Crypto Ninjas

Inventor of token sale helps launch new one to grow Coinme bitcoin ATM network

Inventor of token sale helps launch new one to grow Coinme bitcoin ATM network

Coinme, a venture-backed cryptocurrency financial services and blockchain technology company today announced UpToken (UP), a partnership with the cryptocurrency community to accelerate deployment of the largest crypto ATM network in the world.

As the first licensed Bitcoin ATM company in the U.S., Coinme’s proven track record and human-first approach have brought thousands of people into the growing crypto community.

As history has shown, traditional economies are vulnerable to inflation, political instability, and institutional manipulation. To address these issues, Bitcoin was created in October 2008 – just weeks after the global financial collapse. Nine years later, the cryptocurrency market capitalization has passed $100 billion in value.

However, access remains the major barrier to continued growth in this industry. While there are now more than 3 million traditional ATMs in use, there are only 1,600 crypto ATMs deployed worldwide.

UpToken is a new crypto asset that will accelerate the establishment of a global network of crypto ATMs for widespread access to virtual currency. Consumers who purchase UpToken will benefit from discounted ATM fees as well as special voting rights.

The UpToken sale was designed in partnership with J.R. Willett, inventor of the first token sale, and will begin on or about October 16th, 2017.

Benefits for token holders include:

  • 1% “Cashback” – Each time a customer uses a Coinme ATM, the customer will receive 1% “cash back” in UpToken (based upon current market prices of UpToken).
  • 30% discount – Customers will receive a 30% discount on ATM transaction fees if they opt to spend their UpToken to cover the transaction fee.
  • Voting rights: Choose the next cryptocurrency – Over time, Coinme will add new cryptocurrencies to the ATM network. Elections will be held, and interested parties will use UpToken to vote.

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Blockchain escrow app Confideal announces launch of smart contract constructor

Blockchain escrow app Confideal announces launch of smart contract constructor

Confideal, a new Ireland based multifunctional escrow platform powered by the Ethereum blockchain has officially announced the launch of their smart contract constructor that simplifies the contract creation process, making the platform accessible to the commercial market. Also recently, the team conducted a strong pre-ICO campaign raising a sum of $650,000 USD and now moving full speed ahead.

The smart contract constructor application allows users to explicitly set the terms of a transaction, thus acting as an impartial escrow agent. The Confideal platform provides users with pre-written smart contracts removing the need for any form of programming skills.

In the case of a dispute, should the opposing parties be unable to come to a resolution, they can advise a qualified arbitrator within the platform who will anonymously judge and resolve the dispute. The platform aims to solve the problems that arise during the execution of international transactions by working on a trustless basis.

A Universal Commercial Market

The main mission of the Confideal service is to create a uniform escrow platform facilitating companies, entrepreneurs, and regular individuals to conduct transactions safely without any third-parties involved.

This is achieved by using smart contracts on the Ethereum blockchain. Once deployed, the contracts are immutable so all counterparties can be certain that their contract can only be fulfilled or broken.

Basically, by providing a platform that unites arbitrators and merchants, Confideal lets parties be in a win-win situation: the merchants attain smart contracts and arbitrators get trusts and money.

Origins and the Concept of the Idea

The team behind the idea has experienced the difficulties involved in interacting with blockchain technologies first-hand. They initially came up with the idea after participating in a Moscow Blockchain Hackathon BlockchainHack which was held in November 2016 and, after seeing how complicated and raw most projects were, they created Confideal with usability and practicality in mind. The team has decided to officially incorporate the project and open a business in Ireland after garnering support by the Enterprise Ireland (a governmental agency in Ireland responsible for supporting Irish businesses). A member of the BAoI (Blockchain Association of Ireland), Reuben Godfrey, has also directly joined and became an advisor for the project.

Pre-ICO and ICO

Th company’s pre-ICO goal was to release 6 million CDL tokens (1 ETH = 1000 CDL) equivalent to 600,000 USD. The project’s pre-ICO has successfully raised $650,000 USD, surpassing the initial goal. Gathered funds have already been allocated towards the preparation for the ICO.

Funds were distributed as such:

● 25% Press releases;
● 25% Marketing campaign;
● 10% Representation of the company on real events and conferences;
● 10% Legal issues development;
● 5% Community management;
● 5% Content production;
● 5% Design;
● 5% Business development and advisory;
● 10% Product development.

The Confideal ICO it is planned so that the maximum amount of tokens supplied is 100,000,000 CDL units. The total sum of Ethereum that is planned to be collected is 70,000 ETH. Tokens not redeemed during the ICO will not be issued, i.e. Only the tokens that have been bought will be in circulation.

After the ICO conclusion, release/minting of new tokens will not be performed. The official ICO is set to begin on November 21st.

New ICO Contract Templates

Currently, the Confideal service is oriented towards the rapidly growing crypto community offering an on-blockchain solution to commercial contracts. The service will be updated in the future to suit the needs of other communities as well. One of the best features is going to be an ability to design, sign and manage smart contracts for ICOs (crypto to crypto), to which the service will provide a contract template for their initial crowd sale periods. This update is to be launched in October 2017. Arbitrage is to be launched by the end of 4th quarter of 2017.

Machine to Machine Contracts

In the long-term, the team intends to widen the application scope of the Confideal project. IoT association of smart contracts with hardware, service delivery to other smart-contract blockchains and cross-platform contracts are few among the future updates detailed in the white paper.

Team Statement – Addressing Investor Concerns

Confideal team remains positive about the expectations of investors. No surprises here, because the project has a prosperous situation regarding legal issues (governmental support and investments). Moreover, the project has great advisors as well as big partners and supporters. However, so far, the consequential and strongest point of the project is the availability of the fully functional test version of the platform.

More information on Confideal can be found in the company white paper, Facebook, and Twitter pages.



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Wirex launches multi-asset off-chain liquidity network ‘W-Pay’

Wirex launches multi-asset off-chain liquidity network ‘W-Pay’

Wirex Limited, a bitcoin and cryptocurrency banking app today announced their new 100% in-house built payment network called ‘W-Pay.’  The service was developed to provide merchants, liquidity providers, small businesses and trading platforms with instant global multi-currency payment solutions.

Features include a fully-automated trustless blockchain environment for machine to machine (M2M) payments with zero blockchain fees, gateway fees, or customer chargebacks.

Although technically released as a business product for merchants, trading exchanges, and financial institutions, ultimately a bigger network means lower prices for end-users.

Network access is being offered right now by invitation only and will become available to business partners in October and by November will be available to all users. The company is forecasting that by July 2018 it will grow to USD $10 billion in transactions.

The Wirex team said:

“W-Pay was initially inspired by the Lighting Network and was launched in early 2015 following a rebrand of e-coin. The service was founded in 2013 as the first mass consumer service in the world to successfully combine cryptocurrency networks with traditional banking services and the VISA card scheme.”

“At the heart of all Wirex services, the W-Pay technology continues to evolve, making it possible to use over 50 cryptocurrencies together with fiat money in a fully-automated and trustless environment, without the need to wait for blockchain confirmations.”

“We are constantly adding new liquidity providers, with over $1 billion worth of transactions processed in the OTC market.”

With multi-blockchain asset support for numerous cryptocurrencies (Bitcoin, Litecoin, Ether, Ripple, Dash, NEM etc.) as well as fiat money (US Dollars, GBP, Euros, Japanese Yen, etc.) the network supports most digital assets while being seamlessly integrated with the VISA network.

Such a combination allows Wirex partners to implement complicated money flows, which were previously not possible for consumer personal finance.

Network participants establish a bidirectional payment channel by placing funds into a multisignature “channel” address. Once the channel is established, counterparties can start exchanging payments.

The current balance is stored as the most recent transaction signed by both parties. To make a payment, both parties sign a new exit transaction spending from the channel address.

The network does not require cooperation from the counterparty and both sides can exit the channel based on agreed rules of the system. Once the channel is closed, final balances are broadcast to the blockchain.

W-Pay enables new levels of transaction between parties that were previously impossible via financial systems vulnerable to monopolization. Without the need for custodial trust and ownership, participation on the network can be dynamic and open for all.

The Wirex team added:

“We own the full technology stack, giving us the flexibility to react to changes in customer behavior and demands. This unique approach enables Wirex to build systems free from legacy constraints by using blockchain technology that is revolutionizing the payment industry; making transactions faster, more secure and more cost-effective for everyone.”

“W-Pay provides access to a multi-asset global network of liquidity providers which trades in a fully automated and transparent environment.”

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Deribit temporarily halts bitcoin futures as liquidation algorithm causes undue losses

Deribit temporarily halts bitcoin futures as liquidation algorithm causes undue losses

Bitcoin futures and options exchange Deribit announced some interesting developments which led to the halt of trading on Friday, September 15th. On that date, at around 14:00 UTC, the Deribit liquidation algorithm for portfolio margin users created havoc on the company’s Dec 29 futures contract.

The errors resulted in account bankruptcies amounting to more than 105 BTC (USD $400,000 at yesterday’s rate). Furthermore, various clients had undue losses on their accounts because of the liquidation algorithm failure.

Deribit CEO Johan Jansen, and CMO and Marius Jansen reported that they solved the predicament of the losses by contacting its biggest market makers and traders that have been making profits trading against the malicious algorithm at prices far above the market.

The Deribit team said:

“We are grateful for their understanding of the incident and for their direct support of our exchange.”

“Further, we decided to refill the insurance fund further such that all other traders will remain completely unaffected and no profits will be socialized among other traders in this session at all.”

“This was our first major incident since we opened doors for trading in the summer of 2016. We will work hard now to improve various liquidation algorithms such that this could never occur again. This might further delay the launch of new products like Ethereum futures and our upcoming spot exchange.”

In total, the final loss left for the exchange amounted to around 60 BTC (or USD $235,000 at the time of writing). The company said it will continue to operate as normal and although they are not happy about absorbing the loss, it’s, of course, an amount they can manage.

Lastly worth noting, the Deribit insurance fund will be replenished anew with 25 BTC.

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Online payment provider Worldcore to expand blockchain services with new token

Online payment provider Worldcore to expand blockchain services with new token

Worldcore, founded in 2014 and which offers a wide range of global payment solutions including access to bank payments, e-currency payments, prepaid debit cards, mass payments, payouts to any Visa/Mastercard/UnionPay credit/debit cards and international payment processing for both individuals and businesses will soon begin a token sale to expand out its services.

The team is now getting ready for its Initial Coin Offering (ICO) campaign which will begin with a presale of Worldcore tokens. In just two weeks from today, on October 2nd, the presale will open with a minimum purchase amount of 500,000 WRC tokens ($50,000+ purchase).

The crowdsale with a minimum purchase of 100 WRC tokens ($10) will start on October 14th.

Customers of Worldcore include:

  • Freelancers –  can accept payments from clients worldwide without worrying about details.
  • Big companies – can do business and get all types of payments with Worldcore. The use of a Worldcore account significantly simplifies payout processes, so that companies can make transfers to suppliers and partners, pay salaries, make rent payments, pay taxes, etc.
  • Fundraisers – can get donations from people without any limitations. A wide array of payment options increases the chances of reaching a target amount.
  • Online shops and retailers – can benefit from payments by cards, bank transfers, and cryptocurrency.
  • Online marketplaces – can offer more depositing/withdrawal options to their customers.
  • Common people – who want to send money to their relatives, friends and loved ones without any limitations.
  • All sorts of small businesses – like translation services, travel agencies, HR consultants, advertising companies, software developers,  etc,  selling their services worldwide.

The present product line of Worldcore includes:

  • Payment Account for bank transfers
  • Worldcore prepaid debit card
  • Worldcore prepaid virtual card
  • Mass (batch) payments
  • PayAnyCard (card loading with cryptocurrencies)
  • Smart Invoicing
  • Checkout for merchants (SCI)
  • API for automated payouts
  • Solutions for crypto community
  • Affiliate program

Worldcore is making an attempt and is ready to integrate usual financial products into the blockchain sector of the economy. Regardless of whether a client is working with bank transfers, plastic cards or cryptocurrencies, everything can be managed through a Worldcore account.

The Worldcore ICO will help to extend the company portfolio by adding blockchain products. If WRC tokens are sold out, the Worldcore product portfolio will be supplemented by the following:

  • Brokerage platform for blockchain assets trading.
  • UK-regulated Blockchain-powered P2P lending platform.
  • Blockchain-based cash money transfer platform for easy and instant conversion of cryptocurrencies into cash and vice versa in 1000+ of pickup points internationally including all Worldcore offices.

The ICO is one of the major events in Worldcore’s history. In summary, the goal of the ICO is to accelerate corporate growth, introduce blockchain integration and launch new FinTech products.

Concerning to the ICO, CEO of Worldcore Alexey Nasonov stated:

“Worldcore is a reflection of me. I devoted more than three years to this project to offer the best payment products, introduce the most advanced security technologies, and to develop dynamically. We became the number one company in the Czech Republic and I am sure that in the next 2 years we will enter the top 20 in Europe.”

“I have put my soul and invested more than 3 million euros of my personal funds to Worldcore, to make it the company you see and use today. And I believe that we will do better after getting invested through ICO, by boosting the company growth and extending our product portfolio.”

“Worldcore’s ICO is a history in the making. By buying WRC tokens, you get an opportunity to participate in a great business success story while making money in the process.”

Alexey was listed in the 2016 New Europe 100 list of changemakers in Central and Eastern Europe by the Financial Times.

An interesting proposition of the Worldcore token (WRC) will see 30% of company profits distributed to token holders. Payments will be made every year on March 31st. Moreover, payouts will be automatically processed in Ethereum (ETH) cryptocurrency.

More information and detailed plans are in the Wordcore whitepaper and prospectus.

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Chamber of Digital Commerce touts new initiative for ICO best practices

Chamber of Digital Commerce touts new initiative for ICO best practices

The Chamber of Digital Commerce announced today the Token Alliance, an industry-led initiative to educate, promote and help shape the responsible growth of token and digital asset issuances.

The Token Alliance is co-chaired by former Chairman of the U.S. Commodity Futures Trading Commission, Dr. Jim Newsome, and former U.S. Securities and Exchange Commissioner, Paul Atkins.

The Token Alliance will work with the community to recommend legal frameworks that drive innovation and promote investment, balanced with protections for market participants.

Token sales or Initial Coin Offerings (ICOs) can be a powerful tool for startups and businesses seeking to fund through a crowdsale. In 2017 alone, more than 100 token sales raised over $1.5 billion. However, regulatory uncertainty and compliance continue to be a challenge for the industry.

Perianne Boring, Founder, and President, Chamber of Digital Commerce said:

“As with all new technologies, it is important to set appropriate guidelines to curb potential abuse, while protecting innovation. We look forward to working with our members to continue to promote and advocate for the power of the blockchain.”

The initial participants of the Token Alliance is comprised of more than 70 organizations including: Alluminate, AlphaPoint, Bankcoin Global, Blake Cassels & Graydon, Bloq, CMT Digital, Cognizant, Cooley, Crowell & Moring, Elliptic, Gem, Hashed Health, Loyyal, Microsoft, Netki, Node40, Parsons & Whittemore, Perkins Coie, Polsinelli, Qtum, Reed Smith, Rimon Law, Rivetz, Steptoe & Johnson, t0 and Tally Capital.

Jim Newsome, Founding Partner of Delta Strategy Group and former Chairman of the CFTC said:

“With the SEC’s recent findings regarding ICOs, combined with the CFTC’s determinations and enforcement, it is clear that proactive industry efforts are imperative and timely. I look forward to helping shape the dialogue and enable this innovative technology to progress for the benefit of industry and consumers.”

Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner said:

“The Token Alliance will serve a much-needed role in helping the industry establish for itself appropriate guidance for this new and exciting asset class. I’m thrilled to be a part of this initiative and bring my service as a former securities regulator to help foster this ecosystem.”

The Token Alliance is open to participants from across technology, legal, advisory and other sectors, with an expertise in blockchain technology. Companies interested in learning more and participating are encouraged to contact the Chamber of Digital Commerce at

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ETHLend adds to Advisory Board as LEND token smart contract passes security audit

ETHLend adds to Advisory Board as LEND token smart contract passes security audit

ETHLend,  a decentralized lending platform built upon the Ethereum blockchain announced new members to its Advisory Board including Amin Rafiee, Ada Jonuse, and Jon Matonis, who will join the recently announced Professor Wulf Kaal. The board works consistently with the ETHLend team in various aspects of decentralized lending, global finance, and the blockchain technology.

Additionally, the ETHLend team reported details regarding the recently conducted third-party security audit for the $LEND token sale smart contract. The security audit revealed one potential security issue, which does not affect the token sale itself, but rather the future use of the token.

The flaw has been fixed during the audit review process.

Due to the simplicity of the token sale smart contract, the smart contract did not consist of zeppelin-solidity, a commonly used library, which was recommended for functionality. The audit suggested not to “reinvent the wheel” and use the library instead.

Additionally, the audit suggested avoiding human error by hard-coding the parameters into the smart contract. Without such hard coding, extra attention should be maintained during the deployment of the smart contract to the main-net.

Overall, the auditor stated:

“All these issues did not affect the security of the ICO contract directly” and “The ICO contract is safe for use in production”.

As the security audit has taken place and no security issues are holding the token sale, the ETHLend team is ready to proceed in deploying the contract to the Kovan test-net and later on Ethereum main-net.

For more information see details on the security audit and as well as on participating in the pre-sale of LEND tokens on September 25th.

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Banco de Mexico and Bitcoin

Banco de Mexico and Bitcoin

Banks like Banco de Mexico have repeatedly expressed their unwillingness to accept the cryptocurrency as legitimate. In 2014, the bank expressed its negative views on Bitcoin, saying that it did not recognize digital currency as legal.

They also prohibited any financial institution within the country from engaging transactions with the digital currency because of the risks they believed that the type of currency transactions was posing to their security.

During this time they made specific statements highlighting the reasons for this decision as listed below:

  1. Bitcoins are not legal tender as Banco de Mexico does not issue the currency or back it. As this is applicable to every other country outside of Mexico, it cannot be considered foreign currency either.
  2. Bitcoins cannot fulfill business obligations, as companies are not required to accept them.
  3. Bitcoins are believed to be used in criminal activities including but not limited to fraud and money laundering.
  4. The nature of digital currencies is highly volatile, as prices are not set, but rather speculated. Hence stability of price is not guaranteed.
  5. No regulation exists in which people who acquire bitcoins may recover their money. This is due to the lack of centralization, as there is no identifiable organization who issues the asset, and therefore there is no standardized way to recover losses stemming from their use.

In this regard, eFXto.com reports that Banco de Mexico’s view regarding the virtual currency has not changed drastically in 2017.

Commodity not Currency

During a recent presentation at the Mexican University, ITAM, the Governor of Banco de Mexico, Agustin Carstens, expressed that Bitcoins should not be classified as a legitimate currency, but rather as a commodity.

According to the local newspaper, El Economista, the Governor justified this view by stating that, unlike its paper currency counterparts, the digital currency did not have the backing of a central bank or government, and therefore could not be classified as a real currency. Like many others before him, he also brought up the “Issues of cybersecurity”, touching on concerns that other financial institutions share regarding the potential avenue that the digital currency provides for illegal activity. He stated that “there is nothing to ensure its accounting in the financial sector” perhaps referring to the inherent anonymity that using bitcoins provides during financial transactions.

Perhaps Some Hope for the Future

While such strong sentiments are being displayed, however, Banco de Mexico is not blind to the increase in market share and influence that this digital currency is having. This is particularly so, as many investors are cashing in on opportunities presented in the market of trading volatile cryptocurrencies. This is because they are now experiencing larger price movements due to the economic instability being experienced across the globe.

On that account, the Banco de Mexico has been exploring efforts of regulation of digital currencies or ‘financial technologies’ like Bitcoin. The Governor, in reference to Bitcoins, expressed his view that “technological development in the financial system cannot be the result of innovation alone” and indicated that innovation has to work together with financial regulations in order to find a place in the global financial market.

This shows that while skeptical to the ‘legitimacy’ of the currency, efforts are still being made to usher in the inevitable movement of these transactions into the wider Mexican society. And while they may never be considered as legitimate as paper currencies, Bitcoins may yet have a secure place in the financial world.

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HashFlare SHA-256 BTC contracts back in stock along with ZCASH contracts

HashFlare SHA-256 BTC contracts back in stock along with ZCASH contracts

Cryptocurrency cloud mining service HashFlare earlier this month informed that their Bitcoin SHA-256 contracts were out of stock. The company is now happy to report that they’ve finished installing new hardware and starting from today, September 18th, SHA-256 contracts are once again available.

Second, after a long break, ZCASH contracts are back online at $2.00 per 0.1 H/s with payouts in ZEC.

Additionally, the company revealed they’ve been working hard to optimize its online and offline operations and procedures, which has subsequently allowed them to now offer lower prices on the following contracts:

SHA-256 — $1.50 per 10 GH/s;

SCRYPT — $7.50 per 1 MH/s;

DASH — $3.20 per 1 MH/s.

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Bitfinex releases IOTA multisignature wallet – smidgen

Bitfinex releases IOTA multisignature wallet – smidgen

It was recently announced that Hong Kong-based cryptocurrency exchange Bitfinex released “smidgen” a multisignature wallet for IOTA. Back in June, the exchange was one of the first companies to list the IOTA token.

Multisignature wallets add an extra layer of security. By using Multisignature wallets, developers can create addresses which require multiple seeds for each transaction, each seed owned by one or multiple persons.

smidgen is Open Source Software and licensed under the MIT license.

Right now, smidgen is in its final beta stage. smidgen is beta software and supports many other usable commands, ranging from address generation to balance checking.

IOTA is an open-source distributed ledger protocol launched in 2015 and features a blockless distributed ledger called ‘Tangle’ which is both scalable and lightweight; the more users on the network, the faster it becomes.

Contrary to typical blockchains, consensus is no longer decoupled; but instead, a very intrinsic part of the system, leading to a decentralized and self-regulating peer-to-peer network.

More details on the “smidgen” wallet can be found on the GitHub download.

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