World’s First Bitcoin City Welcomes Visitors in Slovenia

The cryptocurrency boom, which has started about a decade ago and continues to gain momentum without a slightliest possibility to stop, is related not only to those innovative technologies revolutionizing numerous areas of people’s living. It has also brought about the appearance of new communities and philosophies of life, which are already a part of our existence.
Many crypto community members are looking forward to bringing the phenomenon of blockchain technology to almost all existent areas of life, including traveling. Currently, it is rather uncomfortable to travel with digital wallet instead of conventional one, as the majority of traditional shops don’t accept cryptocurrency. But this is about to change very soon.
Among the good examples of countries, which can boast a significant number of startups and companies specializing in the latest technologies including blockchain, is Slovenia. The country has even recently been titled ‘the Silicon Valley of Europe’. The technologies here went so far that it in Ljubljana, Slovenian capital city, people don’t see anything unusual in spending a day at crypto mall – Bitcoin City offers such an opportunity.
Bitcoin City represents itself the very first entertainment ecosystem based on the newest technologies. It is a result of fruitful collaboration between BTC City, one of the biggest Central European shopping, business and logistic centers, and Eligma, a startup specializing in smart commerce solutions.
The BTC City area has a reach of more than 21 million visitors a year, who come here to use the services offered by over 4,000 businesses with 10,000 different brands. The numbers are quite impressive: 70 bars and restaurants, 450 stores and attractions, such as a waterpark, a cinematic complex, a theatre and a concert hall, – all these places of entertainment can be found here in one place.
In comparison to traditional entertainment areas, Bitcoin City leverages blockchain technology to provide the highest level of security. The visitors of the entertainment area can enjoy a wide range of payment options available here, including digital money. The Eligma team has developed its very own payment system Elipay, which allows for paying in cryptocurrencies via an easy-to-use mobile app.
According to Elipay statistics, the ‘crypto cunsumer culture’ is gaining popularity and is not quite similar to the traditional one. As the analysis has shown, most frequent purchases include restaurant meals, sports and recreation activities, as well as technical goods.
The Elipay payment system consists of a mobile app for users and a POS solution for merchants. The app is already available for download from both Google Play and App Store. It currently supports payments in bitcoin, bitcoin cash and ether, with some ERC-20 tokens to be added in the future.
In order to conduct a payment transaction, a user only needs to scan the QR-code of the purchase at the cashier’s desk and to confirm the transaction in the app. After that, the indicated sum will be immediately written-off from the user’s digital wallet. Merchants will receive all payments in fiat. No special crypto knowledge or even additional hardware is neccessary for them to engage into the process.  
According to Eligma CEO Dejan Roljic, an internationally renowned startup entrepreneur:
“The Eligma company is convinced that the advantages of the latest technologies including blockchain should become part of mainstream commerce, making it more efficient and user-friendly. Elipay caters to the new niche of crypto shoppers, growing as we speak. Merchants and service providers are increasingly aware of this market opportunity: the number of stores accepting Elipay is getting bigger on a daily basis. Convenient crypto shopping, however, is not our only goal. We aim to make Elipay into a comprehensive solution integrating cards and loyalty programs into one mobile app to benefit all consumers.”
Within the Elipay app, it will soon be possible to add credit, debit and loyalty cards in order to keep all means of payment in one place. The app will also reward its users with Elipay native tokens ELI aiming to attract more customers.
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Barclays Puts Proposed Cryptocurrency Trading Desk on Hold

Barclays has suspended its work on a proposed cryptocurrency trading platform. The UK banking behemoth, for now, prefers not to incorporate digital assets into its legacy trading activities.

Not Pursuing Cryptocurrency Trading for Now
According to the Financial News, the investment banking giant is halting work on its cryptocurrency trading initiative. Inside sources reveal that the bank, for now, no longer plans a foray into the world of virtual assets trading.
Barclays initially instituted a four-person team to examine the merits of creating a virtual assets trading platform for the bank. Chris Tyrer along with Marvin Barth, Lee Braine, and Matthieu Jobbe Duval were the members of the team.

At the time, Tyrer, the former energy trading chief at Barclays, and his team investigated the long-term viability of digital assets. They also looked at whether the bank’s clients would have any interest in trading cryptocurrencies as well as the essential technical requirements of a digital asset trading platform.
According to reports, Tyrer’s decision to quit Barclays in September was due to the bank’s decision not to continue with the project. As of press time, neither Tyrer nor Barclays had given any statement on the matter.
Mainstream Institutions Taking a Cautious Approach
Barclays’ decision is yet another example of mainstream institutions not ready to fully commit to the emerging asset class. For many, issues over the regulatory landscape as well as the volatility of cryptocurrencies make them unsuitable for their business model.
Earlier in the year, Live Bitcoin News reported Jes Stanley, the Barclays CEO, saying the bank had no intention on launching a cryptocurrency trading desk. Back then, Stanley highlighted regulatory and compliance issues as the reason for the decision.

For other mainstream players like Nasdaq, it is a question of waiting for the emergence of robust cryptocurrency regulations that offer investor protection assurance before any definitive move can be made. Recently, reports emerged that Nasdaq was mulling the creation of a trading platform for security tokens.
Some of Barclays’ rivals over on Wall Street, such as JP Morgan and Goldman Sachs, could see the bank’s decision as an incentive to intensify their efforts of creating entry points into the emerging asset class. Last month, Goldman Sachs refuted reports that it had pivoted away from opening a Bitcoin trading desk in favor of offering only custodial solutions.
Will Barclays’ rivals like Goldman Sachs take this news as an opportunity to fast-track their Bitcoin trading desk projects? Let us know your thoughts in the comment section below.

Images courtesy of Shutterstock.

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Hong Kong Authorities Work with BitMEX to Develop Regulations

The Hong Kong Securities and Futures Commission (SFC) will be working with BitMEX to create clearer regulations for crypto exchanges in the country.

While becoming increasingly common, cryptocurrency regulations can be tricky. How far can authorities actually push the process? Tokens that are deemed as securities can be regulated by certain authorities like the SEC but what about other virtual currencies?
Hong Kong’s Securities and Futures Commission (SFC) believes that an outright exchange ban is not the solution. According to the South China Morning Post, the commission’s chairman, Carlson Tong Ka-shing, explained:
We do not think imposing a total ban on these platforms is necessarily the right approach, and it will not work in today’s Internet world when trading can cross national boundaries. Even if we were to ban them, transactions can still be easily conducted via platforms in overseas markets.

Hong Kong to Develop Clearer Regulations
Exchanges are an integral part of the crypto market and while many call Hong Kong home, they are not regulated. Even though they are expected to adhere to SFC regulations, there is no clear framework. However, with cryptocurrency interest and adoption on the rise, the commission is eager to provide clarity. Tong said:
We have to carefully consider the regulatory approach for these platforms because they are new technology and may not qualify as securities. They do not fit in the custodian, audit or valuation requirements, for instance, normally expected under the Securities and Futures Ordinance. But no other international market currently has a comprehensive regulation framework for these cryptocurrency platforms. We need to see if and how these platforms can be regulated to a standard that is comparable to that of a licensed trading venue, while at the same time ensuring investors interest are being protected.
Because most authorities have bowed to that fact that their knowledge of this nascent technology is somewhat limited, it is essential to employ an inclusive approach to developing guidelines. This exactly what BitMEX is hoping to do. The COO of the major exchange, and a previous director at the SFC, Angelina Kwan, explained:
We hope the guidelines or regulations being considered will keep pace with market developments. The US has introduced regulations over cryptocurrency and there are futures products being traded by the CME Group and the CBOT. This shows that a regulatory authority can help to develop a new industry.
Kwan added that she would be helping the SFC create the proposed regulations:
We hope that by sharing information about cryptocurrency markets and market developments in this space will help international regulators better understand cryptocurrency as an asset class.

Support from Circle
U.S.-based crypto investment platform Circle is interested to see what the SFC comes up with. Jeremy Allaire, the founder of the firm, which has expanded to Hong Kong, also offered support, saying:
We’ll pay very close attention when new licensing or regulatory frameworks emerge, and will proactively work with the government on those frameworks. We also recognise there are real risks for investors and rules need set in place to deal with those risks. So we try to be constructive in working with regulators in all the markets we are in. Since we started the company, we have given a commitment to collaborating with governments. We want to ensure the long-term potential of the digital asset industry.
There has been a recent push for regulatory authorities to work more closely with crypto industry experts in a bid to find solutions that will be acceptable, and hopefully beneficial, to both parties. In addition, clearer regulations are a definite drawing card for platforms who want to expand. Malta is a well-known example of this. The country has also shown real enthusiasm and acceptance of the industry and, in the process, has attracted platforms like Bitmora and Bittrex to its sandy shores.
Do you think that clearer regulations will increase crypto activity in Hong Kong? Let us know in the comments below!

Images courtesy of Pixabay and Shutterstock.
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Bitcoin Price Surges 10%, Bulls Take the Charge of the Crypto Market

A much-needed recovery has finally hit the crypto market today as bulls take the charge of the situation! The bitcoin price jumped over 10% as the overall cryptocurrency market cap has surged by $10 billion. A look at the coins table on CoinMarketCap show almost every cryptocurrency gaining over 5%, except Tether.
The Bitcoin price spiked by more than $600 and moving above $6,900 before finally settling at around $6,600 levels. At the press time, Bitcoin is trading at $6691.09, with its market cap going above $115 billion, according to data on CoinMarketCap. The overall cryptocurrency market cap gained 10% before settling at 6% intraday gains, currently valued at $213 billion.
Tether Sell-off Triggers the Bitcoin Price Rise
According to Forbes, the sudden surge in Bitcoin price is the result of sell-off of the most controversial dollar-linked stablecoin Tether. The Tether stablecoin facilitates instant trading for users to buy/sell digital currencies in the open crypto market.
It is a common notion that traders usually sell a huge number of Tether tokens to buy other cryptocurrencies in the market. The recent boost in the price of digital assets confirms the notion. As we can see that Tether has lost over 3% of its price as of today. Tether is the second-most largest cryptocurrency traded in the crypto market, after Bitcoin. Furthermore, the Tether token usually exhibits stability due to its price linked to the U.S. dollar at any given point of time.
Tether Involvement with Bitfinex
Tether Limited has been often linked to crypto exchange Bitfinex for helping the exchange pump the Bitcoin price by sourcing Tether tokens. Note that both Tether and Bitfinex have the same chief executive. The crypto community has often raised questions that Tether is sourcing additional tokens to Bitfinex without actually backing them with physical USD.
A series of online articles claimed Bitfinex to be insolvent after the exchange temporarily suspended fiat deposits. However, in response to all these allegations, the exchange said:
“Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013, with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why.”
Today morning, the exchange issued another statement saying that they are currently working on efficient processing of the fiat deposits. It noted:
“We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of fiat deposits. Until then, we apologize for the inconvenience of the situation.”
A Healthy Recovery
Today’s recovery brings a huge relief to crypto investors after last week’s massive correction post the IMF report. Last week the IMF released a report stating that the rising dominance of digital currencies poses threat to the global financial system. The IMF report noted:
“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
The IMF also noted the growing concerns of cyber attacks on crypto exchanges. The crypto market correction followed the massive drop in stock market indices like Dow Jones and S&P 500 and Nasdaq, the previous day. This was the second time this year that crypto markets fell simultaneously with the stock markets.
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‘EOS Will Die in a Horrible Dumpster Fire in the Next Five Years,’ Says Bitcoin Developer

In a recent interview, Jimmy Song, Bitcoin core developer and educator, called EOS a scam and recommended that young developers keep away from such projects.

More Criticism for EOS
Jimmy Song, a Bitcoin core developer who now spends time educating people around the world about blockchain technology, in a recent interview with an online crypto publication, was blunt and to the point in his criticism of EOS.
EOS is a blockchain protocol powered by the native cryptocurrency – also called EOS. The third generation blockchain, which has often been called “Ethereum killer,” has been the subject of severe criticism since its main net launch earlier this year.
Despite raising nearly $4 billion in a year-long ICO, the project has experienced disruptions due to bugs and faced governance issues due to its centralized consensus mechanism. Even so, the digital asset is among the top 5 cryptocurrencies by market capitalization.

A Scathing Attack on EOS
When asked whether a young developer should choose to work on projects like EOS, he replied:
Well, I think EOS is a scam and I don’t think you should work on it.
He further cautioned:
Because working for something [like] EOS… I don’t think it’s a really [good] idea because it will die in a horrible dumpster fire in the next five years. Doing something for an ICO, that’s not gonna last. You’re not going to have anything good on your record by joining a lot of this stuff.
Song is not the only person who has spoken against EOS. Cryptocurrency investor James Spediacci has also been critical of the project. Spediacci recently took to Twitter to share 13 reasons why EOS is a disaster.
Last month, Live Bitcoin News reported about how Huobi, a cryptocurrency exchange was allegedly colluding with other EOS block producers for mutual gains, highlighting the weak governance structure.

Song’s Advice for Young Developers
When asked what advice he would give to young developers looking to enter the crypto and blockchain space, Song said:
Generally, I recommend that people start working on open-source projects and learn as much as possible because developers that know this stuff are incredibly rare and they become desirable in the marketplace anyway. So it isn’t that difficult to find someone that will hire you and a lot of these ICO projects will flush you with money but have no developers, and often times they will come and offer a lot of money.
He added:
But one of my recommendations is generally to look at what it is that you really wanna do and work towards it. I think most people will do fine trying to learn, getting better and seeing what market opportunities there are. It might involve getting an entry-level job at certain Bitcoin-related companies, or it might be creating a new open-source project. It really depends on the person and what they’re passionate about, and what their goals are.
EOS seems to be struggling in addressing the issues that have been pointed out by the community. Failure to quickly resolve the shortcomings does not augur well for the project, as its credibility has taken a big hit.
Do you agree with the views expressed by Song and Spediacci? Let us know in the comments below?

Images courtesy of ShutterStock
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Latest on Ripple: Talks with Trump’s Office, Partnership with SWIFT, No Release Date for Cobalt

In case the thought of Ripple’s native coin being, perhaps, the most patriotic of top-notch tokens available in the cryptocurrency market has even crossed your mind, you won’t be surprised hearing about the deep interest the U.S. presidential administration has been expressing towards such an ambiguous coin.
While the SEC is still doubting to name XPR as a security and the naysayers keep peddling about its tarnished decentralization, the token is steadily going upwards with the market signals a positive trading tendency.
Obviously there are several aces hidden in the sleeve of XPR that keep it floating on the surface and, by the way, triggered a series of in-depth researches conducted by the Trump’s administration. In a recent interview, the Ripple’s newly appointed chief market strategist, Cory Johnson, has outspoken some of XRP mystery.
Primary Johnson confirmed the government enthusiasm of XPR, citing the lack of a foreign-control aspect as the coin’s major advantage. According to Johnson XPR is standing out front of the other digital coins that are mined mostly outside the country, including the king of cryptocurrencies Bitcoin and its arch rival Ethereum, whose 80% of circulating supply is coming out of China.
Additionally Johnson said that the contact between the administration and Ripple’s division takes place in high frequency, stressing the openness of San-Francisco-based company towards an intense collaboration with both regulators and politicians.
He also addressed the critics who claim that the currency is not truly decentralized, explaining that the rumors of a XPR fake decentralization lagerly stem from a confusion between the firm Ripple and XRP, the independent coin-token.
Potential Partnership between SWIFT and Ripple Makes XPR a New Highway for Crossbanking Settlements
For a while there have been talks going around that sooner or later RippleNet designed by the Ripple company as a blockchain-based alternative for the SWIFT system, which is currently underlying the interbank transactions will ultimately revolutionize the whole industry making cumbersome SWIFT a thing of the past.
The news of Ripple being among the attendances of the Sibos conference that is going to take place in Sydney in the coming weeks has once again sparked the community enthusiasm, keeping in mind the conference’s direct focus on solving for cross-border payments.
At the moment, instant settlement between banks using the SWIFT network is almost impossible, affecting the time to actually settle payments because of liquidity issues. Some says that the partnership with Ripple is the only way to solve these problems.
In the meanwhile, RippleNet is able to source enough liquidity with far less transaction fees and competitive transaction speed that empowers a settlement process to be completed in a matter of seconds.
However, despite an enormous pool of opportunities the potential partnership could deliver to their clientele, Dilip Rao, Global Head of Infrastructure Innovation at Ripple mentioned that so far the collaboration Ripple and SWIFT is an idle speculation.
Release of Network Update for Ripple Protocol Has Been Delayed
As a Coil lead scientist and former employee at Ripple, Ethan MacBrough, responded to a Twitterati asking for the release date for an update of blockchain-based payment protocol dubbed Cobalt had not need set. According to his believes, the launch of the new system upgrade won’t’be anytime soon.
To recap, the main functionality that is expected to be delivered by Cobalt dwells on transaction speed. Having obtained a reputation of the fastest payments processors, Ripple still is seeking a room for improvement that will allow to reduce the transaction delays to barely one second.
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Web 3.0 Developer Blockstack Unveils Its Decentralization Roadmap

Based in San Francisco, BlockStack is a startup that is aimed at creating a new network for decentralized apps that’s why there is no surprise that decentralization has become a core idea of everything they do and are striving for.
In its official blog, the company has published a new post titled “A Path to Decentralization” announcing its plan for decentralization of corporate governance. BlockStack co-founders Ryan Shea and Muneeb Ali stated in their post that their goal is to ensure that their corporate governance is decentralized as well as the way of working of their blockchain platform and app network.
The network itself is decentralized by its nature, its utilizes open-source software and offers an open membership and consensus mechanism, but it is necessary to invest a lot of forces and efforts to achieve decentralization of corporate governance.
Co-founders wrote:
“We’re determined to forge new paths and put in place governance structures that accomplish the goal of a robust and decentralized ecosystem. This won’t happen in one fell swoop, but rather over time, through careful consideration and execution.”
Way Ahead
In the post, several steps to reach decentralization are enumerated. The first step is creation of a non-profit foundation that will be dealing with the issues of supporting fundamental digital rights and making sure that key internet infrastructure is decentralized. Though the form and the structure of the potential foundation are still under discussion, it is expected that it will have an independent board of directors who don’t participate in other projects at the same time.
Moreover, it is planned to create independent entities in the U.S. and Hong Kong. Ryan Shea will leave Blockstack PBC and will establish a new US entity. Nevertheless, he will still be a member of the Blockstack community and will continue making his significant contribution to its development. At the same time, in Hong Kong, Larry Salibra, who is one of the first Blockstack engineers, will form an independent entity focusing on a new stand-alone browser.
The second co-founder, Muneeb Ali, will be managing Blockstack PBC activities with the special focus on the developer platform, the Stacks blockchain, and regulatory compliance. What is more, the plan presupposes that in the nearest two years, the startup will take a decision regarding a list of responsibilities that will be transferred to independent entities which will further boost decentralization of the governance.
Earlier, Blockstack PBC founded its Signature Fund that has already invested in a number of startups focused on building decentralized apps and protocols. In the framework of the recently approved decentralization plan, the company wants to minimize the role of Blockstack PBC that it plays in the activities of its Signature Fund.
The startup’s blog post reads:
“Our goal with all the above entities is to not have any overlap in control and to ensure that each entity can have its independent management and voice.”
The team understands that it will be rather a long journey to decentralization, nevertheless, they realize that it is necessary, as Blockstack is interested in building a network that fully preserves digital rights.
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Ripple Price Analysis: XRP/USD Ready for a Reversal?

Ripple has been moving below a descending trend line visible on its 1-hour time frame but looks ready to reverse from this drop as it attempts an upside break. Price is starting to close above the trend line and also the 100 SMA dynamic resistance to signal a pickup in bullish pressure.

However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse from here. A move past the trend line could also hit a roadblock at the 200 SMA dynamic inflection point at the swing high around 0.4500.
Stochastic is still pointing up and just starting to climb out of the oversold region, indicating that buyers still have the upper hand. RSI is also just pulling up so the price might follow suit and reverse from the slide.
If the trend line resistance keeps holding, though, Ripple could make its way to the swing low at the 50% extension around 0.3870 or the 78.6% extension on stronger selling pressure. The full extension is located at 0.3250.

Ripple appears to be relatively resilient compared to its altcoin peers that suffered sharper declines in the previous week. This suggests that this particular digital asset may have more factors supporting it than the rest.
For one, this is also coming off a strong upside break from a longer-term trend line, indicating that a huge reversal is underway. This was due to expectations for the xRapid launch as mentioned by one of its execs. This was also followed by more banks joining the current roster of companies using xCurrent, leading many to speculate that the partners would soon transition to xRapid as well.
Also, one of its strategists revealed that Ripple is in talks with the Trump administration on a number of key issues, citing:
When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And in conversations we’ve had with the administration, they seem to get that and think that might matter.

Images courtesy of TradingView
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Faircoin: The Small Price of $0.22 Can be Worth Millions

Faircoin, this asset is worth only $0.22. Something so small can’t even register on the global financial radar. Even in crypto exchanges, if we look at daily trading volume it’s nothing more than a slight glitch.
Ranked at 1134 on CoinMarketCap, this little asset presents a very reliable lifeline for its users. According to Sporos, a crypto enthusiast based in Athens, faircoin can be found everywhere in the world. He says he hasn’t relied on banking services for no less than 8 years thanks to this asset. If we look at the events from the last decade or so, Sporos’ definitely did well to stay away from banks.
Located in an anarchist stronghold in Athens, Sporos runs a faircoin information center. There are over a few hundred similar centers located all around the world. The centers are stocked with many homemade products like honey, soap, perfume, olive oil, tea and even jewelry. Of course all the products vary depending on the location on the center, but they all have one thing in common. They can all be purchased with faircoin.
If the provided information is accurate, we’re looking at over 620 centers all around the world. Sporos refers to them as the ecosystem of faircoin. This ecosystem includes a transportation sharing app combined with an AirBnB alternative and faircoin-based financial institution. The institution is called the Bank of Commons and is completely tax-free.
Faircoin redefines being human
In this global network, nodes aren’t exactly nodes. Usually, nodes are the computers, but in the faircoin ecosystem each human is a node. This node forges the links between local initiatives and the global ones. This is referred to as a FairCoop.
The people or nodes of this ecosystem have their agreement and they always trade faircoin at a fixed rate of €1.2. This consensus was reached back in January by an assembly of faircoin nodes. Essentially, this completely invalidates the official price at CoinMarketCap.
The story of faircoin finds its origins back in 2014. This cryptocurrency was abandoned by its initial creator. By all accounts he intended to use it as a pump-and-dump scheme. The project was later discovered by Enric Duran, who has strong anarchistic beliefs.
He had his rise to fame when he robbed almost €500 000 in loans from Spanish banks back in 2008. He later founded a post-capitalist collective named the Catalan Integral Cooperative (CIC). It’s from the website of CIC that Duran started organizing the faircoin community. He managed to transform the small community into an international body named FairCoop. FairCoop is always looking for other likeminded groups to start new initiatives.
Especially with the reputation most crypto projects currently have, faircoin is very easily distinguished. This community is run mostly on trust. The coin was originally build on the proof-of-stake protocol, but in 2017 a new protocol was made titled “proof-of-cooperation” (PoC). This is very light-weight consensus mechanism, which runs on a set of 19 raspberry pies.
Faircoin is in a league of its own
This is a complete counter to the competitive nature of mining. PoC requires all 19 nodes to collaborate in order to validate a block. They are paid for doing so in transaction fees.  The block creators require an approval from the FairCoop assembly. This assembly consists of around 280 faircoin users responsible for the decision making.
This of course will push away some of the interested users because this means faircoin has a big vulnerability to centralization effects. Even so, those interested can look forward to an interesting project that can give the start to something new.
You can also check out:

Crypto Legislation Bill in Russia Considered a Failure by Experts
Dubai Will Use an Official Blockchain-Powered System
Bitcoin Rat Pops Up on Wall Street: Ready to Tear Down the Fed
Sidechain: New Bitcoin Sidechain Will Allow ICOs on Bitcoin

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Messaging app, Kakao launches their own Blockchain network

There is always a need for innovation! In order for innovations to do their job however, testing is needed. This testing is often time-consuming, requires a lot of attention and sometimes even reveals unthinkable flaws. Kakao is a very well-known South Korean messaging giant. Ground X is responsible for the blockchain development of Kakao and has just recently launched a test network for the messaging app’s own blockchain named Klaytn.
However, access to this testnet will be restricted. In a press conference, the company stated that only 10 partners of the network are invited. The whitepaper was also published with many details for the platform. The whitepaper shares all the necessary information about the technological foundation for decentralized apps or dapps. Kakao and Klaytn also take a rather unique approach by adopting concepts of census nodes (CNs) and ranger nodes (RNs). This hybrid approach is sought after in order to achieve scalability and transparency.
Kakao is working towards Kakao Coin and their own blockchain
By using this unique approach transaction confirmation is secured by CNs. They are invited network partners and are running a byzantine fault-tolerant (BFT) consensus algorithm. This also means public users are able to connect to the network and participate as a RN. The RN’s duty is to proof-check blocks, which are propagated by the CNs.
RNs are downloading the freshly created blocks from the CNs and periodically communicate among themselves, all the while storing a local copy of the blockchain. This allows them to validate the new blocks, which are chosen by the CNs and proof-check that the CNs never equivocate on the content of a given block height. The paper mentioned that anyone is free to join the network as a RN.
According to Ground X, this hybrid-style approach allows the block propagation interval in the testnet to be reduced to less than 1/sec and offers the amazing up to 1500 transactions/sec. This tempting transaction rate is not enough to attract many customers by itself.
In order to further incentivize user participation, the network will provide 10 billion “KLAY” tokens to both types of nodes. The distribution will be based on their contribution. An exact ratio hasn’t been announced yet. It’s known however, if the network will issue additional tokens every year as block rewards.
The network’s source code will also be made public at a later stage. Klaytn will go live in Q1 of 2019 if no complications arise. The testnet is being launched half a year after the South Korean messaging giant shared their plans to enter the blockchain space. Kakao have anounced previously that they are working on their own Kakao Coin, you can read more in the article below.
Read more:

Kakao Messaging App are launching KakaoCoin
Steps to Cryptocurrency Mass Adoption: Crypto PoS machines will work globally by 2020
Big step for South Korea! South Korean exchanges are now financial institutions
South Korean Cryptocurrency Exchange, Bithumb was hacked!

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