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Algorand misrepresents its performance against Bitcoin

Blockchain startup Algorand cited incorrect Bitcoin stats while marketing its own network. The startup claimed that its network handled over 50,000 transactions in less than a month, which it said was equivalent to what Bitcoin does every six months when the network actually does 1.8 million transactions in that time. Algorand says it had a successful month following token sale Algorand, a Boston-based blockchain company created to improve blockchain decentralization, made the news last month after it successfully completed a $60 million token sale. The company’s token sale implied that Algo token’s market capitalization was close to $6 billion, which would make it the seventh-largest coin—above Binance’s BNB and just below EOS. The company’s successful token sale and mainnet launch didn’t last long though, as Algo’s value plummeted just days after the sale. But, the company maintained that everything was going according to plan, saying they had a successful month. Algorand issued various marketing texts citing their accomplishment during the last month. The company’s CEO Steven Kokinos participated in several AMA sessions, answering questions about the state of the network. However, the company’s claims were put to the test by a well-known independent cryptocurrency analyst and blogger, who found that some of the data Algorand provided was not only exaggerated but completely incorrect. Crypto blogger calls out Algorand for sharing wrong stats The analyst, who goes by the name of Hasu on Twitter, called the comparison “incredibly disingenuous marketing” by Algorand. He found several instances where the company used incorrect data when comparing its transaction volume to that of Bitcoin. While it’s unclear where the text was pulled from, the same wrong data is used on two separate occasions. Incredibly disingenuous marketing by Algorand, claiming BTC does 50k transactions every 6 months. In reality, BTC does 27k payments (tx equivalent) *every hour*, 120M payments every 6 months. It's not a mistake, the claim is being repeated in AMAs by Algorand's CEO @stevekokinos. — Hasu (@hasufl) July 11, 2019 According to Hasu’s tweet, Algorand claimed it handled over 50,000 transactions since the launch of its mainnet less than a month ago. That, the company said, was equivalent to “roughly 6 months of Bitcoin transactions.” According to data from, Bitcoin network is confirming almost 300k transactions per day as of July 2019. This wasn’t a one-time mistake, either. Steven Kokinos, the company’s CEO, used the same data during an AMA. “In the first two weeks of live mainnet, over 50,000 transactions have been processed, which is roughly equivalent to 6 months of Bitcoin transactions or 2-3 months of Ethereum transactions,” he wrote. And while Kokinos and Algorand were quick to react to the twitter thread, issuing an apology for using wrong stats, the crypto community still found it to be odd for a data-conscious company. I’d like to reiterate the same. That stat around bitcoin was clearly wrong and I should have caught it. Apologies to everyone on that. — Steven Kokinos (@stevekokinos) July 11, 2019 Users accused Algorand of intentionally using the wrong information to trick investors into believing their network was doing better than Bitcoin. Algorand only need a fraction of their audience to miss bitcoiners' corrections for the deception to have been worthwhile. It's like the downmarket newspapers whose front page lies are corrected in small print on p14. Indeed, cutting out the % who *are* informed helps the grift. — Manticlops (@manticlops) July 11, 2019 Others said that using incorrect data from the world’s most transparent data record was a very bad idea. Why would someone piss all over their own credibility like that by citing incorrect figures from the world's most accessible, verifiable, immutable and transparent data record known? Seems like a very bad idea. — Eric Wall (@ercwl) July 11, 2019 We are yet to see whether this information spreads and affects Algorand’s price in the following days. The post Algorand misrepresents its performance against Bitcoin appeared first on CryptoSlate.

Cryptocurrency Defends $60 Million Not-an-ICO After 56% Price Crash

Algorand had its successful first auction last month, leaving its closing price at $2.40. It currently trades on cryptocurrency exchanges such as Binance for just over $1. Algorand employed a Dutch Auction, which means traders don’t know how much they’ll get until the auction ends. The only thing the investor can initially be sure of […] The post Cryptocurrency Defends $60 Million Not-an-ICO After 56% Price Crash appeared first on CCN Markets

ICO Craze Still On: Telegram’s Gram Crypto Will Sell For 3x Original Price

Telegram’s In-House Crypto to be Sold on Liquid As Bitcoin (BTC) and the broader crypto asset market has recovered over the first half of 2019, it seems as though initial coin offerings (ICO) have made somewhat of a resurgence. According to a recent report from Bloomberg, Gram Asia, a large holder — “whale” — of Telegram’s soon-to-launch cryptocurrency (Gram/GRAM), is looking to liquidate his/her/their stash in a sale starting on July 10th. To be held via Liquid, a Japanese crypto exchange which many laud for its transparency and above-the-board nature, the sale will see Gram Asia, a South Korea-based entity, sell Grams for $4 apiece. This is over three times the price purportedly paid by investors of Telegram’s private placement round, accentuating that there is still hype for ICOs in spite of the unraveling of many cryptocurrencies. Grams sold on Liquid will be lowered to $3.50 a coin if buyers use the crypto exchange’s in-house token, QASH. The tokens purchased won’t be released until Q3 of this year, which is when Telegram, a popular Bitcoin-friendly messaging ecosystem with roots in Russia, is expected to launch its “Open Network”. It is important to note that this is not a Telegram-endorsed sale, but is instead Gram Asia’s attempt to capitalize on the anticipation of the launch of the social media cryptocurrency. This sale, which some suggest may be well oversubscribed, comes shortly after Algorand, what analysts dub a “next generation” blockchain, held an absolutely crazy sale. During the event, the Proof of Stake protocol snagged just over $60 million via CoinList. With Algorand expecting to issue over 10 billion Algos in the coming five years, the recent sale valued the network at over $20 billion — crazy. A Libra Competitor? For those who haven’t been following news of Telegram’s official sortie into the cryptocurrency ecosystem, the Telegram Open Network is expected to facilitate an array of applications: user-built applications, decentralized data storage, and ways to bypass censorship (implying a decentralized messaging service). Pavel Durov, the chief executive of Telegram, hopes that the blockchain will be faster than Bitcoin and Ethereum, thus giving it the capability to compete with financial incumbents, namely Visa and Mastercard. Considering the timing of the launch of the chain, the expected use cases, and the fact that Telegram is a social media firm, some have dubbed Gram a competitor to Libra. This may not be how Durov or Zuckerberg planned it, but the two chains are likely going to clash. Photo by Christian Wiediger on Unsplash The post ICO Craze Still On: Telegram’s Gram Crypto Will Sell For 3x Original Price appeared first on Ethereum World News.
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First Algorand Dutch Auction — Transparent?

First Algorand Dutch Auction — Transparent? Wednesday, 19th June, was the first Algorand Foundation Dutch Auction; thus, the first Algos were issued.Quick recap — How Dutch Auctions work?The Algorand Foundation has the best resources for you to learn how their Algo auctions work:Algo Auctions, to understand the auction mechanics.Token Dynamics, to understand how this first auction fits into the long-term plan and rules.How Dutch Auctions Work, a short video to understand them better.To put it simply, the goal of the auction is to find the price that the market is willing to pay (known as the clearing price) for the amount of Algos auctioned.As you may have read, this process is said to be fair, but why?First, everyone pays the same price per Algo. Even if you placed your bid before the auction hit the clearing price, you will pay the clearing price.Second, every person participating in the Auction has the same real-time information about what is happening. Everyone is in the same boat when making their bidding decision.However, even if we think this sounds fair, what about the transparency of the final results? Should we trust the Algorand Foundation’s results for who received how many Algos at what price?In this article, I’ll explain and give a step-by-step procedure, which you can execute yourself, that checks the official published auction result.What are we trying to do here?The official blog post of the Algorand Foundation mentioning the auction results can be found here. In that post, they claim the following:The hash of this file has been committed to the Algorand Blockchain in Block 144366, Transaction HEDI522DR4L473W4NXPTTV55HBADGIFVH7C7XC3Z2D3TJZAKUQ7A.The hash is KXT3GMGTXYEHBEVTSAL5BUFMVUOWUSMLX5R3JGBTN2WUCKIG7HNA and can be obtained through the following method: SHA512_256(“aO”||auction1.outcomes)To validate this claim, we should understand what the public commitments mean in detail.The auction1.outcomes file is a binary file that contains the results of the auction. This represents how many Algos each bidder won when the auction was closed. For now, let’s assume this file is correct.To compactly and uniquely represent this result, the Algorand Foundation constructs a commitment hash which is the result of applying the SHA512_256 hash function on the file (with a prefix that indicates what kind of result the commitment corresponds to) — resulting in the output: KXT3GMGTXYEHBEVTSAL5BUFMVUOWUSMLX5R3JGBTN2WUCKIG7HNA.Afterwards, they posted this hash result in the Algorand blockchain, which can be found in a transaction inside block 144366.Even if the Algorand Foundation website is hacked and someone tries to trick people into thinking that the result is now different by supplying a new fake auction1.outcome file, it can easily be spotted since the hash of this file wouldn’t match the one committed to the Algorand blockchain. Since a blockchain is an immutable data-structure and forking isn’t possible by design, the auction1.outcome can’t be changed and continue to match with the committed hash.However, what if this auction1.outcome wasn’t correctly calculated? How can we check the results transparently?We can use auctionminion which is available in the recently open-sourced go-algorand repository. (thanks Naveed Ihsanullah, Algorand VP of Engineering Research, for letting me know about this).This is the same command-line tool used by the Foundation to administer the auction and calculate the results, so let’s try to use it ourselves and see if the final output hash matches the one committed on-chain. Using this tool allows us to validate the result in a verifiable and transparent way, for two reasons:The code is open-source, so we can inspect exactly how the auction calculations are made.This tool source of data for the calculations will be our own node ledger, so we aren’t trusting some external entity node, and thus external data.In short, we will compile from source-code the tool which will then use the auction bidding data contained in our node to regenerate the auction results. The hash of the regenerated auction results, auction1.outcome, can be compared with the one the Algorand Foundation committed in the blockchain. If the hashes are the same then we confirm the auction results are also the same.Step-by-step verification stepsLet’s start completely from zero in an Ubuntu machine. To make these steps easy for you to reproduce, all the links to source-code will point to specific commits and not to branches that might change.Step 1 — Run an archival node on the MainNetTo do this, we have two options, downloading the latest binary from the Algorand developer website, or building from source.For the first option, you should follow the steps described in the Developer website. An important consideration is that the node’s data folder should have a config.json file where the Archival flag should be set to true (default is false). This flag should be set before starting the node the first time, or the local data will be in an inconsistent state.Archival behavior is necessary because the default node behavior is to only keep a few hundred recent rounds of block data locally to minimize the storage requirements of a Node. If the auction occurred before this minimal kept range auctionminion will not find the auction blocks.You can generate the config.json from the already existing config.json.example file located in the data folder.Start the node and wait until it finishes syncing:ignacio@ihagopian:~/node$ ./goal node statusLast committed block: 193153Time since last block: 2.2sSync Time: 0.0sLast consensus protocol: consensus protocol: for next consensus protocol: 193154Next consensus protocol supported: trueGenesis ID: mainnet-v1.0Genesis hash: wGHE2Pwdvd7S12BL5FaOP20EGYesN73ktiC1qzkkit8=If you choose the second option (for extra transparency) run the node from the after building the source code (next step).Step 2 — Download and build go-algorand from sourceBe sure to have golang 1.12.x installed; if that’s not the case follow the steps here.Then we should git clone the go-algorand repository and run a bash script which ensures all the dependencies for the project are installed.mkdir -p ${GOPATH}/src/ ${GOPATH}/src/ clone go-algorandgit checkout f105c21953cfd1e5dcd26ac28018f0a66b4b7930sh ./scripts/ #or use `bash` instead of `sh`Since there’s an open issue about an extra dependency missing, you should now execute sudo apt-get install autoconf to be ready for building the tree.Now, build the project: make install , this takes a while and will result in a bunch of binaries located in $GOPATH/bin .If in Step-1 you wanted to run the node from the compiled source, you should create a data folder somewhere and should contain:genesis.json file of mainnet that you can get from here.config.json file configured with Archival set to true as explained in Step 1.Then run: $GOPATH/bin/goal node start -d <pathPreparedDataFolder> and let it sync as mentioned.Step 3 — Prepare auctionminionGo to $GOPATH/bin where you should see the auctionminion compiled binary. Now run auctionminion -init . This should create a auctionminion.state file.Edit the file like this:{ “AuctionKey”: “VCINCVUX2DBKQ6WP63NOGPEAQAYGHGSGQX7TSH4M5LI5NBPVAGIHJPMIPM”, “AuctionID”: 1, “StartRound”: 130000, “AlgodURL”: “", “AlgodToken”: “!!your algod.token value here!!”}The AuctionKey and AuctionID value is the key and ID to the auction we want to calculate the results. If you go to the Auction webpage, you can click on the Info section and see the auction data: image also explains why StartRound should be set lower to the First Round value. We could set StartRound to 1, but this would unnecessarily scan a lot of blocks until reaching the start of the auction (you’re free to choose).Finally, the AlgodURL and AlgodToken can be found in your node data folder in the and algod.token.Step 3 — Run auctionminion and see the result!Be sure that the node is running and in sync as we checked later, and run auctionminion (no flags/options). Actually, as long as the carpenter log trace shows your node is beyond block 145000 you will have enough data locally to complete the auction results validation.Check if the last line of the output is:Expected outcomes hash (if settled without cancelling): VeezMNO+CHCSs5AX0NCsrR1qSYu/Y7SYM26tQSkG+do=Please note that auctionminion updates auctionminion.state in preparation for the next auction. If you would like to rerun this auction proof, you will need to restore the AuctionID and StartRound values of the auctionminion.state file.Step 4 — Verify the resultWe calculated the auction result and have the outcomes hash VeezMNO+CHCSs5AX0NCsrR1qSYu/Y7SYM26tQSkG+do= . If we see the settlement transaction of the auction, as we saw before, we can notice that this value matches the one in the outcomesHash: is great news. Our auction outcomes run matches the one committed to the blockchain.You may be wondering why the Algorand Foundation said that the outcomes hash was KXT3GMGTXYEHBEVTSAL5BUFMVUOWUSMLX5R3JGBTN2WUCKIG7HNA as we saw before? If you have good intuition about baseXX encodings, you’ll realize its the base32 encoding of the same value.You can check this as follows:ignacio@ihagopian:~$ echo VeezMNO+CHCSs5AX0NCsrR1qSYu/Y7SYM26tQSkG+do= | base64 — decode | base32KXT3GMGTXYEHBEVTSAL5BUFMVUOWUSMLX5R3JGBTN2WUCKIG7HNA====ConclusionIn this article, we verified the first auction results from the Algorand Foundation. To do this without trusting external binaries or data, we compiled from source to have an in-sync archival node, and the auctionminion tool to calculate the results.Even if we don’t scrutinize the logic of the code that calculates the results, we know that the auction outcome is reproducible and irrevocably committed to the blockchain. If you want, you can check the source to understand how the logic flows.Also, you may be interested in knowing more about the mechanics about auctions on-chain, where other components besides auctionminion participate. Algorand Dutch Auction — Transparent? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Global Coin Research: Top news in Asia from Tuesday to today

This twice-weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at and on Twitter at @globalcoinrsrch Top News It’s Now Harder to Mine Bitcoin Than Ever. The arrival of the rainy season in China’s southwest has been delayed by nearly a month compared to previous years. Source The Beijing Internet Finance Industry Association (BIFIA), a self-organized association of China’s internet finance players, just released a notice pointing out that projects such as Algorand and VDS, are vigorously promoting their virtual coins with roadshows and meetups, under the disguise of academic research. BIFIA reiterated the 2017 ICO ban content and other historical warnings, stating that ICO, IFO, IEO and IMO are with extreme risks and these illegal behaviors are strongly deceptive to the investors. Source Binance in Talks with Facebook Over Listing Libra, may also support the Libra blockchain by acting as a permissioned node that validates transactions.  Source South Korean internet company Kakao has rolled out a public network platform called Klatyn. It’s a proof of stake based blockchain with enterprise participants including China’s Wanxiang blockchain, Philippines’ Union Bank, LG, Kakao, and Gaming companies such as Netmarble and PUBG. Here’s a comparison of its governance council vs Libra’s association.  Source Global Coin Research did a workshop on STOS with Securitize’s head of Asia Jacqueline Kwok. Securitize has 19 upcoming STOs and more takeaways. Source   Most Clicked on From the Last Newsletter Korean exchange Bithumb announces plans to start of EOS blockchain voting. The report says that Koreans own about 10% of EOS tokens and Bithumb owns the most out of all the Korean exchanges. Source   Deals and Exchange News Chris Paik and Jordan Cooper, formerly investors from Thrive Capital and Lerer Hippeau, respectively, have raised a $150 Million vehicle focused on Series A investments including crypto. Source GCR highlights from an interview with Binance co-founder He Yi: Binance US coming soon; BTCB challenging USDT. Source Binance and stablecoin issuer Paxos have collaborated to simplify exchanging of fiat directly for the stablecoin Paxos Standard. Source Huobi exchange will expand its operations to Turkey, planning to have a crypto-to-fiat onramp for Turkish users by the end of 2019. Source Exchanges encountering problems around the world:  -Ireland-based cryptocurrency exchange Bitsane disappeared without a trace last week, likely taking hundreds of thousands of users’ assets with it. Source - Singaporean crypto exchange Bitrue gets hacked, loses $4.3 million in XRP, ADA. Source -Another top Indian crypto exchange, Koinex, is shutting down amidst regulatory uncertainty. Source   Business Xinhua News Agency, China’s state-owned media, pointed out that Bitcoin is being treated as a safe asset by investors and is funding a fund. Source Alex Gladstein on the ongoing Hong Kong protest and Bitcoin As Cash Fades, Will Bitcoin Keep Protest Alive in the Surveillance Age?  Source China’s G20 spokesmen: “G20 is paying a lot attention on how to use new #technology in traditional finance industry, like #digitalcurrency and digital asset. China is doing pretty good in these areas.” Source   Regulations The Monetary Authority of Singapore has spoken to the firm about its new cryptocurrency project — verdict is that there are still serious concerns but its early to tell. Source
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Circle CEO: Non-Fiat Monies Like Bitcoin (BTC) to Continue to See Growth

Allaire On Crypto Spring Ever since Bitcoin (BTC) and other crypto assets have begun to rebound, mainstream media has been all over the space once again, in a way somewhat reminiscent of 2017. Yesterday, Jeremy Allaire, the chief executive of the Goldman Sachs-based Circle, joined CNBC’s “Squawk Box” panel to talk about the ongoing cryptocurrency spring, and why Bitcoin can continue to see continued growth with time. Explaining what’s up with the recent Bitcoin rally past $11,000, Allaire asserts that investors across the board, especially institutional players, have come to a greater understanding of the space and have tried to accumulate due to growing fundamentals of cryptocurrency and blockchain. Great discussion with @andrewrsorkin and @JoeSquawk on @SquawkCNBC @circlepay @Poloniex— Jeremy Allaire (@jerallaire) June 24, 2019 But most importantly, he claims that investors have started to await the launch of “next generation blockchains” (Cosmos, Algorand, etc.), Libra, of course, being the latest and one of the most important. On the matter of why he thinks the launch of these blockchains will aid Bitcoin, the chief executive noted that new platforms and digital assets will bring together the diverse ecosystem. Libra and other stablecoins, for instance, can act as a unit of account, whether that be for salary or tax purposes. But from there, as a result of network effects, stablecoins acting as onramps, among other factors, non-sovereign monies, especially Bitcoin, will continue to become more and more important on the stage of global finance. As Allaire puts it: “More people are going to see the value of a censorship-resistant, highly secure digital asset.” Macroeconomic Backdrop Accentuating Need for Bitcoin & Gold Indeed, the current macroeconomic backdrop is, in the eyes of many analysts, creating a need for Bitcoin right now. A need that may only grow rapidly with time. Over the past month, Hong Kong has experienced massive protests. Hongkongers fear that an extradition bill recently proposed can be used to extract those critical of Beijing’s policies and send them to mainland Chinese courts, where they can then be tried and potentially face a harsher sentence than if they were to remain in Hong Kong. As a result, many have begun to move capital out of Hong Kong and begun to stop using fintech accessories. Bitcoin, of course, is very important in this fight for freedom. Case in point, Hong Kong crypto exchanges saw a premium last week, as LocalBitcoin’s HKD volume shot through the roof.Recently, Italy’s deputy prime minister has proposed a tax on citizens’ savings. Per a report from Reuters, the regulator, Matteo Salvini, told a late-night television program that he had been informed the safety deposit boxes across the European nation hold assets worth hundreds of billions. As a result of this “substantially hidden money”, Salvini, who evidently is a powerful man in Italy, proposes a 15% tax on those that declare their deposit-box holdings. As prominent analyst Alex Krüger kindly puts it, “Italy could end up being the best thing to ever happen to bitcoin.”But most importantly in this section, the Federal Reserve recently announced that it will be doubling-down on inflationary fiscal policy, with chairman Jerome Powell hinting that he will cute the Fed Funds rate. This is bullish for Bitcoin in the short term, as it incentivized investors to look to more risky assets. It also is bullish for Bitcoin in the long term, in that inflationary policies force investors to look for “harder monies”, namely something supply capped like BTC. Photo by Chris Lawton on Unsplash The post Circle CEO: Non-Fiat Monies Like Bitcoin (BTC) to Continue to See Growth appeared first on Ethereum World News.
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Algorand news by Finrazor


Algorand is a new cryptocurrency and consensus protocol. Its two core technologies are the binary Byzantine Agreement and cryptographic sortition. Algorand’s main difference from other proof-of-stake systems is the absence of economic incentives for network participants, hence the viability of Algorand is currently a subject to wide debate in the community

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Warren Buffett invests $600M, Coinbase is worth $8B, StarkWare acquires $30M, USD issues over $125M in investments, NXMH obtains Bitstamp, Algorand receives $62M, Thailand alerts against investments in ICOs, Ripple confirms the institutional investments growing, Kevin O’Leary invests $100M, Nouvive provides an investment observation, OK Blockchain Capital conducts an Investment Sentiment Survey, Steve Wozniak discusses his BTC investment

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OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts

The recent popularity Initial Exchange Offerings (IEO) have been experiencing over the last few months has brought what it appears to be like a new bull run. An incredible example of success is the OKB token issued by OKEx, one of the largest cryptocurrency exchanges by trading volume in the world, which has impressed the market beyond expectations having experienced an increase in the price of 163% since launched. Shinobi Capital, a leading blockchain advisory firm and also an investor in early-stage start-ups, has released its latest evaluation report estimating that the OKB price will grow further to US$30.75, 17 times the current price, by the end of 2020. According to Jason Hill, the founding partner of Shinobi Capital:  Exchanges tokens will be the powerhouse of the development of the digital asset market and even blockchain technology. Following a series of IEOs powered by exchange tokens in H1 2019, the market is marching to the next round of bull run. OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth. The established blockchain and cryptocurrency advisory firm is well-known for its extensive experience in start-up investment. In their evaluation report of OKB, Shinobi Capital lays out the two most important factors that will affect OKB’s future trading volume, the development of the OKChain mainnet and the overall the crypto market condition. Furthermore, the report also establishes a comparative evaluation model with other major platform tokens, including Binance Coin (BNB), EOS, and TRON (TRX). This comparative evaluation studies different aspects of each token such as trading volume, price patterns, and usage demand. The latest OKB buy-back & burn program is also taken into account to evaluate the token’s future price trend. It is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released. In the next round of market recovery and boom, OKB is likely to become one of the fastest-growing assets in the market. Disclosure: This is a sponsored press release The post OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts appeared first on NullTX.

Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […] The post Ethereum Classic presents roadmap to improve DApp development and overall infrastructure appeared first on AMBCrypto.

David Marcus Grilled During Facebook's Senate Hearing

During the first of two congressional hearings regarding Facebook's Libra cryptocurrency, project lead David Marcus went as far as to say he'd be willing to take his salary in Libra after intense grilling from Senator Sherrod Brown.
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David Marcus Questioned Over Libra by Congress

Facebook is finally facing its reckoning as David Marcus, head of the company’s blockchain division and the leader of Libra, the venture’s new cryptocurrency, was grilled by Senate members who refuse to believe in Facebook’s allegedly noble financial plans. Libra: A Congressional Issue? Many people have a hard time believing in Facebook’s morality following the Cambridge Analytica scandal. Discovered in 2018, Facebook had allegedly been selling users’ private data for years to third parties for advertising purposes. Following Mark Zuckerberg’s Senate hearing last year, trust in Facebook has fallen to an all-time low. In many ways, this new “congressional step” for the social media conglomerate should serve as a huge learning experience. When you’re a company of Facebook’s size and you do anything to compromise the safety or privacy of your customers, you can bet it’s going to take a long time to earn their trust back. Facebook is learning this lesson in spades right now, as several Senators taking part in the hearing commented about the lack of trust they feel towards the company and its executive team. Sherrod Brown, a Democrat from the state of Ohio, commented:  Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts. Senator Martha McSally, a Republican from Arizona, stated that Facebook is simply trying to shift gears and get people to focus on something else entirely, in this case cryptocurrency. Rather than seriously attempt to fix its reputation, it’s working to divert people’s attention with an entirely new product. She says: I don’t trust you guys. Instead of cleaning up your house, you are launching into a new business model. In addition, Facebook is also being criticized for its complete lack of coordination with policymakers. Throughout the early development of Libra, Facebook’s executive team failed to make any contacts with regulators or legal authorities to potentially understand how the cryptocurrency could better satisfy present financial laws and terms.  Trust Takes a Long Time to Build At least David Marcus isn’t lying to himself. He acknowledged during the hearing that it would likely take a while before the company can earn people’s trust well enough that they would provide their banking details. He states:  I want to make it clear that we are only at the beginning of the journey. We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals… We will not control Libra and will be one of over 100 participants that will govern over the currency. We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies. The post David Marcus Questioned Over Libra by Congress appeared first on Live Bitcoin News.
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Waves CEO Has Sold His Stake At Vostok, A Waves Blockchain Affiliated Project

Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project. The CEO also affirmed on the press release that […]
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