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Non-custodial BTC Lightning payments now available on Muun app

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The team behind Muun, a Bitcoin and Lightning wallet application available on Google Play, today announced that users can now make non-custodial Lightning payments. It requires zero channel configuration: all users need to do is make sure there are bitcoins in their wallet and scan the Lightning invoice to pay. Muun will automatically recognize it as an off-chain invoice and guide users all the way through the payment.

Under the hood is a payment flow which consists of a submarine swap. Submarine swaps allow users holding on-chain bitcoins to pay off-chain invoices through a swap provider. The swap provider doesn’t have custody of funds at any moment. This technology was created by Olaoluwa Osuntokun and Alex Bosworth from Lightning Labs.

Users will still have funds in one single wallet in Muun, and the whole payment process is the same as an on-chain payment, except for two differences: 1) most payments will be done instantly 2) different fees will appear in users transaction detail.

Users off-chain invoice will be paid instantly, except for very specific cases. Although there’s still an on-chain transaction involved in the swap, confirmations won’t be required in the vast majority of the cases, so the Lightning invoice will be paid instantly.

On the payment details screen, users will see two different fees: 1) “Lightning fee” are the routing costs of the off-chain component of the payment, and 2) “Swap fee”, includes the first on-chain transaction to the swap provider:

Non-custodial BTC Lightning payments now available on Muun app

“So far, the market has been experimenting with trade-offs between usability and non-custodianship. The first Lightning wallets gave up usability, in terms of channel configuration, in exchange for non-custodianship. The more recent wallets sacrificed non-custodianship in return for zero channel configuration. In this implementation, the trade-off is in costs since transactions still pay for an on-chain fee. In talks with users, we learned that the current motivation for paying in Lightning is to learn about and support the technology. Therefore, we thought this was a reasonable trade-off for the first implementation. At Muun we are working hard to release a full Lightning wallet: non-custodial, with great user experience, and cheap and fast transactions. Because Lightning is in its early days, it will take some time until we reach there. We are okay with sacrificing some aspects, as long as the overall experience is good and we do not compromise on our core values such as non-custodianship.”

The Muun Team

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Ethfinex and Bitfinex launch new token sale platform Tokinex

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Today, iFinex, the company operating crypto exchange Bitfinex and sister-brand Ethfinex announced the launch of Tokinex, its new token sale platform.

Tokinex allows users to discover, as well as participate in, curated, pre-vetted token sales from projects in the crypto space, directly from their Finex accounts. The new platform has been built with “user experience in mind and has undergone significant testing, ensuring that the contribution process is easy and reliable.”

Features:

  • Access to pre-vetted token projects on transparent and equitable terms
  • Ability to contribute the assets they already hold directly from their own exchange wallets and to receive the tokens back into that same wallet, ready for frictionless secondary market trading
  • Complete confidence that their identity data is secure; Tokinex uses the Blockpass KYC service and does not store personal data after the token sale ends
  • Assurance that all projects go through several layers of technical and commercial due diligence from one of the industry’s most successful exchange teams
  • Comprehensive research reports provided by independent third parties
  • To get started, users simply need to log-in/sign up to Tokinex and kick start the verification process using the BlockPass app
  • U.S. persons and persons from other restricted jurisdictions are not permitted to participate in Tokinex.

The announcement comes on the back of iFinex recently getting contributions of $1 billion for LEO, a utility token representing the iFinex ecosystem, which is now trading on Bitfinex against BTC, USD, USDt, EOS, and ETH. Those interested can read the whitepaper for the IEO of LEO tokens.

Last month, the New York State AG charged iFinex for covering up financial losses. However, a few days ago, iFinex was granted a motion to modify the injunction obtained by the New York Attorney General against its business because the original injunction was vague, overbroad, and not time-limited. The court’s order allowed Bitfinex and Tether to continue their normal business activities

iFinex Inc. started operations in 2012, initially operating under the Bitfinex brand, making it one of the longest-standing exchanges in the blockchain industry. Since then, iFinex, through its trading platforms, has become one of the most widely recognized companies in the cryptocurrency sector.

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Square CEO Jack Dorsey Says Bitcoin’s Lightning Is Coming to Cash App

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A bitcoin scaling answer known as the lightning community would possibly quickly come to Square’s Cash App for cell bills.

Twitter and Square CEO Jack Dorsey, an investor within the bitcoin-oriented startup Lightning Labs, just lately introduced all through an interview with podcaster Stephan Livera that there are plans to combine the scaling generation with Square’s cell app.

“It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency,” Dorsey told Livera, including:

“We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.”

A spokesman for Square didn’t reply to a request for remark.

Stepping again, in 2018 Cash App reportedly had 7 million per month energetic customers. On February 5, Dorsey joined a recreation known as the Lightning Torch the place every player provides just a little bitcoin to a fee, then passes it onto any individual on Twitter that they believe. That Twitter dialog used to be how Livera invited Dorsey to look as a visitor on his podcast. Now 175 people have participated in passing the virtual torch.

“The torch really went viral after Jack took it,” Lightning Labs CEO Elizabeth Stark advised CoinDesk by the use of textual content message, including:

“What I think was so powerful about the torch was that it showed how quickly Lightning enables you to send money, across the internet, anywhere around the world. We’re doing to money what the internet did to information.”

With regards to lightning options coming to Cash App, Stark looked as if it would verify Dorsey’s statements. “The podcast speaks for itself,” she advised CoinDesk.

Meanwhile, an impartial lightning fan named Sergio Abril has created the micropayments browser extension Lightning Tippin, which Stark in brief discussed at the podcast. Since it introduced in December, Abril advised CoinDesk that Tippin has garnered 3,111 customers with hundreds of invoices, facilitating kind of $7,466 value of bitcoin transactions.

“I’m excited to see more examples of people earning money with lightning as well,” Stark advised CoinDesk, referencing each Tippin and the lightning-powered freelance jobs web page LND Work.

Abril advised CoinDesk he would like it if Cash App built-in or interacted along with his fee mission and others adore it. However, Abril mentioned simplest time will inform how the cell app components into broader community experiments.

Speaking to how Dorsey’s Cash App performs into the rising lightning economic system, Abril added:

“They have the power to bring lightning to the masses and turn it mainstream, there is no doubt about it.”

Jack Dorsey symbol by the use of CoinDesk archives

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Crypto Upstart Reality Shares Files Semi Bitcoin ETF To The SEC

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Reality Shares’ Product To Have 15% BTC At Maximum 

That’s proper people, but every other contender has entered the Bitcoin exchange-traded fund (ETF) fray. This time its Reality Shares, a blockchain-centric funding products and services supplier founded in California this is headed by way of leader government Eric Ervin.

According to The Block, who broke the scoop on the subject material, the proposal, which relates to NYSE Arca, just lately filed to the U.S. Securities and Exchange Commission (SEC) isn’t like its brethren. In reality, it isn’t actually a full-Bitcoin fund, as a most of 15% of the fund’s property might be allotted to BTC, during the CBOE and CME futures to be actual, if the product is going are living.

Reality Shares is making plans for the remainder property to be allotted to sovereign debt tools denominated in fiat currencies just like the British Pound, Japanese Yen, Swiss Francs, along side cash marketplace mutual finances. Ervin defined his reasoning for this determination, which might give not unusual Joes and Jill good enough publicity to the flagship cryptocurrency, by way of declaring:

The SEC doesn’t wish to approve a complete blown crypto ETF however this boundaries publicity to 15%.

While this transfer is welcome, particularly bearing in mind the loss of U.S.-regulated, easily-accessible crypto-related funding choices, some could also be disconcerted by way of the truth that Reality Shares would possibly come to a decision to stave clear of allocating their finances to bodily BTC. This is because of the truth that CBOE’s and CME’s Bitcoin choices are recently cash-settled, thus making the California funding upstart’s attainable Bitcoin allocation paper, no longer bodily.

Bitcoin ETF Hype Continues 

The submitting of Reality Shares’ proposed car comes amid a persevered hype surrounding Bitcoin ETFs and merchandise of an identical caliber.

Interestingly, the aforementioned proposal is the second one semi-Bitcoin ETF to be filed in a month’s time.

Per MarketWatch, Wilshire Phoenix, a New York-headquartered funding control workforce, submitted an S-1 submitting with the SEC closing month. The submitting purportedly relates to a crypto-backed product, curiously named the United States Bitcoin and Treasury Investment Trust. Unlike advised cars from VanEck and its companions, Wilshire’s believe will dangle positions in no longer most effective BTC however momentary U.S. Treasury expenses and American greenbacks too.

The SEC-filed file accentuated the truth that the believe isn’t supposed to at once emulate a capital allocation against Bitcoin. Instead, Wilshire sees the tool as some way for potential traders to achieve minimum, however enough publicity to the main cryptocurrency. The American funding company added that the car’s divergent nature would lower volatility, whilst additionally minimizing the shortcomings of buying, securing, and promoting Bitcoin.

While all that is neatly and just right, strides were made within the full-Bitcoin fund scene too. As reported by way of Ethereum World News previously, San Francisco-based Bitwise Asset Management published an ETF that may observe its in-house Bitcoin Total Return Index, which purportedly “captures the full value of an investment in BTC.”

The CBOE, VanEck, and SolidX additionally resubmitted its joint proposal to the SEC after months of tumult.

And the proposals’ potentialities have begun to appear up, particularly as Hester Peirce, a commissioner on the monetary regulator, has expressed kindness and leniency against the cryptosphere. But will she be capable to persuade her fellow commissioners?

Title Image Courtesy of Bruno Van Der Kraan Via Unsplash

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Could Tesla CEO Elon Musk be Next in Line for Bitcoin’s Lightning Torch?

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From Twitter founder Jack Dorsey to crypto billionaires, the Lightning Network torch remains to be a factor on social media. It maximum not too long ago discovered its method into the palms of Binance CEO Changpeng Zhao. Zhao, like many within the Bitcoin group, want to see Tesla CEO Elon Musk clutch the torch subsequent.

Twitter Wants Elon Musk to Join Bitcoin’s Lightning Experiment

Litecoin writer Charlie Lee sought after it for himself, on the recommendation of Lightning Labs co-founder Elizabeth Stark.

He took the chance to indicate that many of us don’t appear to “want” the torch.

TakeTheTorch.online is regularly creating as a website online and probably a motion. Every time we seek advice from it, the illusion has modified, and the checklist of people that’ve won the torch has grown longer. It now sports activities a meme gallery.

The contemporary Bitcoin price building up moved the worth of the torch (3.21 million satoshis) to about $116.

Will This Bitcoin Torch Be ‘Stolen’ More Often As It Grows in Value?

Binance’s Zhao clearly sees the worth of the Twitter recreation. Demonstrating the microtransactional probabilities of Lightning Network, the scaling answer for Bitcoin has so much to turn out after two forks of Bitcoin have viably created techniques the place the worth of a transaction is way decrease.

Other notable torch-bearers within the week-long experiment come with @Excellion or Samson Mow, the outspoken Blockstream Chief Strategy Officer. Mow as soon as spoke so fervently in prefer of Bitcoin Core that Gavin Andresen labeled both him and Gregory Maxwell “toxic trolls.”

In addition to Samson Mow, @aantonop or Andreas Antonopoulos prior to now took the torch and handed it to pseudonymous Peter Parker.

Interestingly, a couple of transactions within the checklist are marked as “steal,” “dup,” or “return.” Presumably, anyone who receives the torch and assists in keeping it has “stolen” it. If it’s despatched to anyone who has already won it, that’s a “dup” or replica. A “return” is what we may be expecting extra because the experiment grows in price and those who merely don’t have any pastime flip the transaction round.

For his phase, Elon Musk has no longer addressed the handfuls of frantic Lightning Network supporters tagging him on Twitter. As prior to now reported, Musk is deeply thinking about paintings at SpaceX at this time. The corporate is operating laborious to show issues round after large layoffs have been caused by way of a few of its extra “insane” analysis tasks.

Elon Musk Image from Shutterstock

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$370 Billion Asset Manger Janus Says US Stock Market is Careening Toward Recession

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According to George Maris, the co-head of equities of Americas at Janus Henderson, an asset supervisor with $370 billion in AUM, a recession within the U.S. obviously stays a near-term chance, which might totally opposite the bullish development of the U.S. inventory marketplace.

“It’s [a U.S. recession] clear a near-term risk. If we can’t get trade negotiation results favorably, we’ve got weakening investment to look forward to. I mean there’s going to be a problem,” Maris said on Bloomberg Markets.

The Janus Henderson govt defined geopolitical dangers, home politics, and quite a lot of uncertainties surrounding the U.S. inventory marketplace because the core problems that can result in a full-blown recession within the close to long run.

Very Little Appetite to Get Things Done within the U.S., Stock Market Momentum in Decline?

Over the closing seven days, primary indexes within the U.S. inventory marketplace within the likes of the Dow Jones and the Nasdaq Composite have retraced following a powerful few weeks in January.

While some analysts have stated that the recent momentum of the Dow and its friends has satisfied retail buyers to spend money on the U.S. marketplace, elementary problems stay unchanged.

dow jones industrial average

The Dow has recovered, however the U.S. inventory marketplace continues to grapple with elementary issues that might stifle futures beneficial properties.

Primarily because of the home politics within the U.S. and the focus established on strengthening the southern border, Maris stated that the urge for food to transport ahead from each buyers and corporations has declined.

Maris famous:

“Given the political issues in the United States, there seems to be very little appetite to anything done, so it will be hard to get fiscal expansions, whether it is infrastructure-based or otherwise; tax cuts, etc. to happen is going to be unlikely.”

Considering the state of U.S. politics and the loss of vital growth within the U.S.-China trade talks, the Janus Henderson govt emphasised that dangers of recession will inevitably raise.

“So with that kind of uncertainty happening over the economy, you know recession risks are going to elevate,” he added.

The govt echoed the sentiment of Nobel Laureate Paul Krugman, who stated that the U.S. marketplace is in a worse position than it used to be 10 years in the past all through the Great Recession.

In the closing ten years, Maris defined that the ammunition or the choices of the central financial institution to stop a recession have declined, which will increase the likelihood of a recession within the upcoming years.

The Dow, S&P 500, and Nasdaq are recently ready at the end result of the U.S.-China business talks with low volatility and a reasonably top stage of steadiness.

If the U.S. will get a complete business deal completed by means of March 1, lots of the dangers concerned out there might be eradicated.

However, Maris warned that during a conceivable state of affairs through which a business deal isn’t completed, there exists an opportunity of a steep downturn out there.

He defined:

“If you get trade resolved, then you can start to see those risks diminish. I think what Paul Krugman was talking about was, in fact, there is less central bank ammunition to fight off any sort of recession or financial crisis that we had in 2008 and I think he is right with respect to that.”

Even If a Recession Occurs, It Won’t Be Anything Like the 2008 Financial Crisis

If a recession happens within the subsequent 12 months or two, Maris mentioned that it’s going to no longer mirror the disastrous affect the former 2008 monetary disaster had at the U.S. financial system.

The basics within the native financial system stay robust with employment rates and family balances sheets at document ranges.

“The actual fundamental elements of the economy are good,” the chief stated, including that even supposing a recession happens, the impact it would have at the U.S. marketplace is proscribed.

Featured Image from Shutterstock

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