DEEP AERO: AI-Driven Drone Economy on the Blockchain

You may have seen them, heard about them, read about them, or even played with a toy version. But, the reality is, very soon DRONES will be everywhere!


DEEP AERO’s UTM Autonomous Drone Traffic Management Platform

Until recently, drones have been used largely for military applications. But, with the skyrocketing growth of the world’s population and the rapid urbanization patterns that we are experiencing, where large concentrations of people continue to settle in the popular metropolitan areas across the planet, we are running out of land – fast.

And, our major road and rail transport infrastructure and systems are barely coping currently, trying to move people & cargo to their destinations on a 24/7 basis. Furthermore, this problem is set to only increase from here, as the populace grows.

While millions of productive hours are already being wasted by highly frustrated commuters who are continuously stuck in road congestion and traffic jams, the economy suffers even further because the deliveries of materials, goods & products are also slowed down by the failing logistics.

So, mankind began looking to the skies for a solution. And, in steps the new and exciting era of drones to fix the world’s transport challenges.

Please continue reading to understand how the use of drones is busy becoming part of our everyday lives and what the major challenge for the fast-emerging drone-era entails.

Also, how DEEP AERO, the pioneer of drone solutions, has arrived to answer the call in a state-of-the-art and modern way, by means of Blockchain and Artificial Intelligence (AI) technologies.

And, how you can become part of the exciting & lucrative DEEP AERO opportunity as a DRONE crypto token owner. 

The Urgent Need for a Safe & Effective Drone Infrastructure

Outside of military use, in recent years, there has been a growing interest and increased use of drones, more formally referred to as “unmanned aerial vehicles”, in the commercial & civilian world.

While, to date, they have largely been applied for utility purposes, such as wildlife conservation, aerial photography and the maintenance of high-rise structures, drones will soon become part of our normal, everyday lives.

For instance, Amazon, the global consumer dropship platform, is already in the advanced stages of commencing deliveries to customers by means of its Amazon Prime Air drone delivery solution. In addition, several air taxi services around the globe are also about to start transporting passengers across our city skylines very soon.

According to the U.S. Federal Aviation Administration (FAA), there are currently 42,000 commercial drones in the country. But, that number is expected to show unprecedented and explosive growth in the years to come. In the US alone, it’s expected to multiply tenfold to around 400,000 in just the next 3 years.

Mr. Gurmeet Singh, CEO of DEEP AERO, explains:

The use of unmanned aerial vehicles is increasing exponentially. […] We’re heading towards a future in which millions of drones will fly billions of flights. At some point in the not-too-distant future, fleets of commercial drones are expected to swarm across the skies.

“But how will these drones be controlled safely and effectively?” is the immediate question that jumps to mind. And, exactly that, is the major problem currently.

Mr. Singh notes:

Current airspace management and air traffic flow management systems don’t have the capabilities to handle the type of operations relevant to drones. In addition, the anticipated traffic density of drones is far beyond the capabilities of current air traffic management systems.

DEEP AERO’s UTM Autonomous Drone Traffic Management Platform Provides the Perfect Drone Infrastructure Solution

Residing on a global, blockchain network, The DEEP AERO Unmanned Aircraft System Traffic Management (UTM) Platform is a decentralized, intelligent, self-aware, autonomous drone traffic management system, serving the entire world.

Drones, which are unmanned aircraft, are not suited to the traditional ways in which piloted aircraft are being controlled in our skies currently, i.e. to a large extent by human air traffic controllers who communicate with pilots by means of voice-operated radio transmissions.

And, because drones fly closer to the ground & much lower than manned aircraft, the use of radar is not effective. Also, because traditional airborne collision avoidance systems are not ideal for denser air traffic, such as when countless drones are swarming through the skies, there is an increased risk of drones colliding with other aircraft & obstacles, resulting in injury to persons and damage to property.

Drones operate at low levels and between obstacles & structures

Drones operate at low levels and between obstacles & structures

Unlike regular airplanes, there is currently no system to control drone traffic. Because they operate at low levels and in extremely dense environments, drones need constant information & data to map and understand the changing environment which they operate in. This enables them to co-exist in harmony with all other aircraft in the sky, also to avoid colliding with people & obstacles on the ground; and, high-rise structures, such as buildings, power lines, and towers. 

DEEP AERO’s UTM platform co-exists harmoniously with air traffic control

DEEP AERO’s UTM platform co-exists harmoniously with air traffic control

The DEEP AERO’s DRONE-UTM platform provides the precise infrastructure required by drones to operate safely & effectively around our airspaces. While, traditional, government air traffic control authorities will continue to regulate & control normal, piloted aircraft in the skies; DEEP AERO’s UTM will co-exist therewith, but focus on the safe and effective operation of unmanned aircraft, i.e. drones. 

The DEEP AERO UTM platform is highly integrated with state-of-the-art components

DEEP AERO’s DRONE-UTM solution is highly automated and regulated largely by means of Artificial Intelligence (AI) components to conduct operations during the normal course of business. Highly capable human managers will focus on incident control and the overall & strategic success of the enterprise.

The key objectives of the DEEP AERO’s DRONE-UTM platform are:

  • Compliance – all drone flight-plans will meet regulatory & rules-based, enterprise-friendly requirements.
  • Efficiency – drone flights are adaptable to changing airspace conditions, e.g. wind, visibility & temperature.
  • Safety – drone flights are to be conducted at levels of maximum, situational awareness at all times; by means of real-time, nearby traffic notifications, which are aided by authorized flight plans & live telemetry.

And, to reach its objectives, DEEP AERO’s UTM blockchain & AI platform incorporates eight, key components, as outlined below.

Registration System

All drones, pilots, and operators register on the platform to receive a unique, UTM blockchain identity.

Identity System

The UTM platform only provides services to drones, pilots, and operators that are verified by the identity system.

Information System 

The UTM information system provides real-time updates to the drone, such as its current position & situational awareness information, to guide its journey safely and effectively.

Flight Planner System 

UTM’s cloud-based flight planner system allows drone operators to submit or delete their intended flight plans and have them authorized prior to flight.

Flight Authorization System 

With reference to the existing drone traffic currently in the skies at any given time, the AI-based flight authorization system approves or rejects new flight plans to avoid aircraft conflicts before the UTM system allows additional drones to enter the airspace.

Geo-fencing System

UTM provides real-time geo-fencing information to drones, thereby keeping their flight paths from entering restricted airspace.

Notification System

To improve the awareness of the drone and its operator, the AI-powered, cloud-based notification system continuously provides real-time updates, such as weather alerts.

Conflict Management System

The AI-powered conflicts management system alerts human managers when their intervention is required, e.g. during incidents, emergencies or with regards to manned aircraft conflicts.

Please refer to DEEP AERO’s whitepaper for more information on the Unmanned Aircraft System Traffic Management (UTM) Platform. 

The DRONE Token & Initial Coin Offering (ICO)

The official currency of DEEP AERO’s global, decentralized blockchain network is the DRONE crypto token.

The DRONE token is required for all exchanges of value between participants during transactions that are conducted on the DEEP AERO platform. Examples include the registration of drones and operators, as well as flight bookings.

The DEEP AERO ICO is currently underway and you may BUY DRONE TOKENS online. Because, there is a limited supply of the DRONE token available, its value is expected to rise as demand grows over time.

Further information on the ICO summary, token distribution, utilization of funds and the token sale agreement is available in the Token Sale Document; also, in the DEEP AERO whitepaper and on its website.

And, why not Sign Up for the DEEP AERO Drone ICO Contest. Great prizes are up for grabs, including the grand prize of your own passenger drone, worth $450,000!

Management, Milestones & Roadmap

DEEP AERO is under the capable leadership of Mr. Gurmeet Singh, CEO; and, the Executive Team. Please meet them online, also the Technology Team and Board of Advisors.

The exciting journey of DEEP AERO started in 2017. While several milestones have already been achieved to date, many more are in the pipeline for the years & decades to come.

Please view the detailed, DEEP AERO Roadmap for more information, as displayed in the whitepaper and on the website. To follow DEEP AERO’s exciting and ongoing journey, please refer to the Blog or join the team in Telegram.

What will DEEP AERO’s greatest contributions to the coming drone economy be? Let us know in the comments below.


Images courtesy of DEEP AERO

The post DEEP AERO: AI-Driven Drone Economy on the Blockchain appeared first on Bitcoinist.com.

Source: Bitcoininst

Binance vs Bitfinex Exchange Comparison

Binance vs Bitfinex

Binance vs Bitfinex: Both exchanges are popular choices for active traders dealing in alternative coins (altcoins). They’re consistently in the top five exchanges by trading volume, with Binance almost always ahead of Bitfinex.

Disappointingly to U.S. residents, Bitfinex discontinued service to the United States toward the end of 2017. Although this discontinuation appears to be temporary, it’s unclear how long it will actually last.

Service stoppages aside, it’s still important to compare these dominant exchanges. In this Binance vs Bitfinex exchange comparison, we’re going to cover all of the pros, cons, and details of each one so you can make a decision on which one is best for you.

We’ll talk about:

Binance vs Bitfinex Key Information

Exchange  width=
Reviews

Bitfinex Review

Binance Review

Site Type Cryptocurrency Exchange Cryptocurrency Exchange
Beginner Friendly
Mobile App
Buy/Deposit Methods Cryptocurrency, Wire Transfer Cryptocurrency
Sell/Withdrawal Methods Cryptocurrency, Wire Transfer Cryptocurrency
Available Cryptocurrencies Bitcoin, Ethereum, Litecoin, Bitcoin Cash + >50 more coins Bitcoin, Ethereum, Litecoin, Bitcoin Cash + >100 more coins
Company Launch 2012 2017
Location Hong Kong Malta
Community Trust Average Great
Security Great Great
Customer Support Good Good
Verification Required Yes (for fiat) No
Fees Low Very Low
Site Visit Bitfinex Visit Binance

Funding Methods

Binance is strictly a cryptocurrency exchange – it doesn’t have a fiat on-ramp. Although you can deposit any supported cryptocurrency, you should stick with Bitcoin, Ethereum, Binance Coin, and Tether. These are the only coins on the exchange that you can trade for other cryptocurrencies.

On Bitfinex, you can fund your account through bank wires. The platform supports the Euro, Japanese Yen, Pound Sterling, and U.S. Dollar. You’re also able to deposit cryptocurrency funds.

Interface

Binance provides two interface options: Basic and Advanced. The two views are actually comparable in complexity, but the Advanced one has more tools available for technical analysis. Both views include the common charts and figures you’d find on any reputable exchange.

On Binance, you can make market, limit, and stop-limit orders.

binance interface

The Bitfinex interface is significantly more complicated than Binance. But, the platform also supports more advanced trading. Along with market, limit, and other types of conditional orders, you can trade on margin as well. As this brings a whole new level of risk to an already volatile market, we recommend that you only trade on margin if you’re an experienced investor.

bitfinex interface

Trading Fees

You’ll have trouble finding an exchange with lower fees than Binance. Binance charges just 0.10% per trade and cuts the fee in half if you pay with Binance Coin (BNB).

Bitfinex uses a trading fee schedule that calculates fees based on your trading history and whether you’re a maker (putting an order on the books) or taker (filling an order from the books). Maker fees vary from free to 0.10% while taker fees range from 0.10% to 0.20%. This is still low compared to most other exchanges.

Available Cryptocurrencies

Although Binance has more available cryptocurrencies than Bitfinex, you’ll probably find whichever coin you’re looking for on either platform. Both exchanges support:

To see a full list of the cryptocurrencies that each exchange offers, you can check out here for Binance and here for Bitfinex.

Transfer Limits

Binance doesn’t have a deposit limit. However, your withdrawal limit is based on your level of verification. Without verification, you’re limited to 2 BTC per day. After you submit ID verification, you can withdraw up to 100 BTC each day.

Bitfinex hasn’t listed any deposit or withdrawal limits. It appears that even without verification, you can deposit and withdraw any amount of cryptocurrency. This isn’t true for fiat transfers, though.

To deposit/withdraw fiat currency, you need to go through Bitfinex’s verification process. This process is more intensive than the verification steps on other platforms. To become verified, you’re required to submit an online form and hand over the following information:

  • Age
  • Address
  • Telephone number
  • Email address
  • Two forms of government-issued IDs
  • Bank statement
  • Proof of address

If you’re uncomfortable giving up this much information, you’ll probably want to avoid using Bitfinex for fiat trades.

Company Trust

The cryptocurrency community holds Binance in much higher regard than Bitfinex.

Some community members are wary of Bitfinex’s connection with Tether and believe that the exchange is unethically printing more of the stable coin in order to solve their own insolvency issues. Other traders also complain that minimum withdrawal amounts unfairly keep small-time investors’ funds locked on the platform. That being said, plenty of investors have had positive experiences using the exchange.

On the other hand, Binance has become the shining star of cryptocurrency exchanges. Within 6 months, the platform grew from ICO to the largest exchange in the world. The Binance team is incredibly transparent on Twitter, and users seldom report any issues.

Fund Security

Bitfinex has the edge when it comes to security protocols, but your funds are safe on both exchanges.

Bitfinex keeps only 0.5% of cryptocurrency assets online, holding the rest in cold wallets. Additionally, these cold wallets need the manual approval of multiple Bitfinex employees to even allow access. The team also backs up the database every day, monitors for suspicious behavior, and allow you to instantly freeze your account if you think it’s been compromised.

Binance doesn’t outline their security policies on their website, but there have been a few instances in which the team has proved their dedication to security. Most recently, some Binance users fell victim to a phishing/API attack. Once the team spotted suspicious trading activity, they froze the accounts, reverted the trades, and returned funds back to the appropriate users.

Customer Support

Customer support on both platforms is about equal and on par with the rest of the industry. Spikes in trading volume and new registrations sometimes causes delays in response times, but otherwise, both teams are generally helpful.

Binance and Bitfinex have dedicated sections on their websites for FAQs, support tickets, and general trading questions. You can find those sections here for Binance and here for Bitfinex.

Binance vs Bitfinex Conclusion  

If you’re a U.S. resident, the decision is easy – Binance is your only option.

For everyone else, though, you have a tough choice to make. You should consider Bitfinex if you have some experience trading and want to perform more advanced trading strategies. If trust and/or ease-of-use are your top priority, take a look at Binance.

 

(See CoinCentral’s Full List of Crypto Exchange Reviews)

The post Binance vs Bitfinex Exchange Comparison appeared first on CoinCentral.

Source: Coin Central

RBI Crackdown Triggers Migration of India’s Cryptocurrency Industry

RBI Crackdown Triggers Migration of India's Cryptocurrency Industry

The Reserve Bank of India (RBI)’s prohibitive policies regarding India’s cryptocurrency industry has reportedly comprised the catalyst for a migration of Indian cryptocurrency entrepreneurs in search of more amenable regulations.

Also Read: Indian Ponzi Scheme-Funded Cryptocurrency Mine Raided by Police

RBI Crackdown Drives Crypto Businesses Overseas

RBI Crackdown Triggers Migration of India's Cryptocurrency IndustryThe crackdown on cryptocurrencies initiated by the RBI has reportedly comprised a catalyst for the migration of numerous Indian cryptocurrency companies and ICOs seeking favorable regulatory jurisdictions.

With India’s banking sector prohibited from providing financial services to businesses dealing in cryptocurrencies, many of India’s crypto companies have been left with no choice but to relocate overseas.

Estonian E-Residency Program Attracts Indian Crypto Entrepreneurs

RBI Crackdown Triggers Migration of India's Cryptocurrency IndustryAccording to a report by Factor Daily, Estonia has emerged as a popular destination among Indian cryptocurrency entrepreneurs. Launched in 2014, Estonia’s e-residency programme provides a simple avenue through which companies can become based in the eastern-European nation. Estonia also offers favorable taxation and regulatory apparatus for cryptocurrency and blockchain companies.

Nilesh Trivedi, the founder of Indium, is currently completing his e-residency application for Estonia Mr. Trivedi states that he would “ideally like to diversify from India given the way things are moving here in regard to cryptocurrency and the blockchain space. It’s too uncertain.”

Mr. Trivedi states that the e-residency “will just cost me 100 Euros for three years and I can renew it again after that,” adding that “the tax regime there is good.” Mr. Trivedi also notes that “Being registered [in Estonia] will also allow [him] to offer other services and conduct business in the EU.”

Analysts Warn of ‘Crypto Brain-Drain’

RBI Crackdown Triggers Migration of India's Cryptocurrency IndustryJoel John, an analyst at Outlier Ventures, has warned that the RBI’s prohibitive policy regarding cryptocurrency companies risks creating a brain-drain among India’s cryptocurrency and blockchain specialists.

Mr. John stated “We are having talented people and companies from the blockchain space move out of India. There are enough countries out there who realize the importance and want to take a lead in the blockchain ecosystem.” Mr. John added that “Companies moving abroad is not a new trend but the regulatory complexities faced by blockchain companies have accelerated [the trend].”

A number of other jurisdictions perceived to be hubs of innovation within the cryptocurrency and finance sectors have also been cited as popular destinations among India’s migrating crypto industry, including Singapore, Switzerland, the United Kingdom, and Japan.

Do you agree that the RBI’s policies will lead to a ‘brain-drain’ among professionals specializing in the breakthrough industries of cryptocurrency and blockchain? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post RBI Crackdown Triggers Migration of India’s Cryptocurrency Industry appeared first on Bitcoin News.

Source: Bitcoinnews.com

Everything You Need to Know About ASKfm 2.0 Before Its Public Sale

ASKfm, the largest Q&A social network in the world, is moving the decentralized economy forward by tokenizing social interactions. Here’s everything you need to know about the project — currently undergoing a private token sale — before the ASKT sale is opened to the public.


What is ASKfm?

In its current state, ASKfm’s is a platform on which individuals are the primary asset in a new decentralized economy built on a new system of values. Now, ASKfm aims to be the first incentivized, decentralized Q&A social network, in which users may ask questions, answer questions, and receive cryptocurrency rewards for high-quality content.

The platform draws many parallels to traditional social networks, as it allows individuals to easily communicate, gain experience, and share knowledge with one another — without fearing any awkward confrontations.

However, ASKfm is about more than simply asking and answering questions. In essence, it’s a place for people to learn from interesting people, grow and develop as individuals, improve social skills, and increase self-confidence through secure and moderated peer-to-peer interaction.

ASKfm’s mission, in a broad sense, is to assist in the sharing of knowledge, opinions, and experience openly and independently. In doing so, the project aims to redefine the ways of both modern communication and modern learning on a global scale.

The next stage of the project, ASKfm 2.0, will present a high-quality user-generated content Q&A social network based on blockchain technology which connects users to the people who are most likely to help solve their problems.

The platform is centered around an educational aspect that will enhance the user experience with a series of incentive-based challenges that will include tutoring, online courses, and other informational activities.

How Does it Work?

How Does it Work?

The ASKfm platform is powered by its own internal cryptocurrency (ASKT).

Users who hold ASKT tokens are permitted to ask a question on the platform while also bidding a certain amount of tokens. The user being asked may choose to either answer the question or to decline. The quality and accuracy of the answer provided are then validated by independent moderators from within the community.

Everyone involved receives some form of benefit from the knowledge transaction, and users are rewarded for creating high-quality content — completely independent of advertising revenue. Explained by ASKfm 2.0 CEO Maksym Tsaryk:

We are settling our high-loaded blockchain Q&A platform — that’s why we are introducing a new cryptocurrency token not on a whim but out of conceptual necessity. Blockchain opens a path to democratic environments, to self-regulating economic models governed by market laws and mechanisms.

ICO

Those looking to participate in ASKfm’s high-profile Initial Coin Offering (ICO) should keep a close eye out for coming announcements, as the pre-sale and main sale dates currently remain unconfirmed. However, the platform’s private sale is already underway.

During the span of the ICO, 50 percent of ASKfm’s total 2 billion ASKT tokens will be offered to both investors and potential users — at the price of 0.1 USD per 1 ASKT.

Interested parties may learn more about the project, follow its industry-leading team, and peruse the details on ASKfm’s official website askfm.io. They’d also be wise to keep a lookout for further insights regarding the ICO release schedule and distribution mechanics.

What do you think of ASKfm’s plans to create a new decentralized economy of knowledge sharing? Are you interested in participating in the high-profile ICO? Let us know in the comments below!


Images courtesy of ASKfm, Shutterstock

The post Everything You Need to Know About ASKfm 2.0 Before Its Public Sale appeared first on Bitcoinist.com.

Source: Bitcoininst

Ukraine Securities Chairman Wants To Legalize ‘Several’ Cryptocurrencies

Ukraine may begin formal procedures for legalizing cryptocurrency after its securities chief said the world had already crossed the “point of no return.”


“The ‘Point of No Return’ Is Already Passed”

In a speech to the International Organization of Securities Commissions (IOSCO) on May 8th, Timur Khromaev, chairman of Ukraine’s National Securities and Stock Market Commission (NSSMC) and head of the Committee on Development Strategy and Economic Analysis of Stock Market, said cryptocurrency “will become an indispensable part of economic and financial relations.”

“The ‘point of no return’ is already in the past… financial regulators need to address issues (cryptocurrencies’) status, activity, and its consequences when creating adaptive and legal/ normative declarations,” he said, summarizing his words on Facebook.

Ukraine

Ukraine has produced a mixed tone on the topic of the civil use of Bitcoin and altcoins in recent times.

The central bank has been considering a digital version of its national currency, the hryvnia, and formed a dedicated oversight group into cryptocurrency in January this year.

At the same time, revelations about politicians’ personal Bitcoin holdings, which were revealed last year to have reached hundreds of millions of dollars, sparked contention.

Parliament To Debate Legalization

For Khromaev, however, time is too short to wait for international regulatory standards, and national-level legal frameworks should instead be put in place.

Kiev, Ukraine

He will raise the possibility of doing so at the next meeting of Ukraine’s Financial Stability Board.

Khromaev concludes:

All things considered, I reckon it is highly prudent to look into the issue of recognizing several crypto assets… as a financial instrument, formulate paths to allow interaction with them and begin procedures on creating suitable legal frameworks.

If the plans see the light of the day, Ukraine’s crypto policy would diverge significantly from Russia, where authorities have hinted on usage restrictions as part of a package of laws due for release in July.

What do you think about Ukraine’s plans for cryptocurrency? Let us know in the comments below!


Images courtesy of Pixabay and Bitcoinist archives.

The post Ukraine Securities Chairman Wants To Legalize ‘Several’ Cryptocurrencies appeared first on Bitcoinist.com.

Source: Bitcoininst

Who Is Adam Back? About the Blockstream CEO

Who is Adam Back?

For crypto-enthusiasts, the Bitcoin white paper has become the stuff of legend. In it, Satoshi Nakamoto outlined the concept of a blockchain and launched a revolution in the way data gets stored and transacted. While Satoshi’s identity remains obscure, the white paper does mention another name of a very real person: Adam Back. Satoshi cites Back, and the Hashcash protocol Back invented, as early influences on Bitcoin’s proof of work algorithm.

adam back twitter

Back is a well-known British computer scientist and cryptographer. Since 2014, he has been the CEO of Blockstream, a leading Bitcoin development company that employs many of the Bitcoin Core development team. Both historically and currently, Back is an important figure in crypto, but most people don’t know much about him. This article gives a brief introduction to Adam Back and the role he’s played in the cryptocurrency space.

Early Days

Adam Back’s early career, in the 1990s, focused on the intersection of cryptography and computer science. Back earned a Ph.D. in computer science from the University of Exeter. His early work on privacy and encryption came while working at a company called Zero Knowledge Systems. While there, Back worked as a consultant to Nokia on the feasibility of using electronic cash for mobile phones.

In 1997, Back developed the idea and wrote the code for Hashcash. Hashcash is an early application of proof-of-work that makes it difficult for spammers to send millions of emails. The Hashcash protocol required the sender to compute a valid header for the email message before sending. This proof-of-work computation was simple and required less than a minute for the sender’s computer, not enough to inconvenience anyone. However, for spammers who relied on sending millions of emails, Hashcash made spamming much more computationally expensive.

Researchers in the 1990s and early 2000s were thinking about digital peer-to-peer currency as well. During that time, Nick Szabo proposed Bit Gold and Back proposed his own B-money solution, both of which used computational effort to prevent double spending. However, neither was able to effectively address the problem of inflation, especially in a system that rewards users for creating new blocks and new coins.

Talking to Satoshi & Getting Cited in Bitcoin White Paper

Of course, someone (or a group of people) would soon figure out the challenge of regulating the supply and frequency of coin issuance in the Bitcoin white paper. Back’s name appeared in the white paper as the creator of Hashcash and an influence on Nakamoto’s thinking. Nakamoto reached out to Adam Back in 2009 for more information about Hashcash and his thoughts on whether the protocol could apply on a much larger and complex scale.

hashcash proof of work

Back never suspected that Nakamoto was a pseudonym and never met Nakamoto in person. Although Back followed along with Bitcoin’s progress, he did not contribute to the Bitcoin source code. Still, his name appears in the white paper and he was among a small group of people who’ve actually communicated with Nakamoto.

Starting Blockstream

The idea for Blockstream, Back’s current for-profit company, came in 2013. Back believed there wasn’t enough progress being made on Bitcoin infrastructure to prepare it for enterprise use. There also wasn’t much commercial support for such work on the protocol level.

Blockstream raised a round of seed funding for $21 million in 2014, led by Reid Hoffman (co-founder of LinkedIn, early investor in Facebook, Airbnb). In their 2015 Series A funding round, Blockstream raised an additional $55 million led by Hong Kong billionaire Li Ka-Shing.

Over the past several years, Blockstream has gained momentum as a leading developer on the Bitcoin Core. They’ve hired several Bitcoin Core developers onto the Blockstream internal team. The company is Canadian based, but the team is distributed around the world. Adam Back serves as CEO, and he lives in Malta.

Blockstream was involved in the development of the Lightning Network. They’re also developing their own liquidity solution aimed at exchanges known as the Liquid Network. Additionally, Blockstream operates a satellite that broadcasts the Bitcoin blockchain down to Earth around the world.

Too Much Power?

Opinions on Blockstream, and therefore Adam Back, are mixed within the Bitcoin community. On one hand, Blockstream has ardent fans and the allegiance of many of the Chinese mining operations. On the other hand, Reddit and other social media users have few good things to say about the company. This ill will mostly comes from the debate over Bitcoin block size and attempts to grow Bitcoin’s scalability.

Former head of the Bitcoin Foundation, Gavin Andresen, argued for an increase in the block size multiple times over the past few years. He even went so far as to build an open source version of Bitcoin where the block size is increased. While much of the community is in favor of a size increase as an answer to scalability, several Bitcoin Core developers, including employees at Blockstream, have resisted implementing the change, citing computing resource concerns with larger blocks.

Some have argued that Blockstream hiring many Core developers has given the company too much power. Critics claim that Bitcoin is now a centralized institution, controlled by the Blockstream development team. This is a serious allegation and a major concern if true.

Blockstream is no doubt influential, but allegations of a complete takeover are probably exaggerated. A recent analysis from WhaleCalls found that only 12% to 20% of changes to the Bitcoin source code come from Blockstream developers. While that’s significant, it’s not exactly a takeover. That said, Blockstream does like to throw its weight around, and it’s worth keeping an eye on the company and Adam Back for more developments.

Conclusion

Adam Back has a long history with Bitcoin that dates all the way back to protocols he wrote in the 1990s. He was an influence on Nakamoto, and he continues to be influential in the Bitcoin community today as the leader of Blockstream. While much of the criticism leveled at him and Blockstream has been unfair, it’s still reasonable to say his company plays a big role in Bitcoin development. With such power comes great responsibility–and internet anger.

The post Who Is Adam Back? About the Blockstream CEO appeared first on CoinCentral.

Source: Coin Central

‘BITCOIN JESUS’ predicts THIS CRYPTO will be more valuable than Bitcoin by the end year

Bitcoin will soon lose its place as the world’s most valuable cryptocurrency, according to one of the earliest advocates of the digital currency.

Roger Ver, whose involvement in the space since 2011 has earned him the moniker ‘Bitcoin Jesus’, believes technologically superior cryptocurrencies like ethereum and bitcoin cash will see massive gains in the coming months and years.

A significant surge in their value will likely correlate with more modest gains for bitcoin, according to Mr Ver, leading to what analysts have termed “The Flippening” – the point in time when bitcoin no longer the cryptocurrency with the highest market capitalization.

“I see it happening, and I believe it’s imminent,” Mr Ver told The Independent. “Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before…

Continue reading at INDEPENDENT

Questions Loom as Bytecoin Pumps 1000% with Major Exchange Listings, Dumps after Network Trouble

What’s the Deal with Bytecoin?

Bytecoin, the original CryptoNote currency that spawned several other projects, most notably Monero, is back in the news. After being added to Binance and Poloniex this week, the price surged a staggering 1000% on Binance before crashing back down a few minutes later. This price appreciation was followed by a near network-wide gridlock that shutdown the coin’s wallet and withdrawal/deposit access on all platforms.
Since then, the price on both Poloniex and Binance has gone into free-fall. Traders and members of the crypto community are decrying the rise and fall as a pump-and-dump and the failure to move or trade coins as a scam perpetrated by the Bytecoin team, Binance, or both. CoinMarketCap shows no price for the coin currently, citing wallet issues and network maintenance.
CoinMarketCap Bytecoin Crash
The official Bytecoin Twitter account released this statement regarding the outage during the time of the crisis.
 
Binance, HitBTC, and Poloniex all released similar statements, conveying that withdrawals and deposits were on hold until they resolved the network issues. 
 
Before this week, Bytecoin’s trading volume across the several small exchanges it is available on was a paltry $8 million. Very little of the coin changed hands, which explains the rush of buying and selling upon its introduction to major exchanges. Two days later, the trading volume of BCN had rocketed to $600 million. Unfortunately for traders who had never heard of the coin (hint: most of them), many of them were caught in one of the more egregious pump-and-dumps we’ve seen this year.
 
As with nearly every pump-and-dump, wallet issue, or exchange service interruption, angry users flooded the exchange announcement with replies. Stories of lost funds, cries of insider trading, and links to endless support tickets regarding stalled transactions abounded from those who fell victim to the dump. Interspersed with these pleas of victimhood, though, were the trollings and celebrations of those who managed to profit from the pump.

The Fix is In

About 24 hours later, the Bytecoin team released an update to the Bytecoin software and claims that all exchanges should now be able to integrate the new software to bring wallets back online (if you are running bytecoind, get the new software here). They deny allegations of collusion with Binance and hold that they have no control over price or trading activity on the exchange, apologizing to all users who lost funds during the wild price surge.
The team released an official review of the network issue, citing a sudden influx of miners using outdated software as the source of the problem. This led to longer transaction times and aggravated a bug in the coin’s consensus code that brought the system to a crawl. No fork or split occurred, and no funds were lost.
 
In the review, Bytecoin’s spokesperson highlights the major milestone that the addition of BCN to major exchanges is for the project, thanks users for their patience and understanding, and acknowledges the help of miners from the Monero community who offered to redirect mining power to Bytecoin to assist in stabilizing the network.

A Questionable History

This is not the first time Bytecoin has had its legitimacy called into question.
Released as far back as 2012, the early days of Bytecoin are a mystery and some (including Monero’s lead developer, fluffypony) claim to have proof that as much as 80% of the total BCN supply was pre-mined by a couple dozen unknown individuals before the software was released to the public. Fluffypony posted this theory to the Monero subreddit in 2015 with what appears to be proof, or at least sound logic. The complaint has haunted Bytecoin since, with very little price action or observable real-world use since then.
More recently, Bytecoin was notably one of the only CryptoNote coins that failed to update its software to fix a security flaw discovered in the CryptoNight hashing algorithm, which may have permitted anonymous coin minting contrary to Bytecoin’s capped supply. Meanwhile, Monero and other major CryptoNote coins made changes with haste. Since the public disclosure of the vulnerability in May of 2017, this issue may have been addressed by the remaining CryptoNote coins but was not at the time of release, calling into question whether unknown attackers could have exploited these coins in the mean time.

Does Bytecoin Have a Future?

Bytecoin hasn’t hung up its hat quite yet. They have a roadmap, semi-active development, and the team seems to be plugging along building what they claim to be a solid privacy coin. Now that BCN is listed on several large exchanges, we may well see Bytecoin live on to fight (or pump) another day. If the cryptocurrency space has taught us anything so far, it’s that traders, especially new traders, have short memories and are willing to buy just about anything based on a well-worded blog post and the promise of light (no matter how artificial) at the end of a tunnel.
If you’re hodling BCN or simply watching the circus in amusement, keep an eye our for future shenanigans. We definitely will.

The post Questions Loom as Bytecoin Pumps 1000% with Major Exchange Listings, Dumps after Network Trouble appeared first on CoinCentral.

Source: Coin Central

Tipping Point Gala Accepts Crypto Donations, Raises $14 Million

Tipping Point Gala Accepts Crypto Donations, Raises $14 Million

A gala held by Tipping Point, a non-profit organization that seeks to invest in efforts aimed at breaking the poverty cycle in the San Francisco Bay Area, has raised more than $14 million USD. The gala comprises the time that Tipping Point has accepted cryptocurrency donations, with the event being attended by the respective chief executive officers of Coinbase, Ripple Labs, and Pantera Capital Management.

Also Read:  A Brief History of Hidden Messages in the Bitcoin Blockchain

CEOs of Cryptocurrency Companies Attend Tipping Point Gala

Tipping Point Accepts Crypto Donations at Gala, Raises $14 MillionTipping Point has raised over $14 million during a gala in San Francisco that saw the non-profit accept cryptocurrencies for the first time. As such, the event saw attendance from many leading figures from the cryptocurrency sector.

“It’s great to see in the Bay Area because this is all about making sure that wealth is getting to people who need it most, and this helps lubricate that goal,” said Chris Larsen, the chief executive officer of Ripple.

“It’s a productive and worthwhile application from a nonprofit that’s driven by some of the most innovative minds in San Francisco,” said Dan Morehead, the CEO and founder of Pantera Capital Management.

“I think a lot more charities will be accepting crypto in the future,” said Brian Armstrong, the CEO and co-founder of Coinbase.

Donors Give ‘Crypto Gifts’ at Gala

Tipping Point Accepts Crypto Donations at Gala, Raises $14 MillionTipping Point spokeswoman, Marisa Giller, has indicated that all “crypto gifts” received will be converted into fiat currency and spent within the next financial year. Cryptocurrency donations were encouraged through a page in the event’s programme hosting QR codes facilitating donations in the form of BTC, ETH, and XRP.

“Trust me, no one is doing this in New York yet,” auctioneer Lydia Fenet stated of the cryptocurrency donations accepted by Tipping Point.

Cryptocurrency Drives Innovation Among Charities

The cryptocurrency revolution has inspired numerous innovative fundraising efforts on the part of charities and non-profit organizations.

Tipping Point Accepts Crypto Donations at Gala, Raises $14 MillionIn recent weeks, Unicef Australia launched The Hopepage – a website that the company states will “allow Australians to provide help and hope to vulnerable children by simply opening the page while they are online.” The Hopepage uses Authedmine, an opt-in version of Coinhive’s API to divert donors’ computing power to mining XMR on behalf of the organization.

News.Bitcoin.com also recently covered ‘eat BCH’, a charity using Bitcoin Cash donations to relieve hunger among Venezuelan children and citizens.

Have you ever donated cryptocurrency to a charity, organization, or random stranger on the internet? Share your experiences in the comments section below!


Images courtesy of Shutterstock, Tipping Point Community, Bloomberg


Need to calculate your bitcoin holdings? Check our tools section.

The post Tipping Point Gala Accepts Crypto Donations, Raises $14 Million appeared first on Bitcoin News.

Source: Bitcoinnews.com

Warning: This Wallet App is Stealing Bitcoin

Electrum, the popular Bitcoin wallet, has released proof that a copycat wallet is stealing users’ bitcoins. According to Electrum, the malicious knockoff, Electrum Pro, is designed with malware to hijack private seed keys. The platform is urging users to be wary of the fake bitcoin storage service.


Electrum vs. Electrum Pro Bitcoin Wallet

The development team at Electrum has since been trying to alert users to the possibility that Electrum Pro is a fake. According to Electrum, the counterfeit platform has been cloning its brand image, even going as far creating a website on the dot-com domain. (In the interest of security, we will not link to the copycat site.) However, the official Electrum site is on the dot-org domain. Electrum also alleges that the knockoff platform has been claiming to be a fork of the Electrum project.

In April, Electrum alerted users to the fake platform via a tweet. The fact that the counterfeit service chose to use their brand name without permission raised red flags. The team then set about trying to prove its suspicions and has finally done so as seen in a recent GitHub document.

Proof of the Bitcoin Stealing Malware

On May 8th, Electrum posted a tweet declaring that they had evidence that Electrum Pro was a malicious copycat platform. Also, the team published the hash of the alleged fake wallet with independent verification from archive.org and Virus Total. In the GitHub document detailing the elaborate scam, the Electrum Pro wallet appears infected with a malware that steals the private seed key of users. Seed keys are cryptographic keys that grant access to the bitcoins stored in a wallet across multiple addresses. Seed keys are usually mnemonic phrases.

When a user manages any of their Bitcoin addresses via Electrum Pro, their seed key is automatically hacked and sent to the fake electrum.com domain. Once this happens, an unauthorized person can access the user’s funds and steal all the bitcoins in the wallet.

The platform also advises users who have inadvertently used Electrum Pro to delete the program and move their bitcoins immediately. Electrum users are urged to avoid downloading binaries from unofficial sources to prevent becoming victims of scams like Electrum Pro. Thus, it is best to visit the official platform website when downloading executables, binaries, and other software programs.

Do you know of any other malicious cryptocurrency wallet platform? Let us know in the comments below.


Images courtesy of Twitter/@ElectrumWallet and Pxhere.

The post Warning: This Wallet App is Stealing Bitcoin appeared first on Bitcoinist.com.

Source: Bitcoininst