Image Image Image Image Image Image Image Image Image Image Image Image

| November 20, 2018

Scroll to top

Top

Decentralized Archives -

Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps

November 4, 2018 |

Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps

Over the last few months, the Bitcoin Cash (BCH) developers who created the Yenom wallet have been developing a lot of BCH applications and tools. On Nov. 3, the Yenom developer Shun Usami revealed a new proposition model for decentralized application development proposals called the Bitcoin Dapps Improvement Proposal (BDIP) standard.

Also read: New Bitcoin Cash Stress Test Sees 700,000 Transactions in One Day

Decentralized Application Proposals for Bitcoin Cash

Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized AppsSince the introduction of re-enabled opcodes last May, Bitcoin Cash developers have been steadily working on applications like Memo.cash, Bitdb, and other platforms. Shun Usami from the BCH-centric wallet Yenom, revealed on Saturday a new scheme called the BDIP standard. The process is aimed at decentralized application (dapp) development using the BCH chain. BDIP is short for Bitcoin Dapps Improvement Proposal, and it’s a similar scheme to Ethereum’s EIP model, and Amir Taaki’s original BIP system created in 2011 for the Bitcoin Core (BTC) network. Essentially, the BDIP system is meant for characterizing new dapps built on the BCH network, alongside describing what the applications do and the platform’s associated processes.

“The BDIP should provide a concise technical specification of the feature and a rationale for the feature,” the BDIP Github repository explains. “The BDIP author is responsible for building consensus within the community and documenting dissenting opinions.”

The BDIP documentation also explains the rationale behind the standard. The developers believe the process is a suitable method to track decentralized applications built on the BCH chain. This way programmers and users can check the status of an implementation and maybe give feedback, check for issues, or see if the dapp software developers are active.

The repository continues by stating:     

For Bitcoin dapp implementers, BDIPs are a convenient way to track the progress of their implementation. Ideally, each implementation maintainer would list the BDIPs that they have implemented. This will give end users a convenient way to know the current status of a given implementation or library.

Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps

The First BDIP

According to the specifications, there are three types of BDIPs which include a standard track, an informational BDIP, and the described processes involved with the BCH application. The BDIP authors explain that a proposal must meet criteria and be fully descriptive of the application’s nominated intentions. The developers recommend BDIP authors “vet their own project” to make sure the proposal is original and has utility. “It helps to make sure the idea is applicable to the entire community and not just the author,” the repository adds.

After the BDIP process was announced, the Bitbox creator and BCH developer Gabriel Cardona detailed on Twitter he created the first BDIP called Dapp ID, a “unique identifier for a single dapp protocol with the specification of the dapp.” In addition to the BDIP creation, Yenom developers had recently proposed a new deep link payment protocol, on Oct. 21. The developers also won the first San Francisco BCH Devcon alongside introducing a new Bitcoin Cash Kit (BCK) for BCH developers that contains the first Bitcoin Cash library (lib) for iOS software.

What do you think about the BDIP process for Bitcoin Cash applications? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Github, and Pixabay. 


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps appeared first on Bitcoin News.

Bitcoin News

‘Decentralized’ Exchange IDEX to Introduce Full KYC

November 2, 2018 |

IDEX, the world’s most popular decentralized exchange, is to transition to a full verification model. The move comes days after the platform began excluding residents of New York State as part of its compliance efforts. Its latest measure, described by IDEX as “pragmatic decentralization” has drawn ire from a segment of the cryptocurrency community.

Also read: China Updates Crypto Ranking, Downgrades BTC Further

IDEX Goes Full KYC

A cryptocurrency exchange introducing know your customer (KYC) requirements is not generally headline news. When the platform in question is a decentralized exchange (DEX), however, typically one of the last outposts of privacy, it’s a major talking point. IDEX’s decision will be monitored closely by the cryptocurrency community to see whether it is an isolated incident or the shape of things to come. IDEX’s dominant position within the DEX market, capturing around 7x the trading volume of its nearest competitor, means it exerts significant influence.

‘Decentralized’ Exchange IDEX to Introduce Full KYC

Explaining its transition to a full KYC model, IDEX wrote: “Decentralization exists on a spectrum, and unless your system or application lacks any centralized parts it can be subject to regulation. Aurora is working to create a fully-decentralized financial system, but the path to getting there requires significantly more control and centralization than the end state. In addition to IP blocking, IDEX will be implementing KYC/AML policies in order to comply with sanctions and money laundering laws.”

Same Security, Less Privacy

‘Decentralized’ Exchange IDEX to Introduce Full KYCTraders tend to use decentralized exchanges for three reasons: custody (they retain control of their funds at all times, mitigating the likelihood of theft), privacy (no KYC means not having to disclose your activities to the authorities, or risk having your identity stolen) and finally to gain access to desirable tokens before they make it into a major exchange. With the privacy element removed from the equation, all that’s left is the marginal benefit of greater security and the equally slender benefit of accessing newly unlocked tokens.

Profiting from trading IDEX tokens is extremely difficult in the current market climate, and the added inconvenience of needing to register for the privilege may be the last straw for many traders. Trading volume and the number of active users have both dropped sharply since IDEX announced its new KYC policy a day ago, though it is too early to conclusively link the two events. In the coming weeks, a clearer picture should emerge of the effect that IDEX’s new policy has had on the platform’s trading activity.

First Shapeshift, Now IDEX

In the closing remarks to its lengthy blogpost on “pragmatic decentralization,” IDEX referenced Shapeshift, the cryptocurrency-changing service which was also forced to go full KYC recently, under pressure from U.S. regulators. It concluded:

Over the next few months IDEX will begin instituting KYC procedures for all users to comply with both AML and sanctions laws. Like other exchanges, IDEX will have tiers which correlate with the amount of funds users are able to move through the service. Those trading a small amount of funds will be required to provide a minimal amount of information, while those who wish to trade larger amounts will need to undergo additional KYC steps.

There is an emerging trend for cryptocurrency exchanges that are accessible from the U.S. to kowtow to regulatory pressure out of fear or threat of being shut down. For now, there remain other decentralized platforms and protocols where cryptocurrency users can ply their trade. The question is for how long.

What are your thoughts on IDEX introducing KYC? Let us know in the comments section below.


Images courtesy of Shutterstock and Dappradar.


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

The post ‘Decentralized’ Exchange IDEX to Introduce Full KYC appeared first on Bitcoin News.

Bitcoin News

PR: Bithumb Teams up with ONEROOT to Build Distributed Decentralized Exchange

October 10, 2018 |

Bithumb Teams up with ONEROOT to Build Distributed Decentralized Exchange

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.

ONEROOT announced the launch of the “Rocket Plan”to enter the global market, officially entering the 2.0 era.

ONEROOT won the first Cryptocurrency Financial Services License issued by the Canadian government!

On October 1, 2018, “Rocket Plan” carries the success to another higher level: Under the witness of executives of both sides, Bithumb and ONEROOT formally signed a cooperation agreement —— Bithumb accesses R1 protocol ——that decentralized transaction protocol serves the world’s leading centralized exchange for the first time.

With the unique structure of R1 protocol, Bithumb and all future R1-based exchanges is able to share order data and liquidity, providing users with better trading depth and experience, and forming a global distributed business system.

Bithumb is the largest centralized cryptocurrency exchange in South Korea with more than 5million registered users. Since the start of trading service in January 2014, the daily transaction volume has experienced explosive growth, with the highest record reaching 15 billion yuan. As one of the top five Bitcoin exchanges in the world, Bithumb trades more than 13,000 Bitcoins per day, accounting for about 10% of global Bitcoin trading volume. Bithumb is also the world’s largest Ethereum, accounting for about 44% of Ethereum transactions in South Korea. In addition to cryptocurrency, Bithumb, the world’s leading digital financial platform, also has extensive involvement in cyptocurrency-based payment, investment and other fields.

In order to expand the business system, establish a complete ecosystem and provide users with safer and more efficient services, Bithumb is committed to becoming the world’s first large-scale centralized exchange that provides decentralized trading services. After a comprehensive comparison, Bithumb finally chose to access the R1 protocol, which is a decentralized transaction protocol based on Ethereum, to build it’s own decentralized trading platform. So, what is R1 protocol and why is the R1 protocol?

R1 protocol is an efficient decentralized token exchange protocol developed by ONEROOT team.

It separates order matching and order execution, far more efficient than other decentralized transaction protocols. Based on R1 protocol, Bithumb is able to provide users with stronger security, higher matching efficiency and better experience. In addition, with its unique structure, R1 protocol allows all exchanges accessing it to share order data and liquidity. With more and more transaction platforms access R1 protocol in the future, Billions of trading data and excellent liquidity will be brought in, complementing Bithumb’s globalization strategy and truly forming a win-win ecosystem.

ONEROOT is the world’s first blockchain project to propose the concept of traffic sharing. With R1 protocol as the core and Rootrex as the model, ONEROOT supports traffic holders to quickly build their own decentralized exchanges and truly grasp transaction freedom. At the same time, all exchanges based on R1 can share transaction data and liquidity, achieve a win-win ecosystem and build a solid underlying infrastructure for the entire industry.

Contact Email Address
will@oneroot.io

Supporting Link
https://www.rootrex.com/

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: Bithumb Teams up with ONEROOT to Build Distributed Decentralized Exchange appeared first on Bitcoin News.

Bitcoin News

A Review of the New Stellarx Decentralized Exchange

September 30, 2018 |

A Review of the New Stellarx Decentralized Exchange

This week, Stellar launched its long-awaited decentralized exchange. Stellarx offers trading of a range of assets including cryptocurrencies from multiple blockchains, using stellar lumens (XLM) as the base currency. The exchange differs significantly from existing decentralized offerings, which are limited to tokens pertaining to a single blockchain – usually Ethereum. With Stellarx, however, users can trade BCH, BTC, USD, ETH and much more, but there’s a catch: non-native assets are represented as ‘tethers’.

Also read: Launching a Website on the Bitcoin Cash Network Is Now a Reality

Does Stellar’s New DEX Have the X Factor?

A Review of the New Stellarx Decentralized ExchangeOn the face of it, Stellar is an odd cryptocurrency project to be championing decentralization. Founded by Jed McCaleb as a fork of his former project, Ripple, Stellar is in many respects as centralized as the coin its codebase derives from. Are We Decentralized Yet? scores Stellar’s XLM cryptocurrency low on various decentralization metrics, noting that the top 100 accounts hold 95% of the total supply, there is just one client codebase controlling nodes, and a mere 111 public nodes are operational. By any reckoning, that makes XLM a heavily centralized cryptocurrency, and yet in Stellarx, we have a candidate for one of the most innovative and user-friendly decentralized exchanges seen yet.

To all intents and purposes, Stellarx operates as a true DEX should: users retain sole custody of their funds, trades are executed against other users, and Stellarx has no access to funds. Throw in the ability to trade non-native crypto assets such as BTC and BCH, plus the option of making fiat currency deposits, and Stellarx starts to sound more like a centralized exchange than a bare bones DEX on a par with IDEX or Forkdelta. There are some caveats that come with trading non-native Stellar assets, which we’ll get to shortly, but straight off the bat, Stellarx is more feature-rich than any of its counterparts.

A Review of the New Stellarx Decentralized Exchange

Trade Anything, Anywhere

“Any asset that is created on the Stellar network may theoretically be displayed, no matter whether it would be considered a currency, commodity, security, utility token, or other type of asset under your local applicable laws and regulations,” notes Stellarx in its Ts & Cs. “You are responsible for determining the legality of your transactions.” With each trade, the counterparty sends tokens directly to your Stellar wallet and vice-versa, ensuring that there is no custodial risk incurred. They explain:

On Stellarx, you can go US Dollars to Bitcoin to Chinese Yuan to Mobius from a single wallet. That’s not possible anywhere else.

Upon visiting Stellarx for the first time, you’ll be prompted to sign up by submitting an email address and password. That’s the only verification you need to trade on the platform, which is pretty cool, as is the built-in password strength calculator:

A Review of the New Stellarx Decentralized Exchange

You’ll then be prompted to create a private key for the Stellar wallet that will be tied to your trading account and to make a note of the recovery phrase. At this stage, Stellarx bears many similarities to the Waves decentralized exchange. The trading interface you’ll next be shown, however, accompanied by a platform walk-through, is far slicker than anything that any rival DEX has produced to date.

A Review of the New Stellarx Decentralized Exchange

The first question that users navigating their way around Stellarx may have is how the exchange of cross-chain assets is made possible. This has hitherto been a tough nut to crack, with atomic swaps seen as the likeliest solution to what is a complex problem to solve in a trustless setting. Stellar’s solution is surprisingly simple: the majority of the assets it offers are ‘tethers’ i.e tokenized representations. They explain: “They’re tied to either fiat like USD or to cryptocurrency from other chains, like Bitcoin and Ethereum. You can trade tethers like any other token, but you can also exchange them for the asset they’re tied to.”

So when you buy bitcoin cash or ethereum on Stellarx, what you’re really buying is a Stellar-issued token that represents that crypto. (The Waves DEX does something similar with ethereum, which is tradable on Waves despite operating on a different blockchain). On Stellarx, tokens are listed as either “fiat tethers”, “crypto tethers” or “native tokens”, the latter being native to the Stellar blockchain.

A Review of the New Stellarx Decentralized Exchange
The Stellarx bitcoin cash marketplace

Zero Fees and Human-Readable Addresses

In addition to boasting zero trading fees, Stellarx offers human-readable wallet addresses that comprise the email address you signed up with followed by “*stellarx.com”. Users who’ve no desire to publicly disclose their email address can use a non-identifiable public key instead. Assets listed on Stellarx can be filtered by volume, price, name, issuer, and other variables. Before you can begin trading you’ll naturally need to deposit funds into your account. In addition to XLM, Stellarx accepts USD, implemented with the aid of Anchorusd.com. While KYC is required to use Anchor’s service, it’s nevertheless novel to see a DEX offer fiat deposits.

A Review of the New Stellarx Decentralized Exchange
For users who don’t hold XLM, Changelly will provide crypto exchange

When it comes to withdrawing funds, there are two options: select another Stellar address or choose an off-chain account. If you’re holding ‘tethered’ funds such as BTC or BCH, you’ll need to visit the website of the issuer who offered the asset. In the case of BTC, for example, that means visiting Naobtc and converting your Stellar BTC for real BTC, or with BCH it necessitates swapping tokens at Apay. Stellarx will soon support off-chain withdrawals in-app, making this process less convoluted. There’s still plenty of work to be done on improving the platform, adding more assets, and onboarding enough users to build sufficient liquidity. On early evidence, though, Stellarx has a lot going for it, forming a welcome addition to the decentralized exchange ecosystem.

What are your thoughts on Stellarx? Let us know in the comments section below.


Images courtesy of Stellarx.


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

The post A Review of the New Stellarx Decentralized Exchange appeared first on Bitcoin News.

Bitcoin News

Review: A Side-by-Side Comparison of Decentralized Exchanges

September 21, 2018 |

Review: A Side-by-Side Comparison of Decentralized Exchanges

Decentralized cryptocurrency exchanges are getting better. They’ve still some way to go before they match the UX of the best centralized exchanges, or facilitate cross-chain trades for that matter, but they’ve come a long way since the Etherdelta days at least. In a week where Ethfinex Trustless debuted, we review four of the top ERC20 exchanges.

Also read: Japanese Regulators Urgently Respond to Zaif’s Hack

Four DEXes, One Review

Decentralized exchanges (DEXes) promise many of the same features as conventional exchanges such as the ability to set limit and market orders and to trade an array of tokenized assets. There’s one crucial difference however: your funds remain in your possession. Through connecting the Metamask Ethereum browser extension, it’s possible to execute trades without needing to leave your precious cryptocurrency stored on an exchange.

Review: A Side-by-Side Comparison of Decentralized Exchanges
Token Store

While most DEXes have a “Deposit” button, upon pushing it, your ethereum is not transferred into the custody of the exchange you’re trading on. Instead, a smart contract grants the platform’s trading engine permission to offer your ETH for a range of ERC20 tokens. While progress has been made with facilitating cross-chain swaps, allowing, say, BTC to be swapped for DASH, or BCH for ETH, we’re some way from seeing a consumer-ready platform that can achieve this. For now, then, the decentralized platforms featured below are about as good as it gets, while hinting at the shape of decentralized trading to come.

Forkdelta

So-named because it’s a fork of Etherdelta, the original Ethereum DEX, Forkdelta retains much of the same stylings as its parent platform. This means a bewildering and unintuitive order book, the risk of omitting a zero when placing an order and over-buying or selling by a factor of 10, plus the potential to purchase the wrong token altogether. In short, Forkdelta is not a fun place to play, and should be avoided by DEX rookies.

Review: A Side-by-Side Comparison of Decentralized Exchanges
Forkdelta

That being said, for traders who cut their teeth on Etherdelta, Forkdelta will be familiar, and if it works for you, it seems churlish to complain about an interface that is a little rough around the edges. With 24-hour volume of 1,850 ETH and 760 users according to Dappradar, Forkdelta is alive at least. Unintuitive dropdown menus and a confusing array of old smart contract addresses mean Forkdelta isn’t for the faint-hearted or easily overwhelmed. Persevere, however, and you might just find a few ERC20 gems lurking in its depths.

Review: A Side-by-Side Comparison of Decentralized Exchanges

IDEX

IDEX became the new Etherdelta long before Forkdelta became the new Etherdelta. That is to say, IDEX is the leading ERC20 token by some distance, and has been for almost a year now. For newcomers to the decentralized trading game, it’s probably the best place to start. While the UX is not as smooth as that of a Binance or Coinbase, it’s easy to grasp at least, and trades are executed quickly by DEX standards.

Review: A Side-by-Side Comparison of Decentralized Exchanges
IDEX

After visiting IDEX with Metamask activated, select “Deposit” to transfer ETH or an ERC20 token held in your wallet via smart contract. Within a couple of minutes, the funds will show up in your IDEX wallet, whilst still remaining in your possession. Markets can be filtered by name, volume, price, and percentage change, making it easy to find the asset you’re after. 24-hour volume of 4,000 ETH and almost 1,400 users confirm IDEX as top dog.

Token Store

Token Store is a lesser known DEX, which in operation falls somewhere between Forkdelta and IDEX. The interface is nice, and the platform’s painless to use. With just 200 users and 53 ETH exchanged in the last 24 hours, though, Token Store’s biggest flaw is low liquidity. File this DEX under “One to watch”.

Ethfinex Trustless

As we reported on Tuesday, Ethfinex has now launched Trustless, its very own DEX. The exchange is likely to take a chunk out of IDEX and Forkdelta’s volume once it goes fully live in a couple of weeks. It’s open for business now, but with a limited selection of tokens, and the requirement to own at least one NEC (the native Ethfinex token) to trade. Once these restrictions are lifted, Trustless should have no trouble cementing itself as a leading DEX, aided by the liquidity it’s granted by Ethfinex and Bitfinex.

Review: A Side-by-Side Comparison of Decentralized Exchanges
Ethfinex Trustless

A simple but clean UX makes Trustless a pleasure to use. Depositing funds calls for clicking the “Lock” button, which is a more accurate description than that proffered by the likes of IDEX, since that is exactly what’s occurring: you’re locking your funds into a smart contract for the purposes of trading. With its focus on building a community whose input is sought on such matters as token listings, Ethfinex Trustless has the potential to become the go-to platform for ERC20 traders.

What’s your favorite decentralized exchange and why? Let us know in the comments section below.


Images courtesy of IDEX, Forkdelta, and Ethfinex.


Disclaimer: Bitcoin.com does not endorse nor support these products/services.

Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their 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 this article.

The post Review: A Side-by-Side Comparison of Decentralized Exchanges appeared first on Bitcoin News.

Bitcoin News

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adds Zcash

September 15, 2018 |

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adding Zcash

Cryptocurrency exchange Bitfinex is working on a project to launch a decentralized trading platform and we’ve got all the details here. Also in The Daily, Bitpanda adds Zcash to its offerings, Bitvo launches technical analysis tools, and Monex makes executive changes at Coincheck.

Also read: Dapp Revival, Remme Launch, 1 Million Cryptokitties

Bitfinex Develops Decentralized Exchange

Bitfinex, the sixth largest crypto exchange by daily trading volume, has announced it will launch a decentralized trading platform. According to a post on Twitter, the new exchange, called Eosfinex, “will facilitate a highly scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity.”

In a blog post, Bitfinex notes that the platform, to be launched in the upcoming months, will be a high-performance, decentralized exchange built on Eos.io technology. The Hong Kong-based company explains that Eosfinex will be centered on three pillars: decentralization, trust, and performance. The team hopes to deliver complete decentralization through a trustless peer-to-peer trading experience.

Eosfinex will initially list the following pairs: BTC/USD, ETH/USD, and EOS/USD, with more offerings promised in the future. Further elaborating, the developers point out that the exchange contract is flexible and allows for the trading of any token created by a specific trusted contract. “Furthermore, adding a new pair is trivial and can be done by anyone after the trusted contract issues a new tradable token,” the team adds.

Bitpanda Starts Trading Zcash

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adding ZcashBitpanda, a leading European cryptocurrency exchange, has added Zcash. “Trading of @zcashco is now live on the Bitpanda website!” the crypto company announced in a tweet this week inviting traders to take advantage of the new opportunity. According to Satoshi Pulse, Zcash is currently ranking 21st with a market capitalization of over $ 585 million and a price of ~$ 120 per coin.

ZEC is a major privacy-centric coin. The cryptocurrency uses ZK-Snarks technology, believed to be hard to reverse, but earlier this year a group of researchers found the promised anonymity can be degraded through certain usage patterns, as news.Bitcoin.com reported. They claimed this could happen when switching between “shielded” and “unshielded” Zcash transactions.

Zcash developers have also made efforts to prevent centralized mining, stating that the struggle against ASIC-supported mining is a priority. In May of this year, they indicated their strong opposition to the launch of a new device by the Chinese mining giant Bitmain designed to process transactions for the privacy coin working with the Equihash algorithm used by Zcash and other similar cryptocurrencies like its fork Horizen.

Bitvo Offers Technical Analysis Tools for Crypto Traders

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adding ZcashCanadian exchange Bitvo is launching new cryptocurrency technical analysis tools. According to a press release, the platform’s Technical Analysis Score and Technical Analysis Indicators provide insight to assist in making buy and sell decisions. The Technical Analysis Score tool is targeting new traders providing overall scores ranging from ‘excellent’ to ‘poor’. More experienced traders are offered a full range of Technical Analysis Indicators that can be applied to all cryptocurrencies traded on the platform.

Bitvo’s developers explain that the relative strength of cryptocurrencies is evaluated by an artificial intelligence model which generates a quantitative score comparing the relative strength of a particular cryptocurrency with the overall strength of the market on a particular day. The score is classified into three sub-scores: short-term (less than five days), mid-term, and long-term (more than 20 days). The exchange emphasizes that the indicator represents the daily technical trading analytical strength and is not a predictor of future value.

Executive Changes at Monex and Coincheck

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adding ZcashJapanese Monex Group has announced changes to the management teams of two of its companies: the financial services provider Monex and Coincheck, the notoriously hacked cryptocurrency exchange that was acquired after it lost some ¥58 billion worth of NEM (~$ 550 million USD at the time) in one of the biggest heists in crypto history. Kazunaga Nakajima is replacing Kiyoshi Tamura as Monex’s auditor, Financial Magnates reported. Tamura is not leaving the company; instead he is joining the Tokyo-headquartered Coincheck where he will serve as executive director.

The exchange is now a wholly owned subsidiary of Monex Group after its acquisition for ~$ 34 million USD. Following the deal in April, the online brokerage firm revealed its intentions to revive the cryptocurrency trading platform. In May, the Japanese company announced plans to start offering services on the US market where it wants to expand its operations and customer base.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adds Zcash appeared first on Bitcoin News.

Bitcoin News

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

September 11, 2018 |

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Fully decentralized peer-to-peer crypto exchange Bisq has launched a mobile notification app for both Android and iOS systems. The platform saw record growth last month and is holding a market kickstart event as a way to boost liquidity.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Bisq Mobile App Launched

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart EventBisq, a fully decentralized peer-to-peer (P2P) crypto exchange that allows users to trade fiats against cryptocurrencies, has launched a mobile notification app for both Android and iOS systems.

The project’s developers announced on Sunday, September 9, that “The Bisq mobile notifications app for iOS is now available from the app store.” This announcement came two days after the team announced, “The initial release of the Bisq mobile app for Android is now available.”

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Both the Android and iOS versions of the app allow users to customize alerts for trades, offers, disputes, and prices. The app is linked to the desktop software where all trading is done, in a P2P environment.

Bisq’s latest version, v0.8.0, has a number of new features such as “Local / face-to-face trading, iOS and Android mobile app notifications, Halcash as a new payment method, [and] privacy improvements,” according to the developers.

August Was Record Month for Bisq

Bisq continues to grow in the number of users and trades this year. On September 4, the team shared the platform’s growth statistics for August, revealing:

August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017, and at a much higher average BTC/USD price…Also, 13,000 trades as of today.

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Bisq developer Christoph Atteneder added that, in August, the total number of trades was 926 and the average number of trades per day was 30.

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart EventSince Shapeshift announced its move to a new membership model that requires know-your-customer (KYC) information from its users, Bisq has been highlighted as an alternative to Shapeshift. The Bisq developers tweeted on September 5, “Big news. Shapeshift bowing to KYC regs could mean many more users coming Bisq’s way soon.”

September Market Kickstart Day

The Bisq team is not solely relying on Shapeshift’s policy change to grow their userbase. To help build the liquidity of the platform’s order book, they are preparing for an event dubbed the “September Market Kick-Start Day.” The developers explained:

On September 20th 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release.

They elaborated that “If we can reach 300 offers published on one day we will see a new high in [the] number of trades,” noting that participants who make at least one offer on that day will be rewarded 10 BSQ, the project’s own token designed to help fund platform development.

What do you think of Bisq’s development? Would you use Bisq? What do you think of their market kickstart event? Let us know in the comments section below.


Images courtesy of Shutterstock, Shapeshift, Twitter, and Bisq.


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

The post Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event appeared first on Bitcoin News.

Bitcoin News

PR: Former Meituan Cloud Veteran Launches BonusCloud – AWS in Decentralized Cloud Computing

August 20, 2018 |

Former Meituan Cloud Veteran Launches BonusCloud - AWS in Decentralized Cloud Computing

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.

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.

Supporting Link:
www.bonuscloud.io

Contact Email Address
hi@bonuscloud.io

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: Former Meituan Cloud Veteran Launches BonusCloud – AWS in Decentralized Cloud Computing appeared first on Bitcoin News.

Bitcoin News

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

August 14, 2018 |

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

The path to a cryptocurrency revolution might just run through a sleepy Austin, Texas industrial park, home to offices of Cody Wilson and his company, Defense Distributed in the United States. Parallels exist between downloadable files from a website, allowing users access to 3D printable firearms, and a permissionless, decentralized, censorship-resistant medium of exchange. If the world’s most powerful government succeeds in preventing Mr. Wilson from engaging in basic speech, hold on to your electronic wallet because it could be next.  

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

You Are Responsible Enough to Read Unapproved White Papers and Controversial Firearm Schematics

The fate of cryptocurrency’s future could very well rest in the hands of a 30-year-old former law school student who has been called The Most Dangerous Man in the World by Wired magazine. No one could have foreseen this, of course, least of whom Satoshi Nakamoto when he delivered his white paper, Bitcoin: A Peer-to-Peer Electronic Cash System not quite a decade ago.

In it, the pseudonymous author went about detailing technical aspects of a trustless digital cash system with a decentralized audit log, a database conferring immutability for transaction recordings. The history is well known by most Bitcoiners, and today an entire universe of variations on that Bitcoin theme have sprouted.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

They’ve done that because, for the most part, a healthy portion of the world has access to critical information regarding cryptocurrencies. And it is a universe unto itself: initial coin offerings, alternative coin projects, tokenizing, blockchain technology, speculation, exchanges, crypto loan products, etc. The list is virtually endless. What is in store for decentralized, digital money is in large measure up to how governments react.

A sizeable number of enthusiasts will suggest there is no scenario by which crypto can be completely snuffed out. This is true as far as we understand at the moment. It is always dangerous to underestimate the power of government, however. A few twists and legal turns here, a few draconian laws there, and, yes, even Bitcoin could be stifled, albeit not killed outright – the genie is surely too far from the bottle now for Bitcoin to be snuffed out.

Cody Rutledge Wilson is Satoshi Nakamoto

Governments have every incentive to make life hard for Bitcoiners, even if such policies seem largely benign at the start. If cryptos gain adoption on a massive scale, it is not inconceivable that crackdowns could begin. In the United States this will happen under the pretext and ruse of its legal system. The media, always looking to be law enforcement’s lapdog, may dutifully portray those who dabble in crypto as criminals or worse. It’s not difficult to see this already happening in pockets of the US.

All it will take is precedent, a legal prosecution upholding the idea some thoughts are too dangerous to allow digitally. If said thoughts are too contrary to government whim, and courts agree, applying a vague standard of censorship, it could have major ramifications for cryptocurrency adoption.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

That standard already has one puzzle piece: Ross Ulbricht and Silk Road. Mr. Ulbricht, when all was said and done, was convicted for operating a website where illegal goods and services exchanged. He was given two life sentences, and without the possibility of parole. Have a website where people engage with it and wind up doing something illegal, and the publisher/owner is on the hook for legal consequences.

Enter Cody Rutledge Wilson, the notorious cryptoanarchist in Austin, Texas who shocked the world five years ago when he squeezed off the first shot from a printed plastic 3D mold. At the time, Mr. Wilson was considered a nuisance, an attention-seeker whose weapon, The Liberator, was thought to be irresponsible at most. Just as quickly, however, the US Department of State sought jurisdiction over Mr. Wilson’s project.

Cody Rutledge Wilson is Julian Assange

The bureau sent a cease and desist order to Mr. Wilson and his nascent company, Defense Distributed. The letter briefly explained hosting downloadable 3D gun files would be in violation of an international arms act. Mr. Wilson immediately cooperated, taking down CAD files which by that time had been downloaded some 100,000 times.

He was subsequently interviewed by authorities, and sent on his way as an ideological crank. He has never been arrested. He has never been charged with a crime. After waiting years for clarification on the substance of the State Department letter, Mr. Wilson lawyered up and went proactive. He sued the federal government on two grounds: First Amendment speech and Second Amendment right to keep and bear arms.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

In the United States, the first ten amendments to its constitution are known as the Bill of Rights. They were a compromise to get the constitution ratified back in the late 18th century, assuring skeptical states the federal government would be kept in check on critical issues. The First Amendment begins “Congress shall make no law ….” No law. Not one. Not three because three is a small number. Not a few because, gosh, things are bad. No. Law. Essentially five basic freedoms flow from it: religion, speech, press, assembly, petition. Speech was considered so central to the US founding it was among the first freedoms congress (lawmakers) were prevented from abridging. No. Law.

The Second Amendment is particular to the US in that it has been interpreted to mean a citizen has the right to own firearms, something most governments are loath to admit. More mainstream groups over the years have attempted to champion gun sports and hunting as viable reasons to have such access, but let us no longer mince words: the Second Amendment exists to enable citizens to shoot corrupt government officials. Governments might have overwhelming armaments and technology, but resistance to tyranny has been won with far less. Gun control simply means persons in government costumes with guns will stop others from possessing certain firearms, and, if successful in this case, even so much as reading about them.

Freedom.Bitcoin.com

On August 1st of this year, Mr. Wilson again published firearm files on the Defense Distributed website. He was able to do that because after agonizing legal arguments and court battles, the federal government knew they would ultimately lose on the merits. So they did the next best thing, considering. They struck a deal with Mr. Wilson. He would be able to host those files. Almost immediately, states’ Attorneys General filed injunctions, once again, to have the files removed. Mr. Wilson complied, even after having a formal agreement in place. It appears each state, or most of the 50, will come after Mr. Wilson one at a time, attempting to ruin him financially. They want Cody Wilson to give up and go away.  

There will be many attempts to manipulate this issue, many ways to frame it for the broader public and opportunistic politicians. It is beyond understandable to be wary of guns, to associate them with vicious forms of violence. A lot of Bitcoiners are enthusiasts because crypto is such a peaceful pursuit. To read decentralized money is on par with decentralized firearm access could be unsettling at first. And readers might need time to chew on the idea before coming fully onboard. Perhaps as readers are reminded by the hectoring of friends, family, government officials, “Why do you need cryptocurrency? We already have digital money backed by the country! Why do you get to be your own bank? Shouldn’t banks have the right to know what you’re doing with that money? Everyone should pay their fair share in taxes, including cryptocurrency users!” they’ll begin to see how ominously close digital assets are to digital firearm files.

Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto

No need to become a raging gun nut. No need to even own a gun. The key principle is no person should have the power to take that choice away from someone else. And, yes, Bitcoin.com is a business, and we’re working night and day to bring about more economic freedom to the world through bitcoin cash. Our corporate mission is to also work toward a less coercive, more voluntaryist community.

Censorship is particularly odious because it robs people of thought, new ideas, inquiry, the science of innovation. We believe you’re smart enough, good enough to handle reading a firearm blueprint should you be so inclined. So should everyone else. We believe you’re smart enough, good enough to handle being your own bank, deciding with whom you wish to trade. So should everyone else.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.

Do you think it’s important to support projects like Defense Distributed? Let us know in the comments section below. 


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Bitcoin is a Permissionless, Decentralized Firearm: Cody Wilson is Satoshi Nakamoto appeared first on Bitcoin News.

Bitcoin News

Decentralized Apps Might Be the Future but They’re Not the Present

August 7, 2018 |

Decentralized Apps Might Be the Future but They’re Not the Present

To their proponents, dapps – decentralized applications – are the future of internet. To their critics, they’re multi-million dollar sinkholes, with huge development costs, poor UI, and no users. Are dapps like Augur and IDEX early test cases for the web to come, or impractical experiments that are destined to fail?

Also read: Bitcoin ATMs Now In The Thousands Around the World

Decentralized Cash is a Success But Decentralized Apps Remain Unproven

Hating on dapps has become something of a parlor game. They’re an easy target after all. While all the headlines are about VCs pouring millions of dollars of seed money into dapps like Crypto Kitties, and the highly publicized launch of Augur (market cap $ 311 million), behind the scenes, things are less than rosy. The latter, which launched with great fanfare several years and personnel changes later, typically has less than 60 daily active users (DAUs) and yet Augur is supposedly ethereum’s flagship dapp.

Decentralized Apps Might Be the Future but They’re Not the Present

A glance around the categories on Dappradar shows that the number of people talking about dapps is multitudes greater than the number actually using them. For less than 90 DAU, your dapp can make it into the top 20 for all categories and for around 230 DAU into the top 10. Only decentralized exchanges IDEX and Forkdelta, plus the runaway ponzi game Fomo3D, have more than 1,000 daily active users. It’s to be expected that numbers should be low in the evolution of what is still a nascent technology, but should they be so low that you could squeeze the users of the average dapp into a small room?

“Design is the Killer App for Crypto”

A widely shared article from Coinbase this week, titled “Why design is the killer app for crypto”, observed: “Blockchain today is often compared to the internet in the 1990s. When the internet first came about, you couldn’t have predicted that twenty years later people would be using it to share their houses and cars (thanks to Airbnb and Lyft). The builders of the web didn’t have to know what all the possibilities were — they were just a group of passionate people who believed that this technology was important and transformational to society, and they pulled together to work to make it a reality.”

Decentralized Apps Might Be the Future but They’re Not the Present
Coinbase cited road sign design as an example of how UI improves with time.

Dapps, and the other components that form what’s known as web 3.0, often look clunky and complex to outsiders. Spoiled by slick social networks, whose UI  has been polished till it shines with the force of 1,000 suns, web users are apt to look askance at dapps that fail to match the performance of their centralized counterparts. Once dapp design improves, and the speed of the blockchains they run on increases, so the theory goes, the users will come. Federico Ast, founder of decentralized justice protocol Kleros, agrees, telling news.Bitcoin.com:

New technologies are usually received with skepticism. It’s easy to dismiss a new technology when you compare its very first iteration with the established versions of previous technologies.

From GPS to Bitcoin Wallets, Early Versions Always Suck

As anyone who’s been in bitcoin from near the beginning will know, decentralized technologies have already came a long way. There were no QR codes or mobile apps with the first BTC wallets: just slow and unintuitive desktop builds that called for synching the entire blockchain. GPS is another tool, built into our phones, we take for granted, but watch an episode of Top Gear from the late 90s and you’ll see Jeremy Clarkson testing a $ 5,000 GPS kit that’s as boxy as the car it’s installed in.

Decentralized Apps Might Be the Future but They’re Not the Present
Doges on Trial

Kleros’ first foray into the world of dapps is a test case for its justice protocol called Doges on Trial. Participants are invited to upload images of fake doges or even of cats to see if they can sneak them past the crowdsourced jurors. Like all dapps, it looks rudimentary and frivolous, but there are serious concepts being put to test. “Of course the very first cars were slower and more expensive than horses. And sending the first email was more expensive than traditional mail,” notes Kleros’ Federico Ast. “But the performance of new technologies increases exponentially. What may start as a ‘silly experiment’ proposing users sort a Doge list (“Hey, any 5-year-old can do that!”) may be the first step to fundamentally rethinking arbitration from the ground up.”

Decentralized Apps Might Be the Future but They’re Not the Present
Early GPS

It has been categorically established, nine years on from the genesis block, that a sizeable chunk of the population want decentralized money. It could be another nine years before we can say for sure whether they want decentralized apps. The number of daily active users for dapps are less than encouraging, but it would be foolish, at this stage of the game, to write them off, just as it has been proven foolish to write off the internet, GPS, and every other transformative technology we now take for granted.

Youtube and Twitter have come in for renewed criticism this week for censoring content

Besides, in an era of increasing censorship and surveillance, we need decentralized apps more than ever.

Do you think decentralized apps are the future? Let us know in the comments section below.


Images courtesy of Shutterstock, Dappradar, and Coinbase.


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

The post Decentralized Apps Might Be the Future but They’re Not the Present appeared first on Bitcoin News.

Bitcoin News