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| October 20, 2019

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Pronto vows to deliver despite charges against founder

September 2, 2019 |

Self-driving startup Pronto is finding its way after founder Anthony Levandowski’s indictment.


L.A. Times – Business

ClassPass founder Payal Kadakia wants you to sweat

September 1, 2019 |

Kadakia turned her own frustration over finding dance classes into a successful business model


L.A. Times – Business

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

August 7, 2019 |

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

The ongoing Kleiman v. Wright case saw expert testimony on Monday from the plaintiff’s cryptography specialist, alongside the defendant Craig Wright’s witness, Nchain CTO Steve Shadders. The court participants discussed parsing through 27,000 bitcoin addresses as well the Kleimans’ forensic expert finding discrepancies within specific documents and contracts between the two business partners. Moreover, it seems the Kleimans’ legal counsel has been pursuing a subpoena in order to compel the former managing director of the New Liberty Dollar, Joseph Vaughn Perling, to appear in court.

Also Read: Another Self-Proclaimed Satoshi Appears in the High Profile Bitcoin Lawsuit

Two Expert Witnesses Testify in the Billion-Dollar Bitcoin Lawsuit

Kleiman v. Wright, the high profile court case in West Palm Beach, Florida has had a day filled with expert witness testimony from both sides of the case. Wright is being sued by the estate representing the now deceased David Kleiman. According to the lawsuit, the plaintiffs believe self-proclaimed Bitcoin inventor Craig Wright manipulated David’s bitcoin assets and intellectual property inheritance. “As of the date of filing, the value of these assets far exceed $ 5,118,266,427.50 USD (before punitive or treble damages),” the opening statements of the lawsuit reads. During the hearing on August 5, Dr. Matthew Edman, a cryptography expert, and the Kleiman estate’s witness, told the court that there were various discrepancies within the court documents he reviewed. Wright’s attorney Amanda McGovern from the legal firm Rivero Mestre cross-examined Edman. The forensics expert said he examined the metadata tied to an alleged deed of trust, and emails between Kleiman and Wright.

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

When McGovern asked the expert if anyone could manipulate the metadata, Edman conceded and told the court that it was possible. “Anybody could have manipulated the metadata, but again there are a number of indicators in the metadata that are consistent with the defendant.” Edman further opined that to him it was improbable that it could have been just anyone and noted that timestamps matched Wright’s home of residence in Australia. The plaintiff’s expert witness couldn’t explain to McGovern why someone would manipulate the metadata. Just like his prior testimony, Edman continued to assert throughout his statements that there was circumstantial evidence the changes derived from the defendant.

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

Earlier in the morning, after the case started at 9:30 a.m. EST, Steve Shadders, the chief technology officer of Nchain, gave his testimony to the court. He’s been responsible for parsing through a list of early BTC addresses and claimed the list could be between 16,000-27,000 addresses. According to Shadders, Wright’s knowledge of the technology makes him certain he is the inventor of Bitcoin. “If he could, he would,” Shadders told the court when he was asked why Wright couldn’t come up with the list of public addresses. The Nchain CTO also told the plaintiffs that his research was “dependent” on Wright and the self-styled Satoshi’s word and data. The entire day was dedicated to the examination and cross-examinations of both Edman and Shadders. The two disputing parties will reconvene on August 26 and Kleiman and Wright’s attorneys will provide more arguments. At that time, Judge Reinhart could determine if Wright will be sanctioned in contempt of court for not producing the addresses.

A Subpoena Has Been Sent to Early Bitcoin Evangelist Joseph Vaughn Perling

The lawsuit has gone on for months now and it doesn’t seem as though the case is ending anytime soon. On July 24, the plaintiffs were granted a motion for issuance of rogatory subpoenas to foreign third parties located in the United Kingdom. Furthermore, Joseph Vaughn Perling, the former New Liberty Dollar managing director and Bitcoin evangelist, has been subpoenaed to appear in the Klieman v. Wright case. Perling, otherwise known in crypto circles as JVP, has an interesting history with the Wright phenomena. JVP is well known for his background issuing the New Liberty Dollar silver pieces which were .999 fine silver private issued medallions. Additionally, JVP was a well known member of the Bitcoin community and contributed to many cryptocurrency discussions on Twitter and forums. The subpoena for JVP was first issued on June 5, 2019, and there have been multiple motions made up until July 29.

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit

JVP was also well known for playing a mysterious part in Craig Wright’s Satoshi story. Back in May 2016 when Bitcoin developer Gavin Andresen and Jon Matonis were allegedly shown so-called ‘proof of Satoshi,’ Perling also joined in the discussion. That year JVP did an interview with Bitcoin Magazine’s Aaron van Wirdum and told him a lot of interesting things in regards to the ostensible Tulip Trust. During the beginning of the interview, JVP gave the reporter a message meant for Wright and told the journalist he could publish it. The messag, from one of the so-called trustees of the Tulip Trust, said it was “rumored that Craig Wright will need to access the Tulip Trading Trust assets.” The message seems to stem from a group and asserts that third parties or intermediaries cannot make a direct request with the trustees and all trust requests must be done their way. Another interesting thing to note about the message is that it says that “any coin movement affecting the trust asset without prior authorization will be considered a trust violation.”

It’s important to note that JVP’s intention within the interview was to get that specific message across. Throughout the rest of the discussion, JVP’s responses to questions were extremely cryptic and possibly meaningless. The Bitcoin Magazine article highlights that JVP made appearances in the Bitcoin Core Slack channel and told people Satoshi would be revealed that year. Additionally, the interview notes that the purported message from the trustee could not be verified by “any other sources to confirm the information provided by Vaughn Perling.” Moreover, during that same week, the Bitcoin influencer known as Bitcoin Belle (Michele Seven) shared a picture of JVP and another person who appears to be Uyen Nguyen. Belle was entangled in the drama and introduced Craig Wright to the community at a conference in Las Vegas with other guests like Nick Szabo. Not too long after the incidents during the first week of May, both Bitcoin Belle and Uyen Nguyen disappeared from the public spotlight.

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit
Before the saga during the first week of May 2016, Bitcoin Belle invited Craig Wright on a panel discussion with Trace Mayer, Nick Szabo, Ed Moy, and Joseph Vaughn Perling.

The Mysteries Behind Uyen Nguyen, Bitcoin Belle and JVP’s Roles in This Saga

Nguyen allegedly operated Wright’s “Tulip Boy” Twitter account that week and explained that she was a young Vietnamese female operating under secrecy for years. On May 5, the Tulip Boy Twitter handle that belonged to Craig Wright said that Nguyen was 24 years old and started the project when she was 18. After a slew of cryptic tweets from the Tulip Boy account which has since been deleted, Uyen Nguyen was never heard from publicly again. There are alleged photographs of Nguyen with JVP and evidence online that shows Nguyen being involved with the so-called ‘Satoshi proof’ orchestration. She is also named as a beneficiary in documented evidence, as her signature is seen on many agreements between Kleiman and Wright’s business operations within many court documents. However, almost every trace of Nguyen’s online existence has been wiped from the internet including GIAC certifications, a Google+ bio, Linkedin profile, a Facebook account, and her membership with the Lifeboat Foundation.

New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit
Before Bitcoin Belle left the community and her Twitter account was deleted, she shared a photo of Joseph Vaughn Perling allegedly dining with the Tulip Trustee Uyen Nguyen.

Bitcoin Belle also left the crypto community shortly after the Wright fiasco but has made a few public appearances since. She recently published a fictional book called “CCme” which will be part of a series called “Cryptonautica.” Belle recently spoke about her book with a writer named @Orphanblocks and revealed some details concerning the Craig Wright drama. She met Wright in 2015 and introduced him to a number of cryptocurrency influencers. That year in October, Belle invited Wright to be part of a panel discussion about bitcoin at a conference in Las Vegas. The panel included Ed Moy, Trace Mayer, Nick Szabo, and the New Liberty Dollar’s Joseph Vaughn Perling. In regard to the crypto community, JVP has dipped out of the public eye too and he hasn’t actively tweeted since 2017. JVP has been part of the Bitcoin ecosystem since his first appearance in October 2009 and he also wrote a ‘Satoshi sighting story’ three years ago and claimed the person mentioned in the story was Craig Wright.

It’s uncertain at the moment whether JVP will be forced to act on the Kleiman v. Wright lawsuit in Florida and how his story will play a part in this tale. Last March, it was revealed that early Bitcoin developer Jeff Garzik was subpoenaed to testify in the Florida Bitcoin suit as well. The subpoena asks for any specific communications between Garzik and Wright and whether he had any direct communications with David Kleiman. If the suit continues to drone on past the August 26 hearing, a wide range of well known crypto luminaries like JVP, cryptographer Ian Grigg, writer Andrew O’Hagan, and people such as the mysterious Uyen Nguyen may be compelled to testify in the case.

What do you think about the recent testimonies from expert witnesses on August 5? What do you think about Joseph Vaughn Perling (JVP) being served with a subpoena for this billion-dollar lawsuit in Florida? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Wiki Commons, Pixabay, Twitter, and Archive.org.


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The post New Liberty Dollar Founder Subpoenaed in the Billion-Dollar Bitcoin Lawsuit appeared first on Bitcoin News.

Bitcoin News

PR: Uruguayan President Meets With the Founder of SCRY

August 2, 2019 |

PR: Uruguayan President Meets With the Founder of SCRY

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Uruguay, nicknamed South America’s Switzerland, has always taken a positive attitude towards the development of science and technology and information economy as well as science and technology services, thus becoming the first Latin American country to step into 5G information this year. Miss Foo, founder and CEO of SCRY, has good business connections in the supply chain of agricultural and mining industries in Uruguay. In his meeting with the former Uruguayan president, Luis Alberto Lacalle Herrera and many business leaders and partners, Eva Foo has conducted in-depth exchanges and discussions about the latest application progress of blockchain technology in payment system, financial settlement and intelligent contract data automation.

In the past three years, the number of companies accessing data automation systems in the South American market has increased by 270%, securing a triple growth for last year alone. For the $ 53 billion smartphone terminal market in Latin America, more consumers are eager to have convenient Fintech technology services.

Blockchain creates a more efficient settlement speed and reconciliation system for supply chain data clearing of agricultural exports. Since Latin America is a paradise for football, where sports competitions of different sizes are held every week, there will be unimaginable room for growth of blockchain automatic settlement services based on data contract in the near future.

With its fascinating array of the latest blockchain terminal application products, SCRY will carry out technology transfer to companies and government departments with relevant financial functions, assist business partners in mutually beneficial development through service technology, so to further promote innovation and development of data-based intelligent contract services.

Contact Email Address
pansy@scry.info

Supporting Link
https://scry.info/

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: Uruguayan President Meets With the Founder of SCRY appeared first on Bitcoin News.

Bitcoin News

Consensys Inner Conflicts Spark Legal Action Against Founder

July 25, 2019 |

Consensys Inner Conflicts Spark Legal Action Against Founder

Ethereum cofounder Joseph Lubin was recently summoned to court in New York when a former employee initiated a lawsuit for more than $ 13 million. According to the summons stemming from former Token Foundry CEO, Harrison Hines, relief was being sought for alleged unpaid profits, fraud, unjust enrichment, and breach of contract.

Also Read: Another Self-Proclaimed Satoshi Appears in the High Profile Bitcoin Lawsuit

Consensys Founder Summoned to Court

A New York-based court summons dated June 5 shows that Joseph Lubin was accused by his former employee, Harrison Hines, of a variety of abuses tied to the Token Foundry project. Lubin is the founder of Consensys and one of the many cofounders of the Ethereum project. Hines’ legal council states in the summons that the action is due to a breach of contract. Additionally, the plaintiff is seeking damages for unpaid profits, and fraud connected to the Consensys satellite project called Token Foundry. The project consisted of a marketplace of vetted tokens that investors could purchase. At least four live sales took place on the Token Foundry marketplace. According to the summons from Hines’ legal team Canelaw LLP., the plaintiff is claiming more than $ 13 million in damages.

“The relief sought is monetary damages in the amount of $ 12,827,000 on the contract, quasi-contract and fraud claims plus $ 404,783 in unpaid profits,” the summons details.

Consensys Inner Conflicts Spark Legal Action Against Founder
Consensys founder and Ethereum cofounder Joseph Lubin.

Consensys is a company Lubin founded in 2014 based out of Brooklyn New York. The project is considered a dedicated blockchain tech company and venture studio. Several of the startups used initial coin offerings to fund their roadmap including Singulardtv, Gnosis, and Civil. The company has called itself a “hub and spoke” business model and the blockchain startups under the Consensys umbrella were the spokes. One of the spokes was an ICO market called Token Foundry which was initially led by Hines. The former Token Foundry CEO detailed in an interview that he believed the ICO ecosystem was irresponsible at times and his company aimed to fix the situation.

Consensys Inner Conflicts Spark Legal Action Against Founder

“I would say there is a lot of reckless behavior going on in the token ecosystem or has been, for quite a while. I think it’s important to really try to change the narrative about tokens and really set a standard for how to properly go about launching these new networks and selling tokens in a way that better protects consumers,” Hines explained in May 2018. He added:

Things were crazy, people were doing really, really not good things, and it was very clear to see why regulators weren’t happy.

Token Foundry Issues and Downsizing the Hub and Spoke

Issues revolving around the Token Foundry project began appearing over eight months ago. According to one report, people familiar with the matter said that Token Foundry’s CEO Harrison Hines had already left the company prior to November 2018. In addition to Hines, another eight employees were also dismissed or voluntarily left the project. At the time, Consensys executive Jay Thakrar said the company was continuing to reassess Token Foundry’s future success. The old website leads to a new site where people can leave their email to find out about the project’s next moves. The project did raise $ 50 million between all the hosted ICOs including Dether, Virtue Poker and FOAM. But skeptics say Token Foundry didn’t do so well because of the ICO slump of 2018 and a Russian competitor called ICO Box.

Consensys Inner Conflicts Spark Legal Action Against Founder
Former Token Foundry CEO Harrison Hines. The startup’s leader reportedly left in Nov. 2018.

Reports at the time stated that Consensys was planning to cut 50-60% of its 1,200 person team. The information stemmed from reviewed term sheets of the Consensys portfolio which claimed that some of the startups had zero financial backing. “Often without the financial support they’d need to find outside funding and succeed,” wrote news outlet the Verge when journalists combed the term sheets.

Consensys Inner Conflicts Spark Legal Action Against Founder
The original AMA post of the Reddit user who said he was let go from Consensys was deleted but it was archived on the Wayback Machine prior to deletion. At the time, sources familiar with the matter and a small group of former Consensys employees reached out to various crypto publications to explain what happened when they were let go.

At the time the company spoke to the press and did not deny the layoffs. Consensys said they were in discussions with all the startups under the business to “determine a path forward.” Data stemming from Wikipedia indicates that the current Consensys workforce stands at 900 employees. Last December, a former Consensys employee took to Reddit and did an ask-me-anything (AMA) post about the layoff. However, the post was deleted by the person who started the thread or by Reddit admins.

“Can provide proof to mods. Ask me anything and I’ll answer so long as it doesn’t dox or mention anyone by name outside of public emissions,” the former employee stated at the time. “I’ll let this gather some questions and will reply in batches until sometime tomorrow. Will try to get to everyone. Need to ask people to be respectful – a lot of other people lost their jobs today, there’s no need to make the event more stressful.” In the comments the person added:

[Consensys] was at times debilitating when it came to accountability and internal processes (from expense reporting and onboarding to designing new initiatives). How do you keep people accountable in a remote first leaderless (but leader-full) company? It seemed as if the emphasis was on discovering what could emerge from the bottom up and less on designing from the top down.

Embracing New Funding Vehicles After the Slow Demise of the ICO Craze

Eight months later, the company is still working with its spoke startups and a month ago the project 3Box raised $ 2.5 million. Placeholder Ventures, Northzone, Venrock, and Coinfund participated in the 3Box seed round. On July 2, the South Korean news agency Chosun reported that the large Telecom corporation SK Group invested $ 10 million into the Brooklyn-based incubator project Consensys. The report noted that the SK chairman was a supporter of blockchain innovation and the token economy and said that Consensys will “greatly contribute to SK and startup development.”

Consensys Inner Conflicts Spark Legal Action Against Founder
Joseph Lubin’s defense attorney responds to Hines’ complaint.

The summons which cites “unpaid profits arising from the defendants’ acts in connection with the business known as Token Foundry” could be settled out of court. Reports state that Consensys has responded to the court summons. According to his Linkedin profile, Hines is now in charge of a startup called Terminal Systems with a few former Consensys employees working with him. Token Foundry is still seemingly a spoke startup within the Consensys hub, but is now part of Consensys Digital Securities. Since the ICO madness come to a screeching halt in 2018, many blockchain-centric companies have started testing new funding vehicles with security token offerings and initial exchange offerings.

What do you think about the summons sent to Joseph Lubin and Consensys? Let us know in the comments section below.


Image credits: Shutterstock, Pixabay, Token Foundry, Archive.org, Twitter, Consensys Logo, and Wiki Commons.


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The post Consensys Inner Conflicts Spark Legal Action Against Founder appeared first on Bitcoin News.

Bitcoin News

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

July 22, 2019 |

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

On June 12, the Honestnode team announced the release of a new stablecoin project built on top of the Bitcoin Cash network called Honestcoin (USDH). The new token was made using the Simple Ledger Protocol (SLP) and recently launched on the cryptocurrency trading platform Coinex. This week news.Bitcoin.com spoke with the founder of Honestnode, Jian Shi, to learn more about this new stablecoin.

Also read: Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash

A Discussion With the Founder of Honestnode

Over the last few years, stablecoins have become a popular vehicle within the cryptocurrency landscape and since the birth of tether (USDT), there’s been a decent number of launched stablecoins on networks like Omni Layer, Ethereum, and Tron. These stablecoins have been collateralized in different ways.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

Now the Bitcoin Cash network has a stablecoin called honestcoin (USDH) which was created using the SLP platform by the Honestnode team. USDH is a regulated stablecoin backed 1:1 for U.S. dollars and the Honestnode team aims to build various forms of infrastructure to support the token’s use cases. News.Bitcoin.com spoke with Honestnode founder and CEO, Jian Shi, who discussed how the company plans to bolster the potential of cryptocurrencies and blockchain solutions.

News.Bitcoin.com (BC): Can you tell our readers a little about Honestnode?

Jian Shi: Honestnode has created a regulated and secure stablecoin called honestcoin (USDH), and is building a diverse set of value-added application scenarios and tools to support its end-users. This will provide the Honestnode users with a stablecoin that is truly valuable in both the cryptocurrency world and the real world. Honestnode’s ecosystem consists of six primary products:

  1. Honestcoin (USDH): A regulated stablecoin backed by the U.S. dollar.
  2. Honestpay: The USDH version of Alipay.
  3. HonestOTC: An over-the-counter trading platform for USDH and other leading currencies including fiat currency.
  4. Honest Financial: A financial service platform that is a fiduciary receiver for USDH.
  5. Honestcard: A physical bank card that backs up the USDH accounts of users.
  6. HonestAPI: Allowing third-party applications to easily implement the USDH collection.

Our mission is to unleash the true global power of currency. Honestcoin is a secure, efficient and low-cost way to transfer assets around the world. With Honestcoin, users break through external constraints, remove unnecessary restrictions, and bypass costly intermediaries to maintain total control over their global assets. Honestcoin helps bolster the freedom of money.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
The Honestcoin.io website.

BC: What made you decide to use the Bitcoin Cash (BCH) network to create a stablecoin?

Jian Shi: As the first regulated stablecoin on the BCH chain, USDH can fill a gap in the BCH ecosystem that lacks a regulated stablecoin. At the same time, Bitcoin Cash supports large blocks, with low transfer fees (about 1 satoshi) and 0 confirmation (instant arrival of small amounts). From the perspective of both transfer fees and speeds, it is superior to the BTC Omni Layer protocol and the ERC20 protocol built on Ethereum.

BC: Can you tell our readers how the USDH stablecoin is backed by your U.S. partner?

Jian Shi: Honestnode works with Koi Compliance, a San Francisco-based provider backed by Binance Labs, to ensure that USDH complies with all applicable legal requirements, including U.S. federal and state money transmission laws and AML/CFT rules. Among other things, USDH follows all requirements of a FinCEN-registered MSB by performing thorough identification verification, due diligence, beneficiary ownership checks, sanctions screening, transaction monitoring, and regulatory reporting. Additionally, Honestnode works with Cohen LLP to issue audited assertions from time to time to ensure that USDH is backed by USD 1:1.

USDH’s custody system is identical to that of TrueUSD. Specifically, all USD amounts used to purchase USDH are placed into a custody account controlled by Prime Trust LLC, a Nevada-chartered trust company. USDH’s operational staff and management members have no legal claim to such USD collateralization amount.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
The USDH token’s data according to Simpleledger.info.

BC: Were there any regulatory hurdles you had to deal with before launching the Honestcoin (USDH) project?

Jian Shi: There were no regulatory hurdles. The USDH team proactively researched the regulatory framework for fiat-backed stablecoins and related compliance matters and decided to work with established providers such as Prime Trust LLC and Koi Compliance. The launch, therefore, was a smooth process.

BC: Will Honestnode continue dealing with regulators going forward?

Jian Shi: Yes. Honestnode will, for USDH, comply with all applicable legal requirements on an on-going basis. We will, therefore, continue to work with regulators in fulfillment of certain of these obligations (e.g. regulatory reporting and asset blocking).

BC: USDH recently launched on the exchange Coinex. Do you plan to launch on any other exchanges in the future?

Jian Shi: We will gradually enter listings on more mainstream cryptocurrency exchanges in the future. Honestnode is currently focused on building USDH applications in the real world, to solve high-cost payment and remittance issues, and gaining more non-cryptocurrency focused audiences.

After we have accumulated a comfortable number of users in the payment and remittance scenarios, we will expand the USDH’s presence in the cryptocurrency secondary market trading and enter more digital currency exchanges.

BC: You worked with the SLP developers when creating USDH. Can you tell us about this experience?

Jian Shi: It was an unforgettable experience, and we went through the gradual improvement of the Simple Ledger Protocol (SLP). While the process was challenging and arduous, SLP continued to improve and support us until USDH was released.

There is no doubt that this is a great team and we benefited a lot from their cooperation. At the same time, the development group of SLP is very enthusiastic and helpful. They always welcome new developers and are willing to share various problems encountered in the development process.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
Looking at the distribution of USDH via Simpleledger.info’s Tokengraph.

BC: Do you think a stablecoin created using Bitcoin Cash is beneficial to BCH?

Jian Shi: As the first stablecoin on BCH, USDH can fill the gap in the BCH ecosystem. We will broaden USDH in the payment and remittance scenarios, which will help increase BCH’s activity. In addition, with the development of SLP and other protocols, there should be more and more applications based on the BCH chain, and USDH can provide access to payment implementation for these applications.

BC: There are a lot of stablecoins now. Do you think it’s good to have a variety?

Jian Shi: From an early age, we learned that Emperor Qin Shi Huang’s unification of the six Chinese nations would be very beneficial at the time, while on the other hand, the super-globalization of the Euro of today reveals many problems and intricacies. So, whether monetary diversity is good or bad cannot merely be decided so quickly. The financial system is highly related to the national policy, the fiscal and tax system, and the economic system.

As Honestnode, we need to stay humble in the face of such an objectively complicated existence and system, to strive to create application scenarios while maintaining the regulation, stability, and efficiency standards. Under the same compliance framework, we are open to other stable currencies and welcome other teams to work with us to resolve the issue of currency segregation.

BC: Do you think USDH is a competitor to other stablecoins like tether (USDT) and Gemini dollar (GUSD)?

At present, the main application scenario of tether is digital currency trade, but the under-regulation of Tether is an existing risk of significance. Whereas, the Gemini dollar is backed by the Gemini exchange, which trades mainly in digital currencies. The USDH is initially positioned to be applied in the real world to solve the problems of high cost and the hindered path in the process of payment and remittance. Because the target market is different from tether and Gemini dollar, there will be no direct competition in the initial stage.

What do you think about the Honestcoin project and the stablecoin USDH? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Honestnode, Simpleledger.info, Honestcoin, and Pixabay.


Do you need to track down a Bitcoin transaction? With our Bitcoin Explorer tool, you can search by transaction ID, address, or block hash to find specific details, and for a look at the broader crypto space explore our Bitcoin Charts tool.

The post Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash appeared first on Bitcoin News.

Bitcoin News

Bikers for Trump Founder Is Running for Congress

July 9, 2019 |

The South Carolina man who founded Bikers for Trump to block protesters at Trump campaign rallies now plans a campaign of his own. Chris Cox says he plans to run against Charleston Democrat Joe Cunningham for a US House seat, the State reports. Cunningham defeated Katie Arrington in the 2018…
Newser

Satoshi Comparisons Surface After Grin Founder Exits in Similar Circumstances

June 28, 2019 |

Pseudonymous Grin founder Ignotus Peverell has stepped away from the project, reassuring the privacy coin’s community that it is in “safe hands.” The move has sparked inevitable Satoshi Nakamoto comparisons. Bitcoin’s pseudonymous creator used almost identical language eight years ago, writing in an email that “I’ve moved on to other things,” before adding “It’s in good hands with Gavin and everyone.”

Also read: Bitcoin’s Big Price Drop Is the Latest in a Long History of Flash Crashes

Ignotus Peverell Pulls a Satoshi Nakamoto

Digital currency obsessives love a good mystery, and in Satoshi Nakamoto and to a lesser extent Ignotus Peverell, they’ve got a couple of crackers. The former needs no introduction, while the latter is the founder of Mimblewimble cryptocurrency Grin. The privacy technology underpinning the coin was posted to a bitcoin IRC chat in 2016 by someone called Tom Elvis Jedusor (Voldemort’s real name in the French version of Harry Potter), who then disappeared. It’s possible that Jedusor is also Ignotus Peverell (aka Igno), who posted an introduction to Mimblewimble and its Grin implementation on Github in March 2017.

Igno may or may not have created Mimblewimble, but it was he who got the ball rolling by turning Jedusor’s concept into a reality. The fact that the two share Harry Potter names is of course no coincidence. Ignotus Peverell was a pure-blood wizard from the 13th century, the youngest of three brothers and recipient of the invisibility cloak that eventually found its way to Harry Potter. It’s an apt moniker for a privacy coin developer who’s made a point of concealing his identity.

Satoshi Comparisons Surface After Grin Founder Exits in Similar Circumstances

On June 22, Grin member Yeastplume posted on the project’s forum: “As some have already noticed, Igno has not been very active over the past few weeks. He recently communicated to us in the council that he needs to be away from the project for a while for personal reasons. We do not have further details on his situation or a timeline for his return, but we anticipate he will be absent for at least a few months, possibly more. As Grin is open source and not reliant on any single person or group in order to progress, our work continues uninterrupted in his absence.” He added:

In his message to the council members, Igno stated that Grin was “in the best hands possible” … We individuals in the current council are as committed as ever to doing our part, putting in our best work, and moving Grin forward in the spirit in which Igno started this project. We look forward to Igno’s return, and, as always, invite you to join us and help us in making Grin the best it can be.

Igno’s Exodus Invites Satoshi Nakamoto Comparisons

The departure of Grin’s founder has given observers plenty to ponder. While little is known about Igno, his persona has some striking similarities with Satoshi. The first and last names of both characters are of the same length. Moreover, when ‘Ignotus’ is flipped and a few liberties are taken, it looks like this:

In Harry Potter, Ignotus Peverell was described as the wisest and humblest of the three brothers, qualities that could easily be applied to Satoshi, who lasted just 13 months on the Bitcointalk forum he founded before stepping away. Igno, in comparison, lasted 16 months on the Grin forum before bowing out.

Like Satoshi, Ignotus could write lucidly and code proficiently, but had little interest in self-promotion. In his only interview, Grin’s founder dismissed certain aspects of Bitcoin’s design, asserting “There is no evidence that bitcoin’s supply curve is optimal. But there is a growing body of solid research showing that several aspects of it are problematic.” He did profess to “believe in the bitcoin ideals” however and stated that he saw Grin as being “much closer to Monero or bitcoin” than to fellow Mimblewimble coin Beam.

Intriguing as the parallels between Satoshi and Ignotus are, the likeliest explanation is that Grin’s founder drew his cues from Bitcoin’s creator. Any similarities between the two are likely either a deliberate ploy on Igno’s part or mere coincidence. What’s not a coincidence is that the creators of three of the most innovative and fairly distributed cryptocurrencies to date – bitcoin, monero, and grin – are anonymous. Those who place the greater good over personal glory, it seems, leave a lasting legacy.

What do you think about the similarities between Igno and Satoshi? Let us know in the comments section below.


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Bitcoin News

Sex-Cult Founder Is Told His Fate

June 19, 2019 |

Any sex in Keith Raniere’s future may not be exactly to his taste. The head of a New York state sex cult was found guilty Wednesday on all counts, including racketeering—a charge that could send him to prison for life, New York Post reports. The 58-year-old co-founder of Nxivm…
Newser

Huawei founder says revenue will be billions below forecast

June 17, 2019 |

Huawei’s founder likened his company to a badly damaged plane Monday and said revenues will be $ 30 billion less than forecast over the next two years.

The Chinese telecom giant will reduce capacity but U.S. moves to restrict its business “will not stop us,” Ren Zhengfei said on a panel at company…


L.A. Times – Business