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GENEXI: A Platform for Business Solutions

 

Q1 2017 Aleksei Zheliaskov, a serial entrepreneur who has built multiple successful companies in financial and real estate sector, founded GENEXI Biotech Accelerator and outlined its main business vector – supporting cutting-edge biotech projects and rewarding innovative research scientists who have dedicated themselves to the industry different from the conventional life-science paths.

Q3 2017 Mr. Zheliaskov formally announced the launch of sustainable, innovative ecosystem based on blockchain technologies – GENEXI Platform. GENEXI Platform is a niche digital space with a set of high tech solutions, through which manufacturers, distributors, and retailers can interact with each other by minimizing fraudulent activities of participants. Here blockchain helps to energize and unlock the sharing economy by making it cheaper to create and operate an online platform. The potential shake-up would significantly speed up transactions and increase transparency. Through GENEXI platform, biotech producers can focus on expanding sales of their existing products and significantly cut the production and distribution costs by creating mutually beneficial partnerships with distributors through multiple channels of interaction. The ecosystem is designed with security in mind so that no digital signature keys are stored in it.         

The platform unites biotech producers, distributors, retailers, and end-consumers in one blockchain solution based globally operating Ecosystem. All transactions are recorded; location, quality, price, and other data is visible to all concerned parties. Utilizing the powers of the platform, a biotech producer can focus on development and production, significantly cutting the costs of marketing and consulting, and attract multiple distributors without having to establish a wide range of products first. At the same time, distributors and retailers will also gain advantages by obtaining access to a growing number of cutting-edge biotech-product within the GENEXI QA Control System. The GENEXI leadership reckon that platform users will benefit from both security and transparency, like payments, funding, monetization, and contract enforcement. Blockchain technology can enable frictionless monetization of content to better compete with pirates. Now the GENEXI team is focused on developing new marketplace functions: ‘We plan to activate the first platform iteration before the token sale is finished. The solutions will help platform users and our partners make a wise investment and budgeting decisions,” commented Ecosystem designer Dennis Sarkar.

All the transactions within the ecosystem will be processed via smart-contracts, thus preventing the necessity of middle-men and third-party services and vastly reducing the risk of fraud, all resulting in a significantly lower end price. In case of dispute, the parties can appeal to an Arbitrator for resolution. “Business rules are the same worldwide. Trust is a foundational element of business. A growing percentage of companies change their business methods and integrate blockchain, where there are no third-party intermediaries, no corporate manipulations, no unnecessary complexity,” noted GENEXI founder Aleksei Zheliaskov.

On June 1, 2018, GENEXI launched the sale of its utility token, GEN, which is essential for operating in GENEXI Ecosystem. GENEXI created ERC-20 GEN token to function as the fuel for the system economy. With the growth of the producers and distributors, the GEN token will become a multi-functional tool within the global market, allowing new participants to join the sharing economy of GENEXI. GEN token will let users procure various services and buy the products of projects that have been successfully launched within the platform. The main objective of GEN is value creation, and to make that happen, there needs to be a specific linkage between user actions and the resulting effects.

GENEXI Foundation, within a wide range of high-level biotech specialists to provide manual heuristic analysis for most detailed venture assessment and prognosis, is an essential part of the whole Ecosystem. GENEXI has established a partnership with leading research labs, institutes and scientists to select the most promising projects with the highest expected return rates. According to the founder, the mission is to establish a community and become the industry leader in biotech drug development driven by scientific vision and clinical acumen and supported by a distinguished clinical development team and advisors in order to research and manufacture medicine that is used in the treatment of various diseases.

Along these lines, GENEXI Platform is an innovative solution provided by the GENEXI Dev Team for the e-commerce market in order to support GENEXI Ecosystem development. Blockchain exhibits the potential to cut out energy companies, energy traders, and payment providers, making the system less costly and more efficient. GENEXI platform has a knowledge base about the products and participants. “All information and functionality will be available to users on the platform interface and through a mobile application. No special knowledge and expertise are required to work with Ecosystem,” says Alexey Nosikov, the Head of Operations in GENEXI.

“Today, people can be sorted into two camps: conservatives who deny the new technology and those who see the future clearly. Blockchain will fundamentally transform the business world. This isn’t even the future anymore — it’s our present. That is why it’s so important for entrepreneurs not to miss their chance and to get ready for this new reality in time”, announced the president of GENEXI Aleksei Zheliaskov.

The project’s ICO will last two months, until July 31, 2018. Over this period, GENEXI plans to raise 20 to 70 million US dollars. Twelve billion GEN tokens were issued in total, 70 percent of which will be available as part of the initial offering. Funds raised will go toward issuing grants to promising biotech projects, as well as toward research and development of the ecosystem and biotech products.

More information about the project is available on its official website: https://genexi.io/

Whitepaper: https://genexi.io/WP.pdf

Telegram: https://t.me/genexi_eng

Facebook: https://www.facebook.com/GenexiAccelerator

Twitter: https://twitter.com/Genexi_bio

 

This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: BTC Manager

Ripple CEO Believes Bitcoin May Face Similar Fate To Napster

Brad Garlinghouse, CEO of Ripple, believes that Bitcoin’s influence on the cryptocurrency market could end very soon and that the leading crypto is not destined to become a global currency.

Although cryptocurrency prices are currently linked to bitcoin’s prices, Garlinghouse is convinced that it could end very soon as the market learns the differences and use cases behind these digital tokens.

“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies,” said Garlinghouse to CNBC at the Power Lunch on May 30, 2018. “It’s early, over time you’ll see a more rational market and behaviors that reflect that.”

Garlinghouse also stated recently that he thinks bitcoin will not become a global currency. The Ripple CEO stated to reporters at Money 20/20:

“I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems. Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”

The San Francisco-based company is currently developing a decentralized blockchain-based network to facilitate faster global financial payments. According to CNBC, the company hit significant milestones in its first quarter after signing 20 production contracts with new companies. On May 30, 2018, Ripple also signed a deal with the largest bank in Kuwait to test the company’s token for cross-border payments.

Ripple Token Considered a Poor Performer in Crypto Markets

However, despite these achievements, the Ripple token lost 70 percent of its value and was considered a poor performer compared to other cryptocurrencies on top of the leader board. Though, it wasn’t just the Ripple token that experienced significant declines. The cryptocurrency sector had an extremely bearish market with the market capitalization of the whole cryptocurrency industry falling more than 50 percent.

“It’s still a nascent industry, the speculation in the market dominates the trading activity,” said Garlinghouse. “I think it’s a matter of time until people understand the different use cases.”

Although there are currently more than 1,500 cryptocurrencies, Garlinghouse believes that over 99 percent of these digital assets will no longer exist in the next ten years. “There’s gonna be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out,” said Garlinghouse.

Cryptocurrencies and Securities Regulation

Garlinghouse also spoke to CNBC about cryptocurrencies in regards to securities regulation in the US. SEC Chairman Jay Clayton announced in March that all initial coin offerings (ICOs) constitute as securities, however, Garlinghouse believes that the Ripple XRP Token should be classified differently.

“If you own XRP, you don’t own rights to the profits or any dividends to the company,” said Garlinghouse. “XRP has real utility.”

Garlinghouse, however, noted that while some cryptocurrencies have no proven use cases, others have launched ICOs to scam and cheat investors. The CEO of Ripple believes that intervention by regulators to protect retail investors are important and recognizes that not all tokens are frauds and that many, have real utility.

“The SEC is getting involved as they should because there have been frauds committed,” said Garlinghouse. “We have been advocate of yes the government should get involved, the government should be protecting investors and companies, but there’s also examples of real utility.”

The post Ripple CEO Believes Bitcoin May Face Similar Fate To Napster appeared first on BTCMANAGER.

Source: BTC Manager

Kryptono Exchange to Reward Top Traders this June with Xtrade Competition

New world-class cross-blockchain cryptocurrency exchange platform with fiat conversion feature to open for public trading this June.

To celebrate its official launch for public trading on June 1, 2018, cryptocurrency exchange Kryptono has announced that it will be holding a trading competition named XTrade. The top 10 traders with the highest trading volumes on the Kryptono Exchange between June 1 to June 12 12:00 PM SGT (UTC+8) will receive attractive prizes based on their ranking.

Rank #1:                                 2018 Lamborghini Huracan – or $230,000 USDT equivalent

Rank #2:                                 2018 BMW M3 – or $66,500 USDT equivalent

Rank #3:                                 Scrambler S motorbike – or $6,995 USDT equivalent

Rank #4 to Rank #10:           10,000 KNOW for each rank

*Trading volumes to be determined in BTC equivalent, based on applicable conversion rates published on Kryptono Exchange. Winners of the event will be contacted directly by the Kryptono Exchange team. Prizes will be distributed within 30 days after the competition has ended. The Kryptono Exchange team retains all rights to manage and modify rules or terms to ensure fairness throughout the competition.

Kryptono is a new world-class cross-blockchain crypto-to-crypto exchange with an additional P2P fiat conversion feature, on which users can buy and sell crypto with fiat currency via a peer-to-peer network within its community. The native token used in the Kryptono Exchange is called KNOW, which can be used to pay for the transaction fees on the Kryptono Exchange at a discounted rate. BTC and ETH will also be accepted to pay for transaction fees at standard rates.

In April 2018, Kryptono’s Telegram community attracted massive interest from potential users, reaching 50,000 followers within 48 hours of its release of the project’s whitepaper. This makes it one of the fastest growing communities for an upcoming blockchain project ever.

The team behind Kryptono Exchange had identified major issues from existing exchanges. These include the lack of proper security procedures and processes in place to safeguard users’ assets, and the lack of systematic and machine intelligence systems to prevent the price manipulation of illiquid cryptocurrency in order to safeguard user’s portfolio’s values. To address these shortfalls, the team developed Kryptono Exchange. 

William H. Nguyen, Ph.D., Founder, and CEO of Kryptono Exchange, said: “We would like to thank all of our supporters and we hope to express our appreciation to our traders via this Xtrade competition campaign. We are gearing up for the platform to be open for public trading on June 1st and we are excited to see everyone.”

Join Kryptono Exchange now at https://kryptono.exchange!

Kryptono Lucky Draw: One Million Dollar Prize Pool For Kryptono Enthusiasts

From 2:00 PM June 1st to 8:00 PM June 25 SGT (UTC+8), traders who TRADE on Kryptono Exchange and qualify the minimum number of trades, will receive a slot in our Daily Lucky Draw.

Every day during the promotion period, there will be four rounds of Lucky Draw. Each Round will be at 2:00 PM, 4:00 PM, 6:00 PM and 8:00 PM. Each Lucky Draw Round contains:

  • Three random prize drawings: $1000 each in KNOW – Slot received if you make more than 20 trades,
  • Ten random prize drawings: $500 each in KNOW – Slot received if you make more than ten trades,
  • 20 random prize drawings: $100 each in KNOW – Slot received if you make more than one trade.

There are a total of four Lucky Draw Rounds each day – $10,000 each round; $40,000 each day for 25 days straight. ALL FOR YOU TO WIN!

*Trade count is reset daily. Trade every day during the contest period to have more chances to win!! Kryptono Exchange team reserves all rights to manage and modify rules or terms to ensure fairness throughout the Lucky Draw period.

In addition to the XTrade trading competition and Krytono Lucky Draw, Kryptono would also like to show their appreciation for all supporters and users. The first 50,000 users who sign up on Kryptono Exchange will receive a reward from 50 KNOW tokens.

For more details of our promotions, please click here.

About Kryptono Exchange

Kryptono Exchange is a new world-class cross-blockchain full crypto-to-crypto exchange with P2P fiat conversion feature, where users can buy and sell crypto with fiat via a peer-to-peer mechanism within our Kryptono community. The exchange places emphasis on security and protection of users’ assets and has the advantages of a crypto-to-crypto exchange while allowing users to buy and sell crypto with fiat via a peer-to-peer network.

For more information, please visit:

Exchange Platform:    https://kryptono.exchange

Telegram Group:        https://t.me/kryptono

Medium:                      https://medium.com/@kryptono

Facebook:                   https://www.facebook.com/groups/204065586873805/

For media queries, please contact:

Celeste Kwon

Chief Operating Officer

Kryptono Exchange

E: celeste@kryptono.exchange

Telegram: https://t.me/everosy

Benjamin Tan

Account Manager

Black Dot

E: benjamin@blackdot.sg

M: +65 9770 4718

 

This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: BTC Manager

Vermont Issues Cease and Desist Order to LevelNet as Operation Cryptosweep Gathers Pace

“Operation Cryptosweep” is a joint probe by American and Canadian Securities regulators aimed at tackling fraudulent Initial Coin Offerings (ICOs) has scored a major takedown. On June 4, 2018, the Vermont Department of Financial Regulation (DFR) issued a cease and desist order to the cryptocurrency startup LevelNet based in Irving, California for violating several clauses in the Vermont Uniform Securities Act in the course of its ongoing ICO.

Unfounded and Unrealistic Expectations

Stephanie Brackin, an Information Management Officer at the Vermont Department of Financial Regulation, confirmed the takedown, stating that LevelNet has been ordered to immediately stop advertising its ICO and doing business in the state of Vermont.

So named because of its focus on cryptocurrency ICOs, Operation Cryptosweep is a bilateral effort between the US and Canada that seeks to sanitize the ICO market and protect investors.

LevelNet

(Source: LevelNet)

A press release issued by the DFR states that the LevelNet ICO was flagged and investigated on account of the claims and promises it made to investors. Upon conclusion of the investigation, it was determined that LevelNet violated Vermont law by “deceptively advertising unfounded and unrealistic investment returns and failing to properly register the investment.”

As a result, LevelNet has been issued a ban on all advertising and business activities in the state of Vermont effective immediately. The move marks a new phase in the relationship between American authorities and the burgeoning ICO industry, as regulators move on from issuing warnings to potential investors to directly engaging with ICO platforms and cryptocurrency companies to make sure that they comply with existing laws.

While a China-style ban on ICOs and crypto-trading activities in the US remain extremely unlikely, this development is an indication that regulators across North America are now willing to wield their power to ensure that ICOs so not fall foul of the rules. That in itself might be a subtle hint that after years of uncertainty, American financial regulators are increasingly coming to think of cryptocurrencies and ICOs as a fixed and non-transient part of the financial landscape to be regulated instead of ignored.

Sweeping Vermont Clean

Operation Cryptosweep forms an important part of a bilateral financial law enforcement strategy by the North American Securities Administrators Association (NASAA). Under this framework, state regulators aim to crack down on the proliferation of fraudulent crypto-related investment schemes, at a time when an estimated 81 percent of all new ICOs are rated as scams.

The membership of NASAA is drawn from over 40 jurisdictions across North America, including Vermont. To date, Operation Cryptosweep has resulted in nearly 70 inquiries and investigations and 35 pending or completed enforcement actions related to ICOs or cryptocurrencies since the beginning of May 2018 alone. Speaking about Operation Cryptosweep, Commissioner Michael Pieciak stated:

“The rapid rise of Bitcoin has made Main Street investors aware and interested in cryptocurrencies and ICOs. Although many are legitimate offerings that are fully compliant with the law – many are not – and this order serves as a good reminder to exercise caution when considering investing in these products.”

The post Vermont Issues Cease and Desist Order to LevelNet as Operation Cryptosweep Gathers Pace appeared first on BTCMANAGER.

Source: BTC Manager

Ethereum Stats Show Protocol Is “Most Decentralized Blockchain Platform”

In a recent blog post on June 1, 2018, ConsenSys, a blockchain software technology company, collated Ethereum’s data and its total impact on the blockchain ecosystem. The company exclusively builds dApps on Ethereum.

Social Media Giant

As stated, the word “Ethereum” was searched on Google more than 110 million times since its inception in 2015. Additionally, “#ethereum” gets tweeted 20,000 times daily on microblogging platform Twitter.

Regarding transactions, the ETH network has processed over 240 million since 2015, with an unprecedented 1.3 million transactions on January 4, 2018, alone.

Tx chart eth

(Source: Etherscan)

Ethereum’s Dynamism Noted

The smart contract platform was regarded as a “dynamic tool” for the blockchain ecosystem, due to the massive number of dApps and cryptocurrency projects built on its protocol. Of the top 100 largest tokens in terms of market cap, 94 cryptocurrencies are ERC20 tokens. Additionally, 87 percent of the top 800 tokens on CoinMarketCap are based on Ethereum.

Undeniably, dApps are the technology’s unique selling proposition, with a total of 1,552 projects already built on the platform. The blog stated:

“For the future of cryptocurrency and decentralized networks in general, Ethereum will play an important role in the development of the next stage of the internet — Web 3.0.”

Over 240,000 Developers Working on Protocol

The protocol has unarguably the most significant developer community amongst all cryptocurrency projects, with an estimated 250,000 developers working on its maintenance. The blog noted that Truffle, an ETH development framework, exceeded 200,000 downloads in October 2017. Further, over 220,000 Ethereum commits and 14,000 repositories have been cited on GitHub.

Popular browser extension MetaMask, which allows users to run Ethereum dApps without running a full node, exceeded 1 million users on February 9, 2018. The blog concluded:

“Governments worldwide looking to utilize blockchain technology have largely used Ethereum. Brazil this year decided to place petitions on the coin’s network.”

The statement was made in regards to several countries using Ethereum’s framework to build their own functions. In Canada, Ethereum is being tested as a platform to ensure citizens can appraise corruption in government grants. Zug, a small but affluent city in Switzerland, is building a platform to offer digital IDs to citizens, and Chile tracks energy grid data using it.

Critics Shed Light on Findings

Interestingly, ConsenSys builds dApps exclusively on the platform, in addition to holding a large number of full nodes on the Ethereum network. Thus, the findings display vested interests for the blockchain company, with several critics uncovering the network’s fallacies.

While the company prides itself on Ethereum’s 17,000 full nodes, critics called out against using them as a measure of decentralization:

In addition, Ethereum’s top dApps did not impress some industry observers:

The impact of CryptoKitties on the network in December 2017 was also satirically called out:

The post Ethereum Stats Show Protocol Is “Most Decentralized Blockchain Platform” appeared first on BTCMANAGER.

Source: BTC Manager

HitBTC Cryptocurrency Exchange Stops Servicing Japanese Residents

The regulatory wars continue. The eighth largest crypto exchange in the world by traded volume, HitBTC, has barred Japanese citizens from using its platform citing regulatory issues.

Goodbye Japan

According to a blog post by the firm on June 3, 2018, the HitBTC team has made it clear its effort towards getting approved by the nation’s regulatory authority is yet to be successful, and it feels the best move to make is to suspend offering its services to Japanese cryptocurrency traders.

“We would like to thank all our customers from Japan for your support and loyalty. Being among the industry leaders means not only developing outstanding technology to contribute to the industry growth but also an incredible level of responsibility,” the HitBTC team wrote, adding “Bearing in mind extensive regulatory approvals we are yet confident to restart the business very soon.”

Of a truth, Japan has been quite a friendly region for all things bitcoin and cryptocurrency. However, the regulatory authorities were forced to increase regulatory oversight in its cryptosphere after a series of ugly heists and cases of fraud, hit some digital currency exchanges in the nation.

HitBTC Wants to Abide by Regulations, to Open Japanese Subsidiary

Back in April 2018, Japan’s Financial Services Agency formed a study group that would formulate robust guidelines to govern its cryptocurrency industry, and new guidelines were highlighted by BTCManager in May. The members of the committee included the President and Representative Director of Money partners, Taizen Okuyama as well as key personalities from the Bank of Japan, the Consumers Affairs Agency, Ministry of Justice and the Ministry of Finance.

The five-point guidelines require exchanges to shy away from trading privacy-centric cryptocurrencies, shun all forms of insider trading and other corrupt practices, conduct proper KYC and AML operations amongst other requirements. “Without the necessary know-how, we’ve been feeling our way through the dark on how thoroughly we should check these different aspects,” an official of the FSA said.

At current it appears most cryptocurrency exchanges in Japan are finding it difficult to comply with the increased regulatory oversight in the nation. In April 2018, the highly reputable Binance exchange moved to the island nation of Malta due to regulatory challenges it was facing in Japan.

Interestingly, on May 2, 2018, BTCManager informed you that at least eight crypto exchanges requested a withdrawal of their crypto operations in the Asian nation since they felt the regulatory mountains is impossible for them to climb.

To comply with regulations, HitBTC is halting its operations until it can open a Japanese subsidiary, “Previously this year, HitBTC team started working with a worldwide-recognized Japanese law firm, the cooperation aimed to get HitBTC through the local subsidiary setup and licensing procedure to resume its services for Japan residents. The company is actively hiring for the local office and exploring M&A opportunities to expedite the launch of the Japanese operations in Q3 2018.”

HitBTC Not Safe Enough?

The exchange which claims to be the most technologically advanced cryptocurrency trading platform has been in the digital currency industry since 2013, run by Hit Techs Limited. There have been quite many complaints from users of the platform about the poor security level of the exchange resulting in loss of funds.

Back in September 2017, several users of the HitBTC exchange took to popular bitcoin forum, Bitcointalk to express their dissatisfaction over the services of the exchange. One particular trader, Eugene Moura, claimed to had lost all his cryptoassets on the platform even while he had active two-factor authentication (2FA) enabled.

In his words:

“I had 2FA login security activated, so only I can access my account. Suddenly, 16.09.2017 somebody logged into my account (email with login alert came after 1h from login). Somebody using IP address from Switzerland sold everything and changed it into BTC- 0.49, and he transferred it outside.”

In essence, it could be that the regulatory agency does not see HitBTC as a credible platform, hence their refusal to approve the exchange. While some exchanges are leaving the crypto-friendly nation, many other businesses are heading toward Japan.

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Source: BTC Manager

World’s First Bank-Backed Crypto Exchange Debuts in Japan

The Japanese financial services behemoth, SBI Group, announced the launch of its in-house cryptocurrency exchange on June 4, 2018, following months of anticipation and delays.

Delayed Plans

In May 2018, BTCManager reported that SBI was looking to open Japan’s first banked-owned cryptocurrency exchange. Delays slowed plans due to security concerns following the loss of $432 million by Coincheck when it was hacked in January 2018.

SBI

(Source: SBI)

The announcement named SBI Virtual Currencies Co. Ltd, a wholly-owned subsidiary of SBI Holdings as the corporate entity behind the new service called ‘VCTRADE.’ Further information later published also revealed that for the time being, the cryptocurrency trading activity available to users is currency pairs trading with Japanese Yen and Ripple (JPY/XRP).

“Starting With Ripple”

The company stated that VCTRADE is starting off exclusively handling Ripple (XRP), before subsequently expanding into Bitcoin (BTC) and Bitcoin Cash (BCH) respectively at an unspecified time in the future. More than 20,000 users who completed the pre-registration process already have access to the platform, while applications for ordinary account opening will be processed from July 2018.

According to SBI Group, the benefits offered to customers using VCTRADE to execute XRP trading include access to the industry’s lowest spread and a world-leading low-latency trading environment that uses the same matching engine as the NASDAQ. BTCManager has reported previously on the collaboration between SBI Holdings, and San-Francisco based Ripple through SBI Ripple Asia.

The partnership involved a pioneering payment technology using a blockchain infrastructure to affect international transactions. It was one in a string of collaborations between traditional financial institutions and blockchain tech startups that illustrates the growing reach of cryptocurrencies.

Banks and Crypto: A Growing Trend

Even as SBI Holdings becomes the first globally-recognized financial institution to launch its in-house crypto exchange, it is the latest in a series of announcements and actions that form a growing trend of mainstream adoption for cryptocurrencies and blockchain technology.

Between October 2016 and September 2017, SBI Holdings launched SBI Virtual Currencies and finalized all its paperwork with the Japanese Financial Services Agency (FSA). Around the same time in November 2016, it was reported that the West African Economic Union (UEMOA) was considering launching a bank-backed cryptocurrency in Senegal.

More recently in May 2018, Union Bank of the Philippines announced that it would increase its blockchain programmer workforce from 30 to more than 100 by the end of 2018, with a target of 20,000 in a few years time.

Silvergate Bank, though relatively unknown, is one such bank already reaping the benefits of the crypto-boom; the bank managed to double its assets to nearly $2 billion in 2017 by serving cryptocurrency exchanges. Silvergate works closely with Gemini, bitFlyer, and Kraken.

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Source: BTC Manager

Bitcoin Developers Unhappy as Microsoft Acquires GitHub

American software giant Microsoft has finalized a deal to acquire GitHub, a code hosting platform, for $7.5 billion in company stock. The official announcement was made June 4, 2018, almost an entire week after rumors surrounding the acquisition spread like wildfire. Since GitHub hosts the underlying code of a wide variety of open source and proprietary software, many developers, including those working on bitcoin, were less than enthusiastic over Microsoft buying the company.

Microsoft and Developer Distrust

As a company offering many products and services, many of Microsoft’s recent and past decisions have been somewhat controversial. In the case of the Windows 10 operating system, for example, the company’s reputation has repeatedly been challenged in the open source community for its stance on telemetry – or user data collection. The founder of ProductHunt added to this, stating, “Anecdotally, the developer community is very unapproving of this move. I’m curious how Microsoft manages this and how GitHub changes (or doesn’t change).”

Drawing comparisons with LinkedIn, a company that was also bought by Microsoft in June 2016, Slashdot interviewed a security reporter as stating, “LinkedIn has turned into a slow-loading junk after the Microsoft acquisition. I can only imagine what awaits GitHub.”

Developer communities across the internet were rife with similar comparisons to other companies acquired by Microsoft over the past decade, including relatively well-known Skype and Mojang.

Cryptocurrencies and GitHub

Given that almost all cryptocurrencies currently on the market are open source, a rather large percentage of them rely on GitHub as a code collaboration tool. A Bitcoin Core developer was quick to react to news of the acquisition, responding that there was indeed a need for bitcoin to move away from using GitHub. “No real hurry, but I expect this is the beginning of a long painful road of gh toward obsolescence, possibly ending the same way as codeplex did.”

At this time, it remains unclear as to where bitcoin development will be taken if its developers were to move away from GitHub. A popular alternative is currently touted to be GitLab, as is evident by the fact that ‘#movingtogitlab’ was trending on Twitter the day of the announcement. The company also reported unprecedented user growth in a tweet, stating “We’re seeing 10x the normal daily amount of repositories.”

Developers “Jumping Ship”

Given the uncertainty over the future of GitHub under Microsoft’s reign, many open source maintainers have reportedly been considering moving to other Git platforms to host their code repositories. Furthermore, the matter is perhaps of far greater concern to developers and businesses that currently use GitHub to host closed source and proprietary software that requires confidentiality.

As TechCrunch reported, the exodus to alternatives such as BitBucket and Gitlab began even before either company officially announced the acquisition. A San Francisco-based developer was quoted on Twitter as saying, “Migrating all my repos from @github to @gitlab. Clients don’t trust Microsoft, I don’t trust Microsoft, and one way or another they are gonna find a way to ruin things. Rip GitHub.”

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Source: BTC Manager

Has the Rise of Bitcoin Forced the Swiss to Rethink Money?

Crypto-friendly Switzerland faces a referendum on June 10 that could fundamentally change the concept of money in the small European nation. With the rise of bitcoin as a permissionless, decentralized alternative to national currencies, have the Swiss been forced to rethink what money really is?

The rise in the popularity and use of bitcoin has been phenomenal since 2009, in the process crossing major milestones and providing a safe haven for those in developing economies, such as Argentina and Venezuela. The grassroots movement emerged out of disdain of the financial sector, as Satoshi Nakamoto engraved into the first Bitcoin block a headline from The Times, “Chancellor on brink of second bailout for banks.”

The very first Bitcoin block contains an important implicit message from Satoshi. Source: Quora

In an attempt to revamp the entire financial system, Bitcoin was created, to take power out of the banker’s hands and into the people’s. How far the movement has achieved this aim is still up for debate, but it has undoubtedly made significant progress, with remittances companies to loan providers utilizing the world’s favorite digital asset.

In response to the fractional banking system which has been prevalent for over 100 years, Bitcoin was created as a full reserve system and enforces a rules-based monetary policy so that banks could not bring more bitcoin into existence by extending credit.

Bitcoin-friendly Switzerland Considers Sovereign Money System

In the author’s opinion, the Swiss referendum is likely to be partially related to the massive exposure bitcoin gained toward the end of 2017, and will see their citizens vote on whether Switzerland should move to a sovereign money system, also known as “Vollgeld.” Such a system will make it more difficult for banks to extend credit and enlarge the money supply, making the Swiss National Bank (SNB) the only source of new money. Banks would only be able to lend from the savings that have stored already.

A successful “Yes” vote could later materialize into something more significant regarding bitcoin, such as an announcement of the SNB that it is holding the cryptocurrency as part of its foreign reserves. Either way, the vote goes to show the Swiss are scrutinizing the financial system, and rightly so, and the road could eventually lead to bitcoin.

Switzerland has been a hotbed for bitcoin and cryptocurrency, with one of the most accommodative regulatory environments in the world. For instance, the Swiss railway has dozens of bitcoin ATMs integrated into the ticket machines around the country, and in July 2017, the first Swiss bank took the plunge into crypto by offering bitcoin storage and allowing their customers to buy the cryptocurrency.

Analysts’ Thoughts on the Referendum

According to Reuters, opinion polls show that the referendum vote is undecided, with a third of Swiss citizens planning to vote “Yes” and repeal the powers of banks to create money, while around ten percent remain undecided. The plan for a sovereign money system was labeled a “dangerous cocktail” by SNB Governor Thomas Jordan.

If the referendum is passed, advocates claim it will lead to a more stable and sound financial system and reduce the frequency of financial crises, whereas critics state that it would hamper the SNB’s ability to intervene in currency markets, spark greater volatility in the Swiss Franc and adversely affect the profits of banks such as UBS and Credit Suisse.

The move could also reduce the need for bitcoin somewhat, as the exit from a fractional reserve system may be considered in other countries as well, but the cryptocurrency would still be valued as a permissionless, censorship-free system.

Neil Weller, a currency strategist at JP Morgan Asset Management, said, “This kind of a banking system hasn’t been seen for a long time. The referendum would also unleash a lot of uncertainty into Swiss assets, including equity and bonds.”

Paul Wetterwald, the chief economist at Indosuez Wealth Management, said on June 1, “Generally speaking, the strength of the currency reflects the strength of the economy and the trust shown by the market (and its) people. Ironically, if accepted, the Initiative may help the SNB to weaken the franc by diminishing Switzerland’s safe-haven status.”

While the vote may not pass due to the anticipated adverse impacts on the Swiss economy, it does show that the Swiss are beginning to question the current monetary system, which is no doubt positive for bitcoin in the long run.

The post Has the Rise of Bitcoin Forced the Swiss to Rethink Money? appeared first on BTCMANAGER.

Source: BTC Manager

The Long and Winding Road: AEON Follows Monero’s Lead to Nullify ASICs

After an extended period of uncertainty, AEON has forked following the lead of Monero to nullify ASIC miners from the network on June 3.

A Long Road

The smaller, and more agile, project, however, did face some nerve-wracking moments, with some miners expressing concern about the profitability. AEON aims to be a lighter version of Monero and implement mining on mobile devices in the future, providing a fungible coin that even those in the developing world can mine and use.

Some miners and community members were concerned about the increased likelihood of attacks and slowing momentum of the project to update on two fronts; the rebase to Monero’s code as well as tweaking the Proof of Work (PoW) algorithm – CryptoNight-lite – to ensure that mining is ‘fair’ and ASICs have no real advantage over CPU and GPU miners.

The rebase ensures AEON is up to date with Monero’s latest upgrades, while still retaining its own unique features; one of the main differences the rebase brings is the addition of storing the blockchain via LMDB, reducing the memory requirement for the blockchain and opening AEON up to new people and exchanges.

AEON Network Hashrate June 3. Source: aeonminingpool

But the fork looks to be successful for now, with blocks still being mined and no chain re-organizations as of yet. The chart above shows how the network hashrate has declined massively from around 140MH/s to a low near 1MH/s and recovered slightly to 10 MH/s at the time of writing as more miners come back online and take advantage of the more favorable profitability. By June 5, the difficulty should have stopped fluctuating so much and blocks should be mined on a more even basis.

Perhaps the coins that are not widely used on exchanges, like AEON, are relatively safe from these 51 percent attacks we have seen like on ZenCash. On the other hand, Electroneum is mining empty blocks after forking, and at one point, there were concerns that if AEON forked after Electroneum, the former would be more vulnerable to ASICs and malicious attacks as both use a similar algorithm (CryptoNight).

‘Sophia’ Release: Just in Time

In early May, Katiecharm, one of the figures instrumental behind the rebase of AEON and reviving momentum in the coin, stated that the altcoin is a possible target for a 51 percent attack:

“Yes, Aeon is under high threat of 51 percent in general. If there is enough of a financial incentive out there, then it will happen. We can’t just hope it doesn’t.”

The state of affairs was depressing for many AEON holders with no definite deadline initially. The negative sentiment was made clear by one miner during the wait for the upgrade to nullify ASICs, “Blindly waiting for the developers to drop some info on us is tiring and frustrating, especially when mining has lost its incentive. I’ll keep mining, hoping the rebase happens and we get rid of those asics but if nothing changes I’ll probably find something else to mine.”

Nevertheless, the concerns about ASICs did not fall on deaf ears, and on May 24, a new client was released named ‘Sophia,’ which implemented the rebase and set the stage for the June 3 fork to nullify ASICs.

The June 3 fork of AEON, which included a difficulty reset to mitigate the large reduction in hashrate expected, has galvanized the community and improved sentiment. The time needed for careful and meticulous testing of the new software had a handful of miners and community members worried, but the developers pulled through in the end, with help from Monero developers stoffu and moneromoo.

On June 4, it is clear that miners are beginning to return, as evidenced by a positive Reddit post celebrating the fork and the increasing hashrate following June 3, as displayed previously.

Despite the difficulties faced, namely project management and communication with the community, the developers delivered. Despite the success, the events that transpired go to show how coordination problems can cause problems for decentralized projects.

During the past couple months, the community was tense, and some members even questioned smooth’s and developer’s intentions, but it seems the trust in them has been well placed; but trusting or relying on someone is something that the AEON community does not want to engage in again.

What Doesn’t Kill a Project Makes it Stronger?

The series of events did reveal at least one flaw in the decentralized project; being too reliant on one, two or a handful of actors. While the developers delivered, some in the AEON community raised concerns as to what would be the path forward if smooth were to disappear suddenly, or something bad happened to the developer.

For instance, aeonminingpool raised their concern in a meeting on May 15, “Smooth – it’s best more individuals have access [to the GitHub repo] just for good governance. Nothing more and nothing personal said or implied. You can nominate people whom you deem reliable as well. No one would object I’m sure.” Katiecharm replied that the community should discuss this topic and smooth approved of the request, that is opening up access to the GitHub repo, so it is not accessible to just one person.

Furthermore, one Reddit user stated in response to the announcement of ‘Sophia’ – the software client that would be compatible with the tweaked CryptoNight-lite ASIC resistant algorithm – that his vocal, long-running concerns about long block times, as experienced by Monero in April, were ignored initially. The user went onto state how AEON can improve:

“If we can have a more open and expansive view of the crypto marketplace I am sure similar problems will be seen and addressed in a more timely and effective manner.”

More frequent communication and better organization is needed for the project to remain relevant and reach its true potential, where developer meetings held on a regular basis were highlighted as one positive step forward. With one major update behind AEON and miners in a better position to mine the altcoin profitably, things are looking up, and the path forward now must be forged to inspire confidence in the project.

With more exchange listings, an aeon pool league, initiatives to incentivize solo mining on the agenda since December 2017, as well as improving exposure and merchant adoption, the AEON project is now set to make some solid progress toward these objectives.

 

Disclaimer: The author has a small holding of AEON, as well as other altcoins. Please do your own research when investing in cryptocurrencies, as they can be risky investments. The author is comfortable with his losses if AEON ever becomes worthless.

The post The Long and Winding Road: AEON Follows Monero’s Lead to Nullify ASICs appeared first on BTCMANAGER.

Source: BTC Manager