Stellar-Based Platform to Tokenize Real Estate for Colliers International

Smartlands, a blockchain based securities platform, has partnered with leading real estate company Colliers International to create real estate-based security tokens.

Blockchain for Real Estate
Stellar-based security tokenization platform Smartlands has partnered with Colliers International, a Canadian multinational commercial real estate services company. The two firms will work together to explore the possibilities of tokenizing real estate assets and work on a project to securitize specific properties managed by the real estate giant.
The deal was inked earlier on Thursday in Lithuania and announced on the blockchain firm’s official website on Friday. Colliers International is a 15,000-person strong organization operating out of 500 offices in 69 countries. The company clocked an impressive $2.7 billion in revenue in 2017 by managing over two billion square feet of real estate.
Benefits of Tokenizing Properties
The use of the Smartlands platform will allow Colliers to issue security tokens against specific selected properties. Security tokens, unlike utility tokens, are regulated financial securities like stocks. The issuer of security tokens can raise liquidity from around the globe by transferring ownership to the holders of the digital asset.
Ramune Askiniene, CEO of Colliers International Advisors in Lithuania, said:
The global financial and commercial landscape clearly shows trillions of dollars worth of real estate ripe for tokenization. We at Colliers are positive that digital entrepreneurship of the new post-ICO era of security tokens will have a significant impact on redefining wealth creation, investing, fundraising, and a host of other Internet-based commercial activities. Colliers is pleased to cooperate with the Smartlands Platform who appears to have a perfect grasp on asset tokenization on Stellar.

Arnoldas Nauseda, CEO of Smartlands Platform, said:
Creating liquidity for a property of any kind was always a main challenge for the real estate industry. Also, legacy finance institutions rule the real estate space with an iron fist and are showing very little willingness to let up the pressure, adopt new technologies and embrace the Zeitgeist. Smartlands Platform approached Colliers International with a ready technological solution for tokenizing ownership of the real-world assets in a fully compliant legal framework, which instantly solves virtually all problems of the real estate industry. Colliers was perceptive enough to enter the partnership immediately.
How the Smartlands Process Works
The platform leverages the Stellar blockchain and is focused primarily on real estate and agriculture assets. Stellar is a decentralized, open-source protocol for quick cross-border payments. Smartlands manages the due diligence, auditing, and regulatory compliance requirements for the issuer company. The tokens are secured with physical assets. The crypto-assets are made available to investors through the platform and can be traded on digital asset exchanges. Profits generated will be shared with the token holders just like dividends in stocks.
The partnership between Smartlands and Colliers International is a positive development for the security token ecosystem which has not seen much traction so far. The move will encourage more issuers to come forward and leverage the blockchain for creating liquidity to scale up their businesses.
Do you think security tokens are a better investment than utility tokens as they are under regulatory supervision? Let us know in the comments below.

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The post Stellar-Based Platform to Tokenize Real Estate for Colliers International appeared first on Live Bitcoin News.

Oops! EOS-Based Se7ens Airdrop Gives Away Unlimited SEVEN Tokens Due to Bug

An EOS-based token airdrop attracts community attention after a blogger discovered a bug in the smart contract leading to unlimited token distribution.

Free Flow of Tokens
Se7ens.io, an EOS blockchain-based gaming project, recently ran an airdrop of its native SEVEN tokens. The airdrop, which was to distribute 10,000 SEVEN tokens, ended up handing out an unlimited number instead.
The incident, apparently, took place due to a bug in the code of the smart contract executed for the airdrop. The loophole was discovered by a Medium blogger who explained the details of the erroneous software in a blog published earlier on Thursday. He also reported the bug on Reddit, drawing immediate attention of the community.
What Went Awry
He wrote:
The smart contract of xxxsevensxxx is an extension of a standard eosio.token contract. They added a new method, “signup”, which takes the desired amount of SEVEN tokens, and just gives the tokens to the user, without leaving any action trace. So, the tokens appear magically on your account, without issue or transfer actions.
He then added:
Also they forgot to verify the amount (why is there the amount at all?) in their signup method, so I managed to claim 1 billion of their tokens.

The blogger goes on to explain how the project team tried to cover up the incident. He says:
After I published the above post on Reddit, they silently cut my balance to 100000 tokens and called it a bug bounty. I didn’t even receive any transaction in my history, and the tokens have magically disappeared. So, the team assigns themselves a freedom to modify user balances at will. I wonder how they plan to be listed on an exchange with such treatment of their assets.
He then goes on to explain the right way to execute an airdrop.
EOS Woes Continue
The platform has been plagued with multiple issues since its mainnet launch earlier in June this year. Within a couple of days of going live, a bug in the software brought the blockchain to a halt. In August, another Reddit user reported a bug that, apparently, allowed malicious users to steal computational resources from unsuspecting users.
In September, a vulnerability in the EOS smart contract allowed EOSBet, a gambling app, to be hacked to the tune of $200,000. Last week, Live Bitcoin News reported how the blockchain masternodes were reportedly colluding for mutual gains. Although this incident does not stem directly from a fault in the EOS blockchain code, it dents the credibility of one of the leading players in the cryptocurrency space. EOS has raised more than $1 Billion in a yearlong ICO.
 Do you think that incidents like this have affected the credibility of EOS? Let us know in the comments below.

Images courtesy of Shutterstock.
The post Oops! EOS-Based Se7ens Airdrop Gives Away Unlimited SEVEN Tokens Due to Bug appeared first on Live Bitcoin News.

Oops! EOS-Based Airdrop Gives Away Unlimited Tokens Due to Bug

An EOS-based token airdrop attracts community attention after a blogger discovered a bug in the smart contract leading to unlimited token distribution.

Free Flow of Tokens
Se7ens.io, an EOS blockchain-based gaming project, recently ran an airdrop of its native SEVEN tokens. The airdrop, which was to distribute 10,000 SEVEN tokens, ended up handing out an unlimited number instead.
The incident, apparently, took place due to a bug in the code of the smart contract executed for the airdrop. The loophole was discovered by a Medium blogger who explained the details of the erroneous software in a blog published earlier on Thursday. He also reported the bug on Reddit, drawing immediate attention of the community.
What Went Awry
He wrote:
The smart contract of xxxsevensxxx is an extension of a standard eosio.token contract. They added a new method, “signup”, which takes the desired amount of SEVEN tokens, and just gives the tokens to the user, without leaving any action trace. So, the tokens appear magically on your account, without issue or transfer actions.
He then added:
Also they forgot to verify the amount (why is there the amount at all?) in their signup method, so I managed to claim 1 billion of their tokens.

The blogger goes on to explain how the project team tried to cover up the incident. He says:
After I published the above post on Reddit, they silently cut my balance to 100000 tokens and called it a bug bounty. I didn’t even receive any transaction in my history, and the tokens have magically disappeared. So, the team assigns themselves a freedom to modify user balances at will. I wonder how they plan to be listed on an exchange with such treatment of their assets.
He then goes on to explain the right way to execute an airdrop.
EOS Woes Continue
The platform has been plagued with multiple issues since its mainnet launch earlier in June this year. Within a couple of days of going live, a bug in the software brought the blockchain to a halt. In August, another Reddit user reported a bug that, apparently, allowed malicious users to steal computational resources from unsuspecting users.
In September, a vulnerability in the EOS smart contract allowed EOSBet, a gambling app, to be hacked to the tune of $200,000. Last week, Live Bitcoin News reported how the blockchain masternodes were colluding for mutual gains. Although this incident does not stem directly from a fault in the EOS blockchain code, it dents the credibility of one of the leading players in the cryptocurrency space. EOS has raised more than $1 Billion in a yearlong ICO.
 Do you think that incidents like this have affected the credibility of EOS? Let us know in the comments below.

Images courtesy of Shutterstock.
The post Oops! EOS-Based Airdrop Gives Away Unlimited Tokens Due to Bug appeared first on Live Bitcoin News.

OsiaNetwork Proposes to Fund Political Campaigns Through In-browser Crytocurrency Mining

Cryptocurrencies play an integral role in the financial sector. Politicians, on the other hand, often lean toward dismissing this form of money. A new suggestion by OsiaNetwork LLC seeks to introduce Bitcoin mining as a way to fund political campaigns. A rather unusual proposal, especially given the negative reputation Bitcoin mining has.

Political Campaigns and Cryptocurrency
It is not the first time cryptocurrencies and political campaigns come together. In fact, Bitcoin payment processor BitPay has introduced a dedicated service for this purpose. Through their tool, organizations can accept Bitcoin transactions for political campaigns. This will only work if the company or organization is registered with the right institutions and is acknowledged by the IRS.
At the same time, this “entwinement” has received some backlash. California has recently banned Bitcoin donations from political campaigns altogether. That decision is not a popular one, though local legislators remain confident it is the right course of action. How that situation will pan out across other states, remains to be determined.
With this information in mind, the proposal on behalf of OsiaNetwork LLC raises a lot of questions. The letter sent to the FEC discusses the use of Bitcoin mining. Proceeds from such operations could be introduced as a way to fund political campaigns in the future. The company wants to enable individuals to support federal political committees. All of the mining hashpower is voluntarily shared by the individuals, rather than forcing them to take this course of action.

A Positive Sign?
This news comes at a crucial time for the mining industry. Cryptocurrency miners have suffered from a lot of negative press over the years. The electricity concerns associated with this business activity have been highlighted numerous times. As such, one doesn’t expect Bitcoin mining to be tied to political campaigns in a positive manner.
The business model outlined by OsiaNetwork LLC is rather interesting. They propose to let volunteers pool their mining power to fund political campaigns. This is done by letting the volunteers visit the committee’s designated webpage and generate cryptocurrency through mining scripts. That particular aspect leads to a lot of questions are concerns.
Web-based cryptocurrency mining has become almost synonymous with cryptojacking these days. Any website mining Bitcoin or altcoins is often scrutinized by the community. With one company overseeing this activity, that public image may be changed for the better. The proposal has not been accepted by the FEC as of yet. It remains unlikely they will approve this idea, although the concept is rather intriguing.
What do you think about OsaiNetwork’s proposal? Let us know in the comments below.

Images courtesy of ShutterStock
The post OsiaNetwork Proposes to Fund Political Campaigns Through In-browser Crytocurrency Mining appeared first on Live Bitcoin News.

Israel’s Financial Regulator Using Blockchain for Cybersecurity

The national securities regulator of Israel, ISA, has started using blockchain technology for improving the security of its internal messaging systems, reported an Israeli online media publication.

Blockchain Implementation by a Regulator
Israel Securities Authority (ISA), the financial securities regulator of the country has started to use blockchain technology to improve the security of its online messaging systems according to a news report published earlier on Wednesday by timesofisrael.com, an online media platform.
The government agency is responsible for preventing and curtailing securities frauds, insiders trading, unethical practices and safeguarding the investors’ interests. As per the report, the technology has been embedded in one of the messaging systems “Yael” used by the government body to communicate with the entities under its purview.
The authority intends to use the technology within two more applications – an online voting system which enables investors to participate in meetings remotely, and in software called “Magna” which is used to record all the reports from the entities under the ISA’s supervision.

Use-Case for Enhanced Cybersecurity
The technology which is used to facilitate quick peer-to-peer transactions using encryption will be used to secure confidential messages. The ISA said the solution “adds another layer to ensuring the credibility of the information relayed to the supervised bodies. The technology verifies the messages’ authenticity, prevents fraud, and prevents them from being edited or deleted. Additionally, the system prevents the option of denying that a message was received from the ISA.”
“The embedding of the technology in the ISA’s information systems is in line with its vision to promote financial innovation in the capital market,” it added.
Natan Hershkovitz, director of the ISA’s Information Systems Department, said that “we are witnessing a growing trend around the world, and in the financial field in particular, to embed innovative and revolutionary technologies. Implementing blockchain technology in the ISA’s information systems makes it one of the global leading authorities in securing the information provided to the public and its credibility, and one of the leaders in Israel’s public sector.”
Crypto Friendly Government
As reported earlier in February this year, the ministry of finance and the Bank of Israel are working together on a state-sponsored cryptocurrency. Israel is also looking to put in place regulations surrounding digital assets.
The earlier plan of the Knesset (The Finance Committee of Israel’s parliament), to put in place the regulations effective May 1st was postponed by four months. In September Switzerland offered to share its experience with the middle-eastern nation.
Israel is known for its expertise when it comes to cybersecurity.  Using the blockchain technology for securing its internal systems is an obvious progression for the tech-savvy nation to safeguard its systems from cyber threats.
Do you think Israel will emerge as a blockchain friendly country like Japan and Switzerland? Let us know in the comments below.

Images courtesy of ShutterStock
The post Israel’s Financial Regulator Using Blockchain for Cybersecurity appeared first on Live Bitcoin News.

Venezuela: Government Enforces Payment for Passport with State-Backed Petro

Amidst a deepening economic and social crisis and a mass exodus of its citizens, Venezuela enforces payment for the passport by the state-backed cryptocurrency Petro.

“Pay by Petro” Says the Government
According to figures provided by the United Nations, it is estimated that 5000 Venezuelans are leaving the country every day to escape the hardships. The country is facing one of the worst economic crises with hyperinflation touching 200,000% and the local currency bolivar depreciating by 99% in 2018. There is an acute shortage of food, water, power, and medicines. Prices have been doubling every 26 days.
Apparently, 2.6 million people have fled the country to other neighboring nations. To make things worse, starting next month, people need to pay for passports in the recently launched government backed cryptocurrency Petro.
The announcement was made by vice-president Delcy Rodriguez in a televised press conference from Caracas on Friday. While a new passport will cost two Petros (7200 Bolivars or $115), renewal is going to cost one Petro. So, to get a passport one would need to shell out four times the national average income.

The Endless Wait for Passports
Currently, to get a passport, people have to stand in long queues for days to apply and the time to get one can run into months. The scarcity of materials and corruption have made the process difficult. The new rule will make traveling out of the country difficult for the citizens who are already cut-off from the rest of Latin America. Many airlines including Avianca, LatAm Airlines, United Airlines, Aeromexico and Deutsche Lufthansa have stopped flights to Venezuela.
President Nicolas Maduro, last week in a televised address had announced the launch of the oil-backed digital currency. The cryptocurrency will go on sale for the public on the 5th of November. Venezuelans will now have to buy the crypto-asset to be able to apply for the passport.
New Migration Police
Rodriguez also announced the creation of migration police. “The migration police is born to tend to the 72 (ports of entry) that exist at borders, ports and airports,” Rodriguez said.
The vice-president did not elaborate upon the role or the structure of the new force. Venezuela shares a 2200 Kilometres long porous border with Colombia, which reportedly is used by many to leave the country illegally. Currently, the border is secured by the National Guard soldiers.
The government of Venezuela seems keen to enforce the adoption of the state-backed cryptocurrency. Earlier in August, President Maduro had mandated all local banks to adopt Petro as a unit for accounting. This move also appears to be a step intended to stem the growing exodus of Venezuelans that is being called as the worst ever human migration in Latin America. However, the hardships that the citizens are currently facing is going to make the implementation a painful rather than a smooth one.
Do you think that the move by the Venezuelan government is the right way to promote the adoption of digital currency? Let us know in the comments below.

Images courtesy of ShutterStock
The post Venezuela: Government Enforces Payment for Passport with State-Backed Petro appeared first on Live Bitcoin News.

Profile of the Average American Bitcoin Investor

The average Bitcoin investor is young, well-off, male and lives predominantly in large urban cities reveals a new survey.

The American Crypto Evangelists
A recent survey conducted by Clovr, a blockchain focused firm has thrown up some interesting insights. According to the findings of the study, it’s the urban young millennials that invest in cryptocurrencies. The survey was conducted on a sample of 1000 Americans spanning three generations (Millennials, Generation X, and Baby Boomers).
As per the survey, the typical crypto enthusiast earns over $75,000 a year. When quizzed about the reason for choosing to invest in the digital asset, surprisingly it was not the belief in the technology but the lure of high returns.
43% of the men had put money in the asset class compared to 23% of women. Risk taking, forward thinking and being innovative are the traits associated with those who have invested in cryptocurrencies, says the survey.
More Insights from the Study
51% view cryptocurrencies as an asset class with high potential compared to other financial instruments like stocks. Stories of Bitcoin billionaires and how their fortunes changed overnight, were perhaps too tempting to resist.
42.6% believe that cryptos will be the currencies of the future. For 39.4% it was peer influence that made them put their money behind crypto-assets. “FOMO” or the fear of missing out ranks as the number four reason for 35.4% respondents.
Almost 75% of the people responded that they were aware of what cryptocurrencies are and 62% said that they were comfortable explaining about digital assets. The top three feelings associated with cryptocurrencies include uncertainty, confusion, and excitement in that order.

The Rise in Demand of Digital Assets
The popularity of Bitcoin till a couple of years back was limited to only a handful of techies and financial market wizards. Last year due to the rising prices and a lot of mainstream media attention, digital assets captured the imagination of the young millennials.
Unfortunately, a lot of the inexperienced investors entered the market when prices were near or around the peak of $20,000 in December 2017. Retail investors were buying in when the smart money and whales were booking profits and exiting the market.
Since January this year, the market has plunged by a massive 70%, and the price has consolidated between the $6000 to $7000 range. Americans lost half a billion dollars in the first two months of 2018 according to a report from the Federal Trade Commission.
With the regulatory uncertainty and slow pace of adoption, it has come as no surprise that the average American investor is experiencing feelings of confusion. Having said that, the investors who are still holding onto their coins must be hoping for the crypto-market to repeat what it did the same time last year.
Do you agree with the finding of the survey that it’s the young millennials who show more inclination towards investing in cryptocurrencies? Let us know in the comments below.

Images courtesy of ShutterStock
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Dash and Stellar Support Coming to BitGo Custodial Services

BitGo is a household name in the cryptocurrency industry. The company specializes in storing cryptocurrency holdings. Although its functionality spans several dozen currencies already, additional support is rolling out. Both Dash and Stellar will be added in the very near future.

BitGo Expands its Services
Cryptocurrency companies are familiar with the service provided by BitGo. The firm is renowned for its cold storage and multisig solutions. Numerous exchanges and wallet service providers make use of their services to date. It now seems the company is looking to expand its market position. Introducing support for two additional assets is a good place to start.
Over the next few weeks, BitGo will enable support for Dash and Stellar. Dash is a digital currency which focuses on privacy and anonymity. Stellar is a digital asset seeking to make inroads in the financial sector. Both of these coins will, according to CEO Mike Belshe, offer advances in the payments industry. As such, the company anticipates an increase in overall adoption by merchants and retailers.
To date, BitGo supports 85 different currencies and assets. That list includes Bitcoin, Ethereum, Litecoin, and so forth. A new custodian for digital assets was also launched by the company in September of 2018. Custodial products are in high demand, especially when they relate to cryptocurrencies.

Increasing Institutional Adoption
Given the growing focus on cryptocurrencies by institutional traders, BitGo finds itself in an interesting position. Investors and traders require secure solutions to manage their digital portfolios. Additionally, exchanges continue to welcome lots of new users every quarter. Ensuring customer funds can be kept safe at all times is the number one priority.
This move comes at a crucial time for cryptocurrency. Other service providers have begun rolling out their custodial services in recent months. Coinbase, Gemini, and some major banks are all getting in on the action. BitGo claims their product is better because it is their one and only focus. Exchanges, on the other hand, try to tie customers to their trading platform through custodial services.
For Dash and Stellar holders, the new offering can be of great value. Rather than relying on traditional wallets, a more secure approach is always superior. Companies without a conflict of interest may have a leg up over their competitors in this regard. BitGo has not announced an official integration timeline for either asset at this time.
Do you think BitGo’s expanded service will have a significant impact on cryptocurrency adoption? Let us know in the comments below.

Images courtesy of ShutterStock
The post Dash and Stellar Support Coming to BitGo Custodial Services appeared first on Live Bitcoin News.

Dash and Stellar Support is Coming to Custodian Service BitGo

BitGo is a household name in the cryptocurrency industry. The company specializes in storing cryptocurrency holdings. Although its functionality spans several dozen currencies already, additional support is rolling out. Both Dash and Stellar will be added in the very near future.

BitGo Expands its Services
Cryptocurrency companies are familiar with the service provided by BitGo. The firm is renowned for its cold storage and multisig solutions. Numerous exchanges and wallet service providers make use of their services to date. It now seems the company is looking to expand its market position. Introducing support for two additional assets is a good place to start.
Over the next few weeks, BitGo will enable support for Dash and Stellar. Dash is a digital currency which focuses on privacy and anonymity. Stellar is a digital asset seeking to make inroads in the financial sector. Both of these coins will, according to CEO Mike Belshe, offer advances in the payments industry. As such, the company anticipates an increase in overall adoption by merchants and retailers.
To date, BitGo supports 85 different currencies and assets. That list includes Bitcoin, Ethereum, Litecoin, and so forth. A new custodian for digital assets was also launched by the company in September of 2018. Custodial products are in high demand, especially when they relate to cryptocurrencies.

Increasing Institutional Adoption
Given the growing focus on cryptocurrencies by institutional traders, BitGo finds itself in an interesting position. Investors and traders require secure solutions to manage their digital portfolios. Additionally, exchanges continue to welcome lots of new users every quarter. Ensuring customer funds can be kept safe at all times is the number one priority.
This move comes at a crucial time for cryptocurrency. Other service providers have begun rolling out their custodial services in recent months. Coinbase, Gemini, and some major banks are all getting in on the action. BitGo claims their product is better because it is their one and only focus. Exchanges, on the other hand, try to tie customers to their trading platform through custodial services.
For Dash and Stellar holders, the new offering can be of great value. Rather than relying on traditional wallets, a more secure approach is always superior. Companies without a conflict of interest may have a leg up over their competitors in this regard. BitGo has not announced an official integration timeline for either asset at this time.
Do you think BitGo’s expanded service will have a significant impact on cryptocurrency adoption? Let us know in the comments below.

Images courtesy of ShutterStock
The post Dash and Stellar Support is Coming to Custodian Service BitGo appeared first on Live Bitcoin News.

Ethereum Lighthouse Project To Receive Update In Coming Weeks

The Ethereum Lighthouse project will be receiving an update much sooner than we even thought. The developer team at SigP (Sigma Prime) recently posted on their Twitter platform that an update to the Ethereum open source was very imminent. Reports also indicate that the developers have discussed in detail the Lighthouse project and have come up with a thought out plan as a way forward for the project to thrive.
The first update, Lighthouse update 1, is said to include a Boneh-Lynn-Shacham amalgam signature, but is still said to be be unsafe. The block has also being successfully pre-processed. All of this was shared in the post which was pretty much extensive and detailed in explaining all the progress made by the team concerning the Lighthouse project. Due to the not so safe standards at the moment, another SSZ (SimpleSerialize) has been merged with the 2.0 project by the Sigma Prime Team.

“A single invalid attestation invalidates the entire block so we avoid de-serializing them all up-front.”

Now this had been preceded by the team explaining how the pre-processing of the block was a benchmark achievement for them. This process involves a serialized block from an untrusted source being verified and eventually being deemed valid through a series of de-serialization of various records. Moreover it mentioned that the BLS signature that it was implementing helped the developers to use real world signature verification.
They also addressed the confusion within the Ethereum community concerning the exact signature schemes presently in use

“Ethereum 2.0 uses the ‘old’ scheme described in BGLS03. The new scheme mitigates the “rouge-key attack” and allows signatures across distinct messages but is slower. Eth 2.0 protects against the rouge-key attack by requiring a bls_proof_of_possession on validator registration and naturally requires all signed messages to be identical (non-distinct).”

The team further explained that  the previous signature scheme was a much faster version as compared to the new one and thus had no need for features of the very current one. We are to expect more news in the coming weeks as the team works on state transition logic, fuzzing framework, Friendly Finality Gadget Fork, and libp2p daemon,
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