As a global payments technology company, Visa is focused on delivering the greatest value to people, businesses and economies everywhere, regardless of currency, channel or form factor. We’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships. In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce. The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar. It’s a concept that is gaining traction beyond fintechs, and now includes financial institutions and central banks. Consumers and businesses are also adopting digital currencies and circulation is growing rapidly, reaching over $10B in May.1 Visa has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and our existing global network of 61 million merchants. Around the world, more than 25 digital currency wallets have linked their services to Visa, giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential — anywhere Visa is accepted. Similar to other digital wallets, digital currency wallets are looking to use the full range of Visa’s capabilities, including Visa Direct, which makes it faster and easier for consumers to convert digital currency and push those funds to their Visa credentials in real-time. Much of this work is happening through Visa’s FastTrack program, which helps fintechs, including those in the digital currency space, integrate quickly with Visa’s global network. Through these efforts, Visa has become the preferred network for digital currency wallets, which are eager to deepen their value to users by making it quicker and easier to spend digital currency worldwide. We’ve been advancing and evolving our digital currency strategy for quite some time. Last year we made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem. Our research team has been exploring the science of blockchain technology for several years. Their work has yielded several promising innovations, including Zether2 and FlyClient.3 Today their research is focused on new mechanisms to improve scalability and enable offline digital currency transactions. We know that policy leaders and regulators continue to have questions and concerns about digital currencies on a range of issues, from consumer protection to payments resilience. We believe the best way to address these concerns is by working closely with leading companies and the public sector. For more than 60 years, Visa has invested in building and maintaining a resilient global network that delivers best in class functionality to our clients and consumers. Extending this legacy into the decades ahead requires continuous innovation and collaboration with a range of partners. As part of this public sector strategy, Visa has been engaging with policy makers and global organizations to help shape the dialogue and understanding of digital currencies; this includes our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC). As our product and research teams continue to evolve our offering in this space, Visa’s digital currency strategy will reflect a set of key values: Security, privacy, integrity and trust. We will maintain a rigorous focus on data protection, consumer privacy and fairness, and full compliance with all applicable laws. Remaining currency- and network-agnostic: We plan to support the digital currencies and blockchain networks that our clients and partners demand, in keeping with our broader network-of-networks strategy. Alignment with Visa’s core capabilities: We have deep expertise in securing transaction data, working with diverse stakeholders, and maintaining an always-on network with continuous availability. We will pursue projects that allow us to apply this expertise to new networks and technologies that can benefit our existing clients and partners. We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow. To find out more, please visit https://usa.visa.com/solutions/digital-currency.html
Nikola in the spotlight after founder resigns Nikola (NASDAQ:NKLA) shares tumbled 30% in premarket trade after founder Trevor Milton stepped down as executive chairman and member of the company's board, adding that he would defend himself against "false allegations leveled by outside detractors." The resignation comes in the wake of claims made by short-seller Hindenburg Research, who described Nikola as a "an intricate fraud built on dozens of lies," as well as reported SEC and DOJ investigations into the company. The news could also spell trouble for General Motors (NYSE:GM), which recently took an 11% stake in Nikola and said it would produce its marquee hydrogen fuel cell electric pickup truck called the Badger. More pain for stocks Things aren't looking brighter for U.S. equities following Wall Street's third straight weekly decline, with Dow futures down 2.1% and contracts tied to the S&P 500 and Nasdaq off 1.9%. Little progress has been made on a new coronavirus stimulus package as Republicans and Democrats remain at an impasse, while the negotiations could become even more complicated following the death of Supreme Court Justice Ruth Bader Ginsburg. Investors also appear worried that a global recovery could be hampered by a rise in coronavirus infections, especially with no vaccine breakthrough yet. Oracle deal for TikTok scores Trump's 'blessing' Oracle (NYSE:ORCL) has reached a deal with China's ByteDance (BDNCE) to host video-sharing app TikTok and take a minority stake in the company along with Walmart (NYSE:WMT). "I have given the deal my blessing,” President Trump declared, adding that new unit TikTok Global would create more than 25,000 new jobs in the U.S. and pay more than $5B in new tax dollars to the Treasury. Meanwhile, Tencent's (OTCPK:TCEHY) WeChat is set to remain operating in the U.S. after a federal judge issued an injunction against Trump's executive order that would have banned the Chinese social media app. Musk rallies the troops before 'Battery Day' "We have a shot at a record quarter for vehicle deliveries, but will have to rally hard to achieve it," said Tesla's (NASDAQ:TSLA) Elon Musk in an internal email entitled 'All hands on deck!' Tesla hopes to deliver half a million vehicles in 2020, and has delivered roughly 179,000 through the first half. The letter also comes ahead of the company's annual shareholder meeting tomorrow and its first-ever highly anticipated "Battery Day" for investors. Energy transition Shell (RDS.A, RDS.B) is jumping on the bandwagon of its European rivals BP (NYSE:BP) and Eni (NYSE:E), which have both announced plans to reduce their focus on oil and gas in the coming decade. Sources tell Reuters that the oil major is looking to slash up to 40% off the cost of producing oil and gas so it can overhaul its business and focus more on renewable energy and power markets. Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4B target set in the wake of the COVID-19 crisis. HBO outpaces Netflix at the Emmys HBO (NYSE:T) once again held off Netflix (NASDAQ:NFLX) in this year's Emmy race, taking home 30 trophies including 11 for dystopian drama Watchmen, which was the night's biggest winner. HBO's media family saga Succession also had a strong showing, as well as the final season of Schitt's Creek and Disney's (NYSE:DIS) The Mandalorian. The dogfight between HBO and Netflix, which scored 21 wins, is part of a much larger trend in the TV awards circuit: subscription-based platforms are creating more Emmy Award winning content. Suspicious transactions Deutsche Bank (NYSE:DB) appears to have facilitated more than half of the leaked $2T of suspicious transactions that were flagged to the U.S. government over nearly two decades, according to Deutsche Welle, though the lender said the incidents "have already been investigated and led to regulatory resolutions." Shares of HSBC (NYSE:HSBC) and Standard Chartered (OTCPK:SCBFF) fell on the suspicious fund movement, as well as JPMorgan (NYSE:JPM), BNY Mellon (NYSE:BK) and Barclays (NYSE:BCS), which were also named in the report. Financial firms are required by law to alert FinCEN (the U.S. Treasury’s Financial Crimes Enforcement Network) when they detect activities like money laundering and sanctions violations, though such filings are not necessarily evidence of criminal misconduct. DB -8% premarket. What else is happening... Garrett Motion (NYSE:GTX) files for bankruptcy with $2.1B KPS offer. Walmart (WMT) widens fashion focus with new private clothing label. Different efficacy bars in Moderna (NASDAQ:MRNA) and Pfizer (NYSE:PFE) COVID-19 trials. Movies still face Catch-22, needing both viewers and blockbusters to return. United (NASDAQ:UAL) the latest airline to press for more relief. Today's Markets In Asia, Japan +0.2%. Hong Kong -2.1%. China -0.6%. India -2.1%. In Europe, at midday, London -3.4%. Paris -3.2%. Frankfurt -3.2%. Futures at 6:20, Dow -2.1%. S&P -1.9%. Nasdaq -1.9%. Crude -2.3% to $40.37. Gold -1.3% to $1937.60. Bitcoin -2.1% to $10734. Ten-year Treasury Yield -3 bps to 0.66% Today's Economic Calendar 8:30 Chicago Fed National Activity Index 6:00 PM Fed's Williams Speech 6:00 PM Fed's Kaplan Speech
https://preview.redd.it/7ocji9v25ih51.jpg?width=732&format=pjpg&auto=webp&s=2805c69e1a1668b9dea7dfcbd297e210a9a1ef5f With the recent popularity of the concept of defi, token in Ethereum ecology has gradually become an important asset category in cryptocurrency. In terms of the total amount of tokens, issuance, transaction time and transparency of smart contracts, these passes have both the characteristics of blockchain and the advantages provided by Ethereum, especially when Ethereum 2.0 is about to emerge. Ethereum erc20 protocol realizes "everyone can issue money", while DEX realizes "everyone can pay money". It is needless to say that the prospect of defi decentralized finance is open, transparent and low threshold, which will reshape all aspects of traditional economic formats, so it is also known as "finance from the future". According to debank data, on August 12, the total market value of defi exceeded US $12 billion, while on August 10, the market value of defi just exceeded 10 billion, an increase of $2 billion or 20% in two days. In addition, the lock-in value of the defi ecosystem reached $5.5 billion, a record high. https://preview.redd.it/t08ec7nf4ih51.jpg?width=600&format=pjpg&auto=webp&s=9cb2ee8292862762d6d8b47fe726a3c41f2eb572 In the current defi ecosystem, the main projects are basically focused on the decentralized lending of cryptocurrency, decentralized exchanges and other businesses, and there are few integrated service agreements based on decentralized finance. CPS (capricoin) ecological economy is a decentralized, private and democratic economy. If we design in a decentralized way, we believe that many departments will be improved and more efficient. Transaction costs can be greatly reduced, and the activities on the platform are more economical, more private and safer. In addition, the platform's defense against attacks is greatly improved. If you want to prevent attacks, you can shut down the network. CPS (capricoin) should break the Convention and become the breaker and leader of decentralized financial integration service agreement. https://preview.redd.it/606kv77m4ih51.png?width=2111&format=png&auto=webp&s=31c4285984aab73c7a149084667e8c229509d8a0 CPS (capricoin) is the world's first distributed finance protocol based on blockchain, initiated by anonymous geek community. CPS is its token. Following bitcoin's steps, CPS (capricoin) advocates open source policy. Open source projects have a positive impact on sustainability because they support the principles of open communication, collaborative participation, peer review, rapid prototyping, transparency, elite management and community oriented development. It is these facilities that enable users and programmers to check, modify and consolidate the source code, and finally create it. CPS (capricoin) will fully expand the target of defi and develop a new generation of decentralized digital finance technology. Based on the CPS (capricoin) ecology, we will create a decentralized financial aggregation platform, so as to help users achieve a full range of financial activities in the field of digital money and finance, and provide including but not limited to mining, lending, ABS, quantification, derivatives and other financial service agreements. By using smart contract and Oracle technology, CPS (Capricorn) distributed financial protocol has the advantages of faster transaction speed, higher security, lower threshold of participation and stronger decentralization attribute. https://preview.redd.it/cmoc7x5q4ih51.png?width=1411&format=png&auto=webp&s=835ca495b0db56cb0af50fb6c50dc34944c2c425 In the future, CPS (capricoin) will make full use of and give full play to the advantages of blockchain decentralization, create a credit system that cannot be built by traditional financial system, expand the ecosystem of CPS (capricoin), and help more users with financial needs obtain more convenient financial services. Not only defi, the ambition of CPS (capricoin) is to build a specific financial system, so as to combine the current digital currency with modern finance, establish a set of decentralized financial rules, and establish a communication channel between the existing physical finance and digital money finance. https://preview.redd.it/59b67ohy4ih51.png?width=1418&format=png&auto=webp&s=80037177963f409e4490f9ed5d7bb62a239c6823 CPS (capricoin) believes that by establishing a complete set of autonomous financial system, realizing faster function iteration and upgrading with blockchain technology more in line with the future trend, and promoting more mature application and public chain development path, a new ecological transformation of decentralized finance is coming.
Leads you to a comprehensive understanding of Forbes
https://preview.redd.it/1dra1br1xu351.png?width=740&format=png&auto=webp&s=925b38326cb8aa4f4b2863670ada61005ee72c4c What is the hottest blockchain project in 2020? Besides GFS, GFS is still GFS in my mind! GFS currency - the only token of Forbes cross chain blockchain! Forbes is the latest generation of blockchain, which can be said to be a new blockchain mode, or it is not a pure blockchain project. As we all know, in the era of blockchain 1.0, the bitcoin of Nakamoto brings decentralized distributed bookkeeping book, which enables human beings to have just assets for the first time; in the era of 2.0, the Ethereum smart contract created by V God makes the blockchain have divergent applications; in the era of 3.0, innovation public chains such as EOS make the application of blockchain easier to land. It will open Forbes in the era of blockchain 4.0 and create a distributed financial era of "ten thousand chain interconnection". My feeling is that Forbes is going to overthrow the traditional Internet and the classic blockchain, and reshape a financial world built directly on the blockchain. The most classic sentence on the Internet is: change your life, but it has nothing to do with you. In this way, Forbes uses the philosophy of blockchain and further technology to redo blockchain and bring blockchain to a new dimension. Today's bitcoin looks like a monument and a myth, but Forbes is using its cross chain technology and financial deployment to gently reinterpret the blockchain. Next, I will expand what you are concerned about and what I see in the form of Q & A: 1. Is it investment or speculation to participate in Forbes? Although we do not exclude speculation, there is no doubt that participating in Forbes is one of the best investment behaviors in 2020, no less than investing in bitcoin in 2013 and Ethereum in 2016. Forbes is a pure technology project, with no messy black box operation. As Forbes early deployed the ore field to facilitate the construction of cross chain system, early users can rent the Forbes BTC miner loaded with self-developed bitcoin ASIC chips by way of mortgage, with the strongest configuration on the ground. Moreover, in the process of mining, the early nodes do not even need to pay a penny, only mortgage deposit can deploy the physical miner. The income obtained can also participate in the early stage node plan carried out by Dao organization, and part of the income can be converted into GFS through Forbes wallet. And the deposit is not a routine, all the mortgage deposits will be locked in the chain. With the shortening of the lease term, each day will be returned to the user's wallet through the "deposit smart contract", without any centralized individual and organization participation in the whole process. In this way, it is equivalent to zero risk investment! After all, Forbes, with its cryptology and open source spirit, is inherently powerful. What Forbes wants to change is the life of centralization! And then there's no more. Jane is not simple. 2. Why do you like Forbes? Very simple, blockchain 4.0 First of all, let's not talk about anything. Forbes has solved a problem - mining hegemony. In the past, blockchain seems that nodes can enter and leave freely, but in fact, it needs a huge threshold to become nodes and obtain mining rewards. Whether it's bitcoin, you need to buy very expensive and complex mining equipment (ASIC miner), or EOS, Tron and other POS projects, and you need to hold a large number of coins to be elected as nodes. All in all, most of the current blockchain systems need very high mining costs, which in essence violates the principle of zhongbencong's blockchain design. The powerful thing about Forbes is that it creatively constructs dpoc as a consensus mechanism of trunk chain (main chain). Dpoc is a kind of common understanding of POC. There is no big deployment threshold for mining with hard disk miner. As a result of the consensus between Forbes blockchain Multi Chain Design and dpoc, all mining machines that do not have the relay chain node selected can pack the interaction information between the parallel chain and the relay chain, and can also obtain the block reward. In essence, such a design realizes Zhongben Cong's idea that everyone can dig. Let alone Forbes to build a mine pool, to build the strongest mining machine that can dig out the Forbes token GFS. With this in mind, which blockchain product can match. Layout of Forbes The vision of Forbes: to build the most universal distributed financial system in the world, driven by Forbes, the most widely used cross chain system in the world. I saw two key words: cross chain, distributed Finance Cross chain is the most urgent problem in current blockchain ecology. In the past 10 years, various blockchain systems have been deepening in security and performance, but no progress has been made in chain and chain scalability. As you can see, the chain and the chain is an island. Can EOS players and wave players break the bond? In the human financial life, transaction, loan, personal credit, supply chain finance, stock, commodity... They are directly full of interaction and connection. It can be said that human beings are dealing with all kinds of transactions all the time. Can the isolated blockchain really solve the problem? Forbes is born to be a global distributed financial system and truly a financial ecosystem. Imagine what a change it would be if you could smoothly carry out blockchain financial activities with foreign small partners. This pattern is too big for me to say. But please believe that if this is done, it can be described as a complete disaster. https://preview.redd.it/ee15vfv8xu351.png?width=1450&format=png&auto=webp&s=b36e2aa2548e0320b127d30e67d28511a666b30b 3. Is it better to mine or invite new people? Since this is my experience interpretation, I think: invite, boldly invite new people. Every time you invite one, you add a certain amount of calculation power. It's good to mine in Buddhism, but if you can participate in the birth of a great project, you can get more profits. Why not? Let's take a different perspective: now that you recognize Forbes, you recognize its value. Or you're not going to dig, are you! So, why can't we add more yards! Since we are trying to change our destiny, this is the highest lever. If it does, which lever can be bigger than Forbes! So, invest money or energy, and do what you can. 4. Do I want to join the Forbes pool project? Do you want to do it. They all recognize the value, so they can download the application directly. My original intention: First of all, GFS coin is a new mining model - POC hard disk mining that "everyone can dig, everyone can benefit". It avoids pow (proof of work workload) which is a large power consumption mode. In the initial stage of the main network online, Forbes opened the mine pool plan, leasing the mine machine at zero cost, becoming the earliest node of blockchain 4.0 representing the project, and obtaining the maximum benefit. Why not? You know, GFS production is also halved in four years. To dig now is to dig bitcoin before 2013, without cost. Secondly, in this stage, we can also increase the number of invited nodes. After the completion of the mining pool plan, we can only rely on hard indicators to increase the computing power. Now we can also rely on our efforts to get more profits. Therefore, in the face of equal opportunities for all, this is a great opportunity to take the initiative. Still hesitant? 5. Blockchain is my knowledge blind area. What can I do if I don't understand cross chain knowledge? First of all, you have to ask you, this is the excuse you don't want to get wealth? Not only Forbes is your knowledge blind area, but blockchain is a knowledge blind area for ordinary people. However, you should know that in 2020, the State advocates blockchain, the central bank DCEP has been put into trial operation, and blockchain has been applied in many aspects. Are you still in your blind spot? Of course, it's not good to pull the national flag. Let's talk about something practical. Opportunity always appears in new things. Ask, what's the matter with you, a solidified model? You have money or connections. I believe that choice is more important than effort. A road, if we choose the wrong direction at the beginning, the harder we work, the farther away we are from our goal. Therefore, the knowledge blind spot is not my problem, but whether you have a heart willing to contact new things! Among the miners I know, there is a 67 year old elder brother who has been a soldier, a factory, a traditional businessman and a cell phone. Do you still have his blind spot? 6. Will Forbes succeed? To be honest, I don't know. But I know that it is the blockchain project that I hope to reach the most in 2020. For details, please refer to the second question, why I like Forbes. If you really question Forbes, you can choose to only participate in the "miner Alliance Plan" and choose to mine at zero cost. No matter how the Forbes project progresses, you can get the benefit of mining without cost. Why not? Besides, when the Forbes project is really implemented, you can decide whether to invest in GFS. I'm sure you will have your own judgment at that time. 7. What is the most important thing to dig GFS? Insist, insist, or insist. We must make full use of our efforts in the earliest planning activities of the mine pool. After all, mining at zero cost + inviting to increase the calculation power and increase the support in the wet season. At this stage, we must dig more coins and exchange more for GFS. Maybe the reward coins you dig out in three months can't be found in a year after you try to buy hard disk mining machines for nodes. https://preview.redd.it/wi81roocxu351.png?width=750&format=png&auto=webp&s=0cd677f420071cfad942e426d4b415165915c2d0 8. There are so many people who rent mining machines first. Do I have a chance? People die more than people, and goods are thrown away more than goods. Don't compare with others, just be yourself. God said, I can fulfill your one wish, but I will give you twice as many neighbors. You will choose 10 million positive choices, Or one less arm in the dark? Mining is like this. Those old miners are your neighbors. Dare to own 10 million good, do not think about neighbors than you 10 million. Is that right? And when there are 10000 GFS, do you still want someone to have 100 more than you? 9. How much is GFS worth? To be honest, I don't know. The number of GFS is 21 million bitcoin, and the price of bitcoin is about 60000 yuan. The GFS main network has just been launched. In some markets, its price has increased more than 10 times in five days, far exceeding the price of bitcoin before the half reduction. The miners who rent mining machines in advance are blessed. As for the future, with the start of the implementation of blockchain financial facilities this year, GFS must be just the beginning. Where is the top? We witnessed it together. 10. Which do I want, kusd or usdt? For now, it doesn't matter which one you use. Although usdt has a lot of potential risks, there are still many people using it. However, we all know that it will have a thunderstorm sooner or later. As a cross chain gold stable currency, when cross chain finance begins to integrate into public life, kusd will show its power, which is better than issuing a usdt once in a chain. Moreover, more than 95% of the value of each kusd is based on gold, which can be exchanged by major gold exchanges in the world. The stability of gold. Have you seen it clearly in this epidemic? This is beyond the dollar.
With newer technologies being launched each day, the tendency to the adoption of such leading edge engineering methodologies has been boosting every industrial area. The present market situation is such, in the event that you have to remain in the opposition, you have to get the new components of innovation. In the present market, if you have to stay in the competition, you have to pick up the new elements of technology. With startups failing to implement them, mobile application experts are struggling to keep pace with such huge numbers of techs simultaneously, exploring the massive growth of the current industry seems like a needful task. Over numerous years, block-chain has held its status as a progressive thought with positive perspectives for multiple industries. This digital ledger system became popular during the times of cryptocurrency, and since then, been praised for its secure and reliable approach. Block-chain includes features like peer-to-peer payment architecture, decentralization, and security which makes it fascinating for developers. In the field of mobile apps, block-chain serves as a bountiful example, to build applications that are free from frauds, data leaks, and security threats. Given the circumstances, blockchain is a concept of developers, the practical applications of which are in the initial stages of development. However, once understood, it holds a tremendous capacity to revolutionize the market. This game-changing technology is an important trend for the mobile app industry.
What is Blockchain Technology?
The reliable system operates by transforming data across network steadily so that no participants in the system are able to hack or tamper the blocks distributed. The blocks formed with a cryptographically line that helps to prevent a reformed process from an unknown member. This blockchain holds distinctive features of distributed ledger technology, which safely stores data over the peer-to-peer network. Blockchain ledgers can involve land documents, loans, integrity, assets, and inventory etc. that can be stored strongly, where everyone has permission to see yet can’t change the results shared.
How Does Blockchain Work?
A blockchain is a string of numerous blocks stored together. Each time a transaction occurs, it creates a new block and is stored in the digital ledger system. The following points state how blockchain works-
A transaction needs to happen. For instance, you bought something from the XYZ store. When you have made a purchase, a block is created for it. Now, every transaction is grouped with thousands of other transactions in the block.
The transaction should be checked. That is the job for a network of computers. These systems verify whether a transaction occurred from the XYZ store. When they confirm details of the purchase, it is verified.
The transaction has to be stored in the block. When your transaction is verified, along with its dollar amount, digital signature, and the XYZ store’s digital signature, all this information is stored in the block. This block then joins the other hundreds and thousands of blocks, like it.
The block should be assigned a unique code/hash. Once the information is verified, it is provided with a unique identifying code, the hash. Once hashed, the block can then be added to the blockchain.
Each new block added to the blockchain is public. That implies anyone can see it. Details like who when were the block added, where was it added, and by whom was it added is visible to the users of the blockchain.
Does this Mean, Blockchain has a Public Infrastructure?
It is true, anyone can see the contents of the blockchain. In a blockchain, you can also connect your computers to the blockchain, as nodes. Along these lines, every computer in the blockchain network receives a copy of every block whenever it is updated. It’s like your News Feed, when there is an update, you see the new fresh content at the top. So, when everyone can view each information, where does the security feature in blockchain come from? In a blockchain network, there are millions of copies of the same block. This implies each copy of the blockchain is identical. So, it’s not possible for anyone to keep a record of such huge numbers of events. If any programmer needs to even manipulate the data of any block, they should change every copy on the blockchain network. Also, since you don’t have any knowledge of the users making the transactions, its data, to any hacker or user, is completely anonymous. Only those who hold details regarding the digital signature or the username can access the information in a block and understand it. In this way hacking and manipulation is something that can’t occur in a blockchain environment.
Why is Blockchain a Popular Concept for Mobile App Developers?
Blockchain was first referenced in BitcoinTalk, the largest forum committed to Bitcoin. Many-a-times blockchain is said to give a steady base to cryptocurrency operations. In the previous few years, it has gained tremendous popularity, as a technology database. But, what invited its attention in the minds of the developers was its decentralized nature and secure access. Since then, blockchain has become a fascinating idea for developers. Surely, it leads to transparency, yet it decreases fraudulent transactions, and data tampering activities as well. Application developers are using this technology to make digital payments more accessible, simple, and secure. The nature of peer-to-peer transactions makes it an ideal fit for banking applications that needs such a type of technology. You can also know- A Complete Guide To Choose Block-chain Platform For Business Growth.
Blockchain can Reshape the Future for Mobile App Developers-
Blockchain provides an edge to all those people who like to indulge in digital payments rather than cash to cash transactions.
But why is blockchain said to be fit in today’s market scenario?
digital transformations are at its top in the 21st century. Each business has a digital store, and an ever increasing number of customers are accessing the online platforms, to enjoy everyday services as well. The digital world is providing the right momentum to blockchain technology and has evoke its need in the market. Blockchain is becoming increasingly popular for mobile payment apps because of its exceptionally secured features. Let us see common types of blockchain-based mobile apps- 1. Apps for exchanging cryptocurrencies- This way, a person is totally in control of the digital resources and perform trading transactions using them. Such applications can be used for a wide range of payments and transactions. 2. E-wallets- E-wallets that can store all the digital assets and money. You can carry out the transactions through the application powered by blockchain technology. 3. Apps that help you to track rates- cryptocurrency trades, market dynamics and other scope of blockchain services. 4. Retails applications with a background of blockchain technology allowing customers to pay using cryptocurrency and bitcoin. Now, let’s look why blockchain is apt for mobile app developers-
1. Enhanced data protection and privacy –
Blockchain is known for its great security. Developers can use this tech, to create multiple protection layers into their data. The private keys to this data will be just assigned to the users, making it impossible for anyone without a decryption key, to manipulate the transaction details. Since it is a decentralized system, it keeps a replica of each transaction on its computer network. This reduces the risk of data loss as well. Since hackers won’t have any knowledge about the user’s data and their private key as well, no fraudulent or unauthorized activities can take place.
2. Data transparency is an advantage too-
In a blockchain, the information about every transaction is visible to everyone. This implies anyone can see the details in real-time. However, since the data is stored by digital names and signatures, it is mysterious to others. They can see the transaction but will not know who made it (the real name and personal information). This way, no one can change the information in a specific block. Blockchain stores all the data in public view. Hence, if the user makes any manipulations to their data also, it won’t go unnoticed. Log for each change is made in this digital ledger system.
3. Secure mobile payments –
Introducing blockchain with mobile app serve one central motto, securing digital payments. Since more and more people are opting contactless mobile payments, protecting them with blockchain’s secure architecture seems to be a good idea. Numerous developers are focussing on coding a a more secure and affordable mobile payments app. Blockchain will help these developers in securing the infrastructure of similar mobile apps. Also, since thousands of nodes function, it is improbable that they will crash simultaneously. This also reduces the downtime of such applications.
4. No need for passwords anymore –
To deal with any application, you need a password and login-id to authenticate your users. There are a lot of issues related to use of passwords. Anyone can track it and if you forget your password, getting a new one is a tedious task. With blockchain, users don’t need any password. The network of computers connected validates a transaction. Also, since blockchain is built on cryptographic codes like a hash that uses a digital signature to unlock all the digital assets for the involved parties, the authentication systems of such applications will become immutable, irrefutable, and incorruptible. This makes the process of accessing your resources, a seamless experience.
5. Improves the Efficiency of apps –
For each mobile application you use, you need a third-party mediator for it. In a blockchain, you do not need any party to finish the transaction. This improves the effectiveness and the speed of transactions. As indicated by a report, blockchain-based transactions are 10 times faster than the bank ones. In a blockchain, every transaction is approved by a computer. Hence, dissimilar to a traditional bank that takes days to settle a transaction, blockchain can do it in 2-3 minutes.
6. It reduces the cost per transaction-
In normal transactions that include third-party apps, blockchain removes any such middlemen. Also, the intermediate parties charge per transaction that reaches completion using their portal. Blockchain doesn’t charge any such fee and still gets the transaction completed. The eviction of such mediators reduces the transactional costs for both, the business and the users.
$100,000 bounty winner Posted by Olivier Janssens. Twitter: @olivierjanss https://twitter.com/olivierjanss Hi Everyone, This thread is to announce the winner of the contest http://www.reddit.com/Bitcoin/comments/25sf4f/100000_bounty_for_software_platform_that_can/ First of all I want to thank everyone for their submissions, ideas and positive feedback. There were a lot of great candidates, and it was very difficult to make a choice. I am now confident though that I have selected the best possible winner. I have also selected a runner up because these guys deserve to get a prize for what they accomplished. Before I go into the details of who won, I want you to know the rationale behind my choice. The initial question was: What is the best platform to replace the Bitcoin Foundation? To start off, we have to ask ourselves: why do we need a Bitcoin Foundation in the first place? In other words, which purpose does the Bitcoin Foundation serve? According to their website, it is ‘Keeping Bitcoin rooted in its core principles: non-political economy, openness and independence’. I guess those 3 things somehow failed to apply to the Bitcoin Foundation itself, as they want to be the main representatives of Bitcoin, and as a result also on Bitcoin. Further analysing the Foundation, the main thing they are doing right now is funding some of the core Bitcoin developers. And I might add, they are not doing a very good job at that. Since people expect the Bitcoin Foundation to take that role, there is no real initiative to fund the developers directly. As a result, the developers are underfunded, because the Bitcoin Foundation does not have that much money (it got lucky with the price of Bitcoin rising and it’s memberships fees being paid in Bitcoin since it’s inception). They have admitted this buffer won’t last and is going to be a serious issue in the future. We also don’t know how much they are paying the developers and how much money they have left, since their transparency is pretty much non-existent. The funding could stop at any time and endanger Bitcoin even more. There have been highly concerning reports about the core devs being chronically underfunded, and as a result, Bitcoin development is grinding to a halt. As such, and to guarantee the (political) independence of the developers, the community should start funding the developers directly, ASAP. Next to that, the Bitcoin Foundation has been doing some lobbying with Washington. Again we are lacking serious transparency here. It would be much better if we as a community can select our lobbyists directly and actually know what they are doing. Good lobbyists can come forward with a proposal and set their goals. We can then decide directly to fund them or not. Which is pretty much what is happening all over the world without the Bitcoin Foundation. People are coming out of the trenches and have their own lobbyists involved with their local governments. The same thing applies to organising conferences. Do we really need a Bitcoin Foundation to organise the one big conference? No, as has been proven many times over . There are many big conferences that are a huge success, and none of them are organised by the Bitcoin Foundation. We can do this ourselves. Now, the question remains, what is the best way to organise all of this? Do we need a platform that simulates the Bitcoin Foundation, but with a better voting mechanism? A sort of "direct democracy"? After careful consideration, the answer is no. Such a "direct democracy" will still have the overhead of politics, getting people elected, etc. Bitcoin is apolitical. I know it takes time to get out of this mindset, but Bitcoin truly liberates the world beyond politics. We should not attempt to recreate unnecessary overhead or middlemen. Let’s have Bitcoin set us free. And for this very reason I have selected Lighthouse from Mike Hearn as the winner. Winner: Lighthouse (Mike Hearn)
Crowdfunding platform, running completely on the Blockchain. Assurance contracts which send money back automatically if goals are not met.
Will be able to fund Bitcoin core devs directly. They propose their schedule and goals, and they can set extra bonus features when they get extra funds (such as with Kickstarter).
Will allow lobbyists to make proposals and be directly funded by the community, according to their capabilities
Will allow many other community initiatives, such as supporting adoption in Africa by sponsoring ATMs, etc
The sky is really the limit. And it will not create any political overhead, we can select the projects we want to support directly. Also, Mike Hearn wants to get developers directly funded through the platform. Having a core dev behind this platform is a big boon to getting this off the ground. Mike has agreed to release the platform as open source before the end of August. He will be awarded $40,000 on completion. After the platform is live, I will put an additional $50,000 towards the first core dev crowdfunding project that gets made on it. This should help them become independent the moment it gets released, and hopefully will start streamlining Bitcoin core development again. http://www.coindesk.com/new-decentralized-crowdfunding-platform-reshape-bitcoin-landscape/ Edit: More info and screenshots at Mike's blog http://blog.vinumeris.com/2014/07/02/vinumeris-and-olivier-janssens-team-up/ Runner up: Eris by Project Douglas (Casey Kuhlman, Dennis McKinnon and Preston Byrne)
DAO system running on Ethereum, allows for many applications running completely decentralised without servers.
Will allow for community-ran organisations / applications with direct shareholder voting
Can replace any existing organisation with a virtual one
Has amazing possibilities for being able to replace existing institutions, including companies and governments
These guys have done a tremendous job at creating a software platform which is extendable into many many things. It allows for the creating of a decentralised ‘anything’. The implications of this are tremendous, and as such I wanted to award them a part of the bounty also. They will get $10,000 for this amazing effort. https://eris.projectdouglas.org/
The first crypto-broker. What do you think about it?
Larson&Holz, an international group of companies, presented its innovative project – crypto-broker LH-Crypto, – at the Annual Business Congress in Moscow. It seems that the event planners of the Annual Business Congress with Mikhail Hazin have tried to boil the ocean. The number of topics for discussion and their profundity were astounding. It was hard to believe that three days would be enough to speculate on: world’s major currencies prospects, US economy future, enlarging business profits in the times of crisis, sensible investment tactics, the phenomenon of cryptocurrencies which is gaining more and more popularity nowadays, etc. However, when Mikhail Hazin and Jan Art, the famous experts, come on the stage, any trickiest challenge seems not that unsolvable at all. One of the leading economists (macroeconomists) of Russia in his characteristic vivid manner gave a not-so-bright forecast for the American and global economy and prophesied for the forthcoming reshaping of economic models; he also stated the urging need to seek and implement new ideas. “The global economy cannot survive on the same principles which have been raising it up for the past forty years. Giving people money and hoping for the respective increase in demand is a no go anymore. The developed countries’ population is so deep in depth that some households in the USA cannot cater their credits, not speaking about closing them. The average spending capacity of the US population is on the 1958 level.” said Mr. Hazin. This brings us to a question: what would the management system be after the fundamental changes? According to the economist, there already is an answer: cryptocurrencies. They owe their existence and popularity to the fact that for the past decades the financial system has been coming apart at the seams and the information on the real state of events is more available to people. Vladimir Kuzovlev, Larson&Holz expert, has supported the statement that cryptocurrencies are worth paying attention to. At the very beginning of his speech he claimed that cryptocurrencies in general and bitcoin in particular have long since become real investment instruments, just as fiat currencies, oil or gold. Regarding technical analysis, a popular tool among traders, graphs of several cryptocurrencies look so appealing that it makes investors come to this market again and again. Oleg Dmitriev, an independent specialist from Larson&Holz group, focused attention on how fast cryptocurrencies are evolving, upgrading the convenience of use and its status. “Until recently about a half of what we were talking about could become a reason for criminal investigation, yet today operations with cryptocurrencies are absolutely normal, their invasion to the real world and their synergy with fiat currencies is ever growing” stated Mr. Dmitriev. Currently there are 800 cryptocurrencies, their number is growing (each week there are approximately 2,5 new placements). Due to this there comes a reasonable question: how long will cryptocurrencies survive? All the participants and experts have agreed upon one opinion that there is no place for all 800 cryptocurrencies or more; so there will be some sort of fast natural selection; several dozens (maybe a hundred) of the most powerful, resilient and popular cryptocurrencies will stay and will later represent the whole market. Naturally, the next speech was given by Alexandr Smirnoff, the Head of the Trading Operations and Audit Department of the brokerage house L&H, a top-20 trading guild leader and a famous specialist in market exchange technologies and financial consulting. Mr Smirnoff presented the revolutionary project LH Crypto. It’s not just another exchange platform that Larson&Holz is creating, it starts a fully-featured crypto-broker; it means that from now on the company’s clients will be able to have their accounts not only in USD and EUR, but in cryptocurrencies as well, and make the same operations as with fiat currencies. This step will radically change the broker’s economy, it will open new markets and new regions, where local laws had hindered Forex market development before. LH Crypto will allow the broker to make settlements with China, India, Thailand, Malaysia, Vietnam, many Arab countries; what is more, there is no need to open real representative offices in any of these countries, therefore there is no need to acquire license for operational activity, which will reduce the operational expenses from 6% to 1%. The company launches an ICO to support this project in the autumn 2017; Larson&Holz will release LHCoin tokens with guaranteed (written in the smart contract) profitability of more than 20%. Moreover, LHCoin holders will benefit from programmes which provide additional profits. CASHBACK Program is a monthly payback to token holders as a fixed proportion from the operational activity of the company. Early Bird Bonus an effective instrument to support and reward first investors by means of price growth for the following investors. “We presume that during the PRE ICO and the ICO itself we will manage to attract around 5-10 mln USD, but we won’t be surprised if the interest is higher, for we do offer an innovative product” said Alexandr Smirnoff. PRE ICO will start on the 30th of October, ICO – a month later.
Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article. Cryptocurrency Regulations across Major Countries Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble. This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry. Canada Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA) There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test). The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well. If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies. China The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading. China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework. “ “The United Kingdom & European Union Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders. The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money. This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies: -Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore. Countries with the most stringent and negative cryptocurrency regulation: -Venezuela. -South Korea. -India. -Russia. Did you know? It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan. Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement. The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law. On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain. Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways: -Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved. -Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state. This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws. The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””. The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2 Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association. The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home. Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets. There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain. Country-by-Country Cryptocurrency Adoption Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption Estonia Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”. As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange. This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world. Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment. This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption The United States of America The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs. Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape. Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology. For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption Denmark When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies. Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark. With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption Sweden Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time. Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations. Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption The Netherlands The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City. There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands). The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay. The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption Finland Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin? Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy. Canada Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”. Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences. There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption United Kingdom The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment. It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US. In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption Australia The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts. The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”. The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return. Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations. Belarus Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley. The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry. “ “Taxation and Cryptocurrency Portugal Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains. The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation. From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal. China China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment. But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency Netherlands Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime. Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective. Germany Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too. Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product. Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed. Estonia This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem. The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO Singapore Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO. The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system. Where to Base Your ICO Slovenia Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business. Switzerland Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general. Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
Hello! My name is Mihail Kudryashev, I am a frontend engineer at Platinum. We are a an international STO/IEO/ICO/POST ICO consulting, promotion and fundraising company with huge experience in STO and ICO marketing and best STO blockchain platform in the world! Learn more about it: Platinum.fund Our company gained popularity after launching the world’s number one online university with only practical knowledge on crypto economics. Now you can learn how to create and develop your own ICO and STO, how to market your campaign and make it super successful. Who are cryptocurrency investors? What drives people to invest in cryptocurrency? Read the extract of the UBAI lesson to get all the answers. Introduction to the Investors §2 In 2017, the total cryptocurrency market capitalization was approaching $850B which begs the question: Why are investors turning to cryptocurrencies? A survey by Blockchain Capital indicated that at least 30% of millennials would rather invest in bitcoin than invest in traditional stocks. Cryptocurrency investors, like traditional investors, expect a return at least proportionate to the risk they take. Due to the fundamental lack of regulation, incredible volatility and astronomical relative risk, many cryptocurrency investors expect to earn meteoric returns. Returns in the ranges of multiples from 200% to 1000%. Let us first begin by examining the kinds of people who invest in cryptocurrency, and then let’s see the reasons why each of them is investing in this relatively new market. Types of Investors The “Newbie” Cryptocurrency Investor This investor is just starting out. They probably have not had any significant experience in any form of investing before and bitcoin is their first experience. They have heard about people making incredible returns from cryptocurrency investing, or some aspect of the entire blockchain and crypto revolution attracts them, and they decide they want to invest too. Unfortunately, most of the newbie investors will end up losing their money, primarily because of one specific misconception; they think cryptocurrency investing is an easy way to make huge profits. “ “Types of Investors §2 “Gambler” or “Get Rich Quick” Investor This is the second class of cryptocurrency investor, and is actually not really an investor at all. This type of person is out to make a fortune as fast as possible. They will fall for whatever sweet-sounding scheme they hear. They love ideas that promise to double or triple their investment quickly. Like the Newbie, they do not understand how cryptocurrencies work, and they don’t care. The difference between this kind of investor and the successful individual or professional investor is that the gambler does not care about the management of risk, or about the timing of trades. They place their money on the table, and they hope it will make a good return. They are gambling rather than creating an investment thesis and executing a well-thought out strategy. They might even have an infectious positive attitude, but unfortunately it is not backed by knowledge or the due diligence required to be a successful investor. A good example of this style of thinking, outside of cryptocurrency, is high yield investment plans (HYIPs) that promise to multiply an investors capital by a certain factor. This is not to say that all HYIP programs are scams, but a good number of them are. Most importantly, the investors who flock into such plans have similar characteristics to that of the Get Rich Quick investor in that they will not take the time to learn about the field in which they are investing. They are just looking for fast money and an overnight success. “ “Types of Investors §3 Short Term Traders (Day/Swing Traders) Short term traders must, without a doubt, be the most knowledgeable investors if they are going to succeed at their chosen profession. They have, or they should have, studied the art and science of trading more thoroughly than other people. This is the kind of investor who has taken the time to learn about cryptocurrencies and the markets on which they trade. Short term traders create deliberate and timed strategies in an attempt to profit from fast market movements. Maybe many of the short term traders started off as Newbies, but these are the individuals who took the time and effort to learn about the market. They wanted to know what they were doing. These are the people who survived and thrived to grow into the type of trader that they want to be. Interestingly, the Day Trader does not attach emotion to any given coin. They do not need to believe in the sustainability/whitepapevision/road map, etc. of the project they are buying into at any particular time. They just need to be confident about the direction and timing of the potential price movement of the coin. “ “Types of Investors §4 Long Term Investors/ Hodlers A great majority of successful cryptocurrency investors can be most properly classified as Long Term Investors, or HODLers in true crypto terminology. These are investors who understand quite a bit about cryptocurrency and blockchain technology and believe in the sustainability of the coins in which they are investing. Think of the first few investors who bought bitcoin in the early days and years, when it was still deep under the radar for most people. These are the people who believed in the blockchain and cryptocurrency revolution. They didn’t sell their bitcoin for fast profit, although they had many chances to do so. They knew what they were doing, holding for the long term. These early investors and HODLers enjoyed astronomical growth all the way up to 2016 and 2017. But to be a long-term holder despite all the bad news and negative factors surrounding this brand new asset class, they must have really believed that bitcoin and the blockchain were going to change the world. This belief can only be established through study and research about the blockchain industry and the specific currencies and tokens in which you are going to invest. Follow up and learn more on www.ubai.co!” “Types of Investors §5 Sophisticated/Professional Investors These are experts in cryptocurrency investing. They most likely have a background in other forms of trading and investing, such as in stocks, bonds or options etc. They may also be earning fees by investing or managing money for other people. The Iconomi fund managers are a good example. Each Fund Manager manages an array of digital assets. Investors might choose Iconomi because it offers a platform for the investor to allocate funds to specific fund managers, with the ability to swap between managers instantly if the investor desires to do so. Each fund manager selects a number of coins in which they wish to trade or invest, with specified time horizons, short or long term. Investors can buy into the array of mutually held coins. This allows investors to utilize the knowledge and experience of professional fund managers to trade an allocated pool of capital, hopefully generating returns greater than the individual investor would be able to produce on his own. The fund managers are motivated by the fees and commissions they earn, and perhaps a performance-linked bonus. You can certainly be properly classified as a Sophisticated Investor without any need to be a fund manager for other peoples’ money. But a professional fund manager has the ability to trade with a larger pool of capital, manage complicated risk, and diversify trading strategy to generate various streams of income. “ “Between Countries A particular country’s participation in cryptocurrencies largely has to do with the legal regulations about blockchain projects and crypto currency investment in that jurisdiction. When China banned the use of cryptocurrency, most Chinese nationals had to withdraw their investments. Many other countries have also placed bans on the use or trade of cryptocurrencies. Countries like Japan that have allowed the use of cryptocurrencies have witnessed a significant rise in cryptocurrency investments as a result. Japan and South Korea are home to several high-traffic cryptocurrency exchanges, meaning that a notable proportion of their population is investing in cryptocurrencies. Another way to look at cryptocurrency investment demographics is to look at the bitcoin ATMs present in each country. The United States of America is the leading country, followed by Canada and then the United Kingdom. According to a report by Google trends, the five top countries interested in bitcoin are: South Africa, Slovenia, Nigeria, Colombia and Bolivia. Remember, cryptocurrency demographics can be a little tricky due to the anonymity involved. Many people may be afraid to participate in surveys, especially when their governments have placed legal restrictions on cryptocurrency investing. The main point the research seems to validate is that the demographics of the cryptocurrency investor base is diverse. While the average investor may be a white or Asian male between the ages of 26-30 with at least a university degree, the entire investor base is so much larger than that. Many big investors are likely to be significantly older, and have connections and businesses in the traditional economy as well. “ “Notable Investors in Cryptocurrency While many people have made fortunes from cryptocurrency investing, a handful of them stand out as being particularly remarkable. We will take a more detailed look at some of the biggest investment success stories to see how they did it and learn about their investing strategy. The Winklevoss Twins After being awarded their settlement from the lawsuit against Facebook, the Winklevoss twins decided to invest a significant portion of their money in Bitcoin. They invested $11million of the $65million they received. At that time, the price of a single bitcoin was about $120. This high-risk investment paid off handsomely and they became the first publicly known Bitcoin Billionaires, perhaps owning more than 1% of the total bitcoin in circulation. In an interview with Financial Times in 2016, the twins jointly said that they consider “Bitcoin as potentially the greatest social network because it is designed to transfer value over the internet”. They also pointed out that compared to gold, bitcoin has equal or greater foundational traits of scarcity and portability. “ “Notable Investors in Cryptocurrency §2 Michael Novogratz A self-made billionaire ex-Goldman Sachs investment banker, Novogratz has invested more than 30% of his fortune in cryptocurrency. In 2015, he announced a $500million cryptocurrency hedge fund, including $150million of his own money. Novogratz believes that “the blockchain, the computer code that underpins all cryptocurrencies, will reshape finance, just as the internet reshaped communication”. The investment thesis of Mr. Novogratz is similar to that of the Winklevoss twins. He has taken and maintains a long-term position while he trades in and out of short term moves, based on his fundamental belief in the potential and likely application of the underlying blockchain technology. By starting an investment fund in addition to his other cryptocurrency related ventures, he is demonstrating a strong fundamental grasp of the technology, including its applicability and impact across so many industries. Slide Barry Silbert In December 2014 after the US Marshal’s office seized 50,000 bitcoins from the Silk Road, Barry Silbert purchased just 2,000 of those bitcoins at $350 per coin. A few years later of course, those coins were worth millions of dollars. Barry is the founder and CEO of the Digital Currency Group (DCG) a cryptocurrency investment firm. Barry also made significant profits from Ethereum Classic, purchasing the coin in its very first days. He has invested in over 75 bitcoin related companies, including CoinDesk. As founder of the Digital Currency Group, Barry endeavors to support bitcoin and blockchain companies and accelerate the development of the global financial system. “ “Directly through Exchanges Step One: Register on a reputable cryptocurrency exchange To start investing, you first need to register on a reputable cryptocurrency exchange where you can buy bitcoin and other cryptocurrencies. Binance is a good exchange to use in this lesson. While it may or may not be the best, it is currently the largest, and they provide a very supportive layout and customer service department. You should remember, to buy most altcoins (cryptocurrencies other than bitcoin), you specifically need to use an exchange like Coinbase or Kraken that allows you to convert fiat currency into cryptocurrency. From there, if you want to trade altcoins not listed on that exchange, you will have to transfer your BTC or ETH to a larger exchange like Binance, and buy the altcoin you want, using whichever trading pair that is best suited (BTC and ETH pairs are most common). As we have already explained, if you are buying Bitcoin or any cryptocurrencies, you should invest in a wallet to safely store your coins. It is not advisable to store your BTC or other crypto on the exchanges for too long, due to hacking and other risks. “ “Directly through Exchanges Step Two: Determine your Strategy There are different ways to invest. You need to find a strategy that works for you and your specific set of skills. The value of a cryptocurrency is not defined by a formula or something out a textbook. If everyone was able to calculate the actual value of a share of stock, for example, or a bond, or other tradeable asset, then the price on an open market exchange would never move. Buyers and sellers would know exactly how much the asset is worth, so there would be no reason to sell lower or buy higher than the actual value. You need to come up with your own ideas and strategies to take advantage of market moves. Sometimes you will have a position that is contrary to the general market. Other times you might be trading in agreement with a majority of other market participants. Investors are basically separable into one of two groups of thinkers. Contrarian investors go against the crowd, swimming against the current; Momentum investors ride the wave feeling secure in the majority. Being different can be good or it can be bad. You do not always want to necessarily get caught up in the most crowded trade. “ “Things to keep in Mind Bitcoin Futures We need to mention the bitcoin futures market as another potential way to invest. Toward the close of 2017, Bitcoin started trading on two fully recognized and well-established futures markets; the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange CME. The key quote from the exchanges was “because the futures can be traded on regulated markets, it will attract investors, making the market liquid, stabilizing prices and it will not suffer from low transaction speeds of Bitcoin Exchanges.” For a risk averse investor, this offers a safer entry into cryptocurrency investing. A futures contract commits its owner to buy or sell the underlying asset, BTC, at a set price, and at a set date in the future. The investor in the futures contract does not actually own the underlying asset, but rather is trading on fluctuations in the price of the asset over a certain timeframe, as specified in the futures contract. “ “Things to keep in Mind §2 Common Pitfalls We cannot conclude this lesson without one more look at the common pitfalls a new cryptocurrency investor should avoid. The problem areas are: -Falling for scams by failing to carry out due diligence. -Relying solely upon self-acclaimed crypto gurus and experts. If you want to trade, you must understand how to read news and charts for yourself. -Too much Greed. Not taking profit when you should. It is better to take a 20% gain, than wait for a 100% gain, only to lose it all in the end. -Lacking an investment strategy or exit plan. -Not sticking to your investment plan or strategy. -Allowing emotions to rule your decisions. Chasing your losses. -Investing what you cannot afford to lose. And finally, some time-tested wisdom from Wall Street: Bulls make money. Bears make money. Pigs get slaughtered every time. (Don’t be greedy!) We cannot overemphasize the risk involved in cryptocurrency investing. The potential to make huge gains over a short period of time does not come without risk. There is no doubt that significant players in the global financial markets are entering the cryptocurrency markets too. We are likely to witness more and more government authorities trying to regulate cryptocurrencies, hopefully to the overall benefit of a healthy market. It seems safe to say we will see cryptocurrencies become more mainstream due to the intense interest from the traditional financial industry and institutional investing community all over the world. What are better ways to successfully invest in cryptocurrencies? Which pitfalls should you avoid? Learn all on successful ICOs and STOs after reading the full lesson: UBAI.co How to start your STO/ICO campaign in 2019? 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Best of the best Q&A Stephens and Shingos. Universall Wallet, Fiat Gateway, BQX Token, Security, Predictions, Supply
Shingo, [28.10.17 20:27] We have our ideas about how we think businesses could use blockchain, but as we all know, we have seen people come up for use cases of blockchain in areas and industries that we could never have imagined. What is important for us is to make sure that we build our platform as generically as possible since we really do want to build up an ecosystem on top of these open protocols. This is much akin to what RedHat does (which is package up and support the open source Linux software). Another way to look at it is where we sit on the tech stack for blockchain. For those of you who are familiar with the OSI model, we sit in the blockchain equivalent of layer 5 or 6. Ethereum is an incredibly powerful layer 4 tool that facilitates an ecosystem that we are trying to build. People who built on top of Bedrock would be layer 7. Our consumer facing products would also sit at layer 7. I think a lot of people are taking the wrong approach to blockchain with regard to businesses/enterprise. To my knowledge - I haven't seen anything that a private blockchain does better than a well organized database and data schema - and I don't think blockchains were ever designed to be data storage mechanisms since there are no inherent advantages that the structure gives. What blockchain does afford is the infrastructure to rethink public structures and to distrupt current trust models. In other words - two participants in the NASDAQ markets can't trust each other the same way that two employees at Microsoft can. What we are trying to do is package up open protocols for real business use cases. Instead of building Ethereum clones on Azure, build a financial structure on Ethereum Mainnet Shingo, [16.11.17 17:19] [In reply to Josh: I’m wondering how much BQX would I need to spend to use the platform? Is it gonna be a subscription thing or pay per use?] We are making a rate card - it really depends on what features you want. We want to make it free and painless to a newbie user. A lot of the tokens will likely be consumed in our Enterprise services and API services since we want to be charging more to companies than individual consumers. We will release more information once it is ready! stephen corliss, [26.10.17 23:20] [In reply to Long Ton: Will there be uses for the BQX token not previously mentioned? Tricks up the sleeve?] Interesting proposition though isn’t it?.... I’m not sure about all-purpose but it surely has many. During the early stages of any company, you can only analyze what you know and then adjust for future events using 2 or 3 risk variables. As we cannot reveal the entire picture just yet, what you should be sure to do is at a minimum analyze BQX based off of the Whitepaper. As long as you have this, as new information comes out all you will need to do is amend your model. Much easier this way. stephen corliss, [15.11.17 14:51] [In reply to Aamir: Sorry if this question has been asked before. As you were the COO for blackrock a few years ago, could there be a potential partnership in the future?] I would answer this broadly. Considering my long history with our traditional side brethren, I would say that it would be silly, if not irresponsible, of me not to leverage relationships and networks. So, because we are building a Multi-Sided Hybrid Financial Platform that solves real problems for BOTH consumers and businesses, both financial and many others, I would fully expect that we will leverage all of these relationships pre and post my time in global finserv to bring them into our eco-system. Shingo, [02.09.17 01:24] [In reply to Zev Rector: how do the baskets get made?] Wallets will be entirely user directed and owned. Universal wallet is like a keychain and one-click diversification is like automated shapeshift with order bulking stephen corliss, [22.08.17 23:54] [In reply to Andrew: stephen how does bqx manages the liquidity component? Is there an authorised participant in the picture similiar to a traditional etf? I also assume there will be fee savings from investing into various baskets? And will there be fees from switching the allocations of the underlying basket trades?] Hi Andrew, Our liquidity network solution acts as an aggregator to keep costs down, a bit similar to an AP for etf's but not the same. Switching Fees exist but again they are minimal because of how we dynamically manage liquidity. Andrew: also, who will manage the asset allocation on each of the baskets? And how is each basket priced? Users will through our UI which also provides rich information to help guide you. It is so slick & powerful but extremely intuitive. Pricing is realtime from api's.
stephen corliss, [14.11.17 04:24] [In reply to JiMMy Choo: Can i ask what a UW is stephen] Our UW is an intuitive, self-custodied universal wallet that allows users to safely store, manage, leverage and “further monetize” their crypto assets in one place while maintaining complete control of their private keys. stephen corliss, [13.10.17 13:09] [In reply to lilee: Any option for Bqx wallet user to further leverage their cold storage asset ?] Ah, I’ve been waiting for this question for a while. Maximizing the value of users assets is a major game changer. So, yes we will have some exciting things happening here. Keeping the details confidential for now so as to keep the copycats at bay... stephen corliss, [29.09.17 13:04] [In reply to Inigo: Bitquence wallet would be compatible with all criptocoins? Yes, some coins, like POS, will be added in later phases due to their complexities and may be offered as a premium service] stephen corliss, [19.09.17 15:29] [In reply to George: Maybe I don't fully understand the concept, but I think it's essentially going to be like a wallet where u can keep any currency and also exchange currencies?] The Universal Wallet delivers "Single point coin storage and security", which can be connected and disconnected to the Bitquence Platform when managing coins whether acquiring more, reshaping or liquidating. To enhance the self portfolio management features, users can acquire intelligence (Prediction, user performance, etc) from others on the platform enriched with custom market research data to better manage and diversify all with only a simple click. The UW will also enable payments to anyone/anywhere. This is only the tip of the iceberg as we have several additional unique and powerful features planned that will transform consumer self financial management in a way where we swing the pendulum of control and leverage back to consumers and away from dominant large conglomerates. stephen corliss, [08.10.17 19:52] [In reply to Donkey Emporium: Have you looked into integrating your wallet with the 0x protocol? - Yes everyone has myetherwallet but would be cutting edge if you could integrate somehow with your universal wallet] This is such an important point so I hope I can be really clear. As we believe price-discovery is the difference maker when acquiring or liquidating anything of value, model optimization isn’t by yourself trying to deliver another exchange but rather by connecting to as many providers of liquidity as possible. So, with this in mind, our business development and strategic partner initiatives will include all essential sources of liquidity both new and established players. Donkey Emporium: Ok, so most likely you'll be acting as a gateway to those exchanges (paradex, melonport, ethfinex etc) - sticking to your core USP even with your liquidity layer.] It is much more dynamic than just that but at one level yes. Again, this is a new model so let me keep some things under wraps but if there is one thing I’ve seen quite a bit of over my years is trading systems, alternative trading systems, exchanges, RFQ platforms, crossing, dark pools and many more, and the best execution venues are never ones that are based off a single premise but rather those that are the most flexible and dynamic. stephen corliss, [18.10.17 15:41] [In reply to Tamer Khalayleh: BQXStephen there may be answers to this which ive missed but ill ask anyway as it can benefit others also;
Are user interactions possible? Send message to user or chat?
Is it possible to store what ive invested into a portfolio to see how it develops over time (like blockfolio)? If yes, will you have access to look into other ppls portfolio? Say user has enabled setting letting other users see my port (user should have 1k bqx to be able for this feuture)
Are correct predictions rewarded? Say reward x if over 90 % right, x if > 80 % right
Any "wall of fame" for top 10 users with most correct predictions?
Ability to follow a users activity? User x has invested in this/that or any of this kind?] Awesome questions. I’m hesitant to answer as I usually do because I think it is time to protect our competitive advantages. Competitors love our forum because of our transparency but we know their prying 👀 are there. Let me think about how best to answer as these are all important questions. Give me a minute.
Okay, my top secret evasive answers to all your 5 questions are, YES, YES, YES, YES, YES, Or said my way, Damn straight! Our plans to continuously build out Release 1 (Amber) are powerful. No messing about here. stephen corliss, [23.10.17 00:09] [In reply to Harshad Thakar: What is your plan for security auditing of all the cool ecosystem n features implementation Shingo and eng team have been and will be working on?] I will defer the more intelligent answer to @Shingolavine but I would remind everyone the we are an upper layer in the stack that is a connector of sorts, looking and working across multiple chains. This means that we will have on and off chain activities and processes that involve both crypto specific and non-specific technology. We will employ highly detailed auditing of all essential components especially those involving smart contracts. As our structure will involve numerous highly scrutinized businesses / industries I can assure everyone that this platform will be put under a microscope for many reasons. Shingo: Smart contracts we have done security audits. APIs are mostly unit testing and making sure they do what they are supposed to do. Front end mostly selenium. Pretty standard stuff. Testing/Security is all about following best practices and being paranoid stephen corliss, [23.10.17 04:12] [In reply to Emmanuel Bergeron: hello i have question, suppose i am holding omisego tokens and i am getting a dividend from holding the token , if i were to use the bitquence wallet to keep my OMG coins, will i still get my dividend ?] Yes. However, as the complexity associated with solving for certain POS coins is variable, certain coins “may” be made available and considered premium, thus requiring users to pay a premium based fee to add complex coin structures to their UW. (example - POS coins who restrict users to using a coins unique wallet.) stephen corliss, [15.11.17 00:33] [In reply to Sean Considine: Will the Universal Wallet support ALL coins (all 1200+) or just the top 100 as shown on the Predictions page?] If you didn’t get a straight answer that is not good. So, at launch, it will be a subset of the total and will grow as we grow where the top 100 are good candidates for launch. As we grow, expanding the pool quickly will be essential as the UW must strive to support all assets as quickly as possible, even those more trickier ones like POS coins. stephen corliss, [16.11.17 13:09] [In reply to Josh: I’m wondering how much BQX would I need to spend to use the platform? Is it gonna be a subscription thing or pay per use?] Its will be pay per use. We will have other premium options payable in one time fees or subscriptions depending on the product or service but entry is made quite simple.
stephen corliss, [10.10.17 19:04] [In reply to momo: Will the application support crypto to fiat , if so how it will work and what type of methods (bank transfer, credit card withdrawal,etc )?] Our fiat model will be dynamic and multi-faceted to ensure simplicity for the consumer. The total # of options and flexibility will grow as we move along our roadmap and across national boundaries. We are keeping this close to the vest at the moment as our strategy and model is powerful and will allow us to maintain a significant competitive advantage. stephen corliss, [20.10.17 14:24] [In reply to Sookee Yong: "Fiat integration " this is what will make bqx sky is the limit] Yes!! but there is such thing as a bad, better and best fiat strategy so the trick is to find the one that delivers the most flexibility and simplicity...! This is where one can deliver product differentiation if they get it right and don’t rush out a bad solution. stephen corliss, [02.10.17 13:06] [In reply to Zh: It seems like fiat integration is almost a certainty and just a short matter of time before it is indeed integrated. Am I right to say this?] The solution is the heavy load so we have that in hand. So, yes we can now choose when to add it rather than be forced add it at a much later date because we didn't hv the solution. Its all about dev now so that is much easier to deal with. Zh: Sorry, what do you mean by the solution is heavy load?] Stephen: Solving for FIAT is significant both on the dev side and the legal side. The legal side is the furthest thing from easy or short so we tackled that side first. Its basically done. stephen corliss, [21.09.17 15:17] [In reply to Suppoman: Incredible! So re hardware wallet, you anticipate BQX support using another, or bringing out a Bitquence hardware wallet that competes with Ledger?] We haven't quite decided that one yet as we do enjoy the Ledger Nano S. We are also contemplating a Card 💳 for the UW as well! stephen corliss, [08.10.17 19:09] [In reply to Greg: For me it's also quite long with fiat integration but Universal wallet will be soon next year so it's big advantage. Fiat i think is for a reason so late and i'd rather to be surprised if it will be sooner then later] Remember, I revealed this before. The most challenging part of fiat is finding and securing the model necessary to do this legally. We have this in hand and, in fact, it is the most viable universal solution possible. Don’t know anyone else out there who can say this. Now, solving for this allows us to focus on design and structure and deliver the functionality earlier than originally planned by at least 18 months. With our fiat solution now in hand, we can deliver fiat functionality basically anytime along our roadmap. Timing Precision is key here for numerous reasons so the great thing is having the flexibility to move it forward if necessary, which is what we now have. stephen corliss, [15.10.17 22:13] [In reply to Johnson Berce: Can someone explain to me this issue I am thinking about . These debit cards. If in my bank I have 1$ I have $1 to use in my bank account . With a crypto debit card if bitquence is $1 and I go to McDonald’s and the price drops to .60 cents . This is my problem how can this be resolved] When we design the model for the longterm there are some things we can do but as folks have said, if you are holding anything but the currency needed and accepted by the receiving party, price conversion is inevitable. marking-to-market. I don’t want to say too much publicly ( 👀) but hedging and other basket strategies that involve uncorrelated assets can limit price volatility. stephen corliss, [23.10.17 00:57] [In reply to Tertius De Bruin: Will u guys be implementing an instant buy funcition and if yes how will the feed be in comparison to using exchanges?] Fantastic Question!! I hate the current model employed by most of those in the industry. I don’t see any way to validate the premium one has to pay just for the sake of simplicity. Every fee paid, every basis point spread between the best bid/offer that a consumer pays means less in your pocket. We will not treat customers this way and we will always be 100% transparent UPFRONT. stephen corliss, [23.10.17 15:10] [In reply to Tamer Khalayleh: You're planning for your fiat integration as we all know - do you have any plans to include more than USD, EU currency?] As you know, the answer to this is entirely dependent on the chosen strategy. If one chooses a payment gateway provider, for instance, the breadth of coverage is entirely driven by a partners market coverage. Personally, I believe in this space, where customer residency is so widespread, any solution that overlooks this fact pattern is a big mistake. So, our intention is to not make this mistake. We have yet to complete the full analysis but our desired outcome is clear and we will do whatever is necessary to ensure the best results for our users. The model we are leveraging is quite powerful as I believe it opens up all avenues so this does afford us some creative license in our final design. stephen corliss, [29.10.17 22:55] [In reply to Les: Will I be able to have direct deposit from my employeer to Bqx wallet?] Ha! Another question I’ve been waiting on so thank you for asking. If you begin to piece together our big vision (and we know we haven’t revealed everything yet) I believe you should begin to see a theme. So, I’m going to answer this very honestly, YES we see this as a very viable option as we validate our model and secure the confidence that is necessary for big business to embrace.
stephen corliss, [28.10.17 22:34] [In reply to Ezz: Can i know what will be the use of BQX token itself] The token will power all of the transactional activity that will be made possible by the Bitquence Platform including fiat integration, basket creation, unique data and research generation, risk mitigation, fund creation , distribution and management, and so much more. Ezz: How will power all of this I mean from where it will gain value Stephen: Each one of he mentioned services, and a lot of others to be revealed soon, will require BQX. Thus all stakeholders in the eco-system will have to acquire, hold and use the BQX utility token in order to benefit from a wide array of dynamic products and services. Shingo, [14.10.17 06:39] [In reply to ChunLin Wu: If the platform need BQX to access, how to attract lots of investors to use the platform if the token price is high?] Fees can be dynamically adjusted based on demand for services and token price. If this is our biggest problem, I'm sure we will have the money to solve it :) Stephen: We can manage any price variables dynamically to ensure BQX fees are commensurate with the product and service to keep entry open to everyone. stephen corliss, [14.09.17 11:40] BQX are essential for users to access services on the Platform to pay transactional gas related to Basket Creation and the Universal Wallet. Although not necessary, users can also seed their baskets with BQX, hold BQX in a Basket and also in their Wallet. At some later stage, we may offer customized baskets that we manage for customers but that typically involves a specific financial license that we don't wang to entertain as of yet. Stability is not necessarily essential for "gas" as if the value of a token becomes too high or too low there are steps we can take to self adjust to ensure customers can afford to pay gas, like managing token inventory. stephen corliss, [19.09.17 15:20] [In reply to George: Will people be able to use the nutrients platform without actually purchasing bqx coins??] Only certain features are accessible without BQX. At present they are the social and prediction features. The basket and universal wallet features will require BQX to access. stephen corliss, [20.09.17 16:20] [In reply to JiveTalkinRobot: Many in here expect BQX to "moon" in the secondary market, isn't that counter productive?] Our objectives are to ensure the token price represents the value of the service. If its too high, we risk pricing out customers. If its too low, we potentially operate at a loss or have to increase fees, which may also upset customer dynamics. This is something we must manage carefully so we will use all the tools in our toolbox to ensure a proper balance. Shingo, [20.09.17 20:47] Also for questions about what BQX does - it is a functional token with a variety of uses on the platform. Most notably, we have been talking a lot about having it be an API access token as well allowing people to build applications on top of the Bitquence ecosystem. This could potentially be very powerful in the same way that Stripe created a standard API to create payment networks. stephen corliss, [23.10.17 22:14] Another way of saying this is those acquiring tokens need to understand all of the functional use cases for any coin. When deriving value for anything, one must understand all of its inputs and outputs. To keep this simple, Inputs are fees / revenues and Outputs are Costs. Why Outputs? Well, if we want to forecast price / fee levels one will need to understand where break even is before moving on to volumes, customer growth, inflation, etc etc. This is somewhat of a typical fundamental analysis. I think we agree just say it slightly differently. There are other variables in this space but I think this captures the gist.
stephen corliss, [28.10.17 22:58] [In reply to Nico: actually i just want to know if the process of evaluation of the predictions, will be completly done by humans or partly by humans and automated?] Predictions itself will initially involve human interaction. Once the unique data is created it will then be enriched with other data including social and a broad array of conventional and unconventional data. So, it is a bit of both. Harshad Thakar: So the way I understand it is as follows [a] Combination of predictions + Intelligence Hub & UW build foundation for an extremely powerful platform that wll be used to addresse the obstacles around mass adoption. [b] moreover the intelligence hub (with various types of data) can be monetized by Bitquence by offering various service models for the partners/builders and they will need to use BQX token as gas; resulting in demand for the tokens n hence the increase in its value over long-term. Stephen: Yes, with the many numerous other products and services that we are keeping under lock and seal to protect our first mover advantage. Each one of these will significantly increase demand for BQX as it will also be needed for gas, access, etc stephen corliss, [08.10.17 22:24] [In reply to Donkey Emporium: With your predictions would you essentially be able to buy futures contracts on cryptocurrencies? - like via the CME?] Not initially as this would clearly trigger derivative registrations across all major markets, which is not ideal at this stage both from a capital consumption and strategic plan perspective. However, because of the legal model we will build everything on we can hook into other CFD providers quite easily and still comply with rules across multiple juridictions stephen corliss, [09.10.17 14:16] [In reply to Greg: Number of predictions will be limited somehow? Otherwise if there is no risk to bet, people can make many predictions and just hope for lucky shot. Or there will be some points and reward only for top points user?] Only one prediction per user per coin per contest
stephen corliss, [03.11.17 15:17] As you know, BQX has a Total Supply of 222,295,208. Of This Total Supply, 40% was reserved “exclusively” for the liquidity pool, which means 88,918,083 BQX will never become part of the Circulating Supply. The Liquidity Pool should be thought of as simply a source of collateral, not to be bought or sold in the marketplace. This leaves a MAX Circulating Supply of 133,377,125 where 71,883,993 are currently in the marketplace. The remaining 61,493,132 tokens are for Operating Purposes and will be added “only gradually” to circulating supply as/when the company uses them for technology, operational, and other related costs on a monthly or reoccurring basis. I hope this helps. stephen corliss, [03.10.17 13:06] [In reply to Max: Where do these coins come from ? If the supply is limited and people can't lose coins with bad predictions, won't you run out of coins and be unable to pay rewards at some point ?] BQX is used by users to pay transaction fees so this is important to not overlook. Second, in the immediate phase, additional BQX pools were created from mining during the token sale, which we can draw from for these marketing related costs. Thus, we will not run out of tokens as there will be fees coming in. stephen corliss, [03.10.17 14:14] [In reply to Yoyo: So how would new bqx enter the market] The pools are something to not overlook as they are drawn from for various corporate expenditures including marketing and outsourced activities such as content and data generation as just one example. Other potential programs we will offer (think of them like you would POS but it is not a direct correlation) to reward users can involve common elements such as rewarding users who develop a "following" on the platform, rewarding users for inviting and bringing new validated users to the platform, creating investment strategies that are desired by other users, I will stop there as the rest are highly confidential at the moment... Don't want to tip our hands to all of our competitors but I assure you that these other programs are transformational and extremely powerful that benefit users in 2 ways, first with a powerful user experience and secondarily as additional ways to generate rewards.
Adding to another Exchanges
Shingo, [28.10.17 20:27] We have our ideas about how we think businesses could use blockchain, but as we all know, we have seen people come up for use cases of blockchain in areas and industries that we could never have imagined. What is important for us is to make sure that we build our platform as generically as possible since we really do want to build up an ecosystem on top of these open protocols. This is much akin to what RedHat does (which is package up and support the open source Linux software). Another way to look at it is where we sit on the tech stack for blockchain. For those of you who are familiar with the OSI model, we sit in the blockchain equivalent of layer 5 or 6. Ethereum is an incredibly powerful layer 4 tool that facilitates an ecosystem that we are trying to build. People who built on top of Bedrock would be layer 7. Our consumer facing products would also sit at layer 7. I think a lot of people are taking the wrong approach to blockchain with regard to businesses/enterprise. To my knowledge - I haven't seen anything that a private blockchain does better than a well organized database and data schema - and I don't think blockchains were ever designed to be data storage mechanisms since there are no inherent advantages that the structure gives. What blockchain does afford is the infrastructure to rethink public structures and to distrupt current trust models. In other words - two participants in the NASDAQ markets can't trust each other the same way that two employees at Microsoft can. What we are trying to do is package up open protocols for real business use cases. Instead of building Ethereum clones on Azure, build a financial structure on Ethereum Mainnet Listing on exchanges is part of our customer acquisition strategy. We want to get more people involved in Bitquence and excited for when we begin our product releases. As much as we can, we want to utilize the infrastructure of the crypto community to spread our message of mass adoption. We are looking long-term to make the vision a reality. Getting exposure on a major platform is always positive stephen corliss, [13.10.17 17:00] [In reply to CryptoHodl: Does Bitquence have any plans to get on Bittrex?] They are on the radar, of course. Bittrex is a different animal versus others as we have absolutely no bearing on the process or timing. It appears they have changed their token onboarding process (as they should have) and it seems they have also walled themselves off from all direct communications with potential tokens. Not sure if that is by design or not. They have everything they need from us for any “future” listing but it may just come down to user demand where the popularity of BQX warrants them to act sooner. Shingo, [23.10.17 05:04] The only reason we would want to get listed on more exchanges is if we were excluding customers due to the current set of exchanges or for the publicity
stephen corliss, [12.09.17 15:22] [In reply to Inigo] The security issue is first very important so the advice given by your peers is right. With regards to the correlation you are drawing, I would say the BQX users will hold their own keys and store them in their cold storage of choice. Nothing of yours moves onto the platform unless you are building a basket then it is temporary. Once the transaction is done, everything moves off the platform and back to your cold storage. Nothing is ever left on the Platform. Whereas with Exchanges you have to decide to move it off or not. Shingo, [15.09.17 23:11] [In reply to Ke: Is it correct to assume that in 1 year or 2, if bitquence delivers the ultimate universal wallet as we believe then there would be no need for nano S or Trezor or at least the price of these items will be severely reduced because of lesser demand? Stephen especially if it's cold storage right?] The way that our "cold storage" works is sort of like a "nano ledger in the sky". Again sort of. The private key never hits the internet just like a normal hardware wallets, but you have to trust the transaction signing mechanism. If this sounds dangerous, this is exactly the same level of trust that you have with a nano ledger. You trust that the nano ledger is signing the transactions in a trustworthy way in the same way you will be trusting that Bitquence will sign the transactions in a trustworthy way. Your private keys will always be under your control. Bitquence will hold only encrypted keys for your convenience (hence the "managed universal wallet"), but you will hold the only unencrypted copy. That means if you close down your account or just decide to leave Bitquence, you can still go use the same keys somewhere else and your funds will be secure. Hope this is helpful stephen corliss, [03.10.17 12:42] [In reply to Jochen: Stephen, how safe can the storage of coins be of Bitquence in comparison with a hardware wallet like Ledger Nano S? Pro's and contra's] I don't want to reveal too many details yet so as to protect our intellectual property and solution but we see it as at least compatible if not improved as we are also trying to tackle the issue with lost keys equal lost assets for consumers. For mass adoption to be achievable, this problem has to be fixed. stephen corliss, [14.10.17 15:40] We see cold-storage as a game changer for consumers as it gives you the ability to maximize your influence over others who may want to use your idle tokens. This means we can deliver new products and services that allow you to generate additional yield (returns) on your assets other than price gains or interest paid by your POS coins. Think of similar traditional products such as those involving securitized and structured products. Shingo, [23.10.17 19:30] [In reply to Daniel Power: Is Bitquence going to be open source when it releases?] Some pieces will be. Some others will not. We want to preserve competitive advantage as much as we can Shingo, [29.10.17 22:34] [In reply to Aleksander Lien: about your wallet and cold storage! Are They safe as normal bank account!? Like if i store all my values in There , and as long as i dont throw my key/passwords around , The storage can not be hacked, at all?] I would say safer than a bank account since you own it. The private keys are always under your control and we actually don't even store your private keys. What do provide, however, is encrypted version of your private keys so that you can easily access them whenever you want. Important to note that these encrypted private keys are completely useless to us and only useable by the user. stephen corliss, [06.11.17 04:26] [In reply to lilee: How Bitquence ensure the platform users is protected from financial risk management point of view ? As some user will be common people less savy in financial investment,we don't want situation like ICOs where there is a lot of scams.] Every company, project or developer must have a reputation, be fully kyc’d and staked by purchasing BQX which will be utilized as gas. Anything presented on the platform by these groups that involve consumer facing products and services, will have to also meet an extensive compliance review as well. stephen corliss, [11.11.17 20:49] [In reply to Burghardt: Lets asume I am using Bitquence and bought Stratis, Bitcoin and some Ethereumtokens. The USGoverment shuts down BQX from one second to another. The website is gone. Am I able to get my coins? Second scenario .. lets asume hackers are hacking Bitquence. They have all your data, which is online. Are my coins save?] Thanks for the question. First, your coins will be hidden away under your mattress (cold-storage) so in your example, our site being shutdown will not impact your assets. Second, the same is true with hackers, as we don’t have your assets like exchanges do so there is nothing to steal. Clearly 2fa and encryption is key from the users perspective so we are also helping here to ensure the assets under your bed are as safe as possible.
Shingo, [16.09.17 03:17] Regarding taxes, we already have plans to allow you to export transaction history in csv so that you can do your taxes. Agree with Dean that it would be impossible to calculate each individual's tax without sophisticated software but we can give the tools to make it easier Shingo, [16.11.17 18:00] [In reply to Bodhisattwa: since bqx plans to be a one stop shop for an individual. When in the future regulation comes in with respect to taxation of crytpo will the platform have paid features where an individual can get personalized information on his tax liability on the basis of assets and investments made on the platform. Maybe it can start with countries with largest user base first and then other countries... If that is done I feel bqx will definitely will be the place people go for crypto investments. Your thoughts would be appreciated ..:)] Yes! Although I anticipate it will be something more like an API connection into another crypto tax calculator (of which there are many), but we will allow exporting transactions to help calculate tax liability *Stephen: * Yes! Think of tax-loss harvesting and all of the strategic ways consumers can manage tax liabilities. This will be part of the design!
BQX Token Price
Shingo, [03.11.17 19:19] Guys. We are not interested in simplying pumping the price with news. We are about more than that. We are about building a movement that can change the way the financial system operates. News will come when we are ready to release it and we are hard at work building something awesome. I'm not going to talk about anything we aren't ready to reveal. stephen corliss, [28.10.17 15:18] In my view, prices are driven by demand that stems from existing and potential use-cases, which is also clearly exaggerated by speculative demand. This also applies to BQX. What are the use-cases for BQX and thus, what will be demand? As you know, I believe we sit higher in the stack where we look across a multi-chain universe that will only grow in number. This is important as I believe diverse options will continue to grow, which will increase complexity exponentially only making mass adoption all the more difficult, if not impossible. As such, we need a communication layer of sorts that can interpret and interact with all of the diverse options to ensure the value of each can be recognized. In the financial space, the ability to interpret all of this complexity is absolutely essential as all of this new functionality and value is also represented by coins. So, okay, sure an interpretive layer seems necessary. But what the heck does this mean? This means solutions are necessary for all stakeholders (existing and future) in this space in order to extract all of this potential. We will extract all of this potential by developing an eco-system that removes complexities and creates an environment that allows stakeholders to participate in this new economy across a dynamic platform with simplicity and ease. Okay, how will this create demand for BQX? First, because BQX is what represents the interpretation of all of the underlying events. If i want a coin or cryptoccy, all I need is BQX as Bitquence will do all the rest. No need to go here, there or everywhere. Just one single place that simplifies the entry point and without sacrificing the benefits associated with each chain, coin or ccy. Okay, sounds okay. Now what? Well, now that we have simplified the entry, and exit, points we can now create new and dynamic products that all leverage the interpretation layer. By doing so, we solve problems for all stakeholders up, down and across the entire foodchain who are looking to interact with crypto consumers. Lets step back for a second and think about what is happening with traditional industries. If it is not obvious to everyone, I believe industries are moving towards models that will most likely embrace either Private or Semi-Private Consortium blockchain models. What does this mean for those big firms who can afford to do this? What does this mean for those firms who cannot? This means they will need to leverage other platforms that can remove complexities, simplify and open up access to a whole new world. What will power and be necessary to access all of these solutions to each of these diverse stakeholders? Which platform, what products or services? I think I know the answer to these questions. That is all I can say at the moment, actually maybe a bit too much really...
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