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‘Fraudulent Propoganda’: Co-Founder of China’s Blockchain Uber Slams EOS

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By CCN: Weixing Chen, the founder and CEO of Kuaidi Dache, a Chinese taxi-hailing application, has expressed his concerns about crypto assets like EOS in a statement published on Weibo that prioritize scalability.

A rough translation of his statement read:

EOS is a good example. I have always said that there is no problem in trying [new] technology. The problem is the fraudulent propaganda such as ‘Million TPS” and ‘Next Generation Operating System’.

CnLedger, a trusted crypto news source based in China, confirmed to CCN that the Weibo account is, in fact, Chen’s and that he is well known in China’s venture capital space as an anti-EOS figure.

Why Chen May Be Anti-EOS

EOS, currently valued at $5.8 billion, is the largest initial coin offering (ICO) in the history of the crypto market. It raised $4 billion in May 2018 without a live product.

The mainnet of the EOS blockchain protocol launched in June 2018 with 21 “block producers,” individuals that are responsible for producing blocks on the EOS blockchain network that contain transaction and smart contract data.

Since then, EOS has demonstrated an increase in popularity from blockchain-based decentralized application (dApp) users. According to DappRadar, all top three dApps are currently based on the EOS blockchain network.

However, since its inception, experts have criticized the level of decentralization of the blockchain network, which focuses on scalability and offering a large transaction capacity to appeal to dApp developers.

Smart contracts pioneer Nick Szabo, for instance, said:

In EOS a few complete strangers can freeze what users thought was their money. Under the EOS protocol you must trust a ‘constitutional’ organization comprised of people you will likely never get to know. The EOS ‘constitution’ is socially unscalable and a security hole.

The criticism of EOS by Szabo came after a controversial section of an article explaining the governance system of the blockchain network was released, which stated that an account could be auctioned off after years of inactivity.

“A Member is automatically released from all revocable obligations under this Constitution 3 years after the last transaction signed by that Member is incorporated into the blockchain. After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members according to the system contract provisions then in effect for such redistribution,” read Article XV of EOS.

As reportedly said by EOS CTO Dan Larimer in October 2018, EOS is able to achieve such a high transaction capacity because its sole focus is not decentralization. He said:

Decentralization isn’t what we’re after. What we’re after is anti-censorship and robustness against being shut down.

Whether the scalability-first approach of EOS is right or wrong is to be determined by the market. So far, EOS is seemingly attracting developers and dApp users by providing a network with flexibility and large transaction capacity.

But, investors like Chen does not seem to approve of blockchain networks that do not focus on decentralization, differing from the principles established by bitcoin, which still remains as the dominant cryptocurrency 10 years after its launch.

There’s No Right Answer

So far, the dApp market is simply not large enough to determine which of the approach used by Ethereum, EOS, Cardano, TRON, and other competing smart contract protocols is the right approach.

DApps are averaging less than 10,000 users in a 24-hour span and is not comparable to centralized applications and platforms.

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Maker (MKR) Standing Above $600.00 Withstanding Sellers

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Implemented on the second largest blockchain Ethereum (ETH) network while depended on the concept of smart contracts, Maker [native token MKR] is a case when the much criticized crypo-volatility is overcome to an extend being backed by Ether.

Despite that Tether is one of the most popular stablecoins, much doubt surrounds the coin. Lack of decentralization and transparency, emerged proof that it is backed by the dollar and the rumours that it was used to move Bitcoin’s BTC price for one’s [group] benefit could possibly make it unworthy of its fame.

On the other hand, with the use of its MKR token, the Maker balances its DAI [stablecoin planned along fractional reserve banking ideals] which is linked close to the aforementioned tokens. The dual token concept is based on the idea that MKR can not be mined but is created or the contrary as a reply to DAI price movement so it is floating approximately $1.00 against the US Dollar.

Against the US Dollar – MKR is standing strongly having one of the most positive second-month of 2019 performances out of the leading cryptocoins in the market. Going by market capitalization the 16th largest cryptocurrency – is in the green at 4.79% for the last 24-hours leading the BTC market for 4.11% making sure to position itself far upward the declining trend that has been taking place since Jan 2018.

MKR

Source: coinmarketcap

Just recently – MakerDAO decided to raise the stability fee from 0.5 to 1 with the target to decline and easier-flow fluctuations in DAI’s price peg of the US Dollar. Many appreciated and welcomed the plan set in motion as an advancement towards better economic assurances and stability by the team. Additionally, the automated ETH exchange protocol – Uniswap, took over Ethfinex exchange platform as in the first place by trading MKR against ETH.

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Original #DeleteFacebook Organizer Backs Crypto Libra in Plot Twist

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By CCN Markets: The original organizer of the #DeleteFacebook movement Jaron Lanier has offered the social media giant rare praise with regards to its cryptocurrency effort, Libra.

Speaking to CNBC the author of Ten Arguments for Deleting your Social Media Accounts Right Now said that Libra ‘could turn out to be a good thing’.

Why libra might be a good thing

According to the virtual reality pioneer and Microsoft scientist, this is because Libra will require a new business model. Instead of catering to advertisers, Facebook will treat Libra users as the ‘party they have to please’:

You know it could turn out to be a good thing. ‘Cause it’s the first time Facebook has said that ‘hey you know what we want to do in the future is make money by offering goods and services to our users instead of the third parties’. ‘Cause that’s always been the problem with Facebook…

Ever the social media cynic (Lanier is not on any social media platform), the VR pioneer also expressed apprehension. Stating that Facebook’s crypto efforts could go ‘terribly terribly badly’, Lanier warned that the currencies of developing countries were endangered.

Poor countries of the world, watch out

Per Lanier, Libra’s effect on the national currencies of economically-disadvantaged might turn out to be the same as that of Facebook on small newspapers where it destroyed their business model:

[Libra] might first expand the number of people who have financial services. It might grow economies. But it will quickly overwhelm the smaller developing economies. And this could really not end well.

The VR pioneer also expressed concerns about Facebook’s transparency with regards to its cryptocurrency. Per Lanier, one of the things he disliked about Libra was that it isn’t being presented with ‘complete honesty’.

Lanier also joined economics professor Nouriel Roubini and Bitcoin evangelist Andreas Antonopoulos in questioning whether Libra was a real cryptocurrency. Per Lanier, Libra is lacking ‘all the special qualities of cryptocurrencies’. Facebook has said that some of these features will be rolled out in future though a specific date wasn’t given.

Can facebook be trusted to keep its promises on libra?

Indeed, Libra’s white paper admits that from the outset it will be a permissioned blockchain. However, it aims to become permissionless in future though no specific timelines were provided. Experts have speculated that Libra will probably adopt a ‘Proof of Stake’ consensus mechanism when and if that time comes.

With the admission that it aims to become permissionless in future, the question that arises is why Libra launch in that mode from the onset.

According to the white paper, this is due to technical challenges. Specifically, Facebook bemoans the fact that with permissionless networks there currently lacks a ‘proven solution’ which is capable of delivering the ‘scale, stability, and security’ required to support billions of users spread all over the world.

Time will tell whether this solution will be found or whether in future the technical challenge will conveniently serve as an excuse to keep Libra on a permissioned blockchain.

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Facebook Secretly Talking with Bitcoin Exchanges about Listing its WhatsApp Cryptocurrency

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Facebook’s blockchain team has made a significant amount of progress on its secretive cryptocurrency project since Bloomberg first reported that the company was building a dollar-pegged stablecoin. So much progress, in fact, that you may soon find the WhatsApp-focused cryptocurrency listed on a bitcoin exchange near you.

Facebook Has Already Met with Bitcoin Exchanges to Discuss its WhatsApp Token

According to The New York Times, Facebook has already quietly met with multiple bitcoin exchanges to discuss using their platforms to issue the token to consumers.

From the report, which was authored by Nathaniel Popper and Mike Isaac:

“The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers, said four people briefed on the negotiations.”

Confirming previous reports, Popper and Isaac cite five anonymous sources who say that the cryptocurrency will be integrated directly into WhatsApp, which had more than 1.5 billion monthly active users as of December 2017.

whatsapp monthly users

WhatsApp’s 1.5 billion active users could soon have access to Facebook’s cryptocurrency. | Source: Statista

Given that Facebook already announced plans to unite the back-end system that runs WhatsApp, Instagram, and Messenger, the cryptocurrency could soon be available to as many as 2.7 billion consumers – roughly 35 percent of the world’s population.

The cryptocurrency would be pegged to the value of the US dollar, providing users with an easy – and cheap – way to send money across international borders.

Alongside its cryptocurrency – which has not been confirmed publicly – CEO Mark Zuckerberg has said that the company might use blockchain technology to overhaul its identity and data-sharing systems.

Facebook Goes to Great Lengths to Keep Crypto Efforts Secret

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Facebook’s crypto division has already made at least one acquisition, smart contract development firm Chainspace. The Information reports that the company also met with Algorand, Keybase, and the now-shuttered stablecoin project Basis.

Including the former Chainspace employees, Facebook’s cryptocurrency division now has more than 50 dedicated engineers. The project is led by David Marcus, a former president of PayPal who more recently led the company’s Messenger team. Notably, he also sat on the board of US crypto exchange giant Coinbase before resigning around the same time he took control of the social media giant’s blockchain efforts.

Marcus and Facebook are keeping a tight lid on the operation. Per The New York Times, the crypto engineers are sequestered in an office inaccessible to other company employees.

CCN reached out to Facebook for comment and will update this article upon receiving a reply.

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Pundi X (NPXS) Has A 3 Month-long Airdrop That Starts April 1st

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Keen crypto traders and enthusiasts have been musing the market effects of a 3 month long NPXS airdrop that will be initiated by the team at  Pundi X. This airdrop is a compressed version of an earlier plan to have an NPXS airdrop every month till 2021.

Initial Airdrop Plan till 2021

The initial monthly airdrop plan started on March 20th, 2018. The airdrops would be ‘funded’ from locked NPXS that would be gradually released till 2021. From March 2018 till December 2018, 7.316% of the tokens will be unlocked each month to be airdropped to NPXS holders. In 2019, 2.11637% of the locked up tokens will be airdropped per month and 0.88187% in 2020. The last airdrop was scheduled for January 31, 2021.

The three year release program was described as follows in the NPXS whitepaper. (PXS was later swapped for NPXS)

We accept Ethereum (ETH) during the ICO and the basic exchange rate between ETH and PXS is 1 ETH = 1666.67 PXS subject to holding for Three (3) years (36 months) and fulfill the KYC requirement. However, purchaser will only receive 500 PXS (30%) at the moment, the rest of the 1166.67 PXS (70%) will be entitled only if the Purchaser holds for 3 years (36 months).
We will release the rest of the 70% of the PXS token on a monthly basis. Therefore, purchaser who does not hold PXS for 36 months shall be penalized getting lesser PXS token.

New Airdrop Plan that Will Last 3 Months 


In a move to accelerate the the 3 year program of unlocking NPXS tokens, the team at Pundi X have announced a shorter release program that will happen between April 1st and June 30th this year. The team at Pundi X explained that they had to adjust the program due to the ever changing regulatory climate surrounding digital assets.

To better comply with ever-changing regulatory requirements, our legal team has advised the company to release the remaining unlocked tokens, starting from April 1, 2019, and to complete the program early by the end of June, 2019.

Given the shortened period, we will increase the unlocked-token rate over the next three months. Please note that the total distributed amount of the tokens will remain the same as stated in the whitepaper.

The time base for calculating the remaining unlocked tokens is as follows.

  • Start: 00:00:00 GMT+8 on March 1, 2019
  • End: 23:59:59 GMT+8 on May 31, 2019
  • Unlocked token rate: 11.063%

For maximum results of the airdrop, Pundi X advises users to keep their NPXS/NPXSXEM tokens in their private wallets and not on exchanges. However, exchanges that already support the monthly program will continue doing so during the 4 month period.

Possible Effect on the Value of NPXS

Many crypto traders and enthusiasts view airdrops as events that will drive up demand for a digital asset as investors attempt to cash in on the free coins. We saw this with the first airdrop of BitTorrent (BTT) on the 11th of February. Due to the airdrop, BTT increased from $0.000743 on the day before the airdrop, to $0.001119 on the day right after. This was a 50% increment in value over 3 days.

This then sets a scenario where we might see the value of NPXS gradually increase as we approach the month of April. Further checking the crypto markets, the token is currently up 20% in the last 24 hours with one month till the airdrops begin.

What are your thoughts on the new NPXS airdrop program that will last only three months? Will it have a positive effect on the value of the token? Please let us know in the comment section below. 

[Feature image courtesy of Unsplash.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Encrypgen (DNA) Nearing Another Major Milestone

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Despite a short-lived Bitcoin surge above 4,000, the past few weeks and months have been a relatively quiet period in cryptocurrency.  Given the lack of trading opportunities, traders should devote more of their time to researching strong companies that are on the verge of transforming industries.  One such company is Encrypgen (DNA).

Encrypgen Value Proposition

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data.  This extra security provided by Encrypgen is extremely necessary given all the recent privacy issues that 23andMe and Ancestry have had.  So rather than hand over control of your DNA to a testing company like 23andMe, consumers can safely upload and secure their raw data file with Encrypgen’s Gene-Chain.

The Gene-Chain went live late last year and has been a raging success thus far.  With each passing day, additional data sets are being uploaded to the Gene-Chain.  Once uploaded, researchers can purchase the data directly from consumers (with the consent of the consumer of course)!

Gene-Chain Emerges

Although many crypto companies have disappointed token holders during the past year, Encrypgen has done just the opposite.  The company has done what no other company in its industry has and that is launch the world’s first genomic data marketplace.  Since that announcement late last year, Encrypgen has continued to announce exciting news and major partnerships that will lead to increased usage of the Gene-Chain.

Impressive Partnerships

The first of those partnerships was announced in late 2018 with Murrieta Genomics.  The second partnership was announced in early 2019 with viazoi.  The partnership with viazoi is especially exciting as it will do a lot toward increasing the amount of data sets on the Gene-Chain.  As the number of data sets increase, so too should the token price as researchers will be eagerly waiting to buy more data.

Given all the success that Encrypgen is having while so many other crypto companies are struggling in the current environment should give DNA token holders a lot of confidence.  And that confidence will be bolstered even further as the company is nearing another major milestone.

Encrypgen Nearly Finished With ERC20 Integration

The initial premise of the Gene-Chain was that researchers would be able to buy DNA tokens directly on the platform in order to purchase genomic data.  In order for that to happen, Encrypgen had to complete ERC20 integration.  For those that don’t know, ERC20 essentially defines a common list of rules for all Ethereum tokens to follow.  This ensures that Ethereum tokens of different types will work the same in any place within the Ethereum system.

The plan is for researchers to have two options in order to buy DNA tokens.  The first, and primary option, is for researchers to purchase DNA tokens directly on the Gene-Chain for a small markup in token price.  The markup would essentially allow Encrypgen to generate extra revenue in order to fund operations.  The company would then go to the exchanges in order to “re-fill” its supply of DNA tokens.  The second option is for researchers to purchase DNA tokens directly on the exchanges.  The most viable option for that to occur was on Cryptopia but because of the recent exchange hack, that has had a bit of a delay.  But, the good news, is that it looks like Cryptopia is getting closer to re-opening.

Conclusion

Although many companies have disappointed the market during the past year, it’s nice to see Encrypgen continue to make solid progress on its roadmap, just as it promised token holders.  DNA is one utility token to keep an eye on as the future looks extremely bright!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Tim Green via Flickr

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