Beginners guide to Syscoin (SYS) and why you should be investing in this cryptocurrency in 2018
What is Syscoin?
Some have described Syscoin(SYS) as the Shopify, Amazon and Ebay of the blockchain world. Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone! Syscoin is developed by Blockchain Foundry (BF). BF provides blockchain technology based services, projects and products for a wide variety of use cases with the stated aim of disrupting markets by leveraging the potential of blockchain technology. Syscoin is mainly known to be the first cryptocurrency to offer a fully decentralized marketplace based on blockchain. What is lesser known is that this is only a part of what Syscoin offers. With the introduction of Masternodes in February or March 2018 SYS will be transformed from just a ’marketplace coin’ to a completely ‘utilitarian coin’. The Masternode infrastructure allows the addition of decentralized databases and file storage, increased transaction speed to surpass POS/Visa/Mastercard capabilities, true Turing complete smart contract capabilities for unlimited business logic, sidechains, application layers and an identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can conceive. This will usher in the next generation of blockchain applications - made for new or existing businesses - by conveniently offering everything available from the blockchain space today.
SYS Origin
The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter's public ledger of transactions. Although Nakamoto's reference client mentioned a decentralized marketplace service, the subsequent implementation did not incorporate this due to a lack of resources. Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release. Syscoin aimed to bring Nakamoto's vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients. Other services that Syscoin plans to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias. The early Syscoin wallet was superseded by the release of Blockmarket Desktop 1.0 on September 12, 2017, marking the culmination of Syscoin's vision of a fully decentralized marketplace with a desktop GUI based on the blockchain. The planned release of Blockmarket Web, a fully web-based version, and Blockmarket Professional in 2018 takes that vision one step further, as more advanced seller stores become a reality.
The Team
The Team that NEVER quits! Before the launch of Syscoin (Q3 2014), there was a presale ICO by Moolah (as a partner), which turned out to be detrimental for Syscoin. The project raised around 1,000BTC for development but the Syscoin Team only managed to access 250BTC which were used for price support. Moolah (Ryan Kennedy) absconded with the bulk of the ICO funds and the Syscoin team were left with ~30million Syscoin at a price around 400 satoshi. Even after this tragic event, the devs didn’t quit and continued to work on the project without stopping. The case against Moolah is still on-going. See the article from CoinDesk here: http://www.coindesk.com/uk-court-syscoin-injunction-moolah-750-btc/. What is this detail telling us about the dev team? While some crypto projects are just scams and bring little to no innovation, they’ve proven that they are in it for the long term - ably demonstrated by the fact that they continued to work despite their funds being stolen. And now that hard work is beginning to pay off with the entire team going full-time for the first time in January 2018 and new developers being hired following VC funding for BF.
Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete, state-of-the-art marketplace built-in where you can securely and reliably buy and sell any items you wish. Entire stores can be created directly through the marketplace where you can sell your own products or re-sell others’ products for commission. Use of blockchain technology eliminates middlemen, credit card fees, maintenance fees, downtime and political interference. Persons are literally able to buy or sell anything to anyone, anytime, anywhere on Earth! Blockmarket Desktop was launched on September 12, 2017.
Key Blockmarket Features
Decentralized Marketplace The marketplace platform provides a decentralized and high redundant channel for selling goods and services. Features include:
• Price Pegging to currencies such as USD, EUR, GBP, CAD, CNY and BTC • Bitcoin and Zcash as payment options • Arbitrated Escrow • Encrypted Messaging • KYC/AML Compliance • Images • Unlimited Inventory Items
Name Aliases
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. Such an address isn’t easy to memorize. Although the addresses can be added to an address book within the wallet, Syscoin has taken the user's convenience one step further, allowing you to create a unique Alias for your wallet address, such as a name, title, or characters specific to a username. These can be used to send SYS from home, to a mobile wallet, to work, to friends, to common suppliers or to repeat customers easily, without requiring any memorizing, writing it down, copy & pasting or emailing yourself the address.
Digital Certificates
Using the cryptography of the blockchain persons can issue, authorize, and exchange digital certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ASCII content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work. This allows for the creation and free exchange of any kind of digital asset such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more.
Integrated Exchanges
Integrated Crypto exchanges - Flypme and Changelly will facilitate exchanging 30+ cryptos for SYS, directly within the Blockmarket wallet.
BM web will bring SYS’s existing decentralized marketplace and all its features into a web-based version, enabling ease of use with a simple email and password login (grandma friendly) without any need for downloading a wallet or waiting for sync. Blockmarket web will be launched in February 2018.
Ability for world-class transactions-per-second performance to scale-out with added nodes (theoretically 100k TPS per 1000 Masternodes, 300k TPS/3k masternodes, etc). In later releases, masternodes will also process smart contracts and facilitate sharded+encrypted offchain file-storage (with onchain anchors), among other touted functionality. They should also result in steadying the price movements - less volatility as holding will be incentivized
Smart Contracts
Scalable Ethereum Virtual Machine: Allows Turing complete smart contracts to be executed following the ethereum protocol at a much faster speed and at a fraction of the ethereum gas price.
Assets & Token Issuance
With its token issuance service, Syscoin allows anyone to create a custom asset token which can then be sent directly to anyone else on the network. This facilitates a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.
Anonymous Transactions
Anonymous transactions: via mixing/shuffling at user-specified denomination. Afterwards, additional tech will be added in the near future which will further compound the degree of anonymity provided -Add ValueShuffle running on top of the masternode layer and you have the world's most advanced privacy tech in any coin. This brings true money fungibility to Syscoin and the missing link for true economic sovereignty. https://twitter.com/realSidhuJag/status/948588279540035584
Instant Send
Transactions can be sent and received instantly. This represents a similar sending capability as Dash, but is a step beyond- A type of backend node locking will allow an instantly received sum to be sent immediately, without delay, and without network risk of double-spend.
http://syscoin.org/whitepaper.pdf Note: It is anticipated that the whitepaper will be updated by the team in the near future due to recent developments
Stellar Lumens HODL alert: 2017 Round up, Partnerships, Lumens vs. Other Cryptos
Welcome everyone! The future of Stellar Lumens is bright! Today we will look at the accomplishments of Stellar.org in 2017. . . 2017 Round Up • IBM / Stellar Partnership • Kik Messenger’s KIN coin to move from Ethereum to Stellar in 2018 • Stellar ATM introduced in Singapore • Jed McCaleb confirms IBM/Stellar has 30 banks on board (Youtube Video) • Lightyear.io enables forward thinking financial entities to easily join the Stellar ecosystem. • IBM adds 8 new validators from 8 different countries onto the Stellar network (article) • Forbes calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.” • Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article) • Many new partnerships (listed below) that will be using the Stellar network in 2018. • Binance and GoPax Exchanges Adds Stellar • Ledger Nano S support is now available for Lumens (XLM) • The next coin to break into the top 10 cryptos (article) . . 2017 Partnerships & Financial Institutions • IBM - is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. • SatoshiPay - a web payment system that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction. • EXCH.ONE - is a FinTech software company based in Switzerland currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South and Central America,UK and a number of EU countries. • Novati (ASX:NOV) - is an Australian-based software technology and payment services provider. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments. • Pundi X - is an Indonesia based fintech company that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world. They say "buying cryptocurrency should be as easy as buying a bottled water." • MoneyMatch - is a Malaysia based fintech startup that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia. • Streami - is a Korea based fintech company that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations. • Neoframe - is developing and marketing trading solutions for big brokerage firms in Korea and extends its business to blockchain based applications. Neoframe developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players. The company is planning to launch a remittance business for ASEAN countries (Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar. • SureRemit($RMT) - is a Nigeria based global non-cash remittances company. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent on goods and services at accepting merchants wherever they are. • Cowrie Integrated Systems - is a Nigerian based Value Added Service Provider. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market. • Smartlands - is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands is designed to promote investments in the agricultural sector by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop. • Klick-Ex - is an award winning regional cross-border payments system delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific and Europe, and it is a founding member of www.APFII.org processing more than 775,000 transactions per second, per billion of population (source). • Mobius - Mobius connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor). • Chaineum - Chaineum, the first French ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs by the end of 2017, for European, North American and Asian companies, of which cumulative amount could reach € 200 million." (source) • Poseidon Foundation - Poseidon will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments. • Remitr - Remitr is a global platform for cross border payments, licensed in Canada. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries, comprising several currencies, is extended onto the Stellar network. • MSewa Software Solution (MSS) - MSewa Software Solution (MSS) Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone. • PesaChoice - PesaChoice is a leader in international bill payment services for the African diaspora. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances. • SendX - Singapore based SendX, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain. • VoguePay - VoguePay, with offices in the United Kingdom and Nigeria, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria. In the coming months, they expect to expand this service to other selected African countries. • HashCash - Hashcash consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India, with operations across South Asia and the Gulf. . . Stellar Lumens vs Other Cryptocurrencies • Lumens vs. Bitcoin: Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does. It solves these three remaining issues.” • Lumens vs. Bitcoin #2: According to wired.com, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source). • Lumens ICO tokens vs. Ethereum ICO tokens: According to Stellar.org, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times for the network during ICOs and increasingly expensive gas prices (by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits." "While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency." • Stellar vs. Ethereum #2: The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source). Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security: While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities(source). Recently, a security flaw in the Ethereum network froze millions of dollars. According to Mobius ariticle written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen." "Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token and not an Ethereum token." • Lumens vs. Ripple: According to Wall Street Bitcoin Exchange, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018." . . Conclusion The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
Some have described Syscoin (SYS) as the Shopify, Amazon and Ebay of the blockchain world. Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone! Syscoin is developed by Blockchain Foundry (BF). BF provides blockchain technology based services, projects and products for a wide variety of use cases with the stated aim of disrupting markets by leveraging the potential of blockchain technology. Syscoin is mainly known to be the first cryptocurrency to offer a fully decentralized marketplace based on blockchain. What is lesser known is that this is only a part of what Syscoin offers. With the introduction of Masternodes in February or March 2018 SYS will be transformed from just a ’marketplace coin’ to a completely ‘utilitarian coin’. The Masternode infrastructure allows the addition of decentralized databases and file storage, increased transaction speed to surpass POS/Visa/Mastercard capabilities, true Turing complete smart contract capabilities for unlimited business logic, sidechains, application layers and an identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can conceive. This will usher in the next generation of blockchain applications - made for new or existing businesses - by conveniently offering everything available from the blockchain space today. In simple terms think Dash + Ethereum/Lisk + Monero + Nano + Storj + Particl capabilities all in one coin!
SYS Origin
The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter's public ledger of transactions. Although Nakamoto's reference client mentioned a decentralized marketplace service, the subsequent implementation did not incorporate this due to a lack of resources. Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release. Syscoin aimed to bring Nakamoto's vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients. Other services that Syscoin plans to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias. The early Syscoin wallet was superseded by the release of Blockmarket Desktop 1.0 on September 12, 2017, marking the culmination of Syscoin's vision of a fully decentralized marketplace with a desktop GUI based on the blockchain. The planned release of Blockmarket Web, a fully web-based version, and Blockmarket Professional in 2018 takes that vision one step further, as more advanced seller stores become a reality.
The Team
The Team that NEVER quits! Before the launch of Syscoin (Q3 2014), there was a presale ICO by Moolah (as a partner), which turned out to be detrimental for Syscoin. The project raised around 1,000BTC for development but the Syscoin Team only managed to access 250BTC which were used for price support. Moolah (Ryan Kennedy) absconded with the bulk of the ICO funds and the Syscoin team were left with ~30million Syscoin at a price around 400 satoshi. Even after this tragic event, the devs didn’t quit and continued to work on the project without stopping. The case against Moolah is still on-going. See the article from CoinDesk here:http://www.coindesk.com/uk-court-syscoin-injunction-moolah-750-btc/. What is this detail telling us about the dev team? While some crypto projects are just scams and bring little to no innovation, they’ve proven that they are in it for the long term - ably demonstrated by the fact that they continued to work despite their funds being stolen. And now that hard work is beginning to pay off with the entire team going full-time for the first time in January 2018 and new developers being hired following VC funding for BF. View Team Page.
Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete, state-of-the-art marketplace built-in where you can securely and reliably buy and sell any items you wish. Entire stores can be created directly through the marketplace where you can sell your own products or re-sell others’ products for commission. Use of blockchain technology eliminates middlemen, credit card fees, maintenance fees, downtime and political interference. Persons are literally able to buy or sell anything to anyone, anytime, anywhere on Earth! Blockmarket Desktop was launched on September 12, 2017. Download Blockmarket Desktop 1.2
Key Blockmarket Features
- Decentralized Marketplace
The marketplace platform provides a decentralized and high redundant channel for selling goods and services. Features include: • Price Pegging to currencies such as USD, EUR, GBP, CAD, CNY and BTC • Bitcoin and Zcash as payment options • Arbitrated Escrow • Encrypted Messaging • KYC/AML Compliance • Images • Unlimited Inventory Items
- Name Aliases
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. Such an address isn’t easy to memorize. Although the addresses can be added to an address book within the wallet, Syscoin has taken the user's convenience one step further, allowing you to create a unique Alias for your wallet address, such as a name, title, or characters specific to a username. These can be used to send SYS from home, to a mobile wallet, to work, to friends, to common suppliers or to repeat customers easily, without requiring any memorizing, writing it down, copy & pasting or emailing yourself the address.
- Digital Certificates
Using the cryptography of the blockchain persons can issue, authorize, and exchange digital certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ASCII content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work. This allows for the creation and free exchange of any kind of digital asset such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more.
- Integrated Exchanges
Integrated Crypto exchanges - Flypme and Changelly will facilitate exchanging 30+ cryptos for SYS, directly within the Blockmarket wallet.
- Security Audit Verified
Blockmarket was successfully and independently security audited by Digital Boundary Group and was deemed low risk. View Audit Results.
Blockmarket Desktop – Quickstart Tutorials (16 short vids)
BM web will bring SYS’s existing decentralized marketplace and all its features into a web-based version, enabling ease of use with a simple email and password login (grandma friendly) without any need for downloading a wallet or waiting for sync. Blockmarket web will be launched in Q1 2018. This launch will be accompanied by a marketing campaign roll-out that seeks to build brand recognition with audiences within the existing crypto ecosystem and more significantly with the broader, global, non-crypto audience. For this reason Ballistic Arts, a full-service marketing agency was retained by BF. BF Engages Marketing Agency
Primary Target Market + Value Potential
The primary target market for BF’s Syscoin/Blockmarket web flagship is the retail e-commerce industry. This sets up their decentralized marketplace to rival such commercial giants as Amazon ($648B market cap), Alibaba ($453B market cap) and eBay ($43B market cap). According to eMarketer’s Worldwide Retail and Ecommerce Sales report, global retail e-commerce sales for 2017 were $2.3 Trillion. This is expected to reach an estimated $4 Trillion by 2020 reflecting the rapid growth within this sector. To perform a very simple assessment of the Syscoin/Blockmarket web’s potential let’s assume that a 1% portion of the forecasted $4 trillion market is captured, which represents $40 billion in revenue. Assuming a sales to market cap ratio of 1:1 for simplicity, the circulating supply of 531 million SYS, with a $40 billion market cap yields a price of roughly $75 per coin. However, with masternodes that limit the circulating supply and token utility that extends beyond retail e-commerce, the SYS price could likely reach much higher. Please note that these are just very simple assumptions and projections for this exercise, however the real world driven potential that this project has is clearly evident.
Key Syscoin Developments
- Z-DAG: Zero Confirmation Transactions with Double Spend Protection (WORLD’S FIRST)
Ability for world-class transactions-per-second performance to scale-out with added nodes (theoretically 100k TPS per 1000 Masternodes, 300k TPS/3k masternodes, etc). In later releases, masternodes will also process smart contracts and facilitate sharded+encrypted offchain file-storage (with onchain anchors), among other touted functionality. They should also result in steadying the price movements - less volatility as holding will be incentivized.
Scalable Ethereum Virtual Machine: Allows Turin complete smart contracts to be executed following the ethereum protocol at a much faster speed and at a fraction of the ethereum gas price.
- Assets & Token Issuance
With its token issuance service, Syscoin allows anyone to create a custom asset token which can then be sent directly to anyone else on the network. This facilitates a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.
- Anonymous Transactions
Anonymous transactions: via mixing/shuffling at user-specified denomination. Afterwards, additional tech will be added in the near future which will further compound the degree of anonymity provided -Add ValueShuffle running on top of the masternode layer and you have the world's most advanced privacy tech in any coin. This brings true money fungibility to Syscoin and the missing link for true economic sovereignty. View Developer’s Twitter post.
- Instant Send
Transactions can be sent and received instantly. This represents a similar sending capability as Dash, but is a step beyond- A type of backend node locking will allow an instantly received sum to be sent immediately, without delay, and without network risk of double-spend.
If you need help for an important wallet issue or if you want to know how you can contribute in promoting Syscoin Join the Slack channel where the SYS team and community members are active, helpful and responsive.
Credit To
SYS Team - keyare, sidhujag, sebastien123
Redditor alias - djminger007
Redditor alias – Todoruku
Twitter alias – CryptoMink
Medium blogger – Steven Voros
Medium blogger – Daniel Westby
Medium blogger – The Crypto Journal
Slack Community members – Redrace, Mettamark, Rare and Viljis
This post was created particularly to aid those who are new to Syscoin. Please note that the content provided within this post is for information purposes only and is not to be construed as investment advice.
General info and list of exchanges for Metronome (MET)
Metronome About Features Owner's Manual Token Sale Wallet Team Media Kit FAQ Auction Metronome The Built-to-Last Cryptocurrency Self-Governance. Reliability. Portability. Buy Metronome How would you like to buy Metronome? 10See all download optionsor Buy With Your Own Wallet To make a purchase, send ETH to the address below. Make sure the address you use is that one. We recommend copying it or scanning the QR code. Address 0x9d9BcDd249E439AAaB545F59a33812E39A8e3072 Scan Address Bloomberg Coindesk New York Times Reuters Metronome ("Metronome" or "MET") is a new cryptocurrency focused on making greater decentralization possible and delivering institutional-class endurance. Metronome builds off the lessons learned from previous cryptocurrencies and optimizes for self-governance, long-term reliability, and maximum portability. Built by leading figures in the space and supported by a diverse array of partners and advisors, Metronome is engineered to meet and exceed the high standards of the cryptocurrency community. In developing an enduring cryptocurrency, Metronome is founded on three key design principles: SELF-GOVERNANCE with no undue influence from founders after initial launch and public access — contract governance starts at launch. RELIABILITY and predictability where issuance and supply are immutable PORTABILITY to enable maximum decentralization, even across different blockchains As the first cryptocurrency capable of being exported and imported across chains, Metronome will be initially issued on Ethereum with Ethereum Classic, Rootstock on Bitcoin, and Qtum support expected to follow. Such portability will allow users to select the chain that suits their requirements for management and security, or even upgrade the MET contract if needed. Metronome's main goal is to be a built to last cryptocurrency, and portability furthers this goal by freeing Metronome from the fate of any one chain. Metronome will not be controlled by any party after launch—not even its authors—as it is completely autonomous. Metronome authors plan to continue to help by building an ongoing open-source community to support developers and users, but Metronome authors will have no access or control after the initial auction. Receive the latest updates from Metronome: Email Address Owners Manual Like with any other asset or technology, it's important for users to know how Metronome works—the Owner's Manual , along with the documents and information referenced therein, is required reading for any Metronome owner. Token Sale Terms Metronome will be offered to the public via an autonomous descending price auction. Its authors will receive a one-time retention of 20% (2 million) of the initial MET supply. 100% of the proceeds from the initial auction will be used to provide long term support for the community. The initial supply auction will last up to 7 days. After 7 days or when all MET in the initial supply are sold, the auction will end. Pie Chart Auction Proceeds Pie Chart Timeline 03.01.2017 Metronome idea 05.24.2017 Partnership with New Alchemy formed 08.01.2017 Smart contract development begins 10.24.2017 Metronome website and Owner's Manual published June 2018 Metronome Initial Supply Auction Q3 2018 First cross-chain launch on ETC Team A project as advanced and ambitious as Metronome requires known, proven talent and leadership in cryptocurrencies—people who uniquely understand the engineering and marketplace challenges. Jeff Garzik Jeff Garzik CEO & Co-Founder / Chief Designer Matthew Roszak Matthew Roszak Chairman & Co-Founder Peter Vessenes Peter Vessenes Chief Cryptographer Ryan Condron Ryan Condron Principal Engineer Troy Benjegerdes Troy Benjegerdes Principal Engineer Jordan Kruger Jordan Kruger Data Scientist Gabriel Montes Gabriel Montes Engineering Lead Pablo Enrici Pablo Enrici Software Engineer Ignacio Anaya Ignacio Anaya Software Engineer Jaclyn Kramer Jaclyn Kramer Marketing Dariusz Jakubowski Dariusz Jakubowski Community Advocate Steve Beauregard Steve Beauregard Partnerships Ted Parvu Ted Parvu Infrastructure Matt Lam Matt Lam Blockchain Strategist Iwona Zdanowicz Iwona Zdanowicz Administrative Advisors Gustav Simonsson Gustav Simonsson Orchid Labs Co-founder & Former Ethereum Core Dev Jim Newsome Jim Newsome Delta Strategy & Former CFTC Chairman Don Tapscott Don Tapscott Blockchain Research Institute Vinny Lingham Vinny Lingham Civic Don Wilson Don Wilson DRW William Mougayar William Mougayar Token Summit Partners Strategic Advisors Latest News Bloomberg Fortune Reuters American Banker Strategic Coin Resources: Owner's Manual Metronome FAQ GitHub Media Kit Wallet Connect + Collaborate Additional Info: Privacy Policy All Rights Reserved. Site Design by Onramp EXCHANGE LIST Kucoin Binance Bit-Z Bibox Linkcoin Qryptos Bitrue
Important information for CloudHashing customers. Dear Customer, We have some important information for you about your CloudHashing service. Please visit https://cloudhashing.com/login and login to view your account message. For a limited period only cloudhashing is offering to purchase your bitcoin mining contract. This offer expires in 10 days. Please log into your account to view this offer. Kind regards
and then when I log in to site:
Dear Cloudhashing customer: Due to the changed financial viability of our cloud mining service, we have decided to increase the management fees associated with the service to USD $0.15 (15 cents) per gigahash per month. This amount ($4.26 per month) will be deducted directly from your mining earnings. If your mining earnings are not sufficient to cover the management fees, you will be invoiced for the remainder amount. If your account remains in arrears for longer than 30 days, your contract will be terminated and your account will be closed. In order to avoid management fees, Cloudhashing customers may opt to sell their contracts back to Cloudhashing. You currently have 28.37 Gh/s of Cloudhashing contracts. Cloudhashing offers to buy these contracts back today for a price of 0.00631990 bitcoins. This is a temporary offer to customers who would choose such an option and expires at 12:00 midnight, Pacific time, on 8th February 2014. Thank you.
We directly connect mobile network operators and end users globally on our blockchain-based marketplace. With Bubble Tone Blockchain, travelers can swiftly become legitimate local customers of any foreign operator in the country they are traveling to. They dont need to replace their SIM card, and they retain their home number. Travelers - Make calls and use data during travel worldwide at great local rates with direct connection to local operators - No need to change your SIM-card or phone number - Next generation messenger packed with amazing communication features User’s Interface part A brief demonstration how subscribers can be connected with local rates and LTE quality around the world. Operators and service providers - Any operator can become global without complex network integrations - Direct access to international telecom market with millions of new customers - Increase in revenue through distribution of value-added services Blockchain Telecom part Live demonstration of mobile carriers' interconnection via Blockchain. New Offers and Requests are created and broadcasted in real-time mode, and a new mobile profile was downloaded onto SIM-card of a subscriber. Bubbletone project consists of two main parts: Blockchain and Mobile App Bubbletone Blockchain Bubbletone replaces old-fashioned and costly roaming technology by implementing smart contracts into mobile operators' interactions. 1 Visited operator 1 Visited operator Any mobile operator can publish its own tariff plans as smart contracts ("Offers"). These Offers are visible to all operators and their subscribers Blockchain Subscriber 2 Request for mobile services abroad Home operator 3 Smart-contract ("Request") with Digital Identity hash and Financial Transaction Blockchain 4 It's enough to execute the smart-contract to receive money and identify a visitor 5 Servicing the subscriber directly by downloading its own mobile profile onto a SIM-card "over-the-air” Any mobile carrier can publish prepaid plans as smart contracts on Bubbletone Blockchain. These offers are visible to all other operators and their subscribers. When subscriber selects offer, a new smart contract is created with the subscribers digital identity and payment transaction directly to foreign operator. Sim card registered in the local mobile network Subscriber is authorized Payment is processed Service is provided Billing is transparent Tariffs are local Zero costs for operator Quality LTE / LTE+ Quick launch for operator Bubbletone GitHub Bubbletone Yellow pager Blockchain in Telecom Wiki Why big operators will join Bubbletone? Read on Medium Bubbletone App Direct connection to a local operator provides low rates and high LTE quality, with easy management using Bubbletone mobile app BETA version is already availabe in: Google PlayApp Store Marketplace connecting subscribers and local network operators globally Keeping domestic phone number during foreign trips Conference video and audio calls SMS in future - send a date and text for your SMS Burning messages Buy, keep and use domestic phone numbers in different countries 100+ other communication features Who we are: 20 years of experience in Telecom Industry Allo Incognito - our own medium-sized mobile operator in Russia since 2002 Allo Incognito Website 240k+ Premium Subscribers 42m USD Annual revenue 10k POS Bubbletone is trending UMT Tokens 22% Network Development Fund 220 000 000 UMT 50% Crowdsale 500 000 000 UMT 20% Founders 200 000 000 UMT 7.8% Team & Community Development Fund 78 000 000 UMT 0.2% Bounty fund 2 000 000 UMT Name: UMT Type: ERC-20 Function: Used in smart contracts to perform transactions. Can be used to top up user balance to pay for telecom services Total Supply: 1 000 000 000 tokens For sale: 50% All unsold tokens will be burnt and additional release of tokens will not be possible! Checked by clearify Bubbletone ICO 01.02 10.02 Stage 1 10.02 01.03 Stage 2 02.03 10.03 Stage 3 20.04 15.06 ICO Stage ICO ETH/UMT 1 ETH = 4000 UMT Vesting No vesting Minimum 0.1 ETH ICO starts: 20.04.18, 10AM (London time) Token price: 1 ETH = 4000 UMT Hard cap: 15 000 000 USD Accepted currencies: ETH, BTC Join White List to reserve your UMT Tokens JOIN WHITE LIST Our Team Key Team Yury Morozov CEO and Founder Co-founder of 4 active telecom companies Oleg Pravdin CTO Telecom visionary, founder of 3 start-ups in the USA, China and Russia. Irina Chertok Co-founder and Major Chief Board Director Sergei Ivanov CEO of "Allo Incognito" (mobile virtual network operator) Sergey Malcev Lead Blockchain Software Engineer Sergey Baloyan CMO and Head of IR Fedor Rozhnov CBDO Strategic Developer for Telco, Realized 2 MVNO-projects for Russian mobile market Kirill Maskaev CCO and Head of PR Maria Voronova Project Manager Stepan Gershuni Blockchain expert, co-founder @Block Notary Sergey Sevantsyan Blockchain expert, public speaker Developers and IT engineers team Michael Nazarenko Lead security and fault tolerance developer Sergey Prilutskiy Security expert, Blockchain architecture development Sergey Lepenkov Development of payment services and high-load applications in the telecommunication field Oleg Vintovkin Development of IT project Yandex Telephony; development BSS & OSS for mobile carriers Yury Vasilchikov Blockchain consultant, smart contracts developer Alexander Artemiev Bubbletone messenger architecture development, integration with mobile carriers Jackov Mayurov Bubbletone messenger project manager Ajmat Iqbal Bubbletone messenger software development leader Mir Monsoor Hossain Senior software developer Momi Monjil Ara Senior software developer Khandaker Raihan Hossain Senior software developer Md. Shafiqul Islam Front-end software developer Md Maniruzzaman Back-end software developer Alexey Makeev Smart contracts software engineer Varun Reddy Community Relations Mariana Bugaeva Head of design group Advisors Keith Teare Successful serial technology entrepreneur; Executive Chair at Accelerated Digital Ventures; TechCrunch founding shareholder and EasyNet, Europe’s first consumer Internet Service Provider Dr. Norman Lewis Telecom expert Norman was running PWC’s innovation programme, He also worked in Orange UK as a Director of Technology Research, Founding Director of Future-Diagnosis, Executive board member of the MIT Communications Futures Programme. Anders Larsson Anders worked in Ericsson Group for two decades to create the emerging technologies of 2G, 3G, 4G, 5G and IOT in 10 different countries Held various CTO roles and the role of Vice President for Mobile Broadband in Southeast Asia & Oceania AllcoinWiki Co-founder Top-5 Blockchain Advisor in the world Samson Lee Founder & CEO of CoinStreet; Executive Chairman of China (Guangdong, Hong Kong, Macau) Greater Bay Area TechFin Association; Co-founder of Hong Kong Blockchain Centre; Co-Founder of Ethereum south China and south Asia communities; Chief Crypto-economic Advisor of Gibraltar Blockchain Exchange; Advisor of Universa.io; Asia President of Next.TV Inc. and Chairman of STM Digital Group. Joakim Holmer Joakim is a telecom expert, who had experience in AT&T and Ericsson Group. 15 years in various technical leadership positions around the world. Joakim has also worked with Software System Sales. With hunger to develop that included everything from Mobile App start-ups to RedHat, SAP and Cisco. AllcoinWiki co-founder John Mun Co-Founder of Linker Coin; John obtained his MFE at UC Berkeley, then became a Market Maker, HFT trader and General Manager at one of South Korea's leading investment institutions Woori Investments and Securities. John’s finance and engineering background supported him strongly in the blockchain industry and now is also an expert in Smart Contract development. Gabriel Zanko Fintech entrepreneur-Advisor. Founder of MobileyourLife and involved in the AI-Fintech space providing solutions in the B2B space. ICO advisory in Fundraising Capital and International Business Development. Professor Jin Song Dong Director of the Institute for Integrated Intelligent System, Griffith University, Australia Gilbert A. Darrell Gilbert is founder of Horizon Communications, the innovative provider of decentralized wireless infrastructure. He has 18 years of experience in IT and Telecoms and led multiple projects for Fortune 500 companies, such as Microsoft, Energizer and Siemens. Vladimir Sirotinskiy CEO of Lingualeo, the market leader in online English language learning. Serial entrepreneur and business consultant Oleg Khokhlov Adviser & Legal Counsel of ICO Oleg Khokhlov is Partner with international law firm Goltsblat BLP, the Russian practice of Berwin Leighton Paisner (BLP), headquartered in London. Oleg was selected by peers for inclusion in The Best Lawyers in Russia 2013-2018 Editions in the field of Banking & Finance Law. He has been also highly recommended for Banking & Finance by IFLR1000 and Legal 500. Oleg has advised leading ICOs and venture fiat/cryptofunds. Maria Agranovskaya Blockchain and ICO Legal Expert. Managing Partner of GRAD Attorney Bar (30+ lawyers). Attorney at Law with 20+ years of experience. Working with cryptocurrency since 2010: ICO, trading, funds setup, etc. Over eight years running a multifamily office. Cross-border transactions, investments, asset management, deal and corporate structuring in various jurisdictions. M&A, international taxation Tech and Telecom leaders about Bubbletone Blockchain Roadmap Q1’2018 Initial version of smart contracts is ready. The first “Offer” and “Request” are on the Blockchain platform. Demonstration of the platform at Mobile World Congress in Barcelona (February’18). Integration with major eSIM platforms to download mobile profiles onto SIM cards Q2’2018 Web-API for integration of mobile operators and service providers. Integration of Digital Identity into Bubbletone app. Commercial launch, with “Offers” from 10+ mobile operators are on Blockchain, low rates in 80+ countries. Q3’2018 Global Mobile Profile approval by International Telecommunication Union. Update Mini Nodes to participate in processing smart contracts. BubbleTone Blockchain – White Paper Page 25 of 31 New features in the Bubbletone app: Voting platform based on Blockchain, 4K videoconferences, transfer of fiat money and crypto currencies Q4’2018 Expanding list of mobile operators and service providers connected to Bubbletone Blockchain Ecosystem. The first 1 million transactions are processed Q1-Q4’2019 Signing agreements with mobile operators worldwide to activate the Global Mobile Profile. First prototype of a global SIM-chip to be embedded into mobile devices. Expanding list of mobile operators and service providers connected to the Bubbletone Blockchain Ecosystem. 10 million transactions are processed Partners Bubbletone Community around the world Bubbletone Worldwide Tour Past Events May 14-16 TMForum, Nice, France May 14-16 Coindesk Consensus 2018, New York, USA May 2-3 Future Blockchain Summit, Dubai May 1-3 IOTX 2018, Dubai April 26-27 World Blockchain Summit, Moscow, Russia April 23-26 MVNO World Congress, Madrid, Spain April 18-19 Blockchain Expo, London, UK April 17-18 Blockchain Conference, Moscow, Russia April 16-17 World Blockchain Forum, Dubai April 8 Blockchain Tomorrow 21, Seoul, Korea April 4 Blockchain Conference, Berlin, Germany March 28 Blockchain Conference, Tel Aviv, Israel March 22 Tallinn Blockchain Conference, Tallinn, Estonia March 21-22 Cryprocurrency World Expo, Berlin, Germany 26 February - 01 March Mobile World Congress in Barcelona March 10 Crypto Investor Show, London, UK March 7-8 Blockchain Summit Zurich 2018, Zurich, Switzerland March 3-6 D10E Fintech Conference, Seoul, Korea March 2 Bubbletone Meet-Up, Singapore March 1 Blockchain & Bitcoin Conference, Istanbul, Turkey February 23 7th Korea Blockchain Symposium, Seoul February 27-28 Singapore Blockchain Summit 2018, Singapore 25-26 January Cryptoeconomy ICO London 22-24 January London Blockchain Week 2018 14 December Big ICO Roadshow, Moscow, Russia 8 December Crypto Space, Moscow, Russia 29-30 November Blockchain Expo in Santa Clara, California (booth 419) 29-30 November Block Show Asia in Singapore 14-15 November Telecom Conference in London 24-25 October World Blockchain Summit in Dubai 8-12 October GITEX Technology Week in Dubai, Stand E3-6 3-5 October Blockchain Solution Forum in Barcelona, Stand №100 26-27 September Telecom Conference in Singapore 25-26 September World Blockchain Forum in London FAQ How can I buy your tokens? Which cryptocurrencies are accepted? Which wallet should I use to receive tokens? What is the goal of your project? Is your product already working? Do you have a prototype or a beta version? Why do you have a blockchain in your project? How is your system going to expand? What are advantages for Node owners? What are the advantages of BubbleTone messenger? How do I operate all these other Sims on my phone? JOIN US Kucoin Binance Bit-Z Bibox Linkcoin Qryptos
[uncensored-r/CryptoCurrency] Beginners guide to Syscoin (SYS) and why you should be investing in this cryptocurrency in 2018
The following post by one22manytimes is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7uih1g The original post's content was as follows:
What is Syscoin?
Some have described Syscoin(SYS) as the Shopify, Amazon and Ebay of the blockchain world. Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone! Syscoin is developed by Blockchain Foundry (BF). BF provides blockchain technology based services, projects and products for a wide variety of use cases with the stated aim of disrupting markets by leveraging the potential of blockchain technology. Syscoin is mainly known to be the first cryptocurrency to offer a fully decentralized marketplace based on blockchain. What is lesser known is that this is only a part of what Syscoin offers. With the introduction of Masternodes in February or March 2018 SYS will be transformed from just a ’marketplace coin’ to a completely ‘utilitarian coin’. The Masternode infrastructure allows the addition of decentralized databases and file storage, increased transaction speed to surpass POS/Visa/Mastercard capabilities, true Turing complete smart contract capabilities for unlimited business logic, sidechains, application layers and an identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can conceive. This will usher in the next generation of blockchain applications - made for new or existing businesses - by conveniently offering everything available from the blockchain space today.
SYS Origin
The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter's public ledger of transactions. Although Nakamoto's reference client mentioned a decentralized marketplace service, the subsequent implementation did not incorporate this due to a lack of resources. Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it would offer upon its release. Syscoin aimed to bring Nakamoto's vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients. Other services that Syscoin plans to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias. The early Syscoin wallet was superseded by the release of Blockmarket Desktop 1.0 on September 12, 2017, marking the culmination of Syscoin's vision of a fully decentralized marketplace with a desktop GUI based on the blockchain. The planned release of Blockmarket Web, a fully web-based version, and Blockmarket Professional in 2018 takes that vision one step further, as more advanced seller stores become a reality.
The Team
The Team that NEVER quits! Before the launch of Syscoin (Q3 2014), there was a presale ICO by Moolah (as a partner), which turned out to be detrimental for Syscoin. The project raised around 1,000BTC for development but the Syscoin Team only managed to access 250BTC which were used for price support. Moolah (Ryan Kennedy) absconded with the bulk of the ICO funds and the Syscoin team were left with ~30million Syscoin at a price around 400 satoshi. Even after this tragic event, the devs didn’t quit and continued to work on the project without stopping. The case against Moolah is still on-going. See the article from CoinDesk here: http://www.coindesk.com/uk-court-syscoin-injunction-moolah-750-btc/. What is this detail telling us about the dev team? While some crypto projects are just scams and bring little to no innovation, they’ve proven that they are in it for the long term - ably demonstrated by the fact that they continued to work despite their funds being stolen. And now that hard work is beginning to pay off with the entire team going full-time for the first time in January 2018 and new developers being hired following VC funding for BF.
Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete, state-of-the-art marketplace built-in where you can securely and reliably buy and sell any items you wish. Entire stores can be created directly through the marketplace where you can sell your own products or re-sell others’ products for commission. Use of blockchain technology eliminates middlemen, credit card fees, maintenance fees, downtime and political interference. Persons are literally able to buy or sell anything to anyone, anytime, anywhere on Earth! Blockmarket Desktop was launched on September 12, 2017.
Key Blockmarket Features
Decentralized Marketplace The marketplace platform provides a decentralized and high redundant channel for selling goods and services. Features include:
• Price Pegging to currencies such as USD, EUR, GBP, CAD, CNY and BTC • Bitcoin and Zcash as payment options • Arbitrated Escrow • Encrypted Messaging • KYC/AML Compliance • Images • Unlimited Inventory Items
Name Aliases
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. Such an address isn’t easy to memorize. Although the addresses can be added to an address book within the wallet, Syscoin has taken the user's convenience one step further, allowing you to create a unique Alias for your wallet address, such as a name, title, or characters specific to a username. These can be used to send SYS from home, to a mobile wallet, to work, to friends, to common suppliers or to repeat customers easily, without requiring any memorizing, writing it down, copy & pasting or emailing yourself the address.
Digital Certificates
Using the cryptography of the blockchain persons can issue, authorize, and exchange digital certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ASCII content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work. This allows for the creation and free exchange of any kind of digital asset such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more.
Integrated Exchanges
Integrated Crypto exchanges - Flypme and Changelly will facilitate exchanging 30+ cryptos for SYS, directly within the Blockmarket wallet.
BM web will bring SYS’s existing decentralized marketplace and all its features into a web-based version, enabling ease of use with a simple email and password login (grandma friendly) without any need for downloading a wallet or waiting for sync. Blockmarket web will be launched in February 2018.
Ability for world-class transactions-per-second performance to scale-out with added nodes (theoretically 100k TPS per 1000 Masternodes, 300k TPS/3k masternodes, etc). In later releases, masternodes will also process smart contracts and facilitate sharded+encrypted offchain file-storage (with onchain anchors), among other touted functionality. They should also result in steadying the price movements - less volatility as holding will be incentivized
Smart Contracts
Scalable Ethereum Virtual Machine: Allows Turing complete smart contracts to be executed following the ethereum protocol at a much faster speed and at a fraction of the ethereum gas price.
Assets & Token Issuance
With its token issuance service, Syscoin allows anyone to create a custom asset token which can then be sent directly to anyone else on the network. This facilitates a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.
Anonymous Transactions
Anonymous transactions: via mixing/shuffling at user-specified denomination. Afterwards, additional tech will be added in the near future which will further compound the degree of anonymity provided -Add ValueShuffle running o...
THIS ARTICLE IS STILL UNDER CONSTRUCTION!!!!! Stellar Lumens HODL alert: 2017 Round up, Partnerships, Lumens vs. Other Cryptos Welcome everyone! The future of Stellar Lumens is bright! Today we will look at the accomplishments of Stellar.org in 2017. . . 2017 Round Up • IBM / Stellar Partnership • Kik Messenger’s KIN coin to move from Ethereum to Stellar in 2018 • Stellar ATM introduced in Singapore • Jed McCaleb confirms IBM/Stellar has 30 banks on board (Youtube Video) • Lightyear.io enables forward thinking financial entities to easily join the Stellar ecosystem. • IBM adds 8 new validators from 8 different countries onto the Stellar network (article) • Forbes calls Stellar “venmo, but on a global scale - and for larger bodies like banks and corporations.” • Stellar Lumens Is Up 6,300% Since March and Is Aiming for Big Blockchain Partners (article) • Many new partnerships (listed below) that will be using the Stellar network in 2018. • Binance and GoPax Exchanges Adds Stellar • Ledger Nano S support is now available for Lumens (XLM) • The next coin to break into the top 10 cryptos (article) . . 2017 Partnerships & Financial Institutions • IBM - is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. IBM partnered with Stellar to help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. • SatoshiPay - a web payment system that helps online publishers monetize digital assets like news articles, videos, or PDFs in tiny increments without friction. • EXCH.ONE - is a FinTech software company based in Switzerland currently working to integrate its platform and its first technology adopter Euro Exchange Securities UK Ltd. into the Stellar network. This addition to the Stellar network will bring access to currency markets of South and Central America,UK and a number of EU countries. • Novati (ASX:NOV) - is an Australian-based software technology and payment services provider. Novatti is currently working to integrate it’s platform into the Stellar network with the ultimate aim to build a global money transfer solution to provide cross border, cross currency and cross asset payments. • Pundi X - is an Indonesia based fintech company that provides POS device, debit card, multi-currency wallet that empowers individuals to buy and sell cryptocurrency at any physical store in the world. They say "buying cryptocurrency should be as easy as buying a bottled water." • MoneyMatch - is a Malaysia based fintech startup that provides a fully-digital peer-to-peer currency exchange platform for customers to transfer and exchange foreign currencies with complete ease and at great value. The company plans to integrate with the Stellar network and enable pay in and pay out from Malaysia. • Streami - is a Korea based fintech company that offers blockchain enabled cross-border remittance service and recently launched a cryptocurrency exchange. The partnership extends both on the exchange side and remittance operations. • Neoframe - is developing and marketing trading solutions for big brokerage firms in Korea and extends its business to blockchain based applications. Neoframe developed high performance centralized cryptocurrency exchange as well as secure wallet solutions and is working with big financial players. The company is planning to launch a remittance business for ASEAN countries (Thailand, Vietnam, Indonesia, Malaysia, Philippines, Singapore, Myanmar (Burma), Cambodia, Laos, Brunei) using Stellar. • SureRemit($RMT) - is a Nigeria based global non-cash remittances company. SureRemit leverages the Stellar blockchain platform to connect immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent on goods and services at accepting merchants wherever they are. • Cowrie Integrated Systems - is a Nigerian based Value Added Service Provider. Cowrie provides services at the intersection between telecoms and finance. Cowrie recently joined the Stellar network to bring novel fintech services to the African market. • Smartlands - is a Stellar-based platform designed to create a new class of low-risk tokens, secured by real, profitable assets in the real-world economy. Smartlands is designed to promote investments in the agricultural sector by allowing investment in individual projects, agricultural companies or indexes of groups of projects. These investments will be fully collateralized by agricultural real estate, other productive assets such as fruit or nut trees or, in some cases, the actual crop. • Klick-Ex - is an award winning regional cross-border payments system delivering financial infrastructure for emerging markets. It has been responsible for dramatic uptake in digital financial services in unbanked regions of the world, and lowering costs for banks, central banks and consumers in low liquidity currencies. Its key presence is in the Pacific and Europe, and it is a founding member of www.APFII.org processing more than 775,000 transactions per second, per billion of population (source). • Mobius - Mobius connects any app, device, and data stream to the blockchain ecosystem. Our simple and easy to use bidirectional API allows non-blockchain developers to easily connect resources to smart contracts and more. The Mobius MVP acts like Stripe for Blockchain by introducing innovative standards for cross-blockchain login, payment, smart contract management, and oracles. The Mobius Team includes David Gobaud, Jed McCaleb (Stellar.org founder), Jackson Palmer (creator of Dogecoin), and Chandler Guo (notorious Bitcoin & blockchain investor). • Chaineum - Chaineum, the first French ICO Boutique, will use the Stellar network for upcoming ICOs. “Chaineum is positioned as the first “ICO Boutique” in France, providing a range of end-to-end services to companies and international start-ups wishing to develop with this new funding mechanism. Chaineum is preparing 8 ICOs by the end of 2017, for European, North American and Asian companies, of which cumulative amount could reach € 200 million." (source) • Poseidon Foundation - Poseidon will simplify the carbon credit market with the creation of an ecosystem built on Stellar.org’s blockchain technology. This technology will prevent double counting of carbon and will be consistent across jurisdictions, making it easier for companies to deliver and measure progress towards their climate targets or other goals such as deforestation-free commitments. • Remitr - Remitr is a global platform for cross border payments, licensed in Canada. Remitr uses the Stellar network for international settlements for businesses as well as other payment partners. Remitr’s own payout network of 63 countries, comprising several currencies, is extended onto the Stellar network. • MSewa Software Solution (MSS) - MSewa Software Solution (MSS) Payments provides a one-stop digital payment service available across the Globe. MSS Payments aims at serving the consumers (Banked, Unbanked and Underbanked) with mobile banking facilities on the move from anywhere by transferring funds in their mobile phone. • PesaChoice - PesaChoice is a leader in international bill payment services for the African diaspora. PesaChoice aims at making international bill payment process easy, seamless, secure, with reasonable and competitive service fees, and up to date technological advances. • SendX - Singapore based SendX, in partnership with Stellar, is the better way to move money worldwide. The SendX team believes that the future of transactions is decentralized and distributed, bringing true equity to everyone across the value chain. • VoguePay - VoguePay, with offices in the United Kingdom and Nigeria, is partnering with Stellar to become the cheapest and most efficient way to send money between the United Kingdom and Nigeria. In the coming months, they expect to expand this service to other selected African countries. • HashCash - Hashcash consultants build financial solutions for banks and financial institutions over blockchain. We leverage the Stellar platform to build products that vastly improve the remittance and payments experience for banks and their customers. Transfers happen lightning fast at a fraction of current rates and operational cost is significantly reduced. HashCash is headquartered in India, with operations across South Asia and the Gulf. . . Stellar Lumens vs Other Cryptocurrencies • Lumens vs. Bitcoin: Jed McCaleb spoke at Distributed Markets in 2017 about the advantages, but more importantly, the disadvantages of Bitcoin. Listen to the talk here. Jed said, “Bitcoin is this awesome innovation. The first thing it does is converts a real world resource, electricity, into a digital asset. So it takes something from the real world and puts it into the digital realm. The second thing it does is provides immutable public record. It’s basically a database that everyone can see but no one change arbitrarily… That’s great, Bitcoin solves the double spin problem [ of proving possession and transmitting volume]… [However, to fix the problems of bitcoin] you might think well maybe we’ll just kind of keep adding [software] to Bitcoin until we get there, but that’s not really the way software works. You want to have the design from the beginning and solve these simple issues. Bitcoin was designed to be a new currency, it wasn’t really designed to be this unifying universal payment network. So that’s what Stellar does. It solves these three remaining issues.” • Lumens vs. Bitcoin #2: According to wired.com, "Bitcoin mining guzzles energy - and it's carbon footprint just keeps growing." Wired says "Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the US for one day... The total energy use of this web of hardware is huge—an estimated 31 terawatt-hours per year. More than 150 individual countries in the world consume less energy annually. And that power-hungry network is currently increasing its energy use every day by about 450 gigawatt-hours, roughly the same amount of electricity the entire country of Haiti uses in a year." Because Stellar is based on a consensus algorithm rather than mining, it takes much less energy to run the Stellar network. The Poseidon Foundation decided to build their platform on Stellar rather than Ethereum or Bitcoin because of this (twitter source). • Lumens ICO tokens vs. Ethereum ICO tokens: According to Stellar.org, "traditionally, ICO tokens have been issued on the Ethereum network in the form of ERC20 tokens. ERC20 tokens are easy to issue and are infinitely customizable using Ethereum’s smart contracting language. However, recent events have highlighted and exacerbated some weaknesses of the network, including slow transaction processing times for the network during ICOs and increasingly expensive gas prices (by fiat standards) for transactions and smart contract execution. Moreover, many organizations require only basic tokens; they adopt the risk of Ethereum’s Turing complete programming language without taking advantage of many of its benefits." "While Ethereum has the most expressive programming capabilities, we believe Stellar is the best choice for ICOs that do not require complex smart contracts. Stellar’s primary goal is to facilitate issuing and trading tokens, especially those tied to legal commitments by known organizations, such as claims on real-world assets or fiat currency." • Stellar vs. Ethereum #2: The median transaction time on Stellar is 5 seconds, compared to approximately 3.5 minutes on Ethereum (source). Stellar has a negligible transaction fee (.00001 XLM ~= $0.0000002) with no gas fee for computation, while depending on the complexity of the computation, the median cost for a transfer on the Ethereum network is $0.094. Security: While both Stellar and Ethereum run on a decentralized network, the Stellar network has fewer security pitfalls. Stellar uses atomic transactions comprised of simple, declarative operations while Ethereum uses turing complete programming capabilities which produces less auditable code and greater risk of exploitable vulnerabilities(source). Recently, a security flaw in the Ethereum network froze millions of dollars. According to Mobius ariticle written by David Gobaud, "On November 6, 2017, Github user deveps199 'accidentally' triggered a bug in Parity, a popular Ethereum mult-sig wallet, that froze more than $152 million in Ether across 151 addresses. The bug impacted several token sales including Polkadot, which has had ~$98 million out of its recent $145 million sale frozen." "Mobius had none of its ongoing pre-sale Ether frozen because we do not trust Ethereum’s Smart Contract based multi-sig wallets given the vast Turing complete attack surface and did not use one. Security broadly is one of the main reasons the MOBI token that powers the DApp Store is a Stellar Protocol token and not an Ethereum token." • Lumens vs. Ripple: According to Wall Street Bitcoin Exchange, "Many investors like to compare the company [Stellar] to Ripple, and there are a lot of similarities, being that some of the founders worked on the Ripple team. In what can now be looked at as another blockchain development drama that plays out on chat boards and in interviews all across the globe. Stellar declared they fixed Ripple’s problems with their hard fork, however, Ripple has failed to admit to any of the flaws in its design that the Stellar team has pointed out." The article concludes by saying, "We Choose XLM Over XRP For 2018. That is why we are going with Stellar Lumens over Ripple in our portfolio for the rest of 2017 and 2018. After holding Ripple for a long time this year, it just never seems to make the big break like other names with bigger market caps like Bitcoin Cash, Dash, and Litecoin have. While we are holding on most all our larger market caps, we feel that Stellar Lumens will be one of the break out coins for 2018." . . Conclusion The stellar.org team is doing an amazing job making partnerships and pioneering the use of blockchain technology for various types of transactions. What we are seeing is a new technology that can actually be used to solve real-world problems. As a community, we need to continue supporting Stellar and we will quickly see it power transactions across the world. What are your thoughts about Stellar? What do you see in the future of Stellar? Any important news you want to share? Comment below.
boldninja All welcome @vinnylingham from Civic.com (edited) darius hiyo rhmral Hi Vinny! vinnylingham Hi guys. numba1enigma Vinny is civic open source moonyrooney hi alirz Vinny thank you so much for coming. I am very interested in your coin and thank you for supporting the community. Factom coin has dod contracts already. How does Civic plan on getting these important contracts and are any already in discussion? Do we plan on having some strong names up front? ichowa Hey sidzero Hi @vinnylingham vinnylingham How do I handle this Too many questions :-) techbytes Hi and welcome to the ARK. alirz Take them as they come :slightly_smiling_face: vinnylingham I'll type * - which means stop. boldninja Take them 1 by 1 and I would ask everyone to wait till Vinny catches up vinnylingham And then let me respond. Thanks. I'll take those first 3 bootstrap Hi Vinny michaelthecryptoguy Hello :wave: @vinnylingham bootstrap Thank you for hosting this, hope you get some good questions from the community. mike Hi vinny, good to see you, thanks for stopping by. vinnylingham re: BIP148 - we will make a decision closer to the time, but we are aware of the options. It's a bigger issue for Bitcoin than for Civic, tbh. Civic is not yet open source - eventually one day, it will be. Open sourcing security software in the early days is very risky satoshi75 good day, ladies and gentlemen dr10 Hey satoshi75 this is confusing, none of the usual lurkers I've grown to love during the last week oh you :heart: vinnylingham Not familiar with Factom's dod contracts - so I can't answer that question mward @dr10 go dude! ask them questions vinnylingham ok - more questions varvitsiotis When will instructions be sent for pre-sale bootstrap Is there an economics model that insure's Civic tokens will increase in value? satoshi75 real vinny lingham? oh you got some ama going on here or so? alirz How does the token gain value over time? Is there economic policy? vinnylingham Pre-sale instructions going out today numba1enigma Vinny what kind of moat will civic have to compete with giants like ibm vinnylingham Civic is selling a token. We don't speculate on future value of that token. alirz Thank you. As opposed to asking about DoD contracts, what big names already support this or are you having big names in the works already? How will we increase adoptation. dr10 What ia civic about - explained in words for someons who bought bitcoin a week ago? vinnylingham Yes - I'm real and this is an AMA :-) varvitsiotis What exchanges will list CVC post presale and crowdsale gandalfthegrey @vinnylingham thanks so much for joining and chatting. Can you speak about token settlement is there is no smart contract? It appears based on the Civic Telegram chat that tokens and funds will be manually settled a week or two after the crowdsale is over. If this is the case is there timing risk of carrying the cost of BTC / ETH fluctuations in the interim? Same also for the presale - will those investors who commit early be forced to take the carrying cost risk of BTC / ETH fluctuations? vinnylingham Network effect businesses have built in moats - re: Metcalfe's law tranzer Since you are selling 33% of total tokens to ICO participants, what kind of hard cap do you plan on putting there? What if everything solds out in pre-sale? numba1enigma Vinny how will you approach network building vinnylingham We are not announcing any names of partners other that initial launch partners (Jaxx, Bitgo, TokenMarket & BnkToTheFuture) lav @vinnylingham type @personsname so we know who you are responding to tintumon How much money are you expecting from the presale? Is it possible that the funding will be over in presale itself? vinnylingham After the crowdsale, we will announce more names bootstrap @vinnylingham while I understand non-disclosure, can you confirm the existence of other partners? alirz Can you share the strategy for going after big verifiers and service providers? For example, are we putting aside a certain % of the sale for marketing purposes like MobileGo has? michaelthecryptoguy What safety measures can civic offer with electronic records, that another entity cannot? vinnylingham @dr10 Civic is using tokens with a smart contracting system to ensure private consumer data is exchanged between 3rd parties in a secure manner and that identity information is verified once and re-used multiple times reducing costs and friction to transacting michaelthecryptoguy so its not the security that civic is mainly about, its the re-use or re-validate? (edited) numba1enigma what platforms will civic use for the smart contrating system vinnylingham @gandalfthegrey We are releasing terms today. Token prices are fixed on the day of contracting in the pre-sale, when the contract is signed. Settlement occurs afterwards at that fixed price. Crowdsale price will be fixed on the morning of 21 June when it goes live. bootstrap @vinnylingham Why was the decision made to use RSK instead of a more mature smart contract platform? dr10 Like what kind of private data? Can you give me a scenario where i would need/use civic and what kind of data is exchanged? (edited) bootstrap How would a pivot to ETH affect token holders. vinnylingham *stop - catching up. dr10 When rsk is on LTC as charlie lee mentioned it on twitter - will be civic on ltc too? vinnylingham some questions I cannot answer for reasons of legal consideration in that they are complex and without an understanding of the legal framework within which we operate, context will be lost. I will ignore ones that I cannot answer, please do not take offense or assume i have missed the question. alirz If possible just let us know you will have to ignore that one, if it's OK i have a few more since I went through the white paper vinnylingham @tranzer read my latest blog post : www.vinnylingham.com - it has the answer to your questions around the cap etc vinnylingham @tintumon same applied to you - please review my latest blog post @bootstrap yes, we have other partnerships in the works satoshi75 Anyone can answer me, since I am late and this is probably a stupid question - Is there some kind of cooperation or at least symbiosis between Ark and Civic? Do both benefit from each other more than they do with a random altcoin/token? because if so, I could be more likely to look into becoming a part of Civic. vinnylingham @alirz we will be using the 330m tokens for network incentives to drive adoption and bring partners on board. @michaelthecryptoguy Civic does store any data. The user's data is all stored locally on their apps. If we get hacked, there is no PII varvitsiotis Time frame when CVC will be listed and be able to be purchased on exchanges, thought I read August alirz ty cannabanana @satoshi75 no connection currently, just hosting the AMA for the benefit of our community vinnylingham @numba1enigma We will be using RSK vinnylingham @bootstrap RSK was used because our entire platform has been built on bitcoin and bridging to Ethereum is an extra step that may not be necessary with RSK cr @vinnylingham I understand presale is for people willing to invest $50K+. For public who wants to participate in the general sale on the 21st whats the best way to ensure window doesn't close on them too rapidly? Said differently, what's the best way to ensure bids are received before book is filled? Will you be issuing directions? Will any wallets be accepted (say coinbase vs hardware wallet)? numba1enigma @vinnylingham how does one do presale vinnylingham @satoshi75 no relationship with Ark at present although they may purchase coins in our token sale jac067 What are your thoughts on Estonia's digital identification program that has been fostered over the course of the past few years? Could Civic have government applications some time in the future? vinnylingham I cannot discuss anything relating to crypto exchanges in this AMA. The Civic token is not a cryptocurrency - it's a token built on top of the Bitcoin blockchain with smart contracting capability, that being it's primary purpose and utility. michaelthecryptoguy For example. If using civic. I would walk into a bank associated with civic to open a new account. Would I then send a token across the network to be added to the block-chain, to be verified with that bank? vinnylingham @jac067 yes - hence the name Civic - we want to be the global decentralized store for self sovereign identity information If you haven't already, I highly advice everyone to read this post for more info: https://vinnylingham.com/the-vanity-headline-is-not-the-goal-introducing-the-civic-token-sale-3675b883fb05 (edited) bootstrap How do you plan to address issues of regulatory compliance (HIPPA, SOX, PCI, etc...) when there is no formal advice on blockchain practices? vinnylingham Our goal is to ensure that Civic tokens are widely distributed Not sold out in 30 second :- alirz At a certain point the end user get's a incentive for giving their private data for use in civic, and verifiers get incentive for selling a 'validation request' for tokens for the hard work they did in already verifying that user. How does this token get used though for something tangible? tranzer @vinnylingham will tokens be immediately available after ICO (if it sells out quickly) ? vinnylingham Users never spend tokens on identification - it's always free for them @michaelthecryptoguy mike does Civic have/will have recognition in any jurisdictions as legal ID/documentaion? dr10 Can you give me a scenario where i would need/use civic and what kind of data is exchanged? vinnylingham Tokens will be issued around mid to end of July only. We will be doing extensive integration testing with partners like Jaxx to ensure that everything works 100% before releasing them @dr10 not having to ever fill in a bank account application form again :-) @mike hopefully :-) whyfhy @vinnylingham do you own any ark? 1 reply Today at 8:55 PM View thread vinnylingham @alirz the tokens utility is smart contracting and settlement tranzer @vinnylingham can you participate in presale with bitcoins as well or only ethereum tokens? numba1enigma nevada and a few other states recognize documents produces from blockain as legal for legal proceddings mike look forward to never having to fill out such applications... dr10 Well... If i have only bitcoin... And use it as a Payment. And dont use banks anymore. Why civic? dr10 I dont get it xD vinnylingham @dr10 try crossing the boarder without a passport bootstrap You might still want to buy a house, purchase a vehicle, get a credit card, etc.. dr10 In the eu? Np.. (edited) Hmm.. alirz Thank you Vinny, I as a end user to lets Civic be the hub for my data verification get incentives or a reward for using it per transaction. I guess my question is, how can I use that incentive reward; whether it's a token or not? Is the idea that I can sell the token at a later date and do something with that? I'm not sure what use a token incentive has for me as a end user if I use civic whyfhy @mike any new updates coming our way? michaelthecryptoguy Can you tell me the difference in applying for a bank account----to what you see in your vision-----or future? (edited) vinnylingham @alirz Civic sells products like ID theft protection and we have others in the works. You will be able to spend the tokens with us. @michaelthecryptoguy scan a QR code, bank requests all your personal information on your phone, you hit ok and account created in 30 seconds. No more docs needed. alirz thank you. jac067 Is civic meant to be a replacement for government issued ID or a supplement? whyfhy ANYWAYS sup guys holding strong? michaelthecryptoguy this isn't about ark atm @whyfhy gandalfthegrey @vinnylingham if the tokens are released in mid to end of july, would it be safe to say that exchanges won't carry them until that date at the earliest? So there's no liquidity for several weeks at best? I understand the desire to mitigate against flippers, but removing liquidity in this market is a real concern, are you doing anything to mitigate against that? whyfhy apparently not . but not everyones interested. im on the sidelines vinnylingham @jac067 no, but eventually it should have the same legal status/framework @gandalfthegrey see previous comment re: limitations on what I can discuss dr10 What is the advantage of civic instead of just doing it the old way? Why wouldnt the government not want access to all these Informations lav Can Civic functionally act in a pseudo-anonymous way? For example I sign up for a website and it verifies that I'm a legit person but doesn't reveal who I am. michaelthecryptoguy How long do you see this road going forward until a qr code is actually implemented and actually able to use? cr @vinnylingham Civic token sale is to grow early adopter network and create a user base of Civic advocates. What's your estimate on potential timing for a significant percentage (call it 1+%) of general population penetration/adoption. vinnylingham @dr10 hang on a minute, I need to find my walkman, the music companies don't offer music for my iPod @iav that's exactly how it works. You have private login features- no info, just a token. Site doesn't know anything about you but can keep a history for you. dr10 Dunno vinnylingham @michaelthecryptoguy download the civic app today and try it on tokenmarket.net or bnktothefuture.com varvitsiotis When will it be available for Android dr10 Speaking about identity here and legal data. Goverments dont like anonimity. dont know why banks etc should be allowed to work with btc/civic. Thats what i dont understand really. Why should it go mainstream? vinnylingham Android coming next week Before crowdsale @dr10 I could argue the same about Bitcoin...and yet...there it is michaelthecryptoguy Will identity verification be manually verified by person, or a computer? numba1enigma is ability to buy in presale still available dr10 Sure, but its disconnected from banks and passport stuff. lav how much time will we have to organize funds for the presale once the go ahead has been given. BTC transactions take some time vinnylingham @michaelthecryptoguy automated as much as is practically possible, for purposes of scale michaelthecryptoguy What I meant was, where I can walk into a local bank and apply for an account? michaelthecryptoguy How long do you see this road going forward until a qr code is actually implemented and actually able to use? Posted in #trading_altcoinsToday at 9:00 PM vinnylingham @michaelthecryptoguy it's ready for them...let's see who moves first. Pre-sale is $50k+ - contracts go out Friday. You will have a couple of days to settle in BTC or ETH. Email [email protected] for more info. mike is there a link for the pre-sale? vinnylingham Tokensale.civic.com is the site numba1enigma thanks varvitsiotis If someone was to invest 50k in presale are they guaranteed a opportunity in the presale or will they get bumped by a bigger investor tranzer @vinnylingham are there any high-profile companies / organizations / governemnts already interested in Civic? michaelthecryptoguy Do you see any roadblock with legal framework. Being as of now block-chain is only accepted or has no legal manner in I believe 3-8 states? (edited) lav If you haev already contacted Marina T and she has replied is that an indication that the contract for the amount you wanted to buy is locked in? (edited) michaelthecryptoguy Can you discuss some major attributes to civic, that may have not been mentioned? vinnylingham @michaelthecryptoguy not sure exactly what you mean? @varvitsiotis once you get a contract and allocation, you are guaranteed, until then it's just an expression of interest gandalfthegrey @vinnylingham besides user and partner acquisition pools, how will you look to capitalize on the ICO to drive adoption and real fundamental use cases for Civic? vinnylingham @tranzer yes, but I can't give more details just yet @michaelthecryptoguy many, but network effects generally force those rules to change. Ask Uber. gandalfthegrey @vinnylingham Who do you view as your competition? is it OAuth, Gem, Netki,etc and why? michaelthecryptoguy On the first question. For example some banks do not allow any transactions with an online exchange dealing with bitcoin. Wouldn't block-chain have to be legal across the board completely for any bank to accept and work with blockchain? And not allow this state or that state? vinnylingham @gandalfthegrey no one we know of it building an identity network, hence we don't see any competition currently...maybe change quickly though gandalfthegrey @vinnylingham Sorry for the question blitz, but have another one: How do you get these banks and other FIs comfortable with not storing any information for their own KYC / AML purposes. It seems like it may take several years for them to even be comfortable with that idea. Do you have any feedback or proof points with those players? mofo How I could make money with investing into Civic? viajero I understand the token is meant to incentivize early adopters to help build a network effect. is that correct? if yes, how is civic planning to create appreciating token value? numba1enigmahttp://www.coindesk.com/blockchain-consortium-draws-enterprise-giants-to-revolutionize-digital-identity/ michaelthecryptoguy Is the civic blockchain data stored peer to peer? numba1enigma vinny civic was mentioned here vinnylingham @michaelthecryptoguy this is different (and depends on jurisdiction), we are already piloting with banks and because Bitcoin is not being used as money, it's ok. new messages @gandalfthegrey they may retrieve and store the information, but it would come from the user and would be reusable and cheaper than current solutions @mofo we are selling a network access and smart contracting token, to be clear but you are not investing in Civic. tranzer @vinnylingham who is the brains behind Civic idea? Was it you or a few people came together? vinnylingham @tanzer me and my co-founder, Jonathan Smith @michaelthecryptoguy the user data is peer to peer, the hashes are stored on the Bitcoin blockchain jac067 What will make big corporations such as banks, health care providers, etc. prefer the civic system of identification over that of a drivers license and social security card for example? vinnylingham @viajero we are working on common standard as part of Microsoft led DIF. We are very consumer focused though (edited) tranzer @vinnylingham maybe a bit off-topic, but did you anytime in Shark Tank when listening to ideas came to some of the new ideas that you put in action and were inspired by people on Shark Tank? viajero how is civic related to what Daniel B. (@csuwildcat) Head of Decentralized Identity @ Microsoft is building (http://www.backalleycoder.com/2016/07/12/scaling-decentralized-apps-services-via-blockchain-based-identity-indirection/) vinnylingham @gandalfthegrey no one we know of it building an identity network, hence we don't see any competition currently...maybe change quickly though Posted in #trading_altcoinsToday at 9:14 PM zillion @vinnylingham Why you're using Bitcoin blockchain not ARK? michaelthecryptoguy Is there say any insurance that civic will offer when I am a customer of civic and my information is stolen. Example, I have a credit card that is stolen. I can report, and possibly have the funds stolen, returned? (edited) tranzer Actully that is a good question zillion since you can store data in vendor field and Ark is fast as fuck vinnylingham @tranzer yeah - I did the augmentors deal, which resulted in Databits @michaelthecryptoguy that part of our identity theft packages - fund replacement is coming varvitsiotis CVC tokens are ERC20 and can be stored in cold storage, i.e. ledger nano s? vinnylingham re: Ark - Bitcoin was there first :-) Yes, ERC20 for now - will switch to RSK once that is ready zillion I see michaelthecryptoguy Are you able to tell me if any funds from the ICO will be used to fund that area? techbytes that's what blockbuster says to Netflix... varvitsiotis Can RSK coin be held on Ledger wallet? vinnylingham Hey guys - I need to jump into my next meeting now. Sorry, time's up! Been fun michaelthecryptoguy Since my information is stored on an application. Any data breach is automatically puts me a faught? Correct? (edited) jakethepanda Thanks for joining @vinnylingham dr10 Thanks for being here vinnylingham Take care and chat soon mward Thanks, bye! varvitsiotis Thanks Vinny michaelthecryptoguy Alright. Thank You for your Time!! dr10 Bye boldninja Thank you Vinny for taking the time to do this AMA - good luck with Civic and I hope Ark and Civic can collaborate in the future gandalfthegrey @vinnylingham Will you be reachable for more questions on Civic's Telegram? Could definitely use more answers there. Thanks a bunch for your time! reeeeeeeeeeee Bye vinmy viajero I understand the token is meant to incentivize early adopters to help build a network effect. is that correct? if yes, how is civic planning to create appreciating token value? vinnylingham Yes - please ask in the telegram channel. Gtg!
So I tried to log into one of my multiple CEX accounts for the first time in a long time, and I was asked to do a Two-Factor Authentication (2FA). The 2FA was being sent to the right phone, but since I had already used that phone for 2FA on another account, the 2FA for THIS account failed. I contacted CEX support, and was told by "J" that I would need to reset 2FA to another phone number, and that, additionally, I would need: Username Email CEX.IO BTC wallet address Account BTC balance (As accurate as possible) GHS balance on the account (As accurate as possible) Account creation date (you may find it in the registration email from cex.io) Latest trading transactions Geographic location / IP address (Current address/location) IP address of last successful login:(You may find this in your email) A photo of a government-issued identification. Examples include a Driver's License, Passport or National ID Card A photo of you holding a government-issued identification. I then replied: Thank you for the reply. However, if the only way I can access my account is to provide a photo ID, I am not interested in recovering it through these means. The potential for misuse, whether intentional or not, is not worth .5BTC, if that is, in fact, the amount in the wallet. If there are X [edited #, larger than .5] BTC in the wallet, then I will pursue a resolution through some other means, but what you are asking for is beyond the pale, in terms of overstepping privacy boundaries and failing to recognize human rights. Can you explain why I need more documentation to use a bitcoin mining pool than I do to set up a bank account? Bitcoins are legally recognized as a commodity in my country, they are not a currency, and it is a human right for me to expend my effort to work (electronically) to obtain commodities (in this case bitcoins) without having to provide photographic proof of myself holding my photo ID along with a copy of the photo ID, IP address of my computer, etc etc. Can you let me know if this is even worth pursuing? Are you able to tell without the extensive information you're requesting, "Is my X [edited] BTC mined through hashcoins' cloud mining service in the SloopJohnB account?" At this point, I don't need access to it, I just need to know who I am going to be taking legal action against if I can't access it: CEX or Hashcoins. And, unfortunately, yes, I would rather go the route of using legal action to retain ownership than to provide the extensive documentation you are requesting, merely for providing a bitcoin wallet. I mean, "Hello?" the entire POINT of bitcoin is for it to be anonymous. Why would anybody want a government ID associated with their bitcoin wallet? If the information is stolen, not only are you potentially losing all your bitcoin, you're also having your identity stolen. And if its CEX that is hacked, its CEX that is going to be responsible for losing BOTH the bitcoins AND the identities. Just sayin'." THEN "J" replied, "We are working in accordance with AML and KYC policies, that is why the photo you've mentioned are necessary for us to accept your fiat deposit: this is a way to prevent any possible fraudulent activity and money laundering. I the most humbly ask for your understanding on this matter. Also I would like to note that lots of our customers have successfully passed this procedure and provided us with their private data, such as photos of ID or credit card. All this information is heavily encrypted and securely saved, so there is no need to worry for any of our customers: we can not and will not use this information in any other way but those, stated in our Terms of Use and policies. " So I wrote this long response, the reason I am writing this reddit post: "I appreciate your reply, and the explanation of why CEX is requesting such extensive documentation. I have decided it is not worth it to try to recover those sums. Frankly, even though the personal data is stored encrypted, its just to precious to entrust to a company that is (no doubt) one of the top target of hackers, and which I am only using as a storage place for a bitcoin wallet and, occasionally, as a place to trade BTC for GHS, or GHS for BTC. However, I'd like to point out some misconceptions that were stated in the previous email, misconceptions which may be seriously affecting the effectiveness of CEX as a business, and which I hope you will take the time to read: First, Anti Money Laundering (AML) law only applies to the laundering of money, i.e. currency. It does not, and should not, be applied to commodities, such as crypto-currencies, especially if those commodities were obtained as a result of work or trade, and not payment (crypto-currency mining = work, and crypto-currency trading = trade... obviously). In fact, the US Commodity Futures Trading Commission has officially defined crypto-currencies as commodities, see http://www.coindesk.com/cftc-ruling-defines-bitcoin-and-digital-currencies-as-commodities. This is because when we mine for crypto-currencies, we are expending our work energy to create something of value, which we retain. In no way can money laundering be occurring, because no one is buying anything (they're creating something, and the thing they create has, officially, been recognized as not being money). So if CEX provides crypto-currency wallets and allows users to trade crypto-currencies for other crypto-currencies, or trade them for mining power, there is no reasonable expectation for CEX to monitor those users for, and to attempt to stop those users from, money laundering, because, by definition, there is no monetary transaction occurring! In that regard, the mining and trading part of the business is no different than the business of selling gold, diamonds, silver, or any other commodity of value. I've never had to tell a gold dealer how much gold I had in my safe at home, when I first started buying gold from him, the last amount of gold I purchased from him, the geographic location of the store where I purchased it, or the IP address of the computer I purchased it from, or even had to show a government-issued photo ID. Yes, the part of CEX's business that involves selling crypto-currencies and mining power for cash IS a currency transaction, but I'm not asking for the right to make currency transactions. I'm only asking for the right to mine and trade, or, at the very least, just to access my wallet so I can recover the commodities which I have already worked for and already own. Maybe it would be more beneficial for CEX to separate the mining and trading business from the sales business, so that you only have to impose AML practices on those users who engage in sales and who are engaging in monetary transactions. Those who don't need the ability to purchase crypto-currencies & mining power with cash (i.e. those who only want to mine and trade) wouldn't have to be subject to those rules, because legally there's no reason to do so. Second, Know Your Customer (KYC) policy only applies to customers, hence the name. This sort of follows the same vein of thought as the previous point: in order to be considered a "customer," something must be purchased, either a good or a service, and fees charged for transactions are not a good or service. Thus, the users who only mine, trade crypto-currencies for other crypto-currencies, and trade crypto-currencies for GHS or visa versa, are not customers, are should not be subject to KYC policy, as there is no legal requirement to do so. The objective, overall fact is this: The policies you stated should only apply to customers, not users, and only to monetary transactions, not commodity transactions & trade. By demanding extensive documentation of every user, whether or not they are a customer of CEX, is, legally speaking, unethical for a CEX to engage in. As a company with the resources to be able to make the distinctions I have laid out, there is just no excuse for CEX not recognizing them and for continuing the practice of requiring extensive documentation for those who are not customers. I really hope you make those changes. CEX was something I really loved, and when you implemented the AML and KYC policy for all users, even non-customers, it totally ruined everything that was revolutionary and inspiring about CEX being a leader for crypto-currency use, and crypto-currency rights of individuals. Maybe you're getting pressured by the government, but guess what? The government can be wrong, and laws can be wrong. In fact, laws that are unconstitutional are legally null and void as they stand, they don't need to be ruled against to be nullified. Individual rights of property ownership will always outweigh the attempt by politicians to clamp down and regulate any and every new avenue of human development and creation. If CEX is on the same page as me, and thinks these rules are over-reaching and infringe on its, or its customers rights, then CEX should fight the government in court. If big companies like CEX aren't going to fight, then who will? Do you think the small guy has the time and resources to do it? Again, I hope the policy changes for non-customers." Thankfully, "J" bumped my email up to "T" at the support center, who said, "I will make sure that your feedback is promoted to our management and legal team for evaluation of possible changes. " Anyways, that's the story, as of now, I only just received the last email from "T." But I guess my question to everyone is: Do you agree with me? Since crypto-currencies are legally recognized commodities, don't we have a right to own them, and to use wallets through cloud mining services, without providing government IDs, geographic locations of our home computers, and our permanent IP addresses? Thanks for reading, I know its tl;dr for most, but I appreciate those who did.
ALSO POSTED IN CRYPTOCURRENCY REDDIT So I tried to log into one of my multiple CEX accounts for the first time in a long time, and I was asked to do a Two-Factor Authentication (2FA). The 2FA was being sent to the right phone, but since I had already used that phone for 2FA on another account, the 2FA for THIS account failed. I contacted CEX support, and was told by "J" that I would need to reset 2FA to another phone number, and that, additionally, I would need: Username Email CEX.IO BTC wallet address Account BTC balance (As accurate as possible) GHS balance on the account (As accurate as possible) Account creation date (you may find it in the registration email from cex.io) Latest trading transactions Geographic location / IP address (Current address/location) IP address of last successful login:(You may find this in your email) A photo of a government-issued identification. Examples include a Driver's License, Passport or National ID Card A photo of you holding a government-issued identification. I then replied: "Thank you for the reply. However, if the only way I can access my account is to provide a photo ID, I am not interested in recovering it through these means. The potential for misuse, whether intentional or not, is not worth .5BTC, if that is, in fact, the amount in the wallet. If there are X [edited #, larger than .5] BTC in the wallet, then I will pursue a resolution through some other means, but what you are asking for is beyond the pale, in terms of overstepping privacy boundaries and failing to recognize human rights. Can you explain why I need more documentation to use a bitcoin mining pool than I do to set up a bank account? Bitcoins are legally recognized as a commodity in my country, they are not a currency, and it is a human right for me to expend my effort to work (electronically) to obtain commodities (in this case bitcoins) without having to provide photographic proof of myself holding my photo ID along with a copy of the photo ID, IP address of my computer, etc etc. Can you let me know if this is even worth pursuing? Are you able to tell without the extensive information you're requesting, "Is my X [edited] BTC mined through hashcoins' cloud mining service in the SloopJohnB account?" At this point, I don't need access to it, I just need to know who I am going to be taking legal action against if I can't access it: CEX or Hashcoins. And, unfortunately, yes, I would rather go the route of using legal action to retain ownership than to provide the extensive documentation you are requesting, merely for providing a bitcoin wallet. I mean, "Hello?" the entire POINT of bitcoin is for it to be anonymous. Why would anybody want a government ID associated with their bitcoin wallet? If the information is stolen, not only are you potentially losing all your bitcoin, you're also having your identity stolen. And if its CEX that is hacked, its CEX that is going to be responsible for losing BOTH the bitcoins AND the identities. Just sayin'." THEN "J" replied, "We are working in accordance with AML and KYC policies, that is why the photo you've mentioned are necessary for us to accept your fiat deposit: this is a way to prevent any possible fraudulent activity and money laundering. I the most humbly ask for your understanding on this matter. Also I would like to note that lots of our customers have successfully passed this procedure and provided us with their private data, such as photos of ID or credit card. All this information is heavily encrypted and securely saved, so there is no need to worry for any of our customers: we can not and will not use this information in any other way but those, stated in our Terms of Use and policies. " So I wrote this long response, the reason I am writing this reddit post: "I appreciate your reply, and the explanation of why CEX is requesting such extensive documentation. I have decided it is not worth it to try to recover those sums. Frankly, even though the personal data is stored encrypted, its just to precious to entrust to a company that is (no doubt) one of the top target of hackers, and which I am only using as a storage place for a bitcoin wallet and, occasionally, as a place to trade BTC for GHS, or GHS for BTC. However, I'd like to point out some misconceptions that were stated in the previous email, misconceptions which may be seriously affecting the effectiveness of CEX as a business, and which I hope you will take the time to read: First, Anti Money Laundering (AML) law only applies to the laundering of money, i.e. currency. It does not, and should not, be applied to commodities, such as crypto-currencies, especially if those commodities were obtained as a result of work or trade, and not payment (crypto-currency mining = work, and crypto-currency trading = trade... obviously). In fact, the US Commodity Futures Trading Commission has officially defined crypto-currencies as commodities, see http://www.coindesk.com/cftc-ruling-defines-bitcoin-and-digital-currencies-as-commodities. This is because when we mine for crypto-currencies, we are expending our work energy to create something of value, which we retain. In no way can money laundering be occurring, because no one is buying anything (they're creating something, and the thing they create has, officially, been recognized as not being money). So if CEX provides crypto-currency wallets and allows users to trade crypto-currencies for other crypto-currencies, or trade them for mining power, there is no reasonable expectation for CEX to monitor those users for, and to attempt to stop those users from, money laundering, because, by definition, there is no monetary transaction occurring! In that regard, the mining and trading part of the business is no different than the business of selling gold, diamonds, silver, or any other commodity of value. I've never had to tell a gold dealer how much gold I had in my safe at home, when I first started buying gold from him, the last amount of gold I purchased from him, the geographic location of the store where I purchased it, or the IP address of the computer I purchased it from, or even had to show a government-issued photo ID. Yes, the part of CEX's business that involves selling crypto-currencies and mining power for cash IS a currency transaction, but I'm not asking for the right to make currency transactions. I'm only asking for the right to mine and trade, or, at the very least, just to access my wallet so I can recover the commodities which I have already worked for and already own. Maybe it would be more beneficial for CEX to separate the mining and trading business from the sales business, so that you only have to impose AML practices on those users who engage in sales and who are engaging in monetary transactions. Those who don't need the ability to purchase crypto-currencies & mining power with cash (i.e. those who only want to mine and trade) wouldn't have to be subject to those rules, because legally there's no reason to do so. Second, Know Your Customer (KYC) policy only applies to customers, hence the name. This sort of follow the same vein of thought as the previous point: in order to be considered a "customer," something must be purchased, either a good or a service, and fees charged for transactions are not a good or service. Thus, the users who only mine, trade crypto-currencies for other crypto-currencies, and trade crypto-currencies for GHS or visa versa, are not customers, are should not be subject to KYC policy, as there is no legal requirement to do so. The objective, overall fact is this: The policies you stated should only apply to customers, not users, and only to monetary transactions, not commodity transactions & trade. By demanding extensive documentation of every user, whether or not they are a customer of CEX, is, legally speaking, unethical for a CEX to engage in. As a company with the resources to be able to make the distinctions I have laid out, there is just no excuse for CEX not recognizing them and for continuing the practice of requiring extensive documentation for those who are not customers. I really hope you make those changes. CEX was something I really loved, and when you implemented the AML and KYC policy for all users, even non-customers, it totally ruined everything that was revolutionary and inspiring about CEX being a leader for crypto-currency use, and crypto-currency rights of individuals. Maybe you're getting pressured by the government, but guess what? The government can be wrong, and laws can be wrong. In fact, laws that are unconstitutional are legally null and void as they stand, they don't need to be ruled against to be nullified. Individual rights of property ownership will always outweigh the attempt by politicians to clamp down and regulate any and every new avenue of human development and creation. If CEX is on the same page as me, and thinks these rules are over-reaching and infringe on its, or its customers rights, then CEX should fight the government in court. If big companies like CEX aren't going to fight, then who will? Do you think the small guy has the time and resources to do it? Again, I hope the policy changes for non-customers." Thankfully, "J" bumped my email up to "T" at the support center, who said, "I will make sure that your feedback is promoted to our management and legal team for evaluation of possible changes. " Anyways, that's the story, as of now, I only just received the last email from Thomas. But I guess my question to everyone is: Do you agree with me? Since crypto-currencies are legally recognized commodities, don't we have a right to own them, and to use wallets through cloud mining services, without providing government IDs, geographic locations of our home computers, and our permanent IP addresses? Thanks for reading, I know its tl;dr for most, but I appreciate those who did.
LakeBTC to Add EUR, GBP Trading – CEO Thomas Xie Interview by AllcoinsNews
allcoinsnews: My first question is about the history of LakeBTC. Who are the founders? You are in the Coinbase Big 4 index. What sort of volume do you do now in bitcoin (BTC)? How did you grow from the start? Have you raised venture capital?
Thomas Xie: LakeBTC was started in March 2013 as an exchange initially for a small group of traders and other financial professionals from investment banking and commercial banking sectors. These early users and investors helped shaped LakeBTC with their years of experience trading bonds, currencies, commodities, and all types of derivatives and structured products in financial markets.They know capital markets inside out, and they trade Bitcoins as a hobby, just like playing Texas hold’em. Later that year, we decided to incorporate and run the exchange under the current domain name. Naturally, our investors and many of the people we recruit have extensive financial experience, and this is one of the important differences than other players in the field. We are one of the big four bitcoin exchanges that determine CoinDesk BPI and a Gateway member of IRBA. We are also included in TeraExchange’s bitcoin index, which is the base of their US CFTC approved bitcoin swap, and our data is included in a number of leading bitcoin websites. We are dedicated to building a fair Bitcoin platform with top security, excellent liquidity, and extraordinary customer service. As crypto currencies gained more and more exposures to the general public, LakeBTC is becoming a leading Bitcoin platform around the globe. Our years of risk management and internal control experience in financial industries build the most solid foundation for ensuring customers’ fund and privacy being safe and secure. Additionally, creating a fair and efficient marketplace is also important to protect investors’ interests. We do everything in our power to minimize market manipulations and unfairness. Market surveillance programs, carefully designed products, comprehensive risk management, and strict internal controls are all meant to ensure this young and energetic market be fair and safe to every participant. At LakeBTC, users are best protected from financial predators, bitcoin theft, online fraud, market manipulators, trader errors, bot bugs, and flash crashes. We provide the same level of service to all users at all times. All users are treated with the same policy published on our website. Trading volume really depends on the market conditions. It varies from a couple of thousand to over 10 thousand. We have initial investors, but we have not raised any external funds yet. Some potential investors got in touch with us, and it’s ongoing.
allcoinsnews: You exchange offers USD / BTC trading now. I know that you will offer EUR / BTC trading very soon. When will this happen? What other services or currencies will you support in the near future?
Thomas Xie: To better serve our customers’ needs, we are constantly looking for banking and payment processing partners around the world. We added Ripple network and EgoPay, and we became a Gateway Member of International Ripple Business Association. To better serve our European customers, we are finalizing partnership details with our payment processing partner in Europe, and plan to launch the service later this year. EUR and GBP will be included in the first phase, and multiple payment methods including SEPA will be added. It’d be much easier for Europeans to make deposits and withdrawals to/from LakeBTC at a much lower cost. With LakeBTC’s outstanding security, great liquidity, and superb customer service, we expect to see a sizable BTC/EUR trading activities. We are also working with partners in North America, Africa, Southeast Asia, and South America to introduce more local payment methods and streamline the deposit/withdrawal processes.
allcoinsnews: How has the volatility of BTC affected your business planning?
Thomas Xie: Volatility definitely has an effect on market sentiment. Bitcoin is just a few years old, and this volatility is not surprising. As a matter of fact, when you look at the historical prices, what we see today is much smaller. On the bright side though, the volatility and the speculation help bitcoin stay on headline news and get more coverage from the media. To any exchange, an effective market surveillance program is a critical component that ensures the fairness and smoothness of the marketplace. Unusual activities, abnormal positions, sudden price changes, and suspicious trades should raise alarms to exchange operators and if necessary, preventative actions should be taken quickly to mitigate the risk of price manipulations and human errors. LakeBTC have a real time market surveillance program to monitor unusual trading activities and suspicious positions. By comparing with bitcoin index prices from other sources, we try to reduce the risk of market manipulations by individual attackers. This is especially important for a volatile market such as bitcoin. We shifted an enormous amount of effort into this, including market surveillance, limited orderbook, dark pool, product design, staff training and so on. Other than that, we do plan to launch bitcoin derivatives such as futures to help miners, exchangers, merchants, and institutional investors to better manage their risks and exposures.
allcoinsnews: Your exchange is in English, Swedish, and Chinese. What is your analysis of what countries your users are from?
Thomas Xie: We have users from all around the world, with a better concentration from Americas, Europe and southeast Asia. As mentioned earlier, we are adding banking and payment processors all around the world. Besides, we are currently working on adding more languages as well to bring better experiences to non English speaking users. We offer a comprehensive and secure REST and Websocket API, with sample codes in PHP, Ruby, Python, and a few other programming languages. Professional algorithm traders would find it extremely easy to integrate their trading bots to LakeBTC. Our website design is responsive, and works equally well on mobile devices so casual users may buy and sell bitcoins on their cell phones smoothly. We just made a major change to our fee structures, with maker-taker introduced and a big promotion is going on right now. Users may enjoy a 0.05% or even free trading at LakeBTC. All of these strategies will further grow our user base globally.
allcoinsnews: There have been some significant exchanges that have collapsed with hacking being an important factor (e.g. Mt Gox, Bitcoin Trader recently). How are you protecting your customers funds from this type of risk? In terms of wallets, what do you think is best solution for your customers?
Thomas Xie: The founder of Mt.Gox came from a technical background, but running a financial firm requires many years of risk management and internal control experience. That’s not something you can acquire overnight. The safety of the wallet is indeed a huge challenge. Average users may choose and trust a professional bitcoin company such as LakeBTC, especially if it’s a lot of money. They should pick one who’s secure, legitimate, compliant, and well managed. Professional users who know what they are doing can manage their own wallets. Security, liquidity and service are three strengths we have and security is number one. SSL encryption, cold storage, Google Authenticator, SMS confirmations, etc. are several technical measures we currently employ. But people have to realize that a Bitcoin exchange is not only a technology company, but more importantly, also a financial one. If Facebook went under, it’s bad but people can live with it. Same thing for Amazon, Youtube, Uber and so on. But if your bank failed and all your savings vaporized? That’s horrifying.. A financial firm faces many security challenges that are unheard of typical technology companies. The technological security mechanisms mentioned above are certainly important, but what really matters to financial institutions are risk management and internal controls. Our team with years of experience in financial industries is working hard to ensure customers’ fund and privacy being safe and secure. For example, all withdrawals need to pass an automatic system checks for book balances, login history, trading patterns and so on, then passed to a two level manual approval process. If everything is good, the fund is transferred to the customer. We do everything in our power to minimize the risks of human errors, system bugs, and hacking activities. Incidents such as transaction malleability would not happen at LakeBTC.
allcoinsnews: Many governments have concerns (e.g. China, USA, etc..) about crypto currencies. How will the Chinese cryptocurrency develop going forward?
Thomas Xie: First of all, we are a BVI company, with customer service and technical support in Shanghai. LakeBTC is a bitcoin exchange for the world. We pay attention to the government policies around the world and do our best to stay compliant. We believe this is to the best interest of all our users. Chinese government clearly stated that bitcoin is not a currency and would not regulate it as a currency. Secondly, the policy is in fact quite easy on bitcoin participants. The latest official policy declared that people have the right to own, buy, and sell bitcoin. The major goal of the existing policies is to manage risk and stop market manipulation. Margin and shorting trading, futures, and many other high-leverage products (20 times or even higher) and price manipulation caused flash crashes early this year and that’s the target of the so-called ban. If the situation does not improve, we are not surprised to see the policy tightens further and the entire bitcoin ecosystem is jeopardized. US is more complicated. Both federal and state regulators are involved. The most recent NY DFS proposal is not considered a positive sign. We are living in the new millennium now and they government agencies need to adapt to the digital age too. It’s impractical and cumbersome for every state plus Fed to come up with a regulation each separately. Bitcoin is an internet thing and there’s no state borderline on the internet after all. http://allcoinsnews.com/2014/10/27/big-4-exchange-lakebtc-plans-eur-gbp-trading-ceo-thomas-xie-interview/
Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more. Based in the USA, Coinbase is available in over 30 countries worldwide. With interest in bitcoin futures falling to their lowest level since May, CoinDesk’s Markets Daily is back for your latest crypto news roundup! Internet 2030 Three Mega-Trends Shaping the Future ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Bitcoin UK makes it easy to buy digital currencies by providing a number of different payment methods which are convenient to you. Each payment method may have different limits, fees and availability which you can check on this page. Regardless of the payment method your digital currency order will be processed as soon as possible. We charge a 2% service fee and a 0.0001 BTC mining fee. The minimum purchase is currently 0.0003 BTC ($3.22) to account for mining fees. Users who have not completed an ID scan have a purchase limit of $400.00.
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