Tag: Blockchain

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OK Blockchain Foundation Launches Eighth and Largest Round of Buy-Back and Burn of OKB the World’s First Fully Circulating Platform Token

OK Blockchain Foundation Launches Eighth and Largest Round of Buy-Back and Burn of OKB, the World’s First Fully Circulating Platform Token


VALLETTA, Malta, June 5, 2020 /PRNewswire/ — OKEx (www.okex.com),

the world’s largest cryptocurrency spot and derivatives exchange, announces that OKB Blockchain Foundation, the issuer of OKB, has launched its eighth and largest buy-back and burn of OKB tokens. From the period between March 1 and May 31, a total of 3,509,874.52 OKB was bought back and burned (equivalent to USD $19,000,000, as per OKB price on June 2, 2020). This represents a $1 million increase from the previous period.

OKB Buy-Back and Burn Initiative

The OK Blockchain Foundation launched the OKB buy-back and burn initiative on May 4, 2019, for the then-circulating supply of 300 million OKB. The goals of buy-back and burn are not to influence the token price but to foster the sustainability of the OKB ecosystem and further the use cases for OKB, therefore benefitting its holders. As of today, after the eighth round of OKB being sent to a black-hole address to burn, a total of 20,671,583.58 OKB has been burned. The current circulation of OKB is 279,328,416.42. After the launch of OKChain testnet in February 2020, the 700 million unissued OKB tokens were also burned and the decision was taken to issue no further tokens in the future. This converted the OKB token into a fully deflationary token as well as the world’s first fully circulating platform token.

Benefits for OKB Users

In order to provide maximum benefits to OKB users, there has been a heavy focus on furthering partnerships and adoption of OKB not only on the OKEx platform but also with global ecological partners. The OKB ecosystem continues to expand, bringing advantages to OKB users in many new and exciting ways.

Updates on OKChain

Since its launch in February of this year, rapid progress has been made on OKChain and the OKChain testnet has recently been updated to version 0.10. This new version optimizes the voting mechanism for ecological nodes and has also kickstarted global recruitment for supernodes. OKB holders will enjoy 100% genesis blocks mapping of the native token of OKChain (OKT) upon launch of the mainnet. OKT fuels the OKChain ecosystem and its users can operate as validators and supernodes and act as voting proxies. OKB holders can also become supernodes in the OKChain ecosystem with greater voting rights over the chain’s development as well as the ability to issue their own DEX and list trading pairs. The first batch of OKChain’s alliances includes public chains, browsers, wallets, and mining pools, and OKChain users can enjoy first-class services offered by OKChain’s top global partners.

More Privileges on the OKEx Platform and Beyond

OKB holders now have increasingly more privileges on the OKEx platform and beyond. Currently, OKB holders can benefit from 14 internal preferential options when trading, including trading fee discounts, the opportunity to invest in promising blockchain assets through OKEx Jumpstart, the chance to earn a passive income with OKB Savings, and payment options at designated merchants.

To meet the increasing demands of its users and continue to develop the OKB ecosystem, OKB has been expanding its trading channels worldwide. These include C2C Trading Pairs (OKB supports many mainstream fiat currencies, including USD, Euro, Korean Won, Vietnam Dong, Indonesia Rupiah and Ruble), and spot trading of OKB on more than 50 exchanges including Bitfinex and BitMEX. These trading channels will continue to expand to benefit OKB holders. OKB has also developed 50 application scenarios worldwide from payments, loans and financial management, to tourism, life services, social networking, and entertainment. OKB holders can enjoy multiple high-quality services from mortgage lending to hotel reservations, and security services using OKB.

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Blockchain and Smart Contracts Have a Dark Side’ Says Researcher

Blockchain and Smart Contracts Have a ‘Dark Side,’ Says Researcher

The immutability of blockchain ledgers and smart contracts have a “dark side,” argues UPenn professor Kevin Warbach.


Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.

So goes the argument in a new post on the Oxford University Faculty of Law blog on Monday by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania. Warbach’s forthcoming book After the Digital Tornado: Networks, Algorithms, Humanity will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly. For Warbach, the immutability of blockchain ledgers and the use of smart contracts — self-executing software code — have an implicit “dark side.” While they are designed to overcome the weaknesses of human or institutional intermediaries, the alternative they create has

its own inherent tensions:

“Contracts of any consequence are generally incomplete; that is to say, they do not precisely specify outcomes for every possible scenario. Smart contracts magnify this incompleteness. They can only express their terms in sharp-edged software code, eliminating the interpretive discretion of human judges and juries.”

While traditional contracts “backstop” human commitments with the legal force of the state, smart contracts use automated, code-enforced decision-making to establish confidence between parties. Attempting to do away with fallible human governance can be “seductive,” he states. Yet too strong a belief in the “perfectly rational vehicle” of computer code to regulate imperfect real-world behavior can have bad results — without any clarity as to who

has the power to resolve them:

“The dark side to immutability is that valid transactions cannot easily be reversed on a blockchain, not that invalid or illegitimate ones cannot be. Immutability creates the potential for catastrophic failures with no clear means of remediation.”

Blockchain technology more broadly should be addressed as a method of governance, poised on the “knife edge of freedom and constraints,” he writes. The paper concludes by recommending an approach that Warbach calls “governance by design.” This means recognizing that “perfect immutability creates systems with unacceptable fragility” that will require integrating governance mechanisms systematically — not as an afterthought — as the technology evolves.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/blockchain-and-smart-contracts-have-a-dark-side-says-researcher

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Blockchain in China could be explored in diverse fields as many sense the necessity

Blockchain in China could be explored in diverse fields as many sense the necessity

The Chinese People’s Political Consultative Conference(CPPCC),

the advisory body of the Republic of China, recently emphasized the need for the adoption of the blockchain technology in various sectors in the country. China is one of the countries to be recognized as one of the fast countries to adopt blockchain technology and implement it in various streams.

Need for Blockchain in Fresh Areas

The potential of the blockchain went recognised and the possible applications in all sectors were been analysed. The unique features of the blockchain attract various use cases. The representative of the National People’s Congress, Qian Fangli, stated the possible use of blockchain in risk control management. He said, “Make full use of blockchain to establish an intelligent risk control model.” The member of CPPCC, Cheng Jing also triggered the need of the blockchain in the manufacturing platforms so that they could be upgraded and transformed. The Jiangsu province of China which is known for its intelligent transport system has formulated 8 special action plans around blockchain including other contents.

New Blockchain uses in the Financial Sector

The financial sector is one of the main recipients of the blockchain technology and every day a new way of applying blockchain emerges. Chengdu University of Electronic Technology and Chengdu Jiaozi Financial Holding Group established Jiaozi Financial Holding Blockchain Research Institue.On the other hand, Intel and Ant Blockchain joined hands to use the blockchain to provide credit enhancement for leasing companies. One of the city, Suzhou is the first country to record a ‘blockchain + notary’ administrative law enforcement process record mode.

‘Promote Blockchain in Healthcare’ – National People’s Congress

The representative of National People’s Congress, Zhou Songbo emphasising the importance of blockchain adaption in healthcare sector said, “Promote the integrated application of emerging technologies such as blockchain in the medical system.” Blockchain can also be used to enable all the doctors to achieve identity authentication as specified by CPPCC committee member, Fang Laiying. Other developments in the blockchain space in China include two new moves,

  • Ningbo, a major port and industrial hub in east China’s Zhejiang province issued “Ningbo City Three-Year Action Plan to Accelerate the Cultivation and Innovative Application of the Blockchain Industry(2020 – 2022)”
  • The Blockchain Professional Committee of Hebei Information Industry and Information Technology Association was established.

Wrapping it Up!

Blockchain no doubt has the potential to transform any sector with its unique features. Sooner the features are analysed and adapted into the possible sectors, the more would be the development pace in the country. China too has recognized the blockchain’s power and wish to implement in all possible sectors and strengthen the economy.

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Qadir AK

Qadir Ak – Co-founder of Coinpedia Blog – His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

https://coinpedia.org/news/blockchain-in-china-could-be-explored/

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China blockchain firms may lose access to US capital markets

China blockchain firms may lose access to US capital markets

Sunlight is often said to be the best of disinfectant.

For publicly traded companies, that sunlight comes in the form of transparency and reporting. Last Wednesday, the U.S. Senate took steps toward forcing Chinese companies to adhere to the same transparency rules as other corporations or risk losing access to U.S.-based stock exchanges. For China-based ASIC hardware manufacturers, this new regulation might be the last nail in the coffin for their U.S. capital market aspirations. It could lead to delisting for those already traded.

Controversy has followed many leading China hardware makers when they have attempted to list publically in the past. Canaan and Bitmain were accused of misleading investors regarding their financial well-being in the lead-up to an initial public offering (IPO). Online reports claim Bitmain omitted negative Q2 2018 info on their investment prospectus during its ill-fated first attempt at an IPO listing. A lawsuit filed by Scott+Scott Attorneys accuses Canaan of misleading an investor before their recent NASDAQ sale, which only raised less than one quarter of its $400 million initial target. Ebang has recently announced they filed for a $100 million IPO with the U.S. Securities and Exchange Commission (SEC). The company’s prospectus shows it made over $109 million in 2019, but it also had a deficit of around $41 million.

The IPO move comes two years after its aborted listing on the Hong Kong Stock Exchange (HKEx). Chinese news outlet Sina Finance reported that Ebang halted that $1 billion IPO raise while under a cloud of alleged involvement in illicit financial activities. In late December 2019, 8BTC reported the company was under investigation by Beijing authorities. The bipartisan bill, known as the Holding Foreign Companies Accountable Act, passed unanimously. It requires Chinese companies to disclose if they are owned or controlled by a foreign government. The companies must also submit to an audit that the Public Company Accounting Oversight Board (PCAOB) can review for three consecutive years. There are over 150 Chinese registered companies listed on the most prominent three U.S. stock exchanges. These companies are currently not subject to PCAOB audits.

Some organizations might look to repatriate back home to the stock exchange in Hong Kong or Shanghai rather than submit to this enhanced regulation. Proponents of the bill point to the recent Luckin Coffee scandal were employees fabricated $300 million in sales to justify the critical need for investors to know more about the foreign organization being listed. Alongside new congressional regulations, Reuters reported that the Nasdaq exchange is preparing to unveil its own new restrictions on IPOs, which will also make it more difficult for smaller China-based companies to get listed. Small Chinese firms often pursue IPOs because it allows their founders and early backers to cash out, rewarding them with U.S. dollars they typically cannot easily access. The founders can use their new Nasdaq-listed status to convince lenders in PRC to fund them or get subsidies from Chinese local authorities after going public.

Per the report, what motivates the proposed rules is, in part, concerns that some Chinese IPO hopefuls lack accounting transparency, have low liquidity, and close ties to powerful government insiders. The upcoming rule change will require companies from certain countries to raise $25 million in their IPO or at least a quarter of their post-listing market capitalization. It would also require auditing firms to ensure that their international franchises comply with global standards. Nasdaq will inspect the auditing of small U.S. firms that audit the accounts of foreign IPO hopeful. In any event, the future for these Chinese ASIC hardware companies doesn’t look for investors. Because of the market price stagnation of BTC, there is no demand for their products. Geopolitical issues aside, they built their revenue models based on the demand growing from a digital currency that has no intrinsic value or utility. 

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Jacob Rozen

Jacob is a lifelong system engineer and a longtime advocate for Bitcoin. His goal is to continue learning more about Bitcoin SV while also helping onboard other into the ecosystem.

https://coingeek.com/china-blockchain-firms-may-lose-access-to-us-capital-markets/

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How Blockchain can change the business?

How Blockchain can change the business?

Do you want to know how does this technology work?

What are the characteristics of the blockchain that make it attractive to the business? What are the main application areas and projects underway in 2020? What are the points of attention for CIO and top management? Eefficiency, innovation and cyber security: these are the three priorities on which most of the attention of companies focuses today and in all of these the application of the blockchain can “make a difference”. We see below a brief explanation of what blockchain is, how it works and what the main application areas are. Click on Bitcoin Up to know more.

Federated Byzantine Agreement (FBA) –

If those described are the two main protocols, others have been created, partly a derivation of these, partly with totally new elements. Among the most interesting are the Federated Byzantine Agreement (FBA), developed by the Stellar Development Foundation (and used since the second half of 2015 by the Stellar blockchain ) based on trusted units (quorum slices) decided by the individual servers that together establish the level of consent of the system. The difference between public and private blockchain Finally, remember that if the blockchain was born as a public way to carry out transactions, Blockchain 2.0 sees the spread of this technology. And it increases the chances to earn more money. The latter are often the result of the creation of consortia for specific supply chains. We can therefore say that we have:

  • Ppublic blockchain: everyone can access and operate transactions within it or participate in the validation process.
  • Bblockchain consortia: the authorization process is delegated to a pre-selected group (among the main consortia there is for example R3 which groups the largest banks in the world). The possibility of joining the blockchain and of carrying out transactions within it can be public or limited to participants only. This type of permission blockchain is particularly suitable for use in the business world.

3 types of blockchain applications, from bitcoin wallets onwards

Today the applications of this technology can be divided into three macro categories based on the development stage of the technologies used. The Blockchain 1.0 category concerns all financial applications for the management of cryptocurrencies (regardless of the validation protocol used) starting from the historical (and which currently still holds the leadership of cryptocurrencies) Bitcoin. In practice, bitcoins are files that can be saved in each user’s digital wallet. Each bitcoin address in the wallet can be associated with a variable number of bitcoins. And each address (public key) is associated with a digital signature (private key), to make sure that only the owner of a certain address can initiate a transaction linked to it. The Blockchain 2.0 category extends the blockchain to sectors other than the financial sector thanks to the implementation of smart contracts The next step will be that of Blockchain 3.0 with the spread of (decentralized applications): a future in which we will all use blockchain technologies, probably without even realizing it, because they are encapsulated in the “things” connected to each other, without human intervention, with applications that will self-compile.

The “crypto-winter”

After the strong media attention received in 2017, driven by the increase in their price, 2018 is characterized by an unstoppable collapse in terms of capitalization. The whole Blockchain community coined a new term to define this moment: “crypto winter “. But winter hasn’t come for the technology behind cryptocurrencies. The Blockchain continues to arouse great interest from companies. The technology evolves, thanks also to the efforts made by the developer communities that revolve around public Blockchains. Meanwhile, the future remains to be written. In the exposition of this text we will therefore speak of Bitcoin blockchain (with a capital “B”), blockchain technologies (with a small “b”) and Distributed Ledger Technologies or the acronym DLT. So crypto-winter is person who is ready to earn by crypto money. He must aware about latest technology of the crypto and know how to use these techniques to earn money. There are many software which are used by the investor to earn more and more cash using the simple techniques and without doing any affords.

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UseTheBitcoin

https://usethebitcoin.com/how-blockchain-can-change-the-business/

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Can Blockchain be the solution to preventcontrol future pandemics?

Can Blockchain be the solution to prevent/control future pandemics?

The effect of COVID19 on us is as plain as a pikestaff.

Hardly there has been any sector immune to the virus. We are not going to discuss the devastating effects of the virus again. But is there a way out to control pandemics like these in the future? Is there anything government agencies around the world could have done better to reduce the impact of the deadly monster we have amongst us today?

The Build-up

Blockchain is still in its early stages but its capabilities in various industries are not new to us. The amount of data that is generated every-day is beyond one’s imagination and it is only going to creep up. The way to succeed for most organizations today has been taking the path of digital transformation. Now imagine the amount of data that will be generated and the number of transactions that would be recorded every second of the day in the coming time.

Clearly, the next big change we are talking about is having the capabilities to handle this gargantuan amount of data. With so much data and transactions invites another age-old problem – The security of this data. Thus, BlockChain can play a huge part in every sector and it will be imperative for organizations to leverage this technology to cut down on their costs and operate in a smooth manner for the post COVID era. Restricting ourselves to the healthcare sector, Data is the fuel to provide the best care in Healthcare today and BlockChain could be the vehicle to drive us there. It can play a pivotal role in the healthcare sector and all the agencies involved in the healthcare ecosystem could look upon to invest in this technology to control pandemics of a similar scale in the future.

So how can Blockchain help?

In difficult times like this, a proper mechanism needs to be established to gather data and protect that data. Blockchain can be leveraged to collect and collate patient data more efficiently by the government agencies and by those who are part of the health-care ecosystem. Further, patient movements can be effectively monitored to guarantee social distancing. Since we are talking about blockchain, people need not worry about protecting their identity as it is taken care of by blockchain.

Currently, most of the data on COVID-19 is being shared through APIs and the data is being stored on centralized databases, making the whole system vulnerable and prone to data misuse. Being part of the blockchain system will allow the patients to selectively share their data that are important for mitigation efforts while not disclosing the entire information. The data will remain anonymous in the network and the patient will own it entirely. This will reduce the severity of a pandemic like COVID and help most of the businesses to function as close to normal, significantly bringing down the chances of getting infected from such diseases.

Another advantage a decentralized platform like BlockChain can provide is in the Supply management side. The Global supply chain has been compromised in these tough times and there has to be a way around it. HealthCare authorities, especially those concerned in dealing with medical supplies, are at times unclear on sourcing supplies without knowing the origin. Long supply chains cause problems with forecasting and Blockchain can be utilized here to solve the problem. Having Blockchain incorporated in the healthcare supply chain will allow organizations to break the silos and establish a sense of safety. This has already been embraced by IBM with Rapid Supplier Connect and its time all the players slowly implement blockchain as a part of their digital transformation.

Block-chain could be the missing piece of the puzzle in the health-care system that can help authorities to collect data effectively, ensure data interoperability, dismiss fake news, and prevent countries from hiding information. All the federal authorities can begin by taking mini-steps towards adopting BlockChain NOW! The above article is written by guest author Sushil Sali. he has worked for the biggest healthcare insurance platform in the US and is now exploring Blockchain use-cases in the healthcare and other industries. 

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Guest Author

https://blockmanity.com/blockchain/can-blockchain-be-the-solution-to-prevent-control-future-pandemics/

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Cryptocurrency Fraud is Evolving Bitcoin ATMs Mitigate Risk

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

In one of the more overlooked aspects of the crypto ecosystem,

it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams. CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on regulated exchanges. 

Most of the leading exchanges adhere to the demands of the regulatory regimes in their locales, whether they be in the US or some more obscure locations like Seychelles. Conventional wisdom would indicate that the growing adherence to stricter KYC/AML enforcement has reduced the appeal of major crypto exchanges for money laundering — a sentiment mirrored by CipherTrace’s most recent report. Many exchange venues are also embedding self-regulatory procedures into their business models. For example, exchanges are increasingly tapping blockchain surveillance companies to avoid regulatory ire when it comes to money laundering, regulators are dealing out enforcement dictates for AML compliance, and regulatory arbitrage is becoming harder for exchanges to manage. Even more grassroots access venues to crypto assets, like Bitcoin ATMs, are fully regulated under US KYC/AML laws. For example, Bitcoin ATM provider, Bitcoin of America (BOA), with more than 250 locations in 17 states, is a registered Money Services Business (MSB) with the Treasury Department. And the company’s compliance standards have already proved fruitful in mitigating fraud at a high level.  

For instance, in one case in September 2019, a BOA customer placed an online order for $500k in BTC. The transaction size raised the compliance level (e.g., identification requirements, etc.) along with increased scrutiny on the transaction by the team. Upon closer examination, the BOA team discovered that the customer had a restitution order against him in the state of California for a previous fraud scheme. BOA personnel subsequently notified the corresponding FBI office and alerted the agency that the transaction may be used to circumvent the restitution order. The FBI issued a seizure warrant for the funds, distributing to the victims of the previous scam. Bitcoin of America and other alternative fiat-to-crypto exchange services have strict command over fraud prevention. Wires and online transfers require ID And other personal info that increases in tiers in lockstep with the transaction amount increases. As the avalanche of KYC/AML processes continues to take the exchange market by storm, exchanges become less appealing for hackers. 

Gone are the days of absconding with $500 million anonymously. Exchanges thoroughly identify users withdrawing sizeable amounts, and blockchain surveillance companies like CipherTrace can trace and blacklist stolen assets on public blockchains. As a result, crypto hackers have turned into crypto fraudsters, or maybe fraudsters simply have their moment to shine. For example, debacles like QuadrigaCX, where roughly $200 million was “misplaced” by the founder, count as fraud. With reduced incentives for third-parties to maliciously steal funds from an exchange due to surveillance risks, inside jobs are becoming more commonplace. Inside jobs may be the new normal, especially when you consider the vastly improved security practices of most industry exchange venues. 

Better Security Practices are Forcing Hackers to Get Creative 

Unsurprisingly, many of the biggest crypto exchange hacks are inextricably linked to poor security standards of exchanges. Lousy security practices ranged from storing significant sums of customer deposits in hot wallets to a lack of multi-signature authorization for large withdrawals. Times are different now. Regulated custodians like BitGo are widely tapped by many of the leading exchanges, and self-custody digital asset management platforms like Ledger Vault are rapidly becoming the new standard. These services offer secure multi-signature authorization mechanisms, deep cold storage, and other conditional flows required to mitigate any potential exogenous threats to pilfer customer funds. Hackers are acutely aware of this dilemma. Naturally, they have shifted focus to DeFi hacks like the BZx attack. Flash loan attacks are likely to become the new normal as they essentially allow hackers to capitalize with massive sums at little cost. However, zooming out, DeFi liquidity pools and protocols contain vastly fewer aggregates of assets than their centralized exchange counterparts. 

Hackers will have to get creative probing DeFi KYC protocols, but the days of repetitive strings of high-profile centralized exchange hacks may be waning. That’s a net positive for the industry. Inside jobs are likely to continue in popularity, however, but that’s no different than the legacy financial world. Fraud is much more commonplace in banking that overt hacks on banking security layers, which may end up reflecting the new standard in the crypto ecosystem. Either the lack of headline-snatching hacks in 2020 is portending that we’re due for another big one, or KYC/AML processes and better security practices are working well. If that’s the case, look for more QuadrigaCX scandals than CoinCheck-style hacks. 

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Danielle Sabrina

Named by CIO as a female entrepreneur to follow, and member of the Forbes Agency Council, Danielle Sabrina started her career on Wall Street at just 19 years old, going to become one of the youngest equity traders in the industry. After a successful corporate career, she went on to found her media company Tribe Builder Media, a hybrid agency that connects the worlds of digital marketing, public relations and experiential marketing. Her experience with a diverse client base – which includes Tech, FinTech, Influencers, NBA/NFL players and celebrities has garnered Danielle the reputation of being one of the most sought-after publicists and strategists in media. Her thought leadership has been featured in Forbes, Entrepreneur Magazine, Inc., Huffington Post and many others.
 

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Libonomy The next generation blockchain technology

Libonomy

The next generation blockchain technology

Every year, blockchain technology receives more and more fans who have appreciated all the advantages

of working with a decentralized registry. Moreover, a well-developed product on the blockchain enjoys a more trusting attitude from users who understand the reliability and honesty of such projects, especially when it comes to the financial sector.

Companies that decide to create their decentralized project will face two main problems:

  • The complexity of programming blockchain applications, which requires a high level of skill and relevant experience from developers.
  • Problems with scaling classical blockchains (Bitcoin, Ethereum), which will limit the future project both in the maximum number of users and in some technical aspects

Today we will talk about the new Libonomy Blockchain solution – a scalable, secure, and universal blockchain ecosystem that allows you to write Smart Contracts, create DEX, or any other decentralized application that thanks to interoperability can interact with other blockchains. The idea belongs to Fredrik Johansson, but it wouldn’t be possible without co-founders Richard Haverinen and Therese Berglund. Richard as a founder and owner of multiple companies through the years has picked up everything there is to know about running a business. Fredrik comes in with his unique ideas and leadership abilities. And Therese, being extremely structured, coordinated and with a very broad perspective, is the glue that keeps it all together. Collectively they form a strong, well-balanced team. So, it’s no surprise that they have created something as revolutionary as Libonomy. Libonomy is a fifth-generation blockchain, centered on the principle of consensus, regulated by artificial intelligence. Libonomy creators didn’t settle on using previously known consensus algorithms because of their significant shortcomings but developed their own, unique, error-free, AI-controlled consensus engine. Algorithms created as a result of a detailed mathematical analysis of AI, and controlled by it, are devoid of human intervention and therefore have an exceptional level of security.

Key benefits of the Libonomy Blockchain:

  • Better distribution of rewards;
  • Completely decentralized;
  • Energy-efficient;
  • Nodes are not required to have high computing power;
  • Very high TPS (and will increase over time);
  • Dynamically scalable
  • No security vulnerabilities;
  • Completely autonomous;
  • Interoperable;
  • Lower transaction fees;

Unlike classic DAPP development platforms, which are based on Bitcoin or Ethereum blockchain, Libonomy developers have completely solved the scaling problem. The network uses the power of all nodes, respectively, the computing ability of the blockchain will grow in proportion to the number of nodes in the network. An additional advantage over existing DAPP platforms is the adjustable block size. AI determines the optimal value and can change it to this parameter. Starting TPS is equal to 6000, which is already quite a serious indicator, but thanks to the principles of Libonomy blockchain functioning described above, the throughput can be even higher. The advantage of Libonomy does not come just from its speed, the fact it’s massively scalable or the extreme security: Libonomy Blockchain is also interlinked with other blockchains. Moreover, developers will be able to create DAPPs and write smart contracts using Libonomy’s interoperability capabilities. This is the first blockchain technology solution in the world that has implemented full compatibility between different blockchains. Thus, developers do not propose to abandon all other decentralized registries, but rather provide their simultaneous existence and interaction within one ecosystem. The same applies to smart contracts that will be executed in different blockchains.

Soon Libonomy will launch the first truly interoperable decentralized exchange. Trading from wallet to wallet, all information stored on the blockchain, absolutely no interactions with the middleman. Moreover, with the launch of Libonomy’s DEX their decentralized trading engine will be shared with the public as well, developers will be able to use their SDK and APIs to create their own DEXs and base them on Libonomy. Libonomy focuses on the current requirements for consensus algorithms and combines the blockchain development process with artificial intelligence. Libonomy developers are working on global interoperability in the world of blockchain technology. According to the developers, all further updates and improvements to the blockchain will occur without hard forks to save information about previous transactions on the network.

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Alex White

Coinstelegram media and fund co-founder.

https://bitcoingarden.org/libonomy-next-generation-blockchain-technology/

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Crypto APIs Helps Enterprises and Developers Build Blockchain-based Products

Crypto APIs Helps Enterprises and Developers Build Blockchain-based Products

Building blockchain-based products and services require considerable backend and technical resources, but Crypto APIs is making it easier for enterprises and developers with its unique set of tools.

A world which revolves around the allocation of scarce resources into satisfying our infinite desires

seems to be focusing on innovation that is oriented towards how this usage of resources is to be optimized, with data becoming indeed “the new oil”. As such, enterprises are noticeably embracing blockchain solutions, as the worldwide spending on them is expected to grow from 1.5 billion in 2018, up to 11.2 billion by 2022, according to Statista. Hence, it’s no wonder financial companies and other institutions are seeking out this form of structuring and distributing their data with no central authority that gets in their way. However, as with every emerging technology,

the constant challenge appears:

“Should I build it from scratch, or use available solutions?” 

The answer is not definite, yet still related to resources: time and money in accordance with data. If they are both to be optimized for the best of the company’s interest, the quality of the product will thrive. This is especially true if you are a software developer with a vast interest in dApps. The main problem developers and enterprises are encountering is having their platform implementation costs worth it, which if not leads to a costly R&D phase, the need of a blockchain developer, 5 years of work with worst-case scenario being they don’t even have a product ready yet, and the best-case: having plenty of debts and very little competitive advantage. Similarly, 10 years ago, setting up a software platform would require thousands of dollars at the very least for servers and maintenance, with not even a clear product on their hands to put to market. However, nowadays through AWS and other services,the process is hugely facilitated with just $100. Hence, history has proven infrastructure layers have revolutionized adoption to technologies.

The same logic is applied into blockchain. Enterprises’ common intuition directs them towards different APIs providers for blockchain, crypto market data and exchanges protocol support. However, some exchanges provide only Rest API while others provide only WebSockets. Therefore, of course, developers will need at least two different API providers, pay two separate sets of bills and handle multiple interfaces for different exchanges. With the scalability challenge, the problem will only get worse over time.

Crypto APIs offers the convenient option which, as you may have guessed, consists of one single API provider through a simplified and unified model integration. A best-in-class solution that includes: Blockchain API, Crypto Market Data API and Trading API. It provides support for top cryptocurrency exchanges and 10+ blockchain protocols. The Blockchain API itself offers 600+ endpoints for its users. Not only is Crypto APIs robust and powerful, but it is extremely easy to be implemented with just a few lines of code during your cocktail hour. Their interoperable and coherent API provides methods for retrieving data from exchanges, wallets and various data sources protecting the integrity and security of the users. Crypto APIs regards this to be an important issue and it is considered a priority for all sensitive information private key and API password to be strongly encrypted and stored in this format only.

In addition, whether it is for building Crypto trading bots or for managing digital asset portfolio, the user will need to handle big data storage. Crypto APIs covers that functionality together with locally hosted nodes. The service can manage 5K+ Market Data Updates per second, while maintaining a constant Market Data collection non-stop all from the exchanges. Its multi-crypto seamless integration also supports multi-language SDKs. Moreover, a true proof of the company’s reliability is when it starts building its own innovative solutions on top of its own ecosystem. Examples would consist in, Kryptonize, the 0% commission Metamask competitor, with added support for multiple currencies, or BlockExplorer, the most advanced search engine for blockchain data, both offered to the public from Crypto APIs due to their unification of the top blockchains in one place.

To conclude, the future of blockchain is indeed backed up by evolving records, which is more of a reason for enterprises to choose the correct approach in their priorities. Nashwan Khatib, Crypto API’s CEO states: ”In 2020 every company is becoming a fintech company, in 2030 every company will be blockchain company with the help of infrastructure layer companies like Crypto APIs.” As follows, the essence of this product is noticeably driven by the desire to make programmers, traders, financial institutions, or any blockchain-enthusiast really, more likely to reach their goals and focus on their application logic. In that context, they become the epitome of the invisible hand on the blockchain economy, where Crypto APIs’ interest to sell their product complies with the interest of their customers’, truly achieving win-win situations.

Article Produced By
News Desk

https://cryptovest.com/news/crypto-apis-helps-enterprises-and-developers-build-blockchain-based-products/

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Wangiri Fraud Can be Controlled Through Blockchain Technology

Wangiri Fraud Can be Controlled Through Blockchain Technology

The Wangiri fraud, or the popularly known one ring scam, is still the talk of the town.

The telecom operators are still extremely concerned about scams. Based on the fraudulent analysis by CFCA 2019, it is calculated that Wangiri comes under the top 5 methods of fraud. According to the CFCA reports, Wangiri fraud caused a global loss of approximately USD 1.82 billion. Along with this, the Wangiri fraud has adverse effects on the customer experience as it shockingly increases the bill amounts.

The telecom operators regularly update their fraud management systems to keep themselves aware of the blacklists from the industry that eventually helps them to overcome this fraud. In this case, the data is not immediately updated. The telecom operators always receive the list at the end after a certain range of numbers are added as blacklisted or fraud.

The telecom operators are working on the fraud management systems so that they can have real-time access to the information on hotlists and the addresses related to this to avoid the loss in the revenue. Subex, a leading telecom analytics solution provider, has recently collaborated with the Risk and Assurance Group (RAG) that will be providing blockchain-based fraudulent management solutions to its customers. Subex is now an integral part of the RAG Wangiri Blockchain Consortium, which aims to use Blockchain Technology to collect information regarding threats and in the industry in real-time. The association comprised of some of the world’s renowned Communication Service Providers (CSP) from all over the world. The collaboration aims to provide their customers with a decentralized and cryptographically secured blockchain ledger information.

Article Produced By
Ruchi Brahmbhatt

Ruchi is an Independent Artist and a Graduate in English Literature with substantial experience as an IELTS coach. Being young and energetic, emerging technologies attract her to the core- blockchain and crypto being the most recent ones. She has also been a regular contributor of news pieces and insightful articles related to these innovative arenas. Ruchi’s other interests include human rights, art and architecture, technology, health, and social networking.

https://www.cryptonewsz.com/wangiri-fraud-can-be-controlled-through-blockchain-technology/

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