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Binance DEX Ready to Hit the Testing Phase while Betting on the 2nd Round of ICOs

The decentralized exchange of the biggest cryptocurrency exchange Binance is soon going to hit the public testing phase. Binance CEO, Changpeng Zhao took to Twitter to share the announcement of Binance Chain’s public testing on February 20. Recently, Zhao had shared that the decentralized exchange would be not so decentralized in the beginning and Binance would have much influence on it. He had also shared that they would be charging a hefty amount that is $100k as a listing fee for new coins. Though it will be adjusted over time, it is a deliberate move on the company's part in order to tackle the scam projects. According to the latest Diar research, “The $100K listing fee, however, might be a drop in the bucket after seeing BitTorrent raise in excess of $7Mn in a bear market and selling out in minutes on Binance who hosted the Initial Coin Offerings (ICO) just weeks ago.” Betting on Initial Coin Offerings Second Coming The Diar research further states, with its upcoming DEX that has an “inbuilt initial coin offering mechanism” it would raise the demand for its native coin Binance Coin (BNB). “With less than 1% of Binance volume trading into pairs with the exchange's coin, BNB, the popular trading venue has announced the imminent release of their Decentralized platform that would by design amp up demand for their native coin. And with an inbuilt Initial Coin Offering mechanism raising capital in the exchange’s native currency, Binance could be aiming to see liquidity shift over to their Decentralized Exchange should traders wish access to early investment opportunities.” After forking the Cosmos Tendermint blockchain, Binance sacrificed the smart contracts in order to offer seamless and high frequency trading. The research notes that the choice to not built on Ethereum is the second major crypto operation after Aragon in recent weeks. Binance has addressed the main concerns plaguing the current DEX adoption through a well integrated user experience and tackling speed with blocks being confirmed ever second. However, it points out, making people shift to DEX is certainly a big concern as more than 80 percent of transaction flow to third-party custodians that highlights, “not your keys, not your Bitcoin.” Currently, the native coin BNB is accounting for only 0.8 percent of the total traded volume from pairs. Last year, Zhao has stated, “BNB will be native gas,” on the Binance DEX. Moreover, it is going in the opposite direction of Security Token Offerings (STO), by “making it ever-so-simple to quickly create tokens and raise funds in the exchanges native coin,” that will make BNB far more valuable. Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don't control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop! — CZ Binance (@cz_binance) September 29, 2018 Diar concludes the research with the fact that though Binance is one of the selective exchanges when it comes to listing tokens, it is ultimately the traders who hold the bags and “for Binance, whether markets up or down, it’s business as usual.”
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Much Anticipated Plasma Testnet for Public Deployment Goes Live

Decentralized Adaptive Organization LeapDAO, disclosed about the launch of the first Plasma Testnet for public deployment thus increasing the interests among crypto community and participants of the Ethereum network. It was anchored by Testnet Zeta in the Rinkeby network last week and runs the leap-contracts and leap-node code in the 0.5 Driftwood Release. Following this, it has been available for testing and public use. The development comes at a time when the overall cryptocurrency market continues to be under pressure suggesting that blockchain continues to get the attraction. Key Points LeapDAO listed the features of Plasma Testnet that was visible and created on Tendermint. The community runs the single plasma, and it has the capability to transfer ethereum’s ERC20 and ERC721 tokens. Interestingly, Minimal Viable Governance has secured the contract for upgrading the network. The company has also pointed out a number of features for both users and developers as the 0.5 Driftwood Release is termed as the first step on the roadmap towards launching the public network that will support provable computations. As far as users are concerned, the key feature is that some tokens could be arranged from the testnet faucet beside enabling to deposit, as well as, transfer user’s tokens. The blog indicated that transfers could happen on the Leap network not only free but in a quick manner. There is also a mobile wallet alpha that could be tried out by users. For checking the chain’s validity and the funds’ security, users would have to download the Plasma node and synchronize it. Governance Proposals The blog wanted the users to be watchful on the recent governance proposals since that could have the potential to change the assumptions of the security. The blog said, “Exit your tokens back to the root chain.” There is also enough for developers in the network. They could seek their token to be registered on the Plasma Testnet, and the token would be accorded with a ‘color.’ Once these are done, the network will enable both deposits and exits. The developers too have to download a Plasma node besides synchronizing it. The blog wanted the developers to check the documentation, and the way the query should be raised on the chain besides sending transactions. By the way, LeapDAO team hadn’t a chance to thank for the support on Reddit so we just help them: We don’t even have enough karma to respond to people on @reddit 🤷‍♀️We’re just coding here! But thanks so much for sharing our enthusiasm about the #Plasma testnet launch 💪 Join Slack to ask anything or contribute: https://t.co/pUGk78Vlq0 pic.twitter.com/JK24HUSwXg — LeapDAO (@leapdao) February 8, 2019 Like what you're reading? Subscribe to our top stories OR Follow us: 64k355Follow 761jQuery(".sfsi_plus_widget").each(function( index ) { if(jQuery(this).attr("data-position") == "widget") { var wdgt_hght = jQuery(this).children(".sfsiplus_norm_row.sfsi_plus_wDiv").height(); var title_hght = jQuery(this).parent(".widget.sfsi_plus").children(".widget-title").height(); var totl_hght = parseInt( title_hght ) + parseInt( wdgt_hght ); jQuery(this).parent(".widget.sfsi_plus").css("min-height", totl_hght+"px"); } }); The post Much Anticipated Plasma Testnet for Public Deployment Goes Live appeared first on Cryptovibes.com - Daily Cryptocurrency News.
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New Binance CEO AMA Touches on Bitcoin ETF, Ripple/XRP, Binance Chain and Blockchain’s Future

A few hours back, Binance CEO ‘Changpeng Zhao’ conducted an all-new AMA-type session on Periscope during which he answered a host of questions related to: Binance Chain Binance DEX Bitcoin ETFs XRP and much more. https://t.co/1XzeaJYm1O — Binance (@binance) February 7, 2019 A Closer Look at the Matter Starting off the Q&A event, CZ mentioned that there would be a total of 11 operational nodes that would be made available for use with the Binance Chain testnet. Additionally, he also mentioned that the number of validators within the network would be small— so as to keep the platform’s performance at optimal levels. Following this, Zhao was questioned about his decision to use Cosmos as the base framework for his upcoming project. On the matter, he was quoted as saying: “They had a solid product. The Cosmos architecture was closest to what we wanted… We took Tendermint and made a fork of it. We didn't use the standard SDK. We forked it and chopped a lot of things out. So, in the Binance Chan, there are no smart contracts. We just have an interface for you to issue a token, and then you can trade it. Binance Chain is a very simple in terms of application, but it can handle very large loads.” Other Key Points Worth Bearing in Mind: Only a select few partners will be granted early access to the Binance DEX platform. While the listing fees on Binance DEX will be adjustable over time, the initial amount that projects will have to pay will be somewhere close to the $100K mark. The popular Ledger Nano S wallet will provide full integration support for ‘Binance Chain’. CZ Speaks About Decentralization On the subject of decentralization, Changpeng said that while most people viewed the issue as being ‘black or white’, the matter was much more complex. Further elaborating on his stance, he went on to add: “There's a degree of decentralization you can achieve. Some blockchains are more decentralized, some blockchains are more centralized. Any blockchain that has a clear development leader or team, they are more or less centralized in some way. So, Binance Chain is a going to be a little more centralized initially in that way.” Another subject that CZ broached during his recent Periscope chat was that of Bitcoin ETFs and whether or not they would ever see the light of day. On the issue, he stated that as and when such an offering would be made available to the masses, a lot of new investors would flock to this burgeoning industry. Last but not least, he also added that Binance was looking to partner with Ripple and make use of its xRapid protocol in the near future. “There's nothing going on right now, but in the coming few months, we definitely want to add them as a partner.”
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Binance moves away from Ethereum as it prepares to launch DEX

Binance is moving its token off of Ethereum as it prepares to launch its own decentralized exchange. Binance DEX’s testnet built on top of Binance Chain is set to launch “in the next week or two” according to Binance CEO Changpeng ‘CZ’ Zhao. In a Q&A live stream on Thursday, CZ revealed details about the launch of Binance Chain. Binance Coin (BNB), which was issued in the company’s $15 million ICO in 2017, will be migrated from an ERC20 token and act as the native gas of Binance Chain. Binance Chain was built on Cosmos’ Tendermint protocol because its architecture was closest to what Binance was looking for, according to CZ. It will use Delegated Proof-of-Stake (DPoS) and Byzantine Fault Tolerant (BFT). Binance forked Tendermint “and chopped a lot of things out” including smart contracts because high throughput was more important than feature richness, according to CZ. The interface will allow projects to issue new tokens on Binance Chain, effectively running an ICO by raising funds in BNB. Binance will get a small fee from each trade on DEX and there will also be a listing fee for projects that launch their token on Binance Chain, which will “probably be close to $100,000” but easily adjustable in the future. CZ said: “I want to deliberately set [the listing fee] little bit high because we want to reduce the number of spam or scam projects. There is also a voting process by the validators to be listed on DEX.” Similarly as on Binance.com, projects can choose to pay the listing fee in the newly issued token or pay with BNB and get a discount. The Binance DEX will be non-custodial, meaning that private keys never leave the device, but CZ admits that Binance will have a lot of influence over the network and the validators in its early stages. Binance Chain will have only 11 validator nodes when it launches on testnet. He said: “I think it’s important for us to maintain that influence in the early stages. As time goes on, more and more validators will join and our influence will decrease.” Currently, all of the fees will be collected by the nodes. The number of validators on Binance Chain will be smaller than some of the other public blockchains mainly for performance reasons, CZ says. “It’s going to be more like NEO or even Ripple – smaller number of nodes and each node will be rather large.” The requirements for running a validator node from a disk storage perspective will be rather large since Binance Chain will generate a block every second and support “a couple thousand” transactions per second. CZ said that Binance DEX can already handle the existing Binance.com volume. He also added that it will be fairly easy to scale transactions per second as needed. The inability to scale is one of the reasons why decentralized exchanges have failed to gain traction so far. DEX volumes have dropped to a new all-time low of $49 million for the month of January according to Diar. Another reason is the lack of liquidity, which Binance is hoping to change. After the testnet launches, it will be possible to access Binance DEX’s client UI via web browser. Binance has already given early access to the developers of wallets, blockchain explorers and other tools so the integration would work from Day One. Ledger Nano S will be the first hardware wallet to support Binance Chain and DEX. Ledger Nano X will be supported next and KeepKey and Trezor will follow. Eventually, Binance wants to implement other features such as cross-chain interoperability, since Tendermint already has these features. CZ says interoperability won’t come until v2 or v3 of the Binance DEX but thinks that it will come fairly easy as Binance is “in one of the best positions to work with other projects or blockchain teams because in most cases, [Binance] already [has] relationships with the other teams.” The post Binance moves away from Ethereum as it prepares to launch DEX appeared first on The Block.
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Kava Introduces an Interledger Payment Rail to Complement Cosmos Network

Based on a Medium post from December 3, 2018, Kava Labs has recently partnered with Cosmos to deploy its inter-ledger solution payment streaming to Cosmos Zones. Kava labs inc. is a San Francisco-based venture-backed company working on payments innovations using blockchain technologies. The Cosmos Network Cosmos is a project built on Tendermint that incorporates the key developments to achieve cross-chain...Read More. The post by Nuno Menezes appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Pchain Code Review: Andre Cronje Revisits The Project

In a comprehensive rebuttal to Andre Cronje’s Pchain Code Review earlier this week, Pchain released a statement explaining what they believed he had missed. Since it’s our intent to be completely fair to both the business and our readers, we are publishing that rebuttal here. Following these comments, Andre went back into the repos discussed by the Pchain team, and took another very careful look at the code. His findings are below the image. It isn’t easy to read a critical review: and Pchain has responded constructively to Andre’s initial comments. We do not intend for the Crypto Briefing website to become a conduit of conversation between project teams and our reviewers and writers (we have Telegram and Twitter for that), but on this occasion Andre felt strongly that it was important to check on the points raised by Pchain.  – Jon Rice, Managing Editor   Pchain statement regarding Crypto Briefing code review:     Pchain Code Review Part II   Branches new_one_stack – Integrating PDBFT into Ethereum mining     No more tendermint, instead core ethereum. Version added, RPC still default. Code is cleaner and neater, that’s for sure. ChainID’s have become strings. No real changes in ethereum, just creating a node. cmd is neat. Main chain and child chain still the same setup, still a tendermint config. Joining a new child chain means you have to join as a validator and submit stake.     cross_chain.go seems to contain the bulk of the work, the rest is just to setup the ethereum chains. Let’s pay close attention to this file.     Creating a new sub-chain. Name has to be unique. Validators must be more than 1.     Main chain and childChain array. As mentioned in previous review. Tendermint consensus (BFT)     Vote epoch > Start vote > Reveal vote > Tally vote. So, it is definitely better than what we saw in the master branch, it’s better organized, it’s better designed, but essentially it is still just a multi dimensional ethereum with tendermint BFT (ethermint or cybermiles essentially). Better code than previous, but still nothing really unique. Let’s look at the BLS to VRF branch change. one_stack_bls_merge – BLS consensus to VRF proposer selection, to one-step voting     Still BLS from what I can see, i’ll dig more, maybe utils. Can’t find the VRF proposer selection. So…. I found where they are making the bulk of their changes.     …in the vendors folder. Guys, this is for dependency management, don’t edit files here… Ok, so we need to look at commit logs now instead, since vendor files are being modified. That sounds incredibly tedious. But let’s have a look.     Ok, this is what they meant with they incorporated BFT into go-ethereum. They added tendermint consensus. Still not seeing the VRF though. The next branch is said to improve it even more, let’s look at it. run_tx_before_vote – more efficient run&vote order     9th we had new_one_stack merged in, so let’s track changes from here.     Vendor changes again, in go-ethereum. This hurts me to see. Code is good though.     Let’s jump back to TX3ProofData to see if it has the VRF     Not finding it. Think I’m looking in the wrong place. Let’s go back to new_one_stack and look at the commits for the vendor changes.     TX3PRoofData broadcast, all validators. Nice addition. Pchain Code Conclusion (Part II): More going on here than in the master branch, I was not expecting the changes in vendor, I didn’t even bother to look there. The go-ethereum integration of tendermint is decent (although so is ethermint). The cross-chain implementation is nice (I wanted to say cute), Child chains get their own validator sets, they can use the mainchain to facilitate cross-chain communication. This is technically what they promised they were going to build. Bit unsatisfied still that it is just re-organized / modified / (improved?) ethereum / tendermint, and that the changes were made in vendor, but at the same time I guess I don’t really know what to expect anymore. How many projects have raised large sums of money off of he back of ethereum? Do the multi / cross-chains & tendermint increase ETH scalability (while sacrificing some decentralization and security), yes it does. So does ethermint though, and everyone still uses Ethereum.   You can chat about Pchain in our Telegram group. We love a good rumble. Disclaimer: Crypto Briefing code reviews are performed by auditing what is on display in the master branch of the repo’s made available. This was performed as an educational review and any comments in the article are the opinion of the writer. It is normal for code to change rapidly, hence we timestamp our code reviews so that they present a snapshot at a moment in time. Information contained herein should not be used as any comment or advice on the project as a whole. Pchain Code Review Timestamp: November 20th 2018   The post Pchain Code Review: Andre Cronje Revisits The Project appeared first on Crypto Briefing.
CryptoBriefing

Pchain Code Review: Multichain System On EVM

You all wanted this Pchain code review, you know who you are. When Pchain? When Pchain? Well, now Pchain. Not sure if you’ll love it but I’m not here to butter anyone’s butt. So what is Pchain – “The first native multichain system that supports EVM in the world. Making large scale blockchain applications possible.” Okay, Ethereum Virtual Machine for the uninitiated… but count me as one of them, because what does native multichain mean? “One main chain and multiple derived chains. “ “Consensus with hierarchical sharding pipeline” What? “POS based multi layer sharding mechanism with a novel pipeline design that tremendously improves the performance of transactions.” Let’s just go to the code instead.     Hasn’t seen commits in a few months, but let’s assume it’s the usual China / Github argument. I see ethermint. Not a great start.     go-ethereum and tendermint. Different handlers per chainID. We are going to see a multi array chain model aren’t we? Nothing really happening in server, let’s move on;     StartP2P, NewChainReactor(), AddReactor, they have my attention, let’s have a look.     Ok.     Let’s start from CLI, so we want to checkout, GetCMInstance, StartP2P, LoadAndStartMainChain, LoadChains, StartChains, and StartInspectEvent.     LoadMainChain, MakeTendermintNode, and getConsensus are our targets.     Ok.     Yup, just an array of ethermint chains. You interact with each one separately. They didn’t need the mainchain. Ok, very unimpressed with this main implementation. It’s just ethermintwith an array of chains. They have another repo though; research;     bft looked interesting, it was just poa. newcore looks interesting;     Not bad, I don’t know why it’s built. The coding style is very different, doesn’t seem from the same team. Builds up a new eth using eth libraries, pretty cool. Newcore was good.     Merkle is good.     Main is good. I don’t get it, on the one side we have this multi chain ethermint rush job, which is bad, and on the other is this elegant new chain rewrite off of ethereum, which is good. Pchain Code Review Conclusion: 50/50. So at the root of it’s promise, is it this native multichain, hierarchical sharding pipeline? No, and stop using dumb buzzwords. Do we need another chain? No, probably not. Is the code mostly reorganized go-ethereum and ethermint? Yes, but that isn’t necessarily a bad thing. I’m just not seeing any special sauce here. Nothing unique, no differentiation. Just another one.   You can chat about Pchain in our Telegram group, and knowing you lot, you undoubtedly will. A lot. Disclaimer: Crypto Briefing code reviews are performed by auditing what is on display in the master branch of the repo’s made available. This was performed as an educational review and any comments in the article are the opinion of the writer. It is normal for code to change rapidly, hence we timestamp our code reviews so that they present a snapshot at a moment in time. Information contained herein should not be used as any comment or advice on the project as a whole. Pchain Code Review Timestamp: November 17th 2018   The post Pchain Code Review: Multichain System On EVM appeared first on Crypto Briefing.
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Thailand’s First ICO J Ventures JFin Coin to Use R3 Corda And Microsoft’s Technology

J Ventures, which held one of the first initial coin offerings (ICOs) in Thailand earlier this year, signed a memorandum of understanding with R3 and Microsoft to provide technical support for its peer-to-peer lending platform. R3 and Microsoft have been working together since at least 2016 when the tech giant announced it would partner up with the banking consortium that R3 had been developing. In 2017, the two firms said they would be offering R3’s Corda as a software-as-a-service application running on Microsoft’s Azure cloud. Over 72% of the population in Southeast Asia remains unbanked or under-banked. Access to micro-loan is a particular problem, as a result of the prohibitive cost structure of existing financial institutions. To address this market inefficiency, the JFin ecosystem is creating a decentralized digital lending platform (”DDLP”), using blockchain technology and the digital transformation of the process. Through the blockchain, a decentralized peer-to-peer network can be built to replace the existing centralized system and enable frictionless peer-to-peer transfers. Smart contracts will be used along with Proof-of-Stake mechanism (e.g. Tendermint) to ensure backers are rewarded for their work.’ The firm held one of the first successful ICOs in Thailand last February to fund the project, which it describes as a “decentralized digital lending platform.” Investors in the ICO received JFin Coin, which sold for 6.60 baht (around $0.20 USD) during the token sale. It is currently trading at 3.24 baht ($.09 cents) on Thai exchange Coin Asset. The JFIN is a utility token for the JFin ecosystem that not only fuels the system but also encourages mass participation of P2P microloans and other financial services that help the unbanked and underbanked. The company's analytic credit scoring will gauge the creditworthiness of each applicant for personal loans from JFintech by Jay Mart or quick loans from Fast Money. Unlike the National Credit Bureau, the service will collect multidimensional data on purchasing power, spending behavior, and social media habits.
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What is Cosmos Network (ATOM) | A Beginner’s Guide to the Internet of Blockchains

To get into what the Cosmos Network does will take unravelling the components and the problems they solve. In a nutshell, Cosmos Network is an internet of blockchains.   Cosmos networks together all kinds of blockchains by leveraging the advantages of Tendermint and the Inter-Blockchain Communication protocol (IBC). Projects pegged or built into the Cosmos Network are able to exchange tokens between each other natively. Think of atomic swaps but for everyone!   Altogether, Cosmos is a network for better interoperability between blockchains of all types. How the Cosmos Network Works Before jumping into what is possible on the Cosmos Network it’s important to first visit what made this achievable, Tendermint. Tendermint Tendermint is a launch pad for building blockchain applications on top of. To understand a bit of what that means, know that there are three conceptual layers to a blockchain: networking, consensus, and the application layer. Tendermint prepackages the networking and consensus layers so that teams can focus on their applications and bypass hundreds of hours of complex code. The basic Tendermint software stack     Tendermint is not a blockchain itself, rather an open-source developers tool. It is a customizable foundation for blockchain applications.   A particular caveat is that Tendermint’s consensus is a proof-of-stake (PoS) algorithm. This can reconfigure to other forms of PoS like a Delegated PoS or Proof of Authority consensus, for example.   Favouring the PoS model is a large part of what enables Tendermint’s interoperability along with instant finality, thousands of transactions per second, and increased security. Connecting the Dots with IBC The next piece in the Cosmos Network is the Inter-Blockchain Communications protocol (IBC). This software links together the zones and hubs within the network and allows the exchange of tokens between heterogeneous chains.   It’s important to note that Cosmos refers to the individual applications as heterogeneous chains. This is because each chain or application within the network has their own sovereignty and layer architecture. In short, this means IBC can connect chains despite each one having their own software stack (rooted in Tendermint) and independent governance.   The main advantage of IBC is the exchange of tokens between chains. Tokens from one chain can be represented on another. Here’s an example, Mia wants to send 25 tokens from chain A to chain B. To do so, Mia’s 25 tokens on chain A lock with a proof sent to chain B. Next, chain B watches to see if more than two thirds of chain A’s validators have signed the proof that Mia’s 25 tokens remain locked on their original chain. When the proof is valid, Mia gets 25 tokens on chain B.   Overall, IBC is the tunnelling and mechanics that allows chains to connect to each other. The Network: Hubs and Zones Now that we’ve covered what Tendermint and IBC have, how does Cosmos actually build an internet of blockchains?   The solution: network hubs.   Hubs on the network act as the central ledgers for each of the individual chains also called zones. Hubs are the ledgers for the token swapping between the zones.   Without hubs in the network, Cosmos would be a series of daisy-chained blockchains. The exchange of tokens between blockchains of this type puts a lot of pressure on trusting the source of the token, in particular, their validators. This issue compounds as tokens move along the network from chain A to chain B to chain C, and so on.  Each time requiring the receiving chain to trust all sets of validators before them exponentially.   Hubs in the network alleviate this by having zones connect to them, instead of directly to each other. If zones limit their connections to only other hubs, then the risk of double spending or tokens being unfrozen is dramatically reduced. Zones do not need to trust other zones directly or the ones that passed on tokens before them. They only need to account for trusting the hubs. A simplified look at the Cosmos Hub and zones The first hub in the Cosmos Network is the Cosmos Hub, a Proof-of-Stake blockchain layered over Tendermint. To fuel the Cosmos Hub, there are two tokens, Atoms and Photons. Cool names aside, the Atom is the staking coin used for governance on the Cosmos Hub. The fee coin in the ecosystem is the Photon, used to move tokens around the network as well as pay fees. The Missing Link You may be thinking up to this point that anything in the Cosmos Network would have to play by the rules of the Tendermint Core. Namely that only PoS blockchains can participate in the network since Tendermint is at the core of each of the zones.   The good news is that the Cosmos team has also been thinking about this and did something about it. To understand what the challenge was, there are two categories of chains that the Cosmos Network defines based on finality.   Firstly, fast-finality chains. These are the easy chains since fast-finality chains are already compatible with IBC. PoS blockchains can use IBC just as Tendermint does and directly connect into hubs and zones.   The less easy chains are probabilistic-finality chains. These blockchains, like PoW chains, are instead layered over a fast-finality consensus like Tendermint Core and create a Peg-Zone. So far the Cosmos Network is going to create an Ethereum Peg-Zone called Ethermint and admits that creating Peg-Zones for every probabilistic-finality blockchain is “theoretically possible” but challenging. About Cosmos Network There’s a bit of a backstory to the Cosmos Network. However, the condensed version is that the network was largely built by the same team that engineered its foundational component, Tendermint Core.   All in Bits, the company behind Tendermint, is now building out the Cosmos network under the umbrella of the Interchain Foundation (ICF). The ICF was founded to help “facilitate the next generation of blockchain technology” with a goal to build an internet of blockchains.   The team working on the Cosmos Network is fairly large and lead by the cofounders Ethan Buchman and Jae Kwon (not at all affiliated with the rapper J-Kwon, sadly).   The Cosmos Hub Atom token distribution Both the ICF and All in Bits have been proposed to receive portions of the Atom tokens on the launch of the main net. The tokens All in Bits and the ICF receive will bootstrap the development of the network and foster its growth over a two-year vesting schedule. Coin Supply and Sustainability For now, the Atom coin will not be tradable until the main net launches. However, the public and private rounds of fundraising have concluded but the token supply is still yet to be decided. The proposed token distribution is 75% for Fundraisers, 10% for the Interchain Foundation, 10% for All in Bits Inc, and 5% for seed investors.   ***Please note that currently traded tokens $ATOM and $CMOS are not tokens native to the Cosmos Network. I would have some caution about trading those two low-cap coins, possible imposters. Conclusion With some time still before the main net launch, Cosmos Network is developing towards their goals and are testing components like on-chain governance within their test net. The ambition of the project is impressive, however, they seem to not be rushing into anything. They are taking the necessary steps to plug together the various components like Tendermint and IBC.   Adoption of Tendermint Core by developers will be vital to the growth of the network. As well as getting other popular coins pegged into the ecosystem.   Overall, the project is still nascent and has lots of pavement left on their roadmap. Cosmos Networks wants to wrangle in the siloed chains of the world into one beautiful internet of blockchains. It’s a lofty goal but might be a vital idea for progressing blockchain into another phase of adoption and usage. The post What is Cosmos Network (ATOM) | A Beginner’s Guide to the Internet of Blockchains appeared first on CoinCentral.
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Minter Network (BIP Token): Legit Blockchain Cryptocurrency Project?

What Is Minter Network? Minter is a next generation currency that allows users to create their own coin and set its price. The coin created can be transferred and/or exchanged for other coins instantly and limitlessly. Minter allows the creation of coins that are for use every day, coins that are easily transferable and give value providers the ability to be their own banks. Minter will launch a new cryptocurrency—a Blockchain-Instant Payment (BIP) that will pave way for instant, efficient, and reliable medium of exchange. Minter will aid value providers to create and integrate their own coins into their unique products and services. The minter network will be a platform where the coins created can be exchanged for other cryptocurrencies and with fiat currencies like the USD. Minter Network Transactions The transaction fees on the network are low and do not exceed $0.01. This does not depend on the volume of an exchange or even the transfer transaction. This is because with the thousands of transfers per second, validators make good money despite the commission fees being so low. Minter uses the Tendermint engine on the DPoS consensus algorithm that completes 10,000 transactions every 5 seconds per block. This ensures that there are no delays and no limits or waiting for other confirmations. Just by the press of a button and a transaction is complete. Minter Network Features One of Minter’s features is the ability to exchange any coin with other cryptocurrencies or the USD. This gives the ability to transact anywhere in the world. The currency created can also be used to pay for goods and services, which means that it gives individual coins the ability to be exchanged within the network and outside the network. The unique value put out by different companies and individuals requires different coins deemed fit by their creators. This gives them the ability to dictate the terms of the exchange of value, which, basically, is money. Distribution Roles Validators verify transactions, while users bond their tokens to validators. Bonding is the process by which users entrust or delegate their holdings to the validators. Validators are paid for services in the forms of block rewards or transaction fees. Commission fees are distributed to validators according to their stake. The commission fees are charged per transaction on the Minter network. Delegators are users of the Minter network. They enjoy access to the speed of Minter transactions, the liquidity of coins, the ease of the said transactions, and usability. Coiners are those that issue their own cryptocurrencies. They create coins to achieve their business goals. Each coin will be unique to the coiner and their products or services offered. Minter Apps (MApps) Minter apps (MApps) are applications developed for the Minter network. MApp is integrated into a mobile app or a site. It will let users sign transactions, create, and recreate coins among other features. Minter will enrich common trends with unique features such as open and permissionless networks, transactions that are fast, and creation of coins. Minter Network BIP Tokens Minter network’s native token is called the Blockchain Instant Payment (BIP). The coins created by individual users are backed by BIP reserve. The coins are convertible to BIP or other coins in the network such as bitcoin and Ether.
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Square Peg in a Round Hole: BizOps in Crypto

Part I: TaxesBusiness models change. When that happens, so should the systems that were built around them. As of now, some of the major systems in place that effect cryptocurrencies, like the legal and tax systems, are stifling new businesses and if they don’t catch up, the North American economy will suffer accordingly.Working at Tendermint, I have realized how difficult it is to work within paradigm changing technology yet be forced to work within the confines of systems of a previous paradigm.In the spirit of the open source ethos, and sharing of ideas, I want to share some of the things I’ve learned to help founders, operators, and those new or experienced in crypto, learn the ins and outs of crypto company operations, but faster and with more guidance. 2017 was the year when companies tried to figure out how to raise money in tokens legally, 2019 and beyond will be about learning how to operate businesses, powered by tokens, in a compliant and tax efficient manner. In this series, I’ll cover some basic operating functions that are wildly different in crypto than your typical start up. These differences will show up in crypto taxes and accounting, decentralized teams and global regulation, and treasury management, to name a few. Part I (where you have landed today), will focus on taxes.Over 200 years ago, the railway industry (one of my favourite historical bubbles) caused a massive shift in how companies operate, moving businesses from sole proprietorship to corporations, allowing for massive economic scale. Companies became much greater than the sum of their parts.For the past few centuries, the corporate structure has fuelled economies worldwide. It has proven to be the most successful playbook and model by which people can profit, remove personal liability, and hire employees. As a result, the business systems of the world have been shaped around the corporate structure. In turn, the tax and legal systems, two major systems that support corporations, have molded and learned how to regulate corporations since the 1800’s.However, as corporate structures change, as people interact and do business differently, the tax and legal structures that support the “how to start a corporation” playbook, are not changing concurrently. As a result, the systems are left to try and catch up to changing times by using “closest metaphors” and “best proxies” to value things they don’t understand.The Complexity of the World’s Tax SystemsI often joke that in the months I have been with Tendermint, I have received a fast-tracked Master’s Degree in International Tax Law. We have 3 offices in different countries (US, Canada and Germany), all which have different rules and regulations. I have learned more over the past months, than I could have imagined about different countries’ tax rules. But, what really stands out is that the legal and tax systems are somewhat misaligned with the reality in which we work. I will focus this post mostly on the tax system (more on legal in future posts). In the U.S., the IRS dictates how you should track crypto transactions, but for anyone who has gone through this process, they know that reconciling business expenses incurred in USD and repaid in crypto is not an effortless task and there is not a lot of software that provides help with this. So, a lot of manual entries happen.Tendermint maintains good records to ensure we are as accurate and up to date as possible, following IRS guidance of tracking pools. But the guidance from the IRS is misaligned, it consistently uses “closest metaphors” that don’t fit the nature of the system we are experiencing.Taxing crypto as ‘property’ as the best proxy isn’t a strong comparable nor is it representative of crypto use. By trying to maintain this complex system — which is nearly an impossible task to get perfectly right — I question the IRS’ ability to manage their own suggested path.Has anyone from the IRS ever tried to manage and record the flow of bitcoin on the blockchain? It’s not trivial!SOS how do I track BTC on the blockchain?Germany has made a strong movement toward crypto tax efficiency by treating crypto as a free flow, similar to fiat, and removing the need to track pools like inventory. So, when you use crypto to pay for expenses, no capital gains need to be tracked and recorded. This removes a massive layer of complexity which bogs down the North American system. If we implemented something like this in North American it would move us one step closer to connecting the paradigm of the current tax system and a potential future system.If I pay an expense with BTC, does it make sense that I have to pay capital gains on that? No, why do I have to pay more to spend money?If I sell crypto for cash and make a profit, does it make sense that I pay capital gains on that? YES!If I transfer a small amount of fair market value (FMV) of BTC to FMV of ETH does it make sense that I have to pay taxes on that? No, I transacted FMV to FMV, there should not be a cost basis.Here are my thoughts: only where the word Cash appears should the exchange result in a tax.If BTC → Business Expense → No taxIf FMV BTC → FMV ETH → No tax (section 1031 like-like right?!)If BTC → Cash → TaxIf BTC → ETH → Cash → TaxAsset MisalignmentThe current tax treatment of crypto assets puts crypto companies in a position of massive asset misalignment. Companies have to pay taxes on anything they transact in crypto, but they don’t necessarily have the liquid fiat dollars to pay the taxes on the transaction in the first place.It is complicated and adds a lot of friction for companies to have these tax consequences. Say you pay a business expense with 0.0005BTC and it’s a taxable event, you have to make a journal entry to record the transaction and note the proper gain or loss recognition. This overhead makes people less likely to transact in crypto, it stifles innovation in jurisdictions with this kind of tax treatment. Ultimately, legitimate and innovative tech companies will be incentivized to relocate to more crypto-friendly jurisdictions other than the US and Canada to develop their paradigm changing technologies. In turn, this will leave North America out of the fold as these new technologies develop.Policy SolutionsThere are ways that the government and policy makers could take a closer look at how new technologies fit operationally into the old paradigm. They can ask what small changes they can make to help align the past and the present.Some simple solutions would be:Remove the need for capital gains tax on small expense payments and like-for-like token transactions to remove the logistical overhead from everyday transactions.Allow companies to pay taxes directly in crypto, so a company is not bankrupted in fiat tax liability by holding and transacting in crypto.Ah we fit the mold a bit better nowUber and Lyft didn’t fit into the legal and operational paradigms when they first launched; cities and states put up fights. But, these companies knowingly kept breaking the law, and they won, forcing a new legal and regulatory paradigm to adjust around them.Instead of attempting to overhaul the old systems all at once, let’s reinvent things one step at a time and examine these new assets with forward looking eyes. Let’s evaluate how we can make small changes that help bridge the systems of old and new and allow new paradigm-shifting companies to work within the established systems more efficiently and effectively.— — —This is Part 1 of a multi part series, if you found this information useful and want to learn more, please leave a clap and a comment and I can expand more on taxes at a later point. If there are other topics you want me to cover, let me know!Square Peg in a Round Hole: BizOps in Crypto was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto?

While Elon Musk has yet to formally delve into the Bitcoin space, he has long been a fabled member of the crypto community. Since finding his way to the headlines of the world’s media, the Tesla chief executive’s pro-innovation mindset has struck a chord with many enamored with cryptocurrencies. In fact, some say that Musk’s unsaid raison d’etre of bettering society at large, especially by amending the world’s most harrowing issues (climate change, confinement on Earth, financial inequality), lines up with the goals held by many cryptocurrency insiders. Thus, some have even argued that Musk could be Satoshi Nakamoto. Sahil Gupta, a former intern at Musk’s second multi-billion dollar enterprise SpaceX, once infamously claimed that Musk’s brief mentionings of cryptography, economics, the C++ computing language, along with the entrepreneur overarching vision scream Satoshi. The South African-Canadian entrepreneur has done his best to keep his mouth zipped regarding his candidacy for the Satoshi title, but that hasn’t stopped him from talking about cryptocurrencies. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper." – Elon Muskhttps://t.co/U5qOnM7nBo — Yassine Elmandjra (@yassineARK) February 19, 2019 Bitcoin Is “Quite Brilliant” While the crypto market has remained in a depressed state, save for Monday’s jaw-dropping rally, stars have begun to descend on this industry. Weeks ago, NewsBTC reported that a mass of celebrities, including the Spice Girl’s Mel B, Johnny Depp, Madonna, and Lionel Messi, had some involvement in cryptocurrency. More recently, Jack Dorsey of both Twitter and Square took to Joe Rogan to claim that the native currency of the Internet is likely to be Bitcoin. Related Reading: Twitter CEO Loves Lightning on Bitcoin: is it the Future of Fast, Instant Payments? And just on Tuesday, Elon Musk, the most well-known Silicon Valley guru, took to the New York-based ARK Invest’s “FYI” Podcast to touch on Tesla’s plans, autonomy, other innovations, such as crypto. Per The Block, who compiled his comments regarding cryptocurrencies, Musk made his comments with explicitly bullish tones. After discussing Tesla’s most recent advancements, the hosts of the podcast, the CEO and an analyst at ARK, a disruptive innovation-centric investment group, took a brief aside. They asked Musk if he agrees with Dorsey’s recent comments on Bitcoin and cryptocurrencies at large. Interestingly, Musk responded with an answer, albeit somewhat cursory. He tacitly agreed, noting that the “Bitcoin structure was (is) quite brilliant,” adding that Ethereum and “maybe some of the others” have merit too. Musk did admit that he isn’t too enamored with Bitcoin’s Proof of Work (PoW) consensus mechanism, noting that it is energy intensive. Yet, he explained that fundamentally, crypto assets are great as they bypass currency controls, especially in nations embroiled in financial and political turmoil, like Venezuela. He added that cryptocurrencies are also a “far better way to transfer value than pieces of paper,” subsequently quipping that he’s sure of this “without a doubt.” In spite of all this, he made it clear that Tesla isn’t going to foray into the crypto space in any capacity, noting that it would be a good use of his firm’s resources to prop up an offering. Musk’s abrash comments quickly elicited responses from each and every corner of the crypto space. Matt Odell, a long-time pro-Bitcoin coder and industry personality, joked that the comments “confirmed” his bias that cryptocurrencies could oust banknotes. Changpeng “CZ” Zhao of Binance noted that eventually, “[Musk] will join the brotherhood,” adding that he is unequivocally sure that the businessman will take up a crypto mantle. CZ notably called on the Tesla founder to take up the Lightning Network Trust Chain torch last week, just days after Twitter’s Dorsey openly lauded Bitcoin in dozens of tweets. Crypto Is Better Than Banknotes? While Musk made notable acknowledgments in his brief appearance on ARK’s “FYI,” what stood out to many crypto investors was his thoughts on the dichotomy between banknotes & physical cash, and crypto assets, not centralized e-money. For a brief recap, Musk simply stated that he is unequivocally sure that crypto, whether it be Bitcoin, Ethereum, or otherwise, is a “far better” medium of exchange than pieces of paper. Shocking, right? This may be deemed hearsay by pundits of the legacy world, but the world is already adopting digital mediums of exchange. Per previous reports from this outlet, Arthur Hayes of BitMEX took to his company blog to claim that platforms like WeChat Pay and AliPay have already begun to take over China’s financial system. Who’s to say that cryptocurrencies, a decentralized counterpart to these systems that tout their own currencies, cannot have a similar impact on society at large. The fact of the matter is that these digital payments systems, whether decentralized or centralized, offer benefits that cash/plastic cannot. Case in point, payments on both Bitcoin and WeChat Pay are cheap, rapid, and relatively secure. But arguably, decentralized payment ecosystems, which are non-sovereign, private, immutable, and non-censorable, are even better than their centralized peers, which is likely what Musk was touching on. Featured Image from Shutterstock Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? was last modified: February 20th, 2019 by Nick ChongThe post Billionaire Elon Musk Lauds Bitcoin As “Quite Brilliant,” Why Isn’t Tesla Going Crypto? appeared first on NewsBTC.
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In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange

In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat. Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship Elon Musk Talks Bitcoin The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future of autonomous driving technologies. Most of the half-hour interview focused on the strategy behind his electric car company but the topic of cryptocurrency eventually popped up in the last four minutes. Musk commented: “I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos … We’re really just trying to accelerate the advances of sustainable energy. One downside of Bitcoin is … computationally it’s quite energy intensive. There has to be some kind of constraint on the creation of crypto. It’s very energy intensive to create the incremental bitcoin at this point … It bypasses currency controls. Paper money is going away, and crypto is a far better way to transfer value than pieces of paper. That’s for sure.” Shanghai’s Fudan University Launches Research Center Shanghai’s Fudan University has become the latest academic institution to launch a blockchain R&D center. Founded in 1905, Fudan is one of the most prestigious and selective schools for higher learning in China. The Shanghai Blockchain Engineering Technology Research Center is tasked with carrying out basic research in the field, developing demo applications in collaboration with the broader industry, and training talent to serve Shanghai’s economic development. Last month the University of California, Berkeley announced the formation of its own blockchain-focused startup accelerator program, the Berkeley Blockchain Xcelerator. This program is meant to help aspiring entrepreneurs create high-value ventures in the blockchain space with industry guidance from Silicon Valley. Xdat Exchange Lists 18 Trading Pairs Xdat, a new Malta-based cryptocurrency trading exchange, has announced the listing of 18 trading pairs. These comprise ETH/BTC, BCH/BTC, EOS/BTC, ETC/BTC, XRP/BTC, DASH/BTC, LTC/BTC, BTC/ETH, BCH/ETH, EOS/ETH, ETC/ETH, XRP/ETH, DASH/ETH, LTC/ETH, BTC/TUSD, ETH/TUSD, BTC/EURO, and ETH/EURO. The company has further plans to add other pairs over time. The exchange is compliant with Maltese regulations for KYC and AML procedures and caters to both retail and institutional investors. Its fiat gateway allows users to deposit funds in 12 major currencies: USD, GBP, JPY, HKD, CHF, AUD, NOK, SEK, DKK, CZK, PLN, and HUF. This selection is meant to eliminate the need for involvement of a foreign bank for the supported options and allows users to work solely with Xdat’s bank. “Xdat is on a mission to address the key problems of existing exchanges … including lack of flow of new capital, lack of trust, no approach for mass adoption, and high fragmentation,” said CEO Prashanth Swaminathan. “Our aim is to bring crypto to all. To that end, we will be working closely with our community and using their support and feedback to make our interface more user-friendly and trading as streamlined as possible.” 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 Bitcoin.com. The post In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange appeared first on Bitcoin News.
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Elon Musk Praises 'Brilliance' Of Bitcoin And Ethereum, But Clash With Tesla's Energy Stance

Main Street seems to be giving cryptocurrency a second look. Last week, Jamie Dimon and JPMorgan Chase & Co. (NYSE: JPM) announced an investment in JPM Coin, which will become the first digital token provided by a U.S. bank. This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk lent cryptocurrency additional validation. “Paper money is going away, and crypto is a far better way to transfer value than pieces ...Full story available on Benzinga.com
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Elon Musk Calls Bitcoin "Brilliant" | Here's Why He's Optimistic

What are your thoughts on this news? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! ---------------------------------------------------------------------------------------------------------- Check out Yellow: https://www.youtube.com/channel/UC2u2FXKKyIFsNBr_MlpCMfA Interested in signing up for our newsletter? Click the link below! Link: https://www.nicholasmerten.com/newsletter-dash-report-1/ Looking to file your crypto taxes? Check out TaxBit! https://app.taxbit.com/invite/DataDash/ ---------------------------------------------------------------------------------------------------------- What are your thoughts on current markets? Are you optimistic or bearish? Feel free to leave a comment below! Thank you all so much for watching the video. If you enjoyed the video, please consider dropping a like and subscribing. Running into some trouble or questions? Feel free to leave them down in the comments below! *I WILL NEVER PURSUE PROJECTS THROUGH TELEGRAM OR OTHER SOCIAL MEDIA OUTLETS. CONTACT MY EMAIL LISTED BELOW FIRST AND THEN VERIFY MY IDENTITY THROUGH A VIDEO CALL BEFORE MOVING FORWARD. THERE ARE MANY SCAMMERS IN CRYPTO. EMAIL SPOOFING IS RAMPANT, SO VERIFY MY IDENTITY THROUGH VIDEO* For consulting, speaking, or other business inquiries, please feel free to reach me at contactdatadash@gmail.com Patreon: http://patreon.com/data_dash Telegram: Alerts | https://t.me/Data_Dash Discussion | https://t.me/datadash Discord: https://discord.gg/S7MtTcB Donate NANO: xrb_3y7qi1z5kcpgi9cnk4bctus155qntiy1cszfmeh9zg7eqqqjb9imebsqf33t BTC: 14DHXJa9CgeBPf6m7UeMKE9yzAYFKPW2nV ETH: 0xa34d3461ae04953489e9aa464689c022836751d0 Want to start trading cryptocurrencies? Sign up through this link to get $10 of free bitcoin with your first purchase of over $100 ↓↓↓ https://goo.gl/woCYL6 Want to start trading coins? My top choice is Binance. ↓↓↓ https://goo.gl/DZVYPn Want to trade OTC? Caleb & Brown is my personal favorite to get started. https://partners.calebandbrown.com/datadash Looking to buy physical gold or silver? Check out the link below: https://goldsilver.com/?aff=DD Disclaimer: Statements on this site do not represent the views or policies of anyone other than myself. The information on this site is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
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