legacy Archives -
The UK’s Barclays, arguably the most powerful international corporate bank in the world, filed two crypto-related patents this week. The 300 year-old legacy bank gobbled up exclusivity over cryptocurrency transfers and distributed ledger data storage. There appears to be a trend for companies, both in and out of the ecosystem, aiming to lock up the potential of money’s future.
Barclays Files Two Crypto Patents
Maybe it’s a sign of things to come. Barclays, founded in London around the late 17th century, filed two patents with the United States Patent and Trademark Office this week. One concerns a method “and system for transferring digital currency from a payer to recipient comprising receiving an identifier of data describing the first entity,” application number 1511964.7 reads.
The other is a method “and system for recording data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity,” crediting inventors Julian Wilson and David Fulton, both of Cheshire, Great Britain.
It doesn’t get more legacy financial than Barclays. It is a staple on English stock exchanges, along with a definitive seat on the New York Stock Exchange. At least one study published just a few years ago pins it as the most powerful bank in the world.
The bank has been particularly active in the cryptosphere the past two years. Summer of last year, it openly worried about crypto’s threat to its industry. Spring of the present year saw it team with Coinbase, and rumors are it’s considering its own crypto trading desk. The above patents will only add to speculation the bank is positioning itself in light of future fiscal reality.
Patents All Around
This week, no less than Mastercard appears to be flirting with crypto patents. Ecosystem company, Nchain, has steadied in this way, collecting three more recently. Another bank, Bank of America, officially became the crypto patent king this year.
The Barclays patent, “Secure Digital Data Operations,” involves retrieving “an entry from a block chain based on the received identifier. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry. Authenticating a block in the block chain containing the entry using a public key of a third entity,” it reads choppily.
Its other patent, “Data Validation and Storage,” seems to be cryptographically “signing data corresponding with the data describing the first entity using at least a private key of the second entity. Posting a transaction to a block chain including the cryptographically signed data. Method and system for obtaining data describing a first entity the data endorsed by a second entity comprising. Receiving an identifier of data describing the first entity. Retrieving an entry from a block chain based on the received identifier. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry,” it listed.
Are patents such as Barclays’ meaningful? Let us know in the comments section below.
Images courtesy of Pixabay, Barclays.
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The post Barclays, 300 Year-Old UK Legacy Bank, Files Crypto Patents appeared first on Bitcoin News.
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This past week, many users who patronize the cryptocurrency exchange, Poloniex, have been complaining about their legacy accounts being frozen for not being verified on the exchange. Complaints are piling up on social media and forums over the past couple of days, with reports of even users who have been able to get their account successfully verified through the automated process still cannot trade or access their funds.
Poloniex Customers Complain About Frozen Accounts
Back in December of 2017, the cryptocurrency trading platform, Poloniex, announced all users especially legacy accounts who were once grandfathered must verify their identity by Q1 of 2018. Soon after the exchange announced this requirement a press leak revealed the exchange was acquired by the firm Circle Financial but representatives denied the acquisition. Then a few months later in February, it was revealed Circle Financial had officially purchased Poloniex and that the firm was taking over the business. Many people believe Poloniex’s verification requirements were due to the Circle acquisition, as the Boston-based firm is very adherent to regulatory policies like AML/KYC laws. This week, many Poloniex customers are seeing their accounts frozen unless they verify their identity.
On the Poloniex Reddit forum, there are a bunch of complaints and gripes about the verification process. One user on Reddit named u/PauleeWorli explains he is still unable to access his account even after completing the automated process.
“I am a ‘legacy’ user on Poloniex and I was told to verify today when I logged in,” explains u/PauleeWorli. “I did that and promptly got an email reply saying I had been verified — My profile now says I have a ‘level 3 verification’ — the type that allows $ 25,000 per day.
But when I go to trade it tells me ‘account frozen’ when I try to place an order. I did make a ticket and then checked Twitter and it seems many people have the same ‘now verified but still frozen’ problem. Can anyone help me here please?
Legacy Customers Say They Didn’t Get An Email Notification Detailing a Specific Time Limit
The Reddit post has a bunch of replies with customers explaining they are having the same issues with Poloniex even after verification. On Twitter, the same sentiment can be seen as there are many Poloniex customers grumbling about frozen accounts. One individual on Twitter explains he is angry because he wasn’t notified of the account freeze taking place this week.
“Something is wrong, Poloniex, I clearly remember you giving warning before 2018 saying after disabling “TRADING” legacy accounts would be able to WITHDRAW their coins,” the customer emphasizes.
Freezing suddenly? I didn’t even get an email with time limit!
Just like the many Reddit posts, there are a lot of customers on Twitter complaining about this frozen account issue. At the moment there are currently no official statements on either the Poloniex Twitter page, Reddit forums, or the website itself.
What do you think about the Poloniex freezing unverified accounts? Let us know what you think about this subject in the comments below.
Images via Shutterstock, Poloniex, and Jamie Redman.
The post Legacy Poloniex Customers Are Complaining About Frozen Accounts appeared first on Bitcoin News.
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This week the popular cryptocurrency exchange based out of Delaware, Poloniex, has issued a notice to legacy account holders. According to the exchange, all traders who use the platform must verify their identity using the company’s upgraded verification portal.
Legacy Account Holders Must Verify Their Identities On Poloniex to Avoid ‘Potential Disruptions’
A while back, the cryptocurrency exchange Poloniex started to implement an identity verification process for all its new registrants. At the time legacy account holders were ‘grandfathered’ with the privilege of not being required to submit identity credentials. Now Poloniex has issued a notice to all of its users that legacy accounts will now be required to verify their identities or the unverified accounts will be closed.
“We will soon require legacy accounts to become verified through the latest version of our verification portal,” explains the U.S. exchange.
The exact date for this deadline will be announced in Q1 2018 — While you will be given advance notice before this requirement goes into effect, we encourage you to verify your legacy account now to avoid any potential interruptions in your ability to trade on the platform.
Unverified Users Will See Most of the Trading Platform’s Functionality Disabled After the Deadline
At the moment unverified legacy accounts can withdraw approximately US$ 2,000 worth of cryptocurrencies per day from the site. The exchange details that after a user is verified, the withdrawal limit is upgraded to a withdrawal limit of $ 25,000 per day. Legacy accounts that fail to comply with the verification process will see trading and lending functionality disabled, and all open orders will be closed. Withdrawals will remain enabled at the $ 2,000 limit up until the deadline, and deposit addresses will not function after the scheduled date. Further, the Poloniex will also close margin positions after a grace period.
“Margin positions will be given an 8-week wind-down period where they can only be diminished or closed. After the 8-week wind-down period, they will be closed,” Poloniex explains.
Poloniex is ‘Committed to Regulatory Compliance’
A lot of traders use Poloniex, and as of today, the exchange is swapping the fourth highest trade volume for BTC pairs worldwide. The platform currently allows trades for 100 digital assets, and its 24-hour trade volume is 70,174 BTC or US$ 1Bn according to Coinmarketcap statistics. Poloniex details that at any point its legacy users can verify their accounts and “full functionality will be restored” alongside the withdrawal increase.
“As a registered money services business, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers,” the trading platform concludes in its recent notice.
What do you think about Poloniex making legacy account holders verify their identities? Do you think soon all exchanges will be required to verify identities? Let us know what you think of this situation in the comments below.
Images via Shutterstock, and Poloniex.
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The post Poloniex Now Requires Legacy Trading Accounts to Verify Identity appeared first on Bitcoin News.
Lt. Gen. Ben Hodges, the commander of U.S. Army Europe, will retire this month after overseeing the first buildup of America’s military posture in Europe since the Cold War, as tensions with Russia rise in the region.
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