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Samsung Joins Corporate Giants Reportedly Eyeing Bespoke Crypto

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Samsung is another big-name company to consider issuing its own cryptocurrency. Similar stories have already emanated from the likes of Facebook and JPMorgan Chase, with analysts speculating on various use cases for these cryptocurrency tokens.

While not yet confirmed officially, a “Samsung Coin” could find application as a payment means on the company’s app store and traded on cryptocurrency exchanges. The company has revealed that its flagship Galaxy S10 smartphone will have a built-in cryptocurrency wallet.

With these mega-corporations delving into the blockchain scene, it is perhaps important to see how their virtual currency implementation compares with each other and the rest of the virtual currency ecosystem.

Samsung readies new ETH-based blockchain mainnet and cryptocurrency token

On Wednesday (April 24, 2019), an inside source within Samsung revealed that the company’s blockchain division was developing an Ethereum-based blockchain mainnet. According to the source, the project would also create a virtual asset dubbed “Samsung Coin.”

Currently, the Samsung hierarchy has offered no confirmation of the proposed blockchain mainnet and token. However, the reports appear to be consistent with the recent activities of the company in the cryptocurrency and blockchain technology space.

Answering questions at the Blockchain Expo in London on Thursday (April 25, 2019), the business development and fintech chief at Samsung SDS Europe, Moritz von Widekind, said the company hadn’t decided on anything concrete yet.

According to the Samsung executive, various departments within the company are working on the project. Von Widekind also added that the proposed token could be launched on the company’s NextLedger enterprise blockchain platform.

Samsung recently participated in a $4 million investment round for ZenGo — a smartphone cryptocurrency wallet app. NextLedger continues to receive significant interest from companies around the world, most recently by Indian IT behemoth Mahindra.

In the absence of an official word from Samsung, it is impossible to know for certain the way in which the rumored token would work. However, given the electronic giant’s business model, there are some plausible assumptions to be made.

Samsung Coin could be used as a payment token within the company’s payment app, Samsung Pay. The token may also be traded publicly on cryptocurrency exchanges across the market.

Like the proposed Facebook Coin, no one can know for sure how the “tokenomics” of the cryptocurrency would work. If it turns out to be a payment coin, can it compete with the likes of bitcoin?

Facebook making another play at a payment system

Back in December 2018, Cointelegraph began reporting that Facebook, the largest social media platform in the world, was looking to launch its own in-app virtual currency. Like Samsung Coin, there isn’t any official word on what form of crypto-related project could best describe the Facebook Coin (FB Coin).

Some analysts and commentators say FB Coin will be a stablecoin pegged to a basket of fiat currencies and used for money transfers within the platform’s apps. Such a move could potentially be a huge deal in the cross-border remittance market.

According to the World Payment Report (WPR) of 2018, global mobile money transactions topped $41 billion in 2016. This figure formed more than 8% of all noncash transactions, showing the growing appeal of e-wallet transactions.

The WPR study also showed that large tech firms like Google, Facebook and Tencent accounted for more than 70% of the global money transfer market as far back as 2016. An excerpt from the report reads:

“These companies are leveraging their large-platform user base to make an impact in the payments space, focusing on providing seamless user experience, value-added features, and making use of network effects. Incumbents should learn from the BigTechs and invest in technology platforms in order to compete with them.”

The proposed FB Coin isn’t the company’s first foray into the digital currency scene. Back in 2011-2012, the social media giant launched FacebookCredits and Facebook Gifts.

However, the company discontinued the FacebookCredits service in 2012. The company did launch a peer-to-peer (p2p) payments service for the Messenger platform in 2015 but recently announced that it would also be shutting it down.

Some commentators even identified Facebook’s decision to discontinue the Messenger payment service as a clear indication of the imminent launch of its cryptocurrency token. Earlier in April, Nathaniel Propper of The New York Times declared that Facebook was on the hunt for $1 billion in venture capital funding for the proposed token.

According to Propper’s Twitter account:

“One person I spoke with said that Facebook is talking about using the money as collateral for its cryptocurrency. Facebook has been designing the coin to keep a stable value, pegged to a basket of foreign currencies held in bank accounts.”

Has blockchain technology finally helped Facebook crack the code for establishing a functioning digital payment system? Does the social media giant now possess the requisite expertise to run a remittance platform or is FB Coin going to find some other user outside the payment arena? Only time will tell.

Consumer use case for private blockchain cryptocurrencies

In mid-February 2019, Wall Street giant JPMorgan Chase announced its own cryptocurrency, becoming the first United States bank to adopt virtual currency in business operations. According to the bank, JPM Coin will run on Quorom, an Ethereum-powered private blockchain.

Unlike FB Coin, a lot is known about the plans JPMorgan Chase has for its cryptocurrency. JPM Coin, which is a stablecoin, will first be deployed in the bank’s internal settlement protocols to increase the efficiency of the overall process.

Right off the bat, some commentators expressed the position that JPM Coin could challenge bitcoin and XRP in the payment arena. However, by even JPMorgan Chase’s own submission, the adoption of JPM Coin will be restricted to its large corporate clients.

There are, however, future plans to move the utilization of JPM Coin beyond the internal transactional paradigm in use at JPMorgan Chase. An excerpt from the project’s FAQ reads:

“Over time, JPM Coin will be extended to other major currencies. The product and technology capabilities are currency agnostic.”

On Thursday (April 25, 2019), Cointelegraph also reported that footwear giant Nike is looking to launch its own cryptocurrency. Nike has reportedly filed a trademark with the U.S. Patent Office for “Cryptokicks.”

An examination of the filing document shows Cryptokicks being described using language that points to its being some form of cryptocurrency or digital payment system.

The democratization of payments on the global level is one of the foundational principles of bitcoin and blockchain-based currencies in general. Thus, the question of how the cryptocurrency tokens being created by these companies fits into such a philosophy is becoming pertinent.

According to Jerry Brito of Coin Center, these companies are creating in-house payment systems and are pale imitations of real cryptos like bitcoin. Commenting back in February, Brito opined:

“There’s a lot of confusion. […] I see folks referring to it as a cryptocurrency. It’s not a cryptocurrency. A cryptocurrency is one that is open and permissionless. If you want to download it, you don’t need permission, you just need some software.”

Some critics suppose there is no decentralization and label such efforts as being akin to companies that hedged their bets with the private intranet being more successful than the public internet in the 1990s. Just as the public internet became more popular and more successful than enterprise intranet protocols, some critics say permissioned blockchains will end up playing second fiddle to their public, permissionless counterparts.

Samsung could well be aware of this notion and would perhaps be more amenable to accepting a hybrid enterprise blockchain than a purely permissioned one. Cointelegraph contacted Samsung for further comments on the matter, but hasn’t received any as of press time.

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My Bank Account Was Frozen for Bitcoin – And It Only Made Me Love Crypto More

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Mike the HODL Guy describes his first experience buying Bitcoin and the resulting freeze on his bank account.

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NEO Price Prediction: Long-term (NEO) Value Forecast – May 19

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  • NEO/USD still in a bullish trend outlook in spite of a notable line of declines in its market valuation.
  • The two SMAs have now formed together to define the NEO/USD trade’s movements to the north direction.

NEO/USD Long-term Trend – Bullish

  • Distribution territories: $16, $18, $20
  • Accumulation territories: $8, $6, $4

In spite of a notable decline that occurred between May 16 and 18 in the NEO/USD market valuation, the crypto-pair’s trend is yet in a bullish outlook. After a slight kind of erratic price movements in the crypto-trade on May 13, the market eventually got push to test a price value at $14 mark on May 16.

Shortly, the crypto-trade began to make a retracement move to touch the two SMAs at their touching point located a bit over $10 horizontal line. Presently, the crypto has been seemingly striving once again to regain its momentum around the touching location of the 14-day SMA and the 50-day SMA indicators. The Stochastic Oscillators are now attempting to close hairs at range 60.

Most of the trading indicators still point to the north to suggest that the bulls are in control of this crypto-market. The two trading SMAs have slightly joined together at a point a bit over $10 mark to seemingly end the correction from a high value at $14 mark. Therefore, the market is now expected to surge northwards further past its aforementioned high point.

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 and Blockchain: The Tangled History of Two Tech Buzzwords

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“I’m interested in blockchain, not bitcoin.”

Admit it, you’ve heard this hundreds, if not thousands, of times. (You might have even said it yourself.) And sure, people know what you’re saying, you’re talking about the “technology underlying bitcoin” and you sound smart enough.

Once it became known – or at least presumed – that you could apply cryptography in finance, in ways similar to how it’s used in bitcoin, everyone started making sure that statement fell from their lips. And that refrain – kicked off by bitcoin itself – remains powerful today.

Sounds plausible? Sure. But, interestingly, the word “blockchain” doesn’t actually appear in the original bitcoin white paper, released back in 2008. Rather, the white paper uses the words “block” and “chain” separately many times.

It describes the word “block” as the vehicle for a bundle bitcoin transactions. Then, these blocks of are linked together, forming a “chain” of “blocks.”

bitcoin, paper

Snapshot from the bitcoin whitepaper (highlighting added)

So, who created this ultimate industry buzzword?

That damn blockchain

Turns out, the origins of the word are not quite so revolutionary.

“The word blockchain was never used in the early days,” former bitcoin developer Mike Hearn told CoinDesk. Although, Hearn did acknowledge that Satoshi often referred to bitcoin’s “proof-of-work chain” in discussions on forums.

It seems the first references to the word came about on Bitcoin Talk, a bitcoin-specific forum created by Satoshi, in July 2010 – more than a year after bitcoin’s release.

And at that time, these remarks weren’t about how innovative the technology was, but instead were complaints about how long it took to download the bitcoin “blockchain” (the entire history of bitcoin transactions).

While compared to today, the download would have far faster, according to one Bitcoin Talk user: “The initial blockchain download is quite slow.”

In other words, initially, blockchain was far from the sexy word it is today.

Blockchain mania

It’s hard to pinpoint exactly when the word really took hold.

But interest in the term seems to have sprung out of professional organizations and individuals hesitance to align themselves with bitcoin itself because of its bad reputation as the currency for drugs and gray economies.

“I think it [became popular] around the time people started going to Washington [D.C.] and trying to make bitcoin respectable by divorcing the currency from the underlying algorithms,” Hearn said.

To many, bitcoin the currency could be decoupled from bitcoin the blockchain protocol, and so a whole new industry of so-called “private blockchains,” devoid of a cryptocurrency, emerged. Sure enough, around that time in 2015, Google Trends data show the term surged.

Graph from Google Trends.

“Initially people said ‘block chain’, and then, thanks to a great PR campaign, we were blessed with the much improved ‘blockchain,’ single-word, probably thanks to a community-wide effort near and around the Bitcoin Talk forums,” long-time cryptocurrency developer Greg Slepak said.

Not only did it become one word, but it also came in vogue to describe any blockchain that wasn’t bitcoin’s blockchain as “a blockchain.” Bitcoin got to keep the terminology “the blockchain,” giving credence to the fact that it was the first.

Yet blockchain has become so divorced from bitcoin that both words typically see a similar spike when cryptocurrency prices start mooning. For instance, the word blockchain saw a huge uptick in Google searches in late 2017.

blockchain, google trends

Graph from Google Trends.

World’s first blockchain?

Still, it’s unclear exactly where the idea itself begins. To some, blockchains existed even before bitcoin, although that term wasn’t applied to them back then.

For instance, cryptographer Stuart Haber, whose whitepapers on timestamping were cited in the bitcoin white paper, claims to have created the first blockchain called Surety.

According to Haber, that has to be the reason why Satoshi cited his work – three times out of just nine total citations. Surety was launched in 1995 for timestamping records, and it’s still running today.

Yet, Haber admits that his version doesn’t have all the same benefits of bitcoin since it’s centralized – managed by one company.

And that highlights where things get tricky when you’re talking about a blockchain. See, there isn’t necessarily agreement on a single definition of a the technology.

The Merriam Webster dictionary actually presents a much older word for blockchain – “a chain in which the alternate links are broad blocks connected by thin side links pivoted to the ends of the blocks, used with sprocket wheels to transmit power, as in a bicycle.”

While Google defines blockchain as:

Google, blockchain

But, for those seasoned veterans of the space, even this definition is problematic. Many of these new-age private blockchains don’t record their transactions publicly.

“The term has become so widespread that it’s quickly losing meaning,” as The Verge put it earlier this year.

Blind men

Haber pointed to an Indian parable to help explain the incompatible descriptions.

In the parable, a group of blind men come upon an elephant and start touching the animal to try and figure it out what it was in front of them.

Depending on what part of the elephant each man is touching, their answer changes. For instance, one of the blind men, touching the elephant’s trunk, thinks it’s a snake, while the other, touching the elephant’s leg, exclaims it’s a tree trunk.

It’s similar when people define blockchain, Haber said.

He told CoinDesk:

“Some definitions will be completely silly, showing that people don’t understand what they’re doing, but there will also be a bunch of accurate descriptions of various parts of the vast body of work.”

As such, he argues there isn’t just one meaning.

Even though, bitcoiners believe a blockchain can only be the one and only bitcoin blockchain, like words, definitions are always evolving and changing.

Blockchain shirt image via CoinDesk archives

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Bitcoin Pizza Guy featured on Anderson Cooper’s 60 Minutes

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The beloved “Bitcoin Pizza Guy,” Laszlo Hanyecz, will be featured in the next airing of 60 Minutes where he will explain how he spent almost $800 million on pizza. Set to air on Sunday, it will be the first TV interview Hanyecz has ever given and will help bring Bitcoin to a much wider audience.

Bitcoin Pizza Guy to give the first interview on the 9th anniversary of Bitcoin Pizza Day

A computer programmer from Florida has been featured on 60 Minutes and the crypto industry has gone crazy. Set to air on Sunday, May 19th at 7 pm ET, the report has left many people wondering what the fuss is all about.

The Bitcoin Pizza is Worth $83 Million Today

Related: The Bitcoin Pizza is Worth $83 Million Today

The programmer in question is no other than Laszlo Hanyecz, the Bitcoin Pizza Guy, a legendary figure in the crypto industry. Hanyecz made history as being the first person to conduct a real-world transaction involving Bitcoin. However, a few years later, he also became known for spending a total of 100,000 BTC mostly on pizza when Bitcoin was worth less than 1 cent.

At the time of the interview, one Bitcoin was worth around $8000, which means Hanyecz spent $800 million worth of BTC on pizza. In the interview snippet, Anderson Cooper, the new host of 60 Minutes, looked flabbergasted, to say the least.

“Are there nights you wake up,” Cooper asks, “where you think, ‘I could have had $800 million… if I hadn’t bought those pizzas?’”

Hanyecz says:

“I think thinking like that is… not really good for me.”

60 Minutes brings more media attention to Bitcoin…and pizza?

Tomorrow’s 60 Minutes will be focused on cryptocurrencies and the ways they have shaped the world. Hanyecz isn’t the only well-known figure in the crypto industry that will be featured in the show – Lael Brainard, the US Federal Reserve Governor, Neha Narula, director of the MIT Media Lab’s Digital Currency Initiative, and Marco Streng, the CEO of Genesis Mining are all interviewed as well.

Charlie Shrem, BitInstant founder and the first person to become convicted for crypto fraud, also makes an appearance.

While the report has caused quite a media frenzy among the crypto community, it put cryptocurrencies under the spotlight. Having a network like CBS focus on the industry so much will definitely increase interest in Bitcoin.

As May 22nd, the 9th anniversary of Bitcoin Pizza Day is getting nearer, it seems that pizza is also getting more media attention. Charlie Bilello, a cryptocurrency writer and investor, recently pointed out an interesting fact. Domino’s Pizza, which went public in July 2004, has a return of almost 4,200 percent.

Google, one of the largest companies in the world, went public a month later, in August 2004. Its investors, however, have only seen a return of 2,228 percent so far.

Many attribute the incredible ROI Domino’s has seen to the new and improved business model implemented by its retired CEO, Patrick Doyle. Others have also pointed out that Domino’s switch from a restaurant to a tech company, alongside its implementation of crypto payments, is what created the most value for investors.

Watch the interview with Laszlo Hanyecz below:

[embedded content]

Filed Under: Adoption, Bitcoin, People of Blockchain

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Binance Coin Price Prediction: Long-term (BNB) Value Forecast – May 19

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  • BNB/USD trade has been on a slow and steady upswing over time until now.
  • The BNB/USD market may experience a line of variant correction around $32 and $28 price points, and that could result in range market movements.

BNB/USD Long-term Trend – Bullish

  • Distribution territories: $40, $42, $46
  • Accumulation territories: $16, $12, $8

Binance Coin market has been on a slow and steady increase as paired with the US dollar price valuation. On May 9, the crypto-trade declined slightly past the trend-line of the 50-day SMA indicator to record a low point around $20 mark.

On the succeeding trading day, May 10, the crypto notably made a weak come-back, and that has now featured as its actual turning point for its current visible upswing in the market to touch a high mark at $32 over the 14-day SMA’s trend-line. The 50-day SMA is situated underneath the 14-day SMA with a small space between them. The Stochastic Oscillators are now seemingly attempting to close hairs around range 80.

Observantly, the BNB/USD trade has been swinging upward mostly at the touch of its 14-day SMA’s trend-line from the top. Equally, The BNB/USD market may experience a line of variant correction around $32 and $28 price points, and that could give in to seeing other range market movements around those trading zones.

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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