Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain

Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain
Though initially a wide audience has learnt about blockchain only as about a technology that makes it possible to issue and transfer cryptocurrencies, it is just only one aspect of blockchain application. Experts say that one day blockchain will fully revolutionize the world.
Maybe it’s too early to say so, nevertheless, one thing is absolutely obvious: step-by-step blockchain is revolutionizing different industries, facilitating all processes within them and streamlining all related procedures.
Blockchain for Oil Industry
As it has been revealed, a group of companies working in the oil industry are launching a blockchain platform that will help them to achieve automatization of post-trade processes in their industry by the end of 2018.
It’s worth mentioning that among active supporters that believe in the future of this initiative and are going to benefit from it there are BP, Shell, and Equinor as well as some other companies with prominent names.
The companies are collaborating with different trading organizations and large banks with a view to build the above-mentioned platform for energy commodity trading that will be called Vakt.
The Vakt consortium also includes ABN Amro, ING, and Societe Generale, the banks of the leading oil companies, as well as such well-known trading houses as Gunvor, Koch Supply % Trading, and Mercuria.
The plans to utilize the potential of the blockchain technology within the industry were first announced in 2017. One of the main ideas behind the initiative was to help companies stop doing useless paperwork and transfer their processes to smart contracts. It is believed that the industry’s blockchain will significantly simplify all operations and reduce time spent on them.
What is Expected
Though it took nearly a year to translate the idea into life, now the newly-created platform is almost ready to be launched. Speaking about their current activities, the vice president for product development at Vakt, Lyon Hardgrave, said that they are going to launch the platform in the North Sea oil market before the end of November.
“In 2019 we will look at ARA barges, waterborne markets and US crude pipelines. And by January we expect the first licensees will come on board, in addition to our shareholders,” he added.
It has also become known that the blockchain platform would function as a new venture to be run by the consortium members. Nevertheless, from the point of view of management and operations, it will be an independent entity. As for regulation, the platform is already waiting for being approved.
Describing the peculiarities of the platform, Hardgrave said:
“This not a trading platform, nor a settlement platform – there is no cryptocurrency involved. But it is everything in between: deal recap; confirmation; contract; logistics (the really big element in all this) – and invoicing.”
According to Hardgrave, it is expected than when the platform starts functioning, it will ensure decreasing of post-trade resolution costs by up to 40%.
Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain

Bitcoin Cash Miners Exchange Heat While Asian Traders are Buying BCH

Bitcoin Cash Miners Exchange Heat While Asian Traders are Buying BCH
In the last few days, the rift between Bitcoin Cash miners has escalated very quickly. Two camps of BCH miners will be moving to their own paths after the scheduled hard fork in the BCH network likely to take place on Nov. 15th.
The data from Coin Dance shows that Bitcoin Cash mining pools will run a new version of the software Bitcoin SV. Bitcoin SV is the Bitcoin Satoshi Version, an alternative to the most widely used network Bitcoin ABC. Early trends suggest that Bitcoin SV will pull 76.39 percent of the network’s existing mining power. However, it is still early to tell whether the BCH miners will update their computers to run the Bitcoin SV software.
Mining Pools of Opposite Camps Lock Horns
The mining pool is basically the collection of individual and company supporters providing processing power to the crypto network. The mining pools for Bitcoin ABC and Bitcoin SV will surely be locking horns to gain dominance on the BCH network. Australian cryptographer and self-acclaimed Satoshi ‘Craig Wright’ has gone to issue a threat to the ABC network. Threatening ABC supporters, Wright even vowed to destroy the ABC network.
Moreover, the hash power currently shows that there’s a huge advantage for Bitcoin SV. CoinGeek, a platform by Wright supported Calvin Ayre now controls more than 40% of the overall has power. On the other hand, Mempool and okminer have lost significant hash power. Both are currently having a hash power of less than 4% each.
On the other hand, mining pools supporting Bitcoin ABC look to making some gains ahead. Antpool, BTC.com and Bitcoin.com control nearly 4.86, 6.25 and 8.33 percent of the total hash power. Both – Antpool and BTC.com are in favor of Bitcoin ABC and controlled by mining hardware giant Bitmain.
Many of the mining pools remain largely neutral at this point and not announced their support to either network.
Asian Traders Gear Up for BCH Purchase
While the BCH miners engage in their own war, Asian traders are stacking up their BCH holdings. These traders are buying in anticipation that the hard fork will give them two coins, the combined value of which will be higher than the existing BCH Price. Head of markets at Kenetic Capital, James Quinn says that many institutions have got into this act. Quinn said:
“The number of requests and interests in the area increased remarkably in the general market development.”
In a word with CoinDesk, Quinn added:
“I think this type of trade is accessible and can be understood by institutions even if they don’t have a lot of crypto experience, because in some way it’s similar to a special dividend or stock split.”
Traders Betting On BCH Price to Fall
A number of traders believe that BCH price will drop post the hard fork. The number of traders shorting BCH agianst those going long over its price rise is in the ratio of 2:1. Just a day before the hard fork, one can see a huge market activity around Bitcoin Cash. In the last 24 hours, both BCH longs and shorts have reached their all-time high.
Bitcoin Cash Miners Exchange Heat While Asian Traders are Buying BCH

Bitmain Co-Founder Jihan Wu Stripped of Executive Authority in Possible IPO-Related Shakeup

In a development that has surprised many in the crypto community, Bitmain co-founder Jihan Wu has reportedly been stripped of executive authority and is no longer calling the shots at the company.

Bitmain’s Jihan Wu Demoted
Jihan Wu, the co-founder of Bitmain, the world’s largest cryptocurrency mining equipment manufacturer, has lost his executive position in the firm.
The development was reported on November 12 by Chinese blockchain media outlet Sanyan Blockchain. According to the article, Wu can no longer participate in corporate decisions.
It is reported that Tian Yangang, a lawyer for Bitmain has revealed that the decision is the result of a board reshuffle that has taken place at the firm. The management has been restructured, and Wu has been demoted from the position of a “director” to that of “supervisor”.
According to Tian, after being demoted to the position of supervisor, Wu would have no voting rights, and his power has been reduced. Also, he cannot participate in the business decision-making of the enterprise.
It is reported that Wu owns 20.25% stake in the firm. He, along with Micree Zhan, established Bitmain in 2013.

A Possible Reason for the Decision
Bitmain, which enjoyed exponential growth in its turnover from 2015-2017, has seen declining revenues since the second quarter of this year due to an increase in competition combined with the bearish cryptocurrency market since January this year.
It is also speculated that the company’s acquisition of a signification amount of Bitcoin Cash last year and the substantial drop in the cryptocurrency’s value this year has dented its profit margins. Bitmain was instrumental in the creation of Bitcoin Cash the previous year.
The company is supporting the Bitcoin Cash ABC camp ahead of the Bitcoin Cash hard fork scheduled for November 15.
Live Bitcoin News had previously reported that sanctions imposed by the Trump administration on goods being imported from China have also hit the firm hard.
The declining revenues and profits have possibly impacted the firm’s decision of going ahead with an IPO. Bitmain had earlier filed an IPO application on the Hong Kong stock exchange.
The existing bear market and the controversial relationship with Bitcoin Cash has naturally created challenges for Bitmain, and the demotion can be viewed as a disapproval for Wu’s decisions made over the past year. Whether the re-shuffle will help the company recover the lost ground, only time will tell.
What are your thoughts on Bitmain’s demotion of Jihan Wu? Let us know in the comments below.

Images courtesy of Shutterstock, New York Times/Sim Chi Yin
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How Sovereign: Marshall Islands Set to Release Its National Cryptocurrency

Hilda Heine – president of the Republic of Marshall Islands (RMI) – has announced that the country will proceed with plans for a national cryptocurrency. Heine has survived the country’s latest election, which means she’s looking to ensure the Marshall Islands’ future as a digital currency wavemaker.

Why Issue Such a Token?
The Marshall Islands have long been dependent on the U.S. dollar, and while the currency remains among the more stable forms of fiat, the nation is looking to enter its own period of economic growth and stamina while working to become a financially independent nation. The cryptocurrency – known as the “sovereign” – is slated to put the Marshall Islands on the greater monetary map.
Heine’s position as the nation’s leader was allegedly up for grabs as the Marshall Islands parliament had been considering removing her from office. The organization’s final vote tally ended in a complete split of votes; 16 for Heine to stay, and 16 for Heine to step down. With the tie, Heine is set to continue in her role as the country’s head of state.

Heine Is Back on the Throne
Many members of parliament had felt that her desire for a state-led cryptocurrency was a bad idea, and ultimately wanted her removed from power for suggesting such a “tumultuous” notion. It was widely stated among non-believers that issuing a national cryptocurrency would somehow mar the country’s reputation and ability to establish itself economically.
Following the vote, however, RMI’s finance minister Brenson Wase confirmed that the Marshall Islands has every intention of launching the sovereign into circulation granted it meets present requirements set by regulators from Europe, the United States, and the International Monetary Fund (IMF).
How It All Began
Plans for the sovereign were first introduced in early 2018. Government ministers had originally announced that they would be introducing a national currency through an initial coin offering (ICO), which was designed to be used as legal tender.
Last month, the IMF issued a warning to Heine and her staff to ditch their plans to release the sovereign if they didn’t want to be cut off from the U.S. dollar altogether. At the time of writing, the country still uses USD to access critical monetary funds designed to alleviate the effects of inflation.
Heine, to her credit, has shown that she is not willing to surrender her ideas regarding a national cryptocurrency, and her win amongst parliament members is only likely to push things along even further.
Is the Marshall Islands’ idea for a national cryptocurrency a mistake, or will it usher in a new period of economic stability and independence? Post your comments and thoughts below!

Image courtesy of Shutterstock and Wikimedia Commons
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Top Crypto Exchanges Are Signing up to Be Hacked at UCIM Hack X

The UCIM Global Conference to be held at Singapore on 26-27 November seeks to bring the blockchain universe at the same platform and discuss ideas to pave way for the technological revolutions by harnessing the power of blockchain technology. It’s an opportunity for blockchain enthusiasts, ethical hackers, start-ups, investors and like-minded professionals to connect and discuss the technology with growth at the core of the event.
As the cryptocurrency sphere grows with more and more crypto-enthusiasts and trade professionals getting involved in trading with the digital assets, there is a growing need for a credible and a robust platform that delivers world-class cryptocurrency exchange services. While the crypto-trading volumes have been rising at a steady pace, a number of crypto-exchanges have surfaced the industry providing exchange services to trade in crypto-assets. However, with multiple instances of security breaches and an increasing rate of crypto-heists, investors have largely remained vulnerable to such security issues while losing hundreds of thousands worth of digital assets being stolen from crypto exchanges. Concerns from the investors’ community have emerged to address such security flaws of crypto-exchanges and engineer state-of-the-art systems to manage and handle such external attacks efficiently.
Hack X – A Ground-Breaking Competition to Deliver the Best Security Systems Within Top Crypto Exchanges:
In a unique attempt to ethically challenge the security systems of all the top exchanges across the globe and to uncover the authenticity and strength of the security systems implemented by such exchanges, the United Conference of Internet Money (UCIM) is hosting an exclusive hacking competition – Hack X, where developers and ethical hackers from across the globe are invited to try and hack into the systems of the listed exchanges.Identifying the growing need to build robust crypto-exchanges and implement state-of-the-art security standards, the Hack X competition at UCIM will not only uncover the vulnerabilities present in the ecosystem of some of the top global exchanges but will also critically evaluate the platforms on the aspects of security, transparency, and privacy on which the blockchain industry thrives. The focus of UCIM is to generate a fraud and hack prevention system that will provide investors and trade-enthusiasts a complete 360-degree tamper-proof solution with multiple checkpoints being analyzed before announcing the name of the winning exchange that will eventually have proven its security standards. Top crypto exchanges have already signed up for the challenge in an attempt to showcase their world-class security systems while ethical hackers and renowned developers have registered to prove their mettle by ethically breaking into the system of registered exchanges. An exciting challenge, winners that successfully complete a given task will be rewarded with a bounty while delivering tried, tested and proven security systems for the crypto-community to put their trust on.
Other Exciting Segments at UCIM
Apart from such an innovative concept, the UCIM will also feature other exciting competitions such as Pitch-a-thon, UCIM Trading Challenge, and United Blockathon that aim to fuel the growth of the blockchain technology.
The conference will also discuss ideas to pave way for the global adoption of blockchain by identifying blockchain based solutions to catalyze decentralization and create borderless economies a reality. The event will feature some of the most celebrated personalities from the blockchain universe addressing the conference and blockchain enthusiasts, start-ups, investors, media members as well as newcomers will have ample opportunities to gain platform knowledge while connecting with thought leaders and developing long term strategic partnerships.
Designed to leverage from exclusive networking opportunities, the UCIM host events that spans across crypto trading, pitching, delivering security solutions, awards, investor roundtables, private networking, after parties and exclusive Yacht party and with such varied agenda spanned over two days, attendees whether newcomers or blockchain experts can definitely expect to benefit from attending the global conference.
With entry fees starting entirely free of cost, register yourselves today and secure your seat into the future of blockchain universe. Visit our official website today for more details.
For more events visit our Blockchain Conferences & Cryptocurrency Events.
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XRP Price Analysis: XRP/USD Trends of November 14–20, 2018

XRP Price Analysis: XRP/USD Trends of November 14–20, 2018
Key Highlights:

Formation of a symmetrical triangle is confirmed;
XRP price breakout is imminent;
consolidation is ongoing.

XRP/USD Price Long-term Trend: Ranging
Supply levels: $0.58, $0.63, $0.71
Demand levels: $0.43, $0.37, $0.25XRP/USD is ranging in its long-term outlook. The bullish pressure experienced briefly at the upper week in the XRP market could not sustain them breaking the supply level of $0.58.The bears rejected the increase in XRP price but could not as well push the price beyond the boundary of $0.58 supply level and the demand level of $0.43. Therefore, XRP price is consolidating within this bound range and that has led to the formation of a symmetrical triangle in the XRP market.
XRP price needs a force to break out of the symmetrical triangle before a trending market could be experienced. If the bulls gain enough pressure to break out the upper trend line of the triangle, the XRP price will rally to the north and may break the supply level of $0.58 up to $0.63. Likewise, the bears will have to gain momentum, break the lower trend line of the triangle and push the XRP price to the south. Traders should watch out for the breakout.
XRP price is above 21-day EMA and the 50-day EMA which indicates the bulls’ pressure. However, RSI period 14 is at the 60 level parallel without direction which indicates consolidation is ongoing.
XRP/USD Price Medium-term Trend: Ranging
On the 4-H chart, XRP is ranging. The cryptocurrency is also consolidating on the medium-term; there is a confirmation of a symmetrical triangle on the chart. XRP price breaks out is imminent.
The XRP price is between the 21-day and 50-day EMA which indicates consolidation is ongoing. In case the bears increase their pressure and break the lower trend line downside, XRP market will experience downtrend movement that may break the demand level of 0.43 and expose $0.37 demand level.
XRP Price Analysis: XRP/USD Trends of November 14–20, 2018

Power of Cryptos: $62M Worth of Litecoins Sent for Mere 50 Cents

Power of Cryptos: $62M Worth of Litecoins Sent for Mere 50 Cents
As it’s said in the announcement, this Litecoin transaction is probably connected to the consolidation of funds into a new Multi-Signature / Segwit ‘M’ address from a handful of Legacy addresses.
The transaction which created the new richest address on the network was made by the previous richest address on the network which is now lies empty. In the process a staggering 71,618,997 coin days were also destroyed.
Presuming of the owner of the address, it’s said to most likely be an exchange cold wallet which is used to securely store funds that are held on an exchange offline away from potential attackers. The move into a multi signature address would provide the owners better security as any transactions would need to be signed off by multiple parties as unlike with Legacy addresses there are multiple private keys to the address.
The transaction contained multiple inputs of 20,000 LTC which themselves appear to be made up of four 5,000 LTC transactions each which originate from an address which still maintains a balance over 150,000 LTC as of writing.
This is not the first transaction of this value on the network, however, it is notable nether the less and serves as a perfect real world example of the benefits of Litecoin and decentralized cryptocurrency in the global settlement and movement of money in the internet age.
Interesting fact on this notable transaction is that the funds were moved from those legacy addresses to a ‘Multi-Signature/SegWit M address’, apparently in an attempt to improve security over this large amount of money.
Multi-Signature wallets add an extra safety layer by introducing several new parties, each one with a private key that is needed in order to sign a transaction and validate it. Since these are ‘Script’ addresses, they start with an ‘M’ instead of an ‘L’ (similarly in Bitcoin, legacy BTC addresses began with ‘1’ while script addresses, which are Multi-Sig and SegWit, start with ‘3’).
This address has many varying transactions being made to and from it on a fairly common basis suggesting this is most likely the hotwallet for the exchange and these transactions are users depositing and withdrawing funds from the platform. If you use an exchange and your withdrawn Litecoin has come from this address then you can figure out the owners.
If fees continue to drop and transactions become more efficient, crypto could become a viable option for the transfer of even very large sums of money. Developments like the Lightning Network are bringing this closer to reality, even for notoriously clunky BTC, and products like Xcurrent and Xrapid are trying to get big banks on the crypto train.
Litecoin.com said about the transaction:
“A perfect real-world example of the benefits of Litecoin and decentralized cryptocurrency in the global settlement and movement of money in the internet age.”
Litecoin was created by Charlie Lee in October 2011. This makes Litecoin one of the oldest cryptocurrencies in the crypto space. The source code itself was a fork of Bitcoin with a few notable changes and improvements such as decreased block generation time, utilizing different hashing algorithms and decreasing the time needed to process payments. This made Litecoin 4x faster than Bitcoin.
In the world of conventional currency where bank fees can run $45 or higher per transaction and can be held up while waiting on confirmation from intermediaries – this seems like a meaningful step forward.
Transaction fees for crypto are going down across the board, with other massive transfers of cryptos like Bitcoin being conducted for the equivalent of $0.10 at the time of this writing. The average transaction fee for BTC is still somewhere around $0.36, but that’s still far better than last year’s $25-$55. Other crypto assets like Ripple’s XRP are trying to build a brand based on circumventing the present infrastructure for cross-border payments, which can be the most expensive of all.
Same Story with Bitcoin
Last month we wrote about Bitcoin user moving $194M in BTC with only $0.1 fee. The research based on data provided by a UK-based multi-billion dollar firm for low-fee banking transfers revealed that even on a platform like Transferwise, to send over $1 million, it costs over $7,500 in transaction fees. That means, through wire transfers and conventional banking methods, tens of thousands of dollars are required to clear a transaction that is larger than $1 million.
Power of Cryptos: $62M Worth of Litecoins Sent for Mere 50 Cents

American Express Partnership Sets Ripple Into High Priority Chinese Market

“xVia allows you to use a one standard connection to get you all the benfits of RippleNet and our products. Without xRapid they would use xCurrent and where xRapid is available, they can then add on xRapid and move money on demand using XRP and payout instantly. They get reach wherever xCurrent is available, whether that be a bank or a cash payout provider.”
Asheesh Birla, Senior VP of Product at Ripple.

Ripple has been trying to walk its way through the ranks of various institutions over the past few months. This is nothing surprising judging by the fact that cryptocurrencies and blockchain technologies are going to be around for a very long time. And as a firm that is into developing decentralised platforms for transactions they have been doing a pretty great job so far.
This past week, Ripple has been in talks with several Chinese banks and financial regulators as it seeks to secure a deal that will see them have their business solution, xCurrent, being tested by the Chinese firms. xCurrent is one of Ripple’s latest solutions for cross/over-border payments that also utilise end-to-end tracking. The company’s team made an announcement this week that made bare its plans of expansion in the Chinese territory with the use of blockchain technology. A Ripple top executive for the Asian sector, Sagar Sabhai made a public statement that

“This year you will see more announcements coming in on China, in terms of ‎educating and differentiating us from some of the other cryptocurrencies that are out ‎there… As we speak, our team is strategizing about entering the market, but it’s still ‎very early days… We’re trying to get some regulatory clarity, we’ve started ‎engaging informally with banks, FIs and payment providers, speaking to regulators ‎and government bodies, trying to educate on what Ripple is and what our vision is,”

China has not been so friendly to cryptocurrencies especially in the first quarter of this year as it has already banned trading of digital coins domestically.  Not just that, the Chinese government is now looking at how to prevent its nationals from being involved in any forms of crowd funding outside the country.
Ripple is trying to work its way out of the circle of banned coins mainly due to its other services as a scalability solutions provider for banks and several other financial institutions.  As Ripple claims that a launch in the Chinese ecosystem is imminent, it may as well have one foot in the territory already, judging by how it recently partnered with Hong Kong based firm, LianLian. The partnership saw LianLian use Ripple’s RippleNet for e-commerce transactions and real time invoices. LianLian presently uses xCurrent to settle cross-border payments for its 150 million plus registered customers.
Through LianLian, Ripple has found a new partner in American Express (AmEx) via the latter’s partnership with LianLian. The AmEx-LianLian partnership’s joint venture, Express (Hangzhou) Technology Service Co., has a year to complete its preparations that will enhance operations. AmEx’s partnership with Ripple dates back to a year ago, however, the penetration into Chinese inroads is a relatively new development.
This partnership will enable Ripple to now operate on high priority markets in the Chinese business ecosystem. The joint venture partnership with Ripple will see a feature known as multi-hop being utilised to utilise both xCurrent and xRapid. the Craig DeWitt, Ripple’s Director of Product, best explains the benefits and functionality of multi-hop

“Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past.”

In the Asian region Ripple has been able to establish itself well in Japan the most, having partnered with close to 61 banks in the country. Its Money Tap will be going out to several of these banks after first recipients Suruga Bank, Resona Bank, and SBI Net Sumishin Bank had it for use. Sarbhai is quite aggressive about taking over the Chinese market with Ripple and doesn’t believe the government have any grounds to stop them from operating within the country as he stated that

“If a Chinese bank wants to use our solution and the regulator sees no risk with the solution, I don’t see why the government, even in a so-called hostile environment, would have any issue with that. But this is early days in what you call the trade war and hostile environment,”

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Ripple Price Analysis: XRP/USD Triangle Breakout to Give Directional Clues

Ripple has formed lower highs and higher lows to create a symmetrical triangle pattern on its 1-hour time frame. Price is currently testing support and might be due for another bounce back to the top.

Note that Ripple is also nearing the peak of this triangle formation, which suggests that a breakout in either direction might be due soon. The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that support is more likely to break than to hold.
In that case, Ripple could slide by around the same height as the triangle pattern, which spans .4800 to .5700. The moving averages line up with the triangle bottom and appear to be holding as dynamic support for the time being.
Stochastic is heading lower to indicate that sellers have the upper hand and could push for a candle closing below .5100. RSI is also heading south to signal that selling pressure is in play, but reaching oversold levels and turning back up could mean a bounce back to the top or a break higher.

Ripple has been on a longer-term ascent ever since breaking above a descending trend line visible on the daily or weekly charts. Price appears to have completed its retest on the breakout but is still struggling to gain stronger bullish traction.
Still, there is a lot to look forward to with Ripple as it is poised to make use of XRP in settling cross-border transactions through the xRapid platform. The company already has a number of big partners in its xCurrent messaging platform and would likely transition most of these to using XRP itself later on.
Last week, Ripple briefly overtook some of the top cryptocurrencies in terms of market cap due to its price surge, and it’s possible that it could happen again.

Images courtesy of TradingView
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Forbes ’30-Under-30′ Breeds New Crypto and Blockchain Influencers

Forbes ’30-Under-30′ Breeds New Crypto and Blockchain Influencers
Everything old becomes new again with new Forbes list that is chronicling the best entrepreneurs across the United States and Canada.
From bailing people out of jail to new payment technologies, young innovators are seriously shaking up some of the world’s hard-core industries but also FinTech sector with its niches like Blockchain or Cryptocurrency.
Nader Al-Naji (26)
In April, 26 years old Nader Al-Naji, has raised $133 million from the companies like GV (formerly Google Ventures), Bain Capital Ventures, Lightspeed Venture Partners, Andreessen Horowitz, and Sky9 Capital in order to create a cryptocurrency.
His cryptocurrency Basis, tend to use blockchain technology to replace central banks in countries suffering from currency volatility. This Syrian-Lebanese’s immigrant began with a bitcoin mining rig he built in his Princeton dorm. He even quit his job at Google in order to work on his cryptocurrency, which has a stable value determined algorithmically. In theory, that will make it more useful as a currency, and not just a vehicle for speculation.
After he saw how volatile Bitcoin was he decided to create a digital currency that didn’t wildly fluctuate in value that much. He posted an early whitepaper for the currency in 2017, describing it as a “stable cryptocurrency” that will maintain a relatively fixed value, so that it can be used to make purchases. Unlike the stable token Tether, which has a steady value that’s tied to the US dollar, the value of Basis is controlled algorithmically, on the blockchain. When he started mining, back in 2013, he mined 22 bitcoins. When asked what did he do with it, he says:
“I’m still HODLing”
The use of this cryptocurrency acronym that stands for “hold on for dear life,” means that at the time of writing, 22 bitcoins are valued at around $138,000.
Olaoluwa Osuntokun (25)
Lightning Labs cofounder Olaoluwa Osuntokun, 25, got to raise $2.5 million to increase the speed of transactions on the bitcoin blockchain, making it a more viable system for small, Venmo-like transactions making them more cost effective. An immigrant from Nigeria, Osuntokun is a frequent contributor to the underlying bitcoin protocol.
The Lightning Network is a network duplex micropayment channels that are enabling near-infinite scalability for digital payments based on Bitcoin. Bitcoin transactions are no longer used directly to transfer bitcoins from a sender to a recipient, instead they are used to setup micropayment channels and handle conflict resolution.
JB Rubinovitz (26)
Machine-learning engineer JB Rubinovitz, 26, cofounded Bail Bloc to create a blockchain-based system in which mined cryptocurrency can be used to pay for bail for those who can’t afford it. Bail Bloc allocates a small percentage of the operating device’s excess computing power to mine cryptocurrency.
Bail Bloc mines Monero, a relatively energy-efficient cryptocurrency, and transfers the rewards it collects to a central pool, which is converted to US dollars and donated to The Bronx Freedom Fund. To accumulate cryptocurrencies such as Monero, users must “mine” it using a computer’s processor. Once installed on a user’s computer, Bail Bloc uses a small amount of the computer’s power to mine for Monero in the background, so daily use of the computer is unaffected.
Hunter Horsley (28)
Hunter Horsley, 28, CEO of Bitwise Asset Management, is trying to build the Vanguard of cryptocurrencies. Bitwise’s four cryptocurrency indices are currently used by over 600 multifamily offices. Last year his company introduced a private index fund that they have been operating on.
In July, during the Fast Money conference, he said:
“In our experience operating the (investment) vehicle — dealing with the questions around custody, dealing with all the trading partners, striking the NAV (Net Asset Value) daily, audits, tax, hard forks, airdrops (etc.) — we feel that it is possible to effectively operate an index vehicle.”
Horsley keep trying to bring attention to the fact that the industry is far from a single-sided coin, saying:
“They (investors) think that something promising could come out of public blockchains. A cryptocurrency may emerge that may be really valuable and an index is a way of capturing that. I think that a lot of the focal point around public registered products, like ETFs, has been on Bitcoin because there’s a narrative that Bitcoin is the digital gold.”
Forbes vs Blockchain
The Forbes 30-Under-30 list is yet another indication of the growing influence of cryptocurrency and blockchain technology as it expands from being a niche area of Fintech into an industrial heavyweight in its own right. Last month, we mentioned that this business media giant, has announced its partnership with Civil, blockchain-based journalism platform. The partnership will make Forbes the first major media organization to commit to regularly publishing content to the blockchain.
Matthew Iles, CEO at Civil, then said:
“Civil’s mission is to power sustainable journalism throughout the world, and Forbes’ commitment to regularly publish content on our platform is a major milestone for our approach. We look forward to working with Forbes as we connect with a broader audience interested in new, more direct ways to discover, share and support ethical journalism.”
Under the agreement, Forbes will start publishing some article metadata to a blockchain platform at the beginning of next year.
Forbes ’30-Under-30′ Breeds New Crypto and Blockchain Influencers