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Robinhood Reportedly Considering Formal Banking Services

June 21, 2018 |

Robinhood Reportedly Considering Formal Banking Services

Unnamed sources suggest popular free crypto and stock trading application (app), Robinhood, is negotiating with US regulators about prospects for it becoming a bank, complete with traditional services such as savings accounts. It’s still early going, and very preliminary, but such an arrangement could well be the future of banking.

Also read: Bitcoin More Influential in US Politics Than Ever

Robinhood Looking to Provide Banking Services

By all accounts it has been a skyrocketing year for the smartphone trading app Robinhood Markets, Inc. out of Menlo Park, California. Success appears to have emboldened the scrappy firm, according to Bloomberg.Robinhood Reportedly Considering Formal Banking Services

In late January, the company announced it would add bitcoin core (BTC) and ether to their platform, which caused 1 million people to sign up. Only a month after its formal February crypto rollout, by March it boasted a cool $ 5.6 billion valuation after three years of operation. And mid-May saw its services grow from one or two US states to ten.  

Unnamed sources are pointing to the popular free crypto trading app as querying regulators about the possibility of it becoming a full-fledged bank. The company has proven its ability to grow a consumer base, reaching more than 4 million in the United States. That it might be able to offer savings accounts could signal a broader change in the legacy industry, one gearing itself toward the next, more tech savvy, generation.

Banking laws in the US effectively prevent Robinhood from going forward on its own in this regard. Bloomberg insists the company is “in early discussions with regulators to begin offering banking-like products through different licenses or partnerships.” Discussions are between it and “the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations.”

Robinhood Reportedly Considering Formal Banking Services

Everyone associated with the matter was careful to stress how nothing concrete has been decided. Still, should things progress, most expect the company would partner up with an existing institution, rather than go it alone. Whatever the case, other startups have moved along similar lines with an eye toward poaching dissatisfied traditional banking customers tired of unfavorable interest rates, a friction filled online experience, and the want to have most/all of their financial dealings in one convenient application.

Is banking a good move for Robinhood? Let us know in the comments. 


Images via the Pixabay, Robinhood.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Robinhood Reportedly Considering Formal Banking Services appeared first on Bitcoin News.

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Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning Nears

June 21, 2018 |

Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning Nears

John McAfee’s decision to stop shilling ICOs as a regulatory day of reckoning draws near is the top item in today’s edition of Bitcoin in Brief. Additional stories include Bittorrent trying to reassure users it wont cryptojack them to mine tron, Binance’s latest venture in Malta, a tether replacement getting VC backing, and Paris Hilton’s dad getting into crypto.

Also Read: Cryptocurrency Hedge Funds Were Down 12% to 19% in May 2018

Day of Reckoning for ICOs

Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning NearsAntivirus pioneer and token pump master, John McAfee, has announced he is no longer working with ICOs nor is he going to keep recommending them. The reasons he gave for the move are “SEC threats” and that “those doing ICOs can all look forward to arrest. It is unjust but it is reality.”

An explanation for what McAfee might be fearing came from Chris Concannon, the president of Bitcoin Futures supporting Cboe Global Markets. “The reckoning will come in two waves,” he said in an interview with Business Insider. According to him, ICO investors should lay awake at night worrying as the SEC will soon go after market participants. Following that he expects a torrent of class-action lawsuits against the teams behind projects. “If you sold someone an unregistered security you are liable to them if they decide to take them to court,” Concannon said.

Despite all of this don’t count McAfee out of the market just yet. He also claimed to be working “on an equivalent alternative to ICOs which the SEC cannot touch.”

Bittorent Tells Users Not to Worry About Tron Takeover

Bittorrent Inc, the company managing the development of the peer-to-peer file sharing protocol, is trying to reassure users they have nothing to fear following its recently reported $ 120 million acquisition by Tron founder Justin Sun. It issued a statement that: “Our attention has been drawn to the news items that have appeared in the past few weeks speculating about a change in BitTorrent’s business model. We wish to reiterate that BitTorrent has no plans to change what we do or charge for the services we provide. We have no plans to enable mining of cryptocurrency now or in the future.”

Binance Backs Accelerator at Malta Stock Exchange

Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning NearsThe Malta Stock Exchange has announced it is joining forces with Binance for the launch the MSX Fintech Accelerator Programme. The stock exchange will offer crypto startups access to professional business services and facilities including in-house accounting services and payroll, as well as office space, communication, conference rooms and a training centre. In addition to Binance, the programme has also signed up other companies including Thomson Reuters as mentors.

The Chairman of the Malta Stock Exchange, Mr Joseph Portelli said, “It is clear that Malta is becoming a Fintech and blockchain centre of excellence and we want to allow local and foreign companies the ability to bring their ideas to the market faster. This programme offers foreign entrepreneurs easy access to a ready-made solution at one of Malta’s most prestigious addresses – the Malta Stock Exchange.” A Binance spokesman added, “We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”

Stablecoin “True USD” Raises $ 20 Million

Trust Token, the creator of the Trueusd (TUSD) stablecoin, has announced it completed a $ 20 million strategic investment round with support from the firms Andreessen Horowitz, Block Tower Capital, Danhua Capital, GGV Capital, and others. The money is meant to support the development of the asset tokenization platform and expansion of its legal, partnership, product, and engineering departments. Since launching in March 2018, Trueusd’s market capitalization has grown to $ 49 million, with the tether alternative reaching an average daily trading volume of $ 22 million on exchanges such as Binance, Bittrex, and Upbit.

Trust Token CEO Danny An said: “The support of these leading investment firms represents a significant step towards our goal to build a compliant tokenization platform for currencies, commodities, and real-world assets. We will draw on the combined expertise and network of these firms as we grow our industry partnerships and extend the reach of our first product, TrueUSD.”

Paris Hilton’s Dad Wants Some Serious Crypto

Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning NearsRichard Hilton, a real estate broker from Beverly Hills, hotel royalty and father of Paris Hilton, is now tapping the bitcoin whale market. He is reportedly offering an 11-bedroom 16th Century mansion in Rome for sale with cryptocurrency. The auction for the property, estimated to be worth over $ 35 million, will begin on June 28. “The auction shows real estate’s growing trust in blockchain and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset,” Hilton said.

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Bitcoin in Brief Wednesday: McAfee Stops Shilling ICOs as Reckoning Nears appeared first on Bitcoin News.

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Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks

June 21, 2018 |

Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks

Following multiple hack reports, the South Korean government explains how it will strengthen the regulatory framework for cryptocurrency exchanges. A bill has already been submitted which imposes multiple new obligations on crypto exchanges.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Korean Government’s Solution

Following recent reports of multiple security breaches at cryptocurrency exchanges, the South Korean government has revealed the details of the new bill to regulate crypto exchanges, local media report.

Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks
Choi Jong-ku.

On Tuesday, June 19, South Korea’s second largest crypto exchange, Bithumb, posted a notice on its website and tweeted that about 35 billion won (~US$ 31 million) worth of cryptocurrencies was stolen. However, the exchange promptly removed the notice and deleted its tweets about the theft shortly afterward. The Bithumb incident came just 10 days after the country’s seventh largest crypto exchange, Coinrail, claimed that it was hacked on June 10, with the damage estimated at approximately $ 40 million.

Choi Jong-ku, Chairman of the country’s top financial regulator, the Financial Services Commissions (FSC), commented on the Bithumb news on Wednesday. He was quoted by Newsis saying:

In order to prevent this, we need to make the [crypto] transaction system stable and strengthen the protections of the traders by virtual currency handling businesses.

He explained that an amendment bill to the Act on Reporting and Using Specified Financial Transaction Information has already been submitted to the National Assembly in order to achieve this.

Crypto exchanges are currently “in the blind spot” of the Korean regulators, Newspim wrote, adding that they are “expected to be monitored by the financial authorities through the ‘report system’.” The publication elaborated, “This will block illegal money laundering using virtual currency exchanges and enhance the rules for transactions with commercial banks in cooperative relations such as opening virtual accounts.”

The Revised Bill

Korean Government Details Regulatory Plans After Multiple Crypto Exchange HacksAccording to the proposed bill, the government “will define a virtual currency exchange as a virtual currency handling business,” the publication described, noting that the obligation to prevent money laundering will be imposed on all crypto handling businesses.

“If the bill passes the National Assembly, a virtual currency exchange must be obliged to report to the Financial Intelligence Unit (FIU) as a virtual currency handling business and be regularly supervised by the FIU,” the news outlet detailed. If the authorities find any illegal activities, then the Financial Supervisory Service (FSS) and the FIU will inspect and investigate them.

Son Sung-eun, FIU’s Director of Planning and Cooperation Team, was quoted saying:

We could not afford to let virtual currency centers become a hotbed for money laundering.

The proposed amendment also obligates all financial companies to “preserve financial transaction data and information related to the implementation of obligatory transaction reporting, high cash transaction reporting, customer confirmation, etc. for five years.”

Penalties and Punishments

Sanctions will be imposed on any crypto businesses in violation of or failing to comply with the financial regulators’ rules. They include “recommending the dismissal of officers at the same level as banks and securities companies, suspending business operations, warning of institutions, and corrective orders.”

FIU manager Kim Ji-woong explained one particular disciplinary measure:

The defendant’s fines will be charged at 30 million won [~$ 27,077] if the virtual currency provider does not go through the customer verification process or does not check or report suspicious transactions.

Hong Sung-ki, Vice Director of Virtual Currency Countermeasures, was quoted by Hankyung reiterating that the enactment of this bill “does not mean that virtual currency exchanges are legally recognized and absorbed into the system.”

What do you think of the Korean government’s plans for crypto exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock and the Korean government.


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The post Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks appeared first on Bitcoin News.

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Tether Shows Law Firm Its Funds But Stops Short of an Audit

June 21, 2018 |

Tether Shows Law Firm Its Funds But Stops Short of an Audit

Tether has released a surprise “Transparency Update” that purports to show it has enough funds in the bank to cover the $ 2.6 billion of USDT in circulation. The company has stopped short of a full audit, however, leaving critics bemoaning  Tether’s inability to settle the solvency debate once and for all.

Also read: Major Korean Crypto Exchange: $ 31 Million Vanishes

Tether Tries to Dispel the FUD

Tether Shows Law Firm Its Funds But Stops Short of an AuditSpeculating over the solvency of Tether, and specifically whether its dollar-pegged stablecoin is actually backed by fiat reserves, is a pastime that has spawned entire Twitter personas devoted to the issue. Vocal Tether critic Bitfinexed has been joined by a growing chorus of critics demanding full transparency from Tether, which is part owned by Bitfinex. Tether has now obliged, producing, for the second time in six months, a legal report into its financial standing.

The report, which was produced by the law firm of a former FBI director, carries weight from a legal perspective. But it fails to provide cast iron guarantees that Tether is not operating a fractional reserve. Until the company’s accounts are professionally audited, the true state of Tether’s finances will remain a point of speculation.

“As many are aware, Tether and related parties have been the subject of scrutiny over the course of the past several months,” begins the Transparency Update. “We have spent our time largely disregarding these allegations, instead letting our efforts, and the continued faith of our community of users, speak for themselves.” Many cryptocurrency traders would rather Tether had addressed these issues sooner rather than letting the blind “faith” of its community serve as a guarantee.

Enter Freeh, Sporkin & Sullivan

Tether Shows Law Firm Its Funds But Stops Short of an AuditThe magnificently named Freeh, Sporkin & Sullivan are the legal firm who were handed the task of taking a snapshot of Tether’s bank balance. This they did on June 1, whereupon they confirmed that there were sufficient funds to cover all USDT in circulation on a 1:1 basis.

“Recent reports have opened our eyes to the fundamental lack of understanding surrounding Tether, the issuance and redemption mechanisms, and the compliance procedures that we have built,” continues the Transparency Update document. “To mitigate this, we will be taking additional steps aimed at opening up Tether to the general public and clearing away any uncertainty that may exist.”

The simple answer, and the one that cryptocurrency holders have been screaming out for, is for Tether to commission an independent audit. Only once that has been completed can the lingering doubt disperse and faith in Tether be restored. While today’s report is hardly the all-clear that the crypto community might have hoped for, its release still helped propel BTC up by $ 150, undoing the damage inflicted hours previously by the news of Bithumb’s $ 31 million hack.

Do you think Tether has the funds to cover all of the USDT in circulation? Let us know in the comments section below.


Images courtesy of Shutterstock, and Tether.


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

The post Tether Shows Law Firm Its Funds But Stops Short of an Audit appeared first on Bitcoin News.

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North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

June 20, 2018 |

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements

The state of North Carolina has pushed the passage of House Bill 86 and some digital currency advocates and firms like Coinbase believe the bill makes the state more friendly towards cryptocurrency businesses. At the moment North Carolina’s House Bill 86 has been presented to Governor Roy Cooper and awaits his signature.

Also read: Major Korean Crypto Exchange: $ 31 Million Vanishes

North Carolina House Bill 86 Includes Money Transmission Changes and Licensure Guidelines in Regard to Virtual Currencies Passes Unanimously

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements On June 14, 2018, North Carolina’s general assembly unanimously ratified House Bill 86 which adds new language to the state’s permissible investments and statutory trust under the Money Transmitters Act. The bill’s final revision includes legal definitions concerning virtual currencies like bitcoin and other tokens. North Carolina’s legislation also requires the licensure of businesses that work with cryptocurrency activities. Furthermore, the state’s Commissioner of Banks Ray Grace can request data from the licensed cryptocurrency firm at any time. North Carolina House Bill 86 states:   

If the licensee possesses virtual currency as permissible investments under this Article, the Commissioner may at any time request that the licensee verify, in a manner acceptable to the Commissioner, aggregate virtual currency transmission obligations outstanding and virtual currency held as permissible investments, including virtual currency stored offline.

Coinbase Believes North Carolina’s Bill ‘Helps Cryptocurrency Companies Comply With the Letter of the Law’

North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements
Coinbase executive Mike Lempres

Commissioner Grace had also helped write the revised edition which included virtual currency definitions and licensee requirements. The firm Coinbase applauded the passage of House Bill 86 and formally thanked the banking commissioner, representatives Tim Moore, Dan Bishop, Jon Hardister, Bill Rabon, Stephen Ross, Jason Saine, and Jeff Tarte for helping bolster the legislation.

“Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws,” the Chief Legal and Compliance Officer at Coinbase, Mike Lempres said last Thursday.

By helping cryptocurrency companies comply with the letter of the law, leaders in both states are paving the way for the economic and social benefits of this new technology to flourish within their communities.           

The firm also complimented the state of Wyoming for recently passing its blockchain and cryptocurrency legislation after it had issues with the state prior to the passage of Wyoming’s guidelines. A while ago Coinbase suspended its services to Wyoming residents and the firm said at the time that the state’s Division of Banking made Coinbase operations impractical. As both North Carolina and Wyoming change their money transmissions laws the state’s look like they may see more business operations due to the legislative changes.

What do you think about North Carolina’s House Bill 86? Do you think more states will adapt virtual currencies into their laws? Or do you think these regulations are bad for cryptocurrencies in general? Let us know your thoughts in the comment section below.


Images via Pixabay, Wiki Commons, North Carolina Emblem, Coinbase, and Medium. 


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The post North Carolina Banking Bill Passes — Adds Virtual Currency License Requirements appeared first on Bitcoin News.

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France Warns of Several Unauthorized Cryptocurrency Platforms

June 20, 2018 |

France Warns of Several Unauthorized Cryptocurrency Platforms

France’s financial markets regulator has issued a new warning against unauthorized platforms offering cryptocurrency investments. The regulator has added four websites to its list of blacklisted domains offering crypto investments without authorization.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

French Regulator’s Warning

France Warns of Several Unauthorized Cryptocurrency PlatformsThe French financial markets regulator, the Autorité des Marchés Financiers (AMF), on Monday warned “the public against several companies proposing atypical investments without being authorized to do so.”

The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected. According to Law no. 2016-1691 on transparency, no investment offer can be directly marketed in France without a registration number or prior approval by the AMF.

France Warns of Several Unauthorized Cryptocurrency PlatformsAlongside Monday’s warning, the regulator also published a list of four “new unauthorized websites offering atypical investments.” The four websites are bitoraxe.com, solutioncrypto.com, solution-crypto.com, and connect-coin.fr. At the time of this writing, connect-coin.fr is already offline. The other three are still live but solution-crypto.com redirects all traffic to solutioncrypto.com.

The AMF previously published a list of 15 websites offering crypto investments without authorization. The regulator maintains three lists of unauthorized websites – one for forex products, one for binary options, and one for other goods including diamonds, wines, and cryptocurrencies. The agency started keeping track of blacklisted sites in July last year and began including crypto sites in December.

AMF Concerned About Crypto

The AMF has been tracking losses in cryptocurrencies through its Epargne Info-services center, which receives investment complaints and claims. During the AMF’s annual report presentation last month, Chairman Robert Ophèle said:

During the first four months of the year, out of the more than 4,000 requests processed by our Epargne Info-services center, 700 concerned crypto-assets with nearly 250 claims or reports reporting more than € 9 million (~US$ 10.43 million) in losses.

He added that cryptocurrencies have taken over binary options and highly leveraged contracts for difference (CFDs) as the most pressing problem.

France is currently creating a legal framework for initial coin offerings (ICOs), which is expected to be finalized next year. The agency started clamping down on bitcoin derivatives in February. In April, the country slashed the tax rate on crypto capital gains from 45% to 19%.

What do you think of the AMF warning investors of these unauthorized platforms? Let us know in the comments section below.


Images courtesy of Shutterstock and AMF.


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The post France Warns of Several Unauthorized Cryptocurrency Platforms appeared first on Bitcoin News.

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Control of Highly Demanded Crypto Classes May Spark Turf War at Universities

June 20, 2018 |

Control of Highly Demanded Crypto Classes May Spark Turf War at Universities

Can only a law professor teach about smart contracts? Universities have faced several challenges with adding crypto classes to their curriculum such as a scarcity of knowledgeable lecturers and an ecosystem that develops much faster than they can reprint books. Now they also have to worry about different departments bickering over control of the multifaceted subject.

Also Read: You Can Now Exchange Your Leftover Euros for Crypto at Schiphol Airport

Academic Tug of War Over Crypto Classes

Control of Highly Demanded Crypto Classes May Spark Turf War at UniversitiesBitcoin, cryptocurrency and blockchain classes are all the rage at academic institutions around the world, from Chicago to Brazil and even North Korea. In fact, they are now in such high demand that academics fear they might lead to a turf war between computer science, economics, law, accounting, finance departments and business schools.

Garrick Hileman, who lectured about cryptocurrencies as part of a master of finance course at the University of Cambridge, told the Financial Times that: “It wouldn’t surprise me to see some turf wars break out over who owns the blockchain curriculum at business schools.”

David Yermack, professor of finance at New York University Stern School of Business, started teaching about Bitcoin to MBA students back in 2014. He explains that: “It’s interdisciplinary. The computer science and finance industries have merged and this needs to happen in universities too. But universities are bureaucratic — it will be political and take time.”

Demand From Students, Finance and Tech Companies

Control of Highly Demanded Crypto Classes May Spark Turf War at UniversitiesThe reasons for the strong demand for blockchain courses include of course the great price rally of 2017, but also the new avenues opened up by smart contracts and ICOs. “The increase in value in the cryptos played a large part in the increase in public interest,” explained Jens Martin, a director at University of Amsterdam Business School. “However, we feel that the finance industry is very interested in the technology itself and the possibilities it offers. We see many applications not only from people with a banking background, but a more diverse group who are interested in applying these concepts to finance.”

Robert Wardrop, director of the Cambridge Centre for Alternative Finance at the Judge Business School, said that demand for teaching crypto skills is mainly coming from tech companies such as Amazon, Google and Microsoft. “The core focus of interest is growing from non-financial firms.” These “are essential to related projects that these businesses are working on. Understanding issues like asset tokenisation is quite fundamental . . . in terms of your business model but also to your capital raising,” he added.

Should Bitcoin classes be part of computer science or finance programs? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Control of Highly Demanded Crypto Classes May Spark Turf War at Universities appeared first on Bitcoin News.

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PR: Essentia.one Earmarks $11m to Foster Development of Projects Based on Its Protocol

June 20, 2018 |

Essentia.one Earmarks $  11m to Foster Development of Projects Based on Its Protocol

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The decentralized interoperability protocol Essentia is set to launch a fund valued at over $ 11 million to expand their ecosystem and incentivize projects to be built on top of the platform.

The fund will drive development of a thriving program to accelerate real world adoption of blockchain technology, based around Essentia’s enterprise-oriented solutions, while forging close ties with the community, without whom we could not have reached this stage. Over the last few months, we’ve been privileged to meet many of you at conferences and blockchain events around the world, and have relished the sense of camaraderie and the enthusiasm you’ve shown for the decentralized systems we’re building. Your interest is clearly visible in the dAppstore as well, where you keep voting for the best applications to be integrated to the framework. We’ve also been grateful of your support in participating in the Essentia pre-sale and forthcoming public sale, which commences on June 25. In the meanwhile check out 10 reasons why Essentia is worth the wait!

Upon completion of our public sale, the hard work doesn’t stop. In fact, that’s when we kick things up a notch with the launch of the Essentia $ 11M fund. In the coming weeks and months you’re going to see a range of new initiatives introduced including:

EssCons: A series of Essentia conventions for developers, businesses, community members and anyone interested in engaging with the Essentia ecosystem. These events will be held regularly throughout the year, starting in Kiev on July 25th.

ESS Local Meetups: A more informal series of events will take place in major cities throughout the world including Kiev, Amsterdam, London, Seoul, Hong Kong/Shenzhen, Tokyo and Berlin. These will provide a chance to exchange ideas and interact with other Essentia supporters in a relaxed setting.

ICO Competitions: The Essentia framework will also serve as a launchpad for ICOs. To spearhead this initiative, we’ll be launching a number of ICO competitions in a bid to uncover the best tokenized projects, with our first event taking place in Amsterdam in August.

ESS Hackathons: We can’t wait to discover some of the applications for Essentia’s open source protocol that developers dream up. To nurture dApps and other integrations built on the Essentia protocol, we’ll be hosting our first hackathon in August, and inviting teams to participate.

ESS Incubator: The projects that demonstrate the most potential and real world application will be supported through mentoring and grants provided by the ESS Incubator. We’ll take these teams under our wing and help them to create dApps built on top of our protocol and then deeply integrate these into the Essentia framework.

We’ve already announced details of some of the projects we’re supporting, including ORCA, whose app is being integrated into our protocol. Aside from this and our partnerships with MTK and Finland, we have a number of other major partnerships that we’ll be releasing details of soon. With the aid of the ESS Incubator, expect to see future integrations of DEXes, blockchain enterprise solutions, GDPR compliancy provisions, logistics management platforms and much more.

The Essentia Ecosystem and Community Program will be driven by the same principles that define blockchain technology: visibility, transparency, and accountability. We promise to communicate regularly as we embark on the next phase of our journey, and to solicit the advice and ideas of our developer community, whose input will be critical in helping us realize our goal of connecting the decentralized web and making it accessible to all.

At Essentia, we’re not interested in merely paying lip service to the concept of community: engaging with and growing our global network of supporters and developers is of paramount importance to us. We have every intention of maintaining the momentum we’ve acquired in the run-up to our crowdsale, as we move into the next phase of Essentia’s evolution, with our sights firmly set on establishing a thriving ecosystem built upon distributed, decentralized technologies.

To be a part of their growing community join their Telegram channel.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.one

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com 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.

The post PR: Essentia.one Earmarks $ 11m to Foster Development of Projects Based on Its Protocol appeared first on Bitcoin News.

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EOS Decentralization Questioned as Block Producers Freeze Accounts

June 20, 2018 |

EOS Decentralization Questioned as Block Producers Freeze Accounts

On June 17, 2018, the 21 block producers or nodes that run the EOS network chose to freeze seven accounts that were allegedly stolen from EOS community members. According to reports, all 21 block producers unanimously decided to freeze the compromised assets but the decision was met with controversy from the EOS community, and possibly some second thoughts from the block producer EOS New York.

Also Read: Ripple Gateways Can Freeze Users’ Funds at Any Time

EOS Block Producers Unanimously Decide to Freeze Accounts

EOS Decentralization Questioned as Block Producers Freeze AccountsThe decision made by EOS block producers brings a lot of questions to the table again in regard to whether or not a public blockchain that has centralized nodes with freezing powers can truly be considered a permissionless blockchain. On June 17, the 21 EOS block producers (BP) had agreed unanimously to freeze several accounts on the EOS blockchain that were allegedly stolen. According to the BP members and the EOS911 (a system that shows if EOS keys were compromised), malicious actors using phishing attacks and other forms of social engineering were able to steal people’s keys. Seven accounts have been frozen even though there seems to be more complaints of compromised keys to hand.

EOS New York Shows Reluctance

Even though all 21 BPs chose to unanimously vote to freeze these accounts, EOS New York has written that even though they voted on enacting the account blacklist, the organization wavered on the decision.

“EOS New York chose to enact this freeze because we believed that we were following the spirit of the governance system we as a community seek to create, despite it being formally absent. EOS is a platform meant to enable solutions which protect life, liberty, and property and that’s what we believed we were doing through this emergency action,” the New York-based BP noted.

“As of right now, we do not have a timeline for when the freeze action can be lifted or sanctioned by ECAF  Freezing accounts outside of formal processes with no timeline or next steps is not ok,” EOS New York emphasizes. “We have asked for ECAF to submit a formal ruling on the merits of the case by 1300 UTC 19 June 2018. If no such ruling is released by this time, EOS New York will remove the “freeze”, which cannot be enforced without unanimous consensus by all top 21 Block Producers.”

However, EOS New York stated that if this continues to happen they may not be so supportive unless the state of the network was in critical need of the blacklisting solution again.  

We are encountering these problems on a daily basis and we do not have the tools in place to properly address them.

EOS Decentralization Questioned as Block Producers Freeze Accounts

Other Well-Known Chains with the Ability to Freeze Accounts

The decision was controversial among EOS participants and the cryptocurrency community in general to say the least as the topic erupted into debates about centralized chains and immutability once again. Many people are skeptical that a blockchain with centralized nodes with freezing abilities can even be called ‘decentralized’. The third highest valued cryptocurrency network held by Ripple (XRP) has also been accused of the same freezing process multiple times in the past.

EOS Decentralization Questioned as Block Producers Freeze Accounts

Furthermore, the EOS blacklisting took place not long after the network was officially launched last week when the 21 BPs voted to initiate the chain, but then had critical issues with block production shortly after the launch. The EOS chain and concept has been on the hype train ever since its inventor Dan Larimer (also the creator Bitshares and Steemit) announced the protocol, leading to the token’s market capturing the fifth highest market cap.

What do you think about the EOS block producers’ ability to blacklist and freeze accounts? Let us know what you think about this subject in the comment section below.


Images via Pixabay, Disney’s Frozen, the XRP and EOS logo, and Wiki Commons.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post EOS Decentralization Questioned as Block Producers Freeze Accounts appeared first on Bitcoin News.

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You Can Now Exchange Your Leftover Euros for Crypto at Schiphol Airport

June 20, 2018 |

You Can Now Exchange Your Leftover Euros for Crypto at Schiphol Airport

One of the most inconvenient things about international travel is getting stuck with foreign money that can’t be accepted in your home country. Luckily for passengers and visitors to Schiphol Airport, they now have the chance to experience the benefits of a truly global currency first hand and get rid of their fiat at the same time.

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New Crypto ATM at Schiphol

You Can Now Exchange Your Leftover Euros for Crypto at Schiphol AirportAmsterdam Airport Schiphol, the main international gateway of the Netherlands, has announced that, starting immediately, passengers at the busy airport can exchange their leftover euros for cryptocurrency, including BTC and ETH at an automated kiosk. The ATM is on a trial period and Schiphol claims to be the first European airport to offer this service.

“Schiphol is constantly looking for ways to innovate and provide optimum service to passengers,” says Tanja Dik, director of Consumer Products & Services at Amsterdam Airport Schiphol. “With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum. That can be beneficial if, for instance, it’s not possible to spend euros in their home country.”

Six Months Trial

You Can Now Exchange Your Leftover Euros for Crypto at Schiphol AirportThe airport explained that for now, the Bitcoin ATM at Schiphol is on a six-month trial period aimed at exploring whether demand for this service exists among passengers. The machines are located in Arrival Hall 2 and also in the corridor to Departure Halls 1 and 2, where thousands of passengers pass through daily. Importantly, the placement also enables visitors to Schiphol Plaza to reach the ATM, enabling them to buy cryptocurrency even if they are just passing by.

This trial is the result of cooperation between Schiphol and the Dutch company Byelex Data Solutions BV, operating under ‘The Byecoin Company’. “We are excited that Schiphol is willing to join us in exploring ways to introduce passengers to the new cryptoreality,” commented Byelex director Herman Vissia.

Schiphol isn’t the only airport making crypto advancements. Recently we reported that at Brisbane Airport in Australia, all merchants and airport terminals have begun accepting various digital assets, making it one of the friendliest cryptocurrency airports in the world.

What are some other great locations for crypto ATMs? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock, Schiphol.


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