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ArcBlock Announces New Decentralized Identity Solution and First of Its Kind DID Wallet

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ArcBlock launches new decentralized identity solutions and first of its kind DID wallet, bringing the potential of decentralized identity to developers, users and everyone in between.

Press Release updated: May 15, 2019

​​Industry-leading, interconnected blockchain network pioneer ArcBlock announced a W3C DID-compatible, decentralized identity solution, during the Consensus 2019 conference, that will be launching next week.  

In addition to the recent launch of the ArcBlock blockchain application framework for developers, ArcBlock will release critical components that enable their new decentralized identity system and consumer-facing ABT Wallet next week. With the release of the new identity system, ArcBlock will fulfill its promise to be the industry’s first fully enabled, decentralized identity network. Any developer can immediately integrate decentralized identity (DID) services for their users by simply using the Forge DID component of Forge Framework and SDK.  

The ABT Wallet is the first of its kind crypto wallet that is not only for crypto-assets but also a powerful and sophisticated DID key management system. The DID Wallet is critical to make DID technology accessible for consumers users. ABT Wallet will be available in the Apple App Store and Google Play Store global wide next week. The dedicated website https://ABTWallet.io is up, and the final launch time will be announced soon.

To support this newly launched identity service, ArcBlock developed a W3C-compliant, decentralized identity (ABT:DID) protocol that is an open protocol and compliant with W3C-based DID solutions. As a participant, ArcBlock plans to partner and collaborate with other contributors to make their ABT:DID authentication standard more widely available. ArcBlock’s “DID:ABT” is registered in the W3C DID method registry, which is publicly available at https://w3c-ccg.github.io/did-method-registry. Any DID provider that is compatible with W3C DID standard is interoperable with each other by default, which means, in the future, ArcBlock’s DID will also become available for other providers, such as the recently announced Microsoft DID and anyone in this space. 

“From our first day, ArcBlock has been focused on making the decentralized web a reality. One of the core features of this new reality is giving users the ability to easily control, manage and maintain their digital identities. To ensure that these identities are secure and accessible, we use the same powerful cryptography technology that is used today by leading crypto assets, like Bitcoin, Ethereum, and are making it available to everyone. As an additional step, our identity services are completely decentralized, meaning that the digital identity and the user data are owned by the individual,” said Tyr Chen, Vice President of Engineering at ArcBlock. “We are making these services available to everyone. For developers, identity is already included and just requires a few steps to add it to their DApp; for users, they can simply download our wallet app and immediately begin to manage their entire digital lives — create online profiles to access websites or services, sign a document, verify your identity, carry around your digital licenses and so much more.”

ArcBlock is the first in the blockchain industry to make Decentralized Identity easy and creates the most robust, accessible and useful identity system available today. Any developer creating an app with the DID:ABT can achieve endless throughput and scale on the ABT Network, and users can access any Forge created app instantly, as well as other W3C compliant services. A key to their identity infrastructure is that ArcBlock has considered both the developer and end-user experience to ensure that it is the easiest to implement and to use.

For developers, ArcBlock’s identity services are already available in their recently launched Forge Blockchain Application Framework and can be enabled in a few simple steps. In addition, ArcBlock goes even further by giving developers DID starter kits and a powerful DID workshop tool that allows developers and businesses to simulate various DID scenarios without ever writing a line of code.  For end users, ArcBlock is launching the new ABT Wallet, the first truly decentralized identity wallet that not only gives them everything they need to manage their digital identities but delivers the best user experience possible.  

Contact:

​Matt McKinney

4254481000

matt@arcblock.io

Source: ArcBlock

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PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever

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By CCN: In 2016 a cryptocurrency project named BitConnect came along offering 1% daily compounded interest for those who purchased and staked its token.

When the BitConnect (BCC) bubble inevitably burst, the owners, as expected, made off everyone’s money. The BCC token price sunk by 99.9%, and a previously $2.5 billion valued project became worthless.

Now, the greatest scam ever sold is back. Enter BitConnect 2.0.

Hey, Hey, Hey: BitConnect 2.0 Arrives for a Second Bite at the Cherry

A website and Twitter profile advertising the arrival of BitConnect 2.0 appeared in the last few days. The website shows a countdown to the rebirth of one of the worst cryptocurrency scams of all time.

Bitconnect countdown

The Twitter profile contains just two posts – one is a link to the new website; and the other is a Binance referral link with the directive ‘Buy Now’.

Of course, there are no BitConnect tokens (either 1.0 or 2.0) hosted on Binance. If we take a look at the domain registrar details for the new website – BitConnect.io – we see some strange peculiarities.

Despite the Twitter post promising a July 1st launch, the website’s domain name is set to expire two weeks before that date. The domain, which differs slightly from the original BitConnect.co website, was registered in 2017.

bitconnect domain

Scamception: A Scam Inside a Scam

All of this adds up to what looks like a scam inside a scam. Assuming the site domain isn’t renewed before the expiration on June 19th, then perhaps what we have here isn’t BitConnect 2.0 at all.

Rather, it appears someone with an old domain name is attempting to squeeze as much money out of their Binance referral link as possible before the site expires. The Twitter profile shows almost 1,000 followers already, despite the first post not appearing until one day ago. However, the new website is also registered in the same geographic location as the original – Panama.

One person who was able to see the funny side of the BitConnect revival was former BCC front-man, Carlos Matos. Famous for his exuberant and dramatic on-stage sale pitch, Matos continues to post memes about the BitConnect saga. Recently he revived his infamous ‘Hey, Hey, Hey…’ slogan to comment on BitConnect 2.0; which he apparently has no part in.

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Matos even posted this meme expressing a skeptical take on the project’s revival.

bitconnect grand theft auto meme

Too Late for Skepticism

Ultimately, the same skepticism would have been useful several years ago, before gullible investors were taken for all they had. From the ICO price of $0.17, the value of BCC tokens shot up to $509.99 in one year – marking ridiculous gains of 299,894%.

bitconnect charts

Of course, those gains were never cashed out. When the exit scam hit in January 2018, the value of BCC dropped like a stone. Data for the token price continued to be tracked up until August 2018, when it held a value of just $0.263786, before being removed from all exchanges.

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EOS Price Prediction Today: Daily (EOS) Value Forecast – May 20

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34-Million-EOS-Officially-Burned

34-Million-EOS-Officially-Burned

  • On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.60 and $6.80 resistance levels.
  • However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone.

EOS/USD Medium-term Trend: Ranging

  • Resistance levels: $ 6.80, $7.0, $7.20.
  • Support levels: $6.20, $6, $5.80.

Last week the price of EOS was in a bullish trend. On May 16, the crypto’s price tested a high of $6.80 and was resisted. The market fell and was in a downward correction to the support level at $5.80 price level. On May 19, the crypto’s price was in a bullish move but was resisted at the $6.60 price level. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.50 and $6.80 resistance levels. However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone. Meanwhile, the market is at the overbought region of the daily stochastic but below the 80% which indicates that price is in a bearish momentum and a sell signal.

EOS/USD Short-term Trend: Ranging

On the 1-hour chart, the price of EOS is in a bearish trend zone. On May 19, the crypto’s price reached a high of $6.52 but was resisted. The crypto’s price fell and was in a downward correction. The bears have broken the 0.236, 0382 and the 0.50 Fib. retracement levels.

The price is in a downtrend zone but the 0.618 retracement level is likely to hold. In other words, the price may fall to the $6.19 price level. Meanwhile, the market has reached the oversold region of the daily stochastic but below the 40% range. This indicates that the price of EOS is in a bearish momentum and sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Bitcoin Has Soared Above Intrinsic Value During Latest Rally, JPM Strategists Claim

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Strategists from United States banking giant JPMorgan Chase (JPM) have argued that bitcoin (BTC)’s recent rally has ostensibly soared past what they calculate to be its intrinsic value. Their analysis was reported by Bloomberg on May 20.

The strategists — who reportedly include JPMorgan global market strategist Nikolaos Panigirtzoglou —  judge that the top coin has recently been trading in a way that mirrors its late 2017 rally, which preceded a protracted price slump.

To ascertain the coin’s intrinsic value, the strategists reportedly analyzed bitcoin as a commodity and calculated its cost of production based on parameters such as estimated computational power, electricity costs and hardware energy efficiency, Bloomberg notes. They reportedly stated:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

Bitcoin — which has seen a renewed lease of life since April — has traded as high as almost $8,300 within the last week — having traded sideways below $5,000 throughout February and March. In mid-December 2018, the top coin had traded below the $3,300 mark — with its current price point thus representing a roughly 150% gain over its bear market lows.

Bitcoin’s 3-month chart, Feb. 20 — May 20 2019

Bitcoin’s 3-month chart, Feb. 20 — May 20 2019. Source: CoinMarketCap

In an apparent qualification of their analysis, JPMorgan’s strategist are cited by Bloomberg as having noted that:

“Defining an intrinsic or fair value for any cryptocurrency is clearly challenging. Indeed, views range from some researchers arguing that it has no fundamental value, to others estimating fair values well in excess of current prices.”

As reported, JPMorgan CEO Jamie Dimon has long adopted a sceptical stance toward decentralized cryptocurrencies such as bitcoin, even as he steers the megabank toward launching its own blockchain-powered native settlement digital asset, JPM Coin.

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Ethereum-Based Stock Exchange Plans First Company Listing in June

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SprinkleXchange, a stock exchange built on ethereum, is reportedly listing its first company next month.

Sprinkle Group CEO Alexander Wallin told Bloomberg in an interview published Friday, “We have the luxury of being first with this, but we’re aware that it will become a crowded market.”

The Bahrain-based platform, operating within a regulatory sandbox created by the country’s central bank, uses a decentralized clearing and settlement system that uses automation in order to reduce time and cost. Prices will be set using the Dutch auction method, with SprinkleXchange taking a 1 percent fee.

Wallin told the news source that the cost of listing would be similar to on a Swedish stock exchange, but “you get global access and we can show that you also get better liquidity.”

SprinkleXchange is aiming to attract companies with a market capitalization of $20-$200 million. It expects to list 35 companies over the next 12 months and as many as 1,000 over the next few years. As well as listed stocks, the firm will offer trading in cryptocurrencies and also plans to add exchange-traded funds in the future.

A number of traditional stock exchanges are currently moving to integrate blockchain tech in their platforms. Switzerland’s top stock exchange, SIX, for instance, is expected to roll out a blockchain platform to speed up trading later this year. While the Gibraltar Stock Exchange recently started allowing the listing of tokenized securities.

The Australian Securities Exchange is notably rebuilding its ageing CHESS settlement platform using blockchain tech provided by Digital Asset. And other stock exchanges, including in Jamaica, Thailand and Spain, have also announced initiatives around blockchain and crypto assets.

Bahrain image via Shutterstock 

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Terrified Central Bank Attempts to Arrest Myanmar’s Bitcoin Binge

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By CCN: An emerging economy which expects to attract $5.8 billion worth of Foreign Direct Investments is belittling its goals with an anti-technology stance.

Myanmar is the latest developing country that is hinting to shut doors in the face of bitcoin, a decade-old global cryptocurrency which proposes to replace banks with a decentralized network of transaction validators and bookkeepers. Anybody with a decent internet connection can participate in the bitcoin economy, which further makes it an attractive asset for people with limited gateways to participate in global economies.

But, to the Central Bank of Myanmar (CBM), bitcoin is more a liability than an opportunity. The central bank earlier this month announced that it does not recognize bitcoin as money, stating that it would not allow Myanmarese financial institutions to accept or facilitate its transactions. The same ruling applied to cryptocurrencies having properties as that of bitcoin.

Bitcoin Adoption Booming in Myanmar

MMTimes.com reports that Myanmarese investors have been increasing their stakes in bitcoin and similar cryptocurrencies lately. Local advertising for bitcoin exchanges on social media is at its peak, which is prompting more people to board the bitcoin bandwagon. CBM fears that the process might shift a considerable capital from Myanmar’s own markets to an industry that is not theirs, which is why the central bank is discouraging people from investing in or using bitcoin and similar cryptocurrencies.

U Aung Aung, an IT professional working at a multination company in Yangon, told MMTimes that Myanmarese people like him face huge restriction on banking. He admitted purchasing some $20 worth of BTC back in 2017 after finding the cryptocurrency appealing for conducting flawless ‘global e-commerce and aid.”

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There are millions of people like Aung in the world that have entered the bitcoin economy for its underlying technological potential. The frenzy went to its peak during December 2017, when the bitcoin market valuation jumped to as high as $313.89 billion, almost five times the current GDP of Myanmar. A massive downside correction in 2018 brought the bitcoin rates almost 85-percent down. Nevertheless, the market now stands near $144 billion owing to an increase in institutional interest in first-tier countries like the US, Singapore, Japan, and Switzerland.

The Choice Between Doing an India or a Japan

CBM is now left with two options: either it can restrict people from investing in bitcoin like the Reserve Bank of India did, or it can take a proactive approach like Japan or Switzerland to make Myanmar a global hub for bitcoin-related developments.

U Nyein Chan Soe Win, the chief executive of digital commerce platform Get Myanmar, CBM does not have constitutional backing to announce an outright ban on cryptocurrencies. It is likely for the lawmakers to first define bitcoin in legal books before pursuing action against or in favor of the cryptocurrency.

“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed,” he told MMTimes.com.

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