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Third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma

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Facebook’s Libra vs. Alipay and QQ Coin, BTC and ETH

Social media behemoth Facebook’s foray into the cryptocurrency space has triggered great discussions around the world with the release of the whitepaper on its cryptocurrency Libra. 8btc, the earliest and biggest bitcoin social media site in China, invited a line of crypto KOLs (Key Opinion Leaders) to have an in-depth discussion about the possibility and future of Libra. Advantage over Chinese social giant’s QQ Coin? When asked about Calibra (wallet for its “global currency” Libra)’s advantages over mobile payment giant Alipay and China’s very first social media virtual currency QQ Coin, Meng Yan, vice president of the Chinese Software Developer Network (CSDN) and initiator of token economy, stated, “QQ coin was the most successful virtual currency in China during the period from 2002 to 2007. After regulators began cracking down on it in 2007, QQ coin has “lost its power”; later when Q Coin transfers between accounts were banned in 2009, it no longer acted as a currency, but more like reward points since then.” QQ Coin is a virtual currency created in 2002 to allow users on instant messaging platform QQ to purchase virtual items like their avatar and game props. Q Coins could be directly purchased with RMB (one yuan each). Due to the rising popularity of the instant messager QQ among young man in China, QQ Coins soon became accepted by online vendors in exchange for real-world goods. This raised regulators’ concerns of replacing real fiat money in these transactions and the country’s central bank thus began to crack down such virtual currencies, though its creator Tencent (Chinese social media giant) argues that QQ Coin is a regular commodity, rather than a currency. Pony Ma, CEO of Tencent, also voiced his opinion on the big move of his U.S. counterpart, saying on WeChat that regulation will be the deciding factor for the success of Facebook’s Libra. “The technology is already mature so it’s not difficult (to implement). It just depends on whether it can obtain regulatory approval.” Most of the crypto influencers agree with the view of Pony Ma on Libra’s future, “The idea is sexy, the road is winding”, as a crypto entrepreneur said. Libra is trying to do what Alipay is doing? With the vision of creating a simple global financial infrastructure that empowers billions of people around the world, Libra aims to make money global and accessible for everyone. This makes most Chinese people to associate it with Alipay, the world’s largest mobile payment platform with more than 1 billion users worldwide. for those who use Alipay, it has achieved exactly what Libra is trying to do years ago WITHOUT any token- its backend is world’s biggest money market fund and front end is world’s biggest payment processors, natively integrated millions of merchants https://t.co/t3tPaKqU9C — Dovey Wan 🦖 (@DoveyWan) June 19, 2019 Compare Facebook’s Libra initiative to the country’s biggest payment third-party payments like Alipay and WeChat Pay, Meng commented, “Alipay and WeChat Pay are actually payment gateway whose role is to provide an entry for users to have access to the bank systems and payment networks, while blockchain is a direct payment network in the Internet. This has happened before, that’s the integration of telecommunication networks and the Internet. In the past, telephone calls were made through the telecommunication network, and now most of them actually go via the Internet VoIP. But the Internet’s built-in carrier of value is much bigger than the integration of telecoms and the Internet, which would give rise to a lot of digital economy applications. Imagine that in the future self-driving cars run on the road, 5G edge computing, if a car is in a hurry, it can pay token to the cars in front of it to let them give way. This sort of vision requires money to be built directly into the Internet protocol. The first stage of token economy is to replace money with token, and then to express various digital entities directly with token. A huge amount of transactions will be done directly on the protocol layer, without the hassle of going through the payment gateway.” Libra’s impact on BTC, ETH? Marc Fleury, creator of JBoss, an open-source Java application server, and starter of home automation system OpenRemote, who focuses on monetary policies and fin-tech, thought that Libra may impact major cryptocurrencies like BTC and ETH as they are all ‘cryptos’ so the category may benefit from this. “It may bring more fiat to crypto wrappers, like Tether does, assuming there are exchanges for FIAT/Libra which the whitepaper say they do. This onboarding of FIAT is a net benefit to all currencies, specifically the more visible ones.” When asked which coin will be Libra’s major competitor? Bitcoin, Ripple or JPMCoin, Marc said “Libra is a stable coin aimed at payments and remittance, its competitive edge is that they already have the user base wrapped in it.  Because it is not a speculative store of value like Bitcoin it does not compete.  Ripple is aimed at interbank transfers (SWIFT) and it may function in that capacity if enough banks adopt it. It’s stable, fully backed nature is interesting that way.”
8BTC

Bitcoin Vs. Apple Pay And Alipay

The following originally appeared on Weiss Crypto The Bitcoin correction I’ve been forecasting seems to be underway. BTC has fallen from a high of $9,000 to a recent correction low of $7,500. And the correction may not be over yet.  Use this as a buying opportunity.  Because, longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today.  Still, many analysts don’t see it that way. They think it’s apps like Apple Inc (NASDAQ: AAPL) Pay, Alphabet Inc's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google Pay and Alipay that could challenge the global financial system, even “replacing banks” with their new payment platforms. I believe that’s a collective delusion. Truth be told, they’re not replacing banks; they’re becoming banks.  Take Alipay, for example, covered in a recent Bloomberg report. It’s amassing client deposits in the hundreds of billions of dollars with its popular payment app. It’s leaving bankers out of the loop, not giving them a cut in the transactions. And it’s been very successful.  So people wonder: “Who’s profiting from all this?” I’ll tell you who: It’s companies like Apple, Google and an affiliate of China’s Alibaba Group Holding (NYSE: BABA), which owns and manages Alipay.  Alipay amasses its customers’ deposits. It invests the money in short-term money markets. It even makes loans to consumers.  So, the financial media says it’s one of the “great financial innovations” of ...Full story available on Benzinga.com
Benzinga

Why Do Facebook Need A Coin If AliPay And WeChat Are Successful Without One?

Facebook will release a cryptocurrency later this year that will allow WhatsApp users to send money instantly. Project Libra is definitely uncharted territory that raises a number of important theoretical questions about the viability and application of their stable coin, the Global coin. Yes, you heard it right. Facebook is into Crypto; who’d have thought this possible a few years ago? The social media giant is in talks with the U.S. Commodity and Futures Trading Commission (CFTC) over the stable coin. Facebook is looking at the regulatory landscape before committing to a full release. This is because crypto is largely in legal limbo which has damped Bitcoin adoption worldwide. The Market For Digital Payments In the contemporary world, global digital payment options are taking an ever-increasing share of the payment market. Cash is continually on the decline and we may very well have a future where cash will be relegated down further. Ironically, in the west users are under the leash of banks. Even in mobile payment applications like Apple Pay, the banks can still have a share of the fees. This is because these payment channels are mostly tied to users’ cards and banks accounts. Mobile Payment Solutions The rise of mobile payment options is challenging to mainstream institutions. This is because the purely mobile payment channels will cut the banks out and make transactions smoother. The rise of payment apps like AliPay and WeChat make the market change drastically. This is because these apps can remove banks and card companies from this market which is worth tens of billions of dollars annually. WeChat and AliPay are trailblazers in this sector. The two essentially dominate the payment industry in China with low cost faster solutions.  The ability to receive and send payments using your phone is obviously an advantage. People in China have easy solutions and commerce is better and more efficient with mobile payment solutions. Facebook Priorities Bitcoin has definitely had a hard time introducing mainstream consumers to the alternative world of digital coins. Therefore, Facebook will seek to succeed where Bitcoin and other altcoins failed. Obviously, impeding crypto has not succeeded because of limited market understanding and regulatory hurdles. Naturally, Mark Zuckerberg and co. would go for the more exciting innovation. Cryptocurrency success can be attributed to Facebook and take a fledgling innovation back on top. That said, the idea of market efficiency should not elude innovators and developers. If Facebook is looking at an alternative payments solution, why not study the model of AliPay and WeChat? The American payments market is ripe for mobile payments solutions takeover. Mobile payments, as it has shown in China, are a convenient and lucrative option. Facebook can launch a separate digital payment option for mobile that is not necessarily blockchain-based. This would arguably be more convenient for the social media giant. Indeed, it would be unwise to get into the crypto market simply for the sake of having a share in the crypto market. Facebook should, therefore, launch a coin that will definitely improve the whole crypto industry. Otherwise, it should look at and replicate other payment options in the market. The post Why Do Facebook Need A Coin If AliPay And WeChat Are Successful Without One? appeared first on Ethereum World News.
Ethereum World News

Ripple and AliPay, a Chinese Payment Giant worth $150 Billion, Alliance on the Cards?

There could be a relationship brewing between Ripple and AliPay, the Chinese payment giant that is reportedly worth $150 billion. Ripple and AliPay Alliance? AliPay is currently the largest payment networks in the world and is presently valued at $150 billion. The company has been the dominant mobile and online payment service provider in China and some parts of Asia. Last year, the company reported that it has over 870 million users and the number is expected to grow as AliPay venture into other markets. Read: Ripple Determined to Expand Its Business to China According to the CEO of Ripple, Brad Garlinghouse, AliPay is now looking to venture into the US market. The Ripple exec revealed that high traffic processor has high ambitions for the United States: “AliPay has grand ambitions for the United States. I’ve had conversations with people in the company, and there is a zeal to make a move into the US. The company knows that the US is a large economy and they want growth. AliPay has so far built a strong payment system around their world.” The $150 billion company has built a secure payment system over the years, but it is currently focused around their continent. Ripple could be the company to help the Chinese giant break into the United States market. One sign that points to that happening is the presence of an AliPay Ripple URL; alipay.ripple.com The creation of this subdomain has sparked a conversation amongst XRP loyalists, with some of them pointing out that only the Ripple.com domain has the power to create the alipay.ripple.com subdomain and Ripple would just do that if there is a partnership between the two companies or something similar to that. Alipay testing ripple! #Ripple #XRP #xrpthestandard #xrp https://t.co/QhOKF2od2o— Coinsaske 🇦🇹 🇨🇭 🇩🇪 (@TheRippleTrader) August 22, 2017 Ant Financial Is A Global Company There is a notion that AliPay is designed just for the Chinese. It is worthy to note that neither Alibaba nor Ant Financial are exclusively for Chinese. Ant Financial is a global company that is composed of apps, APIs and analytics, which help with finances. The company grew its market value by focusing on two critical financial trends in China; mobile payments and money market funds for consumers. In the middle of last year, the company raised $14 billion in a funding round which brought its market valuation to $150 billion, making Ant Financial the ninth largest internet company in the world. Its estimate last year saw it become the tenth largest banking group in the world, overtaking some giant firms such as Goldman Sachs, Royal Bank of Canada, Santander, and many more. Partnership will be Shaping If there should be a partnership between these two ambitious players, then it would be one that could change the global banking and financial system. Ant Financial has been one of the fastest growing financial companies in the world and combining their extensive database and resources with Ripple’s technology, money transfer would be carried out in a quicker, cheaper, and more convenient manner. #Ripple customer dLocal | AliPay, UnionPay & WeChat Pay Join LATAM Fintech's Digital-Payments Platform Revolution | #XRP https://t.co/oWwhXhSV2H— Thomas Ripple (@XRPHODLER) December 20, 2017 Also Read: Weiss Ratings: In the US, Ripple (XRP) More Popular than Bitcoin (BTC) Ripple has been rolling out products that would make cross-border and local money transactions faster, easier, and cheaper for financial institutions. Ripple (XRP) has become the most popular cryptocurrency in the US due to the progress made by Ripple and paving the way for Alipay to make its entry into the country could further boost the adoption of the cryptocurrency. At the moment, there is no concrete evidence that the two companies are working together, but if it happens, then Ripple (XRP) could be on its way to a massive global adoption. The post Ripple and AliPay, a Chinese Payment Giant worth $150 Billion, Alliance on the Cards? appeared first on Ethereum World News.
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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.
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.
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.
Ethereum News

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.
Live Bitcoin News

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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