MakerMaker MKR STO news

Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar.
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The Ecom platform borns to simplify the operation with cryptos

Global adoption takes its course and continues to expand a new trend shift. In the age of data, privacy, and other Internet-related issues, we are witnessing a progressive crypto boom during 2019 that focuses on simplifying and expanding ecosystem services and applications. In this line of events, the Ecom platform presents version 4.0 of its wallet. For those interested in downloading, it can be found in the App Store (iOS), Google Play (Android), and APK File (Android). The wallet is compatible with the storage, reception and sending of contrasted cryptocurrencies and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance token (BNB), 0x (ZRX), Maker (MKR), Basic Attention Token (BAT), Huobi Token (HT) and VeChain (VET). It also has secure, stable tokens (stablecoins) such as True USD (TUSD) and USD coin (USDC). In addition to offering a range of pairs that will grow progressively, the wallet is compatible with cash withdrawals, receipts, and other functions including exchanging with the ECK token quickly. All complicated operations become waiting-free and straightforward for users, thanks to a system managed by artificial intelligence (AI) and EcomToken’s smart contracts. Automated technology for fast order management with BotTrader Through the Ecom wallet, the platform can tokenize all products bought and sold in the system; mainly thanks to the exchange pair in its native ECK token. The ECK/BTC swap pair will provide a good part of the liquidity and will activate the artificial intelligence gear that makes quick exchanges happen. This type of automation guided by smart contracts will feed an entire order network that will make the BotTrader service possible. BotTrader offers an easy way to manage a wide range of orders. From placing a single order to thousands of them; by this, we mean wholesale orders (whether buy orders, sell orders or both). By offering this service, scanning low point purchases on all pre-programmed exchanges are automated. Combined with automatic market scans, BotTrader also scans the upside outlets on those exchanges. When there is a price difference, the opportunity to arbitrage the price appears, and BotTrader performs thousands of trading orders at both ends with the price difference. Therefore, BotTrader not only facilitates maximizing the profit potential for the users but also has liquidity characteristics for the user’s portfolios. Virtual and physical cryptographic card By obtaining a reliable and instantaneous liquidity base, the system will support the payment network planned in the technical documentation. On society, we can see how the cash in bills and coins is beginning to be margined. Smart device wallets and personal bank cards capture a large percentage of the total spend on normal operations. It is for this reason that a system designed to support thousands of operations needs simplification in the use of stored funds. The ecosystem is designed to be able to withdraw funds from the portfolio at any time. Either through withdrawals or payments. When it comes to payments, Ecom’s virtual and physical cryptographic card offers the versatility and convenience of everyday life. Linked to its platform account, it provides the comforts of traditional systems; so the adoption barrier seems to fade over time. The distribution and technology of the ECK native token The native token of the project is the ECK token, being a utility type token. The platform focuses on trade and therefore will not own a blockchain itself, has been chosen Ethereum, being the most adopted for platforms of its kind. As a utility token under the ERC20 standard, it offers general uses to release every one of the platform’s functions. For a fair and equitable distribution, a token acquisition plan and percentages assigned to the token sale, reserve, reference program, core team, partners, and advisors have been devised. The total market offer is 101 million ECK tokens distributed based on the following proportions: Tokens are offering – 38%Referral Program – 25%Reserve – 22%Team, partners, advisors – 15% Allocation of the funds collected in the sale of the token An internal fund allocation plan accompanies the distribution of the tokens described above. This plan is posted both on the website and in the corresponding technical documentation. We proceed to break it down: Technological development 15%. Technology, products for the platform, new products, and updates of ecosystem characteristics. Commercial development 15%. This is one of the pillars of the project, even more so in the newly created company phase. It is orienting to implement a brand image recognized, respectable, modern, and backed by an active user base and constituting business development by building value-added joint ventures with industry leaders. Marketing 10%. Global promotion and orientation of the EcomToken ecosystem. It also ensures visibility in the sector. Operations 40%. Active financing of the necessary operations and legal bases, as well as advice, are required to start. The planned robust infrastructure will lay the groundwork for a stable future for the ecosystem in the medium and long term. This ranges from liquidity for automated operations to the maintenance of excellent performance, legal assistance, and customer support. Ecosystem development 20%. The secured funds guarantee the complete development of the Ecosystem offer the peace of mind of remaining outside the funds allocated for liquidity and other diverse goals. Therefore, developers and ancillary teams will be able to stay focused on the development and implementation of a seamless global ecosystem. Can the native ECK token be mined? The issue model of the ECK token is not linked to PoW mining. Instead, Token Holders will be encouraged to maintain them through a daily interest. Platform users can deposit ECK tokens into EcomToken’s portfolio to enjoy the resulting calculated interest regularly. This model promotes the adoption of the token by withdrawing it from the markets to the user’s portfolios. This and other initiatives seek to establish a strong base of users and early holders. To calculate the daily interest to be received, the value of the conversion to US dollars (USD) will be taken as a reference; that is, the ECK/USD pair will be calculated. According to this exchange rate, the daily interest to be received will be calculated. Note that the reference source for obtaining the price will be taken from the metrics publicly exposed in Coinmarketcap.com. EcomToken Web: Telegram: https://t.me/globalecomtokenTwitter: https://twitter.com/TokenEcomFacebook: https://www.facebook.com/global.ecomtoken The post The Ecom platform borns to simplify the operation with cryptos appeared first on Bitcoin Garden.
Bitcoin Garden

The Ecom Platform Born To Simplify Cryptocurrency Operations

Global adoption takes its course and continues to expand a new trend shift. In the age of data, privacy, and other Internet-related issues, we are witnessing a progressive crypto boom during 2019 that focuses on simplifying and expanding ecosystem services and applications. In this line of events, the Ecom platform presents version 4.0 of its wallet. For those interested in downloading, it can be found in the App Store (iOS), Google Play (Android), and APK File (Android). The wallet is compatible with the storage, reception and sending of contrasted cryptocurrencies and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance token (BNB), 0x (ZRX), Maker (MKR), Basic Attention Token (BAT), Huobi Token (HT) and VeChain (VET). It also has secure, stable tokens (stablecoins) such as True USD (TUSD) and USD coin (USDC). In addition to offering a range of pairs that will grow progressively, the wallet is compatible with cash withdrawals, receipts, and other functions including exchanging with the ECK token quickly. All complicated operations become waiting-free and straightforward for users, thanks to a system managed by artificial intelligence (AI) and EcomToken’s smart contracts. Automated technology for fast order management with BotTrader Through the Ecom wallet, the platform can tokenize all products bought and sold in the system; mainly thanks to the exchange pair in its native ECK token. The ECK/BTC swap pair will provide a good part of the liquidity and will activate the artificial intelligence gear that makes quick exchanges happen. This type of automation guided by smart contracts will feed an entire order network that will make the BotTrader service possible. BotTrader offers an easy way to manage a wide range of orders. From placing a single order to thousands of them; by this, we mean wholesale orders (whether buy orders, sell orders or both). By offering this service, scanning low point purchases on all pre-programmed exchanges are automated. Combined with automatic market scans, BotTrader also scans the upside outlets on those exchanges. When there is a price difference, the opportunity to arbitrage the price appears, and BotTrader performs thousands of trading orders at both ends with the price difference. Therefore, BotTrader not only facilitates maximizing the profit potential for the users but also has liquidity characteristics for the user’s portfolios. Virtual and physical cryptographic card By obtaining a reliable and instantaneous liquidity base, the system will support the payment network planned in the technical documentation. On society, we can see how the cash in bills and coins is beginning to be margined. Smart device wallets and personal bank cards capture a large percentage of the total spend on normal operations. It is for this reason that a system designed to support thousands of operations needs simplification in the use of stored funds. The ecosystem is designed to be able to withdraw funds from the portfolio at any time. Either through withdrawals or payments. When it comes to payments, Ecom’s virtual and physical cryptographic card offers the versatility and convenience of everyday life. Linked to its platform account, it provides the comforts of traditional systems; so the adoption barrier seems to fade over time. The distribution and technology of the ECK native token The native token of the project is the ECK token, being a utility type token. The platform focuses on trade and therefore will not own a blockchain itself, has been chosen Ethereum, being the most adopted for platforms of its kind. As a utility token under the ERC20 standard, it offers general uses to release every one of the platform’s functions. For a fair and equitable distribution, a token acquisition plan and percentages assigned to the token sale, reserve, reference program, core team, partners, and advisors have been devised. The total market offer is 101 million ECK tokens distributed based on the following proportions: Tokens are offering – 38%. Referral Program – 25 Reserve – 22%.  Team, partners, advisors – 15 Allocation of the funds collected in the sale of the token An internal fund allocation plan accompanies the distribution of the tokens described above. This plan is posted both on the website and in the corresponding technical documentation. We proceed to break it down: Technological development 15%. Technology, products for the platform, new products, and updates of ecosystem characteristics. Commercial development 15%. This is one of the pillars of the project, even more so in the newly created company phase. It is orienting to implement a brand image recognized, respectable, modern, and backed by an active user base and constituting business development by building value-added joint ventures with industry leaders. Marketing 10%. Global promotion and orientation of the EcomToken ecosystem. It also ensures visibility in the sector. Operations 40%. Active financing of the necessary operations and legal bases, as well as advice, are required to start. The planned robust infrastructure will lay the groundwork for a stable future for the ecosystem in the medium and long term. This ranges from liquidity for automated operations to the maintenance of excellent performance, legal assistance, and customer support. Ecosystem development 20%. The secured funds guarantee the complete development of the Ecosystem offer the peace of mind of remaining outside the funds allocated for liquidity and other diverse goals. Therefore, developers and ancillary teams will be able to stay focused on the development and implementation of a seamless global ecosystem. Can the native ECK token be mined? The issue model of the ECK token is not linked to PoW mining. Instead, Token Holders will be encouraged to maintain them through a daily interest. Platform users can deposit ECK tokens into EcomToken’s portfolio to enjoy the resulting calculated interest regularly. This model promotes the adoption of the token by withdrawing it from the markets to the user’s portfolios. This and other initiatives seek to establish a strong base of users and early holders. To calculate the daily interest to be received, the value of the conversion to US dollars (USD) will be taken as a reference; that is, the ECK/USD pair will be calculated. According to this exchange rate, the daily interest to be received will be calculated. Note that the reference source for obtaining the price will be taken from the metrics publicly exposed in Coinmarketcap.com. EcomToken Web – Telegram – https://t.me/globalecomtoken Twitter – https://twitter.com/TokenEcom Facebook – https://www.facebook.com/global.ecomtoken The post The Ecom Platform Born To Simplify Cryptocurrency Operations appeared first on ZyCrypto.
ZyCrypto

Ethereum-based DAI Stablecoin Added to Coinbase Earn

Coinspeaker Ethereum-based DAI Stablecoin Added to Coinbase EarnSan Francisco-based digital exchange Coinbase has surprised its customers with a new announcement: starting from today, they can earn DAI stablecoins by watching lessons and completing quizzes about DAI and its features.Learn DAI, earn DAI. Starting today, Coinbase customers around the world can earn DAI by learning about DAI. https://t.co/Gq73Y6msgC pic.twitter.com/H9QEt6WmcH— Coinbase (@coinbase) June 10, 2019As the company’s blog post reads, DAI is the first Ethereum-based stablecoin backed by Coinbase Earn, the platform that lets users earn cryptocurrencies while learning about them in a simple and engaging way. To earn DAI, customers have to participate in three lessons and learn what DAI is, what it can be used for, and how the Maker (MKR) protocol and economy ensures that the stablecoin is always valued at around $1. Each lesson consists of a video and short quizzes and rewards users two DAI.What is DAIDAI is a decentralized Ethereum-based stablecoin which value is stable and is maintained at the level of approximately $1 USD. According to the DAI whitepaper, the coin is backed by its sister token Maker (MKR). Ethereum-based Maker platform backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.Due to Maker, anyone can leverage their Ethereum assets to generate DAI. When gained, DAI can be used in the same ways as any other digital currency. Users can send it to each other, make payments for goods and services in DAI, as well as save it for long term. It is notable that DAI generation creates the components needed for a robust decentralized lending platform.DAI was first added to Coinbase exchange on May 23. Then, Coinbase said that it would be available in most jurisdictions with the exception of New York.Coinbase ExpansionEarlier, Coinbase announced the listing of EOS, which is now available for customers in most jurisdictions, except the United Kingdom and the state of New York. However, these jurisdictions may be added later. Moreover, EOS is also available for generation on Coinbase Earn. By watching videos and improving crypto mining skills on the platform, users can earn up to $10 in cryptocurrency.The exchange has also added support for the US dollar-backed stablecoin USD Coin (USDC), and companies are now able to accept payments online in the same way they accept cash in-store. Also, Coinbase Custody announced that they will be supporting Blockchain Capital (BCAP) deposits and withdrawals.As we see, Coinbase is strengthening their positions as one of the largest and most profitable companies in the crypto environment. As Coinbase provides the easiest ways to purchase cryptocurrencies and constantly working on improving its services, it is safe to say that Coinbase is actively encouraging mass-adoption.Ethereum-based DAI Stablecoin Added to Coinbase Earn
Coinspeaker

MakerDAO finally lowers its stability fee as Dai overshoots peg

MakerDAO token holders voted to decrease the stability fee on the Dai stablecoin by 2 percent to 17.5 percent. Executed on May 28, this will be the first time the fee has been lowered in over five months. The MakerDAO platform offers collateralized loans in the Dai stablecoin to users who deposit ether into its smart contracts. Dai acts as a decentralized on-ramp for dollar-backed stablecoins, in contrast with stablecoins backed by deposits of U.S. dollars. Finding a balance for Dai Dai has consistently traded below its peg since January. While the stability fee makes economic sense, the recent debacle with Tether demonstrates that the expectations of the market can behave in interesting ways. Despite the revelation of USDT not being fully-backed as promised, it only fell to around $0.92. At only 74 percent backed, it is possible to infer that the expectation of the peg outweighed the expectation of Tether to be backed by the dollar. For MakerDAO, this raises questions about the influence of the stability fee versus the expectation of a peg. Adding a new variable to the experiment, voters can now signal their preference within a range of 12.5 to 21.5 percent. Voters can choose to lower the stability fee to gain cheaper CDPs at the risk of Dai’s peg floating but if expectation holds more influence than the fee then it may be a good bet. In any case, MakerDAO plans to move from a single-collateral to a multi-collateralized system that will help eliminate the stability fee at some point in the future. Anatomy of Ethereum collateralized loans The MakerDAO platform consists of three parts: the MakerDAO token, the Dai stablecoin, and collateralized debt positions (CDPs). The MakerDAO token enables holders to contribute to platform governance by voting on proposals to increase and decrease the stability fee. Dai is a cryptocurrency that aims to maintain a one-to-one peg with the U.S. dollar; CDPs are the smart contacts that enable users to deposit ether and create Dai. For traders, CDPs offer a way to leverage their exposure to Ethereum up to 150 percent. In other words, the amount of Dai generated with a CDP can’t exceed 150 percent of the value of the ether deposited or the contract can be liquidated. If the market suddenly drops and the price of ether crashes, the user loses their ability to mint Dai and will be hit with a 13 percent liquidation penalty to claim their collateral. Many traders use Dai to purchase more ether to lock in CDPs, effectively enabling even higher exposure to cryptocurrency. Purpose of the stability fee The stability fee acts as a counterweight to balance fluctuations in the supply and demand of Dai and maintain its peg to the U.S. dollar. When a user creates a CDP, they agree to pay the stability fee in order to withdraw their ether. At 17.5 percent, that can take a heavy toll. If users create too much Dai, however, then the price of Dai should fall below its peg with the dollar (and vice versa). Raising and lowering the stability fee helps control the amount of Dai being created and helps prevent wild fluctuations in the supply—and price—of Dai. In the meantime, Dai has become an important part of other decentralized financial products, including fiat on and off ramps in places with unstable currencies, a debit card, exchanges, and charitable projects like Social Alpha Foundation and Giveth. MakerDAO CDPs currently hold 1.64 million ether—roughly 1.5 percent of the total supply at the time of writing—making Dai the most popular service in decentralized finance (DeFi). The post MakerDAO finally lowers its stability fee as Dai overshoots peg appeared first on CryptoSlate.
Cryptoslate

Bitfinex Parent Company Launches Decentralized OTC Trading for ERC-20 Tokens

Ethfinex, Bitfinex and Tether parent company has launched a trustless decentralized Over-the counter platform for ERC-20 tokens. It is a blockchain-enforced service, one of the decentralized services the company is offering the community of cryptocurrency traders. Flexible trading The service provides trading for 17 ERC-20 tokens with ETH and USD making 19. it also provides an option for adding custom tokens so that traders can add tokens they want to trade if they are not listed, to make the trading experience as flexible and inclusive as possible. Some of the listed tokens are Basic Attention Token (BAT), DAI, Maker (MKR) and Omisego (OMG). The Chief Technical Officer (CTO) of Bitfinex, Paolo Ardoino said the introduction of the decentralized OTC platform is to reduce the problem of centralization and custody which is a major challenge in the cryptocurrency industry. The company according to Ardoino is working hard to see that customers take complete control of their own assets, an action that he believes will encourage the growth of the crypto-space as users develop more confidence in dealing with cryptocurrency platforms. Also Read: Bitfinex Exchange Launches New IEO Platform with First Token Sale Decentralization on the rise The cryptocurrency industry is moving towards decentralization in all ramifications. It started with the decentralization of exchanges (DEX) such as Binance. the introduction of a decentralized OTC platform is another move towards decentralizing the entire space as blockchain is out to achieve. Bitfinex is making significant progress in this move despite the challenges it is facing. Just recently, it introduced its first IEO and with this OTC, there may be more plans to further develop the crypto- space. The post Bitfinex Parent Company Launches Decentralized OTC Trading for ERC-20 Tokens appeared first on Coingape.
CoinGape

MakerDAO: Proposal to Lower DAI Stability Fee by 2% Executed

MakerDAO: Proposal to Lower DAI Stability Fee by 2% Executed The decision to lower the so-called stability fee for MakerDAO’s Ethereum blockchain-based decentralized stablecoin DAI by 2% has been executed on May 28. The original vote for Maker (MKR) token holders was announced on the organization’s blog on May 17, with a proposal to decrease the stability fee […] Cet article MakerDAO: Proposal to Lower DAI Stability Fee by 2% Executed est apparu en premier sur Bitcoin Central.
Bitcoin Central

Ethereum [ETH] wouldn’t be where it is today without infrastructure like Infura, MetaMask & Truffle, says Felix Feng

Felix Feng, the Co-founder and CEO of SetProtocol, recently elucidated the reason why cryptocurrency projects usually chose Ethereum, a leading smart contract platform, over other smart contract blockchains, including Proof-of-Stake chains of players such as Tezos and Tron Foundation. Feng stated on Twitter that one of the most frequent questions he’s asked was whether SetProtocol would be built on other chains. The CEO stated that there were several factors, such as developer infrastructure, decentralized exchange infrastructure, standardized token standard, non-volatile asset, and oracles, influencing the decision. Under developer infrastructure, Feng commented that Ethereum would not have reached the point it has today, without infrastructures like Infura, MetaMask, and Truffle. He added that the leading blockchain had “an ecosystem of other tools that make a smart contract,” and enabled DApp development. This was followed by Feng speaking about teh projects which “mimic” the Ethereum Virtual Machine. He said, “[…] it’s possible to simply copy/paste your smart contract code and deploy the bytecode generated by truffle. However, it gets a lot more challenging when existing tools are incompatible, and you have to think about underlying blockchain assumptions.” He further stated that building tools “slow down development significantly”. For this, he cited the example of projects like MakerDAO and Augur Project which took years to launch, contrary to projects like dYdX Protocol which only took months. Feng also commented that MakerDAO and Augur contributed “greatly” to the Ethereum ecosystem. He went on to state, “Also, an understated consideration is security. Projects such as the DAO and @ParityTech have provided precedent for common security issues. If you build on a new chain, you risk being the guinea pig for a new bug. And, good luck finding an auditor to review your code.” The CEO also spoke about the second factor, decentralized exchange infrastructure. He stated that SetProtocol relied on “solid decentralized exchange infrastructure”. This included infrastructures like Kyber Network, Uniswap Exchange and Ox Project, enabling users to gain access to the token “without a trusted counter-party”. He said, “Not only does the infrastructure / APIs need to be robust and solid, there must be sufficient liquidity between the main trading pairs that Set’s strategies include.” Under standardized token standard, the third factor, the CEO stated that a token standard, agreed upon by the community and which enabled protocol compatibility was “an under-appreciated requirement”. He added that it was important for a developer to build features without worrying about “incompatibility with other systems”. The fourth factor was non-volatile assets, which was about stablecoins. On this, Feng stated that stablecoins were “vital for proper functionality” of several financial applications, including payments, lending, margin trading, and non-correlated base assets. He added that “without projects like MakerDAO and Dai – we wouldn’t be able to build certain strategies”. He went on to state, Fin: These key pieces of infrastructure all play a part in making Set and decentralized asset management viable today on Ethereum – and these pieces would need to be present on another chain before we can seriously consider building on it. — Felix {Setoshi} Feng (@felix2feng) May 20, 2019 The post Ethereum [ETH] wouldn’t be where it is today without infrastructure like Infura, MetaMask & Truffle, says Felix Feng appeared first on AMBCrypto.
AMBCrypto

MakerDAO Investors to Vote on Whether To Lower Stability Fee 2 Percentual Points

MakerDAO token holders have to vote on whether to decrease the stability fee for the network and its decentralized stablecoin called DAI. The information was released by Maker on its blog post on May 17. MakerDAO Could Reduce Its Stability Fee MakerDAO token holders will be voting on whether to reduce the stability fee to […]
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Cryptocurrency influencers react to Facebook’s Libra, boon or risk for Bitcoin?

Some of the most prominent figures in the crypto community took to Twitter to share their thoughts on Facebook’s Libra cryptocurrency. While some claim that Libra lacks the necessary features to compete with Bitcoin in the race to become the world’s currency, others argue that it could destroy most altcoins and stablecoins in the market. 2/ Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people. — David Marcus (@davidmarcus) June 18, 2019 Facebook’s Libra Facebook’s highly anticipated cryptocurrency was finally unveiled. “[It] is a new global cryptocurrency, built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol,” said the whitepaper. The term “global cryptocurrency” comes from the fact that it nodes will be distributed across the globe and it is not pegged to a single fiat currency, according to the documents. Instead, it will be backed by different real-world assets denominated in the American dollar, British pound, Japanese yen, and the euro and other low-risk securities. The Libra Association, a Switzerland-based non-profit, will release the Libra blockchain in 2020 with a group of 28 founding members that will be in charge of validating transactions in the network. The list of network validators include Visa, Mastercard, Paypal, Uber, Lyft, eBay, and others, that have invested around $10 million to be part of the board and operate a node. Facebook also launched a new subsidiary called Calibra, which is a digital wallet designed to “provide financial services that will enable people to access and participate in the Libra network.” With Facebook’s gigantic user base and its ability to leverage WhatsApp, Messenger, and Instagram, Calibra will instantaneously compete with the world’s most popular existing wallets and exchanges, such as Coinbase, RobinHood, CashApp, and others. Even though this is a massive play for Facebook for entering the financial services industry, the cryptocurrency community expressed a mixture of concern, distrust, and excitement. Many took to Twitter to express their sentiment about the recent move by the social network giant. Crypto Twitter’s reaction Anthony Sassano, the co-founder of EthHub, points out that in order to sign up for Calibra, a government-issued ID is required to “comply with laws and prevent fraud.” 2/ To get started with Calibra, you'll need a government-issued ID to sign up for an account and the website states that "identity verification is important to comply with laws and prevent fraud, so you know people are who they say they are." Well, of course 😅 — Anthony Sassano (@sassal0x) June 18, 2019 According to @AkadoSand, this KYC procedure poses a major security risk for its users since the first time a transaction is made from an account, any future transactions will be linked to it as well as any other sensitive information. $LIBRA will be the best thing that will happen to chain analysis and LE. From the moment you make a single tx, your id will be linked to it and all future txs forever Like BTC but as soon as you use it you're automatically KYC'ed. Profile, location, timestamps, preferences, etc — Akado 'Bitcoin Halving in 339 days' Sang (@AkadoSang) June 16, 2019 With a user base of two billion people, Changpeng Zhao, the founder and CEO of Binance, believes that Facebook will not only have access to its users names, IDs, addresses, phone numbers, family members, friends, real-time and historic location, but with the introduction of Calibra, it will now gain access to their financial data. Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML! — CZ Binance (@cz_binance) June 18, 2019 Such a vast amount of information under a central authority could lead to a “disaster in slow motion,” as Tamas Blummer, a Bitcoin Core developer, indicates. The VP at CoinTerra suggests that technical features of Libra, such as “account model, generic language, [and] on-chain scaling,” makes it more of an Ethereum competitor than Bitcoin. Libra resembles Ethereum more than Bitcoin. It contains all the features that make Ethereum garbage. account model, generic language, gas, on-chain scaling with sharding, some BFT consenus. In addition it has to implement all KCY and AML. A sure disaster in slow motion. — Tamas Blummer (@TamasBlummer) June 18, 2019 Along the same lines, Pavol Rusnak, CTO at SatoshiLabs, and Ran Neu-Ner, CEO of Onchain Capital,  asserted that Facebook’s new cryptocurrency could have the potential to replace altcoins and stablecoins, but it will fail against Bitcoin. Facebook just gave Bitcoin its biggest boost ever and also rendered 90% of alts useless at the same time. — Ran NeuNer (@cryptomanran) June 18, 2019 The fact that Libra is not decentralized or censorship resistant, while its legal and tax status remains unclear— as Larry Cermak, research director at The Block Crypto pointed out—reduces its chances of becoming “the Bitcoin killer.” Just so we are clear, Libra is:– not decentralized– not censorship resistant– not guaranteed to work technologically – not guaranteed to be cleared by regulators– not clear in regards to tax implications — Larry Cermak (@lawmaster) June 18, 2019 To Peter Todd, a Bitcoin Core developer, Libra is indeed just an “unscalable centralized database,” but to Saifaden Ammous, author of The Bitcoin Standard, it is actually the only cryptocurrency other than Bitcoin that has the potential to succeed. Libra whitepaper initial analysis: The only digital currency other than bitcoin that matters, and it could succeed massively. But it does not compete with bitcoin, it reinforces bitcoin's value proposition, and will likely need to rely on bitcoin if it succeeds. Thread👇 — Saifedean Ammous (@saifedean) June 18, 2019 Libra is still one year away from being launched and its impact on the cryptocurrency market remains to be seen. As Facebook advertises its new project to its 2 billion customers, more people will be exposed to the terms “cryptocurrency” and “blockchain,” which could bring more attention into the market. The overall sentiment across the crypto community can be summed up in one tweet by Alistair Milne, CIO at Atlanta Digital Currency Fund. Sell Libra, buy Bitcoin — Alistair Milne (@alistairmilne) June 18, 2019 The post Cryptocurrency influencers react to Facebook’s Libra, boon or risk for Bitcoin? appeared first on CryptoSlate.
Cryptoslate

Facebook unveils Libra cryptocurrency

Facebook announced its own cryptocurrency Libra that will be backed and controlled by the Libra Association which also includes founding members Uber, Lyft and Spotify. The platform will allow users to buy and send money without racking up as many fees as traditional financial platforms. Users can buy or cash out the cryptocurrency at local exchange points and spend it using interoperable third-party wallet apps, according to a Libra whitepaper. The cryptocurrency also claims to make it easier to send money between countries for less that it would cost with traditional providers. Facebook is also launching a subsidiary called Calibra to handle its crypto dealings and protect user privacy by keeping Libra payments and Facebook data separate so that it won’t be used for targeted advertising. User identities also won’t be tied to publicly visible transactions but Libra association members will earn interest on money that users cash in. That interest will be held in reserve to keep the value of the currency stable. ProPrivacy.com digital privacy expert Ray Walsh expressed doubts about the platform given Facebook’s track record for protecting consumer data. “Considering that Facebook is already the second largest advertiser in the world (second only to Google), this added integration is concerning,” Walsh said. “The idea that social data and financial data could be combined is worrying, and although Facebook claims that it will keep the distinct data sets at arm’s length – it is hard to believe that consumer habits will not be tracked in order to allow Facebook to better serve ads,” he said. Walsh contended because Facebook produces the majority of its revenue through ads and has proven untrustworthy with consumer data on several occasions in the past, it seems unlikely that the company does not plan to exploit as much consumer data as legally permitted. The post Facebook unveils Libra cryptocurrency appeared first on SC Media.
SC Media

CNBC Video: Jim Cramer Calls Facebook’s Libra Cryptocurrency Coin Brilliant After Reading Whitepaper

Facebook Officially Announces The Creation Of Its Cryptocurrency Libra, CNBC’s Cramer Says the Project Is Brilliant Today, Facebook finally announced its most awaited project, Libra. According to the organization, a new Facebook regulated subsidiary called Calibra was created in order to manage the project and to create a new wallet based on the service. The head of […]
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