As highlighted in the public letter from IOHK’s leader Charles Hoskinson that despite Cardano Foundation’s let down when it comes to reach its work-targets, the team will continue to work and do the best for the positive community that follow the coin and have full faith in IOHK and Emurgo.
Dissatisfaction and frustrations about the Foundation’s performance stem primarily from:
1.A lack of strategic vision from the council.
2. The absence of a clear public plan for how the Foundation will spend its funds to benefit the community.
3. The lack of transparency in the Foundation’s operations (for example publication of its board minutes and director remuneration).
And more points noted in the letter that can be read here.
Turning back to the latest development, via the social news aggregator Reddit – the team announced that it is going to release blog posts which will inform more in depth Cardano’s enthusiasts and those interested to know about the PoS – Proof of Stake protocol.
Recommended to read:
Cardano (ADA) Coin Story: Attempt to Improve what Bitcoin and Ethereum Chose Wrong
Today we begin a series about staking in Cardano, launching with a blog from IOHK chief scientist, Professor Aggelos Kiayias. Read it here: https://iohk.io/blog/stake-pools-in-cardano/
A proof of stake protocol is at the heart of Cardano, which means that stakeholders must be incentivised to be online and take part. Through the mechanism of staking, Ada holders will receive rewards based on the amount of stake they hold. They will be able to join stake pools to minimise the effort needed to take part in staking, and receive rewards through their membership of a pool. – Reddit post
While the concept and the implementation of Proof-of-Stake bring forth various benefits in the longer term, it does set heavyweights to bear for stake holders – commented by Chief Scientist of Distributed Technology in IOHK , Aggelos Kiayias:
“It requires a good number of them to be online and maintain sufficiently good network connectivity that they can collect transactions and have their PoS blocks reach the others without substantial network delays,” he comments. “It follows that any PoS ledger would benefit from reliable server nodes that hold stake and focus on maintenance.”
For the time being the 9th largest coin by market capitalization is changing hands at $0.0744 against the US Dollar with 0.30% increase in the last 24-hours.
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Category: ethereumworldnews
Forbes Launches “Forbes CryptoMarkets”
Forbes decided to enter the race to become an obligated information reference in the crypto verse. In a press release dated October 22, 2018, Forbes announced the launch of Forbes CryptoMarkets as a crypto tracking portal licensed by the Forbes Brand name.
According to statements by the Forbes team, the firm’s objectives are quite ambitious. Its initiative is a direct competition of several websites of reputable status within the crypto verse as coinmarketcap and cryptopanic.
“Forbes CryptoMarkets, which goes live in beta form today, features real-time pricing and volume information on several thousand cryptocurrencies and an initial five cryptocurrency indices worldwide. The comprehensive site also provides:
• Insights and information on worldwide exchanges such as listed cryptocurrencies, trading pairs, pricing, and volumes;
• A real-time newsfeed aggregating content from leading news organizations and companies, including content from Forbes’ family of sites worldwide;
• Indices tracking the performance of curated baskets of cryptocurrencies;
• Content from Forbes.com and other sources, including insightful articles and in-depth video interviews with cryptocurrency pioneers, thought leaders and other experts.”
In addition to being a kind of All-in-one solution, Forbes allows tracking the performance of some indices explicitly created for the crypto market such as; Forbes CryptoMarkets Top 30 Global “FB30,” Top 10 Global “FB10,” Top Cryptocurrencies Global “FBCC“, Top 10 Blockchain and DApps Global “FBAPPS” among others.
Forbes CryptoMarkets: Aiming High… Really, Really High Mike Federle, CEO of Forbes Media, was quite enthusiastic about the launch of Forbes CryptoMarkets. According to his vision, this new branch would allow Forbes to reach an even larger audience, consolidating the business and supporting the growth of the ecosystem:
“Forbes provides the most comprehensive coverage of the cryptocurrency and blockchain marketplaces of any major media business brand in the world. Forbes CryptoMarkets, a new licensed business, represents a natural extension of our powerful brand into a new venture that promises to deliver immense value to investors, traders and market watchers.”
In the same way, Chien Lee, Chairman of NewCity Capital and Chairman of Forbes CryptoMarkets, described the ambitious objectives of this new initiative, which seeks to position itself as the “definitive resource for everything crypto and blockchain”:
“We are excited to partner with Forbes to create a trusted source for those seeking information on the new digital economy, including Bitcoin, Ethereum, cryptocurrencies, tokens and the companies underlying them … Forbes CryptoMarkets will be the definitive resource for everything crypto and blockchain.”
A challenging goal, but if anyone can do it, it’s Forbes.
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SEC’s Meeting with SolidX, VanEck, and CBOE Paves the Way for a Bitcoin ETF
The race to launch the first Bitcoin exchange-traded fund (ETF) seems close to a happy ending. Although it is difficult to determine a date, many analysts have expressed an optimistic view of the situation after analyzing the latest developments in this area.
The SEC has acquired a bad image within the ecosystem of users and traders of cryptocurrencies after denying all the Bitcoin ETFs that had been presented. The most famous case was that of Gemini -the Exchange owned by the Winklevoss twins – while the last denied Bitcoin ETF was that of VanEck.
However, after a few directive changes and the issuance of amendments to various decisions on this matter, the more open stance taken by the “new” SEC may lead to favorable results for the cryptocurrency markets.
Recently the SEC published a Memorandum in which a Counsel to Pro-crypto Commissioner Elad Roisman shared her impressions of a meeting with representatives of SolidX, VanEck, and CBOE. In it, the representatives of the crypto-businesses clarified the institutional doubts of the regulatory body regarding the characteristics of the ETF and the legal consequences that this instrument could generate.
One of the most surprising aspects of this memorandum is that the VanEck Team claims to have resolved the issues that prevented the SEC from approving its request for a Bitcoin ETF:
VANECK SOLIDX BITCOIN TRUST SHOULD BE APPROVED Issues identified in disapproval order have been resolved:
There now exists a significant regulated derivatives market for bitcoin
Relevant markets – Cboe, bitcoin futures, OTC desks – are regulated.
Concerns around price manipulation have been mitigated, consistent with approval of prior commodity-based ETPs.
Cboe’s rules are designed to surveil for potential manipulation of Trust shares.
Promotes investor protection.
VanEck’s team also stressed that although there are many ICOs with a high level of insecurity, until now, the SEC has not made great efforts to limit them, let alone restrict their use; however, when analyzing their presence in the market there are more than 1000 ICOs while the SEC has not approved a single Bitcoin ETF.
The memorandum includes these differences, which are presented below:
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Introducing XRP United, The First Full Exchange Dedicated to the Digital Asset
In a twitter announcement, prominent XRP community member @BankXRP informed the crypto community of the launch of the first full XRP based exchange. The exchange, that is known as XRP United, went live just yesterday, 23rd October, 2018. Users who want to test drive the exchange, can visit https://xrpunited.com. There is also a discord channel dedicated to new users of the platform.
The tweet announcing the new platform can be found below:
The First Full XRP Based Exchange now LIVE
XRP United – Launch Video #xrpthebase https://t.co/CHyRCLdbG8 #Ripple #XRP
ON DISCORD https://t.co/1kVqSwCMpH pic.twitter.com/3M40tI8hER
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) October 23, 2018
Trading Pairs on XRP United The current trading pairs on the new exchange are as follows:
BTC/XRP ETH/XRP BCH/XRP XMR/XRP (Not yet live. To be added as soon the Monero wallet is integrated) XRP The Standard The chief goal of the XRP United exchange, is to further the use case of the digital asset to a level where it is the global standard. The campaign to make XRP global is best exemplified by the progress being made by the Ripple company in terms of providing solutions for cross-border payments. The company initially had three products of xCurrent, xVia and xRapid, but a redesign of the company website further combined all its software solutions into one product/service known as RippleNet.
In terms of crypto trading, XRP has proven to be the fastest digital asset to use when transferring funds between exchanges. So much so, that the XRP community has been petitioning Binance to add the digital asset as a base currency on the exchange.
With the new exchange of XRP United, members of the community now have an exchange solely dedicated to the digital asset. Some of the reasons to use XRP as a base currency are as follows:
It is faster and cheaper A base currency of XRP would bring in more users to the exchange XRP is the fastest digital asset to transfer funds between exchanges Other exchanges are continually warming up to XRP as a base currency Trade volume would increase as XRP would attract the big money movers – also known as whales It is the natural and progressive thing to do given the popularity of XRP What are your thoughts on the new XRP focused cryptocurrency exchange? Please let us know in the comment section below.
[Image courtesy of XRPUnited.com]
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
The post Introducing XRP United, The First Full Exchange Dedicated to the Digital Asset appeared first on Ethereum World News.
Breaking News: Cryptocurrency Self-Regulation Approved by Japan’s FSA
The Japanese Financial Services Agency (FSA) today (October 24) approved the self-regulation of the country’s cryptocurrency industry. Based on this decision, the Japan Virtual Currency Exchange Association (JVCEA) can exercise oversight over the operations of virtual currency exchanges in the country.
Details of the FSA Decision According to Reuters, the Japanese financial regulatory body, FSA, has granted the Japan Virtual Currency Exchange Association (JVCEA), the power to monitor and sanction digital currency exchanges. Part of the JVCEA’s regulatory functions includes laid down rules that protect investors’ funds and ensuring compliance among exchanges.
An official of the Japanese FSA noted that the cryptocurrency industry was moving at a fast pace. The official also said that experts in the industry were better suited to make the rules than bureaucrats.
The official, commenting on its newly acquired rights, said:
We will make further efforts to build an industry that is trusted by customers.
A senior partner of Atsumi and Sakai law firm, Yuri Suzuki, however, noted that rules by the JVCEA were severe, compared to the present regulations. Suzuki added that with the industry’s new status, the body could get back the public’s trust in virtual currency.
The attorney, an ardent follower of cryptocurrency activities, further noted that the self-regulatory body has a lot of work to do. Also, getting virtual currency experts to form part of the staff, could be an arduous task for JVCEA.
Apart from granting the industry self-regulatory rights, the FSA also published guidelines for new applicants willing to establish virtual currency exchange in the country. At the moment, 160 digital currency exchanges have indicated interest.
The Japanese digital currency body initially applied for a self-regulatory status in Q3 2018. This latest news is an actualization of that call.
FSA and Cryptocurrency Regulations in Japan Japanese cryptocurrency exchanges have in recent years, faced high-profile attacks, compared to western virtual currency exchanges. This prompted the country’s regulatory body to put in place, rules that would safeguard customers’ funds and sanction defaulting exchange platforms.
Hackers in January attacked Coincheck, a Japanese digital currency exchange, and stole a staggering $523 million in NEM tokens. Another Japan-based cryptocurrency exchange, Zaif, also lost 5,996 BTC and other altcoins to crypto hackers.
With such attacks occurring at an alarming rate, the Japan FSA wasted no time in tightening up its regulatory rules. The regulatory body slammed Coincheck with a business improvement order, following the exchange’s attack. The FSA also said that there would be strict rules regarding speculative investment in digital currency.
Image courtesy of IntelligentHQ.
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TEMCO: “Foundation X” AND TEMCO PARTNERSHIP!
On October 18th, Bitcoin-based (RSK) supply chain platform “TEMCO” announced their successful investment and strategic partnership with Venture Capital/Accelerator “Foundation X”.
TEMCO is a startup that utilizes blockchain technology to connect isolated supply chains and develops services to utilize the newly interconnected data. From the corporate-side, TEMCO provides companies with the Business Intelligence (BI) tool, an analytics tool that helps companies to efficiently access the interconnected data on the blockchain. From the consumer-side, TEMCO is developing applications where consumers can transparently view the distribution process from the beginning to the end.
Jay Hwang the CEO of “Foundation X” and a Partner at “FuturePlay” strongly supports TEMCO’s ambitious goals by saying, “It is very exciting that the first Bitcoin-based dApp in Korea is supported by Foundation X. Also, one of the reasons for the investment is the global partnership that TEMCO has established. It was impressive how TEMCO has a good relationship with RSK, which is one of the notable technical partners.”
Foundation X will not only act as TEMCO’s investor, but also as an accelerator. The Foundation X team will help TEMCO reach its true potential by investing in key technologies, supporting TEMCO’s upcoming TGE (Token Generation Event), and provide consultation for business model development.
Scott Yoon, the CEO and co-founder of TEMCO stated, “We are honored to be supported and funded by a leading accelerator such as ‘Foundation X’. The TEMCO team will work hard to meet the high expectations set up by the high-profile partnership.”
“Foundation X” was established to develop blockchain startups and is a subsidiary set up in Singapore by one of South Korea’s leading accelerator “FuturePlay”. Foundation X already has well-established portfolios on blockchain project development, most notably accelerating the “Airbloc Protocol” and “Carry Protocol”.
The post TEMCO: “Foundation X” AND TEMCO PARTNERSHIP! appeared first on Ethereum World News.
Elon Musk’s Twitter Account Locked After Tweeting About Bitcoin (BTC) and Anime
Yesterday’s article on Ethereum World News, as to why the electric car manufacturer of Tesla should accept Bitcoin (BTC) and other cryptocurrencies as payment options for its vehicles, was inspired by a brief tweet by Elon Musk on Bitcoin. In the tweet, Elon Musk simply wrote the following words:
Wanna buy some Bitcoin?
The tweet has since got over 7,000 retweets and 20,000 likes. The responses to the tweet have reached a whopping 1,000. The tweet even got a response from the CEO of Binance, who promised to buy a Tesla if the firm started to accept crypto as payment for their electric vehicles.
The tweet can be found below.
Lol, it's spreading. I will buy a Tesla if you accept crypto… https://t.co/IgdieNZA0H
— CZ Binance (@cz_binance) October 23, 2018
The Initial Tweet was About Anime The thing that makes this tweet interesting, is that Elon had initially tweeted about his love of Anime. As innocent as it might have looked, it soon resulted in his account being locked. The initial tweet can be found below:
ianime
— Elon Musk (@elonmusk) October 22, 2018
Elon’s Twitter Account Locked A few hours after the Bitcoin tweet, Elon informed his followers that twitter had locked his account as a precaution. The social media platform thought his account had been hacked. Elon’s tweet informing his followers of the event can be found below:
Twitter thought I got hacked & locked my account haha
— Elon Musk (@elonmusk) October 23, 2018
Twitter Was Perhaps Right To Do So Twitter might have been right in doing so when we consider his recent settlement with the SEC regarding statements he had made on the social media platform. The regulatory body had charged him with fraud after he tweeted that he could take Tesla private at $420 per share. Musk went on to imply that funding for the transaction had been secured and that the only remaining uncertainty, was a shareholders vote.
Given that the current price of Tesla stock was – and still is – hovering around $300, his statements were seen as fraudulent by the SEC. The complaint by the SEC further stated the following:
[In truth], Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact. According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.
To settle the charges against him by the SEC, Elon Musk agreed to step down as the Chairman of the board at Tesla. Musk and Tesla also had to pay a financial penalty. The SEC also advised that Tesla put in place controls and procedures to oversee his communications outside the firm.
What are your thoughts on the tweet by Elon Musk about Bitcoin and the subsequent locking of his Twitter account? Please let us know in the comment section below.
[Image of Elon Musk watching the SpaceX’s Falcon Heavy launch courtesy of @elonmusk]
The post Elon Musk’s Twitter Account Locked After Tweeting About Bitcoin (BTC) and Anime appeared first on Ethereum World News.
All Eyes On Coinbase Pro as it Schedules Maintenance on its Database
In a twitter announcement earlier today, the popular American cryptocurrency exchange of Coinbase Pro, announced that it will be carrying out a scheduled maintenance to its database on October 25th, 01:00 UTC. Further analyzing the tweet by the exchange, they also informed users that this time is equivalent to October 24th at 6:00 PM, Pacific Standard Time. The maintenance is scheduled to last for one hour. The full tweet can be found below.
[status] Scheduled (Oct 25, 2018, 01:00 UTC): We will be performing scheduled maintenance on Wednesday October 24 from 6:00 pm PDT to 7:00 pm PDT.
During this time Coinbase Pro and Coinbase Prime will be offline.
All resting orders will… https://t.co/ZmnSHalBMx
— Coinbase Pro (@CoinbasePro) October 24, 2018
The announcement went on to add that during the time period of the maintenance, Coinbase Pro and Coinbase Prime will be offline. All resting orders will remain in force. All users are advised to cancel resting orders prior to the resumption of live trading.
The full schedule of events during the maintenance are as follows:
6:00 pm PDT: APIs and websites will be offline.
7:00 pm PDT: All markets will enter “post-only mode” for a minimum of 1 minute. Post-only limit orders will be accepted, but no matches will occur. You may also cancel any resting order during this period.
~7:01 pm PDT: All markets will enter “limit-only mode” for a minimum of 10 minutes. Limit orders will be accepted and may be matched. Market orders will not be accepted.
~7:11 pm PDT: All markets will enter “full-trading mode.”
All Eyes On Coinbase Pro The crypto community’s curiosity has been aroused from the announcement of a scheduled maintenance on the Database belonging to Coinbase Pro. All Crypto traders are aware that the exchange had expressed its interest in listing the five digital assets of Ox (ZRX), Stellar (XLM), Cardano (ADA), ZCash (ZEC) and Basic Attention Token (BAT).
Of the five digital assets, only Ox (ZRX) has been listed and Coinbase Pro was the first to offer trading services of the cryptocurrency. Therefore, the question on many Crypto-traders’ minds, is whether the database maintenance is geared towards adding support for the other 4 digital assets and more.
One twitter user had this to say about the announcement:
Adding $XLM or $BAT?! If so, add both please.
About Coinbase Pro Coinbase Pro was launched in late May of this year as an evolution of GDAX which had been launched by Coinbase only 3 years prior. Coinbase Pro was more than a rebranding of the platform. It was a completely redesigned platform for traders wanting more features to amplify their user experience.
What are your thoughts on Coinbase Pro undergoing a scheduled maintenance in the next few hours? Please let us know in the comment section below.
[Image courtesy of Coinbase Pro]
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