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#Africa Kenyan co-working space Nairobi Garage opens 3rd premises in Karen

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Co-working space Nairobi Garage has launched its new premises in Karen, meaning it now has three hubs creating an interlinking network spanning the whole of Nairobi.

Nairobi Garage has been busy over the last few years, opening a new facility in Westlands, relocated its original Ngong Road space, and rolling out business services for startups

With two spaces covering 50,000 square feet in the Kenyan capital, it already described itself as the largest co-working space provider in Africa, and it has now added another 14,000 square feet to that with the launch of Nairobi Garage // Karen.

The new space has been bespoke-designed to maximise functionality for resident companies. Featuring 18 private offices and 150 desks, it includes high-speed internet, and is set in the Watermark Business Park, home to global companies such as Unilever and GE.

It completes a triangular network spanning Nairobi, with members able to move freely between the three hubs as their business schedules require.

“We’re pleased to open the doors of Nairobi Garage // Karen to the city’s business community.  Our three locations now mean that members can work from any side of town, and quickly set up operations and a presence all across the city. Over and above the handpicked locations, Nairobi Garage has been deliberate about ensuring every square inch of our space is optimised for productivity giving members a world-class creative home to scale and innovate,” said Hannah Clifford, director of Nairobi Garage.

Nairobi Garage // Karen has a number of luxury features, including four state-of-the-art meeting rooms, AC throughout the space, sound-proofed boardrooms and call booths, male and female showering facilities, and an on-site bistro, “Brioche”.

Members have the ability to drop in and work from any premises at no extra cost, and can use the meeting rooms and facilities in any location.

The post Kenyan co-working space Nairobi Garage opens 3rd premises in Karen appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2UIMNfY

#Blockchain The Crucible of Privacy: Why Decentralized Exchange Is the Only Way

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Decentralization is a core principle of blockchain-based technology. It’s the most important and unique property of the many cryptocurrencies that have launched since the birth of Bitcoin. Decentralization facilitates a move away from centralized control and differentiates crypto from government-backed fiat currencies. It is the crucible of security and privacy. So why, if this concept is so important to the foundations of the crypto ecosystem, are the overwhelming majority of cryptocurrencies traded on centralized exchanges?

Also read: Cryptocurrencies Have Spawned an Eclectic Underground Art Movement

What’s the Attraction?

The immediate benefits of centralized crypto exchanges are clear. The most popular centralized exchanges are generally easy to use and provide liquidity for a large number of coins.

For many people, the idea of taking those first tentative steps into crypto can be daunting. The media is rife with horror stories — from ICO scams to illicit marketplaces. So, when it comes to trading, it’s not surprising that most users automatically go for the easiest option.

Think about it for a minute. Most users probably have no experience trading fiat currencies, let alone digital assets.

In general, centralized exchanges make it easy for users to trade crypto and the larger ones rarely suffer from liquidity issues. Sadly, the same can’t be said for first-generation decentralized exchanges (DEXs).

But despite these benefits, centralized exchanges are fatally flawed. As well as making it difficult for users to trade privately, they require users to entrust their funds to a third-party, and as a result, the creation of a single point of failure, making centralized exchanges a prime target for hackers.

In recent years, hundreds of millions of dollars worth of cryptocurrency has been stolen by cybercriminals and malicious insiders. In my opinion, the benefits of centralized exchanges do not outweigh these inadequacies.

Understanding the Fatal Flaw

The number one problem with centralized exchanges is security. The list of massive hacks is constantly growing and it’s users that face the consequences.

We’ve already witnessed the first major hack of the year after Cryptopia lost $16 million in ethereum and ERC20 coins. The problem is this isn’t an isolated incident. Here’s a little reminder of some of the others.

In 2014, $470 million worth of bitcoin was stolen from Mt. Gox, while two years later, $72 million worth of bitcoin went missing from Bitfinex. These are two well-publicized events. But there have been many more.

Centralized exchanges force users to hand over their funds to a third party so trades are always overseen by a middleman. Not only does this go against a fundamental principle of cryptocurrency, but it leaves user funds vulnerable to theft.

As history has shown us when an exchange doesn’t have the security measures in place to protect its users, this is exactly what happens. With a centralized system, it only takes one mistake to jeopardize the security of every user.

DEXs tackle this issue head-on. They eliminate the security flaws that plague centralized exchanges by allowing users to trade safely, peer-to-peer (P2P). There is no middleman and users are never required to relinquish control of their funds. Assets aren’t kept on the exchange so there is no longer a single point of failure.

Privacy Is Not a Priority

Privacy is a human right but one that many centralized exchanges don’t appear to uphold. Users are required to share personal data with the exchange and every time they complete a transaction the details of it are recorded.

Anyone with administrative access to an exchange can identify the individuals sending and receiving payments. This trading data could be taken by malicious persons and sold on, or used in other unethical or criminal activity.

The first-wave of decentralized exchanges, although not perfect, did provide a greater deal of privacy. The absence of a registration process or a centralized authority meant trading data was neither shared nor stored, while the P2P trading mechanism took away the possibility of a crooked middleman abusing user information.

Decentralized exchanges tackle the key issues that afflict their centralized counterparts, but it would be wrong of me to claim they didn’t require improvement.

New Wave DEXs

The next generation of DEX platforms need to develop ways to tackle the issues that have held back their predecessors.

Firstly, there’s liquidity. Users need to know that if they log on to an exchange with currency to buy or sell, there will always be someone at the other end prepared to trade with them.

Although privacy has, by default, entered into the DEX debate, more needs to be done to give users the option to trade in private.

Finally, and most importantly, it’s vital that DEXs offer a fluid, simple user experience. Before now, DEXs were platforms designed by experienced users for other experienced users. If DEXs are to succeed, and reinstate decentralization as the driving force behind crypto trading, then they need to attract novice users too.

To compete, they need to be just as easy to use as current leading centralized exchanges.

Do you think first wave decentralized exchanges will help solve some of the problems of centralized exchanges? Is this the future of exchange technology in the crypto space?  

Images courtesy of Shutterstock

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

Anthony Khamsei is CEO of Resistance, a privacy-focused decentralized exchange and blockchain. He is a highly experienced cybersecurity professional, cryptography expert, and entrepreneur with a proven track record in tackling complex cyber threats and developing innovative security solutions.

The post The Crucible of Privacy: Why Decentralized Exchange Is the Only Way appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2GsuYOl The Crucible of Privacy: Why Decentralized Exchange Is the Only Way

#USA Databricks raises $250M at a $2.75B valuation for its analytics platform

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Databricks, the company behind the Apache Spark big data analytics engine, today announced that it has raised a $250 million Series E round led by Andreessen Horowitz. Coatue Management, Microsoft and NEA, also participated in this round, which brings the company’s total funding to $498.5 million. Microsoft’s involvement here is probably a bit of a surprise, but it’s worth noting that it also worked with Databricks on the launch of Azure Databricks as a first-party service on the platform, something that’s still a rarity in the Azure cloud.

As Databricks also today announced, its annual recurring revenue now exceeds $100 million. The company didn’t share whether it’s cash flow-positive at this point, but Databricks CEO and co-founder Ali Ghodsi shared that the company’s valuation is now $2.75 billion.

Current customers, which the company says number around 2,000, include the likes of Nielsen, Hotels.com, Overstock, Bechtel, Shell and HP.

While Databricks is obviously known for its contributions to Apache Spark, the company itself monetizes that work by offering its Unified Analytics platform on top of it. This platform allows enterprises to build their data pipelines across data storage systems and prepare data sets for data scientists and engineers. To do this, Databricks offers shared notebooks and tools for building, managing and monitoring data pipelines, and then uses that data to build machine learning models, for example. Indeed, training and deploying these models is one of the company’s focus areas these days, which makes sense, given that this is one of the main use cases for big data, after all.

On top of that, Databricks also offers a fully managed service for hosting all of these tools.

“Databricks is the clear winner in the big data platform race,” said Ben Horowitz, co-founder and general partner at Andreessen Horowitz, in today’s announcement. “In addition, they have created a new category atop their world-beating Apache Spark platform called Unified Analytics that is growing even faster. As a result, we are thrilled to invest in this round.”

Ghodsi told me that Horowitz was also instrumental in getting the company to re-focus on growth. The company was already growing fast, of course, but Horowitz asked him why Databricks wasn’t growing faster. Unsurprisingly, given that it’s an enterprise company, that means aggressively hiring a larger sales force — and that’s costly. Hence the company’s need to raise at this point.

As Ghodsi told me, one of the areas the company wants to focus on is the Asia Pacific region, where overall cloud usage is growing fast. The other area the company is focusing on is support for more verticals like mass media and entertainment, federal agencies and fintech firms, which also comes with its own cost, given that the experts there don’t come cheap.

Ghodsi likes to call this “boring AI,” since it’s not as exciting as self-driving cars. In his view, though, the enterprise companies that don’t start using machine learning now will inevitably be left behind in the long run. “If you don’t get there, there’ll be no place for you in the next 20 years,” he said.

Engineering, of course, will also get a chunk of this new funding, with an emphasis on relatively new products like MLFlow and Delta, two tools Databricks recently developed and that make it easier to manage the life cycle of machine learning models and build the necessary data pipelines to feed them.

from Startups – TechCrunch https://tcrn.ch/2UET8J5

#USA Festicket, the festival booking platform, picks up $4.6M backing from creative investor Edge Investments

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Festicket, the U.K.-headquartered festival booking platform, has picked up another $4.6 million in funding, an extension of the startup’s $10.5 million Series D late last year. The new backing comes from Edge Investments, the creative industries investor that counts music industry veteran Harvey Goldsmith as a director.

Edge joins an existing roster of Series D investors that includes venture capital firm Beringea, Jaguar Land Rover’s venture capital fund InMotion Ventures, Channel 4’s Commercial Growth Fund, Lepe Partners, U-Start, and ex Spinnin’ Records CEO Eelko Van Kooten. The company has also been previously backed by Lepe Partners, Wellington Partners, PROfounders, and Playfair Capital, amongst others.

Founded in 2012, Festicket set out to make booking various festival experience across Europe as easy as booking a package holiday. The platform — or marketplace — lets you discover and book festival tickets and the related travel itinerary. Fast forward to today, the company works with over 1,200 festivals and 4,500 suppliers across 50 countries, serving more than 2.5 million customers worldwide.

Most recently, Festicket integrated with Spotify to help you discover music festivals based on the music you listen to. Dubbed “Festival Finder,” the new feature requires you to connect your Spotify account to Festicket using Spotify login. After doing so, the platform pulls in data on your favourite artists and displays 10 upcoming festivals that it deems will match your music tastes.

Meanwhile, Festicket says the additional capital will be used to support Festicket’s entrance into new markets, primarily North America and Asia. The company is also planning to invest in its underlying tech platform and grow its “community” of passionate festival fans around the world,. Notably, this will include building an exclusive membership tier with added benefits in 2019.

from Startups – TechCrunch https://tcrn.ch/2RC3WFX

#USA Lunchr grabs $34 million for its corporate lunch card

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French startup Lunchr is raising a $34 million funding round (€30 million) from Index Ventures, with existing investors Daphni, Idinvest and Kima Ventures also participating. The company had already raised $13 million 7 months ago (€11 million).

In France, companies of a certain size have to support employees in one way or another when it comes to their lunch break. Big companies usually build out a cafeteria while small companies hand out meal vouchers.

Lunchr focuses on meal vouchers. Originally, employees received paper vouchers at the beginning of each month. But meal voucher companies, such as Edenred or Sodexo, now also provide an alternative to paper vouchers. You can get a payment card to pay some or all of your food using a card reader.

While this is a a good idea on paper, many restaurants and supermarkets still don’t accept meal voucher cards as you have to update your card terminals. Apps also don’t work that well so it’s hard to know if you have money left on your account.

Lunchr wants to provide a better experience. And it starts with a card that works in more places. Restaurants don’t need to do anything as long as they already accept paper meal vouchers. Lunchr currently supports 200,000 places in France.

The company also takes advantage of the fact that a company is going to switch everyone to Lunchr, not just some employees. It means that everyone has a Lunchr account, the Lunchr app and a Lunchr card.

That’s why you can also use the Lunchr app to order food around your office. Other employees can add stuff to your order and one employee can pick up the order for everyone. Lunchr has negotiated discounts with restaurants — you unlock discount on big orders. On average, people who order food via the app get an 18 percent discount.

With today’s funding round, the company wants to attract 200,000 by the end of 2019. Redbull in France, LeLynx.fr, Spotify in France, Qonto and Payfit use Lunchr already.

While Lunchr is competing with bigger companies, 85 percent of meal vouchers in France are still paper vouchers. Companies will consider switching to payment cards in the coming years and it presents a big opportunity for Lunchr.

from Startups – TechCrunch https://tcrn.ch/2WK3Hwf

#Africa 8 Kenyan innovations secure iHub incubation in Marsabit, Garissa

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Eight innovative solutions in the Kenyan counties of Marsabit and Garissa have been selected to undergo incubation to develop their businesses at local hubs run by the iHub.

Disrupt Africa reported in February of last year the Nairobi iHub had partnered Adeso and Mastercard Labs to set up innovation labs in Marsabit and Garissa, known as the Maarifa Kona Innovation Labs.

Funded through UKAid and managed collaboratively by the Communicating with Disaster Affected Communities (CDAC) and Start Network, the programme has been accepting applications for support from local businesses.

After selecting 40, 20 from each Lab, to take part in a selection process, 22 were selected to take part in a programme that featured training, mentoring, coaching and support in three phases – Idea Generation and Selection, Research and Concepts, and Development.

The fourth stage is the six-month incubation programme, with the 22 finalists taking part in a county demo day to secure places. Entrepreneurs pitched to a jury and an audience of stakeholders, with four innovations from each lab selected to proceed to the next stage.

The four from Garissa are milk safety solution Frontier Camel Milk Enterprise, flour manufacturing company Mathenge Maisha, greenhouse tech solution Smart GreenHouse, and the Maisha Dada Women Empowerment Centre.

Representing Marsabit are the Mt. Marsabit Women Dairy Group, climate advisory service Climate Information Pastoral Unit, warehouse rental solution When The Sun Shines, and feeds manufacturer Drought Cure.

In the incubation phase, the eight innovations will refine their business and financial models, get their legal structures in place, and receive training in things like investment readiness, theory of change, ethics, leadership, sales and marketing.

The post 8 Kenyan innovations secure iHub incubation in Marsabit, Garissa appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2G9C1Mv

#Blockchain Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

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Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

The Indian government panel tasked with drafting crypto regulation is reportedly worried that cryptocurrencies could destabilize the rupee if they are accepted as payments. Its concern came to light despite evidence that cryptocurrencies do not currently pose a threat to financial stability.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Impact on the Rupee

The Indian government committee tasked with developing the regulatory framework for cryptocurrencies is reportedly “obsessed” with the impact they may have on the rupee if they are allowed to be used in payments, Quartz India reported. The committee is headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs.

Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

“If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilising the fiat currency is a major concern” for Garg’s panel, the publication quoted an unnamed representative from the crypto ecosystem who recently met with the ministers as saying. “The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point.”

If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilizing the fiat currency is a major concern.

Garg’s panel is finalizing its report containing the recommendations for the country’s crypto regulation, according to the government’s reply to a Right to Information filing.

However, the Ministry of Finance told Parliament that “It is difficult to state a specific timeline to come up with clear recommendations” and that Garg’s panel is “pursuing the matter with due caution.”

No Threat to Financial Stability

The Financial Stability Board (FSB) published a report in October last year on the financial stability implications of crypto assets. The FSB is an international body that monitors and makes recommendations about the global financial system to the G20, an international forum for governments and central bank governors. Its members are financial regulators and central bankers from 24 countries as well as global organizations such as the International Monetary Fund.

Cryptocurrencies need constant monitoring on overall financial stability considerations, given the rapid expansion in their usage.

Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

The FSB report states that “Based on the available information, crypto assets do not pose a material risk to global financial stability at this time.” Nonetheless, it notes that “vigilant monitoring is needed in light of the speed of market developments. Should the use of crypto-assets continue to evolve, it could have implications for financial stability in the future.”

Citing the FSB’s finding, the Reserve Bank of India (RBI) reiterated in its Trend and Progress of Banking in India 2017-18 report that cryptocurrencies are not a threat currently. “The market continues to evolve rapidly, however, and this initial assessment could change if crypto assets were to become more widely used or interconnected with the core of the regulated financial system,” the central bank detailed. “Cryptocurrencies need constant monitoring on overall financial stability considerations, given the rapid expansion in their usage,” the RBI concluded.

Do you think the Indian government should be concerned that cryptocurrencies could undermine the rupee? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2DTQBFy Report: Indian Government Concerned Cryptocurrencies Could Undermine the Rupee

#Africa New $37.4m fund for South African SMEs announced

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South African firms Newtown Partners and LionPride Investment Holdings have announced plans to raise ZAR500 million (US$37.4 million) for a co-managed Section 12J technology investment fund.

Newtown Partners, founded by Vinny Lingham and Llew Claasen, and Lion Pride Investment Holdings said the LionPride Agility fund will focus on impact investing and emerging technologies.

This structure enables investors to invest capital into one of two capital pools co-managed by LionPride and Newtown Partners, as well as gain balanced exposure to early-stage South African technology businesses or concentrated exposure into a selected theme according to their desired risk allocation.

A major benefit of a section 12J investment fund is that investors can deduct 100 per cent of their investment from their taxable incomes in the tax year in which the investments are made.

“We believe that we’re taking a bold approach that will catapult economic transformation in South Africa. The tax deductible ‘discount’ that a section 12J Fund provides is a great incentive for investors to invest in projects of a developmental nature that can positively impact employment in South Africa,” said Deven Govender, LionPride’s chief executive officer (CEO).

SMEs that fall within fintech, agri-tech, on-demand services, business process outsourcing, renewables, healthcare, 4IR and ed-Ttch will be the focus of the LionPride Agility VCC Fund. Lingham said it had enormous potential to build globally successful technology businesses from South Africa.  

“I’m looking forward to giving many more South Africans the opportunity to really make a dent in the global technology markets through this Fund. We’re also excited about the opportunity to positively impact economic empowerment in South Africa and the LionPride Agility fund is an important tool to achieve that,” said Lingham.

The post New $37.4m fund for South African SMEs announced appeared first on Disrupt Africa.

from Disrupt Africa http://bit.ly/2Twvr5L

#Blockchain Kraken Acquires British Derivatives Platform Crypto Facilities

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Kraken Acquires British Derivatives Platform Crypto Facilities

Cryptocurrency exchange Kraken has acquired Crypto Facilities, a British digital asset trading platform and index provider, in an undisclosed “nine-figure” deal. The acquisition means that Kraken will now be able to offer both spot and futures trading in bitcoin core, bitcoin cash, ripple, litecoin and ethereum while boosting revenue by attracting institutional customers.

Also read: Cryptocurrency Independence Under Threat As Regulation Encroaches

‘Deal Turns Kraken Into a One-Stop Shop’

Kraken chief executive officer Jesse Powell has revealed  to U.S. magazine Fortune that the San Francisco-based company was on the verge of completing a $100 million funding round from its “larger customers.”

Commenting on the Crypto Facilities deal, 10 months in the making, Powell said the acquisition reinforces Kraken’s thrust on creating complementary services to its core spot exchange and over-the-counter trading. He stated that the exchange had since integrated the back-end operations of Crypto Facilities, allowing investors from both companies to trade on a single platform.

Kraken Acquires British Derivatives Platform Crypto Facilities

Users now have access to futures on six cryptocurrency pairs, “providing a highly efficient way to trade and hedge cryptocurrency in any market environment,” he said in an email to news.Bitcoin.com. For U.S. customers, futures trading will, however, not be available. The U.K.’s Financial Conduct Authority has already approved the transaction, according to Kraken.

Of his company’s largest acquisition yet, Powell said:

We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.

Founded in 2015, Crypto Facilities offers derivatives trading in cryptocurrencies like BTC, BCH, XRP and ETH to both individual and institutional investors. The London-based platform is the latest in a series of acquisitions by Kraken since 2016. The company, with four million global users, has previously acquired bitcoin exchanges Coinsetter, Cavirtex and Clevercoin. Kraken also bought Glidera, a wallet funding business, and Cryptowatch, a trading and portfolio tracking platform.

Timo Schlaefer, chief executive officer of Crypto Facilities, who will continue in his current role, said: “It has been our mission to build the most sophisticated, powerful and user friendly cryptocurrency trading platform. Teaming up with Kraken allows us to innovate the next generation of products and tremendously boosts the value we are able to provide to our clients.”

Kraken Acquires British Derivatives Platform Crypto Facilities

Kraken Raises $100 Million in New Funding

Meanwhile, Kraken CEO Powell told Fortune that the exchange was close to completing a $100 million fundraising effort. To raise the money, Kraken sold some of its larger customers a stake in the company, he said. Kraken’s earlier investors include Hummingbird Ventures, Blockchain Capital, and Digital Currency Group. Powell reportedly refused to name the new investors.

Much of the new investment originated from outside the United States, noted Powell, adding the raise did not need U.S. Securities and Exchange Commission approval because the company “only approached accredited investors and others covered by an exemption.”

What do think about Kraken’s latest acquisition? Let us know in the comments section below.

Images courtesy of Shutterstock.

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The post Kraken Acquires British Derivatives Platform Crypto Facilities appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2G7Qtoh Kraken Acquires British Derivatives Platform Crypto Facilities

#Blockchain Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K

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Cryptograffiti's Latest 'Running Bitcoin' Portrait Sees Auction Bids for Over $30K

In roughly three days, on Feb. 7, Cryptograffiti’s latest art auction on Bitify will come to an end. “Running Bitcoin,” a tribute to the legendary cryptographer Hal Finney, currently has a bid of $31,000 at the time of writing. Over the past few months, Cryptograffiti has been creating very interesting pieces and unique auctions that showcase the bitcoin ecosystem from a different perspective.

Also read: Cryptocurrencies Have Spawned an Eclectic Underground Art Movement

Repurposed Credit Cards and Bolivars

Even if you don’t know Cryptograffiti by name, you’ve probably seen his artwork featured online and on the streets. For instance, one of the artist’s most popular pieces sold last year for $33,000 in cryptocurrency. The work was dubbed “Terrible Store of Value” and was in response to JP Morgan CEO Jamie Dimon’s commentary. Cryptograffiti is also known for his inventive mediums because he doesn’t just use traditional paints and ink. The artist uses repurposed credit cards and U.S. dollars in some of his unique pieces. This week, Cryptograffiti created a picture of Venezuela’s president Nicolás Maduro using Venezuelan bolivars.

Cryptograffiti's Latest 'Running Bitcoin' Portrait Sees Auction Bids of Over $30K
The picture to the left is Cryptograffiti’s latest art, which is made of repurposed bolivars and is a portrait of Venezuela’s president Nicolás Maduro. The picture to the right is a portrait of JP Morgan’s boss Jamie Dimon called “Terrible Store of Value,” which sold for $33,000 in bitcoin.

Artwork That Commemorates the 10th Anniversary of Hal Finney ‘Running Bitcoin’

This week will see the end to another Cryptograffiti art sale hosted on the cryptocurrency auction site Bitify. The latest work being auctioned is called “Running Bitcoin,” an ode to the well known cryptographer Hal Finney. Tales of the Bitcoin network’s early days say that Hal was the first person to receive bitcoins from Satoshi back in 2009. The portrait is placed on a safety deposit box and made with small fragments of credit cards.

Cryptograffiti's Latest 'Running Bitcoin' Portrait Sees Auction Bids of Over $30K
The artwork “Running Bitcoin” has three days left until the end of the auction and already has a bid for $31,000. Half the proceeds will be donated to help people battling ALS, a disease that Hal Finney suffered from. 

There’s also an old signed credit card of Hal’s attached to the artwork which was given to Cryptograffiti as a gift from Hal’s wife Fran Finney. Not only is Cryptograffiti’s latest work called “Running Bitcoin,” but the artwork also runs a full node by using a wifi-enabled Casa Node attached to the box. Another interesting fact about the Finney portrait’s auction is that half the proceeds will be donated to an organization that helps people fighting ALS.

“50% of the auction proceeds will go to the ALS Association Golden West Chapter who supported Hal during his battle with Amyotrophic Lateral Sclerosis,” explained Cryptograffi

Black Swan Sold to the Lowest Micro-Bidder

Last December, Cryptograffiti held another auction for a piece called “Black Swan” which was made from repurposed U.S. dollar bills. Unlike traditional auctions, the artwork was sold to the lowest micro-bidder.

Cryptograffiti's Latest 'Running Bitcoin' Portrait Sees Auction Bids of Over $30K
Black Swan.

The really tiny piece of art measured 1.44 in x 1.75 in and the auction used the Lightning Network for bids. On Dec. 19, 2018, at 4 p.m. PST, Black Swan sold for 1 milli-satoshi or $0.000000037 worth of BTC. The small image made of fiat also came with a counterfeit pen used by merchants to tell whether or not a banknote is legitimate.

“Yesterday I auctioned this piece to the lowest bidder to help promote the Lightning Network and poke fun at MSM’s focus on bitcoin’s price,” explained Cryptograffiti at the time.

Cryptograffiti's Latest 'Running Bitcoin' Portrait Sees Auction Bids of Over $30K
The Black Swan auction using the Lightning Network.

Many renaissance movements, especially those that have truly affected the world’s economy, have spread beyond the financial sectors of society and filtered into the world of music, theatre, and art. Bitcoin’s surrounding economy is no different and Cryptograffiti’s artwork and the many other digital currency artisans are proof of these evolutionary changes affecting various facets of our lives. The artist’s latest work which commemorates the 10th anniversary of cryptographer Hal Finney’s involvement in Bitcoin is just another example of this trend.

What do you think about Cryptograffiti’s work and auctions? Let us know what you think about this subject in the comments section below.

Image credits: Cryptograffiti.

Need to calculate your bitcoin holdings? Check our tools section.

The post Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2WHKUBK Cryptograffiti’s Latest ‘Running Bitcoin’ Portrait Sees Auction Bids of Over $30K