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.
Status
Upcoming
Raised
Soft cap
Hard cap

World latest news

Wanchain Officially Provides Integration Support for MakerDAO’s Dai Stablecoin

Since their very inception, one of the core drivers that have pushed cryptocurrencies into the mainstream is the fact that they are decentralized— as a result of which they allow for a high level of transactional transparency. Additionally, since 2014 Bitcoin, Ethereum (along with other big name players) have dominated this space, however, over the last 24-months or so, many new/ novel digital assets have entered this burgeoning sector. More About Wanchain In the past, technologies like ‘cross-chain token transfers’ have remained confined to the realm of speculation and mere theory. However, if the folks over at Wanchain are to be believed, they have finally devised a novel solution that can help facilitate real-time exchanges between the Bitcoin and Ethereum blockchain. To be even more specific, Wanchain’s native wallet offers customers with the power to manage their digital tokens on both chains (thereby opening up the world of Bitcoin liquidity to a vast array of Ether owners). If that wasn't enough, earlier today, the firm also announced that it had added another token to its platform, the Dai stablecoin from MakerDAO. For those not aware of what a stablecoin is, it can essentially be thought of as a digital asset that is pegged to a particular currency so as to minimize price fluctuations (similar to the way in which Tether is designed). In the past, BTC holders have had to jump through many hoops in order to procure Dai, however, with the Wanchain wallet now offering Dai support, the entire process has been made much more streamlined and hassle-free. Talking about this latest milestone, MakerDAO CEO Rune Christensen had the following words: “We are excited that Wanchain has launched their version 3.0 platform wTith Dai and MKR integration on their blockchain. As we seek to grow the use cases and stability of our tokens, Wanchain’s interoperability solution adds significant potential for Dai. For a stablecoin to see true mass adoption, cross-chain functionality is a must-have.” Final Take In the past, Wanchain CEO, Jack Lu, has constantly emphasised on the importance of cross-chain tech. Thus, in the wake of this latest announcement, Lu was recently quoted as saying: “For us to achieve our goal of becoming one of the key cross-chain finance hubs of the Web 3.0 economy, Dai and MKR are critical components in laying the foundation. We look forward to seeing the many use cases this integration will generate.”
Bitcoin Exchange Guide

Crypto Price Watch: Waves (WAVES) and Maker (MKR) Continue to Showcase Strong Market Support

At press time, around 85% of the world’s top-30 altcoins lay in the red zone, with premier assets such as Bitcoin Cash (BCH), Stellar (XLM), Bitcoin SV showcasing losses of around 10%, 5% and 6% respectively (over the course of the past 24 hours). However, in the midst of all this chaos, crypto coins such as Maker (MKR), Waves and Ethereum Classic (ETC) have continued to rally strong, with the aforementioned currencies gaining 10%, 3%, and 1.5% respectively. What’s Causing MKR to Surge? One of the primary factors that could be behind Maker’s amazing run is the fact that investment fund ‘a16z crypto’ recently bought a whopping 6% of the total MKR token supply for a sum of USD $15 million. As a result of this deal, a16z crypto now owns a tangible stake in the functional decentralized stablecoin (which bytheway makes use of formally verified smart contracts). At this point, it is also worth mentioning that ‘a16z crypto’ is owned and operated by VC firm ‘Andreessen Horowitz’. The aforementioned deal was facilitated by former federal prosecutor Katie Haun (who is now a partner at a16z). Additionally, over the course of the past few weeks, there have been other developments that too have spurred the overall adoption of MKR all across the globe. For starters, the dev team at Opera (the web browsing application) announced yesterday that they had created an all-new lightweight crypto wallet solution that allows users to ‘store and transact’ altcoins such as Dai and MKR using a pre-built extension module on the browser. Amazing to see @Opera for Android browser offer a built-in crypto wallet, allowing you to store and transact with #Dai & #MKR! No additional extensions needed, super cool. https://t.co/kZFvNOXPbo #Web3 — Maker (@MakerDAO) December 13, 2018 Lastly, MKR is also now live on the Wanchain main net. In regards to the matter, the Maker team released the following tweet: “The Dai token will utilize Wanchain’s cross-chain functionality allowing for Bitcoin to be exchanged for Dai in a fully decentralized manner” Can Waves Sustain its Amazing Run? As many of our readers may already know, over the course of the past month or so, the price of Waves has increased quite significantly (with the currency even breaking into the top-30 a couple of weeks back). However, such pump and dumps are quite ordinary within this volatile market and thus it remains to be seen if Waves can continue its amazing performance in the coming few days and weeks. We are excited to announce a long-awaited update of the #Waves Mobile app! Deposit, store and withdraw your #crypto securely, trade your assets on DEX, lease your $WAVES — everything is now available right on your smartphone! Read more about it here: https://t.co/5Qp7YKTa8r pic.twitter.com/y5hsCXj2GV — Waves Platform (@wavesplatform) December 3, 2018 One of the most intriguing aspects of the Waves project is the that by next year, the dev team wants to deploy ‘atomic swaps’ into their native operational module. As a result of using this technology, the Waves ecosystem will not only be able to make asset trading much more streamlined but also make digital altcoin transfers cheaper and more secure. Some of the other key developments in relation to Waves that are worth noting include: Decentralized 2-FA: Once implemented, this technology will help usher in a new era of decentralized security since it allows for the creation of a new layer of internet privacy. Smart assets: In regards to this technology, the Waves team claims that once this feature is live in its final iteration, it will allow devs to create complex smart assets on the Waves blockchain (thus allowing traders to indulge in even more unique financial exchanges). After a month of intensive testing, #Waves team is very glad to announce we are releasing two new and related features on MainNet: Smart Assets and Smart Account Trading: https://t.co/aBypgThvKA Miners, please vote to activate these features!#WavesPlatform #Blockchain $WAVES — Waves Platform (@wavesplatform) December 13, 2018 The post Crypto Price Watch: Waves (WAVES) and Maker (MKR) Continue to Showcase Strong Market Support appeared first on NullTX.
NullTX

KuCoin Crypto Exchange Proudly Announcing the Listing DAI Stablecoin and Maker (MKR)

KuCoin blockchain asset today is proudly announcing the listing of another Stablecoin, DAI, and the ERC-20 token, Maker (MKR). Deposits on both are now available utilizing KuCoin website and to their iOS and Android applications. DAI’s supported pairs are BTC/DAI, ETH/DAI, USDT/DAI, and MKR/DAI. And for MKR with possible pairs like MKR/BTC, MKR/ETH, and MKR/DAI. About DAI and MKR One of the biggest hindrances to crypto’s mainstream recognition as currency is the volatile pricing. The Maker DAI is a stablecoin anticipated to address this volatility. CEO Rune Christensen founded MakerDAO. He uses a different way to stabilize DAI utilizing its proprietary MKR token. It’s an exciting approach that closely accompanies fractional-reserve banking, in which a bank is only needed to hold a portion of its deposit liabilities. Except the guaranteed backing DAI isn’t the US dollar or any other fiat currency, it’s Ethereum, and the whole system is created on blockchain technology and a smart contract ecosystem.   MKR And DAI MKR is an ERC-20 token based on the Ethereum blockchain and cannot be mined. It’s alternately created/destroyed in response to DAI price fluctuations to keep it hovering around USD 1. MKR is applied to pay transaction fees on the Maker system, and it collateralizes the system. DAI is seldom worth exactly $1 – it typically hangs between $0.98 and $1.02. Instead of mining, it’s distributed by purchasing a collateralized debt position (CDP), Maker’s smart contracts that work as a loan. Once the loan is paid off along with MKR fees, the DAI is destroyed as the smart contract is achieved. To purchase the DAI stablecoin, users require to convert ETH to wrapped Ethereum (W-ETH). It is how decentralized exchanges like 0x enable exchanges between ETH and tokens on the Ethereum blockchain. Both tokens can be saved in any wallet that supports ERC-20. The Maker system looks complicated, but in theory, it works, and the smart contract tech has more extensive world applications. The DAI stablecoin could defend people and institutions related to fiat currency fluctuations and hyperinflation. The post KuCoin Crypto Exchange Proudly Announcing the Listing DAI Stablecoin and Maker (MKR) appeared first on Live Bitcoin News.
Live Bitcoin News

Each of The Top 100 Cryptocurrencies Explained in One Sentence

From an All Time High(ATH) of $19,665.39 Bitcoin has now fallen to $3,398.68. That is a straight 82.78 % decline. If this is the condition of Bitcoin you can just imaging the plight of other Altcoins. Bear Markets are brutal. But they also give you enough time to learn about technology, separate good projects from scams and identify those rare gems.Just make sure that I don’t miss out on any good projects, a couple of months ago I started making short descriptions about the top 100 projects. Every once in a while I check the list. If there are any new entrants then I check them out and add my notes. I have just formatted them and sharing them as a post. You can check out my dynamic view on https://dashboards.bitfolio.org/#/crypto-summaries1. BTC --Bitcoin--Digital Gold, Gold 2.0. Read More>>2. XRP --XRP--Enterprise Payment Settlement Network. Read More>>3. ETH --Ethereum--Programmable Money, Smart Contracts. Read More>>4. XLM --Stellar--Fast International Payments, Ripple-like.5. USDT --Tether--1USD Peg, Backed?.6. BCH --Bitcoin Cash--Bitcoin Clone. Bad PR. Read More>>7. BSV --Bitcoin SV-- Bitcoin Clone. Very Bad PR. CSW’s vision?8. EOS --EOS--DAPP framework DPOS.9. LTC --Litecoin--Fast popular Bitcoin clone. Read More>>10. TRX --TRON--Blockchain-based entertainment content sharing platform. Read More>>11. ADA --Cardano--Smart Contracts Platform, Overhyped. Read More>>12. XMR --Monero--Privacy Centric, Hackers favorite.13. XEM --NEM--Enterprise Smart Asset System. Read More>>14. MIOTA --IOTA--IOT Payments, Low fees.15. BNB --Binance Coin--Binance Exchange, Upcoming DEX plans.16. DASH --Dash--Privacy Focused, Bitcoin Clone. Read More>>17. ETC --Ethereum Classic--Ethereum Clone, Uncensored version. Read More>>18. NEO --NEO--Chinese Smart Contracts Platform. Read More>>19. ZEC --Zcash--Privacy Centric Bitcoin Fork. Read More>>20. DOGE --Dogecoin--MEME turned micro-transactions litcoin-clone.21. MKR --Maker--Asset backed decentralized stablecoin.22. XTZ --Tezos--Smart Contracts, DAPPS POS.23. VET --VeChain--trustfree, distributed business ecosystem.24. BTG --Bitcoin Gold--Bitcoin Clone for GPU Mining.25. TUSD --TrueUSD--Stable Coin. 1 USD peg token by TrustToken.26. USDC --USD Coin--USD stable coin backed by Circle.27. OMG --OmiseGO--Banking the unbanked, Remittances-centric.28. ZRX --0x--Decentralised exchange on Ethereum.29. PAX --Paxos Standard Token--Yet another stable coin pegged to USD.30. ONT --Ontology--Blockchain integration for enterprises.31. BAT --Basic Attention Token--Rewards publishers using their Brave browser. Attention economy pioneer..32. WAVES --Waves--Decntralised exchange. Create your own token without coding..33. DCR --Decred--Autonomous digital-currency. Atomic Swaps.34. QTUM --Qtum--Value Transfer, Smart Contracts.35. LSK --Lisk--Developer Friendly DAPPS in Javascript.36. FCT --Factom--Open source data integrity protocol.37. NANO --Nano--Formerly RaiBlocks, near instant transactions with low fees.38. ZIL --Zilliqa--Next Generation, High Throughput Blockchain Platform.39. DGB --DigiByte--Highly decentralised, cybersecurity focussed.40. BCD --Bitcoin Diamond--Another Bitcoin clone claiming faster transactions and low fees.41. BCN --Bytecoin--Blockchain Analysis resistant Privacy coin.42. ICX --ICON--Hyperconnect the World. Cross blockchain communication.43. AOA --Aurora--EVM supported smart contracts on DPOS blockchain.44. BTS --BitShares--First peer to peer exchange and decentralised financial system.45. SC --Siacoin--Rent your hard-disk. Decentralised Cloud storage.46. XVG --Verge--Earlier called DogeCoinDark. Privacy focussed coin.47. AE --Aeternity--decentralized computing and digital asset platform.48. GUSD --Gemini Dollar--Unable To Fetch Description.49. NPXS --Pundi X--It is a decentralized platform simplifying cryptocurrency for users.50. LINK --Chainlink--Decentralised Oracle service.51. STEEM --Steem--Blockchain based social media. Content and reward centric.52. QASH --QASH--Liquidity platform by Japan approved QUOINE.53. BTM --Bytom--Asset management via smart-contracts.54. PPT --Populous--Decentralised global invoice trading platform.55. REP --Augur--Decentralised Prediction Market.56. R --Revain--AI curated ratings and reviews on blockchain.57. KMD --Komodo--Another privacy centric coin.58. STRAT --Stratis--C# and the .Net based enterprise grade smart contracts. Creates sidechains.59. MAID --MaidSafeCoin--Creators of SAFE network. Pay once to upload, Store forever digital economy.60. GNT --Golem--decentralized supercomputer.61. HOT --Holo--Unable To Fetch Description.62. MANA --Decentraland--Decentraland is a virtual reality platform powered by the Ethereum blockchain.63. DAI --Dai--Stable currency by MakerDAO.64. ETN --Electroneum--App based mobile mining.65. CNX --Cryptonex--Easy entrance into crypto world.66. HT --Huobi Token--Token for Huobi exchange. Discount on trading.67. SNT --Status--Decentralised apps. Chat app is most popular.68. ARDR --Ardor--Blockchain-as-a-service-platform that evolved from the time-tested Nxt blockchain.69. WAX --WAX--A decentralized virtual marketplace as service.70. MGO --MobileGo--Smart token for the gaming industry.71. IOST --IOST--Promising to be Better Bitcoin.72. KCS --KuCoin Shares--Cryptocurrency Exchange that redistributes most of the profits.73. ODE --ODEM--POWERING YOUR EDUCATION AND CERTIFICATIONS ON THE BLOCKCHAIN.74. INB --Insight Chain--A Decentralized Research Ecosystem Chai.75. MOAC --MOAC--Advancing Performance for Enhanced Smart Contracting.76. NEXO --Nexo--Instant crypto backed loans.77. BTCP --Bitcoin Private--hard fork of Bitcoin combined with the privacy of zk-snarks.78. ETP --Metaverse ETP--Chinese ethereum and identity.79. WTC --Waltonchain--Blockchain + RFID for supply chian.80. ELA --Elastos--Blockchain powered internet, Operating System, and runtime for DAPPs.81. WAN --Wanchain--Crosschain protocol.82. LKY --Linkey--A Professional and Under Supervised Financial Platform.83. EURS --STASIS EURS--A collateralized stable coin.84. ARK --Ark--Aims to create an entire ecosystem of linked chains.85. AION --Aion--The protocol to link all protocols.86. RDD --ReddCoin--Social currency.87. PIVX --PIVX--Privacy centric blockchain. Cone of Dash.88. QKC --QuarkChain--Scalable blockchain using sharding technology to deliver over 1 million transactions per second.89. THETA --THETA--Decentralised Streaming network.90. RVN --Ravencoin--A blockchain designed to carry statements of truth about who owns what asset.91. MITH --Mithril--A decentralized social media platform that rewards all content creators.92. POLY --Polymath--The securities token platform.93. BNT --Bancor--Protocol for generation of cryptocurrencies.94. MONA --MonaCoin--First Japanese cryptocurrency.95. MCO --Crypto.com--Cryptocurrency Visa Card.96. GXS --GXChain--Industrial Level Data Exchange Solution on blockchain.97. ELF --aelf--Decentralised cloud computing.98. XZC --Zcoin--Private Financial Transactions enabled by the Zerocoin Protocol.99. XYO --XYO Network-- Blockchain’s first cryptographic location network with beacons100. LOOM --Loom Network--Layer 2 scaling for EthereumIf you liked this article and would like to read similar articles, don’t forget to clap.Click and drag to clap more than once. 50 is the limit.If you found article interesting you might also like these previous posts I wrote.Why comparing cryptocurrency prices is wrongBeginner’s Guide to “Investing in Cryptocurrencies”Keep your Cryptocurrency Funds SafeBitcoin Dominance and the Emergence of “Others”Track your cryptocurrency trades and portfolioEach of The Top 100 Cryptocurrencies Explained in One Sentence was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Coinbase Considers 30+ Cryptos: Coinbase Pro Lists Civic, distrixt0x, Loom Network, Decentraland

Today, Coinbase announced it is considering 30 plus different cryptocurrencies to list on its platform, following the listing of Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) on Coinbase Pro. In a recent blog post, Coinbase announced it is exploring whether to add thirty-plus different cryptocurrencies to its offerings. In a statement from the company: “Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.” The company will assess projects based on a ‘Digital Asset Framework,’ assessing factors such as security, compliance, and the project’s alignment with Coinbase’s mission of “creating an open financial system.” Moreover, the company has listed four new ERC20 tokens on its platform today, including CVC, DNT, LOOM, and MANA. The move follows the decision by Coinbase to include other ERC20 tokens. The platform began supporting Basic Attention Token (BAT), 0x (ZRX), and USDC (USD Coin) earlier this year. Coins Under Consideration In the recent announcement, Coinbase stated it is exploring a broad range of assets, including thirty-plus popular cryptocurrencies. The list, in alphabetical order: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL). More information on these coins are available in the CryptoSlate coins database. Coinbase mentioned that “adding new assets requires significant exploratory work,” with the process involving substantial “technical and compliance” review. Also, it cannot guarantee that all of the cryptocurrencies above will be listed, nor does it guarantee that these assets will be available in all jurisdictions. Some of these coins may not be usable for sending or receiving with a Coinbase wallet, significantly hampering practical use. During the process, those watching the listing process may see Coinbase launch new public-facing APIs, or other signs that the company is conducting engineering work geared toward supporting these new assets. The company will continue to update its users via the Coinbase Blog and Twitter. Motives Behind New Listings According to Coinbase, tokens are chosen based on the “relative ease of integrating the [token’s] standard” with the company’s existing infrastructure. Coinbase emphasizes “security” concerns. However, the inclusion of ERC20 tokens uses much of the same infrastructure. Why Coinbase has chosen to list the four ERC20s over other potential candidates is subject to speculation. In the announcement, Coinbase stated that they will accept deposits sometime today, and will enable trading within 48 hours after deposits are enabled. Only Coinbase Pro users will have access to trading in the following jurisdictions: U.S., U.K., European Union, Canada, Singapore, and Australia. The company mentions that it may add other jurisdictions at a later date. Launch Process Prior to full trading, Coinbase will gradually ramp-up trading options in hopes trading will begin smoothly. Each phase will be announced on Coinbase Pro’s Twitter. Transfer Only (12 hours): Starting sometime today, customers will have the option to transfer CVC, DNT, LOOM, and Mana into a Coinbase Pro account. Users will not be able to place orders, nor will orders get filled on order books. Post Only (1 minute): Customers can post limit orders, but there will be no matches to complete those orders. Order books will remain in post only mode for a maximum of one minute. Limit Only (10 minutes): Limit orders will start matching, but customers will not be able to submit market orders. Full Trading: Full trading will begin once the limit order phase is complete, including limit, market, and stop orders. Catching Up With Exchanges Although Coinbase has recently introduced a new listing process in an “effort to increase the number of tokens” listed on the platform—including its announcement considering its thirty-plus cryptos—the company has still fallen behind on the number of assets available, especially when compared to major exchanges. Coinbase Pro currently has only 12 different cryptocurrencies available for trading. According to CoinGecko, international exchange Binance offers 163 coins, and U.S. exchange Bittrex offers 253 different cryptos. Coinbase has gained considerable traction in the U.S. market and is pushing to expand into other jurisdictions. As one of the most valuable companies in the crypto space, it is possible that Coinbase can leverage its access to retail customers and gain a foothold in the U.S. market—allowing it to compete with major exchanges, such as Binance. How the competition will unfold is yet to be seen. The post Coinbase Considers 30+ Cryptos: Coinbase Pro Lists Civic, distrixt0x, Loom Network, Decentraland appeared first on CryptoSlate.
Cryptoslate

Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM)

In a move that has left many crypto enthusiasts scratching their heads, the cryptocurrency exchange of Coinbase has announced that it was exploring listing another set of cryptocurrencies. This new list was announced before completion of the previous list of 5 digital assets. That list still had 2 digital assets yet to be listed on Coinbase: Cardano (ADA) and Stellar (XLM). The exchange made the announcement via twitter as follows: Coinbase is exploring the addition of 30+ new digital assets. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. A Total of 31 Digital Assets Coinbase went on to announce via Medium.com that it was exploring the following new list of 31 digital assets. Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL). The Observation that Coinbase Likes to List ERC20 Tokens First In the previous list of 5 digital assets that Coinbase was exploring, it was noted that the exchange listed the ERC20 tokens of Ox (ZRX) and Basic Attention Token (BAT) first. This is in line with a March 2018 announcement by the exchange that it was supporting the Ethereum ERC20 technical standard. From a software integration point of view, Coinbase will have an easier time listing ERC20 tokens than listing Cardano (ADA), Stellar (XLM), XRP and any other coin with a different protocol. 25 Tokens In the New List Out of the 31 digital assets mentioned by Coinbase, 6 are coins on their own networks. They include ADA, EOS, NEO, XLM, XRP and Tezos (XTZ). This means that the other 25 are tokens that could be listed before the 6 aforementioned coins. We can also assume that the exchange might choose to list Dai (DAI) next since it is a stablecoin. The past few months of market volatility has created a need for stablecoins for traders to hedge with during times of market turmoil. The ‘Anomaly’ That was ZCash (ZEC) The listing of ZEC by Coinbase a few days back caught many traders off guard. No one expected ZEC to be listed before ADA and XLM. This then led us to explore two speculative reasons as to why this was so. Firstly, we put forth the idea that Coinbase wants to compete with the Gemini exchange by the Winklevoss Twins that already has ZEC. Secondly, we put forth the idea that ZEC was listed due to demand by institutional clients. Coinbase did a similar thing when they opened an OTC trading desk after requests from institutional investors. The Silver Lining However, in our attempt to explain how and when Coinbase will list XLM, XRP or ADA, we have missed the obvious: that the future holds the possibility of more digital assets being listed on the platform. What are your thoughts on Coinbase announcing a new list of 31 digital assets before completing the earlier list of 5 that included ADA and XLM? Please let us know in the comment section below. [Image courtesy of Shutterstock] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post Why We Might Wait a While for Coinbase to List Cardano (ADA), XRP and Stellar (XLM) appeared first on Ethereum World News.
Ethereum World News

How MakerDAO Created An Engaged, Cohesive Community Without An ICO

Find more helpful resources on building and running a successful crypto community on the Chainfuel blog, as well as their free e-book: The 7 Pillars of Crypto Community Management.MakerDAO are the makers of DAI, which is a stablecoin on the Ethereum network. DAI is a completely decentralized stablecoin that exists purely on the blockchain.What’s your background? How did you get started in crypto, and then involved with Makerdao?I studied rhetoric at UC Berkeley and minored in political economy. I heard about crypto for the first time when I was 19, so that would have been in 2012. I thought the concept of a trustless, transnational digital currency like Bitcoin really fascinating but didn’t follow through to create a career path for myself.After college, I went to graduate school on a Rotary scholarship to study a degree at the University of Cambridge Institute of Criminology. The program was was not about forensics but a cross domain course of study that includes sociology, anthropology, psychology, ethical philosophy, statistical analysis and other academic disciplines. Some taboos are universal and there are also a few crime statistics that are universal-such as the declining tendency to commit crime as one gets older and a very large male to female predominance for violent crime. On the other hand, criminal enforcement and punishment varies considerably in different parts of the world. So studying criminology is really a study of human motivation and human-to-human (i.e. socio-cultural) interaction.After getting my MPhil, I was working at the United Nations Crime and Research Institute in Turin and I attended a conference curated by one of my Cambridge criminology colleagues from that was focused on Big Data-and its potential abuses as well as its uses to detect and prevent crime. There was some small intro into crypto there, sort of conversations along the side. I got a bit more interested once again, and decided to start doing some of my own research and reading.My little brother is a very active Redditor and crypto-enthusiast, and he talked me up quite a bit and peaked my interest. It led me to getting a job first with a project called BlockV, which was in Santa Monica. The project focused on putting digital goods on the blockchain which is a really cool marketing innovation but I most was intrigued with the idea of creating a successful stablecoin which I believe is necessary to bring the real vision and use case of crypto to fruition. So the opportunity to work for MakerDAO was really the fulfilment of my wildest hopes and dreams. So here I am and I’m loving it everyday.What was the rationale for not doing an ICO in Makerdao, and how has this impacted community building?Initially MKR were sold via private sales to friends and family, as well as investors like Andreessen Horowitz and Polychain. The process was and has been way more personal that what you see with a typical ICO. The goal was to create an ownership community that is cohesive and committed to long term success and not just short term gain.The goal of MKR is that its holders be responsible for governance and fiscal decisions. Basically, it is a risk sharing model-the owners of Maker share in profits but also share in potential losses. In order to achieve the dream of the DAO, (MakerDAO’s decentralized autonomous organization) there needs to be responsible token holders or MKR holders that make up the DAO. The goal of having responsible “owner/operators” is part of the reason Maker never had a wild and crazy ICO. Given the level of quality interactions that I see between our community members today, I can confidently say that the roll out of Maker tokens was handled wisely.What do you do in your day to day as a community manager? What are your responsibilities?I’m not the only community manager, but when I started I was. Before, it was more time online, but now I specialise more so in the events side of community, more physical spaces. So I look at what are the different opportunities and places for that to happen and that to flourish while the brilliant Rich Brown manages the technical community.It is important to remember t that not all crypto communities happen purely online. There are loads of community members I actually meet at events and tell me how they’re excited about the project and have been passionate about Maker for awhile. The interesting thing is that a lot of these folks don’t always participate in the online chats, thought they do follow the discussions. It’s been cool to see how different community members flourish in different spaces: some prefer being online, and some prefer being offline. My job is to ensure there is space for all of them to participate.Another thing that I do is curate video meetings that are open to community members who are are seeking more information about the project. Right now there’s a lot of focus on governance as we’re moving quickly toward being an operating DAO. MakerDAO’s governance is pretty ambitious, so making sure that community members have the opportunity to get their questions answered and moderating the video call conversations is a really cool and fulfilling way to engage with the community. It’s great to see the bridge between community members and people like our CEO Rune, or our developers that have the opportunity to come on and speak a bit about what they’re doing. Ina public company, shareholders are proportional owners of the corporation. But how often do Google shareholders, for example, get a chance to talk to the CEO, to other key executives or to developers and other technical experts? Those sort of interpersonal non-hierarchical interactions happen regularly at Maker and I am really thrilled to play a small part in enabling those interactions.(Source)How does community management fit within the larger organizational structure? What role does it play in the long term vision for the project?We’re moving towards that true vision of decentralization, somewhat slowly but surely. In some ways that requires that we get a lot of information out there, to make sure that our community members are as educated as possible to make responsible and agreeable governing decisions. I’d say that community management has an important role in our plans for expansion. A successful stablecoin has to achieve critical mass and then its use will increase exponentially. We have seen that with other great inventions like air travel, email, the internet-you start with something good and then you build adoption and aim for a network effect. MakerDAO’s success is built upon the development of cohesive, connected community. We are an international project, not just because of our employees and the MKR holders that live in many different countries but because our goal is to create a relatively stable digital currency for the entire world.We’re hiring and we have hired some truly incredible community leads across our planet. I’m in the United States but I just got off a call with Lenka Hudakova, our amazing community lead in Europe. This is great as the opportunity for community building is global and our community lead team is operating globally. I’m so thankful to work with a team of community building super rockstars including Lenka in Europe, Mariano Di Pietrantoni in Latin America, Chao Pan in China, and Jocelyn Chang in Singapore!For any organization it’s important to remember why the organization exists. I’d say in many ways MakerDAO truly exists for the community. We build infrastructure for other organizations or other communities to then go ahead and use. Some of that infrastructure being the stablecoin, Dai, or the permissionless lending that occurs through the CDPs. The way to optimize what Maker is doing is making sure that the community continues to feel passionate and engaged, continues to feel that their needs or questions can really be addressed, and that they have an opportunity to engage with us. So in terms of fulfilling the overall vision of most crypto projects — I’d say communities are centric to that.Can you provide some numbers for your community? What growth strategies you implemented to get there?Our strategy with community right now hasn’t been to expand it so much as it’s been to tend to it. Multi-collateral Dai hasn’t been launched yet, but it will be launched soon. So the community that has joined so far is already excited about single collateral Dai using specifically ethereum. I’d say our goal has been to maintain the excitement and the enthusiasm, which is rightfully there, up until the larger launch of what Dai is truly meant to be, which encompasses multiple collateral types. The growth strategy has been about creating deeper relationships with the community members that already exist, especially the developing community that already would be happy to use MakerDAO infrastructure. Once Multi-collateral Dai is launched the strategy will put more emphasis towards scaling. I guess you could say that we want to do it right before we do it bigger. We hope and expect that growth will accelerate as we continue to reach our milestones.How do you engage with the broader community?We do a community meeting each week on Tuesdays. There is also an opportunity for people to come in and engage or watch the recap. We go over all the news and the development that’s happened that week. Really keeping up to date with great content that comes out on our medium, which we then go ahead and tweet or post to Reddit or use within our own Rocketchat.One of the things I like about our community strategy is that we’re not on too many platforms. For instance, we confine a lot of what we do to chat.MakerDAO.com on Rocketchat, which is cool as opposed to attending tons of communities across a lot of different channels. That’s not to say that won’t happen in the future, but as of now a lot of the information is dispersed through Twitter, in which we have a big presence, and Reddit and then our Rocketchat. So the maintenance of those communities is streamlined and I’d say that’s helpful.How would you define a successful crypto community? What metrics would you use to define success?It depends on the goals of the crypto community. I would define success as an engagement but in a positive way. So not having people come on and ask “When is this going to moon?” could serve as a definition of success for some people. A lot of it just has to do with a qualitative evaluation which can be somewhat difficult to define in a succinct metric.What are Makerdao’s goals for the community?Keeping the community equipped to take on the big things that are happening somewhat soon on our roadmap — that being decentralized governance. Making sure that the community is educated to a level that they feel is necessary for them to make good voting decisions. We also want to maintain the passion and enthusiasm that already exists, and make sure that we can continue that momentum moving forward.If you can go back in time, what would you do differently? What do you wish you knew early on?If I could go back in time, I would have thought more about some of the hybrid that happens between community building and business development. Community is such an expansive and ethereal term. When you think about the community, it really encompasses everybody. One of the things that I’m trying to do now, in becoming a more successful community manager, is honing in on our business development strategies and processes. That way when I interact with people and projects within the Maker community, I can understand our alignment of interests and optimize the spread Maker infrastructure in as many positive ways as I can .How do you approach expanding internationally?I’ve actually approached it through events. So ETH Buenos Aires was great for us in terms of growing out to Latin America, not just community presence but essentially the project presence of MakerDAO. I met two truly amazing individuals there. Including Mariano Di Petrantonio who is now our community lead in Latin America as well as the incredible Nadia Alvarez who is now our business development associate in South America.In terms of building out an international presence from a recruiting perspective, it can be really helpful to meet and engage with the people that are going to be a part of that. If projects have the opportunity to go to a large event or an event that seems like an alignment with the kind of community building that they want to do in a specific area, then they should definitely take advantage of that opportunity. We’ve seen a lot of positive things come out of that.(Source)Is there anything else you want to say about community management for new projects starting out and trying to build up their communities?I’ve been fortunate coming into the Maker project because the community already existed and already had this beautiful harmony to it, which was the seed that maintained and continues to flourish. So in terms of building out a community for something that does not yet have a strong following: maintain a pure ethos about what it is that your project is doing, incorporating that roadmap into whatever community that you’re trying to attain and preach what those benefits are in order to bring on new community members. This is something that could lead to some enthusiasm and positivity, as opposed to really aggressive marketing tactics. Maybe attending more events with projects you respect or have some synergy to what you’re trying to do, and then interacting with communities there could be an interesting way to go about building a community. Identifying what already works and then seeing if you can maybe feed off of some of that positive energy.Where can people get in touch with you?They can get in touch with me on chat.MakerDAO.com, which is a part of our Rocketchat. Also on our Reddit, which is r/MakerDAO, or if they want to send me a message to u/jesssalomon-MakerDAO, and I’d be really happy to talk more.Alan VanToai is one of the Co-Founders of Chainfuel — an agency providing community management and design services for crypto startups.You can find more helpful resources on building and running a successful crypto community on their blog, as well as their free e-book: The 7 Pillars of Crypto Community Management.How MakerDAO Created An Engaged, Cohesive Community Without An ICO was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Daily Recap: Blockchain and Cryptocurrency News For Today November 15th [VIDEO]

Almost 1% of Ethereum (ETH) Token Supply Locked in MakerDAO Smart Contract Almost 1% Of Ethereum (ETH) Token Supply Locked In MakerDAO Smart Contract OpenRelay Decentralized Crypto Exchange to Apply New Regulatory Policies Following SEC's EtherDelta Rulings OpenRelay Decentralized Crypto Exchange to Apply New Regulatory Policies Following SEC's EtherDelta Rulings Tron's TRX Cryptocurrency Token Sees Blockport and Scatter Exchanges Add Coin Trading Options Tron's TRX Cryptocurrency Token Sees Blockport and Scatter Exchanges Add Coin Trading Options Morpheus Labs Integrates NULS into its Blockchain Ecosystem Morpheus Labs Integrates NULS Into Its Blockchain Ecosystem Target Crypto Giveaway Scam Plot Thickens as Retail Giant Blames Third-Party App vs Twitter Target Crypto Giveaway Scam Plot Thickens as Retail Giant Blames Third-Party App vs Twitter Bitcoin Satoshi Vision (SV) Mining Power is Still Strongest Ahead of Bitcoin Cash (BCH) Hard Fork Bitcoin Satoshi Vision (SV) Mining Power is Still Strongest Ahead of Bitcoin Cash (BCH) Hard Fork South Korean Province Gyeongbuk Opens New Blockchain Special Committee South Korean Province Gyeongbuk Opens New Blockchain Special Committee Russian Payment Service Yandex Reports Crypto Payments Are Making Entrance In Moscow Russian Payment Service Yandex Reports Crypto Payments Are Making Entrance In Moscow Stellar's Acquisition III Registration Statement Declared Effective in Phunware Merger Stellar's Acquisition III Registration Statement Declared Effective in Phunware Merger John McAfee Goes from Protecting Computers from Viruses to Now Rare Art Tokenization John McAfee Goes from Protecting Computers from Viruses to Now Rare Art Tokenization Bitcoin Unspent Transaction Output May Be Linked to Future Price Growth Bitcoin Unspent Transaction Output May Be Linked To Future Price Growth IBM Explains Why Enterprise Businesses Should Consider Blockchain Technology IBM Explains Why Enterprise Businesses Should Consider Blockchain Technology Russia's Sberbank CEO Affirms Mainstream Industrial-Scale Blockchain Use Cases is Still 12-24 Months Out Russia's Sberbank CEO Affirms Mainstream Industrial-Scale Blockchain Use Cases is Still 12-24 Months Out Coinbase-Supported Blockchain Game ‘Gods Unchained' Releases First Gameplay Trailer Coinbase-Supported Blockchain Game ‘Gods Unchained' Releases First Gameplay Trailer Another Elon Musk Bitcoin (BTC) Giveaway Pops Up Revealing More Hacked Twitter Verified Accounts Another Elon Musk Bitcoin (BTC) Giveaway Pops Up Revealing More Hacked Twitter Verified Accounts Fundstrat Global Advisors: Bitcoin Recovery Will Take Weeks if Not Months Before Multi-Month Rally Fundstrat Global Advisors: Bitcoin Recovery Will Take Weeks if Not Months Before Multi-Month Rally Despite Blowhorning Bitcoin Isn't “Real Currency”, Economist Aims to Design Price-Stable Crypto Assets Despite Blowhorning Bitcoin Isn't “Real Currency”, Economist Aims to Design Price-Stable Crypto Assets Experts in Crypto Community Discuss India's Bitcoin Ban Being Nearly Impossible to Accomplish Experts in Crypto Community Discuss India's Bitcoin Ban Being Nearly Impossible to Accomplish KPMG Accounting Firm Releases ‘Institutionalization of Crypto Assets' Report, Talking About Bitcoin's Arrival KPMG Accounting Firm Releases ‘Institutionalization Of Crypto Assets' Report, Talking About Bitcoin's Arrival Executive at Coinshares Talks Bitcoin, Financial Markets Turmoil and Altcoins in Liquidity Crisis Executive At Coinshares Talks Bitcoin, Financial Markets Turmoil And Altcoins In Liquidity Crisis
Bitcoin Exchange Guide

Almost 1% Of Ethereum (ETH) Token Supply Locked In MakerDAO Smart Contract

One Percent Of Ethereum Supply Locked In MakerDAO Smart Contract Mike McDonald, the founder of MKR Tools, tweeted yesterday information that led to quite some excitement. He stated in the tweet that, “There is now 1,000,000 ETH locked in @MakerDAO smart contracts as of this morning. A slight rounding error away from 1% of the total ETH supply.” The MakerDAO project stands behind Dai, which is a second-generation stablecoin that offers USD issuance on the blockchain. Though the system seems to be challenging, the project provides information that explains how it works and in a very simplified manner. This way, anyone can participate. According to Gregory DiPrisco, the author of the document: “You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain.” The blockchain does indicate that there is 1 million ETH tied up in the platform’s smart contracts. However, it should be noted that Dai’s market capitalization is around one-third of that. The system functions by allowing users to pool funds together, and they are then issued Dai tokens. The collateral behind the tokens is the collateralized either. Since the smart contract platform received funding and began business, there has been over 103 million ETH generated. Dao’s maker launched the PETH tokens last year and such tokens are about one percent of all the ether there is. Though some believe that Dai does not have much practical application, there are those who are rallying behind it as a method to resolve complex problems. The platform also has a mechanism that liquidates positions and that may lead to a destabilized system. “There remains the possibility of the incentive structures not working as expected – especially when the price of ETH keeps dipping and its value is worth less than the amount of Dai that is supposed to be backing . . . In this situation under-collateralization, the Maker system triggers a liquidation of the CDP's collateral, automatically selling it off to the highest bidders for Dai as fast as possible to recapitalize and ensure that the Dai that it issued to the original user it fully centralized.”
Bitcoin Exchange Guide

Cryptocurrency Hedge Funds Seek ICO-Like Returns in From Stablecoin Investments

Cryptocurrency hedge funds remain optimistic about the prospects of making massive gains in the digital asset markets, despite falling prices and negative investor sentiment over the asset class. Seeking ICO-Like Returns As reported by Bloomberg on Nov. 14, 2018, several crypto-funds continue to aim at triple-digit returns which were witnessed last year in the initial coin offering (ICO) frenzy. Their bets? Leading investments alongside huge players in “equity-like” offerings; which have seemingly created great interest among traditional investors. Related: Circle’s Stablecoin Draws Most Early Demand For the uninitiated, the equity-like tokens are pegged to an underlying stablecoin as the latter’s usage increases. Meanwhile, stablecoins themselves have become one of the most-anticipated products in the cryptocurrency market, with uses ranging from exchanging value across borders without fears of volatility and conducting complex trading strategies in crypto-markets. The equity-like tokens draw inspiration from “seigniorage,” a centuries-old French practice that allowed landlords and emperors to pocket gains from the difference of a coin’s face value and the amount used to mint it. Travis Kling, the founder of crypto-hedge fund Ikigai, shares his thoughts: “Investors in the equity-like tokens associated with a stable utility token are seeing that historical growth in Tether and thinking that if they can get even a portion of that, then obviously you’ll generate tremendous returns. That’s leading to a lot of the hype and lots of different competitors coming out right now.” Complex Token Metrics Kling notes gains of up to 46 times are possible if the right investments are made, and the underlying stablecoin becomes widely-used. Examples of such projects include MakerDAO, Basis, Havven, and Reserve; with all having a leading digital asset for investments and an associated stablecoin for trading and store-of-value purposes. Investments in such projects are no joke either. In April 2018, New Jersey-based Basis raised $133 million from a fundraising round led by Bain Capital Ventures. The project leverages token supply using algorithmically using three tokens: one a stablecoin, second a “bond” token that is auctioned when amount needs to be contracted, and finally a share-token that pays dividends to investors as demand grows. Meanwhile, few are raising questions about how a stablecoin and its equity-token would respond to a drop in prices or a market downturn. Presently, there are dozens of stablecoins on the market, with a dozen more in the works. The post Cryptocurrency Hedge Funds Seek ICO-Like Returns in From Stablecoin Investments appeared first on CryptoSlate.
Cryptoslate

About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts

CoinSpeaker About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts On Tuesday, Mike McDonald, the creator of MKR.tools, an interactive dashboard to track CDPs and the overall DAI system, published an interesting post on his Twitter. He showed that almost 1 percent of the total Ethereum supply (or 1 million Ethereum) is currently locked in MakerDAO smart contracts. There is now 1,000,000 ETH locked in @MakerDAO smart contracts as of this morning 🎉. A slight rounding error away from 1% of the total ETH supply. pic.twitter.com/0ePQv6mWKm — Mike McDonald (@mikeraymcdonald) November 13, 2018 Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Since its launch in 2015, a total of just over 103 million Ethereum have been generated. This amount  includes the initial 72 million coins issued as a part of the Ethereum ICO funding conducted the year before. As the Ethereum blockchain shows, about 1 million Ethereum is locked up in Maker smart contracts, but the DAI token’s market capitalization is actually around 1/3rd of that figure. About MakerDAO MakerDAO is the project behind Dai, a stablecoin offering that automatically reacts to changing market conditions in order to stabilize its value against the major world currencies. It is a crypto-collateralized stablecoin pegged to the USD but entirely backed by Ethereum. MakerDAO leverages smart contracts where the stablecoin Dai is pegged to the USD 1:1 and functions as a decentralized autonomous organization. The system of MakerDAO is not sophisticated, users are not required to be expert economists or Ethereum developers to grasp the mechanism. Its creator, Gregory DiPrisco, explains the difference between Dai and, for instance, Tether: “You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain.” MakerDao heavily relies on complex and novel technology. The way the Maker system works is as follows: users pool Ethereum (referred to as PETH) together and get Dai tokens collateralized by the deposited Ethereum and stabilized   at $1.  Another term widely used among users is WETH — “wrapped Ethereum”. WETH is more of a concept than a product of the MakerDAO – PETH and Dai are respectively tokens issued by Maker. It is notable that the project has been supported by such a prominent figure as Andreessen Horowitz who invested a total of $15 million to MakerDAO. According to Rune Christensen, CEO and co-founder of MakerDAO, thanks to funds received from Horowitz and operational support from his a16z crypto fund, the project will get a chance to boost the development, evolution and adoption of the Dai Credit System. About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts
Coinspeaker
More news sources

Trending

Hot world news

Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings

Every day, the crypto market is on the verge of entering darker territory, and as prices continue to plunge, many cryptocurrencies have become the victims of sudden sell-offs. An initial coin offering (ICO) called Substratum has even taken to day trading its present ether holdings to make up for potential losses. In a YouTube video, a figure named Justin from the Substratum network announces that the company is opening the doors to a token swap set to begin on Monday, December 17. The smart contracts for the company will begin then and batch transactions will start happening over the Ethereum network. Old Crypto Becomes New Crypto Prior to this date, executives will be moving any remaining Ethereum tokens in their crowdsale wallet over to a new wallet. If a person’s tokens are on Binance, the switch will be occurring natively through the exchange. Thus, customers will not need to worry. If a customer’s tokens are locked up in a wallet for an airdrop, they too will not need to take any steps. The move from the present wallet to the new wallet will occur on its own time. All older tokens will become frozen and unusable while the new tokens will be transferred into customers’ wallets. The company is also moving from two decimal places to 18 decimal places, which representatives claim will make transactions faster and more efficient. The smart contract has been fully audited by Quantstamp; furthermore, 120 million old tokens have been burned thus far. They will not be coming over through the transfer but will rather disappear into what Justin calls “the ether.” These tokens are set to disappear completely. The transfer will not be done within a set timeframe. The transfer is indefinite and will last until all customers’ wallets have received their new tokens. Predicting What the Future Holds Substratum now has a full-time trader on staff, who has suggested that Ethereum is going to be continually tested over the coming months. The bear market is not letting up and he has stated that Ethereum could fall to as low as $60. Executives are not necessarily looking to cash out. Instead, they will be trading only a portion of the Ethereum they possess, which they claim will give them the chance to “trade up” and potentially earn a little revenue before the crypto market falls any further. Once the market becomes bullish again, Justin claims in the video that Substratum will be in a better place and will be able to create newer (and better) products. Do you foresee the market getting even worse before it gets better? Post your comments below. Image courtesy of Shuttershock The post Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings appeared first on Live Bitcoin News.
Live Bitcoin News

States Take Cryptocurrency Regulation Into Their Own Hands As US Federal Government Focuses On Blockchain

States Take Regulation Of Cryptocurrency In Their Own Hands, As US Federal Government Focuses On Blockchain Technology The regulation of cryptocurrency has been an ongoing problem for the United States (US). They have managed to outline particular processes involved with blockchain technology and have many trials that examine the way that it works in their industries. However, the fact that even government authorities have different classifications for the same token groups makes it hard to know how to handle them. As a result of the confusion, any states are working to become the friendliest places for cryptocurrency. Ohio even made an announcement recently that they would allow their residents to cover taxes with the use of crypto payments. In the meantime, the authorities are still in a state of confusion with defining and regulating the assets that clearly are in demand for residents. The ones making the most noise about the lack of organization of the federal policies aren’t stakeholders or even enthusiasts; these concerns also involve academics. Carol Goforth, a professor at the University of Arkansas, recently noted that there are presently four different regulators within the federal government that oversee how digital assets are dealt with, from their categorization to their issuance, and further. These four entities are the: Commodity Futures Trading Commission (CFTC) Securities and Exchange Commission (SEC) Financial Crimes Enforcement Network (FinCEN) Internal Revenue Service (IRS) The CFTC sees crypto assets as commodities, though the IRS shares a similar view in calling them property. The FinCen, which is run by the Treasury Department, regulates them with the same rules as fiat currency, but the SEC sees them much differently as securities. Professor Goforth expressed her skepticism that the regulatory entities would work together anytime soon, leading her to encourage the coordination between them for a more nuanced approach. As she puts it, her version of the rules would force the federal government to deal with each cryptocurrency as it is introduced, specifically identifying them by their functionality and the motivations of users. This is a path that at least one instance shows is happening within the federal regulators. The CFTC publicly requested details on the functionality of Ether and the Ethereum Network on December 11th. The document has 25 different questions that deal with the platforms purpose, functionality, scalability, and more. However, the effort to address a single asset by the CFTC isn’t necessarily a sign that the industry is turning towards the idea that the professor had in mind. None of the other regulators have taking this move and are holding on to the regulatory measures that they already have in line. Still, there’s always a chance that congressional legislators will make some changes in their framework. Darren Soto and Ted Budd, who are both US Representatives, brought in two bills on December 6th that will help with the improvement of regulatory framework and reduce the risk of price manipulation. These bills are called the Virtual Currency Consumer Protection Act of 2018 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, respectively. These two bills offer specific regulatory changes that could be made for the process to be smoother for exchanges, users, and everyone else involved. The first bill discusses that many situations that can arise in the market for price manipulation. The other requests an in-depth study that aims to improve the “burdensome regulations that may inhibit innovation.” Warren Davidson, the representative of Ohio, spoke at a conference in Cleveland where he noted his intent to bring in a new bill that would create a new asset class for tokens. As such, the regulation of initial coin offerings (ICOs) would become significantly less difficult. A week later, Davidson suggested a crowdfunding event to help with the creation of the US-Mexico border wall, which would include the use of blockchain and “wall coins.” Even though there appears to be a significant lack of clear regulations regarding cryptocurrency, blockchain technology is already being applied to daily operations. The use of this ledger with supply chain logistics is easily its biggest application, and federal authorities are looking to use it for food safety as well, especially considering the recent E. coli outbreak. The Department of Homeland Security announced their intention to use the technology as a way to protect their own activities. Their three subsidiaries are working together for a clear record of documentation that will help with fraud, counterfeiting, and forgery. The defense authorities for the federal government recently established an app that would help the members of the armed forced to learn how to use blockchain technology for the supply chain as well.
Bitcoin Exchange Guide

Bitcoin Supporter Says Crypto is Unconfiscatable as Long as It’s Not in Regulated Exchanges

Bitcoin has many different features, but one of the most important is the fact that users are the real owners of their funds as long as they keep their private keys. However, when users have their funds stored in exchanges, Bitcoin can be confiscated. During a Q&A session during a Tampa Meetup, he said that Bitcoin being non confiscatable applies to exchanges that are not regulated. In general, centralized virtual currency exchanges are not a safe place where to store funds. The company behind the exchange is able to manage the funds as it considers, block some accounts and even experience security issues. If Bitcoin wants to remain non confiscatable, the best what a person can do is to store them in cold storage wallets. No one is able to move the funds from there unless they have the private keys. At the same time, he said that Bitcoin does not have just a single price because there are different markets listing it. He compared the price of Bitcoin (BTC) with Apple stock explaining that Apple’s stock price is determined by supply and demand in just one place. He has also talked about Bitcoin ETF and the fact that to have a stable price of Bitcoin everything needs to sit in one place. He went on saying that having all the BTC in one place is a risk even when it creates a more stable market. For example, he emphasized the fact that if all the BTC are located in just one exchange, hackers might focus only on it. Furthermore, the US government would also have the possibility to confiscate the BTC that users own or trade them. There are several crypto platforms that are regulated, including exchanges such as Coinbase or Gemini. Governments would be able to confiscate the funds that users have on these exchanges, thus deleting one of Bitcoin’s main characteristics. Moreover, he said that Bitcoin being under the control of governments is not positive for the space. A lot of people would completely lose the faith in the popular virtual currency. This is exactly what Satoshi Nakamoto was trying to avoid when it created Bitcoin.
Bitcoin Exchange Guide

Hong Kong Businessmen Targeted by Bitcoin Bomb Threats After Recent USA and Canada Attempts

There have been many different ways to steal funds from individuals in the cryptocurrency market. However, a new methodology has been applied in Hong Kong and other countries such as the United States. According to a recent report released by the South China Morning Post, businessmen in Hong Kong are being targeted by criminals that want to steal Bitcoin from them. These scammers try to steal Bitcoins from victims by threatening them that they will receive a bomb if they don’t send Bitcoins in the time span the scammers provide. One of the affected individuals is Michael Gazeley, the CEO of Network Box. He received a message in his business email with this Bitcoin bomb threat. Furthermore, he said that he had to pay $20,000 if he wanted to avoid receiving a bomb in his office. Gazeley said to the news outlet: “This looks like the third wave of blackmail emails plaguing the world in the past few years… I have never seen something like this, which sounds like cyberterrorism, in my 20-year career in cybersecurity.” Nevertheless, he was 99.99% sure that the message was not worth. Indeed, he mentioned that the email had some typo mistakes and the grammar used was not exactly good. That shows that the main intention is to take a few bucks from some individuals rather than really bombing an office. Hong Kong authorities did not provide further information about this issue, thus it is not possible to know the exact number of companies affected by these threats. This is not the first time that there are Bitcoin bomb threats around the world. A few days ago, as reported by NBC New York. Hoax bomb threats spread asking users to pay in Bitcoin. The New York Police Department (NYPD) informed on Twitter that there was an email circulating that contained a threat asking for a Bitcoin payment. However, they say that they did not find any devices in some of the places where the threat arrived. Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found. pic.twitter.com/7omOs13Z7Q — NYPD NEWS (@NYPDnews) December 13, 2018 The NYPD went on explaining that the threats are meant to cause disruption and/or obtain money in a fast way. Although the police will be responding to the calls made by the community, they believe that the threats are likely ‘not credible.’ This is not the first time that there are scammers trying to steal Bitcoin and other virtual currencies from users. Earlier this year, scammers on Twitter were asking for Bitcoin and ETH deposits using fake accounts that stole famous people’s identities.
Bitcoin Exchange Guide
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.