ICORating has published a table rating all 100 exchanges profiled according to their aggregated security score. No exchange manages to score even 90% but Coinbase comes the closest, at 89/100. Bottom of the list is Okcoin.cn with 15/100
Why Crypto Exchanges Are Weak In Security?
Did you use, sell, or convert cryptocurrencies in 2018? If your answer is yes, you may owe taxes as a US taxpayer. There is a lot of confusion regarding this but one thing is sure, you are required to report gains as well as losses on each of your crypto transaction, even if it not […]
Centurion & Co Partnering With Thrupny Have Launched an End to End Security Token Offering and Blockchain Asset Management Platform
Renowned regional investment consultants Centurion & Co have launched a complete technology offering for Security Token Offerings (STOs) and Blockchain use cases. The platform, in partnership with Thrupny, will be offered to all of Centurion & Co’s customers and is currently being leveraged for existing STOs, including Babel-Chain.io. The launch took place at the Step Conference in Dubai on the 13th and 14th of February, following an investment from Centurion & Co, through their fund AKA Partners. With this platform, organisations are able to seek investments, new business and, according to a 2018 McKinsey & Co study on global financial transactions, can leverage automation to improve operational efficiency by up to 40%. Already tokenising real estate, commodities and the technology behind a planned stable asset fund, the Thrupny Asset Management Platform has now launched a universal tokenisation capability for progressive organisations. The platform enables a wide variety of use cases across industries including real estate, investment, supply chain, and government. Ali Kassab, CEO of Centurion & Co noted “Our customers are asking us for technology support with their STOs and operational efficiency. So we know there is demand and we are in fact working with customers already. Added to the high level of interest in blockchain in the region, we are very excited at the prospects that this new platform.” “Our partnership with Centurion & Co is key to our next phase in development. We are super excited to launch our new platform and its first products at the prestigious Step event. We believe in the significant opportunity in helping organisations achieve efficiencies and new business” added Andrew Rippon, CEO and Founder of Thrupny. About Centurion & Co Centurion & Co. is a leading regional incubator and accelerator for Digital, Fintech and Blockchain technologies. It provides management and advisory by an experienced group of partners. We facilitate and provide investment and advisory services to cover private equity, extending to direct investments. Centurion has released several softwares and platforms to help organisations drive the Digital Transformation and integrate Fintech Innovations. Blockchain Since 2018, Centurion has leveraged its ecosystem of partners to enable blockchain technologies and advisory to design business models, and products around blockchain applications creating innovative use cases in renewable energy, advertising, influencer marketing, etc. Centurion & Co develops business models and value exchange using decentralized software applications – all based on blockchain architecture. Our experienced blockchain developers secure your data records and manage solutions for industries such as management, finance, medical, personal identity management. E-Payment Gateway Centurion & Co accelerate smart business operations through e-commerce facilities that allow secure online payments. Our state of the art e-payment solutions supports the delivery of e-services of the public sector and assists private sector moving into e-commerce. Centurion’s e-payment gateway can help businesses enable efficient electronic transactions and simplifies the process of payment transactions for electronic services. Payment Solutions Smart POS Payment Solutions Our smart terminals and payment modules cover all points of transactions, unattended, multilane, in-store, outdoor or mobile. They meet the latest security standards and support any cashless payment method. Their multimedia possibilities offer a rich consumer experience to many industries, including hospitality, retail, vending, banks & acquirers, petrol and transportation. Payment Kiosk Software Development We develop software for kiosks that automate payments, money transfer, and top-up services. Our software can be customized to business size and requirement as well as full integration with e-government services and language support. Centurion Bay Square, Building 11, Business Bay, P.O BOX 935010 Dubai, UAE +971 55 379 7682 firstname.lastname@example.org www.centurionco.com About Thrupny Thrupny is the tokenisation platform for progressive organisations. Thrupny believes in the transparency and efficiency that blockchain can bring to investment and operations, thereby growing their blockchain ecosystem in everything that they do. Thrupny is on a mission to deliver effective business models with the transparency of blockchain, bringing new opportunities to their investors, consumers, and businesses. Contact us on Telegram (https://t.me/thrupny) or email on email@example.com The post Centurion & Co Partnering With Thrupny Have Launched an End to End Security Token Offering and Blockchain Asset Management Platform appeared first on Bitcoin Chaser.
Opinion Recently, the US Securities and Exchanges Commission’s [SEC] Chairman, in a conversation with representative Ted Budd, said that Ethereum [ETH] and similar cryptocurrencies were not subject to the securities law. This immediately gave rise to speculation on whether XRP was a security or not. This question can only be answered by addressing a larger concern, whether XRP was decentralized or not? According to available records, XRP Ledger was formed by Jed McCaleb, Arthur Britto, and David Schwartz in 2011. In 2012, the trio approached Chris Larsen, who then joined the bandwagon. According to Hodor’s blog, the team then approached Ryan Fugger, who was responsible for the original concept behind Ripple with his credit network Rippleplay, and wanted to use their ledger on his credit network. According to the blog, Fugger and the XRP Ledger team founded a new company called Opencoin, which is now known as Ripple. According to a BitMEX research piece, Ripple released 100 billion XRP in January 2013, out of which 80 billion was gifted to a company now called Ripple. According to the Github repository, this amount of XRP was given to Ripple “to develop the XRP ledger and its ecosystem.” Ripple claimed that they will use this 80 billion XRP to build an Internet of Value, ushering a world where money moves as fast and efficiently as information. Decentralized or Centralized 1) Ownership As a company which claims to use its “native XRP” for its technology, Ripple was given 80 billion XRP out of 100 billion of the total XRP created during its inception. Along with the aforementioned amount, McCaleb was given 6 billion XRP and Larsen received 9.5 billion XRP. After McCaleb’s exit from Ripple, he signed a lock-up agreement along with Britto, who reportedly received 1 billion XRP. Larsen committed to putting 7 billion XRP of his share into a charitable foundation. In 2015, Ripple Labs held 67,510,707,349.48 XRP, while 32,488,247,336.79 was held by others. After modifying the disclosure, the reserve balance was no longer available. For a company which claims to be decentralized, Ripple holds an abnormal portion of XRP. 2) XRP in Escrow Out of the available XRP, Ripple committed to placing 55 billion XRP in an escrow account in 2017. The company has 55 contracts of 1 billion XRP, which expire on the first day of every month. When a contract expires, the XRP is used by the company for providing “incentives to market makers who offer tighter spreads for payments and selling XRP to institutional investors,” an article by Ripple said. This hold reflects that there is a certain amount of control that Ripple, as a company, has in the utilization of XRP, indicating that XRP is not completely decentralized. 3) Ripple nodes Ripple claims to not control the validators running a node in order to approve a transaction and that anyone can become a validator. However, Ripple controls 20% of the nodes and in order to approve a transaction, a majority of 80% has to be achieved, which seems fairly possible. Even though only 20% of nodes are controlled by Ripple, the validators need to download the software for a node to operate. According to a BitMEX research report, the node operates by downloading a list of five keys from the server v1.ripple.com. These five keys are assigned to Ripple.com and according to the software, four out of the five keys “are required to support a proposal in order for it to be accepted.” Since these keys are to be downloaded from the Ripple.com server, it can be argued that the company has total control over the ledger. SECURITY or NOT? Mike Dudas, CEO of the publication The Block, discussed how Ripple actually met every condition of Howey’s test. 1) It is an investment of money According to Ripple’s website, users can purchase XRP on various crypto-asset exchanges with either fiat currency or crypto-assets. This means that there is an investment of fiat currency and crypto-assets, meeting the first condition of the Howey Test. 2) There is an expectation of profit from the investment Ripple’s Chief Technology Officer [CTO], David Schwartz, who also goes by the handle name @JoelKatz, stated in a conversation with Bitcointalk.org, “Anyone who holds XRP, particularly those who are contractually prohibited from dumping it, shares our interest in seeing the price appreciate over the long term.” According to the document available on Ripple’s asset, “@Ripple Labs plans to retain 25% of all $XRP issued to fund operations (and hopefully turn a profit)… as demand for $XRP grows, the value of $XRP should appreciate.” The appreciation of the price of the token is what Howey test calls ‘an expectation of profits from the investment.’ 3) The investment of money is in a common enterprise The same document also states, “If the @Ripple protocol becomes widely adopted, demand for $XRP may increase, leading to an increase in price. Unlike info protocols like HTTP or SMTP, investors can directly own a stake in Ripple.” Schwartz had earlier said, “I don’t think it’s likely $XRP would succeed w/o [@Ripple], though it’s possible. I do think it’s possible for us to succeed without XRP succeeding, as we do have other sources of revenue.” Dudas wrote, “When pressed on what could cause $XRP to go to $0, @JoelKatz highlights 5 factors related to @Ripple Labs, implying the price of $XRP is strongly tied to Ripple Labs’ operations, development & strategy.” 4) Any profit comes from the efforts of a promoter or third party Ripple Labs, in a section of XRP distribution, stated, “[@Ripple] will engage in distribution strategies that we expect will result in a stable or strengthening $XRP exchange rate against other currencies.” Schwartz said, “As a corporation, [@Ripple] are legally obligated to maximize shareholder value. With our current business model, that means acting to increase the value and liquidity of $XRP” Conclusion It can thus be argued that XRP comes under the category of a Security. However, Howey’s test is an ancient test to term assets as Security, and cannot be completely applicable to digital assets. The Token Taxonomy Act while proposing to regulate the crypto market to ensure customer protection, considers Howey’s test to classify an asset as a Security. Thus, the framework and regulations for crypto must be urgently upgraded, before deciding on the Security and non-Security aspect of cryptocurrencies. The post Is XRP a security or not? Answering the dilemma that is gripping crypto space appeared first on AMBCrypto.