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Lightning Network Upgrade, Ditching Visa, XPhone & The Crypto Unbanked

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XPhone by Pundi X (NPXS) Allows You To Switch Between Blockchain and Android

Before fully migrating to a completely new technology, consumers usually love the option of switching to the old way of doing things. Part of it is driven by habit and the other by nostalgia. The XPhone by Pundi X (NPXS) offers users the option of switching between the phones native blockchain and the Android 9.0 operating system. This function will be made using the ‘X’ button on the device. A prototype of the phone was first unveiled to the world last October when it was used to make the first phone call made on the blockchain. The new improved XPhone was showcased at MWC Barcelona that was held from the 25th to the 28th of February. Each Phone is a Node The device comes with the option of using the Function X blockchain developed by the team at Pundi X for calling and messaging. Users can also turn off this option and revert to regular Android and the usage of centralized carriers. Every XPhone is also a node on the network and contributes to the operation of the blockchain network. Zac Cheah, founder and CEO of Pundi X, explained how the blockchain phone will return data control back to the users and creators. What this all means is that data control can and must be given back to users. Telecommunications and Internet companies have derived tremendous value from controlling data. By decentralizing apps, we can put this data onto a smart contract, effectively giving control back to creators and to users. Much of what we call peer-to-peer or ‘decentralized’ services continue to be built upon centralized networks. We are changing that. Specifications of the XPhone The XPhone will be released later on this year and will come standard with the following features. 5.65” inch screen Fingerprint sensor on the side 6 GB of RAM 128 GB ROM Qualcomm® SnapdragonTM 660 Mobile Platform 16 megapixel front camera and 48 megapixel rear camera 3,500 mAH Battery Retail price of US$599 What are your thoughts on the XPhone? Will the ‘X’ button for switching from blockchain to Android attract more users? Please let us know in the comment section below.  [Feature image of the XPhone courtesy of Pundi X] Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you. The post XPhone by Pundi X (NPXS) Allows You To Switch Between Blockchain and Android appeared first on Ethereum World News.
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New Pundi X XPhone Smartphone Allows Users To Switch Between Blockchain And Android

Pundi X’s New Smartphone Allows Users To Switch Between Blockchain And Android The blockchain startup Pundi X has released new features for its smartphone that is based on blockchain technology. The XPhone was revealed during the Mobile World Congress conference that was held in Barcelona earlier this week. The smartphone allows users to support Android […]
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XPhone Review: Promising Start But It’s Not The Next iPhone

Pundi X’s (NPXS) new XPhone attracted a lot of buzz at CES 2019 in Las Vegas this week. The idea of a smartphone that can run on blockchain technology sounds like a dream to hardcore crypto fans. But if you’re thinking they’re creating a mesh cell network – we’ll explain – you’re dreaming. I’ve seen mesh cell networks conceptualized and pitched at a variety of tech and wireless conferences over the years. Think of a two-way radio, in which the connection between devices doesn’t require a pass-through connection with a third-party cell tower, or any other internet connection for that matter. TOR and other P2P technologies have long been implemented in mobile phones by innovative tech startups to bypass mobile carriers. Like TOR and torrents, the idea is that the network speeds up and increases efficiency when more nodes are added: i.e. the more users on a distributed mesh network, the more it speeds up. Think of it as reverse Ethereum (ETH). But that’s not what this phone is. The Pundi X XPhone does act as a node for the Pundi X blockchain, but you’ll still need a SIM card from a wireless carrier that supports unlocked phones. It’s creating an Ethereum-like platform where developers can distribute dApps to consumers; hardly a revolutionary statement. I want to be clear up front that there’s a lot I like with Pundi X; their upcoming mainnet release will be stellar. But you shouldn’t judge the company on the success of their XPhone. It’s more of a proof-of-concept than a decentralized iPhone. Let me explain Inside Function X The XPhone uses an operating system known as Function X. Switching from “traditional mode” to “blockchain mode” is done by swiping left and right on the home screen. You’ll see what mode you’re in underneath the time at the top of the screen. From there, you can use the blockchain to make voice calls to other XPhone users. When the call is placed, it’s verified on the Pundi X network, which sits, for the time being, on the Ethereum blockchain. Both your identity and the person at the other end are verified through Ethereum’s consensus mechanism. The XPhone isn’t built in-house like Samsung does with the Galaxy, and Apple does with the iPhone. Instead, Pundi X has just branded one of many generic Android phones, which they’re then distributing under their own name. That’s not to say the proprietary software they developed for the phone isn’t an impressive piece of technology. It does use Pundi X’s Function X protocol to tunnel all blockchain-based communications through the Pundi X network using their proprietary FXTP protocol. The team consistently explained that using this blockchain-based phone bypasses the phone carrier’s central switching system, but most of us do that anyway with our smartphones. Roughly 90% of our phone usage is through apps, which bypass this switches in the same way. WhatsApp, Skype, Discord, etc. all use the same voice call technology that Pundi X uses. The only time these switching services come into play is when you use the phone app. So Does the XPhone Matter? XPhone isn’t going to be the next iPhone, Galaxy, or Pixel – it’s not trying to be. The $35m Pundi X raised in its ICO isn’t enough to compete with the big guys on any level. Developing an Android phone is expensive and time-consuming. The only reason Pundi X is doing it is because the retail XPOS payment processor device they created is Android based. They already had a device using their network for consensus acting as a node and made another in smartphone form. The company is only planning to sell 5000 Pundi X-branded phones, just to prove the concept. After that, they plan to license the technology to other major phone manufacturers. Any phone can theoretically become an XPhone, and I can only wonder if they’ll ever release the APK to allow the public to install the OS on other phones. It’s not a bad play. Is there hope for a blockchain phone? Pundi X went to CES  to prove blockchain could work on a phone. Whether or not they succeed is a matter of opinion. The price of NPXS token soared during CES with all the buzz, and the team behind the project has a lot of support in the crypto community. If you’re a blockchain enthusiast and love the idea of owning a mobile node on the Pundi X network, this phone is for you. If you’re a Columbian drug lord looking for a private means of communication, you’ll like it too. Just know that the hands-on time I got with the XPhone and XPOS at CES Unveiled was with a (barely) polished prototype. It wasn’t in real-world usage where my time with other startup Android phones like the Essential Phone is enough to know it’ll likely crash on you too much to be used as a primary phone. But, that said, it’s a step in the right direction.   The author is invested in digital assets, but none mentioned in this article. Join the conversation on Telegram and Twitter! The post XPhone Review: Promising Start But It’s Not The Next iPhone appeared first on Crypto Briefing.

New Pundi X Blockchain Smartphone ‘XPhone’ was Featured at Consumer Electronics Show 2019

There has been an increasing interest in the NPXS tokens as the creator, Pundi X, went forward to unveil a prototype for the much-awaited blockchain powered phone. The team in the company went ahead to showcase the prototype phone, a phone they have named the XPhone. All this took place at the Consumer Electronics Show. A show that began yesterday at the Las Vegas. The phone has been designed in a way it could be used as a simple phone, a simple Android phone, the only difference is that the phone comes with a blockchain mode, one that has been designed to use the Pundi X blockchain when making encrypted calls or texts. The phone was first announced last year in October, but the release is scheduled in the third quarter of 2019. More on the Pundi X The company was established to make everyday solutions that could be used in the crypto world. At the moment the blockchain phone is one of the highest profiles that they have to date, but this is not all that the company has done as they have created smart devices that are being used in the retail businesses that are looking to start accepting the digital assets, it is the likes of NPX being used as a payment option. The very first purchase that was made with the Pundi X crypto coin was made yesterday evening in Norway. What you need to know about the blockchain phone The Pundi X company has been very discreet on the specifics that the XPhone will be having, but they have been able to explain that the phone they will be launching will act as a node that will be used in a network of other phones that are on the Pundi X blockchain. With the awaiting launch it has led to an increase in investor excitement, as a result, this has caused the NPXS price to surge in just the last 24 hours. The market cap was able to jump up to about $15m; this is between 15:00 to 16:00 GMT. All this happened just an hour before the CES had opened its doors to the public. With the data that was gathered it suggests that the investors went ahead and used ETH to purchase the NPXS tokens, and from this is where the trading volume that was between the NPXS and the ETH suddenly increased from the levels of $7,000 to about $150,000. It was admitted by Marcus LeBlanc who is the acting manager at the Pundi X Global support, that the prototype they have presented might not be the final look of the XPhone. However, it is not easy to separate the facts and the hype that has surrounded the phone, especially for advice that has not reached the public yet. Nevertheless, yesterday was the very first day that the company was able to showcase their device and the viability. As this has been a sector were promises have not been fulfilled, as of now, investors feel like this company is promising and might actually deliver the needed goods to the market.
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CFTC Chairman: commodity can become security and vice versa

Commodity Futures Trading Commission (CFTC) chairman Heath Tarbet confirmed that a security can turn into a commodity and vice versa.  Tarbet made this remark on Monday at DC Fintech Week, when asked about a comment he made earlier this month that ether is not a commodity. At the conference, Tarbet emphasized that the Securities and Exchange Commission (SEC) is the entity that determines when something is a security, while the definition of commodities, which fall under the CFTC's jurisdiction, is broader.   Meanwhile, the SEC has dealt out a string of crackdowns on initial coin offerings (ICOs) of tokens that it deems as securities.   Earlier this month, the regulator filed an emergency action against Telegram and TON Issuer for failing to register the sale of their Gram tokens, which the SEC regarded as securities. This filing follows a settlement between the SEC and Block.one, the firm behind the EOS blockchain, for conducting an unregistered ICO. 
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Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility

The Bitcoin mining giant Bitmain has just announced that it will work with a Canadian startup to help create a facility with potentially 300MW of power in Texas. DMG Blockchain Solutions Inc. will be providing the Chinese firm with project management services. The news comes less than a week after a different startup announced its intentions to also bring Bitcoin mining to Texas. Layer 1 aims to create an all-in-house mining facility and has received funding of $50 million to help it achieve this. Another Massive Mining Operation for Texas According to a press release, Bitmain has partnered with a Canadian startup to help it create a massive mining facility in Texas. The Chinese hardware manufacturer will be working with DMG Blockchain Solutions Inc. – a self-described “diversified blockchain and technology company.” DMG states that it was chosen following an extensive selection process. Bitmain initially started construction of a 25MW mining farm on a 33,000 acre site in Rockdale, Texas, last year. The firm has now announced that it will be at least doubling its size with the help of DMG. The site will be powered with electricity sourced from the Electric Reliability Council of Texas (ERCOT). The CEO of DMG, Dan Reitzik, stated the following of the deal between the two companies: “Being chosen by the world’s leading bitcoin mining company is a great testament to the capabilities of DMG’s mining team. Over the past several months, Bitmain visited many large facilities throughout North America including DMG’s flagship facility in British Columbia, Canada.” The release says that there is currently 50MW of power available for the planned Texas site. There is also the potential to increase this to 300MW. This would make it one of the largest Bitcoin mining facilities on the planet. DMG says that it will be handling management of the new facility but will not be adding to the funding of the project. Sheldon Bennett, COO of DMG, commented on the firm’s suitability for its new management position: “Having led large projects in Alberta and recently completing DMG’s 60MW facility, this 300MW facility is an exciting opportunity for DMG to truly demonstrate economies of scale. While the task of managing what we believe will be the world’s largest bitcoin data centre is daunting, we are confident that together with Bitmain, we will complete on time and on budget.” Don’t Bitcoin Miners Like the Cold? The news follows the recent announcement by another Bitcoin-focused startup. Layer 1, launched in 2018, originally positioned itself as an “activist fund for cryptocurrencies.” However, last week the firm announced that it had just completed a $50 million funding round. Amongst those backing the venture is US entrepreneur Peter Thiel. Layer 1’s plan is to perform almost all tasks relevant to the operation of a Bitcoin mining facility itself. This not only means manufacturing the chips but also creating a power substation and developing advanced cooling methods to deal with the intense Texas heat. Typically, Bitcoin miners have preferred cooler climates for their operations. This allows them to save money on systems systems needed to cool hundreds if not thousands of powerful computer systems working day and night in the same space. Bitmain’s Rockdale Lead Project Manager, Clinton Brown, explained why firms were starting to turn to Texas for Bitcoin mining: “We are excited to launch this facility, which is significant to Bitmain’s global expansion plans. The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry.”   Related Reading: Russian Scientists Fined for Mining Bitcoin on Hijacked Supercomputer Featured Image from Shutterstock. Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility was last modified: October 21st, 2019 by Rick D.The post Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility appeared first on NewsBTC.

Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO

At the World Digital Mining Summit in Frankfurt, Germany, Bitcoin.com’s CEO Stefan Rust sat down with Jihan Wu, cofounder of Bitmain Technologies and Matrixport. The two discussed how cryptocurrencies being used for payments is spreading and how Bitmain is doing after the bear market last year. Also read: SEC Wants Second Look at Bitwise Bitcoin ETF Proposal A Virtual Economy at Work Approaching Critical Mass The World Digital Mining Summit (WDMS) is a two-day mining conference that hosts an assembly of industry leaders, mining rig manufacturers, cryptocurrency pool operators, and other individuals passionate about crypto. During the event, Bitcoin.com’s CEO, Stefan Rust, had the privilege of sitting down with Bitmain cofounder Jihan Wu and discussed a wide variety of subjects. At first, Wu explained how he got into Bitcoin and that while working for an investment firm, he happened to read something about Bitcoin and found it “really interesting at that time.” After looking into it for two days straight he decided that bitcoin was a good idea. Wu was actually the first person to translate Satoshi’s Bitcoin white paper into Chinese for residents living in the region. “I was the first one to translate the [white paper]. At that time in the Chinese media said Bitcoin was either a scam or it does not work,” Wu explained to Rust. “I happened to understand economics and some high-level principles of computer science so I knew [Bitcoin] works in both economic ways and in computer science ways. So I translated the white paper and tried to get more positive feedback from Chinese social media.” While recalling his old QT wallet, Wu emphasized that it’s been an amazing journey. “I still remember back then no one knew about bitcoin and right now there are 20 million or 40 million users around the world and almost everyone now more or less have heard about bitcoin — I believe there are actual users getting involved in the cryptocurrency economy and those [individuals] are really starting to use cryptocurrencies for payments. A way to store their cash account — I believe this kind of user base will increase more and more.” Wu continued: This is a virtual economy at work and it’s quite difficult in the beginning but I think we are almost near critical mass. The Bitmain cofounder remarked that he believes the 40 million crypto users globally had initially stemmed from investor types, but nowadays he sees more ordinary people joining the economy and “especially young people.” “[Individuals] are really pushing cryptocurrency into the local payment network and people start to use it,” Wu said. Rust also brought up spending bitcoin cash (BCH) in Slovenia where there are hundreds of merchants that accept digital assets for products and services. “Lots of people still today believe [Bitcoin] is undoable or it’s out of their imagination how cryptocurrency can be really adopted by real life use cases,” Wu replied. “I think it’s a miracle, I think it’s amazing and lots of miracles are happening nowadays.” Bitmain Continues to Produce Next Generation Mining Rigs and Chips After discussing cryptocurrency adoption, Wu also explained how Bitmain was doing this year. “After the bottom of the bearish trend last year we’ve seen a very fast recovery in the money industry and we can see the hashrate growing very fast. Bitmain’s sales volume increased a lot and we released a new generation of mining rigs and mining chips.” Wu detailed that the company also released new artificial intelligence (AI) chips. He further explained that Bitmain’s mining pools mined different cryptocurrencies and remain top-ranking mining pools. Wu stressed: It’s a good year for Bitmain. Additionally, Rust and Wu talked about regulations in China and how roughly 60% of the world’s hashpower is located in the country. The two executives discussed the possibility of China banning bitcoin mining and how the Chinese government is dealing with oversight. The Bitmain cofounder and Bitcoin.com CEO conversed about a slew of other subjects like the ecological impact of bitcoin mining, the reward halving, and a lot more insights from someone who’s seen the cryptocurrency mining industry grow immensely, first hand. If you want to check out our exclusive interview with Bitmain’s Jihan Wu, check out the video below. What do you think about Jihan Wu’s perspective of the mining industry and cryptocurrency ecosystem? Let us know what you think about the interview in the comments section below. Image credits: Bitcoin.com. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO appeared first on Bitcoin News.
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BANK OF AMERICA: Companies are crushing earnings season so far — but the firms missing forecasts are being punished more than usual (BAC)

Third-quarter earnings season is a couple weeks underway, and Bank of America Merrill Lynch analysts found that companies that missed sales and profit expectations are getting hit more than usual in next-day trading. The companies that fell short of expectations for revenue and earnings underperformed the S&P 500 by 3.9 percentage points, the analysts found, compared to the 2.4 percentage point historical average. The worse-than-usual performance by such companies suggests investors may not be confident enough in long-term outlooks to forgive third-quarter performance, Bank of America said. Visit the Business Insider homepage for more stories. Third-quarter earnings season is underway, and the performance of 75 S&P 500 companies to already report brings fresh insight into investors' economic outlook. Of the companies to report, 43% have beaten analyst expectations for both revenue and earnings, according to Bank of America Merrill Lynch analysts. The figure lands slightly above the second-quarter average of 41% and the year-ago average of 40%. Yet the companies that missed analyst estimates in both categories were clobbered more than usual in public trading, underperforming the S&P 500 by 3.9 percentage points in next-day trading, the analysts found. Historically, companies underperform the index by 2.4 percentage points when they miss sales and earnings estimates. Read more: Goldman Sachs says these 5 trades can help investors make a killing during a crucial earnings season The companies beating both estimates outperformed the index by 1.6 percentage points, falling in line with the historical average. The worse-than-usual punishment could reflect a lack of long-term confidence among traders, with third-quarter misses signaling a prolonged downturn. The analysts also found mentions of words like "better" or "stronger" against "weaker" or "worse" hitting the lowest gap since 2009, which could be a result of continued trade tensions and souring global economic outlook. Earnings of the 75 companies to report were 2% above consensus estimates, with healthcare and consumer discretionary companies delivering strong beats. Banks performed in line with estimates despite macroeconomic indicators warning otherwise and recent Fed rate cuts squeezing profit margins. The current trends are subject to change, especially with 36% of S&P firms slated to report their third-quarter earnings in the week starting Monday. Mega-cap stocks like Microsoft and Amazon will announce their latest figures, and more than half of communication services and energy companies will report as well. Now read more markets coverage from Markets Insider and Business Insider: Wall Street is sounding the alarm as a key source of stock-market buying evaporates The Fed's $60 billion monthly cash injections aren't enough to solve recent money-market stresses, JPMorgan says Billionaire Howard Marks gives his best advice for navigating an anomalous market where 30% of the world's debt has a negative yieldJoin the conversation about this story » NOW WATCH: A 45-year-long study discovered trends in successful hyper-intelligent children
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