'Cloud Archives -
In the Saturday edition of The Daily, we look at a technical issue with Amazon’s cloud services network that has forced two major South Korean crypto exchanges to temporarily go offline. In other news, Malta-based digital asset exchange Okex has launched a platform offering information on initial coin offerings and Estonia has issued licenses to a new cryptocurrency exchange called Serenity.
Amazon Web Services Network Failure Hits South Korea
Upbit and Coinone, two leading South Korean cryptocurrency exchanges, were forced to go offline Thursday morning due to an hour-long failure of the Amazon Web Services (AWS) platform in the country, Zdnet reported. The outage also affected a number of e-commerce hubs, with networks in Seoul taking the hardest hit. AWS confirmed the glitch in a statement quoted by The Next Web:
Between 3:19 p.m. and 4:43 p.m. PST we experienced increased error rates in the Asian-Pacific region.
AWS, whose cloud services are used by some of South Korea’s largest companies — including Samsung, Hyundai and Korean Air — has conducted an emergency inspection of its Asian network. According to media reports, it has assured customers the issue has been resolved and that the system is already operating normally.
The two exchanges were the only cryptocurrency platforms affected by the interruption of the company’s centralized cloud services. Following the outage, Upbit apologized for not being able to warn users in advance and said it would be canceling some trades under certain conditions. Coinone informed its customers it would undergo maintenance.
Okex Sets up Information Center for ICOs
Malta-based cryptocurrency exchange Okex has announced the launch of Okex Project Info, a platform offering information about token issuers, their roadmaps, their development progress and third-party reviews. The company promised strict monitoring of the data provided by the teams of the reviewed ICO projects in order to ensure the accuracy and unbiased nature of the published information. In an announcement, the exchange explained:
We created this platform with the mission of helping our customers to gain a better understanding of the projects before they make any trading decisions.
The digital asset trading platform also said that teams that fail to update the status of their projects every 30 days will be removed from Okex Project Info. “We are doing so to promote transparency in the ecosystem, letting our users know what to expect in owning the tokens,” the exchange said in a blog post.
Startups conducting ICOs are welcome to apply for listings on Okex Project Info via email. The team will contact applicants to confirm their details and guide them through the process.
Serenity Crypto Exchange Licensed in Estonia
New digital asset trading platform Serenity has obtained two licenses from the Estonian Financial Intelligence Unit. They will allow it to exchange digital and fiat currencies and operate as a provider of wallet services in the crypto-friendly EU jurisdiction. The company will officially launch its Serenity Escrow service by the end of this month. It is currently integrating a system that will allow it to process fiat currency deposits.
Revolut Crowned Europe’s Allstar Company of 2018
U.K.-based digital bank Revolut was crowned Europe’s Allstar Company of 2018 at the recent annual Investor Allstars Awards ceremony, Wired has reported. The fast-growing fintech startup, which raised $ 250 million earlier this year, recently announced that it now has more than three million users. According to GP Bullhound, an investment company and co-organizer of the event, Revolut has become a leader in the European tech ecosystem. A recently released report reveals the fast-growing sector is now worth around €200 billion ($ 230 billion).
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock.
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Alphabet Inc.’s Google has decided not to compete for the Pentagon’s cloud-computing contract valued at as much as $ 10 billion, saying the project may conflict with its corporate values.
The project, known as the Joint Enterprise Defense Infrastructure cloud, or Jedi, involves transitioning massive…
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Shuang Li, former General Manager of Meituan Open Services (MOS) walked away from lucrative package by industry tycoons, but jumped startup bandwagon to set up BonusCloud, whose vision is to become AWS in decentralized cloud computing. Shuang Li is a cloud computing expert with over a decade of experience. Prior to BonusCloud, he was General Manager of MOS, Director of Alibaba Network Department, Chairman of System Technology Committee in Baidu.
Through BonusCloud, the startup project, Shuang expected to leverage blockchain technology to overcome many issues in tradtional cloud service, such as lack of industry standard, black-box operating environment and excessively high operating cost. Shuang believed, as a blockchain-driven cloud platform, BonusCloud is well positioned to solving issues faced by traditional cloud technology by recording transactions and audit in the chains. BonusCloud aims to combine virtual technology of cloud computing field with blockchain and enhance blockchain functionality of virtual machines, so as to further broaden PaaS applicaiton. On such a basis, BonusCloud will not only execute smart contract, but also network applicaiton, storage application and computing application.
BonusCloud endeavours to develop a global computing power trading platform, so as to connect such global computing resources as existing cloud computing, IDC, enterprise computing centers, and personal CPU/GPU/bandwidth etc. By attracting tens of thousands of resources contributor, platform users and application developers, it could provide a trustworthy cloud computing platform service featured by low price, wide scope and strong computing power, shaping the business model and resources distribution structures of traditional centralized cloud computing.
According to the source, BonusCloud adopts hybrid consensus algorithm of DPoS+PBFT, in which bookkeepers will be regularly elected by workers based on contribution value. All workers, bookkeepers, DApp developers will be rewarded based on weights of resources and assignments of different types. Rewards includes compensation generated by resources users and token from blocks. Furthermore, on one hand, DApp developers will be rewarded at various level based on their amount of contributions in line with Developer Impel Protocol (DIP), which selects DApp every few blocks in a given time interval. On the other hand, well-defined reward mechanism and service procurement will ensure sufficient liquidity of token, so as to ensure completeness of platform ecosystem.
BnonusCloud’s vision of becoming AWS in decentralized cloud computing industry is supported by a team of core members with proven track record and complementary mix, mainly from world leading internet and IT companies, such as Alibaba, Cisco, Baidu, Meituan, Sangfor etc, covering full range of R&D, operation and maintenance, marketing and sales. With regards to financing, BonusCloud has smoothly attracted cornerstone investors, which are world leading top 2 digital currency exchange and China’s top blockchain investor.
The latest news on China’s giant services platform Meituan is that it’s planning to list on the Hong Kong Stock Exchange on September 20, aiming to raise over $ 4 billion and valuation up to $ 60 billion.
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Starting as early as this fall, students around Los Angeles will have the opportunity to learn to code in one of the biggest software growth areas: cloud computing, an increasingly popular online-based technology that is used for data analytics and file storage.
That’s due to a partnership announced…
In today’s edition of Bitcoin in Brief we cover stories about one of the largest inter-dealer brokers in the world exploring the cryptocurrency market, a privacy-focused email service that now accepts several cryptos, a new white label exchange offering and a cloud mining service that abruptly ended BTC contracts.
TCAP Explores Market
TP Icap plc (LSE:TCAP), one of the largest connectors between banks’ traders in the financial, energy and commodities markets, has reportedly set up a ‘working group’ earlier this year to explore how it should approach cryptocurrencies. The crypto working group includes some of TP Icap’s most senior executives and was established under former CEO John Phizackerley, according to “people with knowledge of the matter” cited by Financial News London. This could be another indication that mega banks are looking to enter the crypto dealing market and that the networks that serve them are preparing for that day. Last week it was reported that Blackrock, the world’s largest asset manager, is probing the crypto market with a similar working group.
Hashflare Stops BTC Cloud Mining
Hashflare, a cloud mining service which has been operating for a few years already, has announced it stopped its active SHA-256 contracts due to continued BTC mining unprofitability. The company explained in a Facebook post that: “For over a month our users encountered a situation when the payouts were lower than the maintenance fees, resulting in zero accruals to the balance. As of 18.07.2018, the payouts were lower than maintenance for 28 consecutive days.”
The team seem to think they can recover from this, writing “We expect that the cryptocurrency market situation will stabilize in the nearest future and we will be able to offer our users new advantageous solutions.” However, the reputation of Hashflare might be too tarnished for that, as many clients are complaining that the company offers no refund for their money invested in the contracts nor an alternative mining option to divert their resources to. People are also suspicious that the company has added KYC/AML requirements right before this announcement, preventing those who wish to remain anonymous from withdrawing their funds.
Tutanota Now Accepts Several Cryptocurrencies
Tutanota, an open-source end-to-end encrypted email with over 2 million users, has announced that the service has started integrating cryptocurrency support. As a first step, users can now donate to Tutanota with BTC, BCH, ETH and XMR. The developers are now also testing how easily they can automate the processing of crypto payments in order to add an option to pay with cryptocurrencies. “We at Tutanota have always been in support for cryptocurrencies because we welcome the idea of a decentralized payment method that works independent of centralized payment processors such as banks or credit card institutions”, the team stated. “We very much welcome the idea of an anonymous payment option as well. With Tutanota we want to provide an anonymous email service for journalists, whistleblowers and human rights activists who need the extra protection they get from the built-in encryption of Tutanota.”
Huobi Launches White Label Exchange Service
Did you ever want to launch your own crypto exchange but didn’t have the technical capabilities to set it up? Now you have a new option. Huobi, the Singapore-headquartered trading venue, has launched a new service for companies that wish to offer a white label exchange of their own. Called Huobi Cloud, the business will rely on Huobi’s existing platforms, providing services for setting up OTC exchanges and currency exchanges with little to no IT capability requirement. The company explains that clients can share the order integration system, wallet system, asset management and clearing system of the Huobi Global platform, connecting to its depth, liquidity, and market data.
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
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The post The Daily: TCAP Explores Market, Tutanota Accepts Cryptos, Huobi Launches Cloud appeared first on Bitcoin News.
White plumes of acid and extremely fine shards of glass billowed into the sky over Hawaii as molten rock from Kilauea volcano poured into the ocean, creating yet another hazard from an eruption that began more than two weeks ago: A toxic steam cloud. Authorities on Sunday warned the public…
Hawaii volcano’s two-story lava wall blocks crucial escape route, residents urged to steer clear of toxic cloudMay 21, 2018 | dailybusinessnews
Lava gushing out of cracks caused by Hawaii’s Kilauea volcano over the weekend created a two-story wall blocking parts of a highway crucial for residents to escape as authorities warn them to steer clear of the plumes of acid and extremely fine shards of glass billowing into the sky.
The Clarifying Lawful Overseas Use of Data (CLOUD) Act just passed – almost in secret – tucked deep inside a voluminous spending package of well over a trillion dollars. No debate. No up or down vote on the merits of CLOUD. Instead, lawmakers would have had to reject the entire bill, thousands of pages, and risk government shutdown, in order to mount any kind of opposition. CLOUD is a broadening of international law enforcement power when it comes to online activity, and the crypto community is worried.
Hey! You! Get Off My CLOUD!
Senator Orrin Hatch, President Pro Tempore of the US Senate, explained, “The CLOUD Act bridges the divide that sometimes exists between law enforcement and the tech sector by giving law enforcement the tools it needs to access data throughout the world while at the same time creating a commonsense framework to encourage international cooperation to resolve conflicts of law.”
It hasn’t been a great couple of weeks for cryptocurrency privacy advocates. Revelations from notorious whistleblower Edward Snowden showed a long, consistent pattern of US government eavesdropping and tracking of bitcoiners in particular since at least 2013. Now, new US legislation smuggled into an2 omnibus spending bill appears to give government ever-more power in its ability to monitor online privacy.
On page 2,201 of a 2,232 page document finds S. 2383/H.R. 4943 Clarifying Lawful Overseas Use of Data portion, commonly referred to as the CLOUD Act. It’s the combined brainchild of legal minds at Apple, Facebook, Microsoft, Google, Yahoo! and Senator Orrin Hatch, 84, who has held his seat since 1977 (Star Wars opened, Jimmy Carter was president, and Atari 2600 was released).
A joint statement from all five companies reads, “The new Clarifying Lawful Overseas Use of Data (CLOUD) Act reflects a growing consensus in favor of protecting Internet users around the world and provides a logical solution for governing cross-border access to data. Introduction of this bipartisan legislation is an important step toward enhancing and protecting individual privacy rights, reducing international conflicts of law and keeping us all safer.”
EFF and ACLU See Further Intrusions and Worse
Companies such as Microsoft have been involved in privacy battles, and one of them has reached the US Supreme Court this year. The Court is mulling over whether Microsoft must give the Department of Justice (DOJ) data stored in Ireland. The case has been ongoing since 2013. It’s probably the case major tech companies want a uniform set of rules governing international compliance laws instead of litigating at every turn. Evidently these platforms feel the CLOUD Act is an optimum compromise between protecting privacy and necessary law enforcement access.
The Electronic Frontier Foundation (EFF), however, is having exactly none of it. Referring to the legislation as A New Backdoor Around the Fourth Amendment, the EFF stresses the CLOUD Act fails “to require foreign law enforcement to seek individualized and prior judicial review. Grants real-time access and interception to foreign law enforcement without requiring the heightened warrant standards that U.S. police have to adhere to under the Wiretap Act. Fails to place adequate limits on the category and severity of crimes for this type of agreement. Fails to require notice on any level – to the person targeted, to the country where the person resides, and to the country where the data is stored.”
American Civil Liberties Union (ACLU) released its own warning regarding CLOUD in conjunction with two dozen privacy-oriented organizations. Among “other things, the legislation would: Allow foreign governments to wiretap on U.S. soil under standards that do not comply with U.S. law; Give the executive branch the power to enter into foreign agreements without Congressional approval; Possibly facilitate foreign government access to information that is used to commit human rights abuses, like torture; and Allow foreign governments to obtain information that could pertain to individuals in the U.S. without meeting constitutional standards.”
Well-respected cryptocurrency luminary Andreas Antonopoulos urged, ““The CLOUD Act passed. It destroys privacy globally, so it had to be snuck into the $ 1.3 trillion omnibus without debate. Encrypt. Encrypt. Encrypt. Go Dark. When privacy is criminalized, only criminals have privacy. We got sold out, again.” Indeed, cryptography by definition is a privacy oriented pursuit. And so undoubtedly the quest for better privacy coins and encryption methods will continue with at least a little more urgency.
Does legislation like CLOUD worry you? Let us know in the comments!
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The Attorney General of South Carolina has served a cease and desist order on Genesis Mining. In documents filed before its Securities Commissioner, it has declared cloud mining contracts to be securities, in a move that could have repercussions beyond the confines of the Palmetto State.
Attorney General Forecasts Dark Clouds for Mining Contracts
Cloud mining contracts enable individuals to purchase hashing power without the need to get their hands dirty. Rather than have to order, install, and maintain a bunch of miners, capacity can be purchased from a datacenter that’s set up to mine crypto. Genesis Mining is one of the most well established operators in the space. It, as well as companies such as Hashflare, has been plying its trade for years. Now, a cease and desist order looks set to put paid to that, in the state of South Carolina at least.
“Join over 1,000,000 people with the world’s leading hashpower provider,” proclaims the Genesis website. “It’s super simple – Your mining rigs are already set up and running. As soon as you’ve set-up your account you can start to earn your first coins from our bitcoin cloud mining service!” The company operates a datacenter in Reykjavik, Iceland. But in a filing dated March 9, South Carolina Attorney General’s Office has ordered Genesis Mining and Swiss Gold Global to stop targeting residents in the state.
The Company That Lives in the Cloud
Like many web companies, Genesis is everywhere and nowhere. The administrative proceeding document directed to the Securities Commissioner of South Carolina lists Genesis’ last known address as Chinachem Century Tower in Hong Kong. This seems to be a common registration address for businesses and appears in the Offshore Leaks Database that publishes findings from the Panama Papers. Under a section headed Findings of Fact, the Attorney General’s filing states:
Genesis Mining offers mining contracts for six cryptocurrencies: Bitcoin, Dash, Ethereum, Litecoin, Monero, and Zcash, each of which entitles an investor to…a “Mining Contract”…in exchange for investing in a Mining Contract, Respondent Genesis Mining engages in a certain amount of computational effort on behalf of the investors.
Genesis Ordered to Shut up Shop
The reason why the state’s Attorney General is filing the cease and desist then becomes apparent: “Genesis Mining continuously offered investment opportunities in Mining Contracts to South Carolina residents through its website.” It appears that Swiss Gold Global was selling the contracts on behalf of Genesis, but was not registered as a broker in South Carolina. This is illegal, the filing claims, because “investment contracts constitute securities, and an investment contract includes an investment in a common enterprise with the expectation of profits”.
U.S. residents are tiring of hearing that every crypto offering they touch constitutes a security. From ICO tokens to mining contracts, it seems that most investments have the potential to be interpreted as a security given that they’re purchased with the expectation of future profit. The Attorney General seems to have a prima facie case here, however, and Genesis Mining – should it contest the claim – may have its work cut out. It’s likelier that Genesis will focus its efforts elsewhere, for the loss of one U.S. state is inconsequential. But if other states were to follow suit, it could signal the beginning of the end for cloud mining contracts in the U.S.
For mining companies seeking to avoid having to register with the SEC – which is likely to be most of them – the smartest approach may be to avoid U.S. investors altogether. Moonlite, a project raising capital to construct mining datacenters in Iceland, is already taking that stance; U.S. investors are unable to participate in its token sale. Mining firms seeking investment, be it through cloud contracts or tokenization, may find their safest option is to omit U.S. states altogether.
Do you think mining contracts could reasonably be interpreted as securities? Let us know in the comments section below.
Images courtesy of Shutterstock, and Genesis Mining.
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