Tag Archives: blockchain

Advertising PR Guest Post Scams in the Blockchain amp Crypto World

Advertising, PR, Guest Post Scams in the Blockchain & Crypto World


Well the World is strange but if you fall to Scammers the World can be more strange for you and your Business.

 
Many Businesses publish Press releases and Guest Posts, ok so far no problem but most of them Deal with Scammers and dont know that! The Internet have so much offers for Advertising your Business and you can find in any Forum or Classified Ads offers who promise you Guest Posting and Sponsored Advertising on Bitcoin or Blockchain websites. But is it True you can buy it here cheaper than on the Websites direct?No it is, the new Scams promise you to get your Articles published for less Money than on the website self to order! They call themself PR Agencies – Be carefull!
 
Serious websites not accept reselling there Advertsing offers! If you find PR services they offer you to publish your PR on half of the Internet Blockchain sources, be warned! And the Scammers are many, we self get about 100 Emails per Week with requests for Guest Posts from 3th part not affiliate with us! For that Please note: Do not Deal with any other sources to Advertise on TheBitcoinNews.com, we do not Authorise any Resellers or Affiliates to sell Online Advertising for our Website anymore! Most of this offers are Scam and your Press release, Guest Post or Sponsored Post will not published if you not Deal direct with us!  Double check Email addresses and website URLs, the Scams even copy easy and fast full website contents to harm your and our Business!
 
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Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

https://thebitcoinnews.com/advertising-pr-guest-post-scams-in-the-blockchain-crypto-world/

Heiko Closhen, Entrepreneur

Jack Dorsey: Bitcoin Must Be Made Intuitive’ to Succeed

Jack Dorsey: Bitcoin Must Be Made ‘Intuitive’ to Succeed

Jack Dorsey: Bitcoin Must Be Made ‘Intuitive' to Succeed

By Robert Stevens

Jack Dorsey thinks that Bitcoin is the native currency of the internet. But it still needs some work to go mainstream.

In brief

  • Jack Dorsey thinks that Bitcoin is the "native currency of the internet."
  • But for it to succeed, it must first be intuitive and easy to use, he said.
  • It should also not be so slow or expensive if it's ever to gain mainstream adoption.

Jack Dorsey, the CEO of Twitter and CashApp, believes that Bitcoin is the “native currency of the Internet.” But for it to succeed in changing the way most people think of and interact with money, it must be made “intuitive,” Dorsey told Reuters in an interview, published today. 

Dorsey, whose wildly popular CashApp lets people buy and sell Bitcoin, said that his job is “to make [Bitcoin] easy for people to access, make it easy for people to understand and most importantly, utilize.” 

“The internet wants a [native] currency…and I think Bitcoin is probably the best manifestation of that thus far,” the Twitter CEO explained. And to increase its adoption, Dorsey suggested two directions in which Bitcoin must trudge forward to be successful. 

“One is just transaction times and efficiency. So making it cost-effective and making it time-effective,” he told Reuters

Here, Dorsey touches on a major pain point of Bitcoin. Bitcoin is expensive to use. The average cost of a Bitcoin transaction will today force a user to part ways with $2.5, per data from BitInfoCharts. Most domestic US dollar transactions cost nothing. Bitcoin is also slow. The average time it takes to send Bitcoin between addresses is 9.4 minutes, according to data published by Statista last month. 

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And then second, and perhaps more importantly, Dorsey said that Bitcoin must be “intuitive to people; that they understand why they might use it, they understand where it is, and they can access it in a way that feels similar to just handing over paper cash.” 

Dorsey’s own CashApp makes Bitcoin relatively painless to buy; other companies, such as Revolut and Coinbase, also simplify things. Companies such as ZilliqaUnstoppable Domains and the Ethereum Name Service all provide human-readable names, surpassing the need to copy-paste a long Bitcoin address. 

“We have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that,” said Dorsey.

In today’s interview, Dorsey banged the same drum he bonged about a year ago. Last October, he said that the Internet is like an “emerging nation-state,” whose national currency is “cryptocurrency and Bitcoin.”

And today’s exultation is but the latest time that Dorsey has praised the cryptocurrency. In April, he proclaimed the Bitcoin whitepaper to be “poetry.” And after a grand tour of the continent last November, he concluded that “Africa will define the future (especially the Bitcoin one)."

Article produced by Robert Stevens

https://decrypt.co/41472/jack-dorsey-bitcoin-intuitive-succeed-native-currency-internet

 

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Heiko Closhen, Entrepreneur

Switzerland enshrines its crypto-friendly policies into law

Switzerland enshrines its crypto-friendly policies into law

Switzerland enshrines its crypto-friendly policies into law

By Adriana Hamacher

Switzerland just became the first major financial centre with a full set of laws to govern blockchain commerce.

In brief

  • The Swiss Senate has overwhelmingly approved legislation making it easier to use cryptocurrencies and decentralized finance.
  • The new legislation enables companies to create digital shares and other tradable assets.
  • The laws are expected to come into effect early next year.

Cryptocurrency-friendly Switzerland has passed wide-ranging legislation opening the door to cryptocurrencies and decentralized finance (DeFi); enabling companies to create digital shares, as well as a range of other tradable assets.

Swiss Council of States today approved #DLT / #Blockchain legislation with 42 yes to 0 no. Next step: Final vote end September. https://t.co/YLRIO6waxc 

— SIF_SFI (@sif_sfi) September 10, 2020

The financial and corporate law reforms, passed by parliamentarians today in the Swiss Senate, complement Switzerland’s so-called Blockchain Act, which received overwhelming approval in the House of Representatives last summer. It’s expected to come into force early next year. 

The effect of the country’s new amended legal code is to welcome cryptocurrencies and blockchain technology into the mainstream. 

Urs Bolt, one of Switzerland’s top FinTech influencers, and product manager for digital banking at leading digitization specialist ti&m, told Decrypt that the new laws “will make it easier for neo crypto finance firms and incumbents alike.” 

The new legal code covers the exchange of digital securities, sets standards for cryptocurrency exchanges, and addresses money laundering issues, legitimizing an industry that many are wary of. 

“Overall it will create one of the most favourable regulatory environments in the world. It will allow the financial centre to lead in the digital asset space and hopefully attract new business into CryptoValley," he said.

Meanwhile, Efi Pylarinou, a blockchain and FinTech adviser based in Switzerland, called the law reforms "a very strong signal in the right direction to support an emerging genuinely disruptive technology."

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The first major financial sector to enact crypto legislation

While Switzerland is not the first country to enact extensive blockchain legislation (neighbouring Liechtenstein has already done so, as has Malta), it’s the first major financial sector to do so. 

“After Liechtenstein passed its “Blockchain Act” last year, which came into effect in January this year, the Swiss government had to move quickly to pass its own “Blockchain Act” in order to maintain its leading position as the most crypto-friendly nation in the world,” Stefan Deiss, founder, and CEO of Blockchain Propulsion told Decrypt. The business issues digital assets through its Swiss banking-grade platform and has regulatory approval in Liechtenstein and Switzerland.  

But unlike Liechtenstein, Switzerland had no need to create a new law, given its regulatory flexibility, so existing laws had only to be amended—and will likely be amended again, as the sector develops.

Notably, the Blockchain Act doesn’t address any prospect of central bank digital currencies (CBDCs) or tax laws relating to cryptocurrencies. 

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Boomtime in Crypto Valley?

Dubbed Crypto Valley, the Swiss canton of Zug is the epicentre of Switzerland’s thriving cryptocurrency industry. Over 900 blockchain companies have set up shop in Switzerland in recent years, due to its legal, regulatory, and tax advantages.

The non-profit foundations which govern leading blockchain platforms such as Ethereum, Cardano, and Tezos are based in Switzerland, alongside crypto banks Seba and Sygnum, dozens of asset managers, and a huge variety of startup projects, such Facebook’s crypto initiative Libra. 

Already there have been signs that cryptocurrencies are entering the mainstream in Switzerland. Swiss banks UBS and Credit Suisse are involved in blockchain payment trials, and another, Julius Bär, has partnered with Seba. 

The crypto bank, together with its rival Sygnum, was granted a license last year by the Swiss regulator, FINMA. They were the first such licenses granted anywhere in the world, and enable the banks to integrate cryptocurrency into a wide range of services: deposits, withdrawals, lending, and investing.

Great news! Switzerland will receive one of the most innovation-friendly blockchain regulations in the world.

— SEBA Bank AG (@WeAreSEBA) September 10, 2020

But the new legislation goes beyond banking and may reshape and democratize finance, lending and derivatives—all while offering greater privacy.

“This legislation not only paves the way to the tokenization of company shares and various other tangible assets but progressively pushes the industry towards the decentralization of finance,” said Deiss.  

The final vote on Switzerland’s Blockchain Act, at the end of September, is a mere formality. Switzerland is now indisputably leading the pack on the changes to come.

Article produced by Adriana Hamacher

https://decrypt.co/41433/switzerland-enshrines-its-crypto-friendly-policies-into-law

 

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Heiko Closhen, Entrepreneur

Blockchain needs to walk before it runs to DeFi

Blockchain needs to walk before it runs to DeFi

Blockchain needs to walk before it runs to DeFi

By KADAN STADELMANN

Before we run to build more DeFi products, let’s first walk to improving the underlying infrastructure.

Decentralized finance has become the fastest-growing sector of the blockchain industry. Today, there are over 200 projects working on a wide variety of decentralized financial products and services. That number continues to increase every day as new DeFi-related projects launch. 

The most telling figure of this rapid growth is the staggering amount of money that is locked in DeFi, recently having passed the $7 billion threshold. The challenge is that increased growth leads to higher risks. As DeFi continues to grow at a rapid pace, this burgeoning industry will experience severe growing pains along the way unless proactive measures are taken, particularly related to security.

Instead of focusing on the security of the underlying infrastructure of these products and protocols, projects are focused on getting their DeFi product out to market as quickly as possible. Rather than pumping out more DeFi products, we should be focused on solving security issues that still plague existing protocols. We have already seen examples of what happens when teams are too quick to push out products that haven’t been audited properly.

In the past year, we have witnessed hackers expose vulnerabilities in DeFi products through price feed, oracle manipulation, ERC-777 vulnerabilities and smart contract failures. In February, bZx lost a combined total of nearly $1 million in two separate incidents: a flash loan attack and an oracle manipulation attack.

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In April, a hacker drained $25 million from DeFi protocol dForce through a reentrancy attack that leveraged fraudulent collateral. In June, automated market maker DeFi protocol Balancer lost $500,000 in a hack that resulted from its smart contract failing to account for users taking advantage of a programmed burn. Hindsight was 2020 in all of these hacks, as the projects responded to the hacks by saying they would go back and upgrade their code to prevent something similar from happening again in the future.

These hacks will continue to set DeFi back, as losing user funds cause reduced trust in DeFi products and the sector altogether. However, it is understandable that DeFi is experiencing growing pains when the majority of projects are being built on top of Ethereum — a blockchain with growing pains of its own.

Security is an area that Ethereum developers have been focused on with the upcoming upgrade to Ethereum 2.0. This is demonstrated by the creation of two Ethereum 2.0 attack networks, which provide a sandbox environment to ensure that the eventual launch on the Ethereum mainnet goes smoothly. Even a blockchain like Ethereum, which has been around for five years, is still working on improving the fundamentals of its protocol, such as security and scalability. If the protocol is exposed to security vulnerabilities, the DeFi products built on top of it will share those same vulnerabilities.

In order to limit the hiccups, there are proactive steps that DeFi projects can take. It is important for a project to constantly review its code and essentially try to “hack itself” at regular intervals. Projects should engage with third parties that conduct secure code reviews and penetration tests. This process can take time and many code reviews to identify all of the potential risks. That is why a critical way to fight against security flaws is to let a product mature before opening access to a wider group. While it is important and very tempting to try to be first to market with a product, it is more important to build a product with a technically secure foundation.

Article produced by KADAN STADELMANN

https://cointelegraph.com/news/blockchain-needs-to-walk-before-it-runs-to-defi

 

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Heiko Closhen, Entrepreneur

Could We See Sweden And Other Countries Completely Replace Their Fiat Currency With A CBDC?

Could We See Sweden, And Other Countries, Completely Replace Their Fiat Currency With A CBDC?

Could We See Sweden, And Other Countries, Completely Replace Their Fiat Currency With A CBDC?

By Adrian Barkley

  • Central-bank digital currencies are one of the more popular assets in the world today. 
  • Even though they are just at the start of their life span, many central banks all over the world are looking into them as a useful resource for the future.

Central-bank digital currencies are one of the more popular assets in the world today. Even though they are just at the start of their life span, many central banks all over the world are looking into them as a useful resource for the future. According to a Dutch financial technology-focused non-profit organisation dGen, up to 5 countries all over the world will entirely replace the Fiat currency with a CBDC by 2030.

This comes in a recent report which looks into the status of some of the biggest Fiat currencies such as the euro, the Chinese Yuan and of course, the United States dollar. Some big predictions come from this report with CBDCs being a hot topic.

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The company predicts that 3 to 5 countries internationally will completely replace their Fiat with a central digital currency in the decades time. Even though the report doesn't specifically mention any countries, there are many nations that are already making a significant amount of progress with these kinds of assets including Sweden.

As these kinds of assets become more popular throughout the world in many countries, this estimate isn’t far off. 

Who knows where the world will be in 10 years time, especially following the backlash of coronavirus and the recession that has been brought about with it. Central-bank digital currencies are the talk of the town right now though and it won’t be a surprise to see some countries completely go digital and replace it’s Fiat currency.

It will be interesting to see how this situation plays out.

Article produced by Adrian Barkley

https://cryptodaily.co.uk/2020/09/could-we-see-sweden-and-other-countries-completely-replace-their-fiat-currency-with-a-cbdc

 

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Heiko Closhen, Entrepreneur

Decentralized Data Firm Wants to Take on Fake News

Decentralized Data Firm Wants to Take on Fake News

Decentralized Data Firm Wants to Take on Fake News

By Mathew Di Salvo

The Graph, a decentralized finance data company built on Ethereum, has an idea for winning the fight against misinformation online.

In brief

  • The Graph, a company that helps dapps get easier access to on-chain data, has an idea for combating fake news.
  • It involves creating a data feed for facts and figures that can then be accessed via an un-alterable blockchain.
  • But biases still exist and could prove to be a problem.

Decentralized finance data company The Graph is working to fight fake news. 

The Graph, a San Francisco-based company that organizes information on the Ethereum blockchain so dapps can have easy access to it, said in a blog post today that it is working on making public data available to all—and that this will help combat fake news. 

How does it work? It’s complex stuff, but The Graph says the idea is that people would be able to rely on “a global data source that was auditable for news, events, content, financial data and information sharing.”

Right now, a lot of data is guarded and difficult to easily access and make sense of. Market data, for example, is held by a handful of top organizations such as Bloomberg and Reuters, who have the resources to collect, analyze, and disseminate that data—for a hefty price. 

The Graph wants to change this by making a shared global application programming interface (API) that is “accessible to all and curated by the community” (anyone wanting to get involved or use The Graph’s services), in turn preventing a “privileged group” from having control over public data.

It has some experience with this. Founded in 2018, the company works to give developers the ability to request specific blockchain data that is hard to access. Its clients include Synthetix, Uniswap, and Aragon.

Eva Beylin, the author of the post, used the example of the Ukraine International Airlines Boeing 737 that was shot down in January by the Iranian military. She wrote that when first trying to piece together what had happened, there was a lot of conflicting information online. 

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The Graph wants to change this by making it possible to put auditable data online—on a blockchain—so it “can’t be misconstrued.” 

She argued this would stop false data being shared because cryptographic proofs would provide security and certainty about where data originally came from and because timestamps cannot be altered or faked—something that has led to problems in the past with verification. 

But despite the good intentions and high-tech solutions, Beylin said that human biases would be difficult to change:

“Human desire to drive conclusions in our favor also isn’t going to necessarily change, even if we verify all sources,” she wrote.

“Politicians promote propaganda, companies withhold data, journalists cherry pick facts. Despite warnings of inconvenient untruths, we often still trust our biases.” 

Moreover, Beylin added that it may also be difficult to verify whether “on-chain commitments are truthful in the first place.” In other words: garbage in, garbage out. 

All of which inserts doubt into the original proposition. If people, not protocols, are the problem, how does another protocol help?

Tegan Kline, who heads up business development at The Graph, told Decrypt:

“I think that with the internet, information came so freely and quickly that we do not know what to believe anymore and question everything.”

She continued: “Prior to, information was cited and it was much more difficult to have fake news…If we get back to citing sources and actually being able to know where information comes from via blockchain technology, we can restore faith in information during the Internet age.”

Article produced by Mathew Di Salvo

https://decrypt.co/41363/decentralized-data-firm-wants-take-fake-news

 

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Heiko Closhen, Entrepreneur

Persisting Problems: Will Blockchain Be Used in the Next US Election?

Persisting Problems: Will Blockchain Be Used in the Next US Election?

Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered,

"Did the vote actually go through? What if a malicious party changes my vote?" Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it's easier than someone may think to hack into a system and wreak havoc. Some people wonder then, might blockchain technology bring about a more secure way for people to vote? Let's look at that possibility.

Politicians Bringing More Visibility to the Issue

Presidential hopeful Andrew Yang increased awareness of the idea that blockchain technology could solve some voting security and convenience issues. One of the central points of his campaign centered on modernizing voting by letting people cast ballots through mobile apps, then the blockchain verifying them. The idea on its face sounds great, especially since many individuals don't like the prospect of waiting in long lines and taking time out of their already-busy schedules. Also, the Permanent Subcommittee on Investigations, which is associated with the US Senate Committee on Homeland Security & Governmental Affairs, recently held a virtual roundtable to assess the feasibility of allowing Senate members to vote via online means due to the crises caused by the COVID-19 pandemic. 

Among the topics brought up were end-to-end encryption, along with a blockchain-based voting tool. The memorandum about the meeting mentioned how the blockchain could reduce instances of incorrect vote tallies by providing a tamper-free record. It also brought up how Estonia is one of the countries already using the blockchain to run entirely-online elections. The information acknowledged, as well, that the blockchain is not a foolproof system. It discussed cryptographic errors, software bugs, and majority control of the blockchain falling into the wrong hands as possible risks. Everyone consulted during the discussion agreed with the necessity of a senator verifying their vote after casting it. The attendees discussed a variety of ways to make that happen. We are not at the point where senators or anyone else in power is ready to approve any method of voting with help from blockchain. The fact that it's in discussions as a viable option is a positive development, though.

Why Could the Blockchain Work Well?

Blockchain-supported voting could be a smart move because it may increase voter turnout. People often think of cryptocurrencies and the blockchain together. Younger and tech-savvier individuals often find cryptocurrency appealing due to how it keeps identities private. Plus, the idea of voting through an app attracts anyone who may experience difficulty getting to a polling station. Plus, as the discussion above mentioned, the blockchain offers a transparent system that allows verifying a person's votes and preventing tampering. The blockchain is not perfect, but it could give a voter more visibility to help them ensure they have their voice heard. Many people worry about the US voting system's vulnerability. They assert something must happen soon, or we risk compromising our democracy. Moving ahead with the blockchain for voting would give the impression of progress made. 

Obstacles Associated With Voting Via the Blockchain

The blockchain is like most other technologies in that it has flaws. Some experts warn that it's not ready for the kind of widespread usage a national election requires. Those are not unfounded concerns, either. Earlier in 2020, MIT researchers published a report about Voatz. It's an app claiming to record votes on a permissioned blockchain. However, the group found no evidence that the app uses the blockchain to confirm genuine votes. Even more worrisome was that the investigation revealed how a party with remote access to the app could view a person's vote and change it. Voatz is not the only app for voting with blockchain, but the MIT researchers showed hesitations that apply to them all.

They mentioned how the people working on the apps might have good intentions but lack knowledge of election security. Also, another issue affecting the tech industry at large is that many new offerings reach the market before getting thoroughly reviewed. Companies race to be first, and security may get overlooked in that rush. Another recent development concerns an open letter penned by experts in cybersecurity, science, and computing to address officials at all levels of government. They insist that no internet voting system has the required security, and relatedly, that blockchain cannot "mitigate the profound dangers inherent in internet voting." The authors backed up their claims with two decades worth of science-based research. An initiative from the Kaspersky Innovation Hub uses blockchain differently. It resulted in a blockchain-secured voting machine that lets people submit ballots in person if desired. That setup still has an online component, so it does not eliminate the concerns expressed in the open letter. Kaspersky's invention could ease the minds of people who balk at voting through a smartphone or computer, though.

Likely a Too-Short Timeframe

Voting with blockchain is undoubtedly on the table as an option for future consideration. Anyone excited about possibly sending their votes to the blockchain in the upcoming US presidential election likely has their hopes up far too high, however. That event is less than six months away, after all.

Something that seems more likely is that voting in many places around the country may happen differently than usual. The COVID-19 pandemic and the need for social distancing already means candidates cannot hold in-person rallies, and it's difficult to imagine the circumstances changing enough before election day happens. People already encounter extremely long lines at polling stations, and they especially would if required to stay six feet apart. 

Voting by mail seems a much more viable option to use around the nation in November, mainly since some states already use it, as do American citizens living abroad. Rolling that system out to everyone is still far-fetched due to the timing, but it's arguably more feasible than blockchain voting as things stand now.

Article Produced By
Caleb Danziger

Caleb Danziger is a tech blogger and freelance writer.

https://cryptocurrencynews.com/blockchain-voting-us-election/

Heiko Closhen, Entrepreneur

Industry leaders say blockchain makes payment services more efficient

Industry leaders say blockchain makes payment services more efficient

Industry leaders say blockchain makes payment services more efficient

By FELIPE ERAZO

Is blockchain the solution in making payments more transparent and secure?

With online payments company Wirecard undergoing insolvency proceedings this month, mainstream financial services like VISA, PayPal, and Mastercard are rushing to fill the digital payments void, and be one of the first to offer crypto payment cards, stated experts in the crypto industry.

During an interview with Cointelegraph, Jerry Chan, CEO of blockchain service provider TAAL, and Rod Hsu, President & Co-Founder of virtual currency platform Coincurve, both agreed that the competition could be just what the industry needs to shift the way that digital currencies are being used as a method of payment or technology.

But Chan goes beyond the need for mainstream crypto awareness and points out blockchain can make payment services even more efficient:

“Payment technology is actually already quite efficient. (…) The cost of credit cards is on fraud prevention and insurance, and this cost is borne by the merchants and their banks. 

Blockchain platforms that are transparent, immutable, and do not support coin mixing or hiding technologies like Bitcoin SV can largely eliminate fraud, thereby reducing this cost to merchants.”

CoinCurve’s Hsu said that the current payment ecosystem involves various roles in the process. This includes clearinghouses, banks, or intermediary payment service providers and it increases the fees and efficiency of settlement:

“Blockchain is a ubiquitous and global public ledger. Therefore, sending digital currencies across the table or around the world, settlements go directly onto the chain with no intermediaries keeping fees low with an almost real-time settlement visible on this public ledger.”

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Whether the use of Bitcoin (BTC) can be considered as a method of payment or technology, rather than a store of value to its survival or not, Hsu says that store of value can only go as far as being speculative without the property of serving as a medium of exchange. He also adds:

“This means if we are to see Bitcoin as a global currency, adoption of Bitcoin as a payment instrument is vital as it must fundamentally serve the purpose as a medium of exchange.”

TAAL's CEO thinks that the lesson from Wirecard's case for the crypto industry is that financial regulations "are in place to protect the public from exactly these sorts of massive frauds and public consumer losses."

On the other hand, Hsu summarizes that the crypto sector should learn about “transparency” after the Wirecard’s case, and adds that blockchain is, again, an immutable and open technology to fully audit the flow of funds “at any point in time.”

Article produced by FELIPE ERAZO

https://cointelegraph.com/news/industry-leaders-say-blockchain-makes-payment-services-more-efficient

 

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Heiko Closhen, Entrepreneur

How to analyze crypto tokens properly before investing

How to analyze crypto tokens properly before investing

How to analyze crypto tokens properly before investing

By SAM BOCETTA

The only way you can protect yourself and analyze crypto tokens properly is by exercising caution to the best of your ability.

If you ask people what they know about cryptocurrency, chances are you’ll hear the words Bitcoin (BTC) or blockchain — or even both. However, what many individuals aren’t aware of is that over 5,000 cryptocurrencies exist in the market today. This huge number makes things a little confusing for investors.

With so many options to choose from, the task of choosing one to invest in can be challenging. At the same time, though, there are several potential opportunities for people to get scammed in the crypto space.

You see, some bad actors have designed tokens in a bid to scam people out of their hard-earned money. Whether you choose to move funds transparently or privately, your first priority should be to find authentic crypto assets to invest in.

In this article, we’ve compiled a list of a few precautionary techniques that can help you analyze crypto tokens — whether a utility token or asset token — properly to make a safe choice.

 

Carefully going through the token’s white paper

A cryptocurrency or initial coin offering’s white paper mentions the background, strategy, goals, concerns and timeline of the blockchain-related project for successful implementation.

Since white papers are supposed to be detailed, they can be very revealing. The biggest advantage here is that you can find out whether or not a company has a carefully conceived implementation plan of a company in place — something that can be very helpful for a token analysis. Hence, going through white papers can be very useful.

Here’s what a white paper should answer:

  • What is the unique selling proposition of the project, especially when compared to its competitors?
  • What is the vision and methodology of the project leaders, and how do they plan on being successful?
  • What measures will the company take to achieve its goals?
  • What are the token’s use cases?

Start any crypto or blockchain investment decision by reading the white paper thoroughly, and check if it has any complementary resources. This can include financial models, SWOT analysis, legal concerns as well as a roadmap for implementation. You’ll also be able to determine the suitability for mass-standardized trading of the tokens.

If a company doesn’t offer a white paper, treat it as a red flag and move on to another one. At the same time, keep in mind that white papers shouldn’t be taken as the holy grail of authenticity either — it’s wholly possible for a fraudulent company to create a convincing white paper. For instance, PlexCoin managed to raise over $15 million with the help of its noteworthy white paper before the U.S. Securities and Exchange Commission shut it down.

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Find out more about the team leaders

The developers and administrative team are a crucial part of the success of any tokens project, which is why you should have an idea about the people who are backing the project. Find out whether anyone has worked on reputable projects before, or are notable members of the blockchain landscape. In addition to this, their qualifications and experience should also be important considerations.

Make sure the token is backed by people who know what they are doing. This will help you move away from companies that prioritize personal profit over ethics.

Seeing this loophole, scammers have started inventing fake founders and biographies for their projects. Sometimes, they may even exploit the personal identities of unaware victims for their benefit as well.

Hence, the best protection against this fraudulent tactic is to do your research and do it well. Skip tokens whose developers or founders you’re unable to find information about.

Even if you do find profiles, check to see whether the activities match up with the number of followers and likes, and be attentive to other similar nuances.

 

Determine the probability of any legal issues

Finding a great token’s ICO for investment isn’t enough. Sometimes, you may not be allowed to participate because of your jurisdiction. If you do decide to go ahead in such cases, you might end up breaking the law.

To avoid this, you need to make sure that regulators in your country haven’t restricted participation in such tokens. Despite the fact that ICOs are still unregulated, the good news here is that regulators are working on making friendlier rules that can lift most of these restrictions in a good number of regions.

 

Verify whether the token’s project is solving a specific problem

Ask yourself this question before investing in a token: What problem is this token solving, and how is it unique? Verification is crucial when it comes to token analysis, especially if you want to safeguard the security of your investment. People are becoming more aware of the looming online threats in cybersecurity, with the average cost of a data breach currently sitting at around $3.92 million. It’s the same caution that needs to be practised when determining the utility of a token’s market value.

Plus, investing in blockchain projects that solve a unique problem will also see a higher demand surge, which, in turn, will boost the tradable value of its token. So, if you invest in the ICO of such projects, you’ll be more likely to score a more secure and profitable investment.

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Observe the token sale process

All ICOs are dependent on a token or currency system when it comes to crowdfunding facilitation. You should always take a look for token sales figures while the ICO is on, keeping a watch on its progress over time.

In fact, companies and other endeavours consciously make it easy for potential investors to take a look at their system and token sale progress to establish legitimacy. Nowadays, with the growing popularity of cloud-based infrastructure business models, blockchain-as-a-service is also becoming prevalent, which should make transparency even easier.

In other words, there is no reason why a company shouldn’t show you its token sales progress. A company that makes it difficult for anyone to view the progress of its ICO is highly likely to be a scam. Try to avoid such companies at all costs.

 

Stick to people you can trust

Cryptocurrency has shown considerable maturity in terms of providing resilient custodial and noncustodial wallet solutions, but security is still a concern in the space. This is why we recommend working with trusted people whenever possible.

You see, it isn’t possible to scrutinize every project thoroughly. So when you work with and follow trusted people in the cryptocurrency landscape, you can have greater peace of mind. These industry professionals have good knowledge about the blockchain ecosystem and can deliver sound advice as well.

 

The bottom line

Cryptocurrency and ICO spaces can offer multiple opportunities for investment. The only catch is to have the ability to make sound investment decisions and have done their homework. At the same time, these spaces also have their own share of pitfalls, exposing people to scams and fraud, while even legitimate businesses with poor implementation strategies can cause severe financial loss. Try to stay away from low-liquidity instruments too.

There is, of course, no guarantee that a cryptocurrency or blockchain-related startup will be successful or legitimate, but following our above guidelines can certainly help you reduce the likelihood of getting scammed.

Article produced by SAM BOCETTA

https://cointelegraph.com/news/how-to-analyze-crypto-tokens-properly-before-investing

 

ecosystem for entrepreneurs

 

Heiko Closhen, Entrepreneur

Australian Senate: Blockchain Will Create 3 Trillion of Value by 2030

Australian Senate: Blockchain Will Create $3 Trillion of Value by 2030

Australian Senate: Blockchain Will Create $3 Trillion of Value by 2030

By Andrew Hayward

Following the country’s ambitious blockchain roadmap unveiling, a Senate Committee affirms the potentially significant benefits ahead.

In brief

  • An Australian Senate Committee touched on blockchain matters in its interim report.
  • The Committee affirmed the potential for the country’s ambitious blockchain roadmap.
  • It also touched on the need for regulatory changes regarding initial coin offerings.

Australia has made significant strides in the blockchain space already in 2020, previously announcing a roadmap for a vibrant blockchain sector that the country hopes to achieve via a combination of banking, export, and education infrastructure changes. Additionally, the National Stock Exchange of Australia is building a blockchain-based settlement and clearing system—in partnership with financial tech (fintech) company iSignthis—that could also enable fractional trading in the process.

Word of both of those plans has reached the Australian Senate’s Select Committee on Financial Technology and Regulatory Technology, which released an interim report that includes numerous references to blockchain.

The Senate Committee’s report lays out the potential for blockchain to power advances in both fintech and regulatory tech (regtech). It also highlights what could be a missed opportunity so far: reaping the myriad benefits of capital raised via initial coin offerings (ICOs).

The report notes the same figures stated in the February National Blockchain Roadmap announcement, citing an expectation that blockchain technology will drive $175 billion in global business value by 2025 and more than $3 trillion total by 2030.

Michael Bacina, partner at commercial law firm Piper Alderman, spoke of the expected rise in demand for blockchain tech within Australian industry.

“Most fintech and regtech projects will either be built predominantly on distributed ledger technology or blockchain, or heavily using that within the next 10 years,” he told the Committee.

Furthermore, the Committee noted that blockchain technology could benefit a wide number of Australian industries. While the financial and insurance industries topped the list, others include “professional, scientific, and technical services and retail trade, but other areas include healthcare and social assistance, agriculture, as well as real estate services,” the report reads.

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Improving ICO conditions

Elsewhere in the report, the Senate Committee focused on the rise in ICOs and the capital they raise—and why Australia isn’t reaping more of the benefits of them.

Dr. Jemma Green, co-founder and Executive Chairman of blockchain-driven Australian energy marketplace Power Ledger, suggested to the Committee that current regulatory conditions in the country are not conducive to attracting startup ICOs.

“Many countries—for example, Switzerland—are changing that to put them on capital accounts, which is moving the taxing point to when proceeds build a platform which generates income,” she said of pertinent laws affecting ICOs.

“In Australia, the proceeds are presently being taxed as income. As a result of this regulation, Australia is not an attractive proposition to undertake one of these initial coin offerings or indeed set up a business here.”

She told the Committee that less than 1% of the $26 billion in estimated ICO capital raised to date internationally has been from Australian companies, and that there is multifaceted incentive for the country to change its laws to be more inviting to companies that would utilize ICOs.

“From an employment perspective, it's a really exciting story. And then the taxation revenue from those companies that come in profitable will be the bounty for the Treasury,” she explained.

“And so I think there's a bigger play around capturing the value for those markets in the Australian economy, as opposed to them being based outside Australia. It's stimulating the fintech sector, providing employment opportunities, and delivering better quality services to the Australian people.”

Article produced by Andrew Hayward

https://decrypt.co/40968/australian-senate-blockchain-will-create-3-trillion-of-value-by-2030

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur