LINE Launches LINE Blockchain Developers and BITMAX Wallet

LINE Launches LINE Blockchain Developers and BITMAX Wallet


TOKYO – August 27, 2020 – LVC Corporation (“LVC”), operator of LINE’s cryptoasset and blockchain businesses,

and LINE TECH PLUS PTE. LTD. (“LTP”) announce the launch of LINE Blockchain Developers—a developer platform for blockchain services—and the BITMAX Wallet service for managing digital assets.In April 2018, LINE established the LINE Blockchain Lab team to develop blockchain-driven dApps and research P2P network-based distributed systems and encryption technologies. With that purpose, the team has worked on a wide range of blockchain projects across the LINE Group: developing the proprietary LINE Blockchain (formerly known as LINK Chain) and issuing its own cryptoasset, LINK, as well as operating the BITMAX and BITFRONT cryptoasset exchange services. Additionally, they built an ecosystem based on LINE Blockchain, aiming to generate co-creative relationships between users and service providers under the “LINE Token Economy” concept.

Although blockchain is a new technology that has massive potential, LINE believes its practical and widespread use as still a ways off because of the costs and complexities involved with building and deploying it. Against this background, LVC and LTP decided to share LINE’s blockchain technologies. This led the companies to launch LINE Blockchain Developers—a development platform for companies to build blockchain services—and BITMAX Wallet, a wallet service for users to manage their digital assets.

LINE Blockchain Developers: A development platform for blockchain services

LINE Blockchain Developers is a development platform that provides an easy and efficient way for developers to build blockchain services based on LINE Blockchain. Blockchain technology can also be readily added to existing services for one-of-a-kind token economies. The developer console itself is a web-based environment offered through LINE’s own developer web portal, LINE Developers. With this platform, companies and developers can focus their attention on improving UX and other facets of their service instead of the technical aspects of blockchain and security.

Companies can use LINE Blockchain Developers’ main features to issue their own tokens, tokenize in-game digital assets (such as characters, items, and currency), ensure transparent transaction histories, and monetize data. For services that have been developed with the platform, token and item trades can also be verified on LINE Blockchain Explorer (formerly known as LINK SCAN).

LINE Blockchain Developers’ main features

1. Building an independent token economy

Use the LINE Blockchain Developers’ developer console to easily create a unique token economy. Tokens can also be issued on Testnet first to test them out before official release.

2. Managing various things and rights by tokenizing

Various things and rights —whether intangible or tangible—can be tokenized, making it possible to manage them with blockchain services.
* Must comply with applicable laws for tokenization

3. Protecting blockchain asset securely

Each service uses private keys to securely manage blockchain assets.

4. Straightforward blockchain access

Use RESTful API to easily link services to a blockchain—no knowledge of smart contracts needed.

5. Fully managed blockchain network

Does not require to operate nodes to participate in the network. Easily create and manage the network by using open APIs.

6. Link with LINE

Tokens issued by services made with the platform can be linked to and managed with BITMAX Wallet (which is in turn linked with LINE IDs), opening up the option of creating services that fully or partially leverage LINE’s userbase.

About LINE Blockchain Developers

·         Operator: LINE TECH PLUS PTE. LTD.

·         Availability: Global (excluding certain regions)

·         Supported languages: Japanese, English

·         URL: https://blockchain.line.biz/#/

·         Inquiries on LINE Blockchain Developers: biz@link.network

BITMAX Wallet: A wallet service for managing digital assets BITMAX Wallet is a blockchain wallet for managing digital assets. Users can centrally manage all the digital assets—tokens, items, and more—that they have obtained from various blockchain services within the one wallet. The difficulty of creating and managing conventional blockchain wallets has hereto been a barrier for users wanting to use blockchain services—and ultimately, played a part in holding back the growth of blockchain services overall. BITMAX Wallet on the other hand, is linked to LINE IDs. This means that users only need a LINE ID to get started right away and can easily send and trade digital assets with their LINE friends.

About BITMAX Wallet

・Operator: LVC Corporation

・Availability: Japan

・Supported languages: Japanese

・URL: https://wallet.bitmax.me (Web browser)

・How to use BITMAX Wallet: https://note.com/line_blockchain/n/n6aa0765fe51e (Japanese) Under the concept of “LINE Blockchain: Designed For Everyone,” LINE will continue striving to provide blockchain services and technologies that can be integrated into users’ daily lives.

About LINE Corporation

Based in Japan, LINE Corporation (NYSE:LN/TSE:3938) is dedicated to the mission of “Closing the Distance,” bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.

Article Produced By
guest Crypto Mode

https://cryptomode.com/line-launches-line-blockchain-developers-and-bitmax-wallet/

Heiko Closhen, Entrepreneur

Fed Chair Says Money Printer Will Go Brrr Faster Bitcoiners Not Surprised

Fed Chair Says Money Printer Will Go Brrr Faster. Bitcoiners Not Surprised

Fed Chair Says Money Printer Will Go Brrr Faster. Bitcoiners Not Surprised

By The Defiant

The obvious argument to make is that 'this is good for Bitcoin.' It’s a tired meme, but right now it seems especially appropriate.

What every Bitcoiner warns against happened today: Federal Reserve Chairman Jerome Powell said the U.S. monetary authority will let inflation shoot above its 2% target to privilege the labour market.

The obvious argument to make is that “this is good for Bitcoin.” It’s a tired meme, but right now it seems to be especially appropriate. And sure enough, Bitcoin jumped 2% after Powell’s speech to ~$11,550. Traditional markets also reacted, with the S&P 500 rallying to new highs, while yields on longer-maturity U.S. bonds climbed.

But while markets are still rallying on the unexpected policy shift, Bitcoin quickly lost most of its gains, a sign the news was already incorporated in the price. The fact that the Fed can and will make the money printer go brrrr even faster isn’t surprising to the crypto market and only deserved a knee-jerk reaction.

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This is good for crypto

Still, Powell’s statements point to a trend that should support cryptocurrencies in the long term.

Faster inflation means there is more money in the economy to buy the same amount of goods, increasing consumer prices, and eroding the currency’s value. When price increases in the U.S. climb over 2%, the Fed hikes rates to incentivize the market to stash some of the money in savings. But now Powell and 11 other policymakers decided behind closed doors the world’s most powerful central bank will change its policy; it won’t act when this happens and will just let inflation run higher.

Here’s what’s troubling about the statement:

  • It’s a reminder that a small group of people has absolute power over the direction of fiat currency, in this case, the world’s reserve currency.

  • The Federal Reserve has the dual mandate to protect the labour market and to keep consumer prices at bay. The problem is that two goals are often opposed and in a world that’s increasingly leaning towards populism, central banks will choose to privilege the job market over keeping inflation targets. This means the currency loses.

The statement is good for Bitcoin because it may prompt people to hold the largest cryptocurrency after realizing the following:

  • Bitcoin has a predictable issuance schedule and a cap on the coins that will ever be issued, set at 21 million.

  • Monetary policy follows the rules coded on the Bitcoin protocol, and can’t be changed by a small group of people calling the shots behind closed doors. Any changes are made by broad consensus.

  • The price of bitcoin will be volatile because of free-market forces, but it won’t be devalued because a centralized entity decided more coins will start to flood the market.

Decentralized finance is about an alternative infrastructure for money, that’s based on global, distributed, transparent, and open networks. Ethereum is the layer for many of the more complex financial applications, but let’s not forget Bitcoin’s role in this space: it’s crypto’s hard money. DeFi’s digital gold. An alternative to financial systems that are often reckless, populist and unpredictable, sometimes corrupt, and always centralized and opaque.

Article produced by The Defiant

https://decrypt.co/40008/fed-chair-says-money-printer-will-go-brrr-faster-bitcoiners-not-surprised

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Singapore to Attempt Blockchain Food Safety System

Singapore to Attempt Blockchain Food Safety System

Singapore to Attempt Blockchain Food Safety System

By Andrew Hayward

The NULS blockchain-powered system will help the import-heavy island nation avoid a potential food safety crisis.

In brief

  • veriTAG’s food tracking system has been adopted by the Singapore Food Agency.
  • The solution uses the NULS blockchain, with collaboration from ST Engineering.
  • Singapore imports more than 90% of its food and has experienced safety issues.

Companies like Walmart and Dole have been testing blockchain for food safety for years. Now the Singapore government wants to do it on a national scale.

Faced with a food safety crisis on an island nation that imports more than 90% of its food from other countries, the Singapore Food Agency has teamed up with veriTAG and ST Engineering to develop a blockchain-based system for tracking food from creation up to point of sale.

veriTAG’s system is based on the NULS blockchain, an open-source and adaptive blockchain network designed for app developers. The NULS Foundation is also based out of Singapore, and earlier this year it announced the Nerve Network, a cross-chain initiative that can bridge to Bitcoin or Ethereum.

According to a release, the Singapore Food Agency tested 3,825 units of fruit and vegetables between April and December 2019 and found that some 13% of it, or nearly 500 units, failed inspection due to excessive pesticide or chemical residue. Meat testing fared better, with 114 units failing inspection out of 7,010 units tested—but between the two categories, that’s a lot of potentially dangerous food that could’ve reached consumers.

ecosystem for entrepreneurs

Jason Lim, founder and CEO of veriTAG, tells Decrypt that its system actually began life in China, but that this new version for Singapore benefits from equipment that allows for GPS tracking and augmented reality elements. That’s thanks to the collaboration with ST Engineering. The partnership also provides the firm with governmental recognition.

“For veriTAG, having the correct partner who is supportive is of the utmost importance. NULS is able to give us their full support,” Lim told Decrypt.

“Currently, veriTAG has a mining node in NULS—this means all of our process is covered by our own mining, and we can provide clients with the most cost-effective solution.”

The firm also aims to incentivize customer participation in the project. Users can scan veriTAG seal tags using a web app to gain loyalty credits, which can then be exchanged for NULS tokens and then optionally exchanged for Singapore’s digital currency. veriTAG has already amassed partnerships with some point-of-sale providers in Singapore to integrate its veri$HOP loyalty program.

veriTAG will demonstrate its system at September’s 2020 Smart China Expo, which will take place in Chongqing, China and is co-hosted by Singapore.

Food safety is a growing use of blockchain technology throughout the world, with some major companies involved in making sure food can be tracked from source to sale. For example, IBM’s Food Trust system has been used for everything from scallops to baby formula, and fruit and veggies giant Dole is expanding its use of blockchain across all divisions.

Article produced by Andrew Hayward

https://decrypt.co/39903/singapore-taps-veritag-for-blockchain-food-safety-system

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

NASA is Funding a Blockchain Solution for Space Communication

NASA is Funding a Blockchain Solution for Space Communication

NASA is Funding a Blockchain Solution for Space Communication

By Godfrey Benjamin

The United States National Aeronautics and Space Administration (NASA) is funding two US-based companies to develop a blockchain solution to enhance communication in space.

Two US companies, Orbit Logic and the Fraunhofer USA Center for Experimental Software Engineering were awarded $124,800 and will help develop NASA’s proposed blockchain solution dubbed Space Communication Reconstruction and Mapping with Blockchain Ledgering (SCRAMBL).

NASA's SCRAMBL blockchain solution will be ‘lightweight and tailored’ to function efficiently on the resource-constrained computing elements used on satellites.

As NASA detailed in the award briefing, SCRAMBL will “leverage blockchain technology to store and distribute a ledger containing satellite constellation-relevant shared data to enable satellite onboard autonomy cooperative attendance of individual assets to system-level needs and objectives. The ledger contains an inventory of established communication paths based on spacecraft-published connection state changes, but more importantly hosts events, states, objectives, and plans that constitute a Common Relevant Operating Picture (CROP) – key to enabling a space network’s coordination and overall awareness.”

Among the ultimate goals of SCRAMBL is to enable direct communications between two spacecraft while also infusing it to ‘naturally route around spacecraft communication disruptions and disconnections’.

ecosystem for entrepreneurs

The cryptosphere got a tip of NASA’s early involvement with blockchain technology back in 2019 when it announced a vacancy for a data scientist with experience in blockchain technology as a prerequisite. Per the job advert, Blockchain.news reported that NASA gave no explanation as to why cryptocurrency experience is beneficial for the announced position but states that responsibilities will include developing and conceptualizing innovative applications across an axis of areas such as cloud computing, AI, robotics, and next-generation flight hardware.

NASA is one of the agencies of the US government that has gone bullish on blockchain technology in the past year. The United States Customs agency and Border Protection announced back in November 2019, its intention to adopt and integrate blockchain to track natural gas and oil imports from Canada. In a bid to promote blockchain technology, the Food and Drug Administration (FDA) is considering blockchain as one of the technological innovations that will prompt traceability and food safety culture.

Article produced by Godfrey Benjamin

https://blockchain.news/news/nasa-funding-blockchain-solution-satellite-space-communication

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Bitcoin a whole new way of innovation

Bitcoin – a whole new way of innovation


When we talk about the highly preferred advanced form of currency,

then bitcoin takes first place in the list. This popular type of digital money is making everything possible right from secure online transactions to significant investments. The best thing about bitcoin is it is manageable by the owner personally, and there is no interference of the third person. Though bitcoin is very flexible in exchange for currencies and services since the cost of bitcoin is not constant, the people should be cautious while contributing to it. Compared to any other mode of payments, bitcoin usage is very instant. In traditional currency transfer, it usually takes a few days to transfer money from one side of the country to another. Still, with bitcoin, there is no need to wait for money transfer instead get it done instantly. With this ability to transfer money in no time, bitcoin is gaining good popularity all over the world.

How to set up bitcoin

By seeing its great benefits, the majority of people are coming forward eagerly to know about bitcoin usage. To use bitcoin, it is essential to first know about its set up which is mentioned in the website crypto-revolution.app, which is very easy and straightforward to do.

  • No strict procedures to follow – Unlike in the process of a bank account set up, there are no strict procedures to follow in bitcoin setup. 
  • Takes just a few minutes – It takes only a few minutes to complete the setup process of bitcoin account and can start using it right away.
  • Understand the process – Before setting up bitcoin, it is essential first to understand the steps clearly to ensure successful set up without any inconveniences.

About anonymous bitcoin version

  • No track of client’s records – Unlike tradition currency transactions where the bank keeps complete track of client’s records, here for bitcoin usage there is no tracking of papers done.
  • User’s point of view – Since it does not require any personal information of the bitcoin user, it is believed as a safe option by many users. However, some people think it is hazardous to use such accounts where there is no involvement of the third party.
  • No significant data to work – The wallet used by bitcoin users does not need any particular data to work, and users can make transactions whenever required and from where they are.

The best point about bitcoin

Most of the times in traditional currency, there is a common issue that most of the recipients of cash have is “no amount received. This happens for many reasons like a network issue, entering the wrong details of the recipient or the sender may be fraudulent. However, in the case of bitcoin, no such problem arises. This is because once the send transfers money to the recipient, he will receive it in no time and there is no return back of money unless the recipient wants to return. The cash transfer continues even is a system goes down. This is believed as one of the best points about bitcoin where a sender no need to worry about the successful transaction because every transaction between will be undoubtedly successful.

Records in Blockchain

Even though there is no need for senders personal details required to while making transactions yet every exchange is recorded in Blockchain. It is a very convenient option for the bitcoin users to have a quick look at bitcoin records where it clearly shows how much money is in the wallet and knows the records of money transfer. By seeing such impressive benefits of using bitcoin, millions of people today are showing great interest in this limited digital currency. Though it is high in value since from many years and continuously growing its cost to date, yet is not assured always. So, before one wants to contribute to bitcoin, it is advisable first to check the value of the currency and then go as ahead with the contribution.

Today there are many online websites where one can get complete information about all the latest news and changes made in bitcoin up-to-date. So, if you are a bitcoin user, then it is advisable to spend some quality time in grabbing all the possible and latest information about bitcoin to stay updated. This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. CryptoRadar.org does not endorse nor support this product/service. CryptoRadar.org is not responsible for or liable for any content, accuracy, or quality within the press release.

Article Produced By
Crypto Radar PR

https://cryptoradar.org/bitcoin-a-whole-new-way-of-innovation/

Heiko Closhen, Entrepreneur

Advantages and Opportunities of Paying with Bitcoin Comments Off on Advantages and Opportunities of Paying with Bitcoin 922

Advantages and Opportunities of Paying with Bitcoin Comments Off on Advantages and Opportunities of Paying with Bitcoin 922


Bitcoin is regarded as one of the most popular cryptocurrencies in the world and known as a decentralized digital currency.

You can initiate the transactions anytime because you can store bitcoin in your paper wallet, online, or on mobile. It makes your payment more convenient and faster as it is an important virtual coin that manages to offer you anonymity online. On the other hand, you don’t have to worry about any challenges or disputes that can arise as it is regarded as one of the best ways to keep your money in the virtual world. The investments in bitcoins are one of the best investments because you can earn huge ROI i.e., Return on Investment. If you are searching for the best opportunity to earn money, then you can invest in bitcoins.

Advantages and Opportunities of Paying with Bitcoin

Investment in bitcoins can be your best idea that you can implement now. You can visit bitcoin pro to get more information, know more about this software. Therefore, now not making you wait for any further, here are the advantages and opportunities of paying with bitcoin that you must know:

  • Zero Control for Governments:

The government has the power to control over banks, but they don’t have any right to control bitcoin transactions. This way you can be safe from the control of the government.

  • Credit Cards:

If you are using bitcoin then it has a great advantage for you. You can do the transactions very easily as well as instantly. Dealing with credit cards can sometimes cause problems for you. You may have to face issues with the bank because you must wait a long time for the transactions. Therefore, dealing with bitcoins can make your task much easier and convenient.

  • Decentralized Network:

This is one of the greatest advantages of using bitcoins. It is true that no one has control over the network of bitcoin, and it is a good thing. This is safe and secure, and you don’t have to worry about anything. The benefits that it possess are extremely powerful.

  • Identify Protection:

Whenever you receive or send bitcoins online, you can keep your identity safe and secure. While transacting online, you never have to share your personal data. This means you are safe from hackers who can steal your data and misuse it.

  • Forget Third Parties:

Bitcoin eliminates the need for any third party. It is because whenever you want to do transactions, you must rely on third parties, and this can make your transactions at risk. Therefore, bitcoins make your task easier and convenient by removing the third parties and only involving the sender and receiver for transactions.

  • Low Transaction Fees:

Transactions fees can be very irritating whenever you want to transfer money through the online process. However, bitcoin transactions involve a very low fee. It is completely dependent on how much money you transfer online. This can create a good user experience.

  • Easy Mobile Payments:

Yes, this is another great advantage of using bitcoin. You can do payments with your mobile instantly. With the help of mobile wallets, you can easily do payments. On the other hand, you can also do global payments very easily.

  • Zero Paper Verifications:

This is another great advantage of using bitcoin that requires zero paper verifications. You must handle everything online which means you can save your time.

Final Thoughts

Therefore, now you know what the advantages and opportunities of bitcoins are and how you can deal with it. The above-mentioned benefits are the best ones that can hold your attention for a while. Bitcoin investments can be your ideal opportunity to earn passive income to a great extent.

Article Produced By
Crypto Radar PR

https://cryptoradar.org/advantages-and-opportunities-of-paying-with-bitcoin/

Heiko Closhen, Entrepreneur

Advantages and Opportunities of Paying with Bitcoin Comments Off on Advantages and Opportunities of Paying with Bitcoin 921

Advantages and Opportunities of Paying with Bitcoin Comments Off on Advantages and Opportunities of Paying with Bitcoin 921


Bitcoin is regarded as one of the most popular cryptocurrencies in the world and known as a decentralized digital currency.

You can initiate the transactions anytime because you can store bitcoin in your paper wallet, online, or on mobile. It makes your payment more convenient and faster as it is an important virtual coin that manages to offer you anonymity online. On the other hand, you don’t have to worry about any challenges or disputes that can arise as it is regarded as one of the best ways to keep your money in the virtual world. The investments in bitcoins are one of the best investments because you can earn huge ROI i.e., Return on Investment. If you are searching for the best opportunity to earn money, then you can invest in bitcoins.

Advantages and Opportunities of Paying with Bitcoin

Investment in bitcoins can be your best idea that you can implement now. You can visit bitcoin pro to get more information, know more about this software. Therefore, now not making you wait for any further, here are the advantages and opportunities of paying with bitcoin that you must know:

  • Zero Control for Governments:

The government has the power to control over banks, but they don’t have any right to control bitcoin transactions. This way you can be safe from the control of the government.

  • Credit Cards:

If you are using bitcoin then it has a great advantage for you. You can do the transactions very easily as well as instantly. Dealing with credit cards can sometimes cause problems for you. You may have to face issues with the bank because you must wait a long time for the transactions. Therefore, dealing with bitcoins can make your task much easier and convenient.

  • Decentralized Network:

This is one of the greatest advantages of using bitcoins. It is true that no one has control over the network of bitcoin, and it is a good thing. This is safe and secure, and you don’t have to worry about anything. The benefits that it possess are extremely powerful.

  • Identify Protection:

Whenever you receive or send bitcoins online, you can keep your identity safe and secure. While transacting online, you never have to share your personal data. This means you are safe from hackers who can steal your data and misuse it.

  • Forget Third Parties:

Bitcoin eliminates the need for any third party. It is because whenever you want to do transactions, you must rely on third parties, and this can make your transactions at risk. Therefore, bitcoins make your task easier and convenient by removing the third parties and only involving the sender and receiver for transactions.

  • Low Transaction Fees:

Transactions fees can be very irritating whenever you want to transfer money through the online process. However, bitcoin transactions involve a very low fee. It is completely dependent on how much money you transfer online. This can create a good user experience.

  • Easy Mobile Payments:

Yes, this is another great advantage of using bitcoin. You can do payments with your mobile instantly. With the help of mobile wallets, you can easily do payments. On the other hand, you can also do global payments very easily.

  • Zero Paper Verifications:

This is another great advantage of using bitcoin that requires zero paper verifications. You must handle everything online which means you can save your time.

Final Thoughts

Therefore, now you know what the advantages and opportunities of bitcoins are and how you can deal with it. The above-mentioned benefits are the best ones that can hold your attention for a while. Bitcoin investments can be your ideal opportunity to earn passive income to a great extent. This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. CryptoRadar.org does not endorse nor support this product/service. CryptoRadar.org is not responsible for or liable for any content, accuracy or quality within the press release.

Article Produced By
Crypto Radar PR

https://cryptoradar.org/advantages-and-opportunities-of-paying-with-bitcoin/

Heiko Closhen, Entrepreneur

China to Allegedly Test Digital Renminbi in Hong Kong

China to Allegedly Test Digital Renminbi in Hong Kong


Strong possibility of China testing the Digital Renminbi beyond its borders in Hong Kong and Macau,

according to Andy Mukherjee a Bloomberg opinion columnist. The Chinese government’s plans to test the digital CBDC is an active effort to provide a system that will bypass the U.S. Sanctions for officials. These rumors were already denied through the official Xinhua news agency, according to SCMP. However, Chinese officials had already made the statement during a press conference the day before, so these efforts to change the narrative are seen as manipulative tactics designed to bend the truth. Depending on whether they actually provide the Digital Renminbi to Hong Kong and Macau, it may cause a significant strain on the rapidly deteriorating relationship between China and the US. Positioning the CBDC in Hong Kong will provide more options for people that are currently being sanctioned, mostly pro-security law officials.

With international banks not willing to risk getting blacklisted, the CBDC may provide an additional platform for lending, mortgages, and payments. It is unlikely that Hong Kong citizens will be willing to share financial data with the CCP, however, they might be tempted by better than average offers on interest rates. Yuan-based transactions are on the rise in the region exceeding 1.1 trillion yuan in 2019, which is 55% higher compared to 2014 when the Yuan was at its ATH. If successful, this experiment may prove to be the spark necessary to establish the Digital Renminbi on the international stage. Hong Kong is a major player in global investments in China. Any significant increase of yuan usage (digital or otherwise) would result in improving the value proposition and usefulness of the currency. With the CBDC eventually making a global debut, it stands to challenge both the US and Euro.

Article Produced By
Zoran Spirkovski

Copywriter, Journalist, Blockchain Enthusiast. Writing with Crypto-News.net since 2016. Loves to travel and experience different cultures. Highly ambitious and with an ever-increasing attraction towards quality work, products, services, and experiences. You can find him on Telegram where he has been known to spend his time making friends, and doing business.

https://www.crypto-news.net/china-to-allegedly-test-digital-renminbi-in-hong-kong/

Heiko Closhen, Entrepreneur

This Swiss e-commerce giant accepted payment in digital franc

Sygnum, a digital assets bank in Switzerland announced in a release that it enabled the world’s first e-commerce transaction that involved using a stable coin. The transaction took place on the shopping site Galaxus which is one of the biggest retailers in Switzerland. The stablecoin which is known as DCHF or Digital Swiss Franc was developed by Sygnum.

The DCHF stablecoin is pegged one-to-one with the Swiss Franc. Moreover, the electronic commerce transaction was authorized by Coinify, a cryptocurrency payment processor based in Denmark. 

According to Sygnum Bank, the DCHF stable coin eliminates the need for card systems, reduced costs and fraud, and processed real-time transactions. 

Sygnums company statement said that the stablecoin transaction was a seamless connection between the digital and traditional economies. The transaction was a step to “forge direct connections” between consumers and online retailers. The Bank also saw a potential to “revolutionize the e-commerce industry” which is worth about $3.5 trillion, according to the statement.

Furthermore, Galaxus’ Chief Financial Officer, Thomas Fugmann said that the online retailer strengthened its position as an e-commerce pioneer by accepting cryptocurrencies in payment as early as 2019.

So far, using crypto as a means of payment is only available in the retailer’s online shop. As of press time, the payment page for Galaxus stated that paying with a cryptocurrency is supported by Coinify alone. Coinify charges a conversion rate of 1.5%. Meanwhile, Sygnum’s website claimed that the Bank was the world’s first digital assets bank and also the first to acquire a license and issue its stablecoin. 

 

written by Alisha Roy

https://eng.ambcrypto.com/this-swiss-e-commerce-giant-accepted-payment-in-digital-franc/

Heiko Closhen, Entrepreneur

The Day Someone Created 184 Billion Bitcoin

The Day Someone Created 184 Billion Bitcoin

The Day Someone Created 184 Billion Bitcoin

By Robert Stevens

Bitcoin's supply is limited to 21 million—but in the cryptocurrency's early days, one hacker was able to create 184 billion Bitcoin out of thin air.

In brief

  • In August 2010, someone exploited a flaw in Bitcoin’s code to create 184 billion Bitcoin.
  • The bug was quickly corrected by Bitcoin’s anonymous creator, Satoshi Nakamoto.
  • The person behind the "value overflow incident" exploit remains unknown.

There will only ever be 21 million Bitcoin. We’re not too far off—around 18 and a half million Bitcoin are already in circulation. But on the 15th of August, 2010, that limit was destroyed by one person who managed to exploit a flaw to produce 184 billion Bitcoin.

Let’s set the scene: back in 2010, Bitcoin peaked at around $0.3—so low, in fact, that in May that year someone spent 10,000 Bitcoin buying a single pizza, now worth over $110 million.

Clearly, Bitcoin wasn’t the cryptocurrency juggernaut it is today; like many new technologies, it experienced growing pains, one of which was a bug that generated billions of Bitcoin in a couple of transactions.

 

The value overflow incident

In August 2010, Bitcoin’s source code was exploited by someone who to this day remains anonymous. Enter block 74,638, the fateful block that created 184,467,440,737.09551616 Bitcoin, with two addresses receiving just over 92 billion Bitcoin each—92,233,720,368, to be specific.

The anomaly was quickly spotted on the Bitcoin Talk forum by Jeff Garzik, a Bitcoin developer who today is the CEO of Bloq. The issue was termed an “overflow bug”; the code for checking Bitcoin transactions didn't work if outputs were large enough that they overflowed when summed.

The bug that caused the "value overflow incident" was corrected very quickly. It took just five hours before a “soft fork” was rolled out, which reset the Bitcoin blockchain to before the bugged block and included code to reject output value overflow transactions.

A soft fork is a blockchain update. Since the Bitcoin community forked the state of the blockchain before the 184 billion Bitcoin was mined, that means that some blocks that were previously valid were turned into invalid blocks, removing them from the blockchain and restoring it to an earlier state.

The fork erased all transactions and mining that had been recorded on blocks that were produced after the bugged block. It also disposed of the 184 billion bugged Bitcoin. The update, Bitcoin patch 0.3.10, was implemented by Bitcoin’s pseudonymous creator, Satoshi Nakamoto himself (or herself, or themselves). 

The rapid implementation of the patch was vital in keeping Bitcoin a viable cryptocurrency. 184 billion Bitcoin would have devalued the currency completely, leaving it at the mercy of the person holding the newly-minted Bitcoin. Even if the breach happened today, the amount of bugged Bitcoin would completely dwarf the current supply of the cryptocurrency, making any Bitcoin worthless.

10 years ago a bug was exploited to create 184 billion BTC. Due to the ability to easily audit the supply it was noticed quickly; bug was patched in 5 hours.

Several protocols have since suffered inflation bugs that went unnoticed for months.

Independent auditability has value.

— Jameson Lopp (@lopp) August 14, 2020

Bitcoin also benefited from this exploit being patched close to its inception, since taking the Bitcoin network offline could be done without significant consequences.

Today, such a disruption would cause widespread chaos; trading would be heavily disrupted and any purchases that were made using Bitcoin would have been cancelled. The very fact that a bug could enable the 21 million Bitcoin limit to be breached would also create shockwaves in the crypto community, likely causing the price of Bitcoin to collapse and fatally undermining confidence in the cryptocurrency.

What happened to Bitcoin’s price?

The exploit and subsequent soft fork didn’t dent the price of Bitcoin. Indeed, Bitcoin actually experienced a surge over 2010; its price increased by over 300% between the day of the patch and the end of the year (from $0.07 to $0.30). That Satoshi himself intervened and did so so quickly, showed that Bitcoin was not as easily hackable as some might have assumed and built confidence in a concept which up to that point remained untested.

To this day, the person behind the exploit remains unknown, and due to the anonymous nature of the blockchain, there is no way to trace them. Despite their anonymity, they are still a significant individual in the history of blockchain—quite possibly the first-ever blockchain hacker.

Article produced by Robert Stevens

https://decrypt.co/39750/184-billion-bitcoin-anonymous-creator

 

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Heiko Closhen, Entrepreneur