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Voyager’s Ethos Universal Wallet Now Supports 25 New ERC20 Crypto Tokens

The Ethos, which is a blockchain asset ecosystem, one that was recently been purchased by Voyager has just gone ahead to announce the 25 plus ERC20 tokens straight to their Universal wallet. It is one that has been designed in a manner it is able to support both the WatchFolio and the SmartWallet users; it […]
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Jim Jagielski on Why Open Source and Blockchain Must Unite

The Co-Founder of the Apache Software Foundation is on a mission to bring the two communities together.So much of the history of the Internet has been driven by open source software — and most people don’t even know it. Inspired by much of the same ethos as today’s blockchain movement, activist developers around the world have provided the backbone of public Internet protocols since before the world wide web was even conceived, and the Apache Software Foundation has been at the center of it all over the past three decades.Co-Founded by ConsenSys Open Source Chef Jim Jagielski, alongside a whole host of brilliant software and IT engineers from all over the world, the ASF’s list of projects extends into the hundreds, and the open source community provides not only the code, but a moral and conceptual compass to the greater tech industry.With the explosive growth of blockchain and cryptocurrency over the past few years, decentralized networks like Ethereum should have provided a whole new landscape for open source developers and thinkers to collaborate and continue the perennial quest to perfect human and technical systems, while providing a generational chance to redirect the history of the Internet towards its decentralized roots. Although many projects — including Linux’s HyperLedger consortium and the Enterprise Ethereum Alliance — are doing much to bring the nascent industry together, there is still much work to be done.We spoke with Jim Jagielski about the parallels between the early days of the Internet and the blockchain movement, how open source and blockchain protocols are a perfect match, and how the two communities can better enmesh going forward….How far back does the timeline of open source extend?One of the things that brought me to ConsenSys was the parallels that i saw between the early, early days of the web and the blockchain movement. I’ve been involved with the Internet and open source since the mid ’80s. Even back before people were gravitating towards the world wide web, what made the Internet special was the very fact that there was all this technology available via open source. When you think about e-mail: Sendmail was an open source program. DNS was all done by BIND (Berkeley Internet Name Domain), which is an open source project. The foundations of the Internet were all built around open source.I think that’s what made the Internet become very successful: If you were someone who just wanted to get started on the Internet, you didn’t need to worry about buying software. You could download open source software, play around with it, and it put you on a level playing field with anyone else who may have the money to plunk down money for a license.It wasn’t until the world wide web took over that open source thinking became a power to be reckoned with. I think the fact that you had high quality software that was just as good as the commercial software was a big driver. There wasn’t really a commercial alternative for email or DNS or some of the basic foundational stuff. Later, commercial offerings for web servers emerged, but you also had the open source versions, like Apache HTTPd.What are other similarities you see between the the development arc of the Internet and blockchain?A lot of what we’re talking about with blockchain and Ethereum is this mindset that, as a grand experiment, the Internet did really well, but we lost sight of the importance of decentralization and democratization of information, data, authority, things like that. The way to avoid or make sure that’s not the case is to make it a fundamental part of the infrastructure itself, because past history has shown that left to their own devices, not everybody will do the right thing.The early days of the Internet were really all about decentralization. The whole idea behind ARPAnet and stuff like that was to avoid any situation where — god forbid — there was a nuclear war and some sections were taken down, and thus the entire network would be taken down. That’s what ARPAnet was all about: to avoid these pockets of authority, power, knowledge — whatever you wanna call it, such that it was reliable, resilient, really decentralized.For long period of time, the Internet did just that. It was this level playing field that everybody was able to use, leverage, commercialize, or commoditize, but there was no real leader or entities that controlled it. Somewhere along the way, the community lost sight of that, and were really willing to hand over huge swaths of data ownership, privacy concerns, to a handful of corporate and/or government entities which — really, at the end of the day — probably don’t have our best interests at heart.That was one of the things that attracted me to ConsenSys and bringing the knowledge that i’ve learned about the early days of the web and how open source helped give that anarchist mentality. This was an opportunity to redo the web, but right. To really bring it back to its roots, to create an environment and foundation and infrastructure where decentralization isn’t just an ideal, but is built into the actual fabric of how we do things. you see any problems forming in the way that the blockchain software landscape is developing?When you look at big data, machine learning and AI, there’s a similarly parallel progression between the viability of open source softwares and communities. Blockchain was just the logical progression of that.One of the things that interests me is that, in general, all the other technology advances that we’re talking about previously, really had active, engaged, large open source communities surrounding them. I didn’t see a lot of that in the blockchain community. Certainly there are some open source components associated with it, but in general, the cryptocurrency, blockchain, Ethereum communities haven’t meshed with the open source communities out there. That was one of the things I could really help with, being the liaison between those two communities and really drive open source awareness and acceptance in the blockchain community.Are phenomena like Facebook’s forays into cryptocurrency and JPMorgan Coin concerning from an open source perspective?I think it is concerning. In general, what we’re seeing is that some aspects will be open source and transparent as far as the code and the protocol and standards are related. But a lot of that stuff isn’t. Considering the people who are making these moves, their past behavior is an indication of what their future actions will likely be. Just blindly or naively assuming that because they’re smart and did a ‘great’ job with social media, of course they’ll get cryptocurrency right. Well, people don’t really think that through all the way. I think there’s some concerns about letting people utilize this technology — which is really about avoiding middlemen and centralized intermediaries — i think that needs to be well understood by people out there.And I think one of the best communities to be able to help drive that is the open source community. One of the reasons open source is so important is because it’s transparent — not only the code, but how the software is written, the bugs associated with it, what code is and isn’t approved. All of this dirty laundry is public and transparent. That’s why open source is much more secure, simply because people can look at it. With enough eyes, all bugs are shallow. Having an infrastructural tech based on open source code is the best way to ensure that it is robust, reliable, and also secure.Is the encroachment of institutional forces on decentralized technology an inevitability?I don’t think it’s inevitable! I think we need stewards, champions of Web3 and the decentralized web, to be much more vocal about the reasons why people want these ideals. That’s a communication that hasn’t been done a lot yet. It seems to be that there’s this association between blockchain and cryptocurrency. We have to fight that stigma and confusion. The blockchain and cryptocurrency community is very insular. There’s a lot of good talk and discussion going on inside that community, but a lot of that isn’t being shared externally. I think that by having projects code bases and communities that bridge the gap between the anarchist, crypto-blockchain community, and the infrastructural, open source development community, I think that could help create the channel. ConsenSys projects are taking an open source-inspired route?Certainly, PegaSys and Pantheon is one of the bigger projects that we’ve open sourced. It’s an open source project under the ConsenSys umbrella. We just started moving Cava, which are the ConsenSys Java libraries for a whole bunch of Ethereum stuff. We’re donating that to the ASF, to Apache, and that will become an Apache Incubator Podling, which is what we call initial projects. That’ll be the first blockchain project ever within the ASF. I think that it’s a project being donated from ConsenSys is pretty noteworthy.In the early days of the Internet, it would not have been as successful without a company like Sun behind it. Sun fully embraced the web, fully embraced open source. It enabled them to carry a lot of that stewardship. Once you get enough of a critical mass, you need someone to show the way forward, and help foster the thing. I think ConsenSys has a unique ability to leverage some of the regard and recognition in the blockchain community — if we could translate some of that to the open source community, we could be the spearhead as far as helping to drive that movement. I’ll be speaking at OSCON just about this.When you look at some of these big, innovative technology bellwethers that have changed the complexion and complexity of the IT landscape, at their heart, they’ve been started at the ASF. I think having the ASF be an organization where there are a lot of fantastic open source projects that are all about blockchain and Ethereum is something that i’ve been trying to champion, not just at ConsenSys but everywhere.Blockchain and open source seem like a perfect match. What can we do to foster that relationship?If you’re not familiar with the early days of the web and how open source helped drive adoption and innovation, learn about it. There’s a lot that the open source community can do to help drive the development of blockchain. It’s a great way to ramp up evangelization and awareness of blockchain, and it’s a great way of pulling in developers from outside the blockchain community who might have that fix or innovative patch that addresses some serious issues. The open source community is ready, willing, and able to help the blockchain community. And if there’s anything I can personally do to help out, don’t hesitate to reach out and ping me on Twitter or email. The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys and Ethereum, please visit our website.Jim Jagielski on Why Open Source and Blockchain Must Unite was originally published in ConsenSys Media on Medium, where people are continuing the conversation by highlighting and responding to this story.
Consensys Media

Reflections on a week talking crypto in Hong Kong

This week I was at a cryptocurrency event, Token2049, in Hong Kong. Like any industry conference, far more interesting than the panels were the hallway and nighttime discussions with dozens of people spanning public blockchain projects, executives from major exchanges, and investors of various flavors. What follows is an assorted sampling of observations from my experience. While heavily reliant on anecdote, this is what I saw as meaningful signal, specifically focused on where development and ecosystem activity is divergent from Western understanding. On market sentiment Token2049 was an event straight out of the bull market with events all week fueled by ICO-subsidized alcohol. By my count alone, between Justin Sun's exclusive penthouse party and other events, I probably took down $100-150 worth of poison juice from the TRON treasury. Marketing was on full blast, with any time traveler struggling to distinguish between today’s event and sentiment in Q4 of 2017. Free swag was everywhere and pitches were overheard all over with projects still strongly pushing social proof, new investment rounds, and investors clamoring to get into “hot” deals (though today’s deals looked more like Binance’s launchpad spinouts than 2017’s Western ICOs). Events attracted hordes of rabid fans, all interested in seeing progress (though I suspect even more were driven by “When moon?” type questions). More poignantly, any expectation that "this bear market isn't over until all of the [things I don't like] are washed out of the market" is silly—far too much money was thrown off by the speculative mania of 2017 and the massive revenues exchanges pulled down for this party to stop anytime soon. Asian cryptocurrency builders' ethos Regardless of whatever descriptive view you believe about the future of cryptocurrency (or priors you hold about early movers like Bitcoin, Ethereum, etc.), it’s more obvious than ever that the money and energy in Asia simply does not care. There is a long-tail of projects with dozens, if not hundreds, of team members and they have the same fervor (if not even more zeal) than U.S. teams. The teams' orientation is also strikingly different: it feels like many cryptocurrency enthusiasts in the U.S. have an indefinite pessimistic view—"cryptocurrency is insurance"—while the dozens of Asian teams I spoke to have a definite optimistic orientation. In many ways, however, the focus and ethos is different: while North American and European teams I know are focused on the merits of decentralization, the paradigm in Asia is very much focused on migrating everything to the emerging "stack". While I have my own views on the feasibility or logic behind this, I'm now more convinced it may be possible some form of "decentralize everything" might emerge, even if specific to certain regional nexuses, purely on the strength of Asian teams being able to brute force their way there. What are people building? There are more efforts to build a new or improved base layer public blockchain than anyone in the West realizes. This is one case where I think most early movers have an advantage too substantial to maintain, e.g. Bitcoin (brand, ethos, size, security), Ethereum (Western developer traction), EOS (Eastern developer traction), TRON (sheer capital), etc. and I anticipate most teams working on as-yet-unlaunched layer-one chains will consolidate efforts. Aside: anecdotally, openness to "unorthodox" business moves is much higher in Asia, from exchanges thinking of novel issuance models to projects focused on different user acquisition channels. There seems to be a strict focus on adoption tech out East, I was pitched dozens of different projects working on real-life use cases ranging from messaging products to games. Games in particular were a hot category, ranging from collectible-driven role-playing games to simple gambling products that entrepreneurs were optimistic would drive adoption. What’s the future of West ↔ East crypto? Though it may appear Asia-based teams are on a collision course with Western teams, more and more it seems clear that any substantive Asian cryptocurrency ecosystem could develop entirely independently of the West. While Asian projects and entrepreneurs are operating highly collaboratively, it’s principally within the local ecosystem. For entrepreneurs interested in cryptocurrency development across the protocol and application stack, paying attention to application-layer development in Asia may be of increasing importance, particularly as potential adoption of a breakout app is high. While founders of public blockchains have tried applying the same playbooks (e.g. starting a foundation and establishing an “ecosystem fund”) across the board, in Asia, entrepreneurs appear to be breaking the mold, pumping more money than anyone would reasonably expect in marketing. With this and more aggressive developer acquisition tactics (combined with lower developer cost), application development could gain meaningful traction in the East before the West.
The Block Crypto

What’s MakerDAO and what’s going on with it? Explained with pictures.

What is MakerDAO?MakerDAO is a protocol behind the stable coin DAI — a cryptocurrency that maintains a 1:1 peg to the USD. Think of 1 DAI as $1. What makes it unique is each DAI is backed by Ether instead of a 3rd party claiming to have the required collateral. Since Ether is volatile this poses some interesting challenges to maintain the peg.The project was started in 2015 and did not conduct an ICO, instead choosing to privately sell MKR tokens to fund development over time. Maker’s DAI stable coin launched at the start of 2018 and has experienced significant traction since then.Why do we need DAI?Dealing with crypto’s volatility is a problem. As many in the blockchain space know, DAI is not the first stable coin in the space. Predecessors include Tether, TrueUSD and a few others. However the risk of all of these projects is that the custodial party holding the real US dollars will refuse redemption of the stable coin for any regulatory reasons. This goes against the ethos of crypto being permissionless. Furthermore, we have to trust that the custodial solution actually has the correct amount of US dollars and not creating artificial inflation.Who’s using it?DAI is arguably the most successful project built on Ethereum at this point in time. It currently holds 2% of all Ether inside its smart contracts and has issued over $77 MM in DAI (debt) in its system. In addition, Maker continues to see perpetual 20% month-on-month growth in terms of the DAI issued with 71% of users spending their DAI as soon as they acquire it. This signals a shift of usage rather than speculation.Source: does it work?The basics of the system, work like this:You deposit/send Ether to Maker’s smart contract, creating a Collateralised Debt Position (CDP).Say you deposited 1 ETH (worth $100), this will allow you to take up to 40 DAI (assuming a 150% collateralisation rate $100/1.50) against your $100. However, if the price of Ether drops below $100 your CDP will be forcefully closed. To stop this from happening you need to put in more Ether or take out less DAI in the first place. This is to ensure there’s always enough capital locked against the amount of money being taken out.If you want your Ether back, you need to pay back the amount you took out with the addition of a minor fee.It can be a bit overwhelming.Here’s a few simple examples of how the lifecycle of a CDP might play out assuming the price of Ethereum is $150 and you deposit 1 ETH at this price:You decide to take out 50 DAI which means your CDP is collateralised 300%. As long as the price of Ethereum doesn’t drop below $75 (50 * 150%) your position will be safe. After one year, you decide to pay back the 50 DAI and retrieve your Ether locked up. Upon closing the position or other interactions with your CDP, you’ll pay the annual stability fee (set at 3.5% as of March 2019).You decide to take out 100 DAI which means your CDP is collateralise at just 150%. The price of Ethereum drops to $100 which means your CDP is under-collateralised by $25 ($100*1.5 = $150 < $100). A 3rd party will realise that you don’t have enough collateral and liquidate your CDP on your behalf. This results in your position being liquidated by 3rd parties with a penalty. These 3rd parties have various ways to profit from your position being liquidated.You decide to take out 75 DAI which means your CDP is collateralised at 200%. The price of Ethereum rises to $300 due to the bull market starting. Your CDP is now collateralised at 400%. Since you’re an ETH bull and you think the price won’t go down, you decide to draw an extra 100 extra DAI putting your CDP ratio back at 200%.Who Controls the System?Inside the MakerDAO ecosystem, their native MKR token allows token holders to influence certain aspects of the protocol such as:What should the be the annual borrowing fee be (stability fee)?How much collateral should be backing each CDP (collateralisation ratio)?Shutting down the protocol in the case of a flash crash of the price of Ether or any other unforeseen situation (emergency shutdown)?One important piece of information I haven’t mentioned so far is the fact that when the stability fee is paid, a dollar equivalent amount of MKR is purchased off the market to pay the stability fee. This means that MKR is actually a deflationary currency.At its core, MakerDAO is like a credit facility that issues loans with a certain interest rate. If the interest rate (stability fee) is low, people are encouraged to borrow more (lock up more ETH). If the interest rate is high, the cost of capital is high making it less attractive to borrow (close out CDPs). Recently, DAI has been consistently been trading on exchanges below $1. A big reason for this is because there is significant pressure from DAI holders to sell. DAI can only be generated via the opening of CDPs. To bring the peg back to its correct target price, MKR holders voted to increase the stability fee from 1% to 3.5% in hopes that it reduces the incentive to open CDP (and close existing CDPs) to increase the buy pressure. In the future the Maker team plans to introduce the Dai Savings Rate, which will allow DAI holders to lock up their DAI and earn interest. The interest paid to holders is financed from the stability fee that currently goes to purchase and burn MKR.Now in the case that the MakerDAO system contains less collateral than it’s supposed to (flash crash of Ether), additional MKR is issued and sold on the open market to pay back ETH and DAI holders. It is for this reason that MKR holders don’t want to set the collateralisation ratio too low as they’re the buyers of last resort. However, they don’t want to set it too high as the cost to borrow increases.Positive ETH Feedback LoopA type of behaviour that we can’t confirm but can speculate happens is CDP holders doubling down on their positions (or going “long” on ETH).Essentially it goes a little like this:Open a CDP with a 200% collateralisation ratioWait for the price of Ethereum to appreciateDraw more DAI from your CDP (because you can without decreasing your collateralisation ratio)Purchase more ETH with your newly minted DAIAdd ETH to your CDP to over collateralise your CDP to safeguard against any market down turnsWhile it sounds quite harmless, tomorrow if ETH appreciates to $500 from its current $150 price, the current 250% collateralisation ratio (average) would increase to 75900%. Based on current numbers it means 150M dai could be minted which could cause significant buy pressure on Ether causing a positive feedback loop. The current 100M debt ceiling limits this from happening but will most likely be increase with the introduction of multi-collateral DAI.Multi-Collateral DAISo far the MakerDAO experiment seems to be a success amongst the community and is growing every month. However a big limitation is you can only use Ether to collateralise your CDPs. With the introduction of multi-collateral DAI you could use any ERC20 token to collateralise your CDP. You could actually use your wrapped Bitcoin to collateralise your CDP!While it all sounds good there’s two implications which Maker fans should be aware of:Using custodial assets such as wrapped Bitcoin (backed by BitGo) could result in undercollateralised CDPs if issuers are forced to freeze assets. An example of this is authorities telling BitGo they’d like to blacklist wrapped Bitcoin from MakerDAO’s addresses. This means that the value of the Bitcoin backing the CDP is worthless.Since Ethereum isn’t the only asset inside the collateral, it means that any positive feedback loops from the ETH price can’t be realised as there’s less ETH to actually contribute. I don’t see this necessarily being a bad thing but it’s worth being aware of.Final RemarksThing such as the positive ETH feedback loop and Dai Saving Rate are going to be really exciting to see come to life as we’ve never seen anything like it at scale. Coupled with all the other open finance projects, this experiment is going to be exciting to see play out!I personally think Maker is the third most successful experiment after Bitcoin and Ethereum. The team has stayed true to the values of crypto, engages with the community and has shipped a meaningful contribution to the entire space.They also throw amazing parties but that’s for another time.’s MakerDAO and what’s going on with it? Explained with pictures. was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Amazon Shares Drop 2.6 Percent As Centralization Alienates Suppliers

Amazon suppliers received a lesson in centralization on March 7 after the e-commerce giant abruptly began canceling huge numbers of orders in a profits push.  Amazon: We ‘Saw Opportunity’ As Bloomberg reported, quoting a statement from Amazon, the company wants to increase returns at the heart of its e-commerce operations. This has involved fundamentally altering the supply line, forcing even long-time sellers to sell products directly on its marketplace instead of using Amazon as a middleman. This, reports say, results in reduced costs, as suppliers themselves foot the bill for issues such as storage and shipping. Amazon also takes a commission from each transaction. “We regularly review our selling partner relationships and may make changes when we see an opportunity to provide customers with improved selection, value and convenience,” the statement reads. The knock-on effect for suppliers, perhaps predictably, has already touched a nerve. As Bloomberg notes, given purchase orders agreed months in advance, seismic changes from Amazon can easily trigger chaos. “If you’re heavily reliant on Amazon, which a lot of these vendors are, you’re in a lot of trouble. If this goes on, it can put people out of business,” the publication quoted Dan Brownsher, CEO of a consultancy counting around 50 Amazon vendors among its clients, as saying. At press time, Amazon’s share price was down by close to three percent on the day. Can Decentralization Tackle Monopolies? As Amazon has grown to achieve a practically worldwide monopoly, the perils of relying on a giant centralized partner will ring true for those businesses which have adopted an alternative ethos. Nonetheless, decentralized marketplaces have yet to achieve widespread popularity. Efforts to take on the e-commerce giants have so far seen little progress, with highly-anticipated offerings such as OpenBazaar failing to dent consumer habits. “You should be able to buy and sell using cryptocurrency… if you get crypto, you should be able to spend it… you and buy whatever you need for your daily activity,” the platform’s founder, Washington Sanchez, told cryptocurrency advocate Tatiana Moroz’s podcast the Tatiana Show in January. Sanchez is overseeing a diversification of OpenBazaar’s core offering, branching out into related software as part of parent company What do you think about Amazon’s change of strategy? Let us know in the comments below!  Images courtesy of Shutterstock. The post Amazon Shares Drop 2.6 Percent As Centralization Alienates Suppliers appeared first on

Ethfinex To Decentralize Its Listing Process

Ethfinex, a hybrid cryptocurrency exchange, is working with arbitration platform Kleros (PNK) to decentralize the token listing process. Kleros announced yesterday that they were working to integrate a curated list dApp into the Ethfinex platform, which would effectively put the token listing process into “the hands of the community.” “Ethfinex have always looked to offer decentralized, trustless and transparent operations where possible,” said Stuart James, Communications Director at Kleros. “This collaboration with Kleros is yet another example of this ethos translated into real, working Dapps and hopefully, the first of many exchanges to decentralize their listing process.” In the current system, the Ethfinex team selects tokens, which are put forward to a public vote each month. The three most popular assets are then added to the exchange. Although Ethfinex says this process is “fine,” the exchange also believes it “was lacking the true spirit of decentralization.” What’s Kleros? Kleros is a “justice protocol,”  which uses blockchain and smart contracts as the basis of a resolution platform. Disputing parties place funds in an escrow and third-party jurors are employed to resolve the disagreement. In order to incentivise good practice, jurors have to deposit Kleros’ native PNK token before they rule on any disputed case. Jurors which make “coherent decisions” – i.e., who take the winning side – are rewarded with the PNK forfeited by the jurors who ruled the other way. The platform first piloted its resolution layer with the ‘DogesOnTrial’ experiment, which tested if jurors could make accurate and impartial decisions, by asking people to distinguish between cats and Doges. How will the new listing process work? The proposed token listing process gives the Ethfinex community full decision-making powers over the tokens chosen. It starts with a community member, who pays an Ether deposit to submit tokens for consideration. Each month, submissions will be pulled to Kleros’ decentralized application, which can check if tokens meet Ethfinex’s listing criteria. If the token adheres to Ethfinex’s listing policy, it is put it forward to a community vote.  Members will vote with their Nectar (NEC) tokens; if there are no objections within a two-week window, the token is listed and the deposit returned. But users can also challenge a token application, if they believe it was submitted incorrectly or that it poses an actual threat to the Ethfinex platform. Like submitters, challengers also pay an ETH deposit.  In this case, community members are selected by the Kleros platform to arbitrate the case as jurors. Decisions are reached by votes. The defeated party loses their ETH deposit, which is paid to the winning party as well as the jurors who sided with the majority.  Ethfinex launched in 2017, specifically as a trading platform for ERC20 tokens. Like Bitfinex, Ethfinex is built as a secondary layer on top of the Ethereum network. The exchange refers to itself as a “hybrid decentralized exchange,” and its whitepaper indicates plans to gradually transition into a fully decentralized trading platform. Neither project has yet given a timeframe for when they think the new listing process could be launched. But with work starting, it’s a sign Ethfinex is living up to its promises. The author is invested in digital assets, including ETH which is mentioned in this article.  Join the conversation on Telegram and Twitter! The post Ethfinex To Decentralize Its Listing Process appeared first on Crypto Briefing.

Coinbase acquired Neutrino for $13.5m – Report

Top crypto company Coinbase paid $13.5 million for controversial intelligence firm Neutrino, Bitcoin Magazine reported Wednesday, after accessing a leaked legal document.  The Neutrino acquisition was at the heart of a heated debate last week after it emerged that its core executives had previously founded Hacking Team; an Italian firm that sold spyware to governments linked to human rights abuses. The document, dated February 15, also shows that Coinbase agreed to pay Neutrino's three top execs - Hacking Team's former chiefs - nearly $3 million each, as large shareowners. Coinbase said its purchase of Neutrino's technology - and staff - was to help it analyse coin flows from different public blockchains. Coinbase has since announced that it would be "parting ways" with any Neutrino employees with links to Hacking Team, including CRO Marco Valleri, CTO Alberto Ornaghi and CEO Giancarlo Russo. A wave of users joined a #DeleteCoinbase movement to put pressure on the exchange for undermining the “censorship-resistant” ethos of the crypto community by association.
The Block Crypto

DLT M&A Weekly : March 2nd 2019

DLT M&A Weekly : March 2nd 2019Distributed ledger technology mergers and acquisitionsDLT M&A news with week was dominated by reactions to the acquisition of Neutrino (chain analytics for exchange risk management) by Coinbase which was well covered by The Block. The only notable newly announced M&A transaction this week was the acquisition of Ethos (private) by newly public Voyager Digital(Public TSX.V: VYGR), described in detail below.— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —Voyager | Ethos | $3.9mm | February 28, 2019Small but strategically important and illustrative acquisitionTarget Description: Ethos offers a mobile phone-based multi-asset cryptocurrency wallet (the Ethos Universal Wallet).There are a long list of wallet competitors include Coinbase (Toshi), Blockchain, GreenAddress, Bread, Jaxx, Mycelium, Electrum, MyEtherWallet, Samourai, and hardware based-wallets including Ledger, Trezor and KeepKey.Ethos raised $2.3mm in capital in July 2017 through a token issuance (whitepaper). The token (ETHOS) currently trades on Binance and Bithumb and according to OnChainFX, has a current market capitalization of $14mm. 56% of the total token supply remains in the Ethos PTE LTD (“Ethos”) was founded by Shingo Lavine in May 2017 as Bitquence. Mr. Lavine will assume the role of Chief Innovation Officer and join the board of directors a Voyager upon close of the transaction.Buyer Description: Voyager Digital (Canada) Ltd (TSX.V: VYGR) is a crypto asset brokerage firm, offering retail and institutional clients commission-free trading services. Via their Smart Order Router, Voyager access multiple crypto exchanges and other trading venues to ensure efficient execution of desired trades. Voyager currently operates in the select U.S. states and plans expansion within the U.S. and internationally this year. Voyager competes with companies such as Coinbase, Circle and Robinhood.Voyager, led by Steve Ehrlich and based in New York, NY, was created via the reverse merger of Voyager into a public shell company which closed on December 31, 2018. Voyager is pre-revenue and has a current fully diluted market capitalization of $45mm U.S. (79.6mm fully diluted shares at $.5625 per share U.S.).Transaction Parameters:Voyager is acquiring certain assets of Ethos for 7 million common shares of Voyager, today valued at approximately $3.9mm U.S.Comparable acquisitions include: Binance’s acquisition of Trust Wallet (July 2018), nChain’s acquisition of HandCash (May 2018), Coinbase’s acquisition of Cipher Browser (April 2018), ShapeShift’s acquisition of KeepKey (August 2017) and Bitmain’s acquisition of BlockTrail (July 2016).Strategic Rationale: A cryptocurrency wallet is essential to allow an individual to access, store and transact with cryptocurrencies and tokens. In essence, the wallet is a critical user interface. Companies who control the wallet, have direct access to the consumer, making it highly strategic to control. Today, there are 35 mm cryptocurrency wallet users according to Blockchain.comVision, and other crypto exchanges, require wallet integration (their own or third-party wallets) and are also seeking strategic advantage by controlling the wallet as cryptocurrencies and tokens are more widely utilized as payment or access.Other competing user interfaces include cryto-enabled mobile and desktop browser (Brave or Metamask), use case specific apps (including crypto exchanges like Voyager, Coinbase, …) where the wallet is linked but in the background.Voyager and Ethos had an existing business relationship.Architect Partners Observations: We’ve only begun to see the emergence of the competition to control the cryptocurrency wallet given its immense strategic value. Those who control access to the consumer, have the opportunity to extract value from that relationship. No different than the web and mobile browser, search or social media.Also of note, this is an acquisition of a company which had previously issued tokens in an ICO. The circulating supply of these tokens are currently ascribed a market value of $14mm and 56% of the token supply remains held in the Ethos treasury. As we’ve observed before, while issued tokens may make M&A more complicated, it’s certainly not impossible as theorized by Kyle Samani in his October 2017 Crypto Acquisitions post.One way to think of this transaction is that Voyager paid $3.9mm for the assets of Ethos which theoretically include tokens valued by the market today at $18mm. Interesting …DLT M&A Weekly : March 2nd 2019 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Bitcoin Early Adopters Build Seasteading Home off the Coast of Thailand

Interest in cryptocurrency is often interlinked with a passion for personal freedom and a desire to shape the future for the better. A recent example of this is a team of Bitcoin early adopters who are building a seasteading home off the coast of Thailand. Also Read: In the Daily: Binance Trading Competition, Bitdeer BCH Mining Plan, Voyager Merges Ethos Private Seasteading for $150,000 A short video documentary released by the Seasteading Institute on its Youtube channel showcases the establishment of a small seastead 12 nautical miles off the coast of Phuket, Thailand. The installation is now the home of Chad Elwartowski and Nadia Summergirl, a couple who wanted to move the futuristic idea from just a concept to a practical reality. The people behind the project were Bitcoin early adopters who used the profit from that investment to fund their dwelling. They spent around $150,000 on the seastead, $30,000 more than they expected. “As it is experimental we ended up adding and adding and adding,” Elwartowski told Reason’s Brian Doherty. According to the blog of the seastead construction team, Ocean Builders, $150,000 is the target minimum price for a barebones facility. “Closer to $200,000 would likely give you a move-in ready seastead with a nice kitchen, water, solar electric, etc.” From French Polynesia to Thailand Seasteading, a combination of the words sea and homesteading, is the idea of creating permanent habitats at sea, beyond the territorial control of existing governments. Promoters hope that one day large autonomous seasteading cities may be recognized as sovereign states in their own right and provide a platform for experimenting with new forms of governance to ensure citizens’ liberty. Back in May 2018 it was reported that a seasteading project had reached a memorandum of understanding with French Polynesia with the aim of creating an independent island with its own cryptocurrency. Elwartowski and Summergirl had been waiting to build their seastead as part of that venture, but when progress there stopped they decided to go it alone in Thailand. They have no agreements with the Thai government but don’t anticipate any friction from authorities. What do you think about this seasteading home built by early Bitcoin adopters? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post Bitcoin Early Adopters Build Seasteading Home off the Coast of Thailand appeared first on Bitcoin News.
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In the Daily: Binance Trading Competition, Bitdeer BCH Mining Plan, Voyager Merges Ethos

In this edition of The Daily we cover a trading competition and giveaway promoting Binance’s new platform, new mining plans from Bitdeer and the merger of cryptocurrency wallet startup Ethos by the digital assets brokerage Voyager. Also Read: Top Business School in India to Offer Advanced Blockchain Program Binance DEX Trading Competition Popular crypto trading platform Binance has announced that to increase awareness of its upcoming decentralized exchange (DEX) within the community, it will sponsor a simulated trading competition on its DEX testnet. All users who hold at least 1 BNB token in their Binance account will be eligible to participate in this simulated trading competition. Each account is able to register a maximum of 20 addresses and will receive 200 virtual testnet BNB tokens to each address to use as their starting funds before the trading competition begins. It will officially start on March 7 and last until the 21st, with rewards promised to be issued within two weeks after the competition ends. Bitdeer Launches BCH Mining Plan Computing power-sharing platform Bitdeer has announced it is now supporting mining for bitcoin cash (BCH) as well as litecoin (LTC) and ethereum (ETH) in response to client demands, giving its users a variety of options to utilize their rented hashing power. The company explained that it added support for these cryptocurrencies as they have remained relatively stable among the leading coins, showing their popularity with the crypto community. The platform claims to have secured partnerships with some of the largest mining pools in the world including, Ant Pool, Dpool, and Viabtc. Users of Bitdeer can choose to be connected to one of the supported pools while switching between different duration plans (short, mid, and long-term), miner hardware models, and coins (BTC, BCH, LTC, and ETH). Voyager Merges Ethos Digital assets brokerage Voyager has revealed it will be merging with Ethos, a cryptocurrency universal wallet and service provider. The wallet software will be integrated into Voyager’s retail and institutional businesses, allowing its customers to self-custody their crypto assets with a brokerage solution for efficient trading. Shingo Lavine, founder and current CEO of Ethos, will be joining Voyager as chief blockchain officer and will also maintain a seat on Voyager’s board of directors. The deal will reportedly cost the brokerage 7 million of its common shares, worth about US$4 million. The company started trading its shares on the Toronto Ventures Exchange through a reverse takeover earlier this year. What do you think about today’s news tidbits? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from The post In the Daily: Binance Trading Competition, Bitdeer BCH Mining Plan, Voyager Merges Ethos appeared first on Bitcoin News.
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Ruling on XRP’s status as a security unlikely until late 2020

Disclaimer: These summaries are provided for educational purposes only by Stephen Palley. They are not legal advice. These are our opinions only, aren’t authorized by any past, present or future client or employer. Also we might change our minds. We contain multitudes. A consolidated class action in federal court in Oakland may one day lead a court to rule on (1) whether Ripple violated U.S. Securities laws by creating the XRP token and (2) whether XRP is a security. That day will not be in 2019, judging from a scheduling order entered by the Court on March 18. The Order sets forth a schedule for roughly the next twelve months. Here's what's going to happen: By March 20, Plaintiffs will publish a notice under federal law that verifies that they read the complaint, authorized its filing, didn't buy XRP in oder to become plaintiffs, and a number of other things that are set forth in the Private Securities Litigation Reform Act (a law that was passed purportedly to prevent abuses class action practice. [related id=1]In 60 days, any member of the "purported class" can ask the court to be appointed as lead plaintiff and to approve selection of their counsel. This is a big deal from a financial standpoint for the lawyers, because the class lead will almost certainly earn more if there's a favorable result. As a result, you will see some litigation over this in about two months (we had a taste of that in the Tezos class action litigation, if you've followed that case). 45 days after the Court chooses the lead plaintiff, they will file a new complaint, which will replace all of the other complaints that the different plaintiffs filed. (As a reminder, this particular lawsuit consolidates or brings together a bunch of separately filed suits against Ripple). 45 days after the new complaint is filed, Defendants have to respond. Instead of answering, it is a virtual guarantee that they will file motions to dismiss. The parties will have 30 days to reply to the motion. All of the cases are ordered consolidated for pretrial purposes, which means that depositions, written discovery and motions will all be handled in this one case by this particular judge. If we build in time for the Court to rule and for some potential delay in the class rep designation process, it's possible that the Court will rule on Motions to Dismiss by the end of this year. It's also possible that this will role into next year. It's a dicey proposition to speculate on motions that haven't been filed yet, but if we assume that the motion to dismiss is denied -- which is usually the case if a Complaint is reasonably well pleaded -- we'd probably see an answer on file in early 2020. Discovery, class certification motions, and dispositive motions will likely take place in 2020 and 2021. It's possible that when the Court rules on the likely Motion to Dismiss we will see an indication as to whether or not the Court thinks a security is at issue, but Motions to Dismiss generally speaking don't address the merits of a case -- they assume that the facts stated are true for purposes of ruling, and will only look at whether or not a viable claim was pleaded. In short, I wouldn't expect to see a ruling on XRP's status as a security until late 2020 at the earliest.
The Block Crypto

IOTA / USD Technical Analysis: Game Changer

IOTA is bullish in the short-term, with the cryptocurrency trading well above its 200-period moving average The medium-term outlook remains bearish for the IOTA / USD pair, with the cryptocurrency still trading below its 200-day moving average Both time frames show potential inverted head and shoulders patterns building IOTA / USD Short-term price analysis In the short-term, IOTA has a bullish trading bias, with the cryptocurrency trading well above its 200-period moving average of the four-hour time frame. The four-hour time frame shows multiple inverted head and shoulders patterns, with price trading close to the neckline of the bullish patterns. If an upside breakout does occur, the larger bullish pattern’s overall bullish objective will likely be the November 15th trading high from last year.     IOTA / USD H4 Chart                                                                         (Source: TradingvView)     Pattern Watch Traders should note the target of the smaller bullish inverted head and shoulders pattern on the four-hour time frame will likely be the current 2019 trading high. MACD Indicator The MACD indicator on the four-hour time frame remains bullish, with the MACD signal line crossing higher. Relative Strength Index The RSI indicator on the four-hour time frame is bullish, although downside pressures are building. IOTA / USD Medium-term price analysis IOTA remains bearish in the medium-term, with the cryptocurrency still unable to move above its key 200-day moving average. The daily time frame clearly shows two potential inverted head and shoulders patterns that could start to take shape over the medium-term. The upside projection of the smaller inverted head and shoulders pattern would take the IOTA / USD pair towards levels not seen since October 2018. Technical indicators on the daily time frame remain bullish and continue to signal further gains ahead.     IOTA / USD Daily Chart                                                 (Source: TradingView)     Pattern Watch It is worth noting that the IOTA / USD pair’s 200-day moving average is located just below the neckline of the smaller inverted head and shoulders pattern. MACD Indicator The MACD indicator on the daily time frame is bullish and generating a buy signal. Relative Strength Index The RSI indicator is bullish on the daily time frame, although it is starting to correct lower. Conclusion The presence of multiple inverted head and shoulders patterns on the four-hour time frame highlights that the IOTA / USD pair has scope to trade much higher over the short-term. A sustained technical breakout above IOTA’s 200-day moving average would be a game changer for the cryptocurrency over the medium-term, although caution is advised until a bullish breakout is confirmed.   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IOTA(IOT) Price $0.310 Market Cap$862,262,752.00 #ccpw-ticker-24524 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24524 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24524 a.tabperiods.tabperiods_active, #ccpw-ticker-24524 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24524 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24524 .coin-container:after, .ccpw-container_four #ccpw-ticker-24524 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!   Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment. The post IOTA / USD Technical Analysis: Game Changer appeared first on Crypto Briefing.

During Second Half of 2018, Vitalik Buterin Cashed Out $40 Million in Ethereum (ETH)

With so many prominent figures in the cryptocurrency world, it should come as no surprise that a deep dive into the history of these influencers arises every now and then. Alex Sunnarborg, who is a founding partner of the Tetra Capital crypto hedge fund, decided to dig into the historical account data of Vitalik Buterin. […]
Bitcoin Exchange Guide

Adoption: Customers can now pay with IOTA in Stores that Accept Apple Pay and Samsung Pay following Zeux Integration

As a means of encouraging wider use, Payments and banking services app Zeux has integrated IOTA (MIOTA) for crypto payments in stores for retailers in a collaboration with IOTA Foundation. This is to be fully available in a few weeks time according to an announcement by the Zeux team on Medium. According to founder and co-chairman of IOTA Foundation David Sønstebø, this partnership is a major step for the company that will make IOTA use more convenient. “This partnership with Zeux will provide a significant convenience benefit for IOTA ecosystem. We are very excited about this. Now IOTA digital currency can be used as payment with merchants that accept Apple Pay and Samsung Pay. By combining existing technology with another form of currency, this is a big step forward towards the adoption of crypto for the masses.’’ Speaking on the partnership, Founder and CEO of Zeux Frank Zhou said it is an avenue to increase the adoption of the digital asset and is just the first step to giving IOTA users more financial freedom. Meanwhile, IOTA has gained over 5% since the announcement of its integration with Zeux. this is an indication of the potential adoption this cryptocurrency stands to gain as a result of the integration which will bring it to thousands if not millions of users worldwide. Zeux is an app of the UK origin that provides payment services. The app is to be launched in April and made available in Europe within the year and America in 2020. Its integration of IOTA is a win-win as the CEO described IOTA’s Tangle as an ideal platform for them to build their customer data Dapp. Tangle is a specialized distributed ledger technology that is specifically meant for the internet of things, which the IOTA Foundation’s primary mission is to support. Apart from fee-less real-time payments, the Tangle is also an open-source protocol that facilitates secure data transfer and the collection and dissemination of sensor-based and other data. Zeux mission is to bring crypto as well as fiat micropayments to retail stores around the world through facilitating fee-less real-time payment as well as enabling integration of banking and investment services with it in one, making it a convenient way to do everything with funds without going out of the app. The post Adoption: Customers can now pay with IOTA in Stores that Accept Apple Pay and Samsung Pay following Zeux Integration appeared first on ZyCrypto.
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