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Omni Bets on XRP and Ripple to Ensure Better Liquidity

CoinSpeaker Omni Bets on XRP and Ripple to Ensure Better Liquidity Ripple’s products as well as its native token XRP have already gained high popularity and are widely used by a number of different companies across various spheres. And it looks like it is just a beginning. Omni and XRP It is known that Omni, a US-based physical storage and online rental service provider that operates in Portland and San Francisco, is actively working with Ripple and XRP. According to the company’s co-founder and CEO, Thomas McLeod, the main reason for such collaboration is Omni’s desire to bring liquidity to its clients and to improve the sharing economy. McLeod stated: “By enabling XRP cash outs, we’re aiming to lower the barrier to entry for crypto-curious consumers and also reduce the risk because you still own the asset.” Thanks to Omni people can easily find some necessary things in their neighborhood or rent different items ranging from bicycles to air mattresses. The individual who is offering an item to be rented is still its full owner but there is a great opportunity for him to make a profit out of things that are not used at the moment. The users’ revenue will be split with the company at 50:50. The money they get can be moved to their Ripple (XRP) wallets. At the moment, Omni is considered to be a unique platform as thanks to it people can earn XRP without the involvement of a crypto exchange. Benefits of the Project According to Omni’s CEO, their goal is to connect the world with the help of simple things. McLeod explained: “So there’s a world in which everything that you have you should be able to connect with other people and other people should be able to use those things as well. So if you have a bike and you’re not using it, someone else can use it when you’re not using it. And now you also make money on top of that.” McLeod highlighted that their company greatly benefits from Ripple’s potential:  “It became very clear that this could be a great tool for both providing vast, rapid liquidity for sort of cashing out the capital that you make through the rental side as well as in the future connecting individuals quickly with those assets.” XRP Application Not only Omni believes in the capacities of Ripple, but also Ripple believes in the capacities of Omni. Earlier this year, Omni has become one of the first investment that Ripple has made in the framework of its Xpring initiative. Moreover, Omni is a good example of real-life use case for XRP. It’s also worth mentioning that XRP will be a base currency for a new Corda Settler app that will work on R3’s international blockchain and will make global crypto payments across enterprise blockchain networks easier. To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide. Omni Bets on XRP and Ripple to Ensure Better Liquidity
Coinspeaker

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes

On Friday, Nov. 23, the developers behind the Wormhole project announced the launch of the Wormhole Cash wallet. The application allows users to store, send and receive BCH, WHC and any type of token created with the Wormhole software. Additionally, the new client allows users to burn BCH for WHC alongside the ability to crowdfund and create token assets. Also read: Content Creators Can Earn BCH Using the Honest Cash Platform Wormhole Developers Launch New Light Client for BCH, WHC and Tokens The Wormhole software developers recently released a beta version Wormhole Cash wallet for desktops and Android. The client allows users to safely store, send and receive bitcoin cash (BCH) and wormhole cash (WHC), as well as tokens created using the infrastructure. Wormhole.cash is a project that uses the BCH chain and a fork of the Omni Layer protocol to allow smart contract and representative token creation. The Wormhole Cash wallet beta version for desktops The beta version of the Wormhole Cash wallet has been designed to allow research and testing for those who are interested in the technology. Over time the developers will polish the open source software and periodically upgrade the client. “The wormhole wallet is an open source project, we’re trying our best to contribute for the whole BCH ecosystem,” explained the Wormhole development team. The Wormhole Cash wallet is also available for Android. This Saturday, news.Bitcoin.com took a look at both the Android and desktop versions of the Wormhole Cash wallet interface to give our readers an inside glimpse of this beta platform. When signing up for the desktop wallet, the user is asked to tether a valid email and password to their newly created Wormhole account. This creates a whole new wallet and the wallet identifier is sent to the registrants’ email address. With the Android version, users can import an existing wallet or create a new one after launching the application for the first time. After creating a new set of keys, the Wormhole Cash client provides a 12-word mnemonic phrase to write down and makes the user enter the string of words to verify that they were recorded correctly. Wormhole Cash wallet users can also burn BCH for WHC at an exchange rate of 1 BCH – 100 WHC. Tokens, Crowdsales and Proof-of-Burn The Android and desktop versions of the wallet give the user a fresh BCH address to store, send and receive BCH and WHC. The wallet can also hold and create WHC and store and launch an assortment of Wormhole-based tokens. Essentially, Wormhole Cash wallet users can burn BCH for WHC at an exchange rate of 1:100 using the Wormhole proof-of-burn mechanism. WHC is used to crowdfund and purchase utility tokens, and wallet users can create their own with the client. Tokens can represent anything the creator desires and can be used for novel features like loyalty points. Users can set crowdsale specifications. For instance, after a user creates a token they can use the wallet to conduct an initial coin offering (ICO). Once a Wormhole node validates the crowdsale, the sale becomes active. Users interested in purchasing from the crowdsale use WHC. The ICO creators can manually shut down the sale or close it automatically when it sells out or reaches a certain time or block height. Wormhole smart property settings Moreover, users can create an airdrop for specified holders as long as they pay a fee in WHC. Wormhole Cash wallet users can also browse ongoing crowdsale events hosted on the blockchain and buy tokens with WHC. Users can create and revoke their own fixed number of tokens and also change the existing token issuer within the Wormhole system. Users can create an airdrop with the Wormhole Cash wallet. Wormhole developers have detailed that the protocol will become more robust and permissionless down the road. The ability to create a decentralized exchange supported on the protocol, a virtual machine, and smart contracts will come during the project’s “Exophere” phase. In addition to the latest desktop and Android Wormhole Cash wallets, the project’s programmers plan to release an iOS version of the client in the near future. What do you think about the Wormhole Cash wallet? Let us know in the comments section below. Disclaimer: Software reviews and editorials are intended for informational purposes only. There are multiple methods and steps that are ultimately made by the decisions of the user. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Images via Shutterstock, Wormhole.cash, and Pixabay.  Have you seen our new widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news, and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power. The post New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes appeared first on Bitcoin News.
Bitcoin News

Asset tokenization will lead the next round of blockchain development

Bitcoin and other cryptos have fallen for a while, during this period, global ICOs fell to its smallest size since its boom. According to ICORating, the total number of ICO projects has dropped from 275 in June, to 159 in September, and the proportion of projects that have successfully achieved ICO targets has fallen from more than half to about 30% today. According to statistics from Autonomous Research, the total ICO financing in August of this year was 326 million US dollars, the lowest amount recorded since May 2017, about one-tenth of the total monthly 3 billion US dollars in the first quarter of 2018. Fortunately, there is not only bad news. During this period, several stablecoins were introduced into the market, causing a heated discussion in the industry. The USDT is a digital currency pegged to the US dollar. All USDTs are issued by the Tethers under the Omni Layer protocol on the Bitcoin blockchain. Each token issued by Tethers is linked to one US dollar. Because USDT endorses the credit of Tethers, there are some risks. To provide safety, TrustToken launched TUSD for USDT informational opacity. TUSD can be looked at as an upgraded version of USDT, enhancing supervision by increasing KYC (user background checks), and AML (anti-money laundering), and improving information transparency. JPMorgan Chase is building a blockchain platform based on Ethereum—Quorum. As gold bars were packaged with electronic ID and the gold bars can be traced from the mine to the client, if the investor believes that the mine is credible, someone will pay a higher price for the gold bars than what is known. Many startups are trying to make the supply chain more transparent and make goods more liquid. The Quorum platform will help tokenize various assets, including precious metals, real estate, and prized works of art. The financial industry does not seem to have stopped the pace of adoption of new technologies. tZERO is a blockchain startup from Overstock. tZERO is issuing 500 million tokens called “tZERO”, and investors can use tZERO to pay for goods purchased on Overstock. tZERO completed its securities token issuance (STO) on October 12th, becoming one of the first STOs to be issued based on the decentralized network, (Ethereum’s main network). We can think of these projects as the first in digitization of assets. The goal of these projects is to identify all kinds of real assets in the digital world, then manage and trade them on the Internet. We can digitize currencies such as the euro, the dollar, and even assets such as gold, silver, and platinum. People hope that the digitization of assets will increase the liquidity of assets and greatly improve the operational efficiency of enterprises. From a financial perspective, asset digitization provides a more effective means of financing SMEs (small and medium-sized enterprises). With blockchain technology, asset digitization has further developed into asset tokenization. Implementation of hash and timestamps ensures the uniqueness of digital assets. All transactions are transparent and traceable. With the introduction of smart contracts, contracts will be highly automated, while tokenized assets can be traded globally and payments can be completed within a few minutes. Asset tokenization also allows asset ownership to be divided between multiple people, and smart contracts can automatically collect and distribute revenue. The TrustToken mentioned above is a platform for creating digital assets. TrustToken hopes to tokenize real estate, corporate patents, copyrights, collectibles and assets such as gold and oil, in the future. Asset tokenization is often a compliance process. TrustToken holders can use the auditing system provided by TrustProtocol. TrustToken can be used to purchase and attain mortgages, and each of the tokenization assets can issue its own tokens. The IDA project implemented artificial intelligence and IoT technology into its platform. A significant partner of IDA is MAN (MATRIX AI network). MAN’s technical features include self-learning and evolutionary AI algorithms. These AI solutions will play an important role in the future of digital asset trading and management. IDA is accelerating ecological construction of its digital platform and tokens will be issued as soon as possible. The forest resources currently being logged by Derun (Laos) Investment and Trade Co., Ltd. will be added to the IDA Ecology as the first assets backed by the IDA token. If the program is successful on the market these solutions can be applied to tokenizing assets such as ore, oil and gas. Look at AlphaPoint, for instance, AlphaPoint provide institutions with enterprise-grade solutions based on blockchain, making illiquid assets liquid. Their investors digitize assets, launch markets, and reduce operational costs, the whole process takes no more than one month. AlphaPoint also offers a complete set of tools for digital asset management. From digital asset portfolios to performance evaluation. The impacts of asset-backed tokenization will be far-reaching. Real-world assets worth $256 trillion US dollars, will benefit from asset tokenization due to: global transactions, increased liquidity, reduced costs, shared ownership and program control. This is indeed a very big opportunity and will become mainstream in the next few years. Bitcoin brought blockchain to the world ten years ago, drafting the blueprint for asset digitization. There is a huge uncertainty in token values, which has deterred investors, the whole industry has been in a downturn. Blockchain is still in the early stages of development and requires a lot of investments. New technologies require early adopters. Under these circumstances, tokens backed with assets are more easily accepted by investors, and will play a leading role in the development of blockchain and the empowerment of traditional industries in the coming years. The post Asset tokenization will lead the next round of blockchain development appeared first on Bitcoin Garden.
Bitcoin Garden

Stablecoins: What you need to know

Stablecoins have been around for a long time since the advent of BitShares back in 2014. They’ve gotten more popular with the utilization of Tether on the Omni network and backed by the same people as BitFinex. Let’s dive straight in and discuss what they’re for.What are stablecoins?Stablecoins are a dollar-denominated cryptocurrency. The supposed benefits are that you get the convenience of cryptocurrency (fast settlement, less regulatory hurdles, etc) with the stability of the dollar (or another fiat currency). This makes arbitraging between exchanges more convenient, for example, allowing for a more stable BTC price between exchanges.Generally, 1 token of the stablecoin (SteemIt Dollars, Basis, Tether, etc) is supposed to be worth $1. The rate fluctuates in the market as Tether’s traded as low as $0.85, but that’s supposed to be the exception, not the norm. Some are supposed to be able to be converted to USD directly like Tether. Others have mechanisms to change the value towards $1 should the token price go up or down like Basis.How do they work?There are two types fully backed and algorithmic, and they’re both more or less centralized. Fully backed stablecoins have a fully reserved backing of the money in a bank. That is, for every $1 of the stablecoin that exists, $1 is in the bank. This is what Tether is purported to be doing. Algorithmic stablecoins have a market mechanism to change the price of the currency so the currency follows the dollar.Are they actually stable?Tether’s been stable for a long time. Apparently, the possibility that the Tethers are backed by USD in some bank is enough for it to trade at parity most of the time. As with anything centralized there are additional risk factors that come into play that affect the stability of the fully backed stablecoins.For example, having the bank account seized would almost immediately make the actual Tethers drop significantly in value as they would no longer be backed.Secondly, the algorithmic stablecoins that try to keep the peg through market-based incentives fluctuate more often, and require peg-correcting buys/sells to kick in. Basis does this through bond sales and subsequent redemption. SteemIt Dollars does this through an automated buy/sell using some reserve SteemIt tokens.What’s the risk?First, if the coin is fully or partially backed by dollars in a bank, the bank account can get seized. This can be due to a variety of things, including AML/KYC laws, socialization of accounts or any number of government actions.Second, there are a whole lot of other centralization risks. The custodians of Tether can embezzle the money somehow. The bank could close the account and cause a drawn-out legal battle. The dollars could be fractionally reserved instead of fully backed, in which case a bank run could cause the price of the coin to drop dramatically.Third, there are risks related to algorithmic manipulations. Bonds bought in Basis could expire without paying anything. There are software updates to consider and the centralized development team could introduce a bug that could ruin the monetary policy.Why can’t we have a stablecoin without risk?The reason is something called the Impossible Trinity. There are three things that central bankers want and they are:Independent monetary policy or the ability to issue/destroy tokens by its own policy and not by another organization’sFree capital flows or the ability to convert to something else at willPeg to another currency or stability with respect to another currencyClearly, a stablecoin to be stable needs to have #3. #2 is what makes a cryptocurrency useful. #1 is the only way that any of these stablecoins can make money.You can only have 2 of these three and for Bitcoin, #3 is what is sacrificed and hence the fluctuations in price.Stablecoins are trying to get all three and it’s usually done in a way as to hide the risk involved.Should I invest in stablecoins?If you have the ability to redeem stablecoins quickly and easily and trust the issuer, then stablecoins may be useful to you. In other words, if you don’t mind the centralization risk of a fully-backed coin, this is something that you may be able to use in lieu of dollars in your bank account.Algorithmic coins are a lot riskier as they are not fully backed and that means there’s risk of losing money simply due to market forces.ConclusionStablecoins are a centralized cryptocurrency that happens to be stable with the dollar. In that sense, it’s a lot more practical than almost every altcoin as at least there’s a peg to a lot of people’s unit of account. The fully backed coins are centralized, but at least it’s very clear that they are and they’re not pretending to be decentralized unlike so many altcoins.Stablecoins: What you need to know was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Asset Tokenization will Lead the Next Round of Blockchain Development

CoinSpeaker Asset Tokenization will Lead the Next Round of Blockchain Development According to ICORating, the total number of ICO projects has dropped from 275 in June, to 159 in September, and the proportion of projects that have successfully achieved ICO targets has fallen from more than half to about 30% today. According to statistics from Autonomous Research, the total ICO financing in August of this year was 326 million US dollars, the lowest amount recorded since May 2017, about one-tenth of the total monthly 3 billion US dollars in the first quarter of 2018. Fortunately, there is not only bad news. During this period, several stablecoins were introduced into the market, causing a heated discussion in the industry. The USDT is a digital currency pegged to the US dollar. All USDTs are issued by the Tethers under the Omni Layer protocol on the Bitcoin blockchain. Each token issued by Tethers is linked to one US dollar. Because USDT endorses the credit of Tethers, there are some risks. To provide safety, TrustToken launched TUSD for USDT informational opacity. TUSD can be looked at as an upgraded version of USDT, enhancing supervision by increasing KYC (user background checks), and AML (anti-money laundering), and improving information transparency. JPMorgan Chase is building a blockchain platform based on Ethereum — Quorum. As gold bars were packaged with electronic ID and the gold bars can be traced from the mine to the client, if the investor believes that the mine is credible, someone will  pay a higher price for the gold bars than what is known. Many startups are trying to make the supply chain more transparent and make goods more liquid. The Quorum platform will help tokenize various assets, including precious metals, real estate, and prized works of art. The financial industry does not seem to have stopped the pace of adoption of new technologies. tZERO is a blockchain startup from Overstock. tZERO is issuing 500 million tokens called “tZERO”, and investors can use tZERO to pay for goods purchased on Overstock. tZERO completed its securities token issuance (STO) on October 12th, becoming one of the first STOs to be issued based on the decentralized network, (Ethereum’s main network). We can think of these projects as the first in digitization of assets. The goal of these projects is to identify all kinds of real assets in the digital world, then manage and trade them on the Internet. We can digitize currencies such as the euro, the dollar, and even assets such as gold, silver, and platinum. People hope that the digitization of assets will increase the liquidity of assets and greatly improve the operational efficiency of enterprises. From a financial perspective, asset digitization provides a more effective means of financing SMEs (small and medium-sized enterprises). With blockchain technology, asset digitization has further developed into asset tokenization. Implementation of hash and timestamps ensures the uniqueness of digital assets. All transactions are transparent and traceable. With the introduction of smart contracts, contracts will be highly automated, while tokenized assets can be traded globally and payments can be completed within a few minutes. Asset tokenization also allows asset ownership to be divided between multiple people, and smart contracts can automatically collect and distribute revenue. The TrustToken mentioned above is a platform for creating digital assets. TrustToken hopes to tokenize real estate, corporate patents, copyrights, collectibles and assets such as gold and oil, in the future. Asset tokenization is often a compliance process. TrustToken holders can use the auditing system provided by TrustProtocol. TrustToken can be used to purchase and attain mortgages, and each of the tokenization assets can issue its own tokens. The IDA project implemented artificial intelligence and IoT technology into its platform. A significant partner of IDA is MAN (MATRIX AI network). MAN’s technical features include self-learning and evolutionary AI algorithms. These AI solutions will play an important role in the future of digital asset trading and management. IDA is accelerating ecological construction of its digital platform and tokens will be issued as soon as possible. The forest resources currently being logged by Derun (Laos) Investment and Trade Co., Ltd. will be added to the IDA Ecology as the first assets backed by the IDA token. If the program is successful on the market these solutions can be applied to tokenizing assets such as ore, oil and gas. Look at AlphaPoint, for instance, AlphaPoint provide institutions with enterprise-grade solutions based on blockchain, making illiquid assets liquid. Their investors digitize assets, launch markets, and reduce operational costs, the whole process takes no more than one month. AlphaPoint also offers a complete set of tools for digital asset management. From digital asset portfolios to performance evaluation. The impacts of asset-backed tokenization will be far-reaching. Real-world assets worth $256 trillion US dollars, will benefit from asset tokenization due to: global transactions, increased liquidity, reduced costs, shared ownership and program control. This is indeed a very big opportunity and will become mainstream in the next few years. Bitcoin brought blockchain to the world ten years ago, drafting the blueprint for asset digitization. There is a huge uncertainty in token values, which has deterred investors, the whole industry has been in a downturn. Blockchain is still in the early stages of development and requires a lot of investments. New technologies require early adopters. Under these circumstances, tokens backed with assets are more easily accepted by investors, and will play a leading role in the development of blockchain  and the empowerment of traditional industries in the coming years. Asset Tokenization will Lead the Next Round of Blockchain Development
Coinspeaker

Tether’s Market Cap Has Dropped by More than $1 Billion in October

Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names. Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed The post Tether’s Market Cap Has Dropped by More than $1 Billion in October appeared first on CCN
CCN

Technical Overview of Circle’s USDC

by Aleksey ShmatovCoinbase adds its first stablecoin tied to the US Dollar. We have entered a new era of legitimate stablecoins. USDC issued by Circle, which is backed by Goldman Sachs. Making it as official and legal as it can be compared to shady Tether.Contrary to Tether, which is implemented on Bitcoin’s Omni layer, USDC implements on Ethereum as an ERC-20 Token.Written by centre.io USDC source code available on GitHub and has a decent documentation. The source code is verified on etherscan. Let’s take a look.Proxy ContractOriginal address points to the proxy contract, written by OpenZeppelin. Essentially it enables admin to replace the implementation of USDC with whatever code at any time. That totally destroys entire point of EVM contracts immutability and thus trustlessness of smart contract. In other words, USDC is 100% trust based venture. I guess old banks really like to keep power in their hands to screw anyone at any time.Yet at the same, it represents a critical point of failure for USDC itself. In case admin private key is stolen, entire USDC token can be destroyed and all users/balances lost, because a new contract can overwrite data on purpose. That would be a catastrophe.https://medium.com/media/16164750330aefc01da7790c9c20ea17/hrefERC-20The proxy itself points to ERC-20 Token implementation. The code is available and verified on etherscan. The contract is called FiatTokenV1 and it is a custom implementation of ERC-20 Token heavy influenced by OpenZeppelin with the addition of many features.contract FiatTokenV1 is Ownable, ERC20, Pausable, BlacklistableFiatTokenV1 implements ERC-20 protocol with few exceptions:A blacklisted address will be unable to call transfer, transferFrom, or approve, and will be unable to receive tokens.transfer, transferFrom, and approve will fail if the contract has been paused.In other words, they can kick out anyone from the system, rendering his funds useless. And they can stop entire USDC token from moving anything.GovernanceWhat I really like about FiatTokenV1 is a separation of roles. It defines the following roles:masterMinter — adds and removes minters and increases their minting allowanceminters — create and destroy tokenspauser — pause the contract, which prevents all transfers, minting, and burningblacklister — prevent all transfers to or from a particular address, and prevents that address from minting or burningowner — re-assign any of the roles except for adminadmin — upgrade the contract, and re-assign itselfSuch model looks like proper governance on blockchain! Again compare to Tether there, essentially one company/person probably runs it all. We have a clear separation of jobs here baked into a smart contract.Implementation DetailsLet’s dig into the source code. We are not going to cover implementations of Ownable, Pausable and Blacklistable, because they are trivial. Instead, we focus on FiatTokenV1.The first thing which seems strange as that all internal variables named using camelCase notation, like balances, allowed and etc. Yet totalSupply_ has the underscore at the end. This is confusing. It is not consistent with other fields and contradicts OpenZeppelin notation of using an underscore at the start to mark contract's fields _field.https://medium.com/media/cc4eebb9ec58e21f0e68dafb6f396284/hrefMoreover, FiatTokenV1 use the _parameter notation for some functions and parameter for other. Highly inconsistent.https://medium.com/media/9563053fe57f9f954b08b6432cae58b5/hrefI would say it probably caused by different people writing different parts of the code, but I don’t see why it can be reviewed and fixed.FiatTokenV1 is inconsistent with its assertions as well. At some functions, it does check for addresses not being 0, but at some, it doesn't. Proof.https://medium.com/media/e71b0df84d63a69d5cc3e9fba53b473a/hrefAgain, it is just inconsistent and may lead to confusion and mistakes in the future. Canonical ERC-20 implementation by OpenZeppelin does check for 0 address equality every time.Solidity Style Guide defines the order of functions. I understand it is just a recommendation, but FiatTokenV1 has all its functions mixed up. They go in the following order:constructormodifierpublicmodifierpublic …I believe it is reasonable to put some effort in 200 lines of code, which are going to handle billions of dollars on daily basis.There are a decent amount of tests on GitHub, which is always a good thing. I haven’t looked too much into them.Attack VectorsOnly three roles represent obvious attack target: admin, owner, and masterMinter. One way or another they all can provide access to minting USDC to an attacker. Assuming that in the near future USDC will be supported on many exchanges including decentralized exchanges. The attacker can quickly swap USDC for Monero or other private coins. As a result, constant monitoring of these address has to be established in order to prevent such things. In the case of admin role, things are even worse. Admin can actually replace the contract with attacker’s contract, which may corrupt user’s balances and other data. Recovery can take a lot of time using logs and be questionable. Also, only the admin key can resolve issues with owner/masterMinter key. Because of that protection of admin private key is critical for whole USDC token ecosystem.ConclusionCirce’s USDC is an ERC-20 implementation of stablecoin bound to US Dollar. Looking at Tether success as a trading currency, USDC may have even more success being supported by Coinbase and Goldman Sachs. It is crucial for all parties involved to have a clear understanding of technical nuances because they matter in the blockchain world. Infamous example is Parity wallet hacks. We do not want our money stuck one day due to someone stealing admin private key.TL;DRUses proxy contract for upgradability.Provides transparency and interoperability.God separation of governance using roles model.Implemented as ERC-20 Token.Users can be blacklisted and the whole Token can be paused.Proxy contract model is a critical vulnerability because it allows to replace the contract with completely new contract and erase/rewrite all data.If this post was helpful, please click the clap 👏button below a few times to show your support! ⬇⬇SocialConnect with me on LinkedIn.Follow me on twitter.Read MoreHow to Create and Deploy Your Own EOS TokenHow Much Does It Cost to Run DApp in 2018Originally published at ylv.io on October 29, 2018.Technical Overview of Circle’s USDC was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Tether Destroys 500 Million of Its USDT Coin

According to transaction data from Tether’s accounts, it took 500 million USDT permanently out of circulation on Wednesday. Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: https://t.co/HTG52LaRVh For more information see the announcement here: https://t.co/McLTCGzmJi — Tether (@Tether_to) October 24, 2018 Transfer and Burn The company first transferred the amount from its treasury account to another address, then revoked the tokens from that address. The transactions can be seen via data on the Omni blockchain. 500 million is reportedly more than half of all USDT in circulation. Revoking a token means it can never be used again, as opposed to merely removing it from mainstream circulation like the tokens stored in its treasury account, according to CCN. Tether issued a statement the same day confirming that it was, in fact, the one to destroy all these tokens, stating: “Over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. In line with this, Tether will destroy 500m USDT from the Tether treasury wallet and will leave the remaining USDT (approx 466m) in the wallet as a preparatory measure for future USDT issuances.” The remaining balance in the treasury account matches the amount stated as of this writing. A Need For More Trust Tether’s market value took a precarious dip earlier in October, decreasing by $0.10 from where it previously sat at roughly 1USD. The dip prompted a mass sell-off of USDT, which ended up boosting the price of Bitcoin. It has since rebounded to just under one dollar in value. Related: Both Sides of the Tether Debate: is the Crypto Market Vulnerable to Implosion? The stablecoin’s recent troubles have led everyone from journalists to billionaire investors to weigh in on the legitimacy of Tether, and the market at large. The company reportedly promised regular audits of its holdings in its white paper but has failed to deliver on them, though it has released a partial one that appears to confirm it can match every USDT with a dollar. Some have said that audit was misleading because it didn’t include the company’s liabilities, while others like Mike Novogratz have cited the difficulty of obtaining an audit for any crypto project. As we reported before, most investors seem sure that Tether’s coin is backed by the dollar, but the company hasn’t been as transparent as it could be with its holdings, and that is what’s sparked concern. No one can fully know whether Tether is fully backed by USD until a more comprehensive audit is released. Learn more about stablecoins: View CryptoSlate’s list of actively trading stablecoins Read about recent stablecoin news The post Tether Destroys 500 Million of Its USDT Coin appeared first on CryptoSlate.
Cryptoslate

Tether (USDT) Burns 52% of its Total Supply: 500M USDt

Tether Ltd., the company behind the controversial USDT stable coin recently announced the burning of 500 Million Tether tokens. Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: https://t.co/HTG52LaRVh For more information see the announcement here: https://t.co/McLTCGzmJi — Tether (@Tether_to) October 24, 2018 According to information from the block explorer, the 500 million tokens were transferred from 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz known as Tether’s Treasury address to 3MbYQMmSkC3AgWkj9FMo5LsPTW1zBTwXL which seems to be the official USDT issuing address. After the transaction, the issuer revoked the tokens, resulting in their complete destruction. It is important to note that USDT in possession of the Treasury address is not counted as part of the circulating total. After this action, the treasury is left with precisely 466,678,763.48 USDT and 0.06415382 BTC. Tether Ltd. published a press release with no further details on the reasons behind the token burn. However, they were emphatic in mentioning that the USDT Whitepaper clearly describes the redemption process in which tokens are burned once users decide to change the stable coin for fiat money:  “Over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. In line with this, Tether will destroy 500m USDT from the Tether treasury wallet and will leave the remaining USDT (approx 466m) in the wallet as a preparatory measure for future USDT issuances. Conceptually, the Tether issuance and redemption process is outlined in the Tether whitepaper, with issuances and redemptions visible through observing the Tether treasury balance on the OMNI blockchain. For more information, please refer to Tether.to.” Despite Theter’s efforts to demonstrate its transparency, many analysts vehemently voiced their mistrust. One of the clearest examples is the Bitfinex’ed campaign, which questioned the hodlers’ ability to effectively swap their tokens for fiat, warning that whatever Tether did could be a shady business move: 500M “redeemed”. Not one person can come forward and say that they converted Tethers to dollars and got wired money from Tether. Are they simply buying their own tokens for less than a dollar? Did they redeem in dollars or something else? pic.twitter.com/cI9iIfe6Cu — Bitfinex'ed (@Bitfinexed) October 24, 2018 Mixed Reactions to Tether’s Actions: The community had mixed reactions to Tether’s announcement: In cryptopanic, users such as Azerros showed a pro-USDT stance, stating that “the more logical explanation” is that Tether is working transparently since all transactions are verifiable in the blockchain:  “Many people seems to conclude that because 500 mln USDT were “destroyed” (tokens revoked from the circulating supply) they were created “out of thin air” in the first place and so it’s a scam. But there is no logic in this! 1. certainly tokens were be created from air – and that’s the ONLY way as they’re digital and the supply is managed manually (please note: I’m not arguing whether they’re actually backed by the same amount of USD or not) 2. if Tether is just a money printing machine to scam people, why destroy/revoke part of the supply? Let’s just print more! The more logical (and simpler) explanation of this event is that Tether is actually works as intended (as described in their whitepaper). But they definitely not the best guys in terms of audit so many investors seems to be migrating to new stablecoins. “2017 was the year of ICOs, 2018 is the year of stablecoins” (c) Joseph Young. Everyone commenting how Tether is a fraud because they did this. How stupid can you get? They print AND destroy tokens based on demand and supply to make it stable. They burned tokens to raise the price back to one dollar. All of you need to start learning basic economic concepts — Bitwhaler (@bitcoinwhales) October 25, 2018 Meanwhile, users like Krepnotek had a neutral approach, voicing criticism of the public’s dissatisfaction with the stable coin: “When they don’t destroy tokens people call it a scam, when they do destroy them they call it a scam too. You can look it up in the chain, they have destroyed tokens before and will do it again.” I hope USDT will be more stable after this. 1USDT:1$ — MoneroV | XMV (@MoneroV_XMV) October 25, 2018 However, Many others were quite skeptical about the legitimacy behind Tether’s actions. One of those who wrote with negativity is r684  who pointed out that Tether has not been able to demonstrate the transparency of its actions in the past: “Anyone respectable has been sounding the alarms about Tether’s shady banking and inability to get a proper audit done for a while now. Their actions since firing their last auditor for being “too thorough” are really shady. The price is down because the market sentiment reflects the idea that, “where there’s smoke there’s fire.” I think they are trying to get their supply of Tether more in line with the actual amount of $$ they could produce if audited – because they will pretty much have to audit at this point if they want to continue doing business” Well, a lot of people just liquidated their position on USDT, therefore they should also remove those tokens they bought back from people; now, to be honest, this probably allowed them at least profit 20M just by simply buying each token at 96c. — Soroush Falahati (@s_falahati) October 24, 2018 The post Tether (USDT) Burns 52% of its Total Supply: 500M USDt appeared first on Ethereum World News.
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Tether Intentionally Obliterates 500 Million USDT

Yesterday Tether quietly took 500 million USDT out of circulation, then promptly destroyed them. Tether Supply Shrinks By $500 USDT Yesterday the stablecoin saga took a new twist as Tether Limited, the company responsible for minting and distributing the USD-pegged ‘stablecoin’ Tether (USDT) 00, removed 500 million USDT from circulation and destroyed them. Blockchain data from OmniExplorer.info shows that Tether moved 500 million USDT from their treasury address to a different address ,which the firm’s website identifies as the official USDT issuing address. Once the transaction was confirmed, the issuing address rejected the tokens which essentially removed them from circulation and also destroyed them.   Issuances & Redemptions Tether seemed to realize that the action would raise suspicions and questions amongst the cryptocurrency community as the cryptocurrency has taken a 29% beating over accusations of participating in unsavory trading practices with Bitfinex and suspicions of insolvency. As an attempt to combat rumors and further degradation in token price, Tether issued the following statement: Over the course of the past week, Tether has redeemed a significant amount of USDT from the circulating supply of tokens. In line with this, Tether will destroy 500m USDT from the Tether treasury wallet and will leave the remaining USDT (approx 466m) in the wallet as a preparatory measure for future USDT issuances. Conceptually, the Tether issuance and redemption process is outlined in the Tether white paper, with issuances and redemptions visible through observing the Tether treasury balance on the OMNI blockchain. Is Tether Losing Ground to Regulated Stablecoins? On October 9th, Tether had a total market cap of $2.8 billion and over the course of the month, the stablecoin, which was once the primary dollar pegged asset used by traders has seen its total market valuation drop below $2 billion as new regulated stablecoins are launching almost daily. To date, the stablecoin has dropped 29% and the asset dropped even further when Coinbase announced plans to listed USDC earlier this week. It’s pretty clear that many traders are redeeming USDT for USD or purchasing other stablecoins which are not mired in controversy.  In total, Tether has pulled 800 million USDT from circulation and after today’s action, the Tether treasury contains roughly 467 million USDT. Do you think Tether is thinning its coin count as an attempt to re-peg with the U.S. Dollar? Share your thoughts in the comments below!  Images courtesy of omniexplorer.info, Shutterstock The post Tether Intentionally Obliterates 500 Million USDT appeared first on Bitcoinist.com.
Bitcoinist

Tether Announces Upcoming USDT Redemption, Will Destroy $500 Million Tokens on October 24

In a blog post released a few hours ago, Tether announced that it will be destroying 500 million USDT tokens from the Tether treasury wallet. The decision has been taken due to the fact that over the course of the past week, Tether redeemed an important number of USDT token from the circulating supply. In this way, Tether will leave 466 million USDT tokens in the wallet as a preparatory measure for future USDT issuances. Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: https://t.co/HTG52LaRVh For more information see the announcement here: https://t.co/McLTCGzmJi — Tether (@Tether_to) October 24, 2018 The whole Tether issuance and redemption process can be seen in the Tether whitepaper published by the company. At the same time, Tether informs that the issuance and redemption are visible on the Tether treasury balance that is based on the OMNI blockchain. Tether has been experiencing different difficulties in the past weeks. Everything started with the fact that Nobel Bank announced that it was waiting for a new buyer and that Tether and Bitfinex were not clients of the bank anymore. After it, Tether lost its peg with the US dollar since the community did not know whether Tether had the necessary funds to back its stablecoin. Since that moment, Tether was not able to recover its stable price close to $1 dollar. Indeed, it is currently being traded around $0.985 dollars. Additionally, Tether’s market capitalization fell 23% since the first week of October. On October 24, Tether’s market capitalization fell under $2 billion dollars for the first time after January 2018. Tether is experiencing turbulent weeks and it will be a difficult task for it to recover investors’ trust.
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Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust

Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust Digital currency investment group Grayscale confirmed it had successfully launched its latest fund, dedicated to Stellar’s Lumens (XLM) token, in a tweet Jan. 17. Grayscale, which now operates nine cryptocurrency funds, timed the move to coincide with a change of image for its products, renaming all its […] Cet article Grayscale Adds Stellar as Latest Cryptocurrency Investment Trust est apparu en premier sur Bitcoin Central.
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Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project

CoinSpeaker Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project Until now, everybody has been talking about Bitcoin, the most popular and widely used digital currency. However, Bitcoin is unable to process thousands of transactions a second. Researchers from the Massachusetts Institute of Technology (MIT), UC-Berkeley, Stanford University, Carnegie Mellon University, University of Southern California, and the University of Washington have decided to fix such a weakness and develop a crypto asset better than Bitcoin. The researchers are working together as Distributed Technology Research (DTR), a non-profit organization based in Switzerland and backed by hedge fund Pantera Capital. The first initiative of Distributed Technology Research is the Unit-e, a virtual coin that is expected to solve bitcoin’s scalability issues while holding true to a decentralized model and process transactions faster than even Visa or Mastercard. Babak Dastmaltschi, Chairman of the DTR Foundation Council, said: “The blockchain and digital currency markets are at an interesting crossroads, reminiscent of the inflection points reached when industries such as telecom and the internet were coming of age. These are transformative times. We are nearing the point where every person in the world is connected together. Advancements in distributed technologies will enable open networks, avoiding the need for centralized authorities. DTR was formed with the goal of enabling and supporting this revolution, and it is in this vein that we unveil Unit-e.” According to the press release, Unit-e will be able to process 10,000 transactions per second. That’s worlds away from the current average of between 3.3 and 7 transactions per second for Bitcoin and 10 to 30 transactions for Ethereum. Joey Krug, a member of the DTR Foundation Council and Co-Chief Investment Officer at Pantera Capital, believes that a lack of scalability is holding back cryptocurrency mass adoption. He said: “We are on the cusp of something where if this doesn’t scale relatively soon, it may be relegated to ideas that were nice but didn’t work in practice: more like 3D printing than the internet.” The project’s ideology is firmly rooted in transparency, with a belief in open-source, decentralized software developed in the public interest with inclusive decision-making. The core team of the project is based in Berlin. To solve the scalability problem, DTR has decided to develop the Unit-e with parameters very close to Bitcoin’s design, but many things will be improved. Gulia Fanti, DTR lead researcher and Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, commented: “In the 10 years since Bitcoin first emerged, blockchains have developed from a novel idea to a field of academic research. Our approach is to first understand fundamental limits on blockchain performance, then to develop solutions that operate as close to these limits as possible, with results that are provable within a rigorous theoretical framework.” The launch of the Unit-e is planned for the second half of 2019. Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
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BitPay CEO Says Bitcoin Is Solving Real Problems Around the World

BitPay co-founder and CEO, Stephen Pair, has recently commented that Bitcoin (BTC) is solving several issues around the world. He said that in a press release uploaded a […] The post BitPay CEO Says Bitcoin Is Solving Real Problems Around the World appeared first on UseTheBitcoin.
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Trillion Dollar Market Cap, Ethereum Chain Splits & Stellar Lumens Fund - Crypto News

In this video, Mattie gives you the latest bitcoin and crypto news. He talks about the ethereum chain splitting, BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars, and a new Stellar Lumens fund. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: https://bit.ly/2sZCAiF New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! https://www.youtube.com/channel/UCxulvI2C9wUvvDDNS7S35fA/videos ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: https://bit.ly/2GDAoCp Facebook: https://bit.ly/2wYksLB Telegram: https://bit.ly/2IAqDuI ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: Leading Crypto Asset Manager Grayscale Launches Stellar Lumens Trust https://www.altcoinbuzz.io/crypto-news/finance-and-funding/leading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust/?fbclid=IwAR2AlAU_C_8Mm9CUm2hDci0pmdW3pvLzphS-BSy888SzDptaXMeifxZgJ1I Crypto Investment Firm Grayscale Launches Fund Dedicated to Stellar Lumens (XLM) https://www.cryptoglobe.com/latest/2019/01/crypto-investment-firm-grayscale-launches-fund-dedicated-to-stellar-lumens-xlm/ Grayscale Tweet https://twitter.com/GrayscaleInvest/status/1085904356635959297?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085904356635959297&ref_url=https%3A%2F%2Fwww.altcoinbuzz.io%2Fcrypto-news%2Ffinance-and-funding%2Fleading-crypto-asset-manager-grayscale-launches-stellar-lumens-trust%2F Grayscale https://grayscale.co/stellar-lumens-trust/ BitGo CEO Says Institutional Money in Crypto Can ‘Easily’ Reach Trillions of Dollars As Company Launches Cold Storage Trading https://dailyhodl.com/2019/01/17/bitgo-ceo-says-institutional-money-in-crypto-can-easily-reach-trillions-of-dollars-as-company-launches-cold-storage-trading/ Crypto’s Billion-Dollar Theft Problem Prompts Safer Way to Trade https://www.bloomberg.com/news/articles/2019-01-16/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade Ethereum Chain Splits, An Estimated 10% of Miners Stay on Constantinople https://www.trustnodes.com/2019/01/17/ethereum-chain-splits-an-estimated-10-of-miners-stay-on-constantinople Ethereum Upgrade – Constantinople Hard Fork Delayed https://www.altcoinbuzz.io/crypto-news/product-release/ethereum-upgrade-constantinople-hard-fork-delayed/ VanEck to Nasdaq: Bitcoin Market Structure Expected to Improve in 2019 https://www.newsbtc.com/2019/01/17/vaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019/ Nasdaq Tweet https://twitter.com/Nasdaq/status/1085522054559031296?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1085522054559031296&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F01%2F17%2Fvaneck-to-nasdaq-bitcoin-market-structure-expected-to-improve-in-2019%2F -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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