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USDT ERC-20 Trading Now ‘Dominant Vehicle’ For Tether

Tether has moved almost all of the activity of the USDT stablecoin to the Ethereum network. Analysis shows that most coins were active on Ethereum, with only residual activity on the Bitcoin Omni layer. Retail Traders Adopt New Type of USDT While Tether completed the switch, there were no significant mintings of new coins. Most of the newly minted assets were a technicality, to move new coins to the Ethereum network. Currently, the network carries 2.023 billion coins, with smaller issuances on the TRON, EOS, and Algorand networks. A similar trend is seen in the number of on-chain transactions. USDT as an ERC20 token has become the dominant vehicle for transferring and using tether. pic.twitter.com/emWEouYpjw — TokenAnalyst (@thetokenanalyst) October 18, 2019 The data matches an earlier discovery that the action of ERC-20 USDT had a greater effect on BTC prices in comparison to Omni-based USDT. This is not unusual, given that the biggest carriers of ERC-20 USDT are exchanges like Binance and OKEx, concentrating high level BTC activity. Currently, the usage of ERC-20 USDT starts to reveal a pattern of retail usage, while in the summer months, mostly large-scale wallets belonging to exchanges handled the tokens. The Tether USD smart contract remains the second most active on the Ethereum blockchain, burning gas for nearly $450,000 per month. Smart Contract Returns as Biggest Gas Burner The Tether smart contract is leading again, after the Fair Win FOMO game stopped, and burns more than 13% of all gas based on the Ethereum network. The level is still reasonable, for now, as the coins are mostly moved between exchanges. In the future, USDT will be dependent on a network that intends to switch its block production to proof-of-stake. Ironically, the crypto market will rely on the stability and activity of the Ethereum network, and the price discovery of BTC will rely on one of the competing networks. The usage of USDT remains high, but the leading coins is losing market share. USDT now takes up around 95% of the market for stablecoins, down from above 99% a few months ago. Competitors like Paxos Standard (PAX) take nearly 2% of the market, while USDC also grows its supply significantly. Alternative stablecoins are still too weak to support the entire crypto market, but are taking some of the market share. The USDC is highly important for the activity on Poloniex. The USDT stablecoin keeps working, for now, despite the open investigation by the New York Attorney General, and a high-profile class-action lawsuit against iFinex as a parent company of Tether, Inc., and Bitfinex. What do you think about Tether’s shift to Ethereum? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @thetokenanalyst The post USDT ERC-20 Trading Now ‘Dominant Vehicle’ For Tether appeared first on Bitcoinist.com.
Bitcoinist

How are Bitcoin Price Movement and USDT Minting Are Correlated? TokenAnalyst Reveals

During the year 2019, a total of $1.5 Billion worth of Tether was minted on both Omni(USDT Omni) and on Ethereum(USDT ERC20). A recent study by Token Analyst reveals the correlation between USDT minting and Bitcoin price movement.  Minting of USDT Results in Positive Bitcoin Price Movement  The study reveals that on days when USDT ERC 20 is minted, 7 out of 10 times, Bitcoin price shows positive price trends. Similarly, on days when USDT Omni is minted, 5 out of 10 times the price of Bitcoin moves up.  Source- Twitter USDT-Omni is the USDT issued by Tether based on the BTC network. The protocol used by the latter is the Omni- Layer protocol that has been built on the BTC blockchain network. Whereas, USDT-ERC20 is the USDT issued by Tether based on the ETH network. Correlation Between the Amount of Tether Minted and Bitcoin Price  For USDT Omni, there in inverse relation between the amount minted and Bitcoin price movement. This implies that more the tokens minted, lesser was the Bitcoin price dip. The percentage of correlation was noted to be -1.6%.  Source- Twitter On the other hand, for USDT ERC 20, a correlation of 15.8% was seen between the amount minted and Bitcoin price movement. This implies that more the amount of tokens minted more was the increase in Bitcoin price.  On September 12th, Tether minted 300 million USDT in a swap from the Bitcoin-based (BTC) tokenization protocol Omni to Ethereum. Interestingly, on the same day, Bitcoin [BTC] price gained $365, despite the market showing signs of reversal. Bitcoin showed an increase of about 3.6% on a daily scale. While the market sentiments of traders were bearish owing to imminent breakout, the momentum recorded a high, just short of $10.5k at $10,460 thus scaring the bears off. Will Bitcoin’s price and USDT maintain the same correlation? Will there be a trend reversal? Let us know what you think in the comments below! The post How are Bitcoin Price Movement and USDT Minting Are Correlated? TokenAnalyst Reveals appeared first on Coingape.
CoinGape

Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
CoinGape

Tether Churns Printers Again; Mints 20 Million USDT

Tether, the issuer of the USDT dollar-pegged coin, is running the money printer again, increasing the supply to 4.088 billion USDT. After Bitcoin (BTC) price once again threatened to drop below $10,000, a USDT liquidity injection may boost prices. New USDT Enters Markets Tether once again grew the supply of USDT, after testing the waters with recent coin burns. But after BTC prices responded with significant drops, bots noticed new USDT hitting the markets. New coins came out of the minting wallet, and the Tether treasury moved funds into circulation. 20,000,000 #USDT (20,148,434 USD) minted at Tether Treasury Tx: https://t.co/iq41Y7Y5M7 — Whale Alert (@whale_alert) September 10, 2019 The latest printing intervention made USDT the sixth biggest digital coin by market capitalization, with a daily turnover exceeding that of BTC. The latest USDT printings are happening both on the Omni layer, and the Ethereum network. In the future, more USDT will migrate as Ethereum tokens. ETH-based USDT has now grown to 1.63 billion, almost double since the start of 2019. Major exchanges are switching their USDT wallets to only operate with the new type of asset. Crypto Yuan Arrives on Bitfinex But these new USDT printings seem routine, compared to another move that may shake the crypto markets. Bitfinex immediately launched trading pairs for the brand-new Chinese yuan stablecoin. The asset, intended to capture trading demand from China, is an Ethereum-based token. There are only 20 million CNHt tokens minted as of September 11, 2019. Bitfinex launches BTC/CNHt, USDt/CNHt, CNH/CNHt Trading Pairs! Trading in CNHt, a new Ethereum-based stablecoin pegged to the offshore Chinese yuan (CNH), began 10/09/19 at 11:00 AM UTC.https://t.co/LdshXM5rXL pic.twitter.com/gzyoG2zzne — Bitfinex (@bitfinex) September 10, 2019 Verified users will be able to make a direct switch between the Chinese yuan and CNHt, the newly minted asset. Bitfinex also limits certain jurisdictions from using the direct exchange. In theory, Tether, Inc. is launching an asset that could bypass Chinese capital controls, and Bitfinex is helping the process. Tether also managed to create a digital yuan-denominated coin, even before the People’s Bank of China unrolled its long-awaited government-backed crypto coin. Bitfinex has also slowly grown its influence, first by removing the $10,000 minimum deposit requirement, to attract a larger number of small-scale investors. The exchange also offers various tiers of verification, to gain access to assets or services. But despite their expansion, Bitfinex and Tether, Inc. are still facing troubles. The New York Attorney General has extended its investigation, with the potential to discover multiple faults. Both companies showed evidence of working with New York-based clients, despite not qualifying for BitLicense, the local business license for crypto-related services. What do you think about Tether and USDT? Share your thoughts in the comments section below! Images via Shutterstock, Twitter: @whale_alert, @bitfinex   The post Tether Churns Printers Again; Mints 20 Million USDT appeared first on Bitcoinist.com.
Bitcoinist

How Market Makers Inject Liquidity Into the Cryptoconomy

Market makers have a reputation that is entirely disproportionate to what they do. Despite what half of crypto Twitter would have you believe, MMs, as they are colloquially known, are a neutral force when used correctly. But should tokenized projects be routinely deploying these tools on crypto exchanges, and what are the long-term ramifications of manufacturing buy and sell orders? Also read: ERC20 Tether Transactions Flip Their Omni Equivalent From Drip-Fed to Full Faucet: Running the Liquidity Spectrum Liquidity is all relative. While bitcoin’s liquidity trumps the rest of the crypto market combined, the depth of the order book still varies greatly from exchange to exchange. A 5 BTC sell order can be absorbed without blinking on Binance, but attempt the same on Trade Satoshi (24-hour volume: $15K) and you’ll be rekt by slippage. Ensuring sufficient liquidity across multiple exchanges where their token is listed is a tough ask for crypto projects, who are increasingly being expected to solve this problem unilaterally. To address this challenge, many projects have now turned to market makers. Omisego, for instance, joined the ranks of market made projects when it partnered with Algoz earlier this month. The liquidity provider, which has previously supplied market making on behalf of Cardano for its ADA token, promises its clients the following outcomes: Minimize trading spreads Increase order book depth Reduce market manipulation Attract greater volumes The latter provision ought to arrive naturally as a consequence of the former objectives: traders are naturally drawn to markets with deeper liquidity, which allow for arbitrage opportunities, and for exiting profitable positions through limit orders executed at close to spot price. More liquidity equals greater awareness, which leads to greater adoption. At least that’s the theory. The jury’s still out on whether market makers incentivize genuine usage of crypto assets for the role outlined in their respective whitepapers many moons ago. Hypothetically, though, that ought to be the case, with the increased liquidity making the token attractive to a broader spectrum of buyers. The Case for Market Makers Imagine a business wants to acquire a load of OMG tokens to deploy on the P2P financial network. Despite having an average daily trading volume of $30 million, the majority of the 185 exchanges where OMG is listed couldn’t fulfill an order of greater than a few thousand dollars’ worth at a time. Anything greater, and the entire order book would move by 10% or more. Market makers can’t generally inject liquidity into highly illiquid markets, but they can top up the top 20 or so exchanges with which they’re integrated, providing a convenient way for users to enter and exit positions with the minimum of movement. Crypto projects look for market making services at every stage of their lifecycle, but are particularly keen upon receiving their first exchange listing, when there can be pressure to meet strict liquidity requirements. In an ideal world, there would be no need for market makers: people would buy and sell tokens as required to other people, creating a highly efficient market with enough counterparties to absorb all of the orders and ensure a tight spread. In practice, markets are never that efficient, hence the need for market makers to keep things moving efficiently. Order Book Replication and Other Services Liquidity provision can take a number of forms. Aside from conventional market making, some companies will provide order book replication, in which the order books from multiple exchanges are aggregated to deepen liquidity and tighten spreads. This can be used to direct liquidity towards a particular exchange, or to ensure that liquidity is uniform across multiple exchanges. The key difference, compared to market making, is that there are no additional bids being placed: all that’s happening is the existing liquidity is being utilized to its full potential. Other services include spot execution and optimal trade execution, in which the market making provider will endeavor to shift a significant amount of crypto assets while minimizing market disruption. If you’ve ever gone to place a bid on an exchange and another user has placed a miniscule order a few cents higher, odds are you were beaten by a bot. What’s more, there’s a good chance that bot was placed there by the project whose very token you were trying to buy. That said, traders are also known to deploy bots to play the difference between the bids and asks in liquid markets such as BTC. It’s a highly competitive game, and thus the profit margins are slight, but with enough volume, capturing the difference between bids and asks can start to add up. Market makers do the same job, the only difference being they’ve no obligation to profit: break even is good enough. The Invisible Hand That Guides the Crypto Market The “invisible hand,” coined by Adam Smith in 1759, describes the unobservable market force that shapes the supply and demand of goods in a free market. Imagine those goods as digital assets and the market as the exchanges that dominate the cryptosphere, and you’ve got a pretty good description of market makers. Despite being virtually imperceptible, they exist on the orderbook of every major exchange, absorbing the differential between maker and taker through fulfilling orders on both sides. When a market maker is working well, the average trader should scarcely be aware of it. Only the flurry of small bids and asks should give a clue as to its existence. Despite what Telegram trading groups may lead you to believe, market makers won’t pump your bags or send your IEO tokens to the moon – but they will provide liquidity, allowing you to enter and exit positions with minimal slippage. In the early days of bitcoin, the notion of market makers to artificially match demand would have seemed absurd. Today, like so many other crypto exchange services, market makers are woven into its tapestry. What are your thoughts on market makers? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post How Market Makers Inject Liquidity Into the Cryptoconomy appeared first on Bitcoin News.
Bitcoin News

Is it worth to invest in security tokens?

Eavesdrop on any conversation between a group of traders, and you are bound to hear the words “token” thrown once or twice. A token refers to an asset or a unit of value that traders or investors exchange. Such assets are issued out when the company launches an Initial Coin Offering (ICO). Security tokens, in particular, have been a subject of debate in relation to crowdfunding. In today’s article, we take you through all you need to know about Security Tokens Offerings or otherwise known as STO Investment. What are Security Tokens? There are two variations of tokens – security tokens and utility tokens. The former refers to digital assets which derive their value from a tradable external asset. The latter refers to app coins that allow you future access to a company’s products and services. Securities tokens can be viewed as digital contracts for a part of tradable assets which already hold value to them, such as vehicles or real estate. How do security tokens differ from Altcoins? All coins and tokens are generally regarded as cryptocurrencies. However, not all coins function as a currency. For this reason, cryptocurrencies are categorized into either tokens or alternative cryptocurrency coins (Altcoins). A token is a tradable representation of an asset or security with an underlying value. It can be a representation of any tradable asset, including other cryptocurrencies. Altcoins, on the other hand, are exchangeable currencies; a variant of Bitcoins. They refer to cryptocurrencies derived from the open-source protocol used by Bitcoins. Examples include Ethereum, Omni, and Ripple. How do STOs differ from ICOs? Security Token Offerings are today a viable alternative to Initial Coin Offerings for companies seeking a means for crowdfunding. Both STOs and ICOs work a similar way. They are a means by which an investor buys an investment in a particular firm and receives crypto coins or tokens which represent the value of the investment. However, they differ in the following ways: STOs are highly regulated crowdfunding vehicles while ICOs are unregulated.STOs are generally safer as they uphold the credibility of trading unlike ICOs, whose unregulated nature puts traders at risk.STOs are backed by the value of a real asset such as land or vehicles while ICOs hold no collateral value. Benefits of investing in STO Cost reduction for investors Conventional financial transactions are subjected to certain fees as deemed fit by intermediaries such as brokers and banks. Therefore, investors can invest in security tokens directly with traders, eliminating any intermediary fee.       2. Seamless trading Investors need not use intermediaries to invest in security tokens. They trade directly with each other, resulting in a seamless trading system for investors.       3. Security Investing in security tokens is safe and secure as the SEC regulates it. It makes a great alternative for ICOs.       4. Market globalization Overseas investments are subjected to political and international relationships between the involved countries. Because of this, investments can be strained. Security tokens trading is done via the internet, which is free from political influence and international boundaries. Benefits of STOs to Crypto Exchanges The core of cryptocurrency exchanges is tied to the trading of the main crypto coins in the market, such as Bitcoin, Litecoin, and Ethereum. This limits the number of options for investing in trading platforms. STOs are promising assets that can be efficiently traded on Crypto Exchanges, and investors can enjoy the perks that come with STO trading. Additionally, trading of such coins is decentralized, which has been the stigma of cryptocurrency trading. Investing in security tokens is regulated by the SEC as a “sufficiently decentralized” asset, which increases investor’s confidence in cryptocurrency trading. Upcoming STOs Security Token Offering is a safer, faster, and less expensive exchange. ROKKEX is an advanced cryptocurrency trading platform which offers military-grade security, programmed by cybersecurity engineering professionals for secure investments. Besides, unlike ICOs, which are unregulated, ROKKEX offers investors more secure investment option – Security Token Offering with the target return with up to 15% + 5% fixed interest. All capital gained through STO investment is secured and regulated by the SEC, which increases the confidence of traders with regards to the cryptocurrency exchange. While Security Token Offering is still a new investing opportunity in the market, it is essential to research the company before investing. Identifying the strong and weak sides of the project and what value can bring to an investor. The post Is it worth to invest in security tokens? appeared first on Bitcoin Garden.
Bitcoin Garden

Bye, Bitcoin: Tether Booms On Ethereum, Withers On OMNI

Tether is back in the news, but this time it’s just moving house. Large numbers of the controversial dollar-valued token are migrating to Ethereum from Bitcoin’s OMNI layer, resulting in a boom in active USDT-ETH addresses.  A Coin Metrics State of the Network analysis, released August 27, 2019, reports that the number of USDT-ETH active addresses “skyrocketed over the past week, jumping from 38,600 on August 19 to over 78,800 on 8/23.”  In the meantime, USDT-OMNI active addresses continued to decline, following two brief spikes in activity.   source: coinmetrics   The total supply of Tether has steadily climbed since the beginning of this year, mostly due to its increased presence on Ethereum. The majority of Tether supply now consists of “2.54 billion issued on the Omni blockchain and 1.56 billion issued on the Ethereum blockchain,” following a recent burn of Omni-based tokens.  The report does not discuss the number of Tethers on other blockchains. There are also 112,402,010 USDT on the TRON blockchain, 251,000.50 USDT on EOS, and 61,000.00 on the Liquid sidechain, according to Tether. Movin’ On Up Coin Metrics suggests a few possible reasons for the shift to the Ethereum network. One likely possibility is that Tether Limited is acting to “reduce its continuity risk” due to the fact that the Omni platform is not under active development.   Market conditions are also a likely factor.  With fifteen-second blocks, Ethereum is a much faster medium than Bitcoin, not to mention having shorter confirmation times and much lower fees. Due to these factors, the report surmises that Tether should continue to grow on the Ethereum network and dwindle on Omni.   source: coinmetrics   Tether has also managed to grow in popularity despite many competitors in the stablecoin realm, “including TrueUSD, USD Coin, Paxos, and Gemini Dollar.” Despite the ongoing investigation by New York Attorney General revelations that it is not fully backed, it has continued to dominate as the leading fiat-pegged currency. According to CoinMetrics, that could be because that many users find Tether’s existence in a regulatory “gray area” to be a “desirable feature.” rather than “a shortcoming.”  Per the report: “[T]he appeal of Tether to market participants is not only serving as a stable asset pegged to the U.S. dollar but also as a means to evade the scrutiny and regulations that are connected with the global financial system. “ Tether’s Other Advantage But one can’t use the T-word without addressing the ongoing concerns about Tether and the associated exchange, Bitfinex. Referring to suspicions that Bitcoin prices could be inflated by unbacked Tether tokens, the report says, “the narrative that Tether is responsible for or connected with price growth deserves continued study.” On occasion, according to the paper, increases in the supply of Tether had strong correlations with the price of Bitcoin. On the other hand, “in recent months, the relationship appears to have changed,” as price growth no longer coincides with changes in Tether supply.   source: coinmetrics   But there are two plausible explanations for the correlation between Tether prints and Bitcoin price gains. According to Coin Metrics, that depends on whether Tether is being ‘pushed’ or ‘pulled.’ “Tether is ‘pulled’ if more Tether is issued in response to demand from investors that wish to exchange fiat currency to Tether,” the report explains. In this case, the supply is not influencing market conditions, theoretically, but is instead in genuine demand due to already-existing market conditions.  For example, if large investors correctly foresee future BTC gains, they might order large batches of USDT in anticipation of those gains. Conversely, market conditions could be affected when Tether is “pushed,” meaning Tether Limited “…issues Tether regardless of the demand from investors.” Whether there’s any truth to this hypothesis is still unclear, but it is likely to emerge during Bitfinex’s ongoing troubles with New York State. However, in recent months there’s little sign of Tether being pushed or pulled. According to the report, recent Tether growth has “flattened or become slightly negative as [bitcoin] prices have done the same.”   The post Bye, Bitcoin: Tether Booms On Ethereum, Withers On OMNI appeared first on Crypto Briefing.
CryptoBriefing

Converting USDT Between Different Chains Remains Problematic

Stablecoins continue to play an increasing role of importance in the crypto industry. Particularly Tether’s USDT remains one of the most prominent offerings. SinpleSwap now lets users convert USDT in between all the supported chains this asset is issued on. An interesting option, although it is unclear how useful it will be. The Multiple USDT Iterations For those unaware, Tether’s USDT can be found across multiple blockchains. It was first issued on OMNI, which still remains the main source. Later on, USDT also arrived on Ethereum’s and Tron’s blockchains. This creates an interesting albeit somewhat problematic situation. To this day, it was not possible to convert USDT between these three blockchains. None of the exchanges or trading platforms provide such an option. Somewhat strange, considering most platforms support tokens issued on either Ethereum or Tron. SimpleSwap is now the first to let users swap between different chains at no cost. An interesting feature, albeit one still has to trust an unknown third-party service provider. Tether Needs to Create a Solution Given the negative public perception Tether has to contend with, a solution of this kind could do wonders. If the issuer of USDT would allow users to convert between chains at no fees, the ERC and TRX-based versions would become more popular. There is no genuine reason for the company to not provide this type of service.  Why such a service did not exist until recently, is anyone’s guess. It is evident that there would be a demand for a solution like this. Users are now forced to convert to and from OMNI, Tron, or Ethereum-based USDT to USD and back to the token they would like to own. Removing unnecessary steps from the equation is in everybody’s best interest.  Will Anyone use it? Albeit the demand for such a service is somewhat obvious, the Ethereum- and Tron-based versions of USDT are not as popular. Very few trading platforms seem to support these versions at this time. As such, it remains to be seen if a service like this will get many people excited at this time.  As is usually the case, niche markets will thrive sooner or later. Since Tether decided to issue this asset on multiple chains, it is their duty to support it properly. Right now, that is not possible. As such, third-party service providers have a new business opportunity to explore. It remains to be seen how exchanges and other trading platforms respond to this challenge.  Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency. Image(s): Shutterstock.com The post Converting USDT Between Different Chains Remains Problematic appeared first on NullTX.
NullTX

Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks

Satoshi Nakamoto’s Bitcoin technology has inspired a lot of innovation spawning a myriad of tokens representing digitized assets. There are now token creation systems on blockchain networks like Omni Layer, Counterparty, and Ethereum. Each framework comes with the cost of sending tokens and right now the Simple Ledger Protocol is one of the cheapest most cost-effective ways to issue and send tokens. Also read: Meet ‘Spedn’ — A Smart Contract Programming Language for Bitcoin Cash The Rising Popularity of Tokens Built on Some of the Best Known Blockchains Over the last few years, tokens have become a big part of the cryptocurrency ecosystem. Blockchain tokens, colored coins, and the association of real-world and digital assets tied to a secure network have been around for quite some time. In 2012, the Mastercoin protocol whitepaper was published and the author J. R. Willett explained: “The [Bitcoin blockchain] can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation.” From here, history shows the initial formation of the Mastercoin project which slowly evolved into the Omni protocol. Blockchain systems that have enabled token creation. From left to right: Counterparty, Omni Layer, Ethereum, and the Simple Ledger Protocol. Other token creation systems appeared later, like Counterparty in 2014 and the Ethereum ERC20 token standard was proposed in late 2015. The Omni Layer protocol is known for issuing one of the most prominent stablecoins to date, Tether (USDT). The Ethereum network had a token explosion after the first ERC20s were released (DAO, Digix, Alethzero), which fueled the initial coin offering (ICO) token craze in 2017. Regardless of the merits of these tokens, there’s no doubt that Ethereum’s ERC20s and Omni’s USDT have made a mark on the crypto ecosystem. The average fee for bitcoin core (BTC) transactions is unsustainable when it comes to token systems. This year, Omni-based tether (USDT) tokens have migrated a lot of the current USDT supply over to the ERC20 standard. The Migration to Token Creation Systems With Lower Transaction Fees Tether is an interesting project and recently there’s been news of the project migrating to the Ethereum network. Right now the stablecoin USDT is the seventh largest market valuation at approximately $4 billion. Interestingly, tethers represented within that market valuation are spread across multiple blockchains. “Tether is working with an exchange to perform a swap from Omni to ERC20 of part of its USDT cold wallet,” Paolo Ardoino, technical director of Tether explained to the public on August 5. Currently, just over half of the USDTs in existence use the Omni Layer system, and more than $1.45 billion are represented as ERC20s. There’s also a little more than $350 million worth of tether tokens between the EOS and Tron blockchains and USDT will also appear on the Algorand network. The reason Tether is likely migrating to other chains is because the cost to send Omni-based tokens is based on the fees derived from the BTC chain. The average BTC fee is currently well above $1 and more recently touched $4-5 per transaction. However, the cheaper ETH fees or the gas to send ERC20s may only be a temporary bandaid. There’s more than $1.45 billion ERC20 issued tether on the Ethereum network. Currently, the gas needed to push an ERC20 token is between 11-19 U.S. cents and if you’re lucky maybe $0.03 to $0.05 per send. Like BTC, the Ethereum network can suffer from congestion and rising gas prices. On December 4, 2017, the entire cryptocurrency community celebrated all-time price highs, but both BTC and ETH had severe congestion difficulties. That week the Ethereum network was “congested with cats” thanks to the Crypto Kitties project. Crypto Kitties are represented as non-fungible Ethereum tokens. During the second week of January 2018, the average ETH network fee spiked to $3.26 per transaction. Ethereum fees grew extremely high throughout 2017 and into the first half of 2018. Ethereum’s elevated fees were not nearly as high as BTC’s exponential fee market that spiked well above $50 per transaction during the last week of December 2017. Dynamic fee markets that become unsustainable can essentially neuter token use cases as it becomes infeasible to send tokens that are worth less than the underlying fees to send them. After seeing a large project like Tether move from BTC to ETH, it’s apparent that blockchains that provide both security and low network fees will prevail in the token environment. The average ETH transaction fee is roughly $0.12 per transaction on August 8, 2019. Simple Ledger Protocol Tokens Using a DAG and BCH Scriptability Make the System Robust, While New Ideas Could Unleash Miner Enforceable Tokens Bitcoin Cash and the Simple Ledger Protocol (SLP) have the opportunity to strive where other chains lack when it comes to delivering strong token creation. SLP tokens are robust because actions are all recorded onchain, SLP uses the BCH network’s scriptability, and the protocol uses a directed acyclic graph (DAG) for lite proofs. Other types of colored coin concepts utilize balance-based ideas, but these require a full node for the most optimal verification. SLP’s DAG is easy to implement into Simplified Payment Verification (SPV, a method for validating transactions included in a block without downloading the entire blockchain) and one can prove the legitimacy of token transactions with ease. Just like ERC20 tokens, SLP creations can be traditional fungible type 1 coins and people can also design non-fungible tokens (NFT1) using the Simple Ledger Protocol as well. In the future, SLP tokens could even be stronger by bringing the full BCH security model to tokens. The Simple Ledger Protocol has become extremely popular over the last year and so far more than 2,700 token creations have been issued using the SLP system. Did you know our Bitcoin Cash Block Explorer tool can help you look up Simple Ledger Protocol tokens and their transactions? Use the handy Bitcoin address search bar to track down SLP and BCH transactions. The reason BCH proponents like SLP is because the system doesn’t mess with the underlying consensus layer to facilitate the creation of tokens. However, developer Tendo Pein may have found a loophole where developers can combine OP_Checkdatasig spending constraints with OP_Return tokens, making them miner enforceable. Pein is the creator of “Spedn,” a BCH-based programming language that has a syntax similar to the C programming environment. On August 8, Pein published a post that shows that developers could design tokens that are miner enforceable and backed by the processing power behind the BCH network. During the end of the Honest.cash blog post, Pein showed some fancy spending constraints and explains how valid OP_Return tokens could be enforced by consensus. The Spedn creator remarked: We can further introspect the provided script and check if it matches some pattern, for example – if it contains valid OP_Return metadata in a particular scheme … And in that way, make OP_Return based tokens miner-enforceable. Spedn creator Tendo Pein’s spending restraints code which could be used to bolster OP_Return tokens that are miner enforceable. With SLP Tokens Built on the BCH Chain Congestion and High Fees Could Be a Thing of the Past Last but not least, SLP tokens are powered by BCH transactions, so the cost (gas) to send SLP created coins is far superior to ERC20s and BTC-based tokens stemming from Omni or Counterparty. The average bitcoin cash (BCH) transaction is between $0.001 to $0.003 per transaction and these cheaper network fees are applied to SLP’s current universe of tokens. So sending 50,000 Spice, Flex, or Honestcoin (USDH) is typically less than a tenth of a U.S. penny. This opens the debate for skeptics arguing that BCH fees would rise just like BTC or ETH if SLP tokens gained enormous traction, but we’ve seen from statistical data that this wouldn’t be the case. Bitcoin Cash developers have already proved this during the first week of September in 2018 when BCH participants invoked stress tests. In a 24-hour period and with multiple large blocks (over 1MB), BCH miners processed 2.2 million BCH transactions and cleared the mempool with ease the whole day. Observers noticed that BCH network fees (the cost to send a transaction on the chain) remained at $0.001 during the stress tests in September. BCH transactions per day on September 1 touched 2.2M, on the second day of the month 1.3M tx per day, the third day saw 450,000 tx per day, and on the fourth day 1.6M transactions in one day. At the time, BCH transaction fees had the lowest median average in months. In time, the need for token systems that rely on cheap transaction fees to power the token’s movements and infrastructure will become evident. As a result, people aggregating toward building stablecoins, dividend tokens, non-fungible collectibles, extensible game items, and more using the SLP system will bolster the mainchain’s usage. Right now, the SLP ecosystem is still very young and tokens with real-world use cases and value are starting to appear. The big Omni to ERC20 tether swap this past week shows that token systems with low fees continue to be in demand going forward and even cheaper solutions like SLP on the BCH network may be a more attractive option. What do you think about the fees to send SLP tokens in comparison with ERC20s and BTC-based tokens that stem from Omni or Counterparty? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Simple Ledger Protocol, Omni, Counterparty, Ethereum, ERC20, Tether, Bitinfocharts.com, Tendo Pein and Honest.cash. Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry. The post Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks appeared first on Bitcoin News.
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Global Block Chain Investment Summit (GBIS) Successfully Completed in Indonesia Comprehensive layout of blockchain ecology helps Indonesia’s economic transformation

From 29 to 30 July, the Global Blockchain Investment Summit (GBIS) hosted by Indonesian Chamber of Commerce and Industry, Global Blockchain Investment Alliance, Hong Kong Blockchain Association and Block Chain Center of Excellence and Education (BCEE), was held in Jakarta, Indonesia. The leaders of Indonesia, members of the United Nations Blockchain Committee, members of the royal family of the United Arab Emirates, representatives of the Indonesian Chamber of Commerce and Industry and the Indonesian Ministry of State Investment attended the Summit to discuss the transformational impact of the Blockchain on the digital economy from the perspective of government management and global economic development. Block Chain Application and Economic Association (BAEF), Global the World Token Issuing Alliance (WTIA), Asian Block Chain Alliance, Indonesian Block Chain Association and other authoritative Association alliances, together with trading platforms: Huobi Indonesia, BitTok; distributed commercial representatives: IPSE (a search engine), BitCherry (a distributed e-commerce), Engine Miner; and Blockchain omni media platforms: BitDesk and Cyber Media also participated in the summit. They work together to build a panoramic blockchain ecology and help accelerate the transformation of Indonesia’s digital economy. Block Chain and Distributed Business Provide Solutions for Indonesia’s Economic Transition On the first day of the summit on July 29, three key guests, Rico Rustombi, Vice President of Logistics and Supply Chain Management of Indonesia Chamber of Commerce and Industry, Rosan Perkasa Roeslani, President of Indonesia Chamber of Commerce and Industry, and Bambang Brodjonegoro, Minister of National Development of Indonesia, delivered opening speeches to express their vision of enabling Indonesia’s economic transformation through blockchains and their promise to achieve industrial 4.0.  At the signing ceremony of the Memorandum of Understanding on Strategic Cooperation of Blockchain and Distributed Commercial Investments promoting Economic Restructuring in Indonesia, Rico Rustombi, Vice Chairman of Logistics and Supply Chain Management of the Indonesian Chamber of Commerce and Industry; Sheikh Khalfan Al-Mazrouei, former Secretary of the Royal Secretary of the United Arab Emirates; Ender Xu, Founding Chairman of the Global Blockchain Investment Alliance; Tony Tong, Co-Chair of the Hong Kong Blockchain Association and CEO of The Global Exchange; Paul Chen, CEO of Bit Cherry; Kim Keun Young, President of WTIA; Kilian Hussmann, CEO of EGQ; Edwin Zhang, Founder and CEO of Engine Storage; Sliver Xie, Chief Architect of IPSE; Vincent Choy, Chairman of BCEE; Lim Hui Jie, Vice President of BCEE; and Kevin Pang, Co-Chairman of SGtech Blockchain Committee signed to contribute to Indonesia’s economic transformation. During the panel discussion on How Blockchain and Distributed Commerce are driving Indonesia’s Economic Transformation, Siti Ariyanti Adisoediro, Director of the Standing Committee of Regulation, Government Partnerships and Inter-Agency section of Indonesian Chamber of Commerce and Industry, Yuliot, M.M, Chairman of the Indonesian Investment Coordination Committee (BKPM), Steven Suhadi, President of the Indonesian Blockchain Association, all mentioned that Blockchain and distributed commerce would be infrastructures of the digital economy of the future and would lead to a powerful growth in Indonesia’s economy for at least two decades to come. Ender Xu, founding chairman of the Global Blockchain Investment Alliance, and Tony Tong, a representative of authoritative Blockchain Associations in Asian, CO-Chairman of the Hong Kong Blockchain Association and CEO of the Global Token Exchange, also believed that Blockchain, the most significant technology today, would benefit from underlying technologies, scenarios, production relations and other aspects to restructure the commercial economy and society as well as to provide a strong driving force for Indonesia’s economic development. Logistics systems play an important role in the digital economy, Iskandar Zulkarnain, Director of the Standing Committee of Connectivity and Multi-Modal Ports and Airports section of Indonesian Chamber of Commerce and Industry, Prof. Nofrisel SE, Director of the Standing Committee of Logistics Services section of Indonesian Chamber of Commerce and Industry, Supply Chain and Human Resources, and Kilian Hussmann, CEO of MM and EGQ, etc. signed the Memorandum of Understanding on Strategic Cooperation of Establishing Blockchain Solutions to Reduce Logistics Costs in Indonesia. Financial infrastructure plays an important role in promoting Indonesia’s economic transformation. Elisa Lumban Toruan, Director of the Standing Committee of Information-and-Communication Technology and Logistics section of Indonesian Chamber of Commerce and Industry, Hery Susanto, Director of the Standing Committee of Regulation, Government Partnerships and Inter-Agency section of Indonesian Chamber of Commerce and Industry, and Bob Qin, Chairman of the North American Blockchain Foundation and Chief Scientist of BitCherry, co-signed the Memorandum of Understanding on Strategic Cooperation of Providing Blockchain Solutions to Promote Financing Efficiency in Indonesia, promoting the construction of Indonesia’s new financial infrastructures. Through another panel discussion on the impact of Blockchain technology and cryptocurrencies on the world’s financial ecosystem, Elisa Lumban Toruan, Director of the Standing Committee of Information-and-Communication Technology and Logistics section of Indonesian Chamber of Commerce and Industry, said that the decentralization and creditability of financial system which has Blockchain as underlying technology and cryptocurrencies as value subjects could solve disadvantages of traditional financial ecology, and would boost the development of the world’s financial ecology and empower the development of distributed commerce. Distributed commerce will empower all walks of life, as one of the most promising areas of growth – distributed e-commerce will subvert traditional e-commerce. BitCherry, as the world’s first distributed e-commerce ecosystem, will build a global distributed e-commerce ecology based on the e-commerce public chain. Hery Susanto, Director of Indonesian Chamber of Commerce and Industry, Government Partnership and Inter-Agency Standing Committee; Bob Qi, Chief Scientist of BitCherry, Chairman of North American Block Chain Foundation; Dr. Riadh, Bit Cherry consultant, Chairman of Saudi Real Estate Company Limited; Khalfan, Former Secretary-General of the Royal Family of the United Arab Emirates; Global Kim Keun Young, Co-founding Chairman of Block Chain Investment Alliance, President of WTIA and Bitcherry Consultant, and John Mavrak, CEO and BitCherry Consultant of Monopoly Hotels & Resorts, jointly launched the BitCherry e-commerce public chain development plan. BitCherry will provide a public chain environment to support e-commerce ecology and create a new generation of shared e-commerce global ecology. BitCherry public chain will provide a chain network system combining block chain and DAG technology. The sub-chain is designed based on DAG to increase the concurrency of transactions. Meanwhile, the main chain security is used to ensure the security of DAG sub-chain. The sub-chain supports intelligent contracts. The intelligent contract engine will provide Turing complete engine supporting multiple languages. Distributed Business Ecology Begins a New Era of Digital Economy On July 30, the summit focused on discussing distributed commerce. Professor Zhu Jiaming, President of China Institute of Digital Assets and a renowned economist, delivered a keynote speech entitled “Spring of Distributed Commerce and the Comprehensive Approach of Digital Economy”. He said that the significance of encrypting digital currency was to break the absolute monopoly of modern countries and realize the return of monetary sovereignty. Return, Decentralization and Creating New Wealth Patterns. With the rise of block chain technology and the birth of distributed commerce in recent years, traditional industries have gained a new growth point. The digital economy marked by block chain and distributed commerce has entered an advanced stage of development, which will promote the digital economy to come in an all-round way. Based on the concept of distributed business ecology, Paul, Bit Cherry CEO; Sliver Xie , IPSE Star Search Engine founder; Edwin Zhang, Engine Miner CEO; Killian Hussmann, EGQ CEO; Zhou Huan ,IPFS. Fund founder and IPFS Founder community founder; Chen Caigen, Tiantianjie Founder and CEO jointly participated in the panel discussion to talk about distributed commerce. Including distributed storage IPFS, distributed search IPSE and distributed business BitCherry technology innovation and application prospects. Zhang Yunxin, CEO of Engine Miner and Zhou Huan, founder of IPSE. Fund expressed their views that distributed storage of IPFS can achieve safer and more efficient data storage, which is the development support of industrial-level big data and will become an important infrastructure and application scenario in the era of distributed commerce. Killian Hussmann, EGQ CEO; Kilian Hussmann, BitCherry COO and Silver Xie, IPSE founder believes that IPSE, as the search layer of IPFS, can give full play to the dynamic value of data, effectively link the upstream and downstream of the data industry, and will fully occupy the next value of Internet traffic entry. Megan Lee, BitDesk CEO; Paul Cheng, BitCherry CEO and Chen Caigen, Bit Cherry consultant unanimously favors Distributed E-Commerce Bit Cherry, as a multi-billion-level public-chain e-commerce project, can make full use of the underlying technology, e-commerce applications, financial services, and create an epoch-making Distributed E-Commerce ecosystem. Meanwhile, Cherry Wallet, a block chain digital asset security storage project, held an official global launching ceremony. At the launch ceremony, Aaron, Cherry Wallet Chief Commerce Officer, announced that Cherry Wallet App was officially launched on the same day, and its Cherry Wallet Pro cold wallet was officially pre-sold. Cherry Wallet, as a block chain security storage scheme for digital assets, realizes cold and hot end interaction through the first encrypted two-dimensional code + near-field communication transmission (NFC). It originates semi-password technology, synthesizes the private key by seed password + payment password, and uses two-dimensional code and NFC communication mode to keep the private key from touching the network, fundamentally. The risk of private key being stolen by hackers is eliminated. It also pioneered the situation-generation technology, which will generate random passwords in real time according to the different application scenarios of users and improve the security of passwords. Cherry Wallet Pro cold wallet currently supports mainstream digital assets such as BTC, ETH, BCHC, USDT, EOS. With the continuous iteration and upgrading of wallet functions, Cherry Wallet will provide more public-chain digital asset types support for exchanges, block chain enterprises and trading users in the future. In the keynote speech of “Mining Logic of Distributed Commerce”, Kilian Hussmann, EGQ CEO, proposed that distributed commerce not only achieves the decentralization of the form of e-commerce organization, but also reconstructs the interest relationship, improves the production relationship of traditional industries, and realizes wealth among different owners on the basis of transparent information and unalterable. Fair distribution among entities enables value to return to the creator and realizes the mining logic of “behavior is value”. Since 2018, stable currency has become the absolute hotspot for cryptocurrencies worldwide. Zhang Jun Yong, deputy of the Hong Kong People’s Congress, partner of the Hong Kong Yino Angel Foundation and chairman of the Hong Kong Block Chain Association, delivered a keynote speech on “The rise and supervision of stable currencies”. He said that many banking institutions and the National Central Bank have taken block chains and digital currencies as key focus, and stable currencies where stable currency work as a stable digital asset anchored with 1:1 currency. This is an important link connecting token distribution and digital assets, together with improvisation of relevant laws and regulations gradually. At the same time, securities licensing is also one of the topics discussed at this summit. Tony Tong, co-chairman of Hong Kong Block Chain Association and CEO of Global Commodity Exchange, said: “Securities licensing is the trend of the blockchain development in the future. The Hong Kong Stock Exchange is actively embracing compliance regulation to create a secure, stable and reliable virtual asset online trading platform for professional investors.” Finally, an international club was established at the summit. The co-founding chairman of the Global Block Chain Investment Alliance; chairman of WTIA; Kim Keun Young, BitCherry Consultant; co-founding chairman of the Global Block Chain Investment Alliance; Ender Xu, Chairman of the Hong Kong Block Chain Association; Chairman of the Global Partnership Forum; Amir Dossal, Co-founder and Vice-Chairman of the Block Chain Sustainable Development Committee; John Mavrak, CEO of Monopoly Hotels & Resorts; Former United Arab Emirates royal secretary, Sheikh Khalfan Al-Mazrouei, BitCherry consultant; Chairman of Saudi Real Estate Co., Ltd., and Dr. Riadh Khalifa Toukabri, BitCherry consultant have participated in the signing ceremony of strategic cooperation, comprehensively distributed global market and promoted the vigorous development of regional chains and the digital economy worldwide.  The two-day Global Block Chain Investment Summit (GBIS) has come to a successful conclusion. Through the immense discussion of blockchain technology, industry applications, business prospects, and investment value, this summit have provided a cutting-edge analysis and guidance for governments, industry associations, and blockchain investment institutions in the field of digital economic transformation and technological innovation, to boost the global blockchain and flourish the application of digital economy. Image(s): Shutterstock.com The post Global Block Chain Investment Summit (GBIS) Successfully Completed in Indonesia Comprehensive layout of blockchain ecology helps Indonesia’s economic transformation appeared first on NullTX.
NullTX

Global Block Chain Investment Summit (GBIS) Successfully Completed in Indonesia

Coinspeaker Global Block Chain Investment Summit (GBIS) Successfully Completed in IndonesiaFrom 29 to 30 July, the Global Blockchain Investment Summit (GBIS) hosted by Indonesian Chamber of Commerce and Industry, Global Blockchain Investment Alliance, Hong Kong Blockchain Association and Block Chain Center of Excellence and Education (BCEE), was held in Jakarta, Indonesia.The leaders of Indonesia, members of the United Nations Blockchain Committee, members of the royal family of the United Arab Emirates, representatives of the Indonesian Chamber of Commerce and Industry and the Indonesian Ministry of State Investment attended the Summit to discuss the transformational impact of the Blockchain on the digital economy from the perspective of government management and global economic development.Block Chain Application and Economic Association (BAEF), Global the World Token Issuing Alliance (WTIA), Asian Block Chain Alliance, Indonesian Block Chain Association and other authoritative Association alliances, together with trading platforms: Huobi Indonesia, BitTok; distributed commercial representatives: IPSE (a search engine), BitCherry (a distributed e-commerce), Engine Miner; and Blockchain omni media platforms: BitDesk and Cyber Media also participated in the summit. They work together to build a panoramic blockchain ecology and help accelerate the transformation of Indonesia’s digital economy.Block Chain and Distributed Business Provide Solutions for Indonesia’s Economic TransitionOn the first day of the summit on July 29, three key guests, Rico Rustombi, Vice President of Logistics and Supply Chain Management of Indonesia Chamber of Commerce and Industry, Rosan Perkasa Roeslani, President of Indonesia Chamber of Commerce and Industry, and Bambang Brodjonegoro, Minister of National Development of Indonesia, delivered opening speeches to express their vision of enabling Indonesia’s economic transformation through blockchains and their promise to achieve industrial 4.0.At the signing ceremony of the Memorandum of Understanding on Strategic Cooperation of Blockchain and Distributed Commercial Investments promoting Economic Restructuring in Indonesia, Rico Rustombi, Vice Chairman of Logistics and Supply Chain Management of the Indonesian Chamber of Commerce and Industry; Sheikh Khalfan Al-Mazrouei, former Secretary of the Royal Secretary of the United Arab Emirates; Ender Xu, Founding Chairman of the Global Blockchain Investment Alliance; Tony Tong, Co-Chair of the Hong Kong Blockchain Association and CEO of The Global Exchange; Paul Chen, CEO of Bit Cherry; Kim Keun Young, President of WTIA; Kilian Hussmann, CEO of EGQ; Edwin Zhang, Founder and CEO of Engine Storage; Sliver Xie, Chief Architect of IPSE; Vincent Choy, Chairman of BCEE; Lim Hui Jie, Vice President of BCEE; and Kevin Pang, Co-Chairman of SGtech Blockchain Committee signed to contribute to Indonesia’s economic transformation.During the panel discussion on How Blockchain and Distributed Commerce are driving Indonesia’s Economic Transformation, Siti Ariyanti Adisoediro, Director of the Standing Committee of Regulation, Government Partnerships and Inter-Agency section of Indonesian Chamber of Commerce and Industry, Yuliot, M.M, Chairman of the Indonesian Investment Coordination Committee (BKPM), Steven Suhadi, President of the Indonesian Blockchain Association, all mentioned that Blockchain and distributed commerce would be infrastructures of the digital economy of the future and would lead to a powerful growth in Indonesia’s economy for at least two decades to come. Ender Xu, founding chairman of the Global Blockchain Investment Alliance, and Tony Tong, a representative of authoritative Blockchain Associations in Asian, CO-Chairman of the Hong Kong Blockchain Association and CEO of the Global Token Exchange, also believed that Blockchain, the most significant technology today, would benefit from underlying technologies, scenarios, production relations and other aspects to restructure the commercial economy and society as well as to provide a strong driving force for Indonesia’s economic development.Logistics systems play an important role in the digital economy, Iskandar Zulkarnain, Director of the Standing Committee of Connectivity and Multi-Modal Ports and Airports section of Indonesian Chamber of Commerce and Industry, Prof. Nofrisel SE, Director of the Standing Committee of Logistics Services section of Indonesian Chamber of Commerce and Industry, Supply Chain and Human Resources, and Kilian Hussmann, CEO of MM and EGQ, etc. signed the Memorandum of Understanding on Strategic Cooperation of Establishing Blockchain Solutions to Reduce Logistics Costs in Indonesia.Financial infrastructure plays an important role in promoting Indonesia’s economic transformation. Elisa Lumban Toruan, Director of the Standing Committee of Information-and-Communication Technology and Logistics section of Indonesian Chamber of Commerce and Industry, Hery Susanto, Director of the Standing Committee of Regulation, Government Partnerships and Inter-Agency section of Indonesian Chamber of Commerce and Industry, and Bob Qin, Chairman of the North American Blockchain Foundation and Chief Scientist of BitCherry, co-signed the Memorandum of Understanding on Strategic Cooperation of Providing Blockchain Solutions to Promote Financing Efficiency in Indonesia, promoting the construction of Indonesia’s new financial infrastructures.Through another panel discussion on the impact of Blockchain technology and cryptocurrencies on the world’s financial ecosystem, Elisa Lumban Toruan, Director of the Standing Committee of Information-and-Communication Technology and Logistics section of Indonesian Chamber of Commerce and Industry, said that the decentralization and creditability of financial system which has Blockchain as underlying technology and cryptocurrencies as value subjects could solve disadvantages of traditional financial ecology, and would boost the development of the world’s financial ecology and empower the development of distributed commerce.Distributed commerce will empower all walks of life, as one of the most promising areas of growth – distributed e-commerce will subvert traditional e-commerce. BitCherry, as the world’s first distributed e-commerce ecosystem, will build a global distributed e-commerce ecology based on the e-commerce public chain.Hery Susanto, Director of Indonesian Chamber of Commerce and Industry, Government Partnership and Inter-Agency Standing Committee; Bob Qi, Chief Scientist of BitCherry, Chairman of North American Block Chain Foundation; Dr. Riadh, Bit Cherry consultant, Chairman of Saudi Real Estate Company Limited; Khalfan, Former Secretary-General of the Royal Family of the United Arab Emirates; Global Kim Keun Young, Co-founding Chairman of Block Chain Investment Alliance, President of WTIA and Bitcherry Consultant, and John Mavrak, CEO and BitCherry Consultant of Monopoly Hotels & Resorts, jointly launched the BitCherry e-commerce public chain development plan.BitCherry will provide a public chain environment to support e-commerce ecology and create a new generation of shared e-commerce global ecology. BitCherry public chain will provide a chain network system combining block chain and DAG technology. The sub-chain is designed based on DAG to increase the concurrency of transactions.Meanwhile, the main chain security is used to ensure the security of DAG sub-chain. The sub-chain supports intelligent contracts. The intelligent contract engine will provide Turing complete engine supporting multiple languages.Distributed Business Ecology Begins a New Era of Digital EconomyOn July 30, the summit focused on discussing distributed commerce. Professor Zhu Jiaming, President of China Institute of Digital Assets and a renowned economist, delivered a keynote speech entitled “Spring of Distributed Commerce and the Comprehensive Approach of Digital Economy”. He said that the significance of encrypting digital currency was to break the absolute monopoly of modern countries and realize the return of monetary sovereignty.Return, Decentralization and Creating New Wealth Patterns. With the rise of block chain technology and the birth of distributed commerce in recent years, traditional industries have gained a new growth point. The digital economy marked by block chain and distributed commerce has entered an advanced stage of development, which will promote the digital economy to come in an all-round way.Based on the concept of distributed business ecology, Paul, Bit Cherry CEO; Sliver Xie , IPSE Star Search Engine founder; Edwin Zhang, Engine Miner CEO; Killian Hussmann, EGQ CEO; Zhou Huan ,IPFS. Fund founder and IPFS Founder community founder; Chen Caigen, Tiantianjie Founder and CEO jointly participated in the panel discussion to talk about distributed commerce.Including distributed storage IPFS, distributed search IPSE and distributed business BitCherry technology innovation and application prospects.Zhang Yunxin, CEO of Engine Miner and Zhou Huan, founder of IPSE. Fund expressed their views that distributed storage of IPFS can achieve safer and more efficient data storage, which is the development support of industrial-level big data and will become an important infrastructure and application scenario in the era of distributed commerce.Killian Hussmann, EGQ CEO; Kilian Hussmann, BitCherry COO and Silver Xie, IPSE founder believes that IPSE, as the search layer of IPFS, can give full play to the dynamic value of data, effectively link the upstream and downstream of the data industry, and will fully occupy the next value of Internet traffic entry.Megan Lee, BitDesk CEO; Paul Cheng, BitCherry CEO and Chen Caigen, Bit Cherry consultant unanimously favors Distributed E-Commerce Bit Cherry, as a multi-billion-level public-chain e-commerce project, can make full use of the underlying technology, e-commerce applications, financial services, and create an epoch-making Distributed E-Commerce ecosystem.Meanwhile, Cherry Wallet, a block chain digital asset security storage project, held an official global launching ceremony. At the launch ceremony, Aaron, Cherry Wallet Chief Commerce Officer, announced that Cherry Wallet App was officially launched on the same day, and its Cherry Wallet Pro cold wallet was officially pre-sold.Cherry Wallet, as a block chain security storage scheme for digital assets, realizes cold and hot end interaction through the first encrypted two-dimensional code + near-field communication transmission (NFC). It originates semi-password technology, synthesizes the private key by seed password + payment password, and uses two-dimensional code and NFC communication mode to keep the private key from touching the network, fundamentally. The risk of private key being stolen by hackers is eliminated.It also pioneered the situation-generation technology, which will generate random passwords in real time according to the different application scenarios of users and improve the security of passwords. Cherry Wallet Pro cold wallet currently supports mainstream digital assets such as BTC, ETH, BCHC, USDT, EOS. With the continuous iteration and upgrading of wallet functions, Cherry Wallet will provide more public-chain digital asset types support for exchanges, block chain enterprises and trading users in the future.In the keynote speech of “Mining Logic of Distributed Commerce”, Kilian Hussmann, EGQ CEO, proposed that distributed commerce not only achieves the decentralization of the form of e-commerce organization, but also reconstructs the interest relationship, improves the production relationship of traditional industries, and realizes wealth among different owners on the basis of transparent information and unalterable. Fair distribution among entities enables value to return to the creator and realizes the mining logic of “behavior is value”.Since 2018, stable currency has become the absolute hotspot for cryptocurrencies worldwide. Zhang Jun Yong, deputy of the Hong Kong People’s Congress, partner of the Hong Kong Yino Angel Foundation and chairman of the Hong Kong Block Chain Association, delivered a keynote speech on “The rise and supervision of stable currencies”.He said that many banking institutions and the National Central Bank have taken block chains and digital currencies as key focus, and stable currencies where stable currency work as a stable digital asset anchored with 1:1 currency. This is an important link connecting token distribution and digital assets, together with improvisation of relevant laws and regulations gradually.At the same time, securities licensing is also one of the topics discussed at this summit. Tony Tong, co-chairman of Hong Kong Block Chain Association and CEO of Global Commodity Exchange, said:“Securities licensing is the trend of the blockchain development in the future. The Hong Kong Stock Exchange is actively embracing compliance regulation to create a secure, stable and reliable virtual asset online trading platform for professional investors.”Finally, an international club was established at the summit.The co-founding chairman of the Global Block Chain Investment Alliance; chairman of WTIA; Kim Keun Young, BitCherry Consultant; co-founding chairman of the Global Block Chain Investment Alliance; Ender Xu, Chairman of the Hong Kong Block Chain Association; Chairman of the Global Partnership Forum; Amir Dossal, Co-founder and Vice-Chairman of the Block Chain Sustainable Development Committee; John Mavrak, CEO of Monopoly Hotels & Resorts; Former United Arab Emirates royal secretary, Sheikh Khalfan Al-Mazrouei, BitCherry consultant; Chairman of Saudi Real Estate Co., Ltd., and Dr. Riadh Khalifa Toukabri, BitCherry consultant have participated in the signing ceremony of strategic cooperation, comprehensively distributed global market and promoted the vigorous development of regional chains and the digital economy worldwide.The two-day Global Block Chain Investment Summit (GBIS) has come to a successful conclusion. Through the immense discussion of blockchain technology, industry applications, business prospects, and investment value, this summit have provided a cutting-edge analysis and guidance for governments, industry associations, and blockchain investment institutions in the field of digital economic transformation and technological innovation, to boost the global blockchain and flourish the application of digital economy.Global Block Chain Investment Summit (GBIS) Successfully Completed in Indonesia
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Opera Brings BTC to Android; Now Looking to Add TRON

Who would have known Opera and bitcoin could go so well together? We’re not necessarily talking about classically trained singers that wear Viking horns and hit high notes, but rather the Norwegian financial platform that’s been touting the addition of bitcoin to its Android app since July of 2018. Opera and BTC: A Perfect Match? The app was launched privately and was later available to the public in December. Opera inherently became one of the first browsers to support bitcoin directly, and customers did not need any extensions or follow-up downloads to engage in crypto transactions. From there, bitcoin support came to the Opera iPhone app. Opera presently has about 350 million users, and many enthusiasts see this as a prime movement in the fight to make bitcoin mainstream. In a blog post, the company writes: With this release, Opera opens its crypto wallet to the world’s most popular blockchain, making it possible to send and receive BTC directly from the browser the way one would with an image or a music file. This means anyone can now not only send bitcoin and Ethereum to another person but can also use it while interacting with websites to pay for goods or services. Up to this stage, Opera only provided support for Ethereum, the world’s second-largest cryptocurrency and a primary competitor to bitcoin. However, the company is also introducing plans to support Tron in the coming months. The last few weeks have marked by a whole new list of platforms or companies showing support for cryptocurrencies they otherwise were ignoring. One such example comes in the form of the new HTC smartphone known as Exodus 1s, which can allegedly support a full bitcoin node. This means that the phone can hold the entire blockchain ledger. Other examples include Electrum, a new bitcoin wallet which has recently added the Lightning Network to its platform. The Lightning Network is designed to assist with scalability on the bitcoin blockchain. While bitcoin is the oldest, largest and arguably the most popular of the world’s cryptocurrencies, it often lacks the up-to-date technology of its newer altcoin counterparts. Thus, it suffers from slow transaction times and smaller blocks. How Lightning Is Making Things Simpler The Lightning Network initiates micropayments that occur off-chain to ensure that they are pushed through quickly. Electrum’s addition of Lightning is likely to enable faster speeds for customers and ensure that payments are pushed through with ease. We’ve also received word of a new startup called Moon, which allows Amazon customers to purchase goods and services from the online retailer with crypto. The application also works through Lightning-based technology and appears to recognize the Amazon page once you log in. When you’re ready to check out, it provides you with a crypto pay option that shows how many available funds you can spend. The post Opera Brings BTC to Android; Now Looking to Add TRON appeared first on Live Bitcoin News.
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Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments

Browser minnow Opera is ramping up cryptocurrency support for Android users in version 54, which has just been released on Tuesday. Among a host of other cosmetic improvements and a new UI, this latest release improves upon the current crypto wallet with support for both Bitcoin and Tron payments. Ethereum has been the staple payment […] The post Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments appeared first on CCN.com
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Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera

After the beating the Dallas Cowboys gave the Philadelphia Eagles Sunday night, fans were probably wondering how things could get worse. When they woke up Monday morning, they found out. It appears that at least one fool decided to burn his Carson Wentz jersey following the loss, and – more significantly – Alshon Jeffery is […] The post Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera appeared first on CCN.com
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The Ethereum Ecosystem: Still Relevant After All These Years

Ethereum first went live in 2015, and since then, it’s become one of the market’s top coins. And while four years may not be a lot in most markets, in crypto it’s a lifetime. For Ethereum, it has been quite a ride. With a market cap of $19 billion, Ethereum is the second largest cryptocurrency in existence, and recent reports show that it provides a benchmark for the market. Of course, there’s much more to its success: the Ethereum ecosystem is thriving in its own right. In short, Ethereum is one of the most extensible blockchains. It offers developers the opportunity to create tokens, dApps, collectibles, financial applications, and more. Plus, Ethereum itself will soon be better than ever. Here’s what the Ethereum community is up to right now—and what the Ethereum ecosystem has to offer. Dominance Over dApps and Tokens Ethereum currently leads the dApp market with its sheer number of listings. Right now, it has a total of 2000 dApps—four times more than TRON or EOS, its closest competitors. Ethereum also closely matches those blockchains in terms of dApp volume—each platform handles about $10 million of crypto through its apps in a typical day.   Daily dApp transaction volumes in dollars, via DAppReview   To be fair, EOS and TRON dominate in terms of dApp users and transactions (although many of these are simple gambling apps). Still, Ethereum has a few notable apps in those measures: MakerDAO attracted 2200 users on Monday, making it the third largest dApp by user count. Meanwhile, dYdX, a derivatives platform, handled $371,000 on Monday—making it the 9th largest app by that metric. Ethereum’s token standards are also incredibly influential. Of the top 50 cryptocurrencies by market cap, at least 20 are based on Ethereum’s ERC-20 token standard—including big names like BAT and LINK. Plus, Ethereum’s non-fungible ERC-721 standard has begat collectible items like Decentraland properties and CryptoKitties. New Opportunities For Investment As Ethereum matures, there might be new ways to invest. Recently, the CFTC declared that Ethereum is a commodity, meaning that ETH futures may become an option for institutional investors in the future. It’s conceivable that Bakkt might add ETH futures alongside its BTC futures—though it hasn’t said so explicitly. Additionally, there are some retail platforms that already trade Ethereum futures, such as BitMEX and Kraken. These options attract speculative investors who might not trade on the crypto market itself. Even though futures don’t affect Ethereum’s value directly, they bring value into the crypto ecosystem and facilitate price discovery. There are other investment opportunities as well. MakerDAO, for example, allows you to lock up your Ether as collateral and create Dai stablecoins in return. Meanwhile, peer lending platforms like ETHLend allow you to earn interest by lending out Ether. Suffice to say, there’s a lot you can do with your Ether holdings. Preparing For Ethereum 2.0 Ethereum’s next big milestone will be Ethereum 2.0, which will introduce staking, which allows coinholders to earn rewards. It will also improve scalability through features like sharding, which will allow the blockchain to handle many more transactions. Though Ethereum 2.0 is a multi-year effort, staking should be available in the next few months. At the moment, different Ethereum development groups are running separate testnets. These became interoperable in early September, and according to Ethereum’s creator, Vitalik Buterin, a public network is rapidly approaching. This will be the “last major milestone [before] the network,” Buterin stated during a recent event in Hong Kong. Buterin has also suggested that the upgrade will be seamless. In a post on Ethresear.ch, Buterin suggested that app developers will need to migrate, but coinholders won’t need to do anything at all: “You may want to move your funds into [an ETH2] wallet eventually, but you do not strictly have to and there is no time limit,” he wrote. Can Ethereum Stay Relevant? Of course, not everyone is happy with Ethereum. Some dApps, such as Ethermon, have moved to blockchains like Zilliqa due to the promise of faster transaction speeds. Meanwhile, some projects with ERC-20 tokens have migrated to other platforms like Binance Chain. Finally, some critics believe that sharding is not secure. But despite criticism, Ethereum probably won’t go away. Its brand, market standing, its dominance over dApps, and its ability to drive hype for version 2.0 seem to be a winning combination. Though it has many competitors, Ethereum has first mover advantage and the biggest developer community in crypto —giving it a head start and making it the favorite to continue to tower over the competition.     The post The Ethereum Ecosystem: Still Relevant After All These Years appeared first on Crypto Briefing.
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