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Bitcoin Giant Bitmain Finally Files IPO in Hong Kong, Emphasizes 328% Yearly Revenue Growth.

The world’s largest crypto mining equipment manufacturer Bitmain has finally filed an initial public offering (IPO) with the Stock Exchange of Hong Kong.

Bitmain, which has demonstrated absolute dominance over the lucrative Bitcoin mining market for many years, is yet to disclose its target valuation. But, local analysts have stated that the success of the Bitmain IPO will represent the demand for the cryptocurrency market by both retail investors and institutions in the Hong Kong market.

74.5% Market Share

The merit of purchasing equity of Bitmain through its IPO is quite clear; as its official IPO document explicitly emphasized, Bitmain has over 74.5 percent market share, accounting for the vast majority of crypto mining equipment shipments in the global market.

“According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand,” the IPO filing read.

The dominance of Bitmain over the crypto mining sector is already a solid selling point to investors. But, since 2015, Bitmain has managed to record an impressive 328.2 percent yearly revenue growth, as it saw its revenue increase from  $137.3 million in 2015 to $2.5 billion in 2017.

In early 2018, the mining giant doubled the profit margin of Nvidia, the largest graphics card manufacturer in the technology sector, generating more than $1.1 billion, demonstrating a profit margin that is twice as large as that of Nvidia which recorded a quarterly profit of $550 million.

“Bitmain reportedly brought in $1.1 billion in net profit just in the first quarter of 2018. According to the email, a conservative estimate of what the company could earn in net profit for the full year hovers at approximately $2 to $3 billion,” a report of Fortune read.

The $1.1 billion quarterly profit of Bitmain is admirable, given that the conglomerate generated $2.5 billion in 2017. In the first quarter of this year, Bitmain nearly recorded 50 percent of the profit it obtained throughout the 12 months prior to that.

Hashrate Control

Alongside its lucrative crypto mining equipment manufacturing business, Bitmain operates 11 mining centers in China and two major mining pools and Antpool. According to the IPO document, as of August 2018, and Antpool account for 37.1 percent of the hashrate of the Bitcoin network, which is more than one-third of the computing power of the Bitcoin network.

“As of June 30, 2018, we had opened 11 mining farms in the PRC, located in Sichuan Province, Xinjiang and Inner Mongolia, with an aggregate capacity to store approximately 200,000 sets of mining hardware. We also primarily operate two mining pools, and Antpool, currently the world’s largest and second largest Bitcoin mining pools in terms of computing power,” read the document.

Several research groups including BitMEX Research have also revealed that Bitmain has intentionally lowered its profit margin to place pressure on its competition. That means, subsequent to the IPO, Bitmain could redirect its focus on maximizing the profitability of its ventures that may lead to higher profit margins and revenues.

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The Last Frontier: Robinhood’s Commission-Free Crypto Trading Goes to Alaska.

Trading app Robinhood has rolled out its commission-free cryptocurrency trading services to yet another state in the U.S.

In a tweeted statement, the financial services firm disclosed that residents of Alaska can now trade Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Ethereum classic and Litecoin on Robinhood Crypto.


Besides trading in the six coins, users of the app in the Last Frontier state will also have access to the real-time market data of various cryptocurrencies including Bitcoin Gold, Dash, Lisk, Monero, NEO, OmiseGO, Qtum, Ripple, Stellar and Zcash. Earlier in the month, Robinhood announced new trading app features and tools and this included adding candlestick charts for stocks and options and not just cryptocurrencies.

20 States and Counting…

By adding Alaska, Robinhood’s cryptocurrency trading app now becomes available in 20 states in the U.S. The other 19 states where the crypto trading services of the app are already available are Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.

Though actual trading commenced in February with bitcoin and Ethereum being the first tradeable coins on the Robinhood app, the financial services startup announced commission-free cryptocurrency trading in January this year. The earliest states to access the services of Robinhood Crypto were California, Massachusetts, Missouri, Montana and New Hampshire with more added in the ensuing months.

“Trading functionality for BTC and ETH will be released gradually in waves to Robinhood residents in California, Massachusetts, Missouri, Montana, and New Hampshire. Robinhood Crypto will be available in more states soon,” Robinhood wrote in a blog statement at the time.

Crypto Wallet and Banking License

The financial services startup which is valued at approximately US$5.6 billion – from the most recent Series D funding round that raised US$363 million – is also understood to be working on its own cryptocurrency wallet. As previously reported by CCN, this was reinforced by the appearance of a job ad late in June where the startup was seeking a crypto engineer who would be responsible for building out ‘new functionality for our crypto product, such as adding new currencies or providing wallet functionality’.

Aside from expanding to more states and widening the range of trading products, Robinhood has also been previously reported to be interested in acquiring a banking license, joining other cryptocurrency firms such as Coinbase and Circle in seeking a U.S. national banking charter.

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Samsung to Manufacture ASIC Chips for Canadian Bitcoin Mining Firm.

Squire, a Canada-based crypto mining firm, which raised $19.5 million in August to develop sophisticated mining equipment, has signed a deal with South Korea’s largest conglomerate Samsung to manufacture ASIC chips.

The company has partnered with Gaonchips and Samsung Electronics to design and manufacturer new ASIC mining chips, which could allow the company to compete against Bitmain, the most dominant ASIC manufacturer in the global crypto mining sector.

“On August 1, 2018, we announced that Squire had engaged an undisclosed arm’s length design fabrication firm to perform the back-end design, testing and initial mass production run of our next generation ASIC chip for mining Bitcoin Cash, Bitcoin, and other associated cryptocurrencies. We are delighted that we are now able to disclose Gaonchips as our design house and Samsung Electronics as our foundry partner,” Squire said.

Samsung + Squire Vs Bitmain + TSMC

For many years, Bitmain and Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest dedicated independent semiconductor foundry, have maintained full control over the Bitcoin mining industry.

A recent report released by BitMEX Research disclosed that Bitmain has employed a strategy of selling its products including the Antminer s9 at a lower price with a low profit margin even at a risk of recording losses to pressure its competition.

“These low prices are likely to be a deliberate strategy by Bitmain, to squeeze out their competition by causing them to experience lower sales and therefore financial difficulties. In our view, herein lies the key to one of the main driving forces behind the decision to IPO,” the BitMEX Research team wrote.

Bitmain has been able to adjust its profit margins and squeeze out their competition with flexibility because since 2014, the conglomerate has not had any serious contenders in the crypto mining market.

Samsung and Squire could challenge the dominance of Bitmain over the crypto mining sector, especially given the large capacity of Samsung’s foundry that can meet the requirements of Squire without a limit on resources.

The Squire team stated that once the wafer process technology  developed by Gaonchips is accepted by a set of criteria, Samsung Electronics will immediately begin the process of manufacturing the ASIC chips:

“Our front-end development team of engineers and programmers is currently working with Gaonchips to develop the Company’s initial ASIC chip to mine Bitcoin Cash, Bitcoin, and other associated cryptocurrencies using a wafer process technology that, once confirmed and accepted as meeting certain prescribed specifications and criteria, will form the basis of an initial mass production test run of the ASIC chip by Samsung Electronics.”

Samsung Doubling Down on Mining

South Korea’s largest telecommunication company SK, insurance giant Kyobo, commercial bank Shinhan Bank, internet conglomerate Kakao, and many other multi-billion dollar corporations are currently involved in the cryptocurrency sector in various ways. Some have financed crypto exchanges, developed blockchain projects, and are in the process of integrating digital assets into their existing infrastructures.

The newly established agreement between Samsung and Squire demonstrated the intent of the South Korean conglomerate to double down on their strategy to target the crypto mining sector and challenge the dominant forces in the industry.

The announcement was disclosed by the Canadian Securities Exchange and Samsung Electronics is yet to release a formal announcement of its own.

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Exclusive: BitPay Partners, Brings Bitcoin Payment Protocol to a Million Users.

Bitmain subsidiary has become the latest bitcoin wallet provider to adopt the BIP70 transaction framework, enabling the company’s 1 million customers to send payments to businesses in cryptocurrency payment processor BitPay’s $1 billion merchant market.

BTC.Com Adopts BIP70 for Commercial Bitcoin Payments

Originally proposed in 2013 by early Bitcoin developers Gavin Andresen and Mike Hearn, Bitcoin Improvement Proposal 70 (BIP70) was designed to improve the customer experience for commercial transactions involving cryptocurrency.

BIP70 seeks to accomplish this by allowing customers to make payments to human-readable payment addresses(e.g. “, rather than standard bitcoin addresses, which are long and easy to misread. The payment standard also includes support for transaction received messages, as well as the automatic generation of refund addresses.

At the beginning of the year, BitPay adopted BIP70 as its invoicing standard, requiring all users sending BTC and BCH payments to BitPay merchants to use BIP70-compatible wallets. The firm said recently that, following this policy change, the rate of payment errors has plummeted to just 0.27 percent of all transactions, down from nearly 10 percent in June 2017.

That, according to VP of business operations Alejandro de la Torre, is why decided to adopt BIP70 for its 1 million bitcoin and bitcoin cash wallets.

Speaking exclusively to CCN, he said:

“When a merchant uses BitPay, in order for their customers to pay using bitcoin or bitcoin cash, they must use a BIP 70 compatible wallet to complete the transaction. BitPay is one of the biggest providers of crypto-merchant services, and we believe in offering the best payment experience for our users that also supports onboarding merchants.”

Criticism of BIP70

accept bitcoin coinbase woocommerce bitpay

BitPay says that BIP70 drastically reduced payment errors, but critics say it brings other risks.

However, many wallet services have declined to upgrade to BIP70, instead sticking with the heretofore universally-supported BIP21. Critics, including privacy-centric wallet provider Samourai Wallet, allege that BIP70 could lead to increased risk of AML/KYC surveillance, as well as more effective user blacklists. They also warn that this payment standard could render bitcoin payments vulnerable to security bugs in OpenSSL.

In a blog post published earlier this year, Samourai Wallet accused BitPay of using its market-leading position in the cryptocurrency payment processor space to “bully wallet providers into supporting their business plans or bully users into a system that degrades their privacy and the fungibility of bitcoin as a whole.”

However, does not share those concerns. Speaking to CCN, de la Torre said, “We have taken the time to carefully evaluate all security and privacy concerns, and we are certain that our users are completely safe with the wallet.”

Looking forward, de la Torre said that taking steps to make cryptocurrency payments more user-friendly will help them “begin to compete with credit card and mobile transactions by capitalizing on current inefficiencies in traditional payment processing services,” sowing “the seeds for cultivating deep and sustainable growth from the whole bitcoin community.”

He concluded:

“Cryptocurrencies like Bitcoin Cash have many financial benefits compared to credit cards such as lower transaction fees and irreversible payments. However, we as an industry still need to see more development in terms of user experience, making it easier for newcomers to feel safe and work intuitively.”

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JPMorgan’s Ethereum-Based Blockchain Payments Trial Adds 75 Banks

A blockchain payments trial jointly launched by a trio of banks led by JPMorgan has roped in 75 new banks globally for seamless and faster interbank settlements.

First deployed by JPMorgan in October 2017, the Interbank Information Network began as a blockchain experiment to minimize the participants and friction typically involved in a global payments transaction. The blockchain is developed using Quorum, an Ethereum-based private blockchain developed by JPMorgan in partnership with development studio EthLab.

As CCN reported at the time, JPMorgan’s blockchain foray took shape nearly to the day two years ago in 2016. The largest bank in the United States quit banking-centric blockchain consortium R3 the following year, presumably to build on the development of its own in-house blockchain.

Eleven months later, the endeavor – which includes the Royal Bank of Canada and the Australia and New Zealand Banking Group (ANZ) as a trio of members – is now rivaling R3 with the addition of ‘more than 75 of the world’s biggest banks,’ according to a Financial Times report.

Specifically, the trial is to assess the feasibility of a common ledger accessible by all participating banks in a process that reduces the number of participants in a simple cross-border payment chain. The use of bistro accounts and corresponding banking partnerships in different regions in the world means an international payment could be wired through three or four middlemen firms. The use of blockchain tech, in comparison, could mean instant communication and resolution of issues that could otherwise take up to a fortnight to resolve conflict.

Pointedly, the blockchain solution is specifically tasked to address the payments industry, a banking sector where traditional banks fear disruption the most from fintech startups.

JPMorgan banks analyst Jason Goldberg told FT:

“Payment is one of the segments banks worry about most about in terms of ceding to non-bank competition. Blockchain is a way to keep more of that [business] in-house.”

The FT report also notes that the Interbank Information Network enables peer-to-peer financial messaging, making it a rival to the likes of the most commonly-used global payments rail operated by SWIFT.

With nearly 80 banks, the network is expected to process about 14,500 USD-denominated payments a day. The IIN also intends to support payments in non-USD currencies in the future.

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North Korea ‘Increasingly’ Uses Crypto to Avoid US Sanctions, Experts Claim

North Korea is "increasingly" using cryptocurrencies to evade sanctions imposed by the U.S., according to two Washington-based experts cited by news site Asia Times on September 24.

Lourdes Miranda and Ross Delston sent a joint response to an Asia Times' inquiry regarding the use of crypto by the government of North Korea (DPRK). Miranda is an independent financial analyst and a financial crimes investigator, and Delston is an independent attorney and expert witness in money laundering cases.

Both experts have claimed that the country is successfully trading existing cryptocurrencies, and is attempting to create one of its own, despite current restrictions imposed on fiat assets:

"International criminals everywhere prefer crypto-currencies and the DPRK is no exception. Crypto-currencies have the added advantage to the DPRK of giving them more ways to circumvent U.S. sanctions. They can do so by using multiple international exchangers, mixing and shifting services — mirroring the money laundering cycle."

Miranda and Delston further explain the scheme that they allege is in use by North Korean authorities.

Initially, the government hires people who have convenient personal identifiable information (PII) to open a crypto wallet that can be used to trade cryptocurrencies. Then local miners transfer crypto into "multiple" European wallets, where they are mixed and shifted in order to confuse anti-money laundering and know-your-customer (AML/KYC) systems.

The process ends with North Korean nominees buying bitcoins, which are later converted into other popular cryptocurrencies, such as Ethereum or Litecoin, to break the "linear pattern of transactions."

As the crypto asset’s point of origin is concealed, the North Korean government then has a chance to exchange "laundered" coins to fiat, thus receiving dollars without any sanctions attached, the experts concluded.

Miranda and Delston did not specify the approximate volume of the operations they described, nor did they reveal the source of their information.

As Cointelegraph reported in August, an earlier report by a South Korean bank revealed that North Korea had attempted to mine Bitcoin between May and July 2017. However, the test was then reported as unsuccessful. The report also contained data on attempts to create a North Korean crypto exchange.

Countries pressed by U.S. economic sanctions are often reported as experimenting with crypto. For instance, Venezuela launched its controversial "oil-backed" Petro coin, which some experts claimbarely exists.

Iran is reportedly preparing to create its own national cryptocurrency, which is expected to facilitate international transactions for the country sanctioned by the U.S. for launching a national nuclear program, among other things.…ns-experts-claim/

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Kenya: DLT and AI Task Force Chairman Calls on Government to Tokenize Economy

Kenyan Distributed Ledgers and Artificial Intelligence task force chairman Bitange Ndemo has said that the government should tokenize the economy, local news outlet The Star reported September 25.

The taskforce was established in March by the government of the Republic of Kenya in order to evaluate proposals on how to deploy blockchain technology in the public sector. The working group consists of local blockchain startups, experts, researchers, regulatory bodies, lawyers and other associated parties.

Speaking at an Information and Communication Technology Ministry (ICT) stakeholders meeting with the private sector, Ndemo reportedly asserted that the government should consider tokenization of the economy in order to deal with “increasing” rates of corruption and uncertainties. This move, according to Ndemo, would have the government print less hard currency. The chairman said:

“We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to fiat currency.”

In addition, Ndemo stated that the adoption of tokens could reduce unemployment levels, outlining the necessity of issuing a digital currency equivalent to a fiat currency. The ICT Principal Secretary Jerome Ochieng said that the government will develop relevant policies to process the recommendations proposed by the taskforce.

Notably, the Central Bank of Kenya (CBK) issued a circular to all banks in the country in April, warning them against dealing with cryptocurrencies or engaging in transactions with crypto-related entities. CBK Governor Patrick Njoroge cited crypto’s prevalence in illegal activities, its anonymous nature, and its lack of centralized control as the impetus for the ban.

In June, decentralized liquidity network Bancor launched a network of blockchain-based community currencies to fight poverty in Kenya. The project seeks to stimulate local and regional commerce and peer-to-peer activity by enabling Kenyan communities to create and manage their own digital tokens.…tokenize-economy/ ‎

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Crypto Cooldown: Iceland’s Bitcoin Miners Turn to Blockchain Enterprise.

Iceland has long been a prominent hub of bitcoin mining due to 98% of its electricity coming from renewable geothermal energy and a cold climate favoring mining farms which must be kept cool can run massive air conditioning bills in warmer areas.

The power usage effectiveness (PUE) of the country is as low as 1.03, almost twice as cost-effective as many nearby countries in continental Europe where the average is 1.78. As such, Iceland is home to international mining firms like Genesis and BitFury which have set up in the nation to capitalize on the natural advantages and now dwarf many of the local mining enterprises. The establishment of these enterprises was motivated in some cases by the impact of the 2008 financial crisis on the Icelandic economy which wiped 60% of the value from the Iceland krone, the local fiat currency.

Bitcoin mining is so prevalent that the energy consumption of mining in Iceland is set to overtake that of the households of the 340,000 locals living on the small island. 600 mining rigs were famously stolen in a major heist earlier this year, making headlines across the world and drawing attention to the scale of some of the local mining farms.

However, bitcoin mining took a huge hit after the market crashed in December 2017, sending the price of one BTC from an ATH of $19,783 to $6,362 at the time of writing and causing many mining enterprises around the world to mine BTC at cost or even at a loss, leading to speculation that the days of the Icelandic mining boom were over.

Halldór Jörgensson, chairman of Borealis Data Center confirmed this in a recent interview with Red Herring, stating that the infrastructure has now been created in Iceland to pursue other blockchain-related business ventures:

“The demand is…shifting more towards the pure blockchain business. So you could say that the bitcoin wave, the big wave of bitcoin demand, has helped us to build out really fast, because there were really aggressive or interested parties who wanted to do things and we managed to do the build-out.

We strongly believe that when the whole bitcoin thing has settled down to some kind of a level that is not as crazy as it was a year ago […] another wave that crops up that will utilize these infrastructures that have been built up during the bitcoin mining phase.”

It may well be that bitcoin mining will suffer a permanent decline in the country, but instead of closing up shop completely, those already working in the cryptocurrency space are now exploring other options – blockchain enterprise, a growing industry that is set to reach a value of $2.3 billion by 2021.

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Australia’s Science Agency Scales 30,000 Txs/s on First Global Trial of its Red Belly Blockchain.

A blockchain developed by CSIRO, Australia’s national science agency, in collaboration with the University of Sydney, has completed a global test on Amazon’s ubiquitous cloud computing network to process 30,000 transactions

As reported yesterday, the ‘Red Belly Blockchain’ – developed jointly by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Concurrent System Research Group (CSRG) at the University of Sydney – was put to use in a successful trial on Amazon Web Services (AWS), a popular cloud infrastructure provider.

While the blockchain has previously been tested to scale substantially – up to 660,000 transactions per second – on a single localized network of 300 machines, the full scale of its trial on AWS has now been revealed.

Deployed across 1,000 virtual machines in 14 of 18 geographic regions serviced by AWS, “a benchmark was set by sending 30,000 transactions per second from different geographic regions, demonstrating an average transaction latency of three seconds with 1,000 replicas”, a CSIRO announcement confirmed.

The geographical locations of the nodes running the blockchain include North America, South America, Europe and the Asia Pacific (Sydney).

Fundamentally, the experiment was to showcase the Red Belly Blockchain’s scalability while retaining the technology’s core characteristics in security and speeds, the agency said. Their blockchain relies on a unique consensus mechanism that performs and scales without adhering to the ‘proof of work’ mechanism used by popular public blockchains like bitcoin and ethereum.

“Real-world applications of blockchain have been struggling to get off the ground due to issues with energy consumption and complexities induced by the proof of work,” Dr Vincent Gramoli, senior researcher at CSIRO’s Data61,” Dr Vincent Gramoli, senior researcher at Data61 and head of the university research group said.

He added:

“The deployment of Red Belly Blockchain on AWS shows the unique scalability and strength of the next generation ledger technology in a global context.”

Concurrently, the CSIRO is also part of a data consortium with technology giant IBM that is actively developing a large-scale, cross-industry blockchain platform dubbed the Australian National Blockchain (ANB). The nationwide blockchain platform will be powered by smart contracts.

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Blockchain or Brickstring: Bitcoin Brainteaser Featured on Australia’s ‘Who Wants to be a Millionaire’

The Australian version of  “Who Wants to be a Millionaire?” featured a bitcoin question that left the contestant. The contestant perhaps wanted to use a “phone a nerd” option to figure the answer out. Could bitcoin’s underlying technology actually be a brickstring?

Source: Reddit

A brickstring does make sense in a mental picture. I mean, c’mon? We’re kind of splitting hairs when we have to choose blockchain over brickstring. A brickstring makes decent sense, doesn’t it? When a house is built, the construction workers lay the bricks in an interlocking pattern. It could be argued that this is the same concept of blockchain. The mental metaphor isn’t that far off.

Alas, trivia shows don’t allow for debate, as fun as that would be. Crypto-twitter would surely be the best contestants for a game show based around winning a debate. At least a show like that could bring back the study of the finer points of traditional debate that started in ancient Greece.

If anyone doubts that bitcoin is not out of the “early adopters” phase, its cameo appearance in one of the oldest, most globally recognized game shows should help squash that doubt. Though bitcoin and cryptocurrencies are well recognized by a majority of people, many interested investors do not actually own any. However, this is rapidly changing as new avenues for newcomers are launched, such as a possible ETF, institutional custodial products, and other trading vehicles.

Bitcoin on My Mind

Bitcoin has arrived. It has become a global frontier that the journeyers know about and have an opinion on. Even if the opinion is negative, the fascination is alive and well, even if adoption isn’t yet.

Cryptocurrency and blockchain education could also help remove the fear and mystique that keep some on the sidelines, along with secure storage/custodial options. Bitcoin’s appearance on the most “normie” of TV shows highlights that the years of organic publicity has paid off.

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Cryptojacking Surged by 86% in the Second Quarter of 2018: McAfee Labs.

The surge in the popularity of cryptocurrency mining malware that started in the last quarter of last year has continued unabated into the first half of 2018.

According to McAfee Labs, cryptocurrency mining malware attacks increased by 86% in the second quarter of this year. While the primary target of cryptocurrency mining malware has remained personal computers, cryptojackers have increasingly turned their attention to devices such as smartphones and other gadgets possessing an internet connection.

Per Christian Beek, the lead scientist at McAfee Advanced Threat Research, the interest in devices other than PCs for planting cryptomining malware has been brought about by the fact that they are greater in number and they tend to possess weaker security controls:

“A few years ago, we wouldn’t think of internet routers, video-recording devices, and other Internet of Things devices as platforms for cryptomining because their CPU speeds were too insufficient to support such productivity. Today, the tremendous volume of such devices online and their propensity for weak passwords present a very attractive platform for this activity.”

Ransomware Down, Cryptomining Malware Up


The cybersecurity firm also noted that the growth of cryptocurrency mining malware has enjoyed an inverse relationship with ransomware in the past few months. Ransomware attacks, for instance, declined by 32% in the first quarter of this year at a time when cryptomining malware grew at a rate of 629%. In June this year, Kaspersky Labs also came to a similar finding noting that there had been a drop in ransomware attacks of close to 30% between 2017/2017 and 2017/2018 while cryptojacking attacks increased. On mobile devices, the decline in ransomware attacks was around 22.5%.


In a report titled Blockchain Threat Report, McAfee Labs laid emphasis on ensuring software updates and patches are made since this known vulnerabilities were the most common to be exploited:

“It can be costly and time consuming for bad actors to write their own malware. Rather than research and write their own exploits, many malware authors choose publicly disclosed exploits and known vulnerabilities, assuming that a significant number of machines remain unpatched and open for attack.”

It Could Get Worse

As previously reported by CCN, the report by McAfee Labs echoes a similar one by Malwarebytes Labs which found that illegal cryptocurrency mining growth in the second quarter of 2018 was lower than in the first quarter. The Malwarebytes Labs report concluded that while attacks on the scale of the NotPetya and WannaCry ransomware were yet to be matched this year, this could change in the run-up to the end of the year with the SamSam and VPNFilter malwares specifically mentioned.

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Breaking: Google to Reverse Crypto Ad Ban for Exchanges Advertising in US, Japan

The U.S. tech giant Google is set to update its ad policy in October, reallowing some crypto businesses to advertise on its platform. The company announced this in an official post Tuesday, September 25.

According to the official announcement, starting in October Google will allow registered cryptocurrency exchanges to advertise on its Google Adwords platform, targeting the U.S. and Japanese audiences. The announcement says:

“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”

This decision follows an announcement in March that all crypto-related businesses will be banned from buying ads on Google Adwords, described by industry insiders as “unfair” and “troubling.”

To justify its crypto ad ban, Google said that it was protecting its customers from fraudulent offerings, including but not limited to “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”

Other tech giants, such as Facebook and Twitter have made similar statements in a wave of crypto advertisement bans earlier this year.

Since then, Facebook has reversed its ad ban for pre-approved cryptocurrency firms, while still maintaining a ban on Initial Coin Offering (ICO) advertisement – a move similar to the one made today by Google.

Back in June, during an exclusive interview with Cointelegraph, Wikipedia’s Jimmy Wales commented on the attempts to regulate the blockchain and crypto industries, saying: “You can’t ban math. You can’t ban blockchain.”

In July, Google’s co-founder Sergey Brin announced that he is an Ethereum (ETHminer at the Blockchain Summit in Morocco.


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Crypto Enthusiasts Should Expect 50% Increase In Cryptocurrency Trading In 2019.

Cryptocurrency community should expect a 50% increase in the volume of cryptocurrency trading in 2019. A report by Statis Group highlighted the expectations and projections of cryptocurrency trading in the coming years based on some factors.

The Cryptocurrency Market

The cryptocurrency market has seen a continuous bearish trend since the beginning of the year. The bearish trend has impacted a market shed of over $500 billion, while there are still speculations of a bullish trend before the end of 2018.

Despite the bearish trend, the optimism of more hay days in the industry is very high, and the industry has experienced growth in innovation and also measures to curb the menaces of the industry.

However, according to a recent report from Statis Group, the cryptocurrency market has two significant challenges facing cryptocurrency investors. These challenges are how to trade and most importantly, how to securely store cryptocurrencies.

Further, these concerns surround the issue of security and regulatory compliance which makes institutional investors wary of where to place their investments. Despite many cryptocurrency exchanges available in the cryptocurrency space, solving these issues remain key to the condition of the cryptocurrency market.

Cryptocurrency Trading Will Increase By 50% in 2019


The report further explained that cryptocurrency trading is expected to increase by 50% in the coming year, as the cryptocurrency market will start overcoming the challenges of where to trade and how to store cryptocurrencies.

The study which is tagged Crypto Asset Market Coverage Initiation; the trading and custody does not only highlight the increase of 50% in 2019. Also, there is a projection of a compound annual growth rate until 2028.

The cryptocurrency trading volume is expected to surpass the U.S. corporate debt trading volume in 2018 and on that note to contain at least 10% of the U.S. equity trading volume.

Further, the report noted that 20 top exchanges are accountable for more than 75% of the world cryptocurrency trading volume. Also, Bitcoin is found to dominate one-third of cryptocurrency trading volume, followed by Tether and Ethereum cryptocurrencies.

Why The Increase in Trading Volume?

The increase in trading volume according to the report will be stimulated by growth in the knowledge of the fundamentals of the market.

Notably, the U.S. government and intelligence agencies have tripled their investment into blockchain tech analysis in the past six months, to fish out the trend of illegal activities using cryptocurrencies.

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Forget Bitcoin. This Is Much Better...

There are probably just as many words of investing wisdom out there as there are actual investors. That's because every one of us has at least one story to tell and at least one conclusion to make.

But some advice translates to wisdom that resonates across the entire investment universe.

One example is the notion that you should never try to catch a falling knife.

This makes sense from an investing standpoint, not just in your kitchen. While you might succeed in remaining unharmed, the risks of buying a plunging stock are significant. Because a sharp selloff ("falling knife") usually happens for a good reason, it's next to impossible to predict when the selloff will stop.

Bitcoin: The Ultimate Falling Knife
These days, this investment maxim comes to my mind every time I read a news item on bitcoin or look at the digital currency chart. Yes, there will be bargains -- at some point -- as a result of bitcoin's relentless decline, but we simply don't have enough information to call a bottom here.

From its high of $19,511 on December 18, 2017, bitcoin has lost about two-thirds of its value (with the price falling by more than 65% to the most-recent level near $6,400) -- a drop that's challenging the size and ferocity of the dot-com bust.

In part, this is a snap-back reaction to bitcoin's relentless rise last year, when the price of the digital currency increased from the low of $752 (set on Jan. 12, 2017) to the December high of $19,511. That's a gain of nearly 2,500% in less than a year .

Compared to its year-ago levels, bitcoin is still up by nearly 50%. In other words, anybody who invested in bitcoin a year ago has still fared quite well today. On the other hand, it's the rush to the exits that makes investors doubt whether the digital currency has truly stabilized and if further declines are in the cards.

Too Early To Call A Bottom
It is relatively easy to compare how similar bitcoin's rise has been to other speculative bubbles. And, as some of you might remember, I made this conclusion and called for caution back in December.

It turns out that my warning synced up with the top of the bitcoin bubble, almost to the day. In retrospect, it seems that those bubble-like conditions were quite obvious, but even at that time, seeing the parabolic rise of this relatively new asset, I had no doubt that something wasn't quite right.

Even though the selling has eased somewhat, I think it's still too early to call a bottom on the bitcoin price. That's because bitcoin remains a very new asset in search of its true self -- as well as a proper pricing mechanism. (Both supply and demand for these game-changing digital currencies still have to truly establish themselves in order for the pricing mechanism to become effective.) Add to that some newly emerged regulatory concerns, as well as questions about how secure digital currencies truly are. Until those questions settle, many big investors and money managers will stay out of this asset.

Consider also that, unlike bitcoin, which is still holding its ground, many other digital currencies have seen their price move to near zero. In this sense, the digital currency bubble also reminds me of the dot-com era, when the best and the fittest survived (and even prospered, although it took a while) and hundreds of speculative early-stage companies all but disappeared. Coinopsy, a well-known research website , lists as many as 406 "dead coins"; other estimates name as many as 1,000 digital currencies that have disappeared. ( Read this for more info .)

Still, I think bitcoin isn't going to just disappear. It's the oldest, best-established and best-known digital currency, and, as such, it's likely to survive the recent volatility and possibly claim the reins in the process. At what price, however, remains to be seen -- it's still a "falling knife," figuratively speaking.

If You're Serious About Making REAL Gains...

Rather than speculating on cryptocurrencies, you would have been much better off by simply buying a stock like Advanced Micro Devices (Nasdaq: AMD ) .

The company is much more than just a provider of digital currency-mining equipment; it's an emerging semiconductor powerhouse . And this is exactly why I selected it for our Game-Changing Stocks portfolio about a year ago.

This logic has worked out well: AMD has rallied more than 130% since then.

In addition to outperforming the price of bitcoin, AMD has also outperformed competitor NVIDIA (Nasdaq: NVDA ) by about 85 percentage points .

Moreover, AMD is the best-performing S&P 500 stock, bar none, this year, up 202% year to date .

Thanks to its strong product line-up, AMD is positioned to grab market share from both NVDA and Intel. That's because AMD is no longer just a cyber-currency or computer-game side-play -- if its new products perform as advertised, the company is set to become a computing powerhouse.

It's still a volatile stock, however, so if you haven't followed our move into AMD already, caution is warranted. (I have it rated as a "hold" in Game-Changing Stocks right now.)

I'll have more news and updates on this top-performing stock in the upcoming issues of Game-Changing Stocks . I'm also on the hunt for more triple-digit gains in the meantime. If you'd like to get your hands on all of my current picks -- as well as my latest research report -- simply go here .


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Monero cryptocurrency fixes “the burning bug”

There's a fine line between "there's nothing to worry about" and "we've discovered a critical bug."

The burning bug sounds like an STI, and works kind of like one too.

What starts off as a good time - getting XMR deposited into a wallet - turns into a nightmare when the recipient is left with an unshakeable case of the burning bug, which functionally takes the form of unspendable funds. It's been observed in the wild as a hypothetical illness, but so far there are no confirmed cases of human transmission.

But rather than wait until there is, Monero developers have gone ahead and vaccinated it out of existence, just to really stretch the analogy to breaking point.

In more literal terms:

  • A theoretical burning bug attack was described well over a year ago. It was widely dismissed as being too impractical to be a cause for concern.
  • 9 days ago, at the time of writing, someone re-discovered the burning bug, and Reddit user s_c_m_l accidentally worked it into a practical attack with a hypothetical question.
  • Monero developers said "actually, yeah" and patched the bug out of existence.

Anatomy of the burning bug

The attack itself hinges on an anomaly in Monero's stealth addresses, in which multiple transactions of the exact same amount will get assigned the same key image. These will functionally mean the transactions are identified by the network as the exact same transactions, which would be interpreted and blocked as an attempted double spend attack. All but one of those transactions will be deemed invalid, and the coins "burnt." Hence the name burning bug.

By itself the attack is just a way for a suitably motivated person to destroy their own money.

The actually quite straightforward twist is what happens when someone carries out the attack after sending the funds to an exchange's wallet and selling the burnt coins. It doesn't actually gain the attacker anything, and in fact comes at a cost, but the cost was relatively low making it a potential attack vector for someone who wants to economically attack an exchange by destroying their money, even at no personal gain.

"Practically speaking this bug is exploited as follows," Monero developer dEBRUYNE explains. "An attacker first generates a random private transaction key. Thereafter, they modify the code to merely use this particular private transaction key, which ensures multiple transactions to the same public address (e.g. an exchange's hot wallet) are sent to the same stealth address."

"Subsequently, they send, say, a thousand transactions of 1 XMR to an exchange. Because the exchange's wallet does not warn for this particular abnormality (i.e. funds being received on the same stealth address), the exchange will, as usual, credit the attacker with 1000 XMR. The attacker then sells his XMR for BTC and lastly withdraws this BTC. The result of the hacker's action(s) is that the exchange is left with 999 unspendable / burnt outputs of 1 XMR."

"Fortunately, the bug did not affect the protocol and thus the coin supply was not affected."

juicy crypto words

To roll out the patch as quickly as possible, the developers notified all exchanges they were in contact with and send out an email to those on the Monero mailing list.

"This event is again an effective reminder that cryptocurrency and the corresponding software are still in its infancy and thus quite prone to (critical) bugs," said the Monero announcement.

It seems unfortunate that even though the bug has been known for over a year, it's only recently that someone actually thought about it one step further. The leap from hypothetical useless vulnerability to practical attack was tiny, and seems like it should have been a bit more obvious.

But things are always more obvious in hindsight. Plus, plenty of exchanges have listed Monero over the years, and despite being the ones predominantly at risk, it seems none of them independently discovered it either.

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Coinbase overhauls cryptocurrency listing practises.

Coinbase's cryptocurrency listings will probably be exploding in the near future.

"Satoshi and Vitalik were not Coinbase customers. But all future and current asset creators and developers are," said Coinbase CTO Balaji Srinivasan to CoinDesk. "So it's like we're becoming a two-sided marketplace."

He's referring to the common practice of charging fees for listings, as part of Coinbase's overhauled cryptocurrency listings process. One of the top customer requests, he says, is wider support for a wider range of assets, and Coinbase has spent a while cogitating on how to best meet this need.

It's easier said than done.

99 problems

The main problem might be that there's a lot of dross out there, which far outweighs the solid and genuine projects. Any exchange which commits to listing everything under the sun will end up spending a lot of time and effort on adding these, only to open up potential security issues, struggle with liquidity issues for low-demand assets and get a reputation as the dollar store of the cryptocurrency world.

It takes a brave exchange to commit to that kind of struggle, and Coinbase understandably has no interest in walking over those coals.

There are plenty of good projects too though, and a laggardly listings process often won't meet customer demand, especially with newer coins often being in relatively high demand in the aftermath of ICOs.

Part of the solution is to charge a listing fee. Coinbase hasn't given any concrete amounts, but Srinivasan said it wouldn't be prohibitive. It's mostly meant to deter spam and cover the cost of due diligence, he says.

"We do not want that [fee] to be a burden that deters people from listing new assets with us."

"Every major exchange of financial instruments — such as the equities industry — charges listing fees. It is extremely costly for an exchange to onboard a new instrument, and there is no way to avoid that cost," Srinivasan adds. "Every new blockchain adds risk to an exchange's operations. I'm wholly in favor of an exchange charging a listing fee, and I don't see any ethical or other issues with doing so. Whether they let the market decide the fee, or set a flat fee, or some other reasonable arrangement is completely appropriate."

This is the same conclusion which the Binance and most other exchanges reach - that listing fees are necessary and any real form is appropriate. Although in the case of Binance, listing fees will actually vary widely from coin to coin. As Binance CEO Changpeng Zhao said, he prefers to let projects propose their own fees. The best projects can get on for free ("exchanges should pay the coin team to list them"), and acceptable costs will continue to grow based on declining project quality and increasing risks.

Apply online

Also like Binance, the best way to get on Coinbase will be through the online application.

"The new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework," Coinbase says. Although the form itself says a coin needs to pass legal and security review before one can apply, so it's a little bit unclear.

Still, the initial vetting will look at three main factors, Srinivasan say.

  • Is the coin legally compliant?
  • Is it technically secure and innovative?
  • Do customers want it?

Free for a limited time only

The fee won't be coming in until later, Coinbase says.

juicy crypto words

It's probably going to be free to apply for a limited time. Coinbase also notes that it might be choosing to list some assets on the basis of its own evaluations, even without an application.

After applications, it will attempt to give quick, specific reasons for the approval or rejection of particular applications.

It will also be looking at these on a jurisdiction-by-jurisdiction basis, in order to comply with local laws.

"In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time," Coinbase says.

The new framework and free applications process means there's almost certainly a mountain of applications rolling in to Coinbase at this very moment. It's probably going to find a lot of promising additions going forwards, so it's safe to assume that Coinbase's variety will be exploding in the near future.

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Russia’s multinational BRICS cryptocurrency idea gains traction.

A semi-official national IMF SDR-pegged digital currency is taking shape in strange circumstances.

Russia has been racing to embrace cryptocurrencies, specifically for the purposes of weakening the US dollar's somewhat outsized grip on the current world economy, and dodging the worst impacts of sanctions. Decentralisation holds natural appeal for the latter, while central bank-supported digital currencies might be more suited to the former.

Previous reports have said that Russia's central bank has floated the idea of a multinational BRICS (Brazil, Russia, India, China and South Africa) cryptocurrency to other members of the economic bloc, which might be looking to experience the same benefits. The proposal seems to have been first made public in September 2017.

Russia's central bank first deputy governor Olga Skorobogatova said at the time that "the introduction of a national digital currency seems to us not entirely justified", but noted that the real benefits would come from a multinational digital currency.

Russia's interest has been clear, but one of the main obstacles to date might have been selling other BRICS members on the idea. A new deal might have cemented some plans around it though, with Brazil in particular warming up to the idea as part of its own ventures into the blockchain and cyptocurrency space.

Warming up

"Despite the distracting efforts of bank lobbyists, during current period of political changes, we are observing significant increase of the interest in decentralization. There is a number of governmental authorities which are already discussing blockchain technologies. It means that it can become one of the main factors for the economy growth in the nearest future," said Gilberto Ramos, president of the Brazilian-Russian Chamber of Commerce.

The remarks were made following a meeting between members of the BRICS Alliance, the Russian-Brazilian Chamber of Commerce and Industry, and Sociedade Metropolitana in Moscow.

The meeting involved discussions of the risks currently facing the global financial system; the international circulation of cryptocurrencies; and exploration of how blockchain technology could be implemented to "solve the problem of volatility of national currencies during the stagnation of the global economy" according to the Mile Unity Foundation, which signed its own agreement with the Brazilian Chamber of Commerce to help with real implementation of blockchain technologies.

"Mile Unity Foundation is ready to continue to support Brazilian partners in their efforts to implement blockchain technologies in real economy. Mile's system allows increasing commodity circulation, implementing fast and transparent transactions, provides opportunities to work with any country, as well as ensures the reliability of payment systems," said George Goognin, Foundation's global ambassador.


Without full context, and perhaps comprehensive mastery of Google Translate, it's difficult to tell what the signal to noise ratio here is. There's definitely movement among lobbyists and venerable industry bodies though.

Members of the BRICS Alliance, Brazilian Chamber of Commerce and Mile Foundation.

The weirdest part might be that the origin story of the Mile Foundation, which might be aiming to design the future multinational digital currency, reads a bit like a shlocky spy novel.

As it tells it, an anonymous woman known only as "Lotus Mile" proposes a series of brilliant algorithms to save the global economy before disappearing forever. On the one hand it seems a little bit like a far-fetched attempt to emulate the bitcoin origin story, or maybe a fever dream. But on the other hand that basically is bitcoin's origin story, so who knows. Obviously truth sometimes can be stranger than fiction.

The Mile Foundation also claims a lot of high profile partnerships, but once again it's all very mysterious. It might be possible to guess a few of them, but most aren't given a name.

What's does "official" officially mean anyway?

The Mile Foundation itself seems to be exploring the potential of being a new multinational currency for a new global economy, and seems to be looking well beyond BRICS by opening "embassies" around the world. Its XDR stablecoin is uniquely pegged to the International Monetary Fund's Special Drawing Right (IMF SDR) rather than any single national currency, and backed by supposedly already-existing long-term loans contracts, and long-term trading contracts, as well as the value of MILE – the other unpegged cryptocurrency in the system.

But is it an official multinational digital currency? Maybe, maybe not. Maybe it doesn't matter. Beyond government money, decentralisation serves plenty of people's needs just fine as long as it can hold value.

The world is at a point where an individual organisation (the Mile Foundation) is working to form the partnerships and develop the money to serve as the basis for a new multinational digital currency, which may or may not ever receive the blessing of the IMF and various governments. It's a world where a single person, foundation or business can invent money, which becomes official money if they can just convince enough people to use it.

Everything about the Mile Foundation's goals and origin story is very peculiar, but some peculiarity can be reasonably expected.

juicy crypto words

It's probably not worth getting too hung up on the concept of "official" money as meaning "government-created". Anyone (with the right capabilities) can create an IMF SDR-pegged cryptocurrency, and whether or not it ever becomes an "official" multinational digital currency is just a question of whether or not enough people use it.

It seems as likely as anything else that despite its relative obscurity the Mile Foundation is in a decent position to create an actual global digital currency. There's a lot going on beyond the USA, and that's naturally where a global digital currency would emerge anyway because that's where the people who actually want to use one will be.

If it all seems a little too strange to swallow, it might be worth remembering that Venezuela just tried to crowdfund its own new national currency as Russia cheered it on from the sidelines, and the Marshall Islands hired an Israeli tech company to create legal tender for the islands while the IMF tries to talk it down.

It's an interesting time for the concept of monetary value.

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EOS price analysis 26 September: Token’s value drops as bears dictate market moves.

The coin's price is suffering as the market turns sour.


Key takeaways

  • The top ten digital currencies are experiencing negative volatility.
  • EOS trading volumes have increased in the last 24 hours, up 15%.
  • Four employees, who helped launch EOS, have left the company to start a new blockchain project.

The price of EOS, like most cryptocurrencies, is doing it tough today. At the time of publication, the coin had lost almost one tenth (-9.8%) of its value in the last 24 hours of trading. EOS/BTC had also weakened (-7%).


EOS was priced around the US$5.80 mark yesterday morning. However, it has been gradually losing value ever since, falling to US$5.68 by the close of trade. The coin fluctuated lower overnight, sinking as low as US$5.13 before regaining a little value during the early hours of trade today. It climbed back up to US$5.21 but has been trading sideways ever since.

At the time of writing, EOS was valued at US$5.18.

24-hour trading volumes have risen significantly (15%) from US$654 million yesterday to US$756 million today.

Forex Crunch reports that bear traders managed to find an entry point following a strong bull run leading up to last weekend. Bulls failed to clear the resistance at US$6.20 and the current selling pressure has caused them to give up "lifesaving" support at US$5.80 and US$5.20, respectively.

CryptoGlobe suggests that the token is "back in a bearish trend in its medium-term outlook".

Coindesk reports that David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer have resigned their positions at, EOS's parent company, to undertake a new venture of their own known as StrongBlock.

Moss had been senior vice president of technology operations; Cox was vice president of product; Abramson was vice president of infrastructure; and Lederer held the position of senior director of technology products.

"We left because we saw a need in the blockchain marketplace that was not going to address," one of the former employees, who left the company earlier this year in summer, reportedly told Coindesk.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

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Japanese Giant SBI Plans Crypto Token ‘S Coin’ for Mobile Retail Payments.

Japanese banking giant SBI Holdings has unveiled plans to launch “S Coin”, a cryptocurrency token for mobile retail payments.

Announcing the news in a statement on Tuesday, SBI revealed that the proposed coin, which is the product of a partnership with DLT provider Orb and Glory Corporation, will begin a trial run from October 2018 as the company seeks to create a cashless system of transaction in Japan.

“S Coin” Operating Framework

According to the statement, S Coin will allow charging and settlement of transactions via smartphone. The trial will begin with an experiment with SBI Group employees testing a cashless settlement system using the token with restaurants in SBI’s Roppongi Izumi Garden Tower headquarters. Through this study, the company hopes to evaluate the possibilities and usefulness of blockchain and DLT technology in transaction settlement as part of its drive to promote a cashless society.

In the experiment, SBI will integrate Glory’s ATM network with the S-coin platform, which will also be linked to credit cards and S Coin wallets. Using this framework, it will be possible to pay for a wide variety of transactions using S Coin on smartphones by exchanging fiat for the token seamlessly. The experiment will evaluate exactly what user needs are, and how the S Coin framework can meet them.

A translated excerpt from the statement reads:

” ‘S Coin Platform’ is an issuing platform for digital currency etc. developed by SBIH. You can design and publish your own digital currency according to your application, such as electronic money of prepaid payment means. The base part utilizes Orb DLT, which is a distributed ledger technology provided by Orb, which has key expertise and foundation software related to the blockchain-aided payment field.”

Possible S Coin Endgame

If the trial is successful and S Coin achieves full implementation, this could be the beginning of a wider move in Japan and beyond to increase the use of blockchain technology in payment settlement. SBI has long been at the forefront of efforts to promote a cashless finance ecosystem in Japan with the help of mobile phones, and this could be a huge step to this end.

In addition, the S Coin platform doubles as an issuance platform for digital tokens, which makes it possible for users to develop their own bespoke tokens to suit their needs using Orb’s DLT technology. This could potentially make SBI the ‘Ethereum’ of the emerging Japanese mobile phone payments system, by giving other providers a platform to build their own tokens over existing infrastructure.

CCN has reported extensively on SBI’s repeated forays into the blockchain and crypto ecosystem, notably the launch of its own cryptocurrency trading platform VCTRADE in July 2018. In October 2017, SBI also launched its own tradeable digital currency for peer-to-peer payments.

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CyberMiles’ Blockchain to Enable Customized Smart Contracts to Decentralize – and Democratize – E-Commerce




This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

E-commerce is arguably the most transformative force in modern retail, to such a degree that just on its own, it’s a $1+ trillion global industry. However, until now, technology has not kept up with the need for faster, more secure and less costly payment systems that e-commerce merchants are hungry for. CyberMiles, a developer of  “smart business contracts” for e-commerce, aims to enable a new era in payment technology that will level the e-commerce playing field for all.

The CyberMiles blockchain is supporting an ecosystem that will allow its network to attract a diverse range of participants who will share resources, thereby achieving a truly decentralized network. The network, in turn, will be maintained with the use of CyberMiles Tokens (CMTs).

Because the CyberMiles blockchain is compatible with Ethereum, both distributed applications and smart contracts can transfer to the CyberMiles blockchain without changing any code.

The CyberMiles team, because of this and other reasons, believes that blockchain is moving from just another IT solution to a true ecosystem builder.

CVM is 18,000 Times Faster Than EVM

Looking to build a decentralized ecosystem for e-commerce, CyberMiles designed a virtual machine capable of performing 10,000 transactions per second, an exceptionally high transaction volume that e-commerce requires.

The CyberMiles Virtual Machine (CVM) can complete mission-critical tasks that were impossible (or impractical) to complete on the Ethereum Virtual Machine (EVM). CyberMiles technology, coupled with its DPoS consensus mechanism, enables business applications to run much faster and cheaper.

CVM surpasses EVM processing time for computing addition, multiplication, bubble sorting, and the Scrypt algorithm, by 11.5 times, 12.8 times, 199 times and 18,039 times, respectively.

Consider this: Where the EVM takes 35.3 seconds to perform 20 million additions, the CVM takes 3.26 seconds. Where the EVM takes 48 seconds to do 60,000 bubble sorts, the CVM takes 48 seconds. Where the EVM takes nearly 35 seconds to do 10 million multiplications, the CVM takes under three seconds.

Making Scrypt Affordable

Scrypt, which is often required to verify bitcoin transactions, is almost impossible on Ethereum at the present time since it takes 370 million units of gas, which is around 1 ETH below the normal gas price. Even if someone were willing to pay this price, each Ethereum block can only consume 8 million units of gas, which makes it impossible to run Scrypt for a single transaction.

This cost is important, considering e-commerce applications are increasingly accepting multiple cryptocurrencies.

The CyberMiles blockchain incorporates community contributed Scrypt implementations as a module in the CVM that enables anyone to create and deploy enhancements to the CVM.

Ensuring Safety And Cost Controls

To ensure the safety of users’ funds, the CyberMiles blockchain uses a “pre-defense” and “post-recovery” protection mechanism.

To control users’ costs, the CyberMiles blockchain removes transaction fees for the more common functions, without compromising network security.

CyberMiles brings the benefit of a single, large e-commerce network that is maintained and validated by a community of trusted peers. The decentralized ecosystem will allow small businesses and consumers alike to realize a substantial amount of savings and profit and be able to know where the funds they have used or invested end up.

E-commerce businesses, for their part, will have access to a large network of buyers and sellers who can use CMT for their own in-app transactions and participate in loyalty programs.

CyberMiles is leading the way into a new, decentralized era for e-commerce that will truly democratize payment and transaction capabilities.



AUTHORLester Coleman


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