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Back in March, Shark Tank's Kevin O'Leary revealed that he was participating in an asset based ICO. This asset was stated to be a NYC hotel, but we later learned that it was in fact the Plaza Hotel. Since these details emerged, we have not heard much about this ICO at all. You can read about what the potential hold ups are here! Original Source: https://cryptodisrupt.com/what-happened-to-the-new-york-plaza-hotel-ico/Let us know what you think in the comments! You're always welcome to join our telegram group for the latest discussion! https://t.me/joinchat/DznUlFMG3bxucb2XRXzppQ |
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Malta has recently approved three new bills aimed at cryptocurrency legislation. One of these bills specifically focuses on the framework for cryptocurrencies and ICO's. Malta continues to be leaps and bounds ahead of other countries in the blockchain space. You can read more about it here! https://cryptodisrupt.com/malta-set-to-fly-into-crypto-space-with-strong-regulatory-framework/Do you agree the Malta is setting themselves up beautifully for the future of digital currencies? |
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In Nasdaq’s own words, the SMARTS technology ‘automates the detection, investigation and analysis of potentially abusive or disorderly trading’ allowing for administrative staff to shut down and report any malicious behavior. It is widely used on stock and Forex trading platforms and is trusted on an industry level. It can be used to discover market manipulations, some forms of money laundering, and various other criminal activities.
In a statement, Cameron Winklevoss, one of the founders of Gemini, wrote that ‘adding trade surveillance technology is the most recent development in our efforts to build a rules-based marketplace.’ While many other exchanges such as Binance and Coinbase have been focusing on growing their platforms and providing more coins to trade, Gemini has been working hard to refine theirs and make their trading pairs as robust and futureproof as possible. This is another step towards Gemini becoming a ‘market leader in custom surveillance rule creation and alerting for the crypto-asset market.’
A focus on surveillance in regards to cryptocurrency is necessary if the industry wants to be taken seriously by Wall Street— many financial news outlets still regularly publish content which conveys Bitcoin as synonymous with criminal behavior. The decision to work with Nasdaq to remove this title reveals to the public just how seriously exchanges like Gemini take illegal activity and gently reminds the public that cryptocurrency’s underlying value does not come from criminal activity but rather from its immutability and its decentralisation.
Originally Published at cryptodisrupt.com
Do you feel that this partnership is positive for crypto?
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Chinese Student Calling for Transparency in Sexual Assault Case Uses Ethereum Blockchain to Bypass Censors
Students in China calling for more transparency regarding an old sexual assault case have allegedly been forced to destroy information on the case. Posts on the matter have been censored on platforms such as WeChat and speedily deleted. As a result, the students have had to employ unconventional means of ensuring their concerns are not silenced by censors, like flipping screenshots upside down and recording the information on the Ethereum blockchain.
Students from Peking University (PKU) are having their calls for transparency regarding the case silenced by authorities. Students Yue Xin and Deng Yuhao have both called on students and professors to demand transparency on the case (which dates back to the ’90s) in which a former PKU literature professor, Shen Yang, was accused of raping and sexually harassing his student, Gao Yan — friends have said the attack drove the victim to her suicide in 1998.
Using the Blockchain to avoid censorship
Chinese internet users have reportedly seen similar posts vanish from Social Media platforms, and this seems to indicate a drive to censor posts relating to the #MeToo movement and other similar concerns in a nation already infamous for the censorship of its citizens. Posts calling for information to be released about the PKU case have been similarly hushed up, and some of the students arguing the case have complained about being harassed and intimated by the school. Despite this, Yue Xin has continued to defy censors and has used the notes section of an Ethereum transfer to create a record that cannot be silenced or tampered with.
Yue Xin used the notes section of the transaction to provide a permanent record of her open letter. The text can be viewed by clicking “convert to UT8.”
“At about 11 pm on April 22, the counselor suddenly called me, but because the time was late, I did not receive it. At one o’clock in the morning, the counselor and his mother suddenly came to my dormitory and forced me to wake up and asked me to delete all the information related to the information disclosure incident on my mobile phone and computer.” — This quotation is from the open letter which can be found on the Ethereum blockchain.
It is unclear why authorities would go to such lengths to suppress calls for transparency and treat their students in this manner, but Supchina provided a translation of a post that was shared across the PKU Wechat groups that may partially explain their motives:
“This is a reminder to teachers and students. After Yuhao talked to some school staffers, the school’s Party committee defined the whole incident as similar to student activism and a political movement. Some students at school are colluding with each other, and some are colluding with external forces. We should be aware of ill-intended reporting from some bad media both domestic and foreign. It needs to be emphasized that this year is very special. It marks the 40th anniversary of China’s reform and opening up, the 40th anniversary of gaokao resumption, and the 120-year anniversary of PKU. So please protect your safety.”
Blockchain could enable a new era of “hacktivism.”
Many will be familiar with the group anonymous, but perhaps less so with the origins of the “hacktivist” group. It all started on a message board called 4chan, where internet users could post about practically anything. The majority of “memes” that litter the internet today can trace their roots to 4chan, but what is most interesting is how some users (who mostly posted anonymously) realized the platform and the people using it could affect the world in a meaningful way.
In many countries, censorship is an issue. Freedom of speech and freedom of information is intrinsically linked to other basic human rights. It may not be an intended use of blockchain technology, but the way in which Yue Xin has used it to overcome censorship could spark a new era of digital activism. Regardless, Xin has gotten the story out. It’s there for anyone to read and can’t be erased or altered. It’s a small victory given the magnitude of the allegations, but it’s a start and presents a strong argument for future transparency in this and similar cases.
Originally published at cryptodisrupt.com
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Kanye West sent some members of the crypto space into a frenzy yesterday by tweeting a single word. Decentralize. We ask if celebrity endorsements are helpful to the space especially when it is unclear if the celebrity in question even understands the technology.
The self-titled “greatest living rockstar” didn’t say any more on the subject and the tweet was one of many in a seemingly never-ending stream of consciousness. However, that didn’t stop the tweet from going viral and inviting all manner of speculation from crypto enthusiasts as they wondered if Kanye would pledge his allegiance to Bitcoin, DLT, or indeed any other crypto.
Celebs jumping on the bandwagon hasn’t worked well in the past
While some would suggest that celebrities commenting on the crypto space is positive (as it draws attention from the unconverted masses), it doesn’t always appear to work out well. In fact, it seems the opposite is usually true.
Boxing legend, Floyd Mayweather, endorsed an ICO that was subsequently charged with fraudulent activity. Curtis “50 Cent” Jackson also generated a great deal of hype among the community when he revealed he’d “accidentally” become a Bitcoin millionaire, only to hastily deny the claim while he filed for bankruptcy. Both celebs’ forays into the crypto consciousness caused a great deal of short-lived hype. Neither encouraged widespread adoption, but they did leave the stars and the community with egg on their faces.
I don’t want to be too critical of celebrities here. They’re people just like us crypto-enthusiasts. We all get things wrong and form opinions on matters we know little about, but when somebody has a large audience the consequences of making that opinion public are amplified. Sometimes it might be better if, as an audience, we asked: “Does this person have the first clue what they’re talking about?”
An educated crypto skeptic is more useful than an uneducated crypto enthusiast
Many of us have scoffed when an actor has used an acceptance speech to push their political world-view because it’s natural to be skeptical of opinions that may be uneducated or are at least no more educated than our own. Most crypto investors will know more about the space than the average celebrity, and so they should take these endorsements with a pinch of salt.
We’re naturally inclined to favor opinions that mirror our own, which is partially why Kanye and others’ comments create such a buzz, but if the crypto community is only an echo chamber where we congratulate each other on being “ahead of the curve,” then the critics calling it a bubble will be proved right. The reaction to celebrity endorsements simply isn’t indicative of the crypto space’s reputation for having intelligent members who research the projects they support.
We know the technology, and we have lots of well-reasoned ideas of why we think it is going to be important. We don’t need to get overexcited when a star tells us something we probably know more about. I could be wrong, but I don’t see the Kanye Wests of this world sitting down and reading a white paper, and I’ll take a central banker’s “warning” every time over the empty words of an entertainer. At least the banker has given us something to argue with, and the ability to argue shows everybody that we’re just beating our chests.
Originally published at cryptodisrupt.com
Do you think that celebrity endorsements are a good thing for crypto?
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Crypto Disrupt previously reported on a debate hosted by Intelligence Squared during which venture capitalist, Tim Draper, asserted that Bitcoin was going to be bigger than the Iron Age, the Renaissance, and the Internet.
During the debate, Draper dismissed the notion that Bitcoin is a bubble, reminding the audience that people thought the internet was a bubble in its early days too, but what caught our attention most was the way in which he addressed millennials in the audience by telling them that the future of the technology was their hands.
“It’s all in your hands, it’s what happens to the world — the world you kinda grew up in. Deep in debt, coming out with facts that don’t help you get employed…your Grandfather’s fiat world, controlled, constrained and you’re saying, “What? does this make sense?”” — Tim Draper
Bitcoin advocates lost the debate, but that doesn’t mean DLT won’t catch on
Before the Intelligence Squared debate, 39% of the audience agreed that Bitcoin was more than a bubble and is here to stay, 38% disagreed, and the remaining 23% were undecided. Afterward, that picture had completely changed as only 25% agreed with the notion and 68% disagreed. It doesn’t paint a positive picture for crypto enthusiasts, but these figures don’t tell the whole story.
Proper debates are useful as they let the issues speak for themselves, and any self-respecting academic will tell you they often allow both sides the ability to learn. In this particular debate, Eric Posner’s academic prowess was evident, and his skill as a debater did a great deal to sway the opinion of the crowd. The man made lots of good points and backed them up, and that is bound to be convincing. Having won the debate, Eric Posner and his partner, Gillian Tett, both hit on an important truth that shows why it’s anybody’s guess what will happen in the crypto sphere – they said that Bitcoin could be the first step on the road to the next big thing, and Posner admitted “one thing you learn through studying History is how often people are wrong.”
Millenials will shape the future
It’s a cliché, but it’s an observed fact that the younger generations shape the future. Look closely at the largest social and technological upheavals in recent history, and you’ll find they are intrinsically linked to the in the popular opinion and adoption of younger generations.
The history of technology is a constant story of the old being replaced with the new, and in my almost 30 years on the planet, I’ve witnessed how technology has revolutionized things we take for granted. As a child, I was still using a public phone box to talk to my friends, later that became a landline, then text messaging, and now I, and the generation, after me are all using social media. The evidence of how much these things change is even evident among millennials of varying ages — I use messenger apps or Facebook, while my younger family members use Snapchat and Instagram. Technology doesn’t change our needs – it just changes what those needs mean. Why should cryptocurrency be any different?
Nobody can categorically say whether or not this technology will live up to the grand claims made by developers, investors, and enthusiasts, but you should bank on the younger generation playing an integral role either way. The world is still erring on the side of the status quo, which isn’t necessarily a bad thing given the infancy of the technology, but innovation can’t be chained up once it captures the imaginations of young minds, and there is plenty of excitement around this space.
Originally published at cryptodisrupt.com
Does anyone else feel that millenials are vital to the success of cryptocurrency?
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RightBTC Runs for Tron Super Representative Election
The up-and-coming exchange RightBTC has announced that it will be running for the Tron Super Representative Election. The election, which takes place on June 26, 2018, will be a major step towards radically changing the way the Tron ecosystem will be governed.
RightBTC is one of only a handful of other exchange-based candidates in the running, giving it a competitive advantage. Arguably, it would be fitting that an exchange should win the Super Representative election as they already have experience running their own ecosystem and can use their knowledge to lead the community fairly. RightBTC has also chosen to invite Metaverse to be their technical advisor should they win.
In an open letter, Justin Sun, the head of Tron, explained his intentions regarding the Super Representative (SR) elections. The SR election is an attempt at further decentralizing the Tron network. In the letter, Sun states: ‘I have always believed deeply in the values of [the] sovereignty of the people, and natural rights of the people.’ He further argued that Bitcoin, Ethereum, and most other cryptocurrencies are ‘oligarchic system’ as all the decision making power is held by miners, and lead developers, meaning that coin and token holders have no say regarding the decisions of a currency. Tron is making their coin more democratic as a means of avoiding this.
The winning SR will play the key role in decision making and crypto-specific political decisions. At the moment, that means the SR will govern the decisions of around one million Tron holders. Their duty is to listen to the requests and desires of the people and action those that it finds beneficial to the community.
If RightBTC wins the election, they will become a necessary element of Tron’s ecosystem for the foreseeable future and will be at the forefront of the next wave of crypto, in which regular users are given a voice in the industry.
Originally published at cryptodisrupt.com
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Nasdaq CEO Prepared to Consider a Role in Regulating Digital Currencies
Nasdaq CEO, Adena Friedman, told CNBC April 25, 2018, that investors are expecting a more regulated market for digital currencies to ensure they are treated fairly. Friedman believes digital currencies are here to stay, and in time, Nasdaq would be prepared to include them in their exchange.
“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”
Friedman confirmed she agreed with the SEC on ICOs adding “The SEC is right that those are securities and need to be regulated as such.” In March 2018, the SEC announced that they considered almost all digital currencies to be securities and would also look to regulate businesses offering digital wallets.
As an illustration of why digital currencies need much more stringent regulatory control, an article has been published on the Steemit network illustrating one of the many pump and dump schemes used in the crypto ecosystem. The author of the article went to great lengths to record the process of artificially inflating the price of a digital currency for the personal financial gain of a group of investors. The Steemit article includes dozens of screenshots from a Telegram channel in which several key crypto influencers discuss which cryptocurrency they are going to pump.
Friedman would argue that investors that take time to analyze the various cryptocurrency projects and then purchase the digital currencies are being scammed by these crypto influencers. As the price starts to fall, following the pump and dump scheme, some investors will believe that there is a problem with the project and sell their digital currencies at a loss.
To clean up the industry, the Gemini exchange, founded by the “Facebook” Winklevoss twins, has announced a partnership with Nasdaq to monitor market manipulation on their exchange. A press release dated April 25, 2018, issued by Nasdaq, confirms that Gemini will be the first crypto exchange to implement NASDAQ’s SMARTS Market Surveillance Technology. The crypto community welcomes tighter controls to help stamp out the nefarious practices of a small element of scammers within the community.
Originally published at cryptodisrupt.com
I'm extremely excited about this news. This could be massive for mass adoption. What are your thoughts?
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Tim Draper: More Secure in Bitcoin Than the Money Sitting in Wells Fargo
Venture capitalist Tim Draper is bullish on Bitcoin and believes it will reach $250,000 in the next four years.
During a debate hosted by Intelligence Squared and the Adam Smith Society, Tim Draper was asked how Bitcoin compared with his previous tech investments in Hotmail, Skype, and Tesla. He replied bullishly, saying, “Bitcoin will be bigger than all three combined.” However, Draper didn’t leave it at that — he thinks it will be bigger than the iron age, the Renaissance, and the internet and says that the nascent technology will affect the entire world in a faster and more prevalent way than ever imagined.
The Debate: “Bitcoin is more than a bubble and here to stay.”
Backed up by Patrick Byrne (CEO of overstock), Draper took on Financial Times journalist, Gillian Tett, and Professor of Law, Eric Posner, both of whom argued that Bitcoin is indeed a bubble and strongly contested Draper’s claims. Posner and Tett called into question the “strengths” of Bitcoin, arguing that they could be regarded as weaknesses. Posner suggested that the pseudonymization of identity enabled by the technology makes Bitcoin transactions the perfect vehicle for sophisticated criminal transactions. Tett focused on the risk involved with trusting computers with finance as they can be hacked, are prone to faults, and that Bitcoin is a “terrible store of value.”
These arguments won’t be anything new to anyone who has studied the space, and the rebuttals of Draper and Byrne won’t come as a surprise either. The pair acknowledged that Bitcoin was imperfect and drew attention to the fact the technology was designed to be open source so that unforeseen problems can be managed by the community. Byrne also pointed out that although Bitcoin has been “hacked at” more than anything in history, but unlike banks, it has yet to be defeated.
Draper was more brazen in his responses and implored the crowd to use fiat if they were looking to facilitate their own criminal activity as many Bitcoin criminals get caught. The venture capitalist responded to Tett’s admission that she invests in several different fiat currencies by saying, “I’m so much more secure in my Bitcoin than I am in the money that’s sitting there in Wells Fargo.”
Who is right?
The short answer is it’s far too early to tell, but it is good to see the subject being discussed in this manner. Before the debate, Gillian Tett remarked that if both sides of an argument aren’t heard in the same room, on the same day, then the conversations can “go past one another.” It’s probably safe to say she’s right here because, although there is no shortage of media on either side of the argument, real debate on the subject can be difficult to find.
If crypto is going to head down the road Draper expects, its advocates need to be able to argue their case outside of the crypto community, and debate should be welcome as it not only gives both sides the ability to speak but also the ability to listen.
Draper’s comments are to be expected
As crypto enthusiasts, it’s easy to agree when figures like Draper sing the praises of Bitcoin, but we shouldn’t let confirmation bias get in the way of the issues. Draper is a successful investor, and he hasn’t arrived there without making mistakes. He could be wholly right, wrong, or somewhere in between — the latter is most likely. Draper allegedly owns 30,000 BTC, so he has a vested interest in Bitcoin’s success. That does not mean he is wrong, but it does mean his comments should be taken with a pinch of salt. Well-reasoned arguments are far more convincing than hype and chest beating because they allow people to make up their own minds.
The emergence of DLT might eclipse the impact of other innovations, but for now, the emphasis is not on critics to prove the crypto community wrong. It’s up to those who champion DLT to convince the world they’re right.
Originally published at cryptodisrupt.com
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Dispelling Some of the Most Common Arguments Against Crypto
Once in a while, every crypto-enthusiast will run into somebody who is skeptical of the industry altogether. People like this usually have never invested before, or did once but lost their money. As somebody who cares about the field of cryptocurrency and has invested several times in the past, it can be mind-numbing and frustrating to hear the opinions of people who have only ever read headlines and soundbites regarding the topic.
Make note, it is reasonable to be skeptical of cryptocurrency and present some well-researched arguments against them, but the people being referred to here are those that know very little about the industry and have no noticeable desire to get acquainted with it.
Here are some of the most common arguments you will hear against cryptocurrency (either from people you know or from news outlets) and some simple responses to them.
“Cryptocurrency is a pyramid scheme.”
Occasionally, I will run into a person who claims that cryptocurrency (or more specifically bitcoin) is a pyramid scheme and that only those who were first to the market will be able to make a reasonable profit from it.
While it is true that the earliest adopters of coins like bitcoin and ether have seen the most significant increases in their profits – this does not make it a pyramid scheme. Pyramid schemes are structured so that subordinate investors must pay or hand over a percentage of earnings to a higher level investor. This is not the case with cryptocurrency— if you head to an exchange to buy a coin, it is possible you will be buying from somebody who is at the same level as you (i.e., they invested around the same time you did). This is not possible with pyramid schemes since the only way to make money is to recruit new members. With cryptocurrency, you can trade and exchange with new or old investors. Also note, the main aim of cryptocurrency is not necessarily to get new investors since the price of a coin does not exactly rise due to adoption. Positive news regarding programming updates, partnerships, and new features can also just as quickly raise the price of a coin.
“Cryptocurrency is only used to buy drugs and launder money.”
This statement is commonly used by media outlets as a way to discredit the entire industry and the technology behind it. The best way to refute this statement is to briefly explain the nature of the blockchain and the sheer level of transparency that cryptocurrency offers. Most people who do not know anything about the industry get the impression that using this currency automatically masks your identity and your movements.
Explain to them that most coins have a global database of transactions which can freely be viewed by anybody. This, alone, is enough to discourage people from laundering money and purchasing illicit substances since law enforcement, the IRS, and other government bodies can track purchases with more ease than fiat.
“There is no underlying. value”
This is a half-truth. While cryptocurrency does not rest its value on assets like gold or land, it instead derives value from its developers and its code. Arguably, this is similar to how legal tender derives its value from its government and laws. Similar to how a decision or press conference from the President can affect the price of USD, an announcement from a lead developer can affect the price of Litecoin.
“It is too late to make money.”
I have personally found this argument to be said by people who only know of one cryptocurrency: bitcoin. Generally, the easiest way to open their mind is to show them that CoinMarketCap actually lists over 1500 coins and tokens. Of course, only a fraction of them are worth investment, but it proves that the industry is expansive.
New coins and tokens are constantly entering the market, many of which shoot up in price significantly after a while. One coin that has not had a long history, but is valued highly, is Nano. The coin only came into existence in early 2017, but in the space of a little over a year it has risen to the 28th spot. The main reason for this is the team it has and the technology it runs on. Finding a new coin with a great set of programmers and impressive code can be one way of making money in the industry. Of course, it is not the only way. The much larger coins like bitcoin, ether, and monero are still considered good investments now— this is because people still think the technology is undervalued. If that is the case, then it certainly is not too late to make money.
Originally published at cryptodisrupt.com
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Why a Centralized Exchange?At ETERBASE, we are well aware of the issues surrounding centralized exchanges, but these issues apply to first-wave digital asset exchanges. We agree that it’s time to change. While decentralized exchanges stay ‘true’ to the ideals of decentralization, they have issues. Decentralized exchanges are incapable of satisfying the needs of high-volume traders, which can cost them their hard-won profits, while lack of regulatory compliance means that any bad actor can profit from trading on a decentralized exchange. These issues need to change too. We have designed ETERBASE to offer traders institutional-grade tools on par with those used by Wall Street. Our high-frequency trading platform can process up to millions of transactions per second per trading pair, making it scalable enough and fast enough to meet the ever-increasing demands of the trading community. All of this trading power is achieved through the deployment of multiple core matching engines. In addition to direct market access, ETERBASE has an outstanding ETX token-based market-making program that allows you to trade with low or even negative fees. Holders of the ETX token will be able to unlock a wide range of benefits to provide further added value to their trading experience. Coupled with over-the-counter trading solutions, our platform provides a fully rounded trading experience suitable for traders at any level of expertise. To prevent money laundering, terrorist financing, and data protection abuse, ETERBASE is fully compliant with all existing regulations including Know Your Customer, Anti-Money Laundering, Counter-Terrorist Finance, and European General Data Protection Regulations. In fact, we comply with all the same laws and regulations as any traditional financial institution to provide a safe trading environment. Considering our level of compliance, it is only natural for us to apply to become an eMoney institution. When we have successfully obtained our eMoney license, we can offer personal IBAN accounts and full fiat integration via SEPA, which means we will be able to provide a wide range of financial services as an alternative to traditional banking. Our eMoney license will also allow us to issue debit cards so you can use your cryptocurrencies anywhere. To our team, developing a centralized exchange made greater sense than creating a decentralized exchange. Even though, ideologically, notions of decentralization are appealing thoughts, in reality, decentralized exchanges suffer too much from risk elements like regulatory non-compliance and cripplingly slow trading. By developing a regulation-compliant exchange that adheres to the most robust legal frameworks in Europe, we offer you a platform that suffers neither from the technical issues faced by first-wave centralized exchanges, nor does it offer a platform for illegal uses. ETERBASE is the new gold standard for exchanges. We invite you to keep up to date with all the latest news from the ETERBASE team in our Telegram community, on our Discord channel, or by signing up for our newsletter. Happy trading! Originally published at https://www.eterbase.com/post/why-a-centralized-exchange
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Hello fellow members, I’d like to let you all know that Lexit (LXT) is offering an extremely generous giveaway through their tagline competition. The winner who creates the best tagline will receive 10,000 LXT! I encourage everyone to check out this competition and project as it is one of my personal favorites. You can follow the address from their official website below for more information. https://www.lexit.co/post/bounty-alert-10000-lxt-for-a-tagline |
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Will EIP-999 Vote Unlock Parity Millions?
One of the things that makes blockchain so powerful is its immutable state, and this is normally considered to mean the data is permanent or unchangeable. Immutable is also defined as unyielding and inflexible, which is a slightly different interpretation perhaps preferred by some Parity wallet users. The Parity wallet has the option of providing “extra” protection by using multiple signatories, but unfortunately, bugs in the associated smart contract locked up 600,000 ETH in November 2017.
At the time, the crypto that became unspendable was worth around $150 million, and by April 2018 this value had increased to close to $400 million. The Ethereum community is being asked to decide what immutable means to them by voting to accept or reject Ethereum Improvement Project (EIP) 999. With less than 15 hours remaining, the vote was too close to call, with 47% in favor of unlocking the funds and 53% being against.
The argument for unlocking the funds is simply that those affected were not to blame for using the Parity wallet and it would be the decent thing to do. Those against EIP-999 argue that if the fix is implemented for the Parity wallet users, then the ecosystem will be inundated with requests from thousands of other token holders that have lost funds in the past or will lose them in the future. Another argument put forward by those against EIP-999 is that rolling back the blockchain means some of the project teams will not be as thorough as they should be when checking their smart contracts. Selfishly some have argued that rejecting the proposal increases the value of their tokens as the 600,000 tokens will be locked forever.
It wouldn’t be the first time that the blockchain had been altered to resolve an issue. Blocks were rolled back to an earlier state in the very early days of bitcoin to remove 184 billion coins that were created by someone that spotted a bug in the code. In 2016, a hard fork of Ethereum returned $40 million to coin holders affected by the DAO attack. It’s worth noting that these two incidents occurred when the coins were relatively new to the market and not applying the fix could have destroyed the blockchain, especially bitcoin with only a maximum 21 million coins being available.
Originally published at cryptodisrupt.com
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Second-Generation Exchanges Are on Their Way
With the rapid rise of crypto, especially in 2017, there was an immense need for exchanges ? and fast. During that exciting year, the total cryptocurrency market cap jumped from $17.7 billion to $612.9 billion. That?s quite a change.
With such rapid growth, companies can often find themselves unable to meet that level of demand. Scalability can be an issue in every industry, not just in crypto. Unfortunately, the ability to keep up with rising demands leads to failures such as closing your doors to new customers, weak or non-existent KYC, and security oversights that lead to hacks like that of Mt. Gox, the effects of which are arguably still being felt in the markets today.
Even the largest crypto exchange in the world, Binance, has had its share of problems with regulatory issues in Japan and Hong Kong, hacks, and a lack of fiat gateways. To solve some of these issues, Binance has announced they will open a new base of operations in Malta and, after successfully repelling a hack, have offered bounty programs to prevent any further attacks.
When there?s a hole in your bucket, you fix it. However, the repair is never as strong as the original material, and you may very well spring more leaks. Sometimes it?s better to start from scratch. Perhaps buy a new bucket that?s more suited to the job at hand.
This analogy is indeed applicable in the case of first-generation exchanges, and how second-generation exchanges, like ETERBASE or, perhaps, FairX, have learned lessons from this patchwork approach so they can create newer, more robust exchanges that can meet the challenges of today?s crypto markets.
Although there is little information about FairX on their website, the consensus is that the platform will offer fiat gateways, making it easier for people with little crypto experience to buy coins and tokens with fiat currencies.
Backed by IBM, FairX is creating a new transfer system based on the Stellar XLM protocol, and there are rumors abound that Deloitte, who provides audit, consulting, financial advisory, and tax services, are also involved in some way. Perhaps more importantly than backers and partnerships is that FairX will offer fiat gateways.
Fiat gateways are few and far between in the crypto space meaning that it can be difficult and expensive for people to access crypto markets. Furthermore, the current offering of coins and tokens available for purchase with fiat is limited, meaning that obtaining less well-known coins and tokens becomes a multi-step, arduous process. It is probable that current levels of difficulty and expense act as a barrier towards broader adoption.
Unfortunately, there is very little information available about FairX other than a few articles and group discussions, and there is a distinct lack of a white paper that would clarify the project to the crypto community. Additionally, the FairX website contains no information other than a strapline that reads: ?We are working on something very interesting.? Appealing and mysterious as this is on a marketing level, such lack of transparency is one of the many problems suffered by first-generation exchanges.
The ETERBASE approach is in many ways defined by transparency. Many first-generation exchanges fail to list a CEO or a base of operations ? it is impossible to tell who you are trusting with your assets ? but the ETERBASE team and their registration details are displayed visibly on their website. Moreover, their white paper goes into great detail about their compliance with global financial regulations, including AML, KYC, CTF, and GDPR, the latter of which is causing enormous headaches for companies large and small. Such robust compliance is undoubtedly a vast leap forward regarding the trust that is currently lacking in many areas of crypto exchanges.
From their white paper, ETERBASE also plans to become an e-money institution that will allow them to issue individual IBAN accounts. Among other services, becoming an e-money institution will give the company the ability to offer fiat gateways, lowering entry barriers to crypto markets.
While these features are fascinating, at ETERBASE?s heart lies a robust digital asset exchange that offers many features, like multiple portfolio management, that many first-generation exchanges can?t or don?t provide. Their comprehensive white paper reveals all that the platform offers in detail.
Whether second-generation exchanges replace first-generation exchanges or not is anyone?s guess. One scenario is a complete replacement of existing exchanges, and FairX and ETERBASE look to be in a prime position to do just that. Another outcome is that first-generation exchanges will have to up their game ? they?ll have to increase their transparency, offer a wider range of services, and develop more robust, more accessible platforms. No matter what the outcome is, second-generation exchanges are nearly here, and they are only going to improve the current exchange landscape.
Originally published at cryptodisrupt.com
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