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#Blockchain No, IBM’s Quantum Computer Won’t Break Bitcoin

IBM recently unveiled its Q System One at the Consumer Electronics Show (CES) 2019, with the company describing the quantum computer as being developed for “commercial use.” Despite numerous media outlets again decrying the imminent death of Bitcoin, IBM’s quantum system is not the game-changer that many are heralding it to be.

Also Read: Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives

IBM Unveils Quantum Computing System

No, IBM’s Quantum Computer Won’t Break BitcoinIBM’s commercial launch of its new quantum computing system has fueled reports claiming that the technology may spell doom for bitcoin and cryptocurrency.

The reports are based on a long-standing fear that the advent of quantum computing could break contemporary encryption practices, undermining the security of distributed ledger technologies.

The Q System One uses IBM’s 20-qubit chip, with the company claiming that the unit is “designed for commercial use.” At launch, Arvind Krishna, director of IBM Research, described the system as “critical in expanding quantum computing beyond the walls of the research lab as we work to develop practical quantum applications for business and science.”

Despite IMB implying that the computer can be physically purchased, the device is only accessible via the cloud due to the extreme delicacy and climate required to operate quantum chips. According to Gizmodo, IBM also “already offers cloud-based access to its [quantum] experience, which includes the 20-qubit chip.”

Experts Doubt Practical Uses for IBM’s 20-Qubit System

No, IBM’s Quantum Computer Won’t Break BitcoinWhile a number of analysts have noted the commercial significance of IBM’s Q System One, many onlookers are skeptical of the capabilities of the system, instead suggesting that 50-qubit chips are likely to have a greater array of practical applications.

Helmut Katzgraber, principal researcher at Microsoft Quantum, similarly described IBM’s announcement as a “historical milestone to be able to commercially acquire a digital device, even though the technology,” but anticipates that the system will be of little use beyond research and PR.

IBM Q System One Comprises Commercial Rather Than Computational Milestone

No, IBM’s Quantum Computer Won’t Break BitcoinDespite describing the increasing accessibility of quantum computing as “significant,” Andrew Childs, the co-director of the Joint Center for Quantum Information and Computer Science at the University of Maryland, expressed skepticism regarding IBM’s device, stating: “Ultimately though, I think figuring out how to make a lot of low-noise qubits is a lot more important than figuring out how to put them in a beautiful package.”

“It’s more like a stepping stone than a practical quantum computer,” stated Winfried Hensinger, professor of quantum technologies at the University of Sussex. “Don’t think of this as a quantum computer that can solve all of the problems quantum computing is known for. Think of it as a prototype machine that allows you to test and further develop some of the programming that might be useful in the future,” he added.

What do you think of IBM’s Q System One and the purported threat quantum computing poses to cryptcurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, IBM Research


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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#Blockchain 9 Cryptocurrency Firms Sue Washington State Utility Over 50 Percent Rate Hike

9 Cryptocurrency Firms Sue Washington State Utility Over 50 Percent Rate Hike

A major utility in the U.S. state of Washington, Grant County public utility district, and its commissioners are facing a lawsuit filed by nine cryptocurrency firms. The suit alleges that they “acted inappropriately in creating and approving a new rate that raises electricity costs” for cryptocurrency miners.

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

Lawsuit Filed

Grant County public utility district (Grant PUD) in Washington state has revealed that nine cryptocurrency firms have filed a lawsuit against it and its commissioners relating to the increased electricity costs imposed on them for mining cryptocurrencies.

9 Cryptocurrency Firms Sue Washington State Utility Over 50 Percent Rate Hike

At a meeting which took place on Jan. 8, the commissioners agreed that “Grant PUD would cover the cost of legal defense for commissioners Tom Flint, Dale Walker and Larry Schaapman, as well as former commissioners Terry Brewer and Bob Bernd, and 10 PUD employees,” the meeting note reads, adding:

All are co-defendants in a suit filed against Grant PUD in U.S. District Court of Eastern Washington by nine cryptocurrency-related firms who allege Grant PUD, its commissioners and some employees acted inappropriately in creating and approving a new rate that raises electricity costs for them and other new ‘evolving industry’ customers.

Grant PUD serves over 50,510 customers throughout the county, its website claims. According to Ifiberone publication, the utility released a statement about the lawsuit on Thursday. “We are aware of the litigation and plan to file a response to the notice of complaint in federal court before the end of the month.”

Higher Rates for Crypto Miners

Starting on April 1, cryptocurrency miners will have to pay “the first of a three-year, graduated increase to a new, above-cost electric rate designed to protect Grant PUD from risk and preserve below-cost rates for core customers,” the utility explained.

9 Cryptocurrency Firms Sue Washington State Utility Over 50 Percent Rate Hike

The commissioners of Grant PUD unanimously approved “the new Rate 17 for evolving industries” on Aug. 28, the utility announced at the time. Noting that currently “all Grant PUD customers in the evolving-industry profile are miners of cryptocurrency, including bitcoin,” the PUD detailed:

Rate 17 customers will receive a 15-percent increase next year, a 35-percent increase in 2020 and a 50-percent increase in 2021, when the new rate will be fully in effect.

Grant PUD revealed when it approved the rate hike that it had received new service inquiries for more than 2,000 megawatts of power since summer 2017. This accounted for “more than three times the electricity needed to power all Grant County homes, farms, businesses and industry” and approximately 75 percent of those requests were from cryptocurrency miners.

What do you think of these cryptocurrency miners suing Grant PUD over increased electricity rates? Let us know in the comments section below.


Images courtesy of Shutterstock and Grant PUD.


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#Blockchain Newspaper Ad Seeks Donations for Bitcoin Baby’s College Fund

Newspaper Ad Seeks Donations for Bitcoin Baby’s College Fund

Despite being just one week old, Izabella Bowles carries great expectations upon her tiny shoulders. The baby, born on Jan. 6, will go to college when she’s older, if parents Wioletta and Peter can help it. What’s more, her future tuition fees will be paid for using what many believe to be the future of money – bitcoin.

Also read: Thai Startup Atomicpay Launches Non-Custodial Crypto Payment Platform

Wanted: Donors to Support Bitcoin Baby’s College Fund

The listing in The Times looks a little different from those adjacent to it on the births, marriages and deaths page. Aside from the prominent black box delineating it, there’s the unusual title – “Bitcoin Baby” – and the string of 33 multi-case letters and numbers running across the bottom. Appearing in the same newspaper from which Satoshi famously derived his encoded genesis block headline (“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”), the ad’s placement appears to have been a knowing nod from Izabella’s parents. Just three days earlier, Bitmex used the same British newspaper to take out a double-page ad marking Bitcoin’s 10th anniversary.

Newspaper Ad Seeks Donations for Bitcoin Baby’s College Fund
Izabella’s BTC college fund address

While the Bowles family are not the first to attempt to solicit donations for their child’s education, their methodology is certainly novel. There are signs that their college campaign has been successful so far, with little Izabella’s BTC address having amassed 0.84 BTC from 75 transactions in the past few days. Interestingly, the address in question, 1ZAB5XeKMdvax2S8eZT7GQ6Nj4xjbsw1Y, bears more than a passing resemblance to the name of the child who will one day inherit it.

Mixed Opinions About the Bitcoin Baby’s Fund

With the average cost of a four-year British university education priced at $52,000, Izabella’s fund is already 7 percent of the way there. Given the difficulty associated with manually typing in a bitcoin address, the donations that have arrived so far are likely to have come from the address being shared online rather than extracted from the print edition of The Times.

Newspaper Ad Seeks Donations for Bitcoin Baby’s College Fund

On Reddit, opinion has been divided about the bitcoin baby’s college fund, with one describing the parent’s initiative as a “disguised way to beg.” Others applauded the parents’ ingenuity, but took issue with the fact that the baby’s real-world identity will be forever tied with a BTC address. Predicting how much bitcoin will be worth 18 years from now is all but impossible. If past performance is anything to go by, however, Izabella’s 0.84 BTC might already be enough to fund her college tuition in 2037.

What are your thoughts on the bitcoin baby’s college fund? Should her parents be applauded or criticized for their actions? Let us know in the comments section below.


Images courtesy of Shutterstock and Reddit.


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#Blockchain The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly Bills

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly Bills

In today’s edition of The Daily, we feature a couple of stories that show how, despite the current downturn in the cryptocurrency markets, different locations in the U.S. are competing to attract the industry. We also cover a new bitcoin investment trust application with the SEC and a rebranding of a crypto exchange.

Also Read: Bitwise Asset Management Files With SEC for New Bitcoin ETF

NYC to Launch Blockchain Center

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly BillsThe New York City Economic Development Corporation has announced it has selected Future\Perfect Labs and Global Blockchain Business Council Future to launch and operate the NYC Blockchain Center meant to help foster the continued growth of the local industry.

The center will be located in the Chelsea neighborhood where it will provide entrepreneurs with a working shared space, business support, and access to mentors. It will also provide access to public education resources about blockchain technology to all New Yorkers. Additionally, the center is said to bring together industry, government, investors, innovators and academia to discuss how the city can foster a regulatory environment that will support both consumer safety and innovation in blockchain.

“We are seeing increasing startup activity amongst our students in the blockchain and crypto sectors across NYU. We are excited about the addition of the NYC Blockchain Center to the NYC tech ecosystem and look forward to collaborating,” commented Frank Rimalovski, Executive Director at NYU Entrepreneurial Institute.

Wyoming Advances Industry-Friendly Bills

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly BillsThe State of Wyoming is continuing to advance the creation of a local legal framework meant to attract crypto businesses. In recent days, members of the State Legislature have reportedly passed two new industry-friendly bills, a critical part of the process of enacting them as law.

The Wyoming Utility Token Act-property amendments bill is meant for legally establishing that certain tokens are properly classified as intangible personal property under Wyoming law and, therefore, do not require an exemption from securities laws. The Financial Technology Sandbox Act is meant for creating a legal sandbox for the testing of financial products and services in Wyoming.

The bill notes that: “The state of Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators, and should offer a regulatory sandbox for these innovators to develop the next generation of financial technology products and services in Wyoming.”

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly Bills

New Bitcoin Investment Trust Seeks SEC Approval

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly BillsWilshire Phoenix is an investment management firm from New York which partnered with Coinbase a few months ago to establish a $500 million fund meant to offer institutional investors exposure to digital assets.

On Friday, the company announced, as the sponsor of the United States Bitcoin and Treasury Investment Trust, that the trust has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common shares.

According to the announcement, the purpose of this trust is to seek to provide investors with exposure to Bitcoin in a manner that is more efficient, convenient and less volatile than purchasing stand-alone Bitcoin. The trust will only hold BTC, short-term duration U.S. Treasury Bills and/or dollars, in proportions that seek to closely replicate the exposure of a custom index to Bitcoin.

HBUS Cryptocurrency Exchange Rebranded as Huobi

The Daily: NYC to Launch Blockchain Center, Wyoming Advances Industry-Friendly BillsHuobi Group has announced that HBUS, its American strategic partner which launched in San Francisco last year, has licensed its brand and rebranded the digital asset marketplace with the Huobi name. “From a branding perspective, it simply makes sense to ensure that the Huobi name is present in the United States,” said Huobi Group Founder and CEO Leon Li. “This transition will allow Huobi to extend its brand presence around the globe.”

HBUS Holdco Inc. will continue to be the company operating the U.S. trading platform but it will migrate its trading platform to huobi.com, which will be open to U.S. users. Huobi Global will continue to serve the international market under its own name at hbg.com.

“The name ‘Huobi’ is a powerful brand in the digital asset world, representing dependability and security for more than half a decade. HBUS’s enhanced partnership with Huobi Group will also bring with it a reputable brand that will help HBUS increase trading,” said Frank Fu, CEO of HBUS. “Leveraging our exclusive partnership with Huobi Group in this way will allow us to grow the Huobi brand together.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain PR: Fomo2Moon – A Blockchain Lottery for Everyone

Fomo2Moon - A Blockchain Lottery for Everyone

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Tired of blockchain projects that hoard your money without delivery? Fed up with the infinitesimal winning chance of traditional lotteries? What if there’s a Lottery even you can win? Not just chances, but also predictable income. Now, there is a Blockchain Lottery that doesn’t hoard your money, but actually redistributes almost ALL incoming Ether back at lucky players. And there are four ways to make money from it. Are you ready to Fomo-2-Moon?

On Fomo2Moon (F2M), in each Lottery round, you can buy Tickets to win Grand Prizes of up to 6,000 Ether in total, and Side Prizes of up to 3,000 Ether in total. It’s super simple: you buy Tickets, wait for the 1 of the 2 countdown clocks to reach zero and, bingo, some lucky you win!  

The best thing is, besides chances, every round you can also earn predictable income by

  1. buying Tickets very early each round, for up to 300% return;
  2. buying Tokens anytime for dividend income and expected profit after 30 days;
  3. helping your friends join to earn commission;
  4. checking the website when a round ends to claim bounties, for up to 100 Ether in total.

This might be the beginning of a revolution called “Making Money On-Blockchain” (or MMO-B). But how much it takes to join? Only a bread’s worth of $0.2. Plus you need to install Metamask or Trustwallet.

Above all, this might be the only Lottery you can trust. Because you don’t need to trust any Human. This is a decentralized application (DApp) so you only need to trust the immutable code deployed on the Ethereum network.

Have you heard of Fomo3D? It’s a Mega-Millions on Blockchain, and a massive success in 2018, with its smart contracts handling over 500,000 Ether! Unfortunately, Fomo3D is already past its glory, following a series of shortcomings. Such shortcomings have been overcome by Seizo Noneed Team with a series of innovations to make Fomo2Moon a fairer, more advanced, exciting, and sustainable Blockchain Lottery.

Each Lottery round’s prizes come from a portion of the previous round. Round 1 prizes are funded from the token purchases in Round Zero, when dividend Tokens will be offered in a very limited quantity equivalent to 800 Ether (purchases capped at 1 Ether per account) and at the lowest price (around one fourth of the price when Round 1 begins).

Please check the website https://Fomo2Moon.io to subscribe for newsletters and count down until Round Zero by January 15, 2019. Meanwhile, please read the documents, watch the videos inside, and communicate on our channels.

  1. Document: https://bit.ly/F2MdocEnglish
  2. Telegram: https://t.me/Fomo2Moon
  3. Discord: http://bit.ly/2Fgz0IV

Contact Email Address
seizo.noneed@gmx.com

Supporting Link
https://t.me/Fomo2Moon

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. 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 content, goods or services mentioned in the press release.

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#Blockchain Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives

Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives

Japan’s top financial regulator has clarified to news.Bitcoin.com its stance on bitcoin exchange-traded funds (ETFs), cryptocurrency derivatives, and upcoming regulatory changes. This follows reports that the agency may be considering approving an ETF that tracks cryptocurrencies.

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

Bitcoin ETFs and Derivatives

Following recent reports claiming that Japan’s Financial Services Agency (FSA) may be considering approving one or more bitcoin ETFs, news.Bitcoin.com asked the country’s top financial regulator to confirm its plan regarding this type of investment instrument.

Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives

A spokesperson for the agency clarified on Friday:

There is no such fact that we are considering approving ETFs which track crypto-assets at present … we are not currently considering approving them.

The FSA also confirmed its position on cryptocurrency derivatives. Regarding “the listing of bitcoin futures on the financial instruments market,” the regulator said, “We are not considering that at present.”

The agency explained its reasoning to news.Bitcoin.com, stating that based on findings of the Study Group on the Virtual Currency Exchange Services:

Taken it into consideration that it is difficult for us to find constructive and social significance of trading crypto-assets derivatives at present, we think that there is no need for trading crypto-assets derivatives at financial instruments exchanges where many market participants are able to trade.

New Regulatory Direction

The FSA has recently published newly-proposed rules for crypto operators based on discussions and conclusions from 11 study group meetings. Self-regulation will play a major part in the ecosystem. In October, the agency approved the Japan Virtual Currency Exchange Association (Jvcea) as a self-regulatory organization (SRO).

The association is expected to “perform self-regulatory functions in a flexible manner, considering issues we have identified so far,” the agency told news.Bitcoin.com.

The FSA proceeded to outline the issues it expects the SRO to focus on. They are “insufficient risk assessment of crypto assets to be handled, inappropriate sales of crypto assets issued by providers themselves, excessive advertisement, over-emphasis on profit generation, no check and balance by directors and auditors, no internal audit, insufficient internal management control, insufficient AML/CFT measures and segregation of customer asset, and reluctance to disclose corporate information.”

Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives

ICO Regulation Coming Soon

When Japan legalized cryptocurrencies as a means of payment in April 2017, initial coin offerings (ICOs) and their tokens were not included. However, with the growing interest in token sales as a fundraising method, the FSA has turned its attention to the matter. The agency recently published a document outlining key areas which will be addressed in upcoming regulations.

The FSA will focus on “investment-type ICOs” and will “clarify that soliciting investments by funding virtual currency is subject to financial regulations,” the document reads.

Japanese Regulator Clarifies Stance on Bitcoin ETFs and Derivatives Specifically, “When soliciting 50 or more investors,” the agency plans to “require the issuer to provide public disclosure initially and subsequently.”

Brokers and dealers of investment-type ICOs will be regulated “on the same level as securities firms.” They will be required to “examine the business and financial conditions of the issuer.” Furthermore, both the current “unfair trading regulations” and rules to prevent insider trading will apply. There will also be restrictions on “solicitation to retail investors in the same manner as the restriction on unlisted stocks.” For other types of ICOs, the FSA plans to require crypto exchanges that deal with them “to provide information including the feasibility of the project.”

What do you think of Japan’s approach to cryptocurrency regulation? Let us know in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain Cryptocurrency Still a Gray Area in Malaysia After Government Deems It ‘Neither Legal nor Illegal’

Cryptocurrency Still a Gray Area in Malaysia After Government Deems It 'Neither Legal nor Illegal'

Malaysia’s government still hasn’t made up its mind on what to do with cryptocurrencies. The country’s finance minister last year warned companies not to issue new tokens, while waiting on the central bank to give clear advice. But Malaysia’s Federal Territories Minister this week said that the government is undecided on whether cryptocurrencies are legal or not. 

Also read: Mongolia’s Cheap Electricity Draws Japanese Bitcoin Miners Seeking Profit

A Legal Gray Area

Khalid Abdul Samad, Malaysia’s Federal Territories Minister, has said using cryptocurrency is “neither legal nor illegal.” The government is still considering the matter, he added, saying he could not push for a decision to be made. “People have asked me if these currencies are legal or illegal,” local media quoted him as saying. “At the moment, the answer is neither legal nor illegal as the situation is still unclear.”

Samad was involved in the invention of the harapan coin – a token invented to raise political funding for Malaysia’s ruling party, Pakatan Harapan, in preparation for the 2019 general elections. The country’s central bank, Bank Negara, still needs to approve the initiative.

Cryptocurrency Still a Gray Area in Malaysia After Government Deems It 'Neither Legal nor Illegal'

But despite being a proponent of crypto, Samad said he could not sway the government either way. He added: “Yes, I was involved in the launch of harapan coin. However, I was not appointed as finance minister. Instead, I became federal territories minister. As the matter is not under my jurisdiction, I cannot push too much.”

Legislation Being “Put in Place”

Malaysia hasn’t been clear on the status of cryptocurrency for some time now. Currently bitcoin and other digital currencies aren’t recognized as legal tender in the country, but as they aren’t banned, individuals or companies trading them are not protected by law. In November last year, Lim Guan Eng, the Finance Minister, gave a warning for people and companies not to issue new cryptocurrencies until the central bank issues legal advice, saying:

“Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something wrong and against the law.”

He added that the government was open to new forms of virtual money – but only as long as they adhere to the law. Politicians have previously raised concerns over the status of cryptocurrencies in one of south-east Asia’s most prosperous economies, citing concerns that it could pose a threat to the functioning of the national currency, the ringgit.

The manner in which the harapan coin raised funds without the approval of the country’s central bank was also a gripe of an MP during a parliamentary session. In December, the country’s central bank and finance regulator issued a statement saying legislation on cryptocurrencies and initial coin offerings was being “put in place.”

What do you think about Malaysia’s position on bitcoin and cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock.


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from Bitcoin News http://bit.ly/2TFu3NE Cryptocurrency Still a Gray Area in Malaysia After Government Deems It ‘Neither Legal nor Illegal’

#Blockchain Thai Startup Atomicpay Launches Non-Custodial Crypto Payment Platform

Thai Startup Atomicpay Launches Non-Custodial Crypto Payment Platform

Atomicpay, a Thai-registered payments startup, has officially launched its non-custodial cryptocurrency payment terminal for merchants throughout the world. Founder and developer Benz Rif said the platform, which supports BTC, BCH, LTC and other cryptos, eliminates the involvement of a third-party processor, allowing merchants to accept payments directly from their customers.

Also read: Mongolia’s Cheap Electricity Draws Japanese Bitcoin Miners Seeking Profit

A P2P Payment Solution With Payment Processor Benefits

“Cryptocurrency itself is decentralized, but blockchain payment processors continue to be centralized,” Rif told news.Bitcoin.com on Jan. 12. “This resulted in the same old problems with high processing fees, hidden charges, slow settlements, hacks, foul play, privacy and censorship issues.”

Thai Startup Atomicpay Launches Non-Custodial Crypto Payment Platform

The technology behind Atomicpay allows shop owners to obtain immediate custody of funds whenever a user makes payment. The platform does not work as a financial custodian like Paypal or Bitpay, Rif said. From the start to the end of a payment, no funds will go through Atomicpay and neither does the processor hold any funds belonging to retailers.

“It is an entirely peer-to-peer payment solution, with the convenience and benefits of a payment processor,” explained Rif. News.Bitcoin.com tried out the platform, whose account creation process proved to be fairly straightforward. Provide a full name and email address, and, once you’ve authenticated your email address, you’re good to go. A wizard on the site helps you set up the wallet addresses of your choice into which payment will be made.

Thai Startup Atomicpay Launches Non-Custodial Crypto Payment Platform

Atomicpay is not a wallet service – nor is it an exchange or cryptocurrency swapping service. Rather, it is a payments platform built for merchants, but unlike custodial solutions does not store or hold their money. When everything is set up, the site asks you to generate an invoice, indicating your preferred fiat currency for processing payment (156 fiat currencies are supported). After that, the user is prompted to scan a QR code, or enter an existing bitcoin wallet address where payment is made directly from the wallet to the merchant. Featured payment buttons include Quickpay and Pay URL.

More Than 1,700 Merchants Onboarded

Thai Startup Atomicpay Launches Non-Custodial Crypto Payment PlatformBenz Rif said more than 1,700 merchants from different parts of the world including Thailand, Venezuela, Turkey and Colombia have been onboarded to the platform. The processing fee is charged at a flat 0.9 percent per transaction, but that can go lower to 0.8 percent with full know-your-customer compliance. Discounts are offered for heavy users.

“Atomicpay does not have access to the merchant’s private key and money goes directly to their cold wallet,” Rif noted. “Our service allows merchants to receive payments directly from their customer bypassing a third party, hence fees are not deducted from transactions. Our plans are based on a post-paid charging model. Merchants only pay for their usage at the end of the month.”

What do you think about Atomicpay’s crypto payments platform? Let us know in the comments section below.


Images courtesy of Shutterstock.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. 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 content, goods or services mentioned in this article.

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#Blockchain Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether

Back in October news.Bitcoin.com reported on the influx of development tied to Drivechain, a project initiated by software developer Paul Sztorc. At the time we also covered the project’s extension applications coded by the programmer Andreas Brekken. One of those applications Brekken conceived allowed any Drivenet coins to be swapped between any blockchain protocol. On Friday, an application called Sideshift.ai was used to demonstrate a bitcoin core (BTC) to tether (USDT) swap using the Lightning Network.

Also Read: A Look at Some of the ‘Next Generation’ Bitcoin Mining Rigs Available Today

Introducing Sideshift

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether Jan. 11 saw a demonstration of Sideshift.ai, an application that allows users to swap cryptocurrencies between chains. Sideshift was first revealed last year by Andrea Brekken among the suite of applications he created for the Drivechain project. Brekken is the chief executive officer of the review site Shitcoin.com and the infamous coder who once held the most BTC ($220,000) on the Lightning Network last year. The Sideshift platform allows people to convert coins for a small fee with a processing time of under five seconds.

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether
Developer Andreas Brekken (right) designed the Sideshift application and made headlines for having one of the largest nodes on the Lightning Network back in July. Brekken is also known for his review website Shitcoin.com.

In the demonstration, Sideshift, processes a swap between BTC held on the Lightning Network and tether (USDT) using the Eclair mobile wallet for Android. At the moment the Sideshift application is in its very early stages, but users can experiment with the “test pilot stage.” However, in order to access the testing stage, a special code is required and Sideshift’s Twitter handle will only give codes to eager testers who have a Bitcointalk.org account that’s more than two years old.

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether
The Sideshift.ai platform.

Furthermore, the Sideshift application is not accessible to residents living in North Korea or the United States. Of course, the U.S. ban is likely due to the overreaching financial laws in the country. U.S. law enforcement agencies and regulators could potentially prosecute individuals and organizations by threatening them with criminal charges for performing financial transactions.

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether
Sideshift forbids access to two countries.

Cross-Chain Swapping Platforms Are Still Very Experimental

In order to view Sideshift, we changed our proxy to an EU-based server and got a glimpse of the platform that operates similarly to Shapeshift, but without involving know-your-customer (KYC) guidelines. Looking at the past transactions recorded on Sideshift’s main page, testers have been swapping very small fractions of cryptocurrencies.

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether
Sideshift’s rate table shows the prices of all the cryptocurrencies paired against each other.

The platform shows all the currencies that can be swapped, which include BCH, BTC, LTC, ZEC, USDT, XMR, DASH, ETC, ETH, DAI, and SPANK. Sideshift further lists the conversion rates for each digital asset paired against the other listed coins. At the time of publication, the last shift was seven hours ago using the Lightning Network with 0.0003 BTC for 0.008601 ETH. There’s also a swap between 0.0149022 BTC and 0.9805 ZEC that doesn’t involve the Lightning Network.

Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether
In order to use Sideshift an access code for the test pilot period is required.

Over the last few months, after Shapeshift adopted KYC, cryptocurrency enthusiasts have been in search for platforms that offer anonymous crypto swaps. Since then a bunch of digital asset ‘shifting’ applications have popped out of the woodwork. Cross-chain atomic swaps have also been a trending topic among digital currency proponents as many veterans have little trust in third party exchanges. Even though Sideshift does provide quick cross-chain trades, testers should remember the platform is still in its infancy. So those who do obtain the access code from Sideshift administrator should probably only use small fractions of cryptocurrency.  

What do you think about the Sideshift.ai application? Let us know your thoughts about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author are 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 content, goods or services mentioned in this article. This editorial is for informational purposes only.


Image credits: Shutterstock, Twitter, and Sideshift.ai.


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The post Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether appeared first on Bitcoin News.

from Bitcoin News http://bit.ly/2FxwRJ7 Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether

#Blockchain Tron Can’t Handle Bittorrent’s Transaction Volume, Former Exec Claims

Tron Can’t Handle Bittorrent’s Transaction Volume, Former Exec Claims

Simon Morris, who was Bittorrent’s chief strategy officer until July 2018, has expressed his doubts about the capability of the Tron blockchain to process the vast number of transactions that the popular file-sharing platform will demand. Morris believes there’s more marketing than technology behind the launch of the new crypto token.

Also read: Iran Labels Telegram’s Coin a Threat to National Security

BTT Transactions Will Melt Tron’s Blockchain

Bittorrent is planning to become one of the first projects to offer its coin on Binance Launchpad, a platform developed by the leading cryptocurrency exchange to facilitate fundraising. The upcoming launch of the Bittorrent Token (BTT), a digital coin based on the Tron protocol, has delighted Tron investors who saw the price of TRX jump from around $0.02 to over $0.03 in the week following the announcement. It has since dropped to almost its previous level.

Tron Can’t Handle Bittorrent’s Transaction Volume, Former Exec Claims

Not everyone is excited about the new crypto, however, as some skeptics doubt the peer-to-peer file-sharing platform needs the tokenization in the first place. After all, it has been operating for years without a dedicated digital coin. Others, like Simon Morris, think a token is a good idea but note that Tron won’t be able to handle the enormous transaction volume that’s needed to tokenize the Bittorrent network.

At Bittorrent, Morris was responsible for exploring the potential benefits of the implementation of blockchain technologies and cryptocurrency. In an interview with Breaker Magazine, he shared that when he was the company’s chief strategy officer (CSO), his team realized that tokenization could potentially make the platform significantly faster, for example, though automated auctions to prioritize download queues. The former executive believes Tron is trying to implement a similar concept but he thinks there’s “no way” the capacity of its network would be sufficient.

The transactional capacity we were looking at was needing hundreds of transactions a second just to get started. It’s simply not there. You hear all the bullshit out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt Tron. Literally destroy it.

Marketing Machine on Thin Veneer of Technology

Simon Morris expects Tron to proceed with the plan to tokenize Bittorrent, regardless of the outcome, seemingly doing what his team was trying to achieve. “But what’s very clear is that they’re going to say they’re going in the same direction, come what may, because that’s what Tron does … it’s basically a marketing machine layered on a very thin veneer of technology,” he said.

The former Bittorrent executive who left the company after its acquisition admits that Tron’s CEO Justin Sun is very strong at marketing: “He has a very nice personality from a marketing point of view. He doesn’t have a technical bone in his body. He wouldn’t understand, technically, anything,” said Bittorrent’s former CSO.

Tron Can’t Handle Bittorrent’s Transaction Volume, Former Exec Claims

That’s why Morris believes that the new BTT coin will be issued on a different platform. “I suspect that what they’re really going to do is they’ll do it on some central server, they’ll wave their hands and say, ‘Oh, it’s a Lightning Network for Tron,’ or something, and pretend it’s Tron-based, but it’s not really Tron-based,” he elaborated.

In the interview, Simon Morris talks about the accusations from last year that Tron’s developers released a plagiarized whitepaper and used code without proper attribution. He also claims Tron’s chief executive Justin Sun dismissed his suggestion to admit that’s what happened before moving on.

What are you expectations about the tokenization of Bittorrent? Share your thoughts in the comments section below.


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