Blockchain Technology’s Next Big Superstar

Blockchain Technology’s
Next Big Superstar

ICOs (Initial Coin Offerings) are on the rise, as more startups

turn towards blockchain-based platforms to raise funds. Just during the first half of 2017, startups raised a record of $1.27 billion through ICOs.The rise of ICOs has also resulted in the growing popularity of Bitshares and Ethereum, two of the most well known cryptocurrency platforms. ICOs use these cryptocurrency protocols to create digital currencies on top of these platforms.However, several issues are starting to arise with ICOs related to fraud and “illegal fundraising”. China, for example, just banned ICOs as forms of new digital currencies in order to prevent fundraising scams.

The illegitimate nature behind ICOs are a result of two things. First off, when doing an ICO, a company should develop its own tokens, which requires an in-depth understanding of blockchain principles and technology. Secondly, companies involved with an ICO are also operating in the real world and will have little use for the crypocurrency they raise. This means that ICO tokens should also be exchangeable for fiat currency, in order to pay for salaries, services, legal fees, etc.

A Cryptocurrency Platform For “The Real World”

Clearly, there is still much work to be done to further legitimize blockchain-based networks and ensure the growth of ICOs. And to make sure that the blockchain bubble won’t burst anytime soon, industry leaders are taking action to promote the growth of this revolutionary technology.For example, Sasha Ivanov is an expert in cryptocurrencies and blockchain technology. Sasha graduated from the Faculty of Theoretical Physics at Moscow State University (MSU), undertaking further postgraduate study at Leipzig University in Germany. He took an early interest in electronic currencies and became involved in programming bots to trade on the international Forex markets, later working on trading operations and neural network trading systems for banks.

In order to further legitimize the ICO process, Sasha founded Waves in 2016, an open source cryptocurrency platform that allows individuals to issue and transfer custom blockchain tokens, and trade them on an integrated peer-to-peer exchange. After crowdfunding 30,000 bitcoins at a market value of $16 million, Waves has become the fifth largest crowdfunded blockchain project. Currently, the overall Waves token capitalization exceeds $400 million. Many startups have held multi-million dollar ICOs on the Waves Platform, including MobileGo, ZrCoin, and Encryptotel.

What makes Waves so successful is its unique features that differentiates it from other cryptocurrency platforms. Waves emphasizes custom token creation, transfer and decentralized trading, with deep fiat integration and a focus on community-backed projects. Waves is designed to make it extremely easy for anyone – not just startups and companies – to crowdfund a project using a blockchain token or to launch their own blockchain initiative.Waves is particularly focused on ensuring that the benefits of blockchain technology is accessible to mainstream businesses as well as individuals. All transactions are verified by the network, which uses a proof-of-stake consensus, unlike bitcoin’s energy-intensive

proof-of-work.

Waves is a cryptocurrency platform focused on building a bridge between the crypto world and the real world that we live in. I hope Waves can integrate blockchain technology into our everyday lives to help individuals and businesses become more transparent,” Sasha said.

It Starts With A Village

While many startups have already demonstrated multi-million dollar ICOs on the Waves Platform, individuals are now looking towards Waves to raise funds – even those located in tiny villages.

In April, a small Russian village known as Kolionovo (located outside of Moscow), became the first village ever to launch a blockchain-based ICO to help fund the development of farm land. The project was called the “Kolionovo Ecosystem” and was carried out on the Waves platform.Unlike other ICOs, the Kolionovo Ecosystem emphasized that the project should not be viewed as an investment opportunity promising high returns, but should only be considered as a crowdfunding tool for development of the Kolionovo ecosystem – a system of local production and consumption, which has been successfully operating for over a decade.

In 2014, with the help of the local printing company, the farmer behind the Kolionovo project printed 20,000 Kolions (its ICO tokens), which basically looked like loan-certificates. The key advantage of Kolions is that this cryptocurrency is not linked to any traditional currency. Rather, it is linked to actual product and serves as an instrument for barter, allowing shareholders to purchase a number of products and goods with a discount of up to 100 percent.

Other notable and unique ICOs hosted on the Waves Platform has been ZrCoin, which offers the first ever blockchain option for investing in the production of a high-demand industrial material. ZrCoin raised a total of seven hundred thousand dollars from their ICO on the Waves Platform. Blackmoon Crypto [RW1] also launched their ICO on the Waves Platform, seeking to bridge the gap between cryptocurrency and conventional investments.

Blockchain’s Next Superstar

Just like any other emerging technology, ICOs will face a number of challenges. However, as more companies and individuals adopt blockchain technology, the benefits of doing an ICO will become more apparent. Additionally, new platforms are being created that are aimed to solve the common problems associated with Bitshares and Ethereum. Fortunately, Sasha has created Waves to allow companies, as well as individuals, the opportunity to launch an ICO. Bringing blockchain to the masses is a revolutionary step in the crypto world, which means Sasha could well be on his way to becoming blockchain’s next big superstar – only time will tell.

Chuck Reynolds

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Blockchain Firms Ripple, R3 File Dueling Lawsuits Over Crypto Contract Dispute

Blockchain Firms Ripple, R3 File Dueling Lawsuits Over Crypto Contract Dispute

Distributed ledger startups Ripple and R3

have become embroiled in a new legal battle, with both startups filing lawsuits related to a contract dispute between the two firms. Ripple alleged in a complaint filed today in the Supreme Court of California that R3 failed to honor an agreement that included an option to purchase 5 billion XRP, the cryptocurrency of Ripple's distributed ledger network. According to Reuters, R3 asked the Delaware Chancery Court to uphold the deal, which would have allowed it to buy the XRP at a price of $0.0085 per token before September 2019. Currently, XRP is currently trading at roughly $0.21 apiece, according to data from CoinMarketCap.

A copy of R3's complaint was not available at press time. According to Ripple's complaint, R3 and Ripple allegedly struck a deal to create a joint commercial venture, which would have followed an earlier test, centered around XRP, that involved a number of banks involved with R3's consortium effort. In the complaint, Ripple accused R3 of failing to uphold its end of the bargain as its fundraising efforts picked up steam, ultimately concluding with a $107 million funding round announced this spring. Ripple also accused R3 of hiding the fact that several of its consortium members, including Goldman Sachs and Banco Santander, among others, were looking to exit the group despite promises of advancing XRP to the banks involved.

A spokesperson for Ripple told CoinDesk in a statement:

"Our filing is straightforward – R3 misrepresented their ability and intent to deliver on their commitments. Given XRP’s ~4000% increase over the course of the year, R3 suddenly wants to tap into the value of XRP, though the facts are clear that they did not earn any option based on our agreement. We wish them well as they continue to try and build their consulting practice. In the meantime, Ripple is focused on serving our ecosystem of nearly 100 customers and signing up more."

When reached, a representative for R3 declined to offer specifics on the case but struck an optimistic note about the firm's prospects in court. "R3 does not discuss the details of pending litigation," the spokesman said. "We are confident in our position and hope for a speedy resolution of this matter." The suit is a notable one, given that R3 and Ripple are two of the industry's best-funded startups and both focus their products primarily toward financial institutions. R3 and Ripple have raised $107 million and $96 million, respectively, in venture capital to date.

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Equifax Hack: 3 Investors Sold $18 Mln Shares in Unclear Transaction

Equifax Hack:
3 Investors Sold $18 Mln Shares in Unclear Transaction

Three Equifax investors sold $17.8 mln in shares

days before the company announced it had suffered one of the biggest hacks in history. As Reuters reports Friday, the shares sold three days after Equifax knew of the hack, and it was as yet “not clear whether these transactions were part of a pre-arranged sales plan.”

The credit giant has said that hackers gained entry to sensitive information from an unprecedented 143 mln accounts between May and July. Data such as names, social security and driver’s license numbers fell into the hands of malicious parties, along with 209,000 credit card numbers. Larger than any comparable attack in the US, Equifax is due to publish a report into the events in the coming weeks, while commentators highlight the vulnerability of centralized information storage.

“On a scale of 1 to 10, this is a 10,” an analyst told Reuters.

“It affects the whole credit reporting system in the United States because nobody can recover it, everyone uses the same data.”

Senate Select Committee on Intelligence vice-president Mike Warner went even further, describing the breach as “representing a real threat to the economic security of Americans.” Legacy infrastructure is becoming an increasingly difficult topic to avoid as hackers launch ever more sophisticated attacks affecting hundreds of businesses and other organizations at once. WannaCry, the Bitcoin ransomware attack which appeared in May, partly achieved its international success due to the inadequate and outdated software still used by prominent entities.

Bitcoin Congressman Polis Legislation Abolishes Tax For US Crypto Payments Below $600

Bitcoin-friendly congressman Jared Polis has introduced legislation

that could allow US citizens to pay in cryptocurrency without reporting it for tax. The Cryptocurrency Tax Fairness Act, a bipartisan effort with Republican David Schweikert, aims to give everyone a $600 leeway to use crypto without needing to submit a tax return to the IRS later.

Bitcoin and virtual currencies are still classed as property in the US, obligating users to report any form of gains or losses on holdings each tax year, regardless of amount. The issue is especially poignant in 2017, as the US’s largest exchange Coinbase battles the IRS in what consumers and politicians alike have criticized as an “overly broad” tax investigation. “To keep up with modern technology, we need to remove outdated restrictions on cryptocurrencies, like Bitcoin, and other methods of digital payment,” Polis said in a

press release Thursday.

“By cutting red tape and eliminating onerous reporting requirements, it will allow cryptocurrencies to further benefit consumers and help create good jobs.”

Washington is currently home to the Blockchain Caucus, a joint initiative begun in February by Polis aiming to increase education and awareness of virtual currency among the echelons of US politics. Commenting on the new act, Coin Center CEO Jerry Brito, who worked with Polis on the Caucus, said it would create a “level playing field.”

“We applaud Representatives Polis and Schweikert for their leadership in introducing the Cryptocurrency Tax Fairness Act, which would treat cryptocurrencies similarly to how foreign currency is now treated and relieve users from having to keep track of small personal transactions,” he said. “Not only will this create a level playing field for digital currencies, it will also help unleash innovation on applications like micropayments, which can consist of dozens of transactions per minute and thus are difficult to square with the current law.”

Chuck Reynolds

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How Blockchain Technology is Taking Gambling Industry to New Level

Blockchain technology has been slowly creeping into our lives,

and today its presence can be felt like never before, with Google search trends showing new records and the collective cryptocurrency market cap being at its highest. However, there are certain industries with which Blockchain technology and cryptocurrencies have been able to connect with on a deeper level, and gambling is one such industry. The symbiosis between crypto and gambling doesn't seem to be getting weaker either. Malta, a country that is known as a pioneer in the gambling industry, is planning to legalize the use of Bitcoin and other cryptocurrencies at online casinos, and is currently exploring the best options to do so. Yes, the future looks bright for these two, so let's take a look at how Blockchain technology is changing the gambling industry today.

Private, cheap, legal and accessible

Using cryptocurrencies for gambling has become a widely popular solution for casinos, either as a main payment system or as an alternative to fiat-based ones. The advantages are many and well documented. Using cryptocurrencies allows the user to gamble anonymously, without the need to hand over copies of documents or even create an account, depending on the platform. Smaller fees and almost-instant deposit times, have also made cryptocurrencies ideal for gambling, especially when it comes to small to medium movements. Lastly, cryptocurrencies have also been able to make online gambling accessible again, providing a low entry barrier for new players and allowing them to circumvent gambling regulations that apply to fiat only.

Probably fair

We all know that the house always wins. That’s why people build casinos in the first place, right? It’s all about making a profit in the long run, while the customer gets to enjoy himself and win big sometimes. Over time, however, the casino is always sure to make a profit and gamblers have grown to accept this.

Problems arise, however, with the lack of transparency that is prone to online casinos. If the gambler cannot be sure that the casino is indeed playing by the rules, he may not want to enter the game at all. However, cryptography has made it possible for gambling platforms to prove that they are indeed honest. Although this concept was not made possible by Blockchain technology itself, but rather by cryptography, Blockchain technology and smart contracts have taken it to the next level, allowing for more complex systems.

Decentralize everything!

Although Bitcoin is not the first cryptocurrency in history, it was the first one to provide a decentralized structure. This model allows not only for immutability and security, but also for a democratization of value creation. In Bitcoin, anyone can become a miner, profiting from newly issued coins, something that only bankers knew prior to Satoshi's masterpiece.

Blockchain technology brings this same characteristic to gambling, allowing anyone to be a member of the casino itself. Although some Bitcoin casinos allow users to fund the casinos and profit from a share of the house edge, these concept has been taken to the next level by crypto platforms like Ethereum, where projects like vSlice and many others have created a system where token holders receive automatic dividends from the profits generated by the platform. Wager, on the other hand, employs its own Blockchain network to provide a decentralized sportsbetting platform in which event outcomes are reported by a network of oracle masternodes.

The wisdom of the crowds

The wisdom of the crowds is a concept that is currently under the spotlight in the cryptosphere. Several projects leverage Blockchain technology to create decentralized prediction markets where users can bet on the outcome of an event, and having data from the event outcome introduced in a trustless manner. Although prediction markets were around before the Blockchain, their centralized structure grew far too problematic. Not only do these markets allow users to bet on pretty much anything, from the weather to sports events and elections, the data generated by the collective bets can also create a fairly accurate forecast on the outcome of that event. Magos, a complex forecasting model, leverages neural network technology to mine this data and filter it, creating highly accurate forecasts and positive returns for token holders.

Saving the day

As we can see, cryptocurrencies and their underlying technology, the Blockchain, are changing the very fabric of online gambling. This affinity can be partially explained by human nature. Blockchain tech has come as a highly disruptive solution to problems that are inherent to many systems in our society and economy. In the gambling industry, these problems were heavily felt and crypto came just in time to save the day.

Chuck Reynolds

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Banks are finally preparing to use cryptocurrency to move money between them

The world’s biggest banks aren’t immune from cryptocurrency euphoria,

with a range of projects underway to explore how traditional financial firms can benefit from the innovation. Swiss banking giant UBS and 10 other companies say that they plan to use the technical idea behind bitcoin—a distributed ledger called a blockchain—for their own digital currency (paywall). This could show the way for the world’s biggest central banks to do the same. Banks like Barclays and HSBC are the latest to join the “utility settlement coin” project, started by UBS and Clearmatics Technologies in 2015. The idea is to develop a new, streamlined payment mechanism for institutional purposes. According to CoinDesk, it could potentially replace clearinghouses and other back-office plumbing that sits between buyers and sellers of assets.

Alex Batlin, who heads BNY Mellon’s blockchain projects, led work on utility settlement coin at UBS at its inception. For him, it’s an example of blockchain technology’s promise to remake finance. “Blockchain is a really good, resilient system,” he said in an interview earlier this summer. “The interesting thing about bitcoin is since its inception, no one’s cracked it. Yet it’s completely in the open.” BNY Mellon is also involved in the utility settlement coin project. The hope is that the UBS group will come up with something faster, cheaper, and more reliable than existing systems. Each settlement coin would represent fiat currency like euros and dollars on a one-to-one basis, and would thus be 100% backed by collateral at the domestic central bank, according to UBS. The idea is that exchanging the digital currency as payment for assets will be a more efficient means of exchange.

Because the digital coins will be backed by cash at a central bank, which cannot default (they can always print money if they have to), the crypto tokens are free from credit risk. UBS says transfers and ownership could be settled instantly—the promise of blockchain technology. There are still questions, like whether the technology could handle the volume necessary for the scale of institutional markets run by big banks. Central banks from Beijing to Washington have a similar idea, and are investigating whether they can issue their own digital currencies. While bitcoin was developed to disintermediate such centralized monetary authorities, the Bank of England believes it could use the technical ideas behind it to impose more control over its currency and provide new ways to stimulate the economy. Far from making mainstream finance obsolete, right now blockchain and cryptoassets appear to be one of the industry’s preferred new inventions.

The Bank of England published research last year (pdf) suggesting that a digital currency issued by a central bank could bolster financial stability, boost economic growth, and generally make monetary policy more efficient. A model for this is emerging in the private sector: The project involving UBS and other financial firms is far from complete—a limited launch could take place at the end of next year—but the momentum behind it suggests that cryptocurrencies are entering the mainstream.

Chuck Reynolds

Marketing Dept
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How Blockchain Is Redefining the Future of Commerce

How Blockchain Is Redefining
the Future of Commerce

Probably the most significant benefit of blockchain

in commerce is cost reduction.“Blockchain will do the same to banking what the internet did to media” seems to be the phrase this year. In fact, like the internet was the first native digital medium for information, blockchain is the first native digital medium for peer-to-peer value exchange. Therefore, blockchain it is set out to revolutionize numerous industries, including banking, cyber-security, commerce and much more.Vitalik Buterin, the creator of cryptocurrency Ethereum, says that the technology is so convenient that it can be applied for years in future industries beyond our current imagination.

As of today, the cryptocurrency hype is real. There is an increasing number of new emerging startups based on blockchain driven solutions, that seek to improve the way variety of industries have been operating for decades. Then there are the skyrocketing prices of Bitcoin, Ethereum and other alt currencies.Such activities may indicate that this is something more than just public hype. However, the general public still treats it as another fad. So the question remains: Is it?

Blockchain and commerce

In the recent Global Ecommerce Summit, it was stated that cryptocurrencies together with blockchain are the future of online payments. Jasmin Battista, leader of e-commerce in the European Commission’s DG Connect project, has emphasized that smart contracts are especially important for the traders.The Ethereum based system may be the following natural step for transaction processing, order tracking, supply chain management or tracking management activities. Many entrepreneurs and industries already work with the technology adapting it to their needs and people’s problems.

For example, a startup Monetha is set to create an Ethereum payment solution which resembles a combination of PayPal and Trustpilot. Just a day ago they landed a strategic partnership with Pigu.lt, the largest online retailer in Latvia, Lithuania and Estonia. The interest in the company is peaking just a few days before their first ICO on August 31.What makes blockchain such a promising medium for the future of commerce? Here are the key advantages of what it offers.

Low cost

Probably the most significant benefit of blockchain in commerce is cost reduction. Today, business transactions run through a complex network of vendors, including credit card networks, banks and payment processors. Blockchain removes all the unnecessary middlemen allowing for cheap, quick and reliable peer-to-peer transactions.Regular costs can add up to additional 7% for every online purchase. These costs are passed on the buyer most of the time. People have already shown that they are becoming increasingly aware of the extra cost by switching and supporting banking alternatives such as the unicorn TransferWise or Revolut.

A large number of stakeholders makes e-commerce transactions unnecessarily complicated. The involved parties slow down the process by series of bureaucratic steps, creating additional friction.Payment billing and processing used to take up to a week, but blockchain makes it happen almost in real-time.Its decentralized approach disentangles the processing to a simple interaction between buyer and merchant. There is no need for central authorization entities, so the money can travel almost instantly and without resistance.

Security

Commerce security in blockchain derives from its immutable nature and decentralized structure. It prevents fraudulent transactions simply by removing the ability to alter the data.So even if the customer encounters falsified goods, it can be tracked and recorded. Such implication could prevent future business with untrustworthy sellers.

Accessibility

According to the latest Global Findex report, 2 billion people and 160 million small businesses still don’t have formal access to banking. While these are mostly poor people, 37% of the world’s population is still an astounding number of unbanked people. Due to its digital nature, blockchain is easy to integrate.It may be too early to claim that blockchain will end poverty, but its digital solutions are easy and less costly to implement and has lots of potential to empower the excluded people to become the participants in the global economy.

Future is now

While most of the population are still skeptical about their future, many bright minds are sweating day and night to bring the best possible solutions to the public.Blockchain offers all of what our current commerce system does, except that it is cheaper and faster. Making commerce and finances more transparent is a huge step towards democratizing the economy and capturing the power from the authorities by bringing it back to the people.

Chuck Reynolds

Marketing Dept
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David https://markethive.com/david-ogden

Cryptocurrency Trading Helps Make Traditional Wall Street Traders Millionaires

Smart Investment

Wall Street’s traders Mike Komaransky and Chase Lochmiller have achieved greater financial success by trading cryptocurrencies like Bitcoin and Ethereum. They’re the only ones withdrawing their funds from stocks. In fact, CNBC reports that many stock traders are pulling out their billions from the stock market. One of the traders, Komaransky, has reportedly done so well that he already announced his retirement at the age of 38 in the summer of 2017.

How Komaransky discovered Bitcoin

Komaransky became interested in Bitcoin after reading George Mason University economist Tyler Cowen’s blog about the digital currency in 2010. Komaransky was working in London, England during that time. In late 2013, the price of Bitcoin started its upward mobility following the collapse of the biggest Bitcoin exchange, Mt. Gox. Due to the continuous rise of Bitcoin’s price, high-frequency trading company DRW Holdings founder and chief executive officer (CEO), Don Wilson, has ordered Komaransky to establish cryptocurrency trading currency subsidiary Cumberland Mining in 2014.

Cumberland Mining was able to exploit the volatile era of Bitcoin trading as it was successful in making notable trades such as gaining the bulk of tokens auctioned by the US Marshals Service. The coins were seized by the service from dark market operator Ross Ulbricht and the illegal online black market he established, Silk Road. Cumberland Mining has sustained its success and is now one of the biggest digital currency market makers. The company currently has 12 employees, who are mainly involved in trading cryptocurrencies such Bitcoin and Ethereum.

Lochmiller’s story

For the past 10 years, Lochmiller has worked for the largest high-frequency trading companies on Wall Street such as Jump Trading and Getco. In July 2017, however, he resigned at Jump Trading to join hedge fund Polychain Capital, which is mainly involved in trading virtual currencies like Tezos and Ethereum.

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Oraclize, Digital Identity to Develop Financial Applications of Ethereum Blockchain

Oraclize has closed on €500,000 in their seed round led by Digital Identity SA,

a growing firm delivering services for the Fintech industry. The company believes that Blockchain technology opens many opportunities in a variety of areas, including Fintech and cryptocurrencies. With its primary focus being on financial companies, cryptocurrency wallets, and decentralized exchanges, among others, Oraclize represents a strategic investment securing development of the layer on top of which these financial applications are built.

Natale Ferrara, director of Digital Identity SA, commented:

“Oraclize provides an infrastructure tool essential for Blockchain applications to grow and have a concrete impact. I believe that our investment in Oraclize will support the talented team with its activities and ultimately benefit the Blockchain ecosystem as a whole.”

In the Blockchain context, the company provides a safe data-transport-layer enabling decentralized applications (dapps). Since 2015, it has served over 200,000 requests on the Ethereum mainnet and several million on test nets, backing its claims with authenticity proofs based on a variety of cryptographic techniques. It aims at developing Blockchain applications in order to overcome common limitations while minimizing additional trust lines. For this reason, the authenticity proofs rely on independent attestors, leveraging both software and hardware-enforced security technologies.

Thomas Bertani, CEO of Oraclize, comments:

“Since launching in March 2015, the Oraclize concept has evolved and reshaped according to the needs of the market. Today, Oraclize is the longest running Oracle service across a multitude of Blockchain platforms. Our activity goes beyond that, we have developed a powerful technology securing different kinds of processes. This funding will enable us in bringing our technology to the next level.”

Chuck Reynolds

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Maximum Impact Of Blockchain Will Be Felt In Africa, Not In The West, Just an Opinion

Maximum Impact Of Blockchain
Will Be Felt In Africa,
Not In The West, Just an Opinion

Maximum Impact Of Blockchain Will Be Felt In Africa, Not In The West: Opinion

“Central Banks and Monetary Authorities world over have turned on their antennas to pay rapt attention to the disruption pervading the financial service industries by digital currencies, which are enabled by Blockchain technology,”

said Musa Itopa Jimoh, the Deputy Director, Banking & Payment System the Central Bank of Nigeria CBN, at the first ever Blockchain conference held in Nigeria. The two-day event which took place at the Civic Centre, Ozumba Mbadiwe Way, Victoria Island Lagos was organized by the Blockchain Nigeria User Group with Chimezie Chuta as national coordinator. Chuta explains that having to reconfigure the prevailing mindset of the majority of participants who see Bitcoin and cryptocurrencies as some MLM and Ponzi schemes was an aspect of the event which required a lot of resources.

However, he is confident that the presentations by the participating Blockchain organizations and the continued effort of his group through educational materials and future events will go a long way in correcting the people’s perception and set the nation on the pedestal of Blockchain revolution.

There is no alternative to the Blockchain

In his opening address, Jimoh emphasized the need for collaboration between Blockchain solution providers and government institutions. According to him, some countries have come out with specific directives and stance on the adoption of the digital currency and Blockchain technology while others are still reviewing their positions to enable them to decide on which way to go. But whether they like it or not, it will just be a matter of delay tactics and being cautious, because all central banks and monetary authorities will eventually and very soon, give legitimacy to the use of Blockchain technology to drive financial services including the issuance of digital currency.

Jimoh says:

“Nigeria’s position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. However the Central Bank has the responsibilities of ensuring price and financial system stability. This is why digital currency issuance becomes a major concern to the central bank of Nigeria. To this end, the central bank of Nigeria has kick started several initiatives and research works to identify the various use cases of Blockchain technology including the issuance of digital currency using the Blockchain technology.”

Jimoh acknowledges the Blockchain Nigeria User Group as being on the right path and poised to raise awareness on Blockchain technology and cryptocurrency in Nigeria. “This event is one of such measures to raise the awareness amongst stakeholders including the regulatory authorities,” he concludes. The keynote speaker at the conference, Dr. David Isiavwe notes that the reality of the world today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), Blockchain and cryptocurrency are facts that must be confronted.

“We cannot wish this reality away. It is made worse when we realize that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting. In this dynamic age that we find ourselves, the only mantra to survival as is propagated by the Information Security Society of Africa – Nigeria (ISSAN) is: ‘Innovate or Die!," says Isiavwe.

How To Open Cryptocurrency Exchange: Practical Tips

Crypto newbie

The cryptocurrencies boom forced analysts to talk about bubbles, and late "miners" to buy up video cards. Meanwhile, many people have already earned enough money on the trend: someone did it on the appreciating prices, and someone, as in case with nVidia, profited on the growing demand for related issues. There are a lot of debates over cryptocurrencies’ potential, about possible sell-offs, and the time in which the bubble may burst.

However, while the market talks, it’s worth looking around to understand the way to profit on the trend. If there is a demand for cryptocurrencies, it means the trade venues for these assets will be popular as well. Today, there are already about 200 cryptocurrency exchanges and exchangers in the world. And it is not a limit has been reached yet. So, what if the next stage of the crypto market evolution is the boom of cryptocurrency exchanges. If so, how can we profit on that? Perhaps open your own exchange.

How to open a cryptocurrency exchange

First, you need to resolve a legal issue. It is necessary to obtain a license. This is possible in several ways.

1. It is possible to obtain a Japanese license, but it will cost a lot. Investments may amount to at least $110K, and there is around $30K more for office expenses in Japan.

2. It is possible to register the company in jurisdictions, where there is no legal base for crypto exchange, but at least it’s not banned. It all depends on what you can afford and on available resources, but even with sufficient capital you still need to find a director complying with regulators’ requirements, lawyers who know all the details of licensing process, and much more.

Secondly, you need to develop the required software.

1. User Personal Account. It’s a profile for client registration and verification, with deposit/withdrawal options available. To write such a program you will need to invest effort, time, and money.

2. Trading platform. This is a place through which investors and traders can open, close and manage market positions. You’ll also need to think about each nuance, such as the development of gateways, connectors and bridges for platform connection. Writing the platform will consume time and money. There are major vendor lease providers of trading platforms in the world – you can choose, launch, customize and get services for the best of them.

3. Aggregator. It will allow you to connect new partners, other exchanges and even to become a market maker for some of the tools (e.g. if you create a cryptocurrency/token and want to add it to the list of trading assets at your crypto currency exchange). You must consider that your aggregator needs to process huge data volumes every second. At a rough estimate the cost of such a solution will be impressive, considering the number of expensive specialists and the time spent on development, therefore even large companies prefer not to write software, but to pick something available in the market.

All in all, the scope of work and investments required is considerable. However, there are cases when it’s worth going along a streamlined path rather than searching for your own original way. Where there is demand, there is supply. Even now at the start of this new crypto era some companies already offer the development of turnkey trading floors and exchangers, taking into account customer desires. Such services can considerably reduce your time, efforts, and expenses.

Chuck Reynolds

Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.

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Bank of America Files 9 More Blockchain Patent Applications

The U.S. Patent and Trademark Office

has released nine more blockchain-related patent applications filed by Bank of America. Data collected by CoinDesk shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone. Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

Yet past announcements from the bank hint at where some of the intellectual property may come into play. Last September, Bank of America and Microsoft announced a joint initiative aimed at applying blockchain tech to the area of trade finance. Working with Microsoft Treasury, which handles the tech giant's corporate payments and strategic investments, the project is aimed at building a new blockchain-based system to facilitate transactions between the two companies. Still, it remains to be seen whether the project turns into something at commercial scale. And given the pace of patent applications seen thus far during 2016, Bank of America could be pursuing other intellectual property avenues as well.

Bitcoin Prices Bounce Back Above $4,400

Bitcoin prices have once more climbed past $4,400 following days of generally sideways movement within the $4,100–$4,200 range. Starting to pick up from around 22:00 UTC yesterday, prices across global exchanges opened the session at $4,362, and had reached a high of $4,420. Prices were again at that level at press time, a rise of 1.33 percent, according to the CoinDesk Bitcoin Price Index. Those figures put prices around $85 short of the all-time high achieved on August 17, when bitcoin topped $4,500 for the first time ever.

Elsewhere in the markets, ethereum is up 3.49 percent for the day at $332.65, according to CoinMarketCap. New cryptocurrency bitcoin cash is down 2 percent, however, with prices at $642.95 at press time. A notable strong showing for privacy-oriented cryptocurrency monero today sees its price up over 14 percent, with one token now worth $98. Reflecting continued positivity in the digital asset markets, the market capitalization across all cryptocurrencies is once again at a record high, at just over $155 billion.

Chuck Reynolds

Marketing Dept
Contributor
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