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China To Test Digital RMB Via Chinese Uber

Information leaked to Bloomberg suggests that China is preparing for the first real test for the state-sanctioned digital currency via the Didi Chuxing app, an Uber-equivalent in China.

The ride-hailing application is integrating the digital yuan as a payment method, enabling citizens to use DRMB to pay for rides and potentially more in the future, according to the unnamed source.

The integration is led by the People’s Bank of China, together with Soft Bank to create what is being internally called the Digital Currency Electronic Payment virtual legal tender.

There is no official statement on when this system will become operational, and the PBOC did not answer to inquiries made by Bloomberg journalists.

The wide-spread acceptance of a blockchain-powered future for China started with Xi Jinping’s speech last year, and since then, the state has worked tirelessly to create the infrastructure for the digital yuan.

This move by the Chinese government is preceded by hypothetical simulations during their pilot program in April earlier this year. The goal of simulations was to provide Beijing with insights and estimate the level of control over the country’s financial system should it be implemented across the entire country. The pilot was limited to four major cities in China.

Details about countrywide implementation remain a mystery. However, we don’t expect to see fast results considering the USD 27 trillion payments industry in China. The rollout of the digital yuan is likely to happen in stages, similar to the current “Didi” test.

Didi is going to be the first real stress test for the blockchain network and will define the course of action for the Chinese government.

Source: Crypto News

Chinese BTC Miners Can Oust Western Competition

 

 

Key Takeaways

  • Home-based BTC miners are no longer be able to mine BTC profitably
  • Western miner farms are barely profitable, while Chinese miners enjoy profits undisturbed.
  • 65% of Bitcoin miners are located in China, and this number could grow.

Over the past 30 days, miners have been coming back to BTC in troves, and on Jul. 8, broke the all time record of 126 Exahashes.

One reason behind the spike is the implementation of the latest mining hardware as a response to the increased difficulty-to-reward ratio caused by the halving event in May. 

Newer mining models are far more profitable, and with the increase of difficulty post halving, some say mandatory. The Antminer S9 still remains barely profitable in China, but for the rest of the world, it’s outdated. 

The latest Antminer S19 Pro leads the pack with the best possible performance on the market of 30 W/T.

Source: F2Pool

Current Bitcoin prices are not profitable for western miners because they often have to pay more than $0.10 per kWh of electricity. The exception are mining farms that operate using geothermal or hydropower sources. 

Conversely, Chinese mining farms enjoy low energy prices year-round, ranging from $0.03 to $0.05 per kWh. These low costs enable them to compete effortlessly against their western counterparts. 

Using the best miner at the time of writing, Chinese miners are making a monthly profit of $180, while their western counterparts are barely scraping by with a monthly profit of $14.

Assuming the cost of $0.03 per kWh, Chinese miners can sell profitably as long as BTC’s price is over $4,453. 

At the same time, most western miners would lose money if they sold below $8,900. 

The figures above only take into consideration the bare minimum. Electricity costs and Antminer S19 Pro’s hardware profile. Rent, staff salaries, cooling costs, and any other expenses that mining farms experience are not considered.

Looking at data from Glassnode we come to the conclusion that BTC (old and new) is mostly leaving the exchanges, likely to be kept at more secure locations such as hardware wallets.

Data from ByteTree starts to show a different story, one that shows BTC miners are selling more than what they produce. If this trend catches on, BTC price will correct to a lower support level, potentially pushing western miners off the network should the price fall below $8,900.

Core Scientific is one of the major US-based competitors, who recently ordered more than 14,000 Antminer S9s due to deliver by September. The rest, unless they secure sources of cheap electricity and the latest hardware, will be driven out of the industry.

The situation is dire, Chinese miners are dominating and have the opportunity to earn a greater share of the mining industry. Chinese monopoly on BTC mining is unlikely, but with limited sources of cheap electricity for the rest of the world is at a serious disadvantage in the race to claim the world’s most trusted digital asset.

 

Source: Crypto News

YouTube Ad Algorithm Pushes Crypto Scam Ads

Starting on July 11th, Youtube started to present ads featuring BTC giveaway scams to viewers, a clear violation of trust and integrity in the network. Whether this was an inside job or a fault in the algorithm, is not clear.

We reached out to Youtube for comment, but no response was given by the time of publication.

The ads feature prominent faces, like Changpeng Zhao, Joe Rogan, and Steve Wozniak, together with footage from conferences.

The second part of these advertisements contains the Bitcoin giveaway scam, where you send a certain amount and don’t receive anything in return.

Users on Twitter are raging and filled with disappointment in the video hosting service.

Youtube has banned a variety of legitimate cryptocurrency and blockchain channels on the platform, and in this act of hypocrisy is quickly losing faith from the crypto community.

Source: Crypto News

Lebanese Bitcoin Scammer’s Identity Revealed After Two Years of Covert Cybersecurity

The scammer is linked to over $1 mil USD in stolen digital assets

  • While difficult to estimate the total damage caused by the scammer, Energi Defense claims to be able to link him to at least $1,000,000 USD in stolen assets.
  • An equivalent of $500,000 USD of these digital assets is already recovered.
  • The investigation lasted two years before all relevant information was collected and reported to the authorities

Getting approached by scammers is commonplace in the life of a crypto enthusiast. Bad English, looking for an instant payday, and fear tactics represent only a small fraction of the tools utilized by the common crypto scammer. 

However, some scammers are like spiders, weaving a web, and waiting for victims to inconspicuously fall into the trap. According to the Energi Bureau of Investigation Simon S. Tadros is the most sophisticated scammer they’ve ever encountered. 

For the longest time, they resorted to the usual kick and block tactics, which only caused scammers to create new accounts and come back. Once their strategy changed the team made real progress by utilizing social engineering against the scammers. 

Members of the team would create accounts to pretend to be real users. In fact, they were waiting to be approached by scammers. 

According to the project, Simon S. Tadros used a network of alt accounts on Discord to lure victims into a false sense of security, by offering advice, giving support, and earning their trust. Tadros usually waited two to three weeks before trying to scam people and almost exclusively scammed people looking for help. 

He was also active in anti-scam groups which gave him an alibi and clear access to hundreds of crypto groups. By implementing social engineering, the project noticed that all of the scammers are alt accounts and they lead to one single account Kratos.

The team reported the information to an unnamed law enforcement agency, but they didn’t stop there. Finally, after locating a link to his potential real-life identity, they set up a sting operation where Simon would prove through his actions that he is Kratos. 

At the time of writing, we have no idea whether Simon S. Tadros is considered wanted by the Lybian police or as an international criminal. We also do not have access to the evidence collected by the cryptocurrency project, only their claims.

Source: Crypto News

Crypto-Charity achieves foolproof donation transparency

After raising over one million medicinal protective materials to hospitals worldwide surged by COVID-19, Binance Charity, the non-profit arm of the cryptocurrency exchange company Binance has launched the first-ever fully transparent charity campaign.

Тhe Crypto Against COVID campaign, which has already raised more than $4 million in crypto-donations, and has aided in the delivery of more than one million PPE(Personalized Protection Equipment) materials to healthcare facilities all over the world that are heavily affected by the virus outbreak and in need of equipment, including China, India, Italy, Japan, South Africa, Spain, Turkey, and the United States.

This campaign aims to provide a track of donations to its respective donors from the moment of transaction to the last-mile delivery of the medical supplies to hospitals, utilizing a blockchain-powered stablecoin dubbed the PPE Token.

The PPE Token enables full transparency on Binance Charity’s public ledger, detailing information such as:

  • purchase orders
  • supply chain tracking
  • photo proof of healthcare workers receiving the medical equipment

Being the first of its kind, it was used to verify the successful, tamper-proof delivery of 200,000 N95 masks to 11 New York City hospitals and the surrounding region.

Benefiting hospitals include: NY Presbyterian Hospital, NYU Langone, Mount Sinai Hospital, Lenox Hill Hospital, Montefiore Medical Center, Mount Sinai Beth Israel, Maimonides Medical Center, Staten Island University Hospital, Stony Brook Hospital, Huntington Hospital, and Walter Reed Army Medical Center.

Daniel Baier, Manager of Hospital Operations, Huntington Hospital said: “I wanted to extend a thank you for the generous donation of masks provided to Huntington Hospital by Binance. This donation represents the type of support that keeps us going strong as we continue our battle against the COVID-19 pandemic.

If you would like to learn more about the charity you can do so by using the following link: https://www.binance.charity/

Stay safe.

Source: Crypto News

Is Coinbase Exchange Headed Towards An Inevitable Collapse?

Coinbase, the largest U.S. based crypto exchange, is slowly losing its appeal to customers as failures, data breaches, and expensive transaction fees all affect efficient trading on the platform.

In a recent Twitter poll by a crypto analyst, Josh Rager, 66% of the 5000 votes+ cast said they would be willing to delete or stop using their Coinbase account after recent crashes on the exchange. 

The New York-headquartered crypto exchange is slowly dying as multiple factors culminate in users leaving the platform in the past few days.

In this article, we discuss the rise and (possible) fall of the mighty crypto exchange, Coinbase. 

The rise and rise of Coinbase exchange 

At the start of 2012’s summer, Coinbase was co-founded by current CEO Brian Armstrong, Fred Ehrsam, and Blockchain.info co-founder, Ben Reeves. At its launch in October the same year, Coinbase provided buying, selling, and trading Bitcoin (BTC) services using U.S. bank transfers. 

After several funding rounds from top VCs, Coinbase finally reached the million user mark in 2014. The company currently boasts of over 30 million users globally. However, it is during the 2017 bullish run that the exchange saw its most significant year yet, recording a total revenue of $1 billion as the market blossomed and Bitcoin reached its all-time high price of near $20.000 USD.

The exchange gained its prestige through 2018 crypto winter – altcoins that were listed on the exchange immediately pumped, hence the common term, “Coinbase pump”, used widely at that time in the markets. 

The exchange expanded its operations to Europe later that year through its Coinbase International Inc. subsidiary targeting a global audience.

However, the once dubbed, “Apple of Exchanges” is morphing into just “another exchange” as Vijay Boyapati, once said. Several issues are compiling on the exchange, and this may be the start of a death spiral for Coinbase. 

‘Coinbase hanging by a thread’

Multiple system crashes in 2020

In almost (if not all) of the Bitcoin large pumps and dumps in 2020, the Coinbase platform has faced a crash leading to a loss in profits for users and traders on the platform. On January 30, Coinbase Pro, the institutional-grade exchange went down for maintenance for several minutes leading to several users leaving the platform. 

In the next five months, Coingape covered two major crashes on the platform – on April 30 and May 10 – as the price of BTC fluctuated wildly. These, however, represent only part from the several malfunctions the exchange has faced so far in 2020. 

Selling data to the government?

Reports from the crypto news website, The Block, recently showed the analytics wing of the exchange may be selling data to the Internal Revenue Service (IRS) and Drug Enforcement Agency (DEA). While the exchange maintains the data is all sourced from the publicly available data on the blockchain, the news shook the market’s trust in the exchange.  

A tainted legal history?

Coinbase is also losing its prestige due to the increasing number of lawsuits against the exchange. One of the famous lawsuits against the exchange is the listing of Bitcoin Cash, a BTC spinoff in 2017. In 2019, a U.S judge in the Northern District of California received a filing claiming “that Coinbase breached its duty to maintain a functional market” while listing BCH – with insider trading rumours flying around. 

Competent competitors are finally here

For a sometime Coinbase has enjoyed a kind of monopoly over the cryptocurrency trading in the western hemisphere of the world – especially the United States. The exchange is finally getting real competition in top exchange such as Binance, which expanded to the U.S under Binance.US, and Gemini, the Winklevoss-owned compliant exchange that has opened an account with JP Morgan alongside Coinbase.

The recent misgivings on Coinbase exchange’s trading platform compound its high trading and transaction fees signaling a possible start to an end. With the rise of other exchanges possibly challenging Coinbase, can the team fight off its developmental and publicity problems and keep its place at the helm?

 

Source: Crypto News

Season 5 of Ubisoft Entrepreneur Labs has begun, revealing 8 chosen startups

Based in Station F (Paris), Ubisoft launched the newest season of their startup program, led by the Ubisoft Strategic Innovation Lab. The program is oriented around supporting innovative startup products and services by providing them expert assistance and access to world-class facilities. 

Season 5 of this series will be focused over social entertainment, as evidenced by statements made by the Program Director of the Ubisoft Entrepreneurs Lab Catherine Seys’ on the 9th of January, 2020.

She laid out the foundation for the 5th Season by saying – “We want to keep on exploring this path for gamers, modders, and viewers of our content. Together with talented entrepreneurs working across different fields of entertainment — music, video production, live shows — we wish to contribute to creating the engaging, creative, and fun bonding entertainment experiences of tomorrow.”

Applicants were able to choose between Station F, the largest startup campus in the world, located in Paris, France, and Ubisoft’s recently opened site at the IMDA Pixel incubation space, in Singapore.

These are the eight startups that were chosen by Ubisoft for the incubator:


Xaya

Xaya (UK), (The same team that invented Blockchain gaming back in 2013 with Huntercoin) is a Blockchain gaming platform designed to support complex decentralized games, and are also developing Taurion, an MMO-RTS/RPG, what would be the most complicated decentralized game ever built.


Planetarium

Planetarium (South Korea), a Blockchain-based ecosystem for community-powered games, where players can be able to connect without the need for centralized servers.


CareGame

CareGame (France), a new cloud mobile gaming solution which allows consumers to access any mobile game without downloading data.


Splinterlands

Splinterlands (USA), a next-generation collectable trading card game built upon Blockchain technology.


Atlantide

Atlantide (France), creates educational games based on history to entertain and educate. The first experience developed by Atlantide is a geolocalized game that transforms a place into an XXL augmented reality playground to encourage observation, communication and immersion.


Immersiv.io

Immersiv.io (France), provides fans with an unprecedented live augmented reality experience. Through Smartglasses or a smartphone, people can access and interact with all the information they need to enjoy their favourite sports, whether at home or in the stadium.

Sorare

Sorare (France), a global fantasy football game where managers can trade official digital collectables, compose their teams and compete for rewards every week. Launched in March 2019, Sorare is on a mission to bring crypto to fantasy sports fans of the most popular sport in the world, football.

Sorare’s game has attracted 10,000+ users with a monthly volume of $150,000 in March 2020. Based in Paris, Sorare is funded by Tier 1 VCs such as Seedcamp, ConsenSys and Kima Ventures.


Axie Infinity

Axie Infinity (Vietnam), a digital pet universe where players battle, raise and trade cute creatures called Axies. In Axie Infinity players can experience the benefits of blockchain technology through ‘Play to Earn’ gameplay and a player-owned economy. The game is created by technology company Sky Mavis which specializes in creating products that allow anyone to truly own their digital identity and game assets.


Which one is your favourite?

We like the variety of choices made by Ubisoft, from service providers to video game developers as a company, and finally blockchain video games. Let us know your favourite in the comments below, or on Twitter!

Source: Crypto News

Decentralized elections are one step closer to reality thanks to Waves Enterprise

Elections are very important for the functioning of a democratic society, and they are difficult to organize because of their scope, size, and importance. History is full of mistakes when it comes to elections, such as that case with the confusing ballot design creating obscurity in the accuracy of the votes.

Keeping things simple and secure is no easy task and with the coronavirus pandemic going on in the world, traditional elections are quickly becoming an impossible burden on society.

Do you risk exposing the entire nation to a new wave of coronavirus infections, or do you let the country fail in its democratic principles? It’s not an easy choice to make, but fortunately, governments around the world may not need to make this choice at all.

Decentralized voting has been a core principle of many blockchain projects but now seems to be the time to take the same technology and apply it to an age-old tradition.

Decentralized Voting Application

Waves Enterprise has made a public beta voting platform that can serve as the starting point for these transformative times. According to the company, there are many problems that exist in current systems and methodologies for voting of any kind.

  • Centralized voting methods cannot provide a trusted environment between the participants. Voters cannot be protected from falsification or hacker attacks.
  • Common corporate voting problems are low turnout caused by a limited voting period and a limited location.
  • 80% of votes are implemented according to a scheme in which it is difficult to track data.

Decentralized voting in companies

Blockchain can unite all participants in a vote seamlessly, provided there is a standard for secure data processing. Image Source: Waves Enterprise

Looking at the data provided by Waves, approximately 170 public and non-public companies held meetings using electronic voting in the third quarter of 2019.

8 out of 13  blue-chip index companies of the Moscow Exchange and 37 out of 82 broad-market index companies held a digital meeting.

These bits of information reveal that companies are already moving in a direction that will allow shareholders to vote regardless of time and location. However, most of the systems are centralized and few people have full control over the results, which is a vulnerable point in the system.

This is where blockchain technology comes in to ensure that votes cannot be eliminated or changed once they are submitted. The vote count is done automatically, eliminating a lot of administrative costs that would prevent large-scale digital voting events.

Waves Enterprise estimates that the Russian blockchain-voting solutions market is worth 200m Rubles per year, i.e. $2,882,000 USD. This is only a drop in the estimated value of the global market at $100m USD per year. 

How possible are decentralized elections?

Uses of blockchain in voting. Image Source: Waves Enterprise

To get a better understanding of the value of decentralized voting systems we reached out to the chief product officer at Waves Enterprise, Artem Kalikhov.

“We are sure that blockchain technology can help governments in organizing a transparent voting process and increase the turnout of voters. The principles of the decentralized system will ensure the participants’ confidence in the results.

But there are a lot of security issues usually related to elections encryption protocol, portal solutions, citizen identification, along with legal compliance issues. Currently, none of the voting systems already used in elections all over the world can be called flawless.

Voting systems are evolving step by step. For example, our company has developed a next-level voting platform, providing fully decentralized and secure protocol based on convenient encryption algorithms and containerized smart-contracts.” 

At the moment, the beta version of the software is available for free.

Conclusion

We had a look at the application and believe it is very elegantly designed, however, we have no idea what is exactly happening in the background. Our main idea was to create a small voting poll for our readers here, but it seems that the system is designed to work with admins and known email addresses at the moment.

There is no way for us to be able to share the voting event with you and enable you to sign up by yourself. It seems that this part of the process must be done manually by the voting organizers. This current version seems to be very effective for company voting, where the contact information is readily available through human resource departments.

However, it seems impractical for elections and arbitrary voting events. Especially for governmental elections, the voting system is simply one part (a very important one at that) of the equation. As Mr Kalikhov mentioned above, security, ease of use, citizen verification, encryption methods still remain as difficult challenges ahead.

Source: Crypto News

Bitcoin Offshoots: Bitcoin Cash, Bitcoin Gold and Bitcoin Private

As the original cryptocurrency, Bitcoin was the inspiration for hundreds of others, including little brother Litecoin and Ethereum.

But some of these blockchains—including Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond—are direct forks of Bitcoin and share most of their DNA with the leading cryptocurrency.

In total, there are over 40 bitcoin offshoots resulting from people deciding to fork the Bitcoin blockchain to create their own cryptocurrency. Here are three of the most popular:

Bitcoin Cash

Fork date: 1st August 2017

Bitcoin Cash—also known as Bcash—is the most famous fork of Bitcoin.

This cryptocurrency born in August 2017 was the result of ideological differences between those who thought of bitcoin as more of a store of value, like digital gold, and those who maintained that it should be thought of as a peer-to-peer currency.

This led to disagreement over how the network should most effectively be scaled. Bitcoin Cash supporters thought that increasing the block size was the answer to accommodating more transactions, and the rest of the community thought that SegWit provided a better solution.

Bitcoin Cash supporters like Roger Ver said the bigger block scaling method would let Bitcoin stay true to Satoshi’s original vision of a peer-to-peer digital currency, but his opponents argued that the big blocks would only provide temporary relief and that the SegWit scaling method was better over the long-term.

This led to heated debate within the space, and eventually, a group of activists and developers pushed for a hard fork that would increase the Bitcoin block size.

Bitcoin Gold

Fork date: 24th October 2017

Just over two months after Bitcoin Cash came another fork, this one proposing to help Bitcoin become more decentralized by using GPU mining rather than ASIC mining.

This change to the mining algorithm meant that Bitcoin Gold could be mined using anyone’s spare computing power without having to invest in specialized mining equipment, just like in the early days of Bitcoin.

The fork was driven by a few enthusiasts who believed that the original Bitcoin mining system had become monopolized by a handful of mining companies, making it too centralized and vulnerable to attack.

Bitcoin Private

Fork date: 3rd March 2018

Bitcoin Private. This cryptocurrency aims to bring together the benefits of bitcoin and the privacy features of Zcash—specifically zk-SNARKS, of which the “zk” stands for “zero-knowledge.”

But instead of being forked directly from bitcoin, as was the case with popular cryptocurrencies like Bitcoin Cash and Bitcoin Gold, Bitcoin Private was created from a copy of a digital currency known as Zclassic which is itself a fork of ZCash, and ZCash itself was a fork of the original bitcoin. 

Complicated? That’s why Bitcoin Private has come to be known as a spork, rather than a fork!

The Forking Process

Each of these cryptocurrencies is the result of a change to the rules governing the Bitcoin network.

As a decentralized network, no single party has control over Bitcoin. Instead, the blockchain is kept ticking over by algorithms based on certain rules. These algorithms facilitate transactions, prevent people from spending the same bitcoin twice and regulate the flow of freshly mined bitcoins into the network. 

If someone wants to change the rules, and the people running Bitcoin nodes maintaining the bitcoin network can agree that the new rules will make bitcoin better, then they can be implemented with no issue through either a soft fork, which happens when the proposed changes are backwards compatible or a hard fork when the proposed changes are not backwards compatible and a new chain and cryptocurrency must be created.

With an agreement that a fork will take place, the people running the nodes agree on a certain block number when a new chain will be created bound by the new rules. 

When this block is mined, another blockchain is created. So we have one chain that follows the old rules, and one that follows the new rules. Both share the same past blockchain, but the new blocks are different in each chain—It has forked.

If you are holding Bitcoin at the time of the fork, then you will also receive the cryptocurrency associated with the new chain. This is why the price of a cryptocurrency will often rise before the date of a hard fork as buyers stock up to make the most of the opportunity to get more funds. 

But just because the numbers of coins you have doubles, the value of those coins is still based on market forces and many forks of Bitcoin have become almost worthless.

Source: Crypto News

Token Economy Social Restaurant Discovery Service SynchroLife Closes $2.6 million Fundraising Round Bringing Total Raised to $3.7 million

Disclaimer: This is a press release and it is to be taken at face value. www.crypto-news.net is only a mediator is sharing information supplied by the company or companies mentioned in the press release. Use this information at your own risk.

JUNE 2, 2020 – (Tokyo, Japan) GINKAN Inc., which manages SynchroLife, the restaurant discovery social media platform where diners can earn cryptocurrency (1) for posting restaurant reviews and as cashback when dining at participating restaurants, has announced it closed a $2.6 million USD Series A funding round led by MTG Ventures, Inc. (Head Office: Nagoya, Aichi; Representative Director and President: Go Fujita). This brings GINKAN’s total raised to $3.7 million USD.

Round Participants (Order non-related) MTG Ventures, Inc., gifteeinc., Orient Corporation, Ceres, Inc., Sansei Capital Investment Co., Ltd., Aucfan Co.,Ltd., DD Holdings Venture Capital, Mitsubishi UFJ Capital Co., Ltd., SLD Entertainment, Inc.

Comment from Mr. TomochikaKamiya, Founder and CEO of GINKAN, Inc.

CTO Hiroshi Mita (Left) and CEO TomochikaKamiya (Right)

We plan to use the funding raised in this round to further develop SynchroLife to help users uncover truly good restaurants, to further develop our participating restaurant service, and to fund marketing to increase brand awareness and obtain new users.

SynchroLife is a restaurant discovery social media platform where users uncover hidden restaurants offering amazing dining experiences. By opening this social media platform to restaurants, we’ve begun disrupting the restaurant industry’s traditional advertisement model with a token economy. We launched features for restaurants to attract customers both now and post-Covid-19 after seeing how dramatically the restaurant industry has been affected by the pandemic. Going forward, we will continue to contribute to the future betterment of the restaurant industry.

In February 2020, we announced a partnership with giftee that allows users to purchase eGifts with their cryptocurrency (1) rewards, and we will be furthering our partnership with giftee and the other companies listed here in the future. Our goals are to create a platform that can coexist and benefit both consumers and restaurants, and to make a dining based token economy a reality.

Comment from Mr. Go Fujita, Representative Director and President of MTG Ventures, Inc.

Mr. Tomochika Kamiya is a serial entrepreneur taking on the global market, and I am happy to support him. The sudden appearance of Covid-19 has significantly affected the restaurant industry. As a result, it is no exaggeration to say SynchroLife is the perfect service to solve the restaurant industry issues surrounding the costs of marketing and payment processing. Going forward, our group will work together with GINKAN to connect restaurants with food lovers as we both expand globally.

Comment from Mr. Tatsuya Suzuki, Representative Director of giftee, inc.

I am confident that working with GINKAN, who have built an innovative new service that works closely with restaurants, we can furthergiftee’s mission of “Connecting “people & people”, “people & business”, “people & community” by gifting.”

We have already launched a feature allowing for SynchroPoints to be exchanged for our eGift tickets, and we will continue to strengthen our partnership with GINKAN going forward and work together in building a food related token economy.

Comment from Mr. Kaoru Itami, Executive Officer in charge of Digital Innovation Office and General Manager of Digital Innovation Office of Orient Corporation

We have invested in GINKAN, Inc., with high expectations for their business growth and the potential synergy between our companies. GINKAN has created a unique new business model “a token economy restaurant discovery social media platform”, and offers a new kind of CRM service for restaurants as well. Going forward, we will be considering potential business projects that combine our payment services with SynchroLife’s services and partner restaurants.

 

 

 

Comment from Mr. Takuma Iwasa, of the Corporate Planning Office of Ceres, Inc.

We decided to invest in GINKAN again, following our past investment in 2018. Ceres has invested in multiple startups in the blockchain and cryptocurrency field, and seeing the steady user growth of SynchroLife since 2018 I believe their business model shows one successful approach for businesses in this field. We look forward to the further growth of the platform and hope to see it become a successful example of business in the blockchain and cryptocurrency industry in the future.

 

Comment from Mr. TeruyasuKawatsura, President of Sansei Capital Investment Co., Ltd.

From the very first time we met, I was impressed with the deep understanding and love that GINKAN’s CEO Mr. Kamiya has for the restaurant industry.

Mr. Kamiya has many years of experience in the restaurant industry and he understands the pain points of the industry as if they were his own.

This feeling led him to create his current business and has fueled its growth up until now.

As consumers, the restaurant discovery media we consume often seems to already be at a final stage of development, but as a user myself I often felt there was something missing and many aspects of the media that could still be refined.

We would like to help GINKAN in creating new value for the restaurant industry with a product that benefits both restaurants and users.

About SynchroLife

SynchroLife is a restaurant discovery social media platform where food lovers around the world can uncover the best restaurants normally hidden by web search results and advertising. SynchroLife solves the problems of untrustworthy reviews and nontransparent search results by using AI to analyze each user’s likes and dislikes to give personalized recommendations. SynchroLife currently has over 210,000 restaurant reviews for over 100,000 restaurants.

SynchroLife aims to democratize restaurant reviews and includes the world’s first system for earning cryptocurrency (1) rewards for posting restaurant reviews and supporting restaurants. Users can also earn cryptocurrency (1) rewards as cashback for dining at participating restaurants. SynchroLife is working to solve marketing problems for the restaurant industry by offering a risk-free and zero upfront cost marketing platform for restaurants.

*1: In Japan, users receive loyalty points know as “SynchroPoints” which will be exchangeable for “SynchroCoin (SYC)” at a 1-to-1 rate in the future.

About GINKAN

Company Name: GINKAN, Inc.
Address: PORTAL POINT YURAKUCHO, Shin-Yurakucho Building 11F, 1-12-1, Yurakucho, Chiyoda-ku, Tokyo, 100-0006
Representative: CEO TomochikaKamiya
Established: December 2015
Capital: 396,310,000 Japanese yen (including capital reserve)
Website: http://ginkan.jp/index_en.html

SynchroLife Mobile App

iPhone (For iPhone 5s and up, iOS 11.2 and up)
https://itunes.apple.com/app/id557532449

Android (For Android 6.0 and up)
https://play.google.com/store/apps/details?id=jp.co.synchrolife

Learn More

SynchroLife Website: https://synchrolife.io/
SynchroLife for Business: https://business.synchrolife.jp/
SynchroCoin Project Website: https://synchrolife.org/
SynchroCoin Project Blog: https://medium.com/synchrocoin

For information regarding the content of this press release, please contact:

GINKAN, Inc.
Email: info@ginkan.jp
Website: http://ginkan.jp/index_en.html

Source: Crypto News