'Disguised' ICOs in Crypto Crackdown Update

The People’s Bank of China (PBOC) has discussed the regulation of cryptocurrencies and initial coin offerings (ICOs) in a recently published report that highlights its plan to crack down on “airdrops,” while laying the groundwork to potentially issue its own virtual currency.

Also Read: Venezuela’s Supreme Court Orders Payment in National Cryptocurrency

Report Highlights Plan to Clamp Down on Airdrops

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateIn the China Financial Stability Report 2018, the PBOC said that it has noted a growing number of “disguised” ICOs since it first launched a crackdown on them last year. It also argued that airdrops are “disguised” ICOs.

“Take airdrops, where tokens are given out for free to participants, rather than raising funds directly in public via ICO, while reserving a portion of the total supply,” the central bank said in the report. “These cryptocurrency startups then try to push tokens’ prices higher in the secondary market in a bid to reap profits.”

Stronger Regulatory Measures for Crypto

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateThe PBOC said that it plans to ramp up its “high pressure” effort to “clean up” the cryptocurrency markets, highlighting four major policy objectives. Firstly, it will seek to maintain a strong regulatory position, while “severely” cracking down on “emerging violations of laws and regulations.” Secondly, the central bank will also “strengthen domestic regulatory coordination” and arrange joint action with multiple regulatory bodies. Thirdly, the PBOC said it will “implement functional supervision requirements.” And lastly, it will “actively promote international cooperation and regulatory coordination” regarding cryptocurrencies.

The report also appears to establish a regulatory basis for the eventual issuance of state-backed cryptocurrencies. “Crypto assets which are not issued by the government do not have legal status equivalent to fiat currencies,” the PBOC said.

Increasing Prevalence of Token Sales

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateOfficial statistics show that 65 ICOs had been completed in China before July 18, 2017, but only five of them were held before the start of that year. The token sales are believed to have attracted participation from approximately 105,000 individuals, generating a total of roughly 2.6 billion yuan ($375.6 million). The total raised is estimated to have accounted for over 20 percent of the global sum that was raised through ICOs during the same period.

Do you agree that many airdrops are simply “disguised” ICOs? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post China Targets ‘Disguised’ ICOs in Crypto Crackdown Update appeared first on Bitcoin News.

Go to Source
Author: Samuel Haig

South Africa, Malaysia, Indonesia Outpace Europe in Crypto Awareness and Ownership: Survey

A survey commissioned by crypto firm Luno has found that the level of ownership and familiarity with cryptocurrencies was higher in Malaysia, Indonesia and South Africa compared to European markets. The three emerging markets of Indonesia, Malaysia and South Africa enjoyed varying levels of cryptocurrency ownership at 40%, 39% and 29% respectively. The respective levels

The post South Africa, Malaysia, Indonesia Outpace Europe in Crypto Awareness and Ownership: Survey appeared first on CCN

Organizations Everywhere Are Cracking Down on Crypto Safety

The SEC

It appears crypto still has everyone on edge. While many enthusiasts and loyalists continue to litter the industry and bring an air of positivity to the crypto space, others show massive concern, and seek to regulate its every move.

The SEC

A new report suggests that the Securities and Exchange Commission’s (SEC’s) top priority is to thwart digital currency scams. Interestingly, these issues warranted little to no attention roughly two years ago, though it appears they’ve become so common that the organization is seeking to ensure customer safety above anything.

Particularly, the SEC says that it’s aiming to take down any initial coin offerings (ICOs) it believes may not be following the rules. New details have emerged over the past year to suggest that several ICOs are fake and hiding behind the notion of raising capital for new startups. ICOs work by offering investors access to new coins in exchange for funds. The investors then use these coins to get their fingers on goods and services offered by the companies in question.

While many are either complete or in fruition, several other ICOs have proven fraudulent, and disappear six months in with millions of dollars in their hands from investors that didn’t know any better. As a result, the funders are ultimately left with empty wallets and coins they can’t use.

In a section of the report titled “ICOs and Digital Assets,” the SEC mentions:

“In the past year, the [enforcement] division has opened dozens of investigations involving ICOs and digital assets, many of which were ongoing at the close of FY of 2018.”

In addition, the agency has also commented that while fraud is a major problem, it will also be focusing on ICOs and other ventures that don’t seek to comply with the SEC’s present regulations.

It’s Not All Bad…

Despite some growing fears, the SEC did acknowledge that blockchain and cryptocurrencies have many virtues, and can serve as positive influences on America’s economy:

“The enforcement division recognizes the need to balance its mission to protect investors from the risk posed by fraud and registration violations against the risk of stifling innovation and legitimate capital formation.”

This Is Happening Everywhere

It’s easy to assume that it’s just the SEC that has an “attitude” towards crypto, but this wouldn’t be accurate. Several organizations and countries from around the world are cracking down on those who seek to harm investors and go against the rules. In Hong Kong, for example, the Securities and Futures Commission (SFC) has released a statement saying that it is now exploring a new regulatory framework involving the monitorization and control of digital currency exchanges.

The statement reads:

“While virtual assets have not posed a material risk to financial stability, there is a broad consensus among securities regulators that they pose significant investor protection risks. Some of these risks are inherent in the nature and characteristics of the virtual assets themselves, and others stem from the operations of platforms or portfolio managers.”

Hong Kong SFC

Read: Hong Kong SFC Announces New Rules for Cryptocurrency Exchanges

Don’t Cross the Line

The SFC has identified numerous risks it associates with the cryptocurrency industry including liquidity and volatility, lack of cybersecurity and accounting, lagging market integrity, terrorist financing, money laundering and fraud. In addition, the statement also reads that virtual assets “may fall under the ‘securities’ or ‘futures contracts’” categories. It explains:

“The SFC also reminded intermediaries in a circular… about the notification requirements under the Securities and Futures (Licensing and Registration) Rules if they intend to provide trading and asset management services involving crypto assets. The SFC has undertaken a series of actions against those who may have breached its rules and regulations when carrying out activities related to virtual assets. These include providing regulatory guidance, issuing warning and compliance letters, and taking regulatory action.”

The post Organizations Everywhere Are Cracking Down on Crypto Safety appeared first on Blockonomi.

Is Nevada To Become The Next Crypto Utopia? $170 Million Investment Planned

Nevada Crypto

Elon Musk. Jeff Bezos. Richard Branson. These names have become synonymous with cutting-edge technological pioneering and the outrageous ideas that go along with them. New and exciting concepts that are shaping the lives of society as a whole. However, an emerging name that has come out of the woodwork in recent months that is equally worth paying attention to is Jeffrey Berns.

Former lawyer turned cryptocurrency investor, Berns has envisioned a kind of technotopia of sorts that we have only ever contemplated in science fiction. A multi-million dollar personal investment that he is confident will see unprecedented prosperity for a planned technological community in the heartland of America; Nevada.

Nevada Crypto

A rendering of what this blockchain-based community might become. Image from NYTimes.

Just earlier this year, Berns’ cryptocurrency company – Blockchains LLC, bought a piece of land in Nevada which has been valued at a staggering $170 million dollars, with plans of further expansion and investment well in hand. At last count, Berns is believed to have already invested a total of $300 million on land, offices, planning and the 70 employees currently under contract. No small sum when you consider that it is being banked on a technology this is just under a decade old.

A Democracy, by Technology

So what’s the end game? Berns believes that the inherent privacy, security and efficiency that blockchain technology offers will be the defining factor in crafting a community that is entirely self-sustainable and self-governing. During his days working as a lawyer arguing cases against financial companies, Jeffrey Berns was introduced to the concept of cryptocurrency and its commercial pioneer, Bitcoin.

Quite taken by the potentialities of the technology he diverted himself to exploring the crypto market, later discovering Ethereum and came to feel it was decidedly the currency to back.

With its smart contracts, airtight security, self-checking mechanisms, and high transaction speed, Berns has envisioned a community that will no longer be subject to the inefficiencies of traditional banking and corporate institutions. He sold his Ethereum holdings during the crypto-craze of late 2017, and plans to use the technology that made him rich to see others thrive.

The crypto millionaire, who is funding the entire project himself, envisions the far reaching benefits that blockchain technology can have on the energy industry. In a recent agreement with one of Nevada’s leading energy companies, NV Energy, Berns announced a Memorandum of Understanding (MoU) had been reached in which NV Energy has agreed to test and incorporate blockchain in the running of energy transaction.

Being paid on time, never having to worry about banks losing your money, buying, selling and sharing energy on an equally distributed ledger system, these are samples of some of the lifestyle options that Berns’ crypto utopia hopes to offer.

Innovation Park

The large investment move has been well received by officials in the state who are eager for the region to see healthy economic development as a result of the project. The concept has even been given an unofficial name by one Nevada governor who has touted it as the “Innovation Park” of Nevada. 8 year colleague and friend of Berns, Joanna Rordriguez, voiced her personal confidence in Berns to the New York Times saying that Berns always achieves what he sets his mind to.

Puerto Rico Crypto

Read: Puerto Rico Sol: Cryptocurrency Utopia or Pipe Dream?

Interestingly, this isn’t the first instance of a billionaire putting his faith in blockchain technology for community building purposes. Former childhood star Brock Pierce has voiced his own plans to liberate Puerto Rico from its many international debts using the democratizing power of blockchain technology. Although the project has received criticism from certain Puerto Rico communities, it is hoped that the utilization of blockchain technology will enable the jurisdiction to re-build following the horrid events of Hurricane Katrina.

The post Is Nevada To Become The Next Crypto Utopia? $170 Million Investment Planned appeared first on Blockonomi.

Ex-Goldman Sachs Partner Says BTC Price Will Top $20K This Year

BTC

What is it with billionaires and Bitcoin predictions? 2018 has been filled with predictions, revisions, and retractions. Here’s another one from Mike Novogratz.


Lower Highs Are the new Moonshots

In a recent chat with Financial News, Bitcoin bull and Galaxy Digital CEO Mike Novogratz said he believes Bitcoin (BTC) 00 will shake off its current malaise. Novogratz also predicts return to $20,000 next year as institutional investors and crypto custodial service providers re-invigorate interest in cryptocurrency. According to Novogratz, “Bitcoin has to take out $6,800, and after that, we could end the year at $8,800 — $9,000.”

He then goes on to explain that “By the end of the first quarter we will take out $10,000 and after that, we will be back to new highs — to $20,000 or more.” Like handfuls of other professional and bedroom crypto-analysts, Novogratz believes that Bakkt, Fidelity Digital Asset Services, and other institutional investors will propel the market to new highs and while he made no mention of the possibility of the market reversal hinging on the SEC’s approval of a Bitcoin-ETF, Novogratz does suggest that “institutional FOMO” will drive the market to new highs “just like there was in retail”.

Who Holds the Crystal Ball?

More than a handful of well-known analysts, CEOs, and crypto-influencers have issued moonshot Bitcoin predictions that have all proven to be wrong and as the end of the year approaches many are issuing reenactments or formulating new BTC price predictions.  

Last week Ran Neuner revised his Bitcoin prediction to ‘Nope, too complicated’ and Arthur Hayes miraculously transformed his $50K in 2018 Bitcoin prediction to a more dystopian view of 18-more months of a bear market until BTC drops to $2k then slowly recovers. Fundstrat analyst Tom Lee also has altered his BTC pivot points but he is one of the few analysts standing by his $20 – $25k prediction. Now we can add Novogratz to the growing pile of retractors with broken crystal balls.

Meanwhile, as the predictions and retractions continue, the SEC is expected to issue a statement regarding the status or their decision on 9 Bitcoin-ETF applications.

Do you think Bitcoin will close 2018 at or even above $10k? Share your thoughts in the comments below! 


Images courtesy of Shutterstock.

The post Ex-Goldman Sachs Partner Says BTC Price Will Top $20K This Year appeared first on Bitcoinist.com.

Prominent Analyst: Crypto Market is Undergoing a Clear Breakout

After months in a seemingly endless downtrend, which saw the aggregate value of all crypto assets see a 75% haircut, analysis done by one of this industry’s best illustrates the fact that this market could finally be undergoing a breakout.

“Output: Bullish”

Contrary to popular belief, the crypto market’s relative non-action, which saw the volatility levels of the stocks of Amazon (AMAZ), Netflix (NFLX), Nvidia (NVDA), surpass that of Bitcoin (BTC), may be aiding the long-term prospects of this decade-old asset class.

Seemingly touching on this point, Crypto Rand, a prominent cryptocurrency analyst, trader, and advisor, recently took to Twitter convey two charts pertaining to the market capitalization of all crypto assets in circulation. The charts, which highlighted the 18-month logarithmic and linear performance of this market, indicated that crypto is finally breaking out of a colossal falling wedge.  The wedge under Rand’s analysis, which formed in mid-January 2018, was just six weeks away from its inflection point, making this breakout one of great importance.

But, unlike normal breakouts, the one that Rand highlighted wasn’t catalyzed by a strong move to the upside, but rather, the stagnation of prices.

Regardless, the crux of the prominent analyst’s point is that the bears seem to be preparing for hibernation, so to speak, while the bulls come round the corner. As Rand put it, “Output: Bullish.”

Vildana Hajric, an analyst at Bloomberg, echoed Rand’s breakout call, bringing attention to an indicator — Directional Movement Index (DMI) — that is reportedly signalling for BTC to head higher. More specifically, DMI, a popular indicator of the trend strength of an asset has “entered a new bullish phase.” Moreover, BTC recently broke out of its upper VERA band, which is apparently “widely considered an encouraging sign.”

In short, after months of declining volatility and an absence of bearish candles, indicators are pointing to the growing sentiment that Bitcoin, along with its altcoin brethren, is ready to establish a bottom and subsequently move off its near-year-to-date lows.

Crypto News Cycle Remains Bullish

Not only are the crypto market’s charts starting to look promising, but so are fundamental factors, such as the establishment of a number of crypto-centric startups aimed at marshaling mass adoption.

Blockchain Capital’s Spencer Bogart, known for his undying bullish sentiment, recently claimed that while patience is key, due to the positive developments that crypto market has seen, a bottom is within this industry’s grasp.

Bakkt, a cryptocurrency platform aimed at revolutionizing how institutions, retail investors, and merchants interact with this industry, is slated to launch its first product on December 12th. If the launch of its physically-backed futures products goes according to plan, Bakkt, which has been endorsed by the Intercontinental Exchange (ICE), Microsoft, and Starbucks, will only increase real-world use of crypto assets and blockchain technologies.

Boston-based Fidelity Investments, meeting ICE and its partners head-on, recently announced Fidelity Digital Asset Services, its own crypto-centric subsidiary, that will be solely focused on offering products pertaining to digital assets, like Bitcoin and Ethereum. FDAS, headed by Tom Jessop, has intentions to satisfy crypto custody and trade execution needs for Fidelity’s 13,000 institutional clients, which hold trillions of dollars worth of assets.

The two aforementioned developments are just the tip of the iceberg when it comes to constructive crypto-related news. So make no mistake, in spite of the dismal performance of the market, this industry is far from dead in the water.

Featured Image from Shutterstock

The post Prominent Analyst: Crypto Market is Undergoing a Clear Breakout appeared first on NewsBTC.

Prominent Analyst: Crypto Market is Undergoing a Clear Breakout

After months in a seemingly endless downtrend, which saw the aggregate value of all crypto assets see a 75% haircut, analysis done by one of this industry’s best illustrates the fact that this market could finally be undergoing a breakout.

“Output: Bullish”

Contrary to popular belief, the crypto market’s relative non-action, which saw the volatility levels of the stocks of Amazon (AMAZ), Netflix (NFLX), Nvidia (NVDA), surpass that of Bitcoin (BTC), may be aiding the long-term prospects of this decade-old asset class.

Seemingly touching on this point, Crypto Rand, a prominent cryptocurrency analyst, trader, and advisor, recently took to Twitter convey two charts pertaining to the market capitalization of all crypto assets in circulation. The charts, which highlighted the 18-month logarithmic and linear performance of this market, indicated that crypto is finally breaking out of a colossal falling wedge.  The wedge under Rand’s analysis, which formed in mid-January 2018, was just six weeks away from its inflection point, making this breakout one of great importance.

But, unlike normal breakouts, the one that Rand highlighted wasn’t catalyzed by a strong move to the upside, but rather, the stagnation of prices.

Regardless, the crux of the prominent analyst’s point is that the bears seem to be preparing for hibernation, so to speak, while the bulls come round the corner. As Rand put it, “Output: Bullish.”

Vildana Hajric, an analyst at Bloomberg, echoed Rand’s breakout call, bringing attention to an indicator — Directional Movement Index (DMI) — that is reportedly signalling for BTC to head higher. More specifically, DMI, a popular indicator of the trend strength of an asset has “entered a new bullish phase.” Moreover, BTC recently broke out of its upper VERA band, which is apparently “widely considered an encouraging sign.”

In short, after months of declining volatility and an absence of bearish candles, indicators are pointing to the growing sentiment that Bitcoin, along with its altcoin brethren, is ready to establish a bottom and subsequently move off its near-year-to-date lows.

Crypto News Cycle Remains Bullish

Not only are the crypto market’s charts starting to look promising, but so are fundamental factors, such as the establishment of a number of crypto-centric startups aimed at marshaling mass adoption.

Blockchain Capital’s Spencer Bogart, known for his undying bullish sentiment, recently claimed that while patience is key, due to the positive developments that crypto market has seen, a bottom is within this industry’s grasp.

Bakkt, a cryptocurrency platform aimed at revolutionizing how institutions, retail investors, and merchants interact with this industry, is slated to launch its first product on December 12th. If the launch of its physically-backed futures products goes according to plan, Bakkt, which has been endorsed by the Intercontinental Exchange (ICE), Microsoft, and Starbucks, will only increase real-world use of crypto assets and blockchain technologies.

Boston-based Fidelity Investments, meeting ICE and its partners head-on, recently announced Fidelity Digital Asset Services, its own crypto-centric subsidiary, that will be solely focused on offering products pertaining to digital assets, like Bitcoin and Ethereum. FDAS, headed by Tom Jessop, has intentions to satisfy crypto custody and trade execution needs for Fidelity’s 13,000 institutional clients, which hold trillions of dollars worth of assets.

The two aforementioned developments are just the tip of the iceberg when it comes to constructive crypto-related news. So make no mistake, in spite of the dismal performance of the market, this industry is far from dead in the water.

Featured Image from Shutterstock

The post Prominent Analyst: Crypto Market is Undergoing a Clear Breakout appeared first on NewsBTC.

Go to Source
Author: Nick Chong

Blockchain Google Searches Now More Popular Than Cryptocurrency

Blockchain Google Searches

The term ‘Blockchain’ has been popping up in Google searches more often. In fact, it has overtaken the term ‘cryptocurrency’ consistently in terms of search frequency over the latter half of this year. Blockchain did it for the first time in July, and according to Google, it has been a more popular search term since September.

Blockchain Google Searches

There is no way to know exactly how many times these terms have been searched because Google supplies the data in a relative format. Regardless of the overall numbers, it is clear that the public is starting to wake up to blockchain.

Blockchain vs Google Searches

For the moment, there are few blockchain applications that the public can access directly. Investors have limited options as well, as most blockchain startups are private and pretty risky to boot. Most of the action in market-ready blockchain applications is happening at higher levels, with major companies that can secure the confidence of their counterparties. Some smaller players are also getting attention, but they face an uphill battle when it comes to credibility.

Blockchain is Here to Stay

Outside of development circles, there is still a lot of mystery surrounding blockchain. Most people associate it with cryptocurrencies, for obvious reasons. In fact blockchain is reaching into areas that seemed unthinkable a few years ago, and making complex systems much easier to manage.

There have been numerous research blockchain programs undertaken by large companies, but until recently, few real-world use case scenarios have emerged. That is changing now, and the deal that Walmart struck with IBM is a perfect example of how the corporate world is shifting gears on blockchain.

A big part of Walmart’s business is food distribution. Record keeping in the food industry is complex and cumbersome, which puts Walmart in a difficult position. If there is a problem with food contamination, it can take days for Walmart to track down where the tainted food came from, and which stores still have it on their shelves.

A Massive Improvement

Blockchain is a perfect fit for these kinds of complex supply chains. IBM used blockchain to create their IBM Food Trust, which cuts tracking time in the food supply chain down to a few seconds. Not only does this system offer a much higher level of efficiency, but it could also easily save lives in the near-future.

Bridget van Kralingen is IBM’s senior VP for Global Industries, Platforms and Blockchain. She explained that, “We built the IBM Food Trust solution using IBM Blockchain Platform, which is a tool or capability that IBM has built to help companies build, govern and run blockchain networks. It’s built using Hyperledger Fabric and it runs on IBM Cloud.”

Supply chains are all a little different, but a platform like IBM’s IBM Food Trust could be the future of tracking in many different industries. For now the produce will have the be tracked manually as it is moved, but emerging Internet of Things IoT could change that as well.

Blockchain is Building Trust

The about-face in blockchain’s popularity has been global in scope. The tsunami of hatred that hit blockchain during 2017 has given way to multi-billion dollar investment programs in China, and blockchain patents from most of the major Western banks.

As it stands today blockchain platforms have already been deployed into numerous areas for pilot programs. Russian airlines are using it for their fuel purchases, and many utilities are working with blockchain platforms to usher in a new era of small-scale solar power trading.

As more platforms like the IBM Food Trust enter commercial use, the pressure on other sectors to adopt blockchain technology will probably grow. When blockchain demonstrates that it can eliminate wasted time, and create better records, it is likely that other uses will grow from its early successes.

The post Blockchain Google Searches Now More Popular Than Cryptocurrency appeared first on Blockonomi.

China: Bitcoin Mining Behemoth Bitmain Releases New 7nm Antminer Hardware

Bitcoin ( mining behemoth Bitmain has officially released two new 7nm (nanometer) “Antminer” crypto mining machines, designed to mine with the SHA256 algorithm.

Bitcoin (BTC) mining giant Bitmain has officially released two new 7nm (nanometer)  “Antminer” crypto mining machines, according to an official tweet posted Nov. 5.

Bitmain indicated in September that it would be equipping its new Antminer models with next-generation Application-Specific Integrated Circuit (ASIC) chips.

ASIC chips are geared to compute optimally for a specific hashing algorithm and, as Bitmain’s tweet confirms, these latest “acceleration” chips use an SHA256 algorithm, which is based on 7nm Finfet semiconductor manufacturing technology. Today’s tweet from the company reads:

“We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8 [Nov. 8].”

In Bitmain CEO and co-founder Jihan Wu’s keynote lecture in September, he outlined that the new chip integrates “more than a billion transistors,” using a special circuit structure and low power-intensive technology to optimize efficiency. Wu claimed that tests have shown the chip “can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.”

Bitmain has also made headlines this week by announcing it would be rolling out a firmware update for so-called ‘Overt AsicBoost’ to all its Antminer models, which it claims will increase mining “effectiveness” on the machines.

Crypto’s mining titans have been hot on each other’s heels to compete for the edge in advanced mining hardware; just a day ahead of Bitmain in September, Bitfury Group unveiled its own 14nm ASIC chip, dubbed Bitfury Clarke, which is customized for SHA256 Bitcoin mining. Bitfury’s chip can reportedly “execute a hashrate up to 120 gigahashes per second (GH/s) and a power efficiency rate as low as 55 millijoules per gigahash (mJ/GH).”

Just today, Bitfury revealed it had raised $80 million in a closed funding round led by European venture capital fund Korelya Capital. Other participants included South Korean internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, as well as Michael Novogratz’s Galaxy Digital.

Yesterday, Nov. 5, just a week after reporting that crypto-mining related sales were “negligible” in Q3 2018, U.S.-based semiconductor manufacture AMD evidently partnered with seven major tech companies to produce eight new cryptocurrency mining rigs it is marketing as “blockchain compute solutions.”

China: Bitcoin Mining Behemoth Bitmain Releases New 7nm Antminer Hardware

Bitcoin ( mining behemoth Bitmain has officially released two new 7nm (nanometer) “Antminer” crypto mining machines, designed to mine with the SHA256 algorithm.

Bitcoin (BTC) mining giant Bitmain has officially released two new 7nm (nanometer)  “Antminer” crypto mining machines, according to an official tweet posted Nov. 5.

Bitmain indicated in September that it would be equipping its new Antminer models with next-generation Application-Specific Integrated Circuit (ASIC) chips.

ASIC chips are geared to compute optimally for a specific hashing algorithm and, as Bitmain’s tweet confirms, these latest “acceleration” chips use an SHA256 algorithm, which is based on 7nm Finfet semiconductor manufacturing technology. Today’s tweet from the company reads:

“We are officially announcing the release of our new 7nm miners which possess industry-leading hash rates designed to mine with the SHA256 algorithm. Two models will be offered, the Antminer S15 and T15. Available for purchase on 11/8 [Nov. 8].”

In Bitmain CEO and co-founder Jihan Wu’s keynote lecture in September, he outlined that the new chip integrates “more than a billion transistors,” using a special circuit structure and low power-intensive technology to optimize efficiency. Wu claimed that tests have shown the chip “can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/T.”

Bitmain has also made headlines this week by announcing it would be rolling out a firmware update for so-called ‘Overt AsicBoost’ to all its Antminer models, which it claims will increase mining “effectiveness” on the machines.

Crypto’s mining titans have been hot on each other’s heels to compete for the edge in advanced mining hardware; just a day ahead of Bitmain in September, Bitfury Group unveiled its own 14nm ASIC chip, dubbed Bitfury Clarke, which is customized for SHA256 Bitcoin mining. Bitfury’s chip can reportedly “execute a hashrate up to 120 gigahashes per second (GH/s) and a power efficiency rate as low as 55 millijoules per gigahash (mJ/GH).”

Just today, Bitfury revealed it had raised $80 million in a closed funding round led by European venture capital fund Korelya Capital. Other participants included South Korean internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, as well as Michael Novogratz’s Galaxy Digital.

Yesterday, Nov. 5, just a week after reporting that crypto-mining related sales were “negligible” in Q3 2018, U.S.-based semiconductor manufacture AMD evidently partnered with seven major tech companies to produce eight new cryptocurrency mining rigs it is marketing as “blockchain compute solutions.”

Go to Source
Author: Marie Huillet

Power Ledger & Kepco Announce Solar-Power Trading Blockchain Program

Kepco, the second-largest Japanese electrical provider, and Power Ledger seem to be making progress together. The two have announced another program that will work on developing a blockchain-based system for trading solar-generated electricity without the need for a utility.

The new program will be conducted at research facilities in Osaka, and is currently being outlined by the utility. At its core, the idea appears to be simple. Instead of relying on a third-party utility to settle transactions between solar power producers and consumers, it will all happen automatically.

Earlier this year Power Ledger and Kepco began working on another project, and their goals appear to be aligned. Power Ledger said that their partnership is designed to, “to provide communities with cheaper energy systems to offset existing energy costs and allow generating customers to monetize their renewable energy investments by selling their excess energy peer-to-peer,” via a statement in April of this year.

Power Ledger has Powerful Partners

Kepco has the help of the University of Toyko, as well as Nihon Unisys and Mitsubishi UFJ Bank. Akamai Technologies and Mitsubishi UFJ Financial Group announced that they developed a blockchain platform that can process a million transactions per second, and finalize transactions in less than two seconds. This new platform is supposed to be ready sometime next year, and could be integrated into the project that Kepco and Power Ledger are developing.

Chibu Electric Power Company is also working on a similar platform, that will power electirc vehicles in Japan. They think that, “With this technology, it will become possible to run a highly reliable charging management system based on a low introduction cost,” and, “That (it) likely would create new services by, for instance, enabling multi-unit dwelling owners to install charging equipment at reasonable prices.”

Powerledger Guide

Read: What is Power Ledger?

A Popular Technology

Sir Richard Branson seems to agree with the Japanese and chose Power Ledger as the winner of his Extreme Tech Challenge 2018. In addition to winning accolades from one of the most interesting billionaires out there, Power Ledger also raised more than $30 million USD this year via an ICO.

Power Ledger co-founder Jemma Green said that, “For any company to get that kind of validation to what they’re doing … it adds credibility to a startup that wants to get its brand out there are develop more, and implement more projects,” after winning the content. Her company is hitting the market at a perfect time, as many countries are turning to solar power generation for their energy needs.

Large-scale solar power installations are easy for a utility to manage, but numerous small ones are tricky. Many people are able to invest a reasonable amount of money to create solar-generated electricity, but selling it into the state grid isn’t always a simple process. Power grids were designed to be one-way, with the state utility generating, and the population consuming.

New Ideas are Taking Off

Solar power has the ability to change how the entire energy economy works, but companies like Power Ledger are creating real-world solutions for an energy infrastructure that needs to be updated. They initiated a project earlier this year in Bangkok, which is very similar to the one they are currently working on in Japan.

Power Ledger managing director, David Martin, said that, “The autonomous nature of the trading platform means it’s simple and low-cost and bringing this together with on-site generating capacity means energy can be low-cost, low-carbon and resilient to the impacts of severe weather conditions,” which makes it a perfect fit for places like Bangkok.

The idea behind both projects is nearly the same. Smaller scale solar power needs to be traded efficiently, and there are few existing systems to make it happen. Smart meters are helpful for these projects, but making sure that payments are made efficiently, and power generators are compensated fairly for their contribution to the grid is vital to their success in the long-term.

Power Ledger seems to be making all the right moves and cementing connections with some of the world’s best companies.

The post Power Ledger & Kepco Announce Solar-Power Trading Blockchain Program appeared first on Blockonomi.

Power Ledger & Kepco Announce Solar-Power Trading Blockchain Program

Kepco, the second-largest Japanese electrical provider, and Power Ledger seem to be making progress together. The two have announced another program that will work on developing a blockchain-based system for trading solar-generated electricity without the need for a utility.

The new program will be conducted at research facilities in Osaka, and is currently being outlined by the utility. At its core, the idea appears to be simple. Instead of relying on a third-party utility to settle transactions between solar power producers and consumers, it will all happen automatically.

Earlier this year Power Ledger and Kepco began working on another project, and their goals appear to be aligned. Power Ledger said that their partnership is designed to, “to provide communities with cheaper energy systems to offset existing energy costs and allow generating customers to monetize their renewable energy investments by selling their excess energy peer-to-peer,” via a statement in April of this year.

Power Ledger has Powerful Partners

Kepco has the help of the University of Toyko, as well as Nihon Unisys and Mitsubishi UFJ Bank. Akamai Technologies and Mitsubishi UFJ Financial Group announced that they developed a blockchain platform that can process a million transactions per second, and finalize transactions in less than two seconds. This new platform is supposed to be ready sometime next year, and could be integrated into the project that Kepco and Power Ledger are developing.

Chibu Electric Power Company is also working on a similar platform, that will power electirc vehicles in Japan. They think that, “With this technology, it will become possible to run a highly reliable charging management system based on a low introduction cost,” and, “That (it) likely would create new services by, for instance, enabling multi-unit dwelling owners to install charging equipment at reasonable prices.”

Powerledger Guide

Read: What is Power Ledger?

A Popular Technology

Sir Richard Branson seems to agree with the Japanese and chose Power Ledger as the winner of his Extreme Tech Challenge 2018. In addition to winning accolades from one of the most interesting billionaires out there, Power Ledger also raised more than $30 million USD this year via an ICO.

Power Ledger co-founder Jemma Green said that, “For any company to get that kind of validation to what they’re doing … it adds credibility to a startup that wants to get its brand out there are develop more, and implement more projects,” after winning the content. Her company is hitting the market at a perfect time, as many countries are turning to solar power generation for their energy needs.

Large-scale solar power installations are easy for a utility to manage, but numerous small ones are tricky. Many people are able to invest a reasonable amount of money to create solar-generated electricity, but selling it into the state grid isn’t always a simple process. Power grids were designed to be one-way, with the state utility generating, and the population consuming.

New Ideas are Taking Off

Solar power has the ability to change how the entire energy economy works, but companies like Power Ledger are creating real-world solutions for an energy infrastructure that needs to be updated. They initiated a project earlier this year in Bangkok, which is very similar to the one they are currently working on in Japan.

Power Ledger managing director, David Martin, said that, “The autonomous nature of the trading platform means it’s simple and low-cost and bringing this together with on-site generating capacity means energy can be low-cost, low-carbon and resilient to the impacts of severe weather conditions,” which makes it a perfect fit for places like Bangkok.

The idea behind both projects is nearly the same. Smaller scale solar power needs to be traded efficiently, and there are few existing systems to make it happen. Smart meters are helpful for these projects, but making sure that payments are made efficiently, and power generators are compensated fairly for their contribution to the grid is vital to their success in the long-term.

Power Ledger seems to be making all the right moves and cementing connections with some of the world’s best companies.

The post Power Ledger & Kepco Announce Solar-Power Trading Blockchain Program appeared first on Blockonomi.

Ethereum (ETH) Price Analysis: Basing For Next Move Higher

Ethereum Price

Ethereum price corrected lower and tested the $208.00 support. ETH/USD is likely positioned for the next upside break above the $212.00 resistance.

  • Ethereum price is placed nicely above the $207.00-208.00 support zone.
  • ETH/USD is about to break a major bearish trend line at $210.10 on the 30-minute chart.
  • The price could rally above the $212.00 and $214.00 levels in the near term.

Ethereum Price

Ethereum Price Analysis

Yesterday, Ethereum price started a downside correction after rallying towards the $220.00 level. The price declined below the $214.00 and $210.00 support levels, but it remained well bid above $205.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $218.98 and later corrected below the $210.00 level and the 25 simple moving average (30-min). Sellers pushed the price below the 50% Fib retracement level of the last leg from the $201.26 low to $218.98 high.

However, there was a strong buying interest around the $207.00-208.00 zone. Moreover, the 61.8% Fib retracement level of the last leg from the $201.26 low to $218.98 high prevented further slides.

As a result, a base was formed near $208.00 and the price started a fresh upward move. It recently moved above the $209.00 level and the 25 simple moving average (30-min).

At the outset, the price is about to break a major bearish trend line at $210.10 on the same chart. Once there is a successful close above the trend line and $210.50, ETH buyers could gain control. The next resistance is at $212.00 followed by $214.00.

Should buyers gain pace above $214.00, the price is likely to revisit the $219.00-220.00 zone. However, considering the recent price action in ripple, there are chances of a sharp rally in Ethereum as well above the $220.00 resistance.

Conversely, if there is a downside reaction, the $208.00 and $205.50 levels are likely to act as strong barriers for buyers. Below $205.50, sellers may perhaps take control for a fresh decline towards the $200.00 or $198.00 level.

The market data is provided by TradingView, Bitfinex.

The post Ethereum (ETH) Price Analysis: Basing For Next Move Higher appeared first on Blockonomi.

Ethereum (ETH) Price Analysis: Basing For Next Move Higher

Ethereum Price

Ethereum price corrected lower and tested the $208.00 support. ETH/USD is likely positioned for the next upside break above the $212.00 resistance.

  • Ethereum price is placed nicely above the $207.00-208.00 support zone.
  • ETH/USD is about to break a major bearish trend line at $210.10 on the 30-minute chart.
  • The price could rally above the $212.00 and $214.00 levels in the near term.

Ethereum Price

Ethereum Price Analysis

Yesterday, Ethereum price started a downside correction after rallying towards the $220.00 level. The price declined below the $214.00 and $210.00 support levels, but it remained well bid above $205.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $218.98 and later corrected below the $210.00 level and the 25 simple moving average (30-min). Sellers pushed the price below the 50% Fib retracement level of the last leg from the $201.26 low to $218.98 high.

However, there was a strong buying interest around the $207.00-208.00 zone. Moreover, the 61.8% Fib retracement level of the last leg from the $201.26 low to $218.98 high prevented further slides.

As a result, a base was formed near $208.00 and the price started a fresh upward move. It recently moved above the $209.00 level and the 25 simple moving average (30-min).

At the outset, the price is about to break a major bearish trend line at $210.10 on the same chart. Once there is a successful close above the trend line and $210.50, ETH buyers could gain control. The next resistance is at $212.00 followed by $214.00.

Should buyers gain pace above $214.00, the price is likely to revisit the $219.00-220.00 zone. However, considering the recent price action in ripple, there are chances of a sharp rally in Ethereum as well above the $220.00 resistance.

Conversely, if there is a downside reaction, the $208.00 and $205.50 levels are likely to act as strong barriers for buyers. Below $205.50, sellers may perhaps take control for a fresh decline towards the $200.00 or $198.00 level.

The market data is provided by TradingView, Bitfinex.

The post Ethereum (ETH) Price Analysis: Basing For Next Move Higher appeared first on Blockonomi.