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| July 19, 2018

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SA Purple Group Confirms Adding Cryptos to Its Online Trading Platform

July 16, 2018 |

SA Purple Group Confirms Adding Cryptos to Its Online Trading Platform

South African financial company Purple Group has confirmed the addition of two cryptocurrencies, bitcoin and ethereum, to its online trading platform. According to a representative, the decision came in response to strong demand from clients earlier this year. The move has expanded the trading options for South Africans, many of whom, according to a recent study, still believe a lot of money can be made from crypto investments.

Also read: Switzerland’s Main Stock Exchange Dives Deep Into Crypto Trades Bitcoin and Ethereum

Purple Group, a South African financial services provider listed on the JSE, has added cryptocurrencies to its online trading platform,, allowing its users to buy bitcoin (BTC) and ethereum (ETH), local media reported. The decision came in response to strong demand from its customers. Barry Dumas, trading specialist at the group, emphasized that allows clients to trade directly in South African rand. “Your rands aren’t converted into dollars like some offerings out there, which can expose you to exchange risks,” he told Business Day.

Purple Group’s representative also noted that despite the decline in cryptocurrency trading volumes over the past months, the platform has seen serious interest mostly from retail clients since the launch of the service earlier this year. “We are seeing a lot more engagement from international institutions like banks and international exchanges looking to regulate cryptocurrencies, as I suspect they want it to be a legitimate asset class in the future,” he pondered.

SA Purple Group Confirms Adding Cryptos to Its Online Trading Platform

Taking into account the current state of crypto markets, Purple Group also allows its clients to short the large cap coins, which means investors can benefit from falling prices as well. Barry Dumas pointed out, however, that according to the trading data and the strong buying interest, most clients are expecting higher prices. “We are seeing a decent spread between the bulls and bears but the bitcoin bias in the market is still to be long,” the trading specialist said.

Dumas also commented on the current trends and confirmed indications that the market is starting to stabilize. “We still see some volatility but it’s not at the levels we saw last year,” he noted. In his opinion, the reasons for that have to do with traders becoming accustomed to the crypto market and the developments towards regulating the space.

More Crypto Trading Options Offered

South Africans can also buy cryptos on local crypto exchanges like Luno and Ice3x, as well as via the local desks of international brokerage houses such as Saxo Bank. Another South African investment management company, Sygnia Ltd., announced a couple of months ago its plans to launch a crypto exchange in Q3, 2018. First National Bank is also exploring what it calls “sustainable options” to facilitate crypto trades with a growing number of its customers asking about them.

A recently released report suggests that the interest and the willingness to invest in cryptocurrencies remain relatively high among South Africans. According to the 2018 “Savings and Investment Monitor” survey, conducted by the Pan-African investment bank Old Mutual, 38 percent of the country’s residents, those aware of cryptocurrencies like bitcoin, wish they had invested.

SA Purple Group Confirms Adding Cryptos to Its Online Trading Platform

A sizable majority, 71 percent, agreed that a lot of money can still be made from crypto investments. Only 43 percent of the respondents have negative attitude towards cryptocurrencies and liken them to pyramid schemes. Measuring the general awareness of cryptocurrency in South Africa, the survey shows that 19 percent have heard of bitcoin, 17 percent admit they “know a bit about it”, and 4 percent “know a lot” about the cryptocurrency.

The Republic of South Africa is the country with the highest number of crypto trading platforms on the continent. The popularity of cryptocurrencies has been growing steadily, and so have the efforts of authorities in Pretoria to come up with regulations. The South African Reserve Bank has recently set up a unit tasked to review its position on cryptocurrencies and a “self-regulatory” approach has been previously suggested by legal experts working in the sector. Speaking to reporters, a high-ranking official of the central bank said in May that SARB does not use the term ‘cryptocurrency’ but refers to cryptos as ‘cyber tokens’ because they don’t meet the requirements of money.

Do you expect South Africa to regulate the crypto space, including trading, in the near future? Tells us in the comments section below.

Images courtesy of Shutterstock.

Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post SA Purple Group Confirms Adding Cryptos to Its Online Trading Platform appeared first on Bitcoin News.

Bitcoin News


Death toll in Nicaragua protests reaches 273, human rights group says

July 15, 2018 |

At least 273 people have died and 2,000 have been injured in the unrest that’s rocked Nicaragua since April, according to the human rights arm of the Organization of American States (OAS). – RSS Channel – Regions – Americas

Nchain Group Granted Three New Blockchain Patents

July 13, 2018 |

Nchain Group Granted Three New Blockchain Patents

The blockchain technologies research and development firm, Nchain, has acquired three new patents that have been issued by the European Patent Office. The company’s latest intellectual property invented by Nchain’s chief scientist, Dr. Craig Wright, cover “digital rights management using blockchain.”

Also read: Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?

Nchain Acquires Three New Blockchain Patents

Nchain Group Granted Three New Blockchain PatentsNchain says that the Bitcoin Cash (BCH) network has the ability to disintermediate the current intermediaries within our financial transactions. Digital rights management allows creators of digital content the ability to ensure that they are paid for their work. Nchain asserts that the three new patents issued by the European Patent Office will help bolster digital rights management. Furthermore, the patents follow two other EPO grants acquired by Nchain on April 11 and June 20 – which apply to BCH deterministic key generation, and a blockchain registry and automated management method.

“These third, fourth and fifth patent grants by the European Patent Office marks demonstrate the value in Nchain’s program for blockchain innovation,” explains the Nchain Group CEO Jimmy Nguyen.  

We will continue working to make blockchain technology more usable, for more advanced functions, by major enterprises around the world.

Digital Rights Management Using Blockchain

The three patents acquired by Nchain and invented by Dr. Craig Wright include:

  • EP3295349  “A method and system for verifying the integrity of a digital asset using a distributed hash table and a peer-to-peer distributed ledger”. This invention uses a standard Bitcoin Cash transaction that includes additional metadata to reference an entry within an external Distributed Hash Table (DHT) where signatures of the digital asset, plus the signatures on the DHT and the signature on the blockchain transaction itself, must align to demonstrate the integrity of the asset.
  • EP3295362 “A method and system for verifying ownership of a digital asset using a distributed hash table and a peer-to-peer distributed ledger”. This invention builds on the technique in the first invention above (EP3295349) to add another set of cryptographic operations that allows the current owner of the digital asset to be validated.
  • EP3295350 “A method and system for verifying ownership of a digital asset using a distributed hash table and a peer-to-peer distributed ledger”. This invention is a logical extension of the technique defined in the second invention above (EP3295362); it allows the computer software to check the rights of the user to execute such software prior to launching that software.

Calvin Ayre: Protecting the Technology They Invent to Release Open Source

Nchain Group Granted Three New Blockchain Patents
Coingeek’s Calvin Ayre.

Of course, not everyone is thrilled about the use of patents within the cryptocurrency ecosystem – which is traditionally dominated by open source projects. Some people within the BCH community detest the fact that Nchain has been acquiring state-enforced intellectual property rights. However, the owner of the blockchain and mining firm Coingeek, Calvin Ayre, believes it is necessary for companies like Nchain to acquire these patents because otherwise bigger companies like Bank of America, Visa, and others will grab them first. Many large financial incumbents have been patent grabbing blockchain concepts, with firms like American Express and Mastercard acquiring IP just recently.

When Mastercard acquired a patent that facilitates anonymous cryptocurrency transactions Coingeek’s Calvin Ayre stated:

This is precisely why Nchain has to go the patent route…to protect technology they invent to release open source.  

What do you think about Nchain acquiring three new blockchain patents from the European Patent Office? Do you agree with Calvin Ayre that if Nchain doesn’t grab these patents, a much larger financial incumbent will? Let us know what you think about this subject in the comment section below.  

Images via Shutterstock, Twitter, and Nchain Group.

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

The post Nchain Group Granted Three New Blockchain Patents appeared first on Bitcoin News.

Bitcoin News

Group or Tokeda? A Look at the BCH Color Coin Debate

July 11, 2018 |

OP_Group or Tokeda? A Look at the BCH Color Coin Debate

This week Andrew Stone, the lead developer of Bitcoin Unlimited (BU), published a 42-page paper that details the evolution of the original OP_Group proposal. Now simply called ‘Group,’ the proposal involves a single OP_Code that could be added to the Bitcoin Cash (BCH) network’s scripting language in order to effectively create colored coins. However, unlike other representative token protocols like Omni or Counterparty, if the Group protocol was used it would require a protocol change, and miners would validate colored coins within the confirmation of normal transactions.

Also read: Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline

Bitcoin Unlimited’s Andrew Stone Publishes the Evolution of the Group Proposal

OP_Group or Tokeda? A Look at the BCH Color Coin DebateEarlier this week, reported on the upcoming Bitcoin Cash (BCH) network upgrade that will take place in November. The Bitcoin ABC development team revealed a timeline of certain goals like building and polishing the 0.18 ABC software and launching the client by October 15. However, the developers didn’t detail exactly what will be included in the next upgrade.

A few days later, Bitcoin Unlimited’s Andrew Stone published the evolution of the OP_Group proposal which is an implementation that could effectively add a plethora of features like representative tokens. Although, the Group proposal does not have broad consensus just yet as other developers have alternative ideas for colored coin creation and some think the OP_Group may be risky.

Group Could Extend the BCH Script Language to Allow a Plethora of Features

Bitcoin Unlimited’s lead developer Andrew Stone believes the community should listen and participate in the colored coin discussion. Alongside publishing the 42-page document, Stone has also left a video of the discussion that features the BCH ‘Token Work Group.’ The group consists of developers such as BU’s Stone, and Andrea Suisani,’s Emil Oldenburg, Bitcoin ABC’s Amaury Sechet, Shammah Chancellor, Jason Cox, Nchain’s Steve Shadders, Daniel Connolly, and the Electron Cash developer Jonald Fyookball.      

“This is the evolution of the original OP_Group proposal — It’s no longer an opcode, so name change,” Stone explains. “The document is a bit long but that’s because it lays out a roadmap to extending the BCH script language to allow some pretty awesome features but at the same time preserving bitcoin script’s efficiency. For example, in the end, I show how you could create a bet with OP_Datasigverify, and then tokenize the outcome of that bet to create a prediction market.”

I strongly urge people to listen carefully to this discussion, even if you are not that interested in tokens, as it shows pretty clear philosophical differences that will likely influence BCH development for years to come.

OP_Group or Tokeda? A Look at the BCH Color Coin Debate

Some Proponents Disagree With OP_Group and They Believe Tokenization Can Happen Without Making BCH Consensus Changes

Basically, Bitcoin Cash proponents who disagree with Stone’s Group proposal favor tokenization ideas that don’t require a change to the BCH codebase. Further, some people believe it would be safer to use protocols that work outside the main chain and operate like a sidechain or something similar. Another idea being discussed is ‘Tokeda,’ a token-driven metadata proposal written by Joannes Vermorel. The 31-page Tokeda proposal is also an early draft last updated, March 30, 2018, that is incomplete, explains Vermorel.

“Tokeda addresses both the challenge of viably preserving an unbounded amount of metadata without endangering Bitcoin itself and the challenge of introducing tokens within Bitcoin by weaving the two problems through aligned economic incentives,” explains Vermorel’s paper.

Tokeda is compatible with stateless wallets (which include SPV wallets) and requires no consensus change. As a token scheme, Tokeda relies on a trust-but-verify security model centered around the issuer.

Vermorel believes the BCH community needs to learn from the scaling issues the Ethereum network faces by making tokenization simpler.

“Since, it is now clear that tokenization does not require a change of the base protocol, it’s up to the market to deliver solutions, based on Tokeda, or anything deemed superior,” Vermorel details. “If there is one lesson to be learned from ETH it’s violating the locality principle in your design kills the scalability.”

A Matter of Opinion and the Benefits of a Universal Method that Creates Permissionless Tokens

Many others have stated their opinions concerning Stone’s Group proposal and Vermorel’s Tokeda. Following Stone’s published paper, Jonald Fyookball revealed some of his subjective valuations in a paper called ‘Thoughts on Tokens for BCH.’

“Whether or not we should change the BCH protocol to add GROUP is a risk/reward question and a matter of opinion,” Fyookball states. “Part of what made ERC20 so successful is how easy it is for anyone to create and issue a token, and for the ecosystem to support it. The BCH protocol already allows colored coins but no one uses it because the ecosystem doesn’t support it.”

In any case, I believe BCH would greatly benefit from a universal method for doing SPV-friendly, permissionless tokens.

What do you think about the Group proposal described by BU’s Andrew Stone? What do you think about other ideas like Joannes Vermorel’s Tokeda? Let us know your thoughts on this subject in the comment section below.

Images via Shutterstock, Pixabay, and Youtube.

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

The post Group or Tokeda? A Look at the BCH Color Coin Debate appeared first on Bitcoin News.

Bitcoin News

Univision Eyes Sale of Fusion Media Group

July 8, 2018 |

Univision Communications is exploring a sale of Fusion Media Group, which houses websites including Gizmodo and Deadspin, as it pursues a companywide restructuring following a leadership change US Business

Northrop Grumman says it is looking into report of employee involved with white nationalist group

July 6, 2018 |

Aerospace giant Northrop Grumman Corp. said it is taking “immediate action” to look into a report that one of its engineers is part of a white nationalist group and was involved in violent brawls during last year’s Unite the Right rally in Charlottesville, Va.

Investigative news outlet ProPublica…

L.A. Times – Business

Chairman of China’s HNA Group dies in accident in France

July 4, 2018 |

The co-chairman of HNA Group, a conglomerate that operates China’s fourth-largest airline and finance, logistics and other businesses around the world, died in an accident while on a business trip in France, the company said Wednesday.

Wang Jian, a co-founder of the company, suffered “severe injuries”…

L.A. Times – Business

Joe Jackson, patriarch of the Jackson family music group, dead at 89: reports

June 27, 2018 |

Joe Jackson, the patriarch of the Jackson family music group and father of pop icon Michael, died Wednesday following reports of a cancer diagnosis, according to TMZ.
FOX News

InterContinental Hotels Group goes after high-end guests and fans of chocolate milk and cookies

June 16, 2018 |

Smart hotel operators try to draw a wide variety of guests, including well-heeled executives and families with snack-loving kids.

The InterContinental Hotels Group, one of the world’s largest hotel companies, reached out to both types this week with announcements of a new upscale hotel brand and…

L.A. Times – Business

Blue Man Group Will Pay a Guy $3M

June 16, 2018 |

Blue Man Group has agreed to pay Ian Pai more than $ 3 million to settle his claim that he helped the group compose many of its songs and contributed to its success, reports the New York Times . Pai had originally sued the group in 2016 for $ 150 million in compensatory…