The latest news about crypto industry extracted from the cointelegraph. Last crawled on 9 Nov 2021.
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| Italian Banking Association Completes First Test of Blockchain-Based Interbank System | https://cointelegraph.com/news/italian-banking-association-completes-first-test-of-blockchain-based-interbank-system | 2018-10-02T16:52:00+01:00 | Helen Partz | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9jOGMyODQ5MjU4NTFkY2U1Yzk0ZTRmNmEzZTVmYzkyMC5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">The Italian Banking Association (ABI) has revealed they successfully passed the initial phase of testing their blockchain-powered interbank system, Italian financial media outlet <a href="http://www.ansa.it/sito/notizie/economia/2018/09/29/abi-banche-superano-test-blockchain_2bc6480e-001d-4b21-b287-ec051980f3c5.html" rel="nofollow,noopener" target="_blank" data-amp="https://www-ansa-it.cdn.ampproject.org/c/www.ansa.it/amp/sito/notizie/economia/2018/09/29/abi-banche-superano-test-blockchain_2bc6480e-001d-4b21-b287-ec051980f3c5.html">Ansa</a> reported September 29.</p><p>By applying distributed <a href="https://cointelegraph.com/tags/ledger" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/ledger/amp">ledger</a> technology (<a href="https://cointelegraph.com/search?query=DLT">DLT</a>), the group of 14 <a href="https://cointelegraph.com/tags/italy" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/italy/amp">Italian</a> <a href="https://cointelegraph.com/tags/banks" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/banks/amp">banks</a> is planning to improve interbanking processes. Specifically, the association intends to boost the processing time of operations, increase the <a href="https://cointelegraph.com/tags/transparency" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/transparency/amp">transparency</a> of banking information, and enable the verification and exchange of information directly within the application.</p><p>According to local Italian source <a href="https://www.corrierenazionale.it/2018/09/30/banche-italiane-superano-primi-test-blockchain/" rel="nofollow,noopener" target="_blank" data-amp="https://www-corrierenazionale-it.cdn.ampproject.org/c/s/www.corrierenazionale.it/2018/09/30/banche-italiane-superano-primi-test-blockchain/amp/">Corriere Nazionale</a>, the application of blockchain technology will also assist in specific aspects of banking operations that usually involve a number of complex discrepancies. In this regard, blockchain deployment in the interbank system aims to address that issue by storing data on multiple <a href="https://cointelegraph.com/tags/nodes" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/nodes/amp">nodes</a> shared by the banks, with the implementation of <a href="https://cointelegraph.com/tags/smart-contracts" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/smart-contracts/amp">smart contracts</a>.</p><p>According to the report, the association has successfully completed 1.2 million movements on an infrastructure of 14 nodes distributed by the banks. Based on the positive results of the first stage of the test, the banks will now start applying the blockchain-powered application for the recording of daily operations.</p><p>The association had first <a href="https://www.abi.it/Pagine/news/Blockchain_sperimantazione.aspx" rel="nofollow,noopener" target="_blank">revealed</a> the plans to implement blockchain technology for banking operations in June of this year. The blockchain interbank initiative, called the Spunta Project, is carried out by ABI’s banking research and innovation center Abi Lab.</p><p>The Spunta Project is based on the <a href="https://cointelegraph.com/tags/corda" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/corda/amp">Corda</a> DLT platform and developed by blockchain consortium <a href="https://cointelegraph.com/tags/r3" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/r3/amp">R3</a>, with assistance from y tech firm NTT Data.</p><p>According to ABI’s <a href="https://www.abi.it/Pagine/news/Blockchain_sperimantazione.aspx" rel="nofollow,noopener" target="_blank">website</a>, the project is implemented by the following banks: Banca Mediolanum, Banca Monte dei Paschi di Siena, Banca Sella, BNL – Gruppo BNP Paribas, Banca Popolare di Sondrio, Banco BPM, CheBanca! – Gruppo Mediobanca, Credito Emiliano, Crédit Agricole, Credito Valtellinese, Iccrea Banca, Intesa Sanpaolo, Nexi Banca, Ubi.</p><p>Although audit and consulting firm <a href="https://cointelegraph.com/tags/deloitte" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/deloitte/amp">Deloitte</a> has recently <a href="https://cointelegraph.com/news/deloitte-outlines-five-major-obstacles-to-blockchains-mainstream-adoption" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/deloitte-outlines-five-major-obstacles-to-blockchains-mainstream-adoption/amp">claimed</a> that the existing blockchain ecosystem has a number of issues — including the risks of too slow transaction speed — blockchain applications have been introduced by some global banking institutions.</p><p>Recently, Thailand’s fourth largest bank Kasikornbank <a href="https://cointelegraph.com/news/major-thai-bank-to-test-visa-blockchain-solution-for-cross-border-payments" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/major-thai-bank-to-test-visa-blockchain-solution-for-cross-border-payments/amp">reportedly</a> became the first bank in the country to use blockchain technology by applying the blockchain-powered <a href="https://cointelegraph.com/tags/visa" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/visa/amp">Visa</a> B2B Connect program targeting cross-border payments.</p><p>On September 20, Poland’s largest bank, PKO Bank Polski, <a href="https://cointelegraph.com/news/polands-top-bank-to-launch-blockchain-platform-for-document-management-within-days" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/polands-top-bank-to-launch-blockchain-platform-for-document-management-within-days/amp">revealed</a> plans to launch a blockchain tool for client documents through a partnership with UK-based Coinfirm. The day after, the company <a href="https://twitter.com/PKOBP/status/1043134143717154816" rel="nofollow,noopener" target="_blank">tweeted</a> an explanation of how the <a href="https://www.pkobp.pl/porownywarka-dokumentow/" rel="nofollow,noopener" target="_blank">solution</a> is working in practice.</p> </div> | #Blockchain , #Banks , #Smart Contracts , #Finance , #Fintech , #Ledger , #Italy , #Nodes , #Transparency , #R3 , #Corda | Cointelegraph | 2021-11-09 00:47:49.834591 | |
| President Of The Atlanta Federal Reserve Declares ‘Crypto Is Not Currency’ | https://cointelegraph.com/news/president-of-the-atlanta-federal-reserve-declares-crypto-is-not-currency | 2018-03-28T02:52:00+01:00 | Helen Partz | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDQ1YjI2MjMwNDQzMGE5NmFkM2FkNTc2M2Q1MDRhMC5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">President and CEO of the <a href="https://www.frbatlanta.org" rel="nofollow,noopener" target="_blank">Federal Reserve Bank of Atlanta</a> Raphael Bostic recently took a negative stance toward <a href="https://cointelegraph.com/tags/cryptocurrencies" target="_blank">cryptocurrency</a> investments at the annual meeting of <a href="http://hopeglobalforums.org" rel="nofollow,noopener" target="_blank">Hope Global Forums</a>, urging the <a href="https://cointelegraph.com/tags/usa" target="_blank">US</a> public to avoid digital currencies, as <a href="https://www.bloomberg.com/news/articles/2018-03-27/fed-s-bostic-has-a-message-on-cryptocurrencies-don-t-do-it" rel="nofollow,noopener" target="_blank">Bloomberg</a> reported today, March 27.</p> <p dir="ltr">At the meeting considered to be “the largest gathering of leaders in the world on behalf of empowering poor and underserved communities”, Bostic expressed criticism about cryptocurrency markets, claiming that digital currencies are not even currencies.</p> <p dir="ltr">“Don’t do it… They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets,” Bostic argued.</p> <p dir="ltr">In <a href="https://www.wsj.com/articles/raphael-bostic-to-lead-atlanta-fed-1489412583" rel="nofollow,noopener" target="_blank">March 2017</a>, Bostic, a housing development official during the Obama administration and professor at the University of South California, was designated president of the Atlanta Federal Reserve. In 2017, Bostic was included in the The Bloomberg 50.</p> <p dir="ltr">Bostic is not alone among Federal Reserve leaders who are skeptical of cryptocurrencies like <a href="https://cointelegraph.com/tags/bitcoin" target="_blank">Bitcoin</a>. In January, President of the Federal Reserve Bank of Chicago Charles Evans argued that Bitcoin is “not money-like”, and Bitcoin investors are “swimming with all the sharks in the world because of all the anonymity.”</p> <p dir="ltr">President Neel Kashkari of the Federal Reserve Bank of Minneapolis said in December that, “I think of it a little bit like Beanie Babies. If they were jumping in price by 1,000 times, or $10,000 each, what would we make of Beanie Babies being priced where they are?”</p> <p dir="ltr">The US <a href="https://cointelegraph.com/tags/irs" target="_blank">Internal Revenue Service</a> (IRS) <a href="https://cointelegraph.com/news/irs-warns-taxpayers-to-include-crypto-on-income-tax-returns" target="_blank">considers cryptocurrencies to be property</a>, and as such they are subject to federal <a href="https://cointelegraph.com/tags/taxes" target="_blank">taxes</a>. The IRS recently reminded the public to report any digital currency earnings, lest they run afoul of federal tax laws.</p> </div> | #Bitcoin , #Federal Reserve , #Government , #United States | Cointelegraph | 2021-11-09 00:47:49.886381 | |
| Canadian Bitcoin Mining Firm Hut 8 Sees Record High Revenue in Q3 2018 | https://cointelegraph.com/news/canadian-bitcoin-mining-firm-hut-8-sees-record-high-revenue-in-q3-2018 | 2018-11-08T22:04:00Z | Ana Alexandre | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy80OTUwOTIzZDExMTAyNGZmNGVhYmNkYzU4MDM0YWFjZC5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr"><a href="https://cointelegraph.com/tags/canada" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/canada/amp">Canadian</a> Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index">BTC</a>) mining company Hut 8 has reported record revenue in the third quarter (Q3) of 2018, according to the company’s quarterly financial report <a href="https://hut8mining.com/hut-8-mining-corp-reports-financial-results-for-third-quarter-2018" rel="nofollow,noopener" target="_blank">published</a> Nov. 8.</p><p dir="ltr">Hut 8, which claims to be “the largest” public <a href="https://cointelegraph.com/tags/cryptocurrency" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/cryptocurrency/amp">crypto</a> mining company by operating capacity and market capitalization, has revealed its financial results for Q3 of this year, stating that its revenue reached a record high $13.5 million for Q3, and $27.7 million for the nine months ending on Sep. 30.</p><p dir="ltr">Revenue increased by 126 percent compared to the previous quarter revenue of $5.9 million. Hut 8 attributed the increase to its deployment of 16 <a href="https://cointelegraph.com/tags/bitfury" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/bitfury/amp">Bitfury</a> BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site. Each BlockBox contains 176 mining servers and reportedly has a hashrate of 13.7 Pethashes per second (Ph/s).</p><p dir="ltr">In Q3, Hut 8’s cost for <a href="https://cointelegraph.com/tags/bitcoin-mining" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/bitcoin-mining/amp">mining</a> a single Bitcoin was $3,394, which is lower than the current market price of around <a href="https://cointelegraph.com/bitcoin-price-index">$6,400</a>, which is reflected in the report as the company’s mining profit for Q3 was $6.6 million, with a mining profit margin of 51 percent. Hut 8 claims that this makes it one of the lowest-cost BTC mining companies globally.</p><p dir="ltr">Hut 8’s mining profit margin and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was lower during Q3 for a few reasons. The BTC price significantly appreciated through the quarter, while competition from other BTC miners increased. Another factor was the record high temperatures in Alberta, which resulted in increased electricity costs at Hut 8’s Drumheller facility.</p><p dir="ltr">The company expects that the efficiency of Application-Specific Integrated Circuit (<a href="https://cointelegraph.com/tags/asic" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/asic/amp">ASIC</a>) chips used to mine cryptocurrencies will rise during the colder months, which subsequently will improve performance in the next quarter.</p><p dir="ltr">Hut 8 <a href="https://cointelegraph.com/news/canada-bitcoin-miner-hut-8-becomes-largest-by-capacity-after-second-site-opening" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/canada-bitcoin-miner-hut-8-becomes-largest-by-capacity-after-second-site-opening/amp">launched</a> its Medicine Hat facility in July in partnership with BTC mining equipment manufacturer BitFury. At that time, Hut 8 had mined around 1,000 BTC since its launch in December of last year.</p><p dir="ltr">Meanwhile, BTCC Pool, the mining operation of <a href="https://cointelegraph.com/tags/hong-kong" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/hong-kong/amp">Hong Kong</a>-based cryptocurrency exchange BTCC, <a href="https://cointelegraph.com/news/mining-pool-of-chinas-oldest-bitcoin-exchange-btcc-to-see-indefinite-closure" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/mining-pool-of-chinas-oldest-bitcoin-exchange-btcc-to-see-indefinite-closure/amp">announced</a> it will close “indefinitely” at the end of November due to unknown “business adjustments.” BTCC nonetheless expressed a sense of optimism, hinting that the decision to close down was not strictly permanent.</p> </div> | #Bitcoin , #Cryptocurrencies , #Mining , #Canada | Cointelegraph | 2021-11-09 00:47:49.929868 | |
| From Hype to Reality: Everything You Need to Know about the Congress Blockchain Hearing | https://cointelegraph.com/news/from-hype-to-reality-everything-you-need-to-know-about-the-congress-blockchain-hearing | 2018-05-09T12:50:00+01:00 | Kirill Bryanov | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy83NzIyYmMyMDZhMjQ0M2Y3ZmFkNTk1ZGQwNGM4YzQwNy5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">U.S. House Subcommittees on Oversight and on Research and Technology gathered yesterday to hold a joint hearing, tellingly titled “<a href="https://science.house.gov/legislation/hearings/subcommittee-oversight-and-subcommittee-research-and-technology-hearing-0" rel="nofollow,noopener" target="_blank">Leveraging Blockchain Technology to Improve Supply Chain Management and Combat Counterfeit Goods</a>.”</p> <p dir="ltr">Chairman Ralph Abraham of Louisiana opened the meeting with a statement that highlighted the ledger technology’s <a href="https://cointelegraph.com/news/from-pork-to-diamonds-how-blockchain-is-making-the-logistics-industry-transparent">potential applications</a> for shipping, logistics, and customs, where it can serve as a force for good for both private and public sectors. Congressman Abraham also stressed the state officials’ commitment to leveraging private businesses’ experience with blockchain to improve the efficiency of government in these particular domains.</p> <p dir="ltr">The lineup of witnesses who appeared on the floor on Tuesday was quite consistent with the proclaimed private sector focus: three out of four speakers represented commercial entities. Robert Chiaviello, an IPR counsel, spoke on behalf of baby goods company Luv n’care; Michael White is head of global trade digitization at the world’s largest container shipper, Maersk; and Chris Rubio is vice president for global customs brokerage at UPS. The only witness representing the federal government was Dr. Douglas Maughan, cyber security division director for the DHS’s Science and Technology Directorate.</p> <h2 dir="ltr">Testimonies</h2> <h3 dir="ltr">The Department of Homeland Security is active in developing and testing blockchain-based approaches</h3> <p dir="ltr">Dr. Maughan was the first to testify. He began with a mandatory yet well-informed nod to blockchain’s capacity to enhance the speed and quality of transactions by making them more transparent, auditable, and automated. The Department of Homeland Security officer then lamented the lack of interoperable interfaces and standardized approaches as companies introduce distributed ledgers in managing enormously complex supply chains in today’s globally interconnected markets and industries.</p> <p dir="ltr">He then reassured House representatives that his unit is active in developing and testing blockchain-based approaches to supply chain management that are geared towards standardization and incorporate open specifications. He also mentioned a number of other uses of distributed ledger technology (DLT) that agencies across the Department of Homeland Security are looking to incorporate into their day-to day operations. In particular, Maughan described a blockchain solution for the U.S. Customs and Border Protection Agency, which ensures the authenticity of security camera footage. In conclusion, Maughan made the point that “blockchains are rapidly moving from hype to reality.”</p> <h3 dir="ltr">Luv n’care: International shipping lacks blockchain for real</h3> <p dir="ltr">It was then Bob Chiaviello’s turn to tell about his company’s struggle with unfair competition from overseas. His account was apparently meant to illustrate some of the problematic, real-life consequences of relying on inefficient and insufficiently transparent supply chains when it comes to retail. He explained that with the advent of loosely regulated digital commerce and direct international shipping of goods through open borders, it became possible for some foreign businesses to exploit Luv n’care’s brand to market their own baby products of inferior quality online.</p> <p dir="ltr">Back in the day, when goods from overseas were coming in in container loads, it wasn’t that big of a problem: spotting counterfeit products at a customs choke point could deter the bulk of them from making their way to the U.S. consumers. But the current structure of online retail operations makes it much harder to prevent knockoff goods from entering the country since they come in individual shipments, leaving carriers and customs agencies without essential information needed to identify the counterfeit inside. This not only affects Luv n’care’s and many other domestic producers’ bottom lines, but also poses a threat to consumer welfare, as ‘pirates’ seldom bother to use quality materials and comply with health and safety regulations, which are especially strict in the baby goods industry.</p> <h3 dir="ltr">Maersk: The only technology that can ensure the level of trust needed is blockchain</h3> <p dir="ltr">Maersk’s Michael White chimed in by stressing the importance of international trade to the U.S. and global economy, but made it a point to highlight how convoluted and oftentimes inefficient the current information exchange system is. Many essential procedures that make the movement of goods possible, he said, are manual, time consuming, and often paper-based. An open and neutral platform for worldwide trade is what the industry needs in order to drastically increase its efficiency, while the only technology that can ensure the level of trust needed for creation of such a global arrangement is blockchain.</p> <p dir="ltr">White also reminded representatives that in January of this year, Maersk and IBM had announced the launch of a joint venture with the intent to advance towards a prototype for this blockchain-powered system. It will allow for a database of immutable records that will enable tracking the location of every single container at any point in time, as well as for verifying the content of each container. This system will ensure the level of detection and prevention of fraud that will make it impossible for shady goods to travel through its supply chains unnoticed.</p> <h3 dir="ltr">UPS: A global blockchain-based shipment tracking system will benefit not only the largest corporations</h3> <p dir="ltr">According to Chris Rubio of UPS, the company has also been investing heavily in researching the ways in which blockchain can enhance supply chains’ efficiency and security by making all shipments “fully declared.” He outlined four key benefits of DLT that the global logistics company acknowledges: integrity, transparency, interoperability, and security. Consonant with Michael White’s account, he noted how the complexity of existing supply chains results in their limited visibility. The introduction of DLT into the industry would help to ‘reduce frictions’ in supply chains and speed them up. He also suggested that a global blockchain-based shipment tracking system would benefit not only the largest corporations, but would also allow mid-sized and small enterprises to operate on it efficiently. In order to achieve that, however, a supply chain-wide commitment and shared standards will be requisite.</p> <h2 dir="ltr">Q & A</h2> <p dir="ltr">As happens with any Congressional hearing on a cutting-edge technology-related topic with which the majority of legislators lack intimacy, the quality of the questions directed at witnesses varied greatly. For instance, several representatives repeatedly inquired how the blockchain-enhanced supply chains would protect particular categories of goods from fraudulent activities – only to hear reiterations of the same general principles by mildly perplexed experts.</p> <p dir="ltr">Overall, questions related to supply chain improvement added little to what had already been revealed in testimonies. Yet some of the questions came across as well-informed, and others elucidated curious details of the witnesses’ views on blockchain, as the focus of the exchange moved from supply chains to a broader set of issues around the technology.</p> <h3 dir="ltr">Quantum threat</h3> <p dir="ltr">Representative Bonamici and Representative Beyer inquired whether the developing technology of quantum computing could at some point prove capable of ‘breaking’ the blockchain and making it irrelevant. Dr. Maughan of DHS did not deny that such a concern exists. However, he reassured the legislators that while applied quantum computing is ’15-20 years out,’ blockchain is already here and has to be acknowledged as a reality.</p> <h3 dir="ltr">Cooperation with standards organizations</h3> <p dir="ltr">Congressman Randy Hultgren was interested in the scope of cooperation between the witnesses’ organizations and entities developing shared standards and specifications for both blockchain and other internet-based industries. According to Rubio and White, both UPS and Maersk are involved with <a href="https://bita.studio/" rel="nofollow,noopener" target="_blank">Blockchain in Transport Alliance (BiTA)</a>. Maughan added that the Department of Homeland Security cooperates with the <a href="https://www.w3.org/" rel="nofollow,noopener" target="_blank">World Wide Web Consortium</a> and the <a href="https://www.oasis-open.org/" rel="nofollow" target="_blank">OASIS organization</a> in its work on open specifications for blockchain-powered systems. DHS is also discussing joint initiatives with the <a href="https://www.nist.gov/" rel="nofollow,noopener" target="_blank">National Institute of Standards and Technology (NIST)</a>.</p> <h3 dir="ltr">Energy concerns</h3> <p dir="ltr">Congressman McNerney of California was interested in the energy implications of using blockchain at scale to power the global shipping industries. The experts seemed to have been caught off guard, as Dr. Maughan admitted that large corporations will likely have their own computational infrastructure, while others will be able to outsource this function to miners.</p> <h3 dir="ltr">Digital records vs. real-life events</h3> <p dir="ltr">Chairman Abraham raised the question of discrepancy between a digital record of the event or object that is stored on a blockchain, and its physical manifestation. Experts agreed that these two are distinct, and it should be noted that the primary use of distributed ledgers in supply chain management is to store digitized documents. However, there are potential ways of bringing records and tangible facts closer together. For instance, Chris Rubio of UPS described the potential use of X-rays to ‘look’ inside containers, followed by automatic verification of the goods found inside against blockchain-stored records.</p> <h3 dir="ltr">Voting doesn’t need blockchain</h3> <p dir="ltr">Several representatives were interested in the limits of DLT’s applicability. The most compelling answer was that of Dr. Maughan of the DHS: he suggested that blockchain is relevant in systems characterized by multi-party cooperation, while individual organizations will likely not find it useful in their operations.</p> <p dir="ltr">When Congressman Beyer inquired whether Dr. Maughan regarded voting as one of the spheres where the technology is applicable, he responded that he did not. The reason is that when a person is voting, they only want to share their vote with a single local election authority, and therefore the multi-party principle is not applicable.</p> </div> | #Blockchain , #Congress , #United States , #Logistics | Cointelegraph | 2021-11-09 00:47:49.991714 | |
| Exclusive Interview with Vitalik Buterin: Ethereum, Bitcoin, ICO & More | https://cointelegraph.com/news/exclusive-interview-with-vitalik-buterin-ethereum-bitcoin-ico-more | 2017-04-13T17:25:00+01:00 | Alicia Naumoff | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9lNWNkMThjMDg1OTExY2MzOTBlN2VhZjlhNzIyNTZmOS5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">On April 11, <a href="https://cointelegraph.com/news/vitalik-buterin-reveals-ethereum-based-92-bln-firms-dapp-and-more-ct-exclusive" target="_blank">Vitalik Buterin</a>, co-creator and inventor of Ethereum, a decentralized mining network and software development platform, flew to Moscow for an open lecture at <a href="http://digitaloctober.ru/en" rel="nofollow,noopener" target="_blank">Digital October Center</a>, which is on a strategic mission to facilitate development and adoption of the Blockchain technology. The lecture was organized with the support from <a href="https://wavesplatform.com" rel="nofollow,noopener" target="_blank">Wavesplatfrom</a> prior to the upcoming international Blockchain event “<a href="http://edu.digitaloctober.ru/courses/blockchain-genius-conference/" rel="nofollow,noopener" target="_blank">Genesis Moscow Conference</a>”.</p> <p dir="ltr">Before the meetup, the Blockchain industry star and investors’ favorite boy spent some time chatting with the Cointelegraph about ICOs, ways to free the industry from scammers, regulations of cryptocurrencies, and other issues.</p> <h2 dir="ltr">Why don’t we just gather up into consortium?</h2> <p dir="ltr">It now seems that gathering up into consortiums is trendy. There hasn’t been a week with no announcement about some global financial company or tech giant joining some sort of consortium or establishing one of its own. It is certainly a good thing, as more things can be done and faster with joined resources.</p> <p dir="ltr">However, there are certain concerns about their efficiency. Buterin points out:</p> <blockquote> <p dir="ltr">“I think that in general consortiums are a good way to build a partnership between large companies. In theory, they can be quite beneficial for one simple reason the main purpose of <a href="https://cointelegraph.com/news/will-blockchain-revolutionize-finance-legal-industries-just-like-internet-changed-media" target="_blank">Blockchain applications</a> is to create a decentralized system which is free from an absolute control by only one entity. So, it doesn’t really make much sense for one company to work with Blockchain, however, if a number of companies establish a partnership, results won’t take long to wait.”</p> </blockquote> <p dir="ltr">In his opinion, this is one of the advantages of consortiums. Another advantage lays in that companies certainly contribute to the development of technology in general, not only a specific use-case, and it is very important.</p> <p dir="ltr">“Some consortiums are created just because it seems to be trendy, and there is a risk to spend a few million dollars and come up with a technology which is much worse than the one built by a group of hackers who sit somewhere in the basement,” remarks Buterin. “There are advantages but there are risks as well.”</p> <p dir="ltr"><img width="1024" height="683" alt="pic1" src="//cointelegraph.com/storage/uploads/view/e16ef8c8cecc650781f097780d719867.jpg" title="pic1"></p> <h2 dir="ltr">Blockchain inspires, R3 couldn’t resist</h2> <p dir="ltr">Lately, there has been much criticizing going the R3 direction triggered by their sudden realization of not needing Blockchain after all. Yes, sometimes it happens, you want something so badly you direct all of your efforts on making it happen, agitating a bunch of world’s largest institutions to make the party bigger and merrier. And that’s okay if eventually, you realize that you can survive without something you’ve been chasing so blindly.</p> <p dir="ltr">Was it the Dalai Lama who said that sometimes not having something is a wonderful stroke of luck? Blockchain or Blockchain-inspired – who actually cares? Now that R3 has redirected their energy on realizing the benefits of distributed ledger technology, we will just let folks do the things they have gathered for.</p> <p dir="ltr">Buterin explains:</p> <blockquote> <p dir="ltr">“Actually what everyone is saying about R3 is a little bit too harsh, that they spent 18 months working with Blockchain, realized that it is useless, decided to drop it and move on. Actually, I have been communicating with people from R3 during all this time and from the very first day they were very frank saying that they are working on a Blockchain-inspired technology. I believe that the recent change in their strategy was simply misinterpreted. The question here is different – whether this Blockchain-inspired technology is going to be useful. Obviously, they have brilliant people in their team, who have been communicating a lot with banks and understand very well what banks really need and look for. There is a chance they will achieve what they are aiming at.”</p> </blockquote> <p dir="ltr">Buterin shares a famous quote by Henry Ford ‘If I had asked people what they wanted, they would have said faster horses’, and continues: “It is maybe not always helpful to ask people what they really want. Besides, we can always take smaller steps moving towards progress, but we can’t call it a technological revolution. My opinion is that <a href="https://cointelegraph.com/news/bitcoin-other-cryptocurrencies-shaping-future-economy-capitalism-morphing" target="_blank">R3 is not going to start a technological revolution</a>.”</p> <p dir="ltr">Many people say that Blockchain is a technology way ahead of its time and that it is bringing too radical changes. Buterin sees that what the community is now doing might be risky, but if everything goes well, the results will be fantastic.</p> <h2 dir="ltr">Plans for improving Ethereum</h2> <p dir="ltr">Quite recently Buterin announced that Ethereum is ready to transition to the proof of stake protocol, at the open lecture in Digital October, he confirmed that the transition will start soon, but not necessarily will be completed soon, as there is still a lot of work to be done.</p> <p dir="ltr">He also shares <a href="https://cointelegraph.com/news/whistleblowing-in-the-bitcoin-community-banks-whats-the-difference" target="_blank">general plans</a> concerning further development of Ethereum:</p> <blockquote> <p dir="ltr">“There are a few perspectives. First of all, we will keep developing the technology and solving pressing challenges, some of them we already started working on, but there is still a lot to be done, including scaling, confidentiality, security issues. These issues need to be solved to ensure further development of the protocol and the whole ecosystem. Besides, we are focusing on the expansion of the system – to make sure that more projects are building on top of Ethereum, more companies and users working with the platform, exploring new use cases.”</p> </blockquote> <h2 dir="ltr">ICO is a brilliant model but needs improvements</h2> <p dir="ltr">Cointelegraph was also curious to hear Buterin’s opinion concerning the first wave of ICOs and the ways to ensure the cleanliness in the space from <a href="https://cointelegraph.com/news/ico-due-diligence-how-to-separate-legitimate-projects-from-scams" target="_blank">all sorts of scams</a>.</p> <p dir="ltr">Buterin says to Cointelegraph:</p> <blockquote> <p dir="ltr">“ICO as a model has a number of huge advantages. For instance, through ICO we can democratize participation in the projects from the very beginning. This model is a perfect way to give everyone an opportunity to contribute to the development of the project from the very early stages. We definitely need to work hard to improve this space. There are a lot of projects nowadays launching their ICOs, some of them are really brilliant and promising, some simply will not kick off, but there are also this kind of ICOs where people are trying to raise funds with one simple goal – to escape with these funds. Sometimes it’s really hard to see the scams among ICOs.”</p> </blockquote> <p dir="ltr">Buterin thinks that smart contracts could actually solve some of the problems in this space. For instance, in his opinion, the money invested in the ICO should not go directly to the team behind ICO, instead, it should be forwarded to the smart contract controlled by a number of people, assigned as trusted entities.</p> <p dir="ltr">Funds should be forwarded to the team only upon authorization given only when it was proved that the project is indeed under development.</p> <p dir="ltr">Buterin continues:</p> <blockquote> <p dir="ltr">“This model has a potential to significantly decrease a number of scams among ICOs. It could be brilliant to have some independent organizations or analysts who would evaluate projects and give recommendations concerning investment prospects. The solution will be found through this kind of approaches. It is important to keep in mind that due to an increasing number of scams, really good projects often get a negative feedback from the community only because people get suspicious and think that all ICOs are scams.”</p> </blockquote> <h2 dir="ltr"></h2> <h2 dir="ltr">Bitcoin can mature without ETF</h2> <p dir="ltr">It is never boring in the cryptocurrency community, would you agree? We have lived through all kinds of dramas. The recent decision of the Securities Exchange Commission to deny the proposal for Bitcoin ETF triggered another one. But we didn’t stay disappointed for long. Bitcoin price might have plunged following the decision but it soon recovered, so as our broken hearts.</p> <p dir="ltr">Buterin says:</p> <blockquote> <p dir="ltr">“Indeed the proposal for Bitcoin ETF was recently declined in the US, but I know that in other countries there are a few Bitcoin ETFs, there is even one in the US, however, it operates under special conditions. I am certain that in the short term cryptocurrencies are able to grow and mature even without these funds. Those who want to take part in the cryptocurrency industry will do it without any ETFs. The fact that the proposal was declined doesn’t actually make any harm to Bitcoin.”</p> </blockquote> <h2 dir="ltr"><img width="1024" height="683" alt="pic2" src="//cointelegraph.com/storage/uploads/view/a4a4e1cdc3161c39030ddc82d6a6f310.jpg" title="pic2"></h2> <h2 dir="ltr">Good for Bitcoin - good for altcoins</h2> <p dir="ltr">A few industry experts recently pointed out to an interesting trend – when the <a href="https://cointelegraph.com/news/the-big-three-how-china-india-japan-set-pace-for-bitcoin" target="_blank">Bitcoin price</a> declines, people don’t rush to back to traditional currencies, they rather invest into alternative coins, therefore staying within the cryptocurrency space.</p> <p dir="ltr">Buterin explains:</p> <blockquote> <p dir="ltr">“This is happening because people start realizing that cryptocurrencies actually have the future. Besides, people understand that there is a problem specific for Bitcoin, which significantly slows down the system. If this problem persists, it will only harm Bitcoin and not other cryptocurrencies. The market understands that what affects Bitcoin would not necessarily affect other cryptocurrencies.”</p> </blockquote> <p dir="ltr">However, in general, Buterin agrees that what’s good for Bitcoin, good for other cryptocurrencies, and maturation and wider adoption of Bitcoin have only positive implications for altcoins. “There is certainly some degree of competition between cryptocurrencies, however, I think that cooperation is getting more important than competition,” he says.</p> <p dir="ltr">Speaking of the relationship between Bitcoin and Ethereum, Buterin says that these two have stopped competing long time ago:</p> <blockquote> <p dir="ltr">“Well, Bitcoin and Ethereum are doing different things. Bitcoin is a digital currency, and the protocol is written to sustain this cryptocurrency. Clearly, Ethereum platform has ETH, it is also a digital currency, but it exists to sustain the protocol. The protocol was written for a vast amount of applications, both in the area of payments and going far beyond payments.”</p> </blockquote> <p dir="ltr">Generally, Buterin seems to be optimistic about the current state of cryptocurrency industry, and the fact that regulators are showing more and more interest in this phenomenon of digital money, which at first seemed to them all bizarre.</p> <p dir="ltr">Buterin concludes:</p> <blockquote> <p dir="ltr">“There are advanced governments all around the world. Central Banks in Estonia, UK, Russia are testing cryptocurrencies and their potential. Actually, people interested in cryptocurrencies are everywhere, but another question here is how to convince others to start learning about it at least, and then make them understand that this thing should be allowed and not forbidden. At this point, it all looks bright I think, we will see what happens next."</p> </blockquote> <p dir="ltr"><a href="http://edu.digitaloctober.ru/courses/blockchain-weekend/" rel="nofollow,noopener" target="_blank">Blockchain Weekend</a> arranged by Digital October in Moscow has established itself as a practical course in which you can immerse yourself in the world of Blockchain technology, not just by listening to the lectures but also by upgrading your skills, and of course talking directly to the industry professionals. On May 26th, 2017, Digital October with support from <a href="https://wavesplatform.com" rel="nofollow,noopener" target="_blank">Wavesplatform</a> is to hold the first international Blockchain conference in Russia “<a href="http://edu.digitaloctober.ru/courses/blockchain-genius-conference/" rel="nofollow,noopener" target="_blank">Genesis Moscow Conference</a>” with top-notch speakers and true legends of the Blockchain community. You can pre-order now.</p> </div> | #Altcoin , #Vitalik Buterin , #R3 , #ICO | Cointelegraph | 2021-11-09 00:47:50.257742 | |
| Ripple Continues to Rebound, While Most Major Cryptocurrencies See Mild Wave of Red | https://cointelegraph.com/news/ripple-continues-to-rebound-while-most-major-cryptocurrencies-see-mild-wave-of-red | 2018-11-17T22:52:00Z | Helen Partz | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9jYWQ4MzJjZTUxNDc2MzQ5OGNlMjY4N2ZjN2QyNDI1Zi5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">Saturday, Nov. 17: <a href="https://cointelegraph.com/tags/cryptocurrencies" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/cryptocurrencies/amp">crypto</a> markets have seen another mild decline, with losses across the top 20 coins by market cap reaching 4 percent over the past 24 hours.</p><p>In contrast, Ripple (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>), which is <a href="https://cointelegraph.com/news/bitcoin-altcoins-begin-recovery-while-bitcoin-cash-becomes-top-20s-worst-performer" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-altcoins-begin-recovery-while-bitcoin-cash-becomes-top-20s-worst-performer/amp">still</a> holding strong as the second coin by market cap, continues to see sufficient gains as of press time, according to data from <a href="https://coin360.com/" rel="nofollow,noopener" target="_blank">Coin360</a>.</p><p dir="ltr"><img width="1600" height="690" alt="COIN360" src="https://s3.cointelegraph.com/storage/uploads/view/636e3f6949fcef88ae2f5ecf85472055.png" title="COIN360"></p><p style="text-align: center;"><span style="font-size:12px;"><em><span style="color:#4e5f70;">Market visualization from</span> <a href="https://coin360.com/" rel="nofollow,noopener" target="_blank">Coin360</a></em></span></p><p>After seeing a small rebound yesterday, the largest cryptocurrency Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index">BTC</a>) is very slightly down over the past 24 hours. As of press time, Bitcoin is down less than 1 percent on the day and trading at $5,560. The major cryptocurrency has seen some volatility during the day, with its price declining to as low as $5,490, while its intraday high reached $,5,616.</p><p>According to Bloomberg's research arm Bloomberg Intelligence, the cryptocurrency market “drama” is “just starting,” with analysts <a href="https://cointelegraph.com/news/bitcoins-no-longer-boring-price-heading-towards-15k-say-bloomberg-analysts" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoins-no-longer-boring-price-heading-towards-15k-say-bloomberg-analysts/amp">predicting</a> that Bitcoin’s price would take a further dip to as low as $1,500. Such a decline would mean a 70 percent drop from current market levels, while Bitcoin has already lost more than 60 percent of its value over the year.</p><p><img width="704" height="548" alt="BTC" src="https://s3.cointelegraph.com/storage/uploads/view/398b5d5d2bde04dc807295f5815900bb.png" title="BTC"></p><p dir="ltr" style="text-align: center;"><span style="font-size:12px;"><em><span style="color:#4e5f70;">Bitcoin 7-day price chart. Source: Cointelegraph’s </span><a href="https://cointelegraph.com/bitcoin-price-index">Bitcoin Price Index</a></em></span></p><p dir="ltr">Ripple, which <a href="https://cointelegraph.com/news/after-yesterdays-bloodbath-losses-continue-for-major-cryptos-xrp-overtakes-ethereum" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/after-yesterdays-bloodbath-losses-continue-for-major-cryptos-xrp-overtakes-ethereum/amp">overtook</a> Ethereum (<a href="https://cointelegraph.com/ethereum-price-index">ETH</a>) in terms of market share on Thursday, Nov. 15, continues to hold its place as the top altcoin, with a market cap of $19.9 billion, while Ethereum’s market cap amounts to about $18 billion as of press time.</p><p>Ripple is also the leader in terms of daily performance, with its price up almost 6 percent to trade around $0.49 at press time. The coin is, however, still well below its price point of $0.52 before the market dip Nov. 14.</p><p dir="ltr" style="text-align: center;"><img width="1133" height="642" alt="XRP" src="https://s3.cointelegraph.com/storage/uploads/view/19a320ca3cf99a0e738da64ea215ad9e.png" title="XRP"><span style="font-size:12px;"><em><span style="color:#4e5f70;">Ripple 7-day price chart. Source:</span> <a href="https://coinmarketcap.com/currencies/ripple/" rel="nofollow,noopener" target="_blank">CoinMarketCap</a></em></span></p><p dir="ltr"><a href="https://cointelegraph.com/ethereum-price-index">Ethereum</a> has been hovering above the $170 price point over the day, down just slightly over the past 24 hours and trading at $173 by press time.</p><p dir="ltr"><a href="https://coinmarketcap.com/charts/" rel="nofollow,noopener" target="_blank">Total market capitalization</a> of all cryptocurrencies is slightly on the rise, recovering from Wednesday’s drop and hovering around $183 billion. Daily trade volume has continued to drop, currently amounting to $13.5 billion after reaching $25 billion on Nov. 15.</p><p dir="ltr"><img width="1163" height="602" alt="total" src="https://s3.cointelegraph.com/storage/uploads/view/29425d09fd664c99f84c18bb8ccfd73b.png" title="total"></p><p dir="ltr" style="text-align: center;"><span style="font-size:12px;"><em><span style="color:#4e5f70;">Total market capitalization chart. Source:</span> <a href="https://coinmarketcap.com/charts/" rel="nofollow,noopener" target="_blank">CoinMarketCap</a></em></span></p><p dir="ltr">Recently, CoinShares CSO Meltem Demirors <a href="https://cointelegraph.com/news/coinshares-cso-demirors-urges-calm-among-bitcoin-investors-as-prices-slide-12-percent" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/coinshares-cso-demirors-urges-calm-among-bitcoin-investors-as-prices-slide-12-percent/amp">argued</a> that one of the reasons the market has been seeing volatility this week was that institutions are “taking money off the table” in anticipation of Bitcoin Cash’s (<a href="https://cointelegraph.com/tags/bitcoin-cash" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/bitcoin-cash/amp">BCH</a>) recent <a href="https://cointelegraph.com/tags/hard-fork" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/hard-fork/amp">hard fork</a>. Other industry <a href="https://cointelegraph.com/news/why-did-crypto-market-experience-a-27-billion-wipeout-experts-discuss-factors" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/why-did-crypto-market-experience-a-27-billion-wipeout-experts-discuss-factors/amp">experts agreed</a> that the fork is causing uncertainty in the markets.</p><p>The Bitcoin Cash hard fork <a href="https://cointelegraph.com/news/hours-after-bitcoin-cash-network-update-begins-bitcoin-abc-over-10-blocks-ahead" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/hours-after-bitcoin-cash-network-update-begins-bitcoin-abc-over-10-blocks-ahead/amp">took place</a> on Nov. 15, the day after crypto markets have suffered a notable decline. The update of the BCH network has caused multiple <a href="https://cointelegraph.com/news/hours-after-bitcoin-cash-network-update-begins-bitcoin-abc-over-10-blocks-ahead" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/hours-after-bitcoin-cash-network-update-begins-bitcoin-abc-over-10-blocks-ahead/amp">suspensions</a> of Bitcoin Cash trading and withdrawals across global exchanges.</p><p>The protocol upgrade has divided Bitcoin Cash supporters into two groups who disagree about how the network should be updated – Bitcoin ABC and Bitcoin SV. According to BCH community-backed statistics website <a href="https://cash.coin.dance/" rel="nofollow,noopener" target="_blank">Coin.Dance</a>, Bitcoin ABC is currently slightly ahead of SV in terms of hashrate and proof of work by press time.</p><p>Bitcoin Cash is seeing some of the largest losses across top 20 coins at press time, down 4.29 percent, and trading around $385 at press time, according to <a href="https://coinmarketcap.com/currencies/bitcoin-cash/" rel="nofollow,noopener" target="_blank">CoinMarketCap</a>.</p><p>In a note to clients yesterday, Nov. 16, Wall Street analyst and cryptocurrency bull Tom Lee <a href="https://cointelegraph.com/news/fundstrats-tom-lee-predicts-bitcoin-recovery-but-lowers-end-year-target-to-15k" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/fundstrats-tom-lee-predicts-bitcoin-recovery-but-lowers-end-year-target-to-15k/amp">cut his end-year Bitcoin price target nearly in half</a>, lowering it from $25,000 to $15,000.</p> </div> | #Bitcoin , #Cryptocurrencies , #Ethereum , #Ripple , #Markets , #Predictions , #Bitcoin Cash | Cointelegraph | 2021-11-09 00:47:50.303093 | |
| Deloitte Grapples with Major hack, Security Lapse Echoes Equifax | https://cointelegraph.com/news/deloitte-grapples-with-major-hack-security-lapse-echoes-equifax | 2017-09-27T08:20:00+01:00 | William Suberg | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8yMDg2ODg4NmYyNjNlMGQyYTY0ZGNhNTc2MDU5MDNmNC5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr"><a href="https://cointelegraph.com/tags/deloitte" target="_blank">Deloitte</a> has become the latest major corporation to fall victim to hackers, with rumors suggesting five mln emails are at risk.</p> <p dir="ltr">Reports surfacing Tuesday mention six “blue-chip” customers across the firm’s international presence have felt an “impact” from a hack which “went unnoticed for months,” according to the <a href="https://www.theguardian.com/business/2017/sep/25/deloitte-hit-by-cyber-attack-revealing-clients-secret-emails" rel="nofollow,noopener" target="_blank">Guardian</a>.</p> <p dir="ltr">A dedicated task force is attempting to find the source of the attack, while blame is already pointing to lax security setups.</p> <p>Like the now infamous <a href="https://cointelegraph.com/news/hacked-credit-report-provider-equifax-echoes-sitcom-with-adminadmin-database-password" target="_blank">Equifax breach</a> which surfaced earlier this month, Deloitte’s cache of 244,000 staff emails were accessed from an ‘admin’ account which lacked even two-factor authentication.</p> <p dir="ltr">Hackers also “had potential access to usernames, passwords, IP addresses, architectural diagrams for businesses and health information,” the publication continues, adding that “some emails had attachments with sensitive security and design details.”</p> <p dir="ltr">Despite senior executives knowing about the events, as with Equifax, official acknowledgment has come only months afterwards.</p> <p dir="ltr">Responding, Civic CEO <a href="https://cointelegraph.com/tags/vinny-lingham" target="_blank">Vinny Lingham</a> suggested Deloitte’s competing platform could learn from the Blockchain-based decentralized model his company employed in the identity sphere.</p> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="en">Remember that <a href="https://twitter.com/Deloitte" rel="nofollow,noopener" target="_blank">@Deloitte</a> are also building a Blockchain identity platform, competing with <a href="https://twitter.com/civickey" rel="nofollow,noopener" target="_blank">@civickey</a> :) <a href="https://twitter.com/hashtag/JustSaying?src=hash" rel="nofollow,noopener" target="_blank">#JustSaying</a> <a href="https://t.co/c0W1epF70B" rel="nofollow,noopener" target="_blank">https://t.co/c0W1epF70B</a></p> — Vinny Lingham (@VinnyLingham) <a href="https://twitter.com/VinnyLingham/status/912623785249054720" rel="nofollow,noopener" target="_blank">September 26, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p dir="ltr">Deloitte itself meanwhile refuted the idea that millions of emails were involved. A spokesperson said:</p> <p dir="ltr">“Our review enabled us to determine what the hacker did and what information was at risk as a result. That amount is a very small fraction of the amount that has been suggested.”</p> </div> | #Blockchain , #Hackers , #Deloitte , #Vinny Lingham , #Civic | Cointelegraph | 2021-11-09 00:47:50.406015 | |
| Ethereum Price Analysis: March 15 - 21 | https://cointelegraph.com/news/ethereum-price-analysis-march-15-21 | 2017-03-21T18:00:00Z | Denis Harrison | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy81MzQ0ZThiZDRkMGRlMDlkYmMwNmQ3MzI5MTZlNDIwNC5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">There are large Ethereum sell deals after a powerful growth to $50. Is the upward trend over? What was the reason for the $50 surge?</p> <h2 dir="ltr">ETH/USD</h2> <h3 dir="ltr">Correction or securing parts of the profit</h3> <p dir="ltr">On March 16, Bloq, a leader in the development of corporate-class Blockchain solutions, launched BloqLabs aimed at supporting open-source projects in the Bitcoin and Blockchain ecosystems. Thus, Bloq has signaled joining the Enterprise Ethereum Alliance. It is a good enough reason for widespread speculative activity, followed by big sell deals. But Ethereum price has fortified above the $30 mark where big buy deals were made earlier. All that indicates that the ETH price is still enjoying some support.</p> <p dir="ltr"><img width="991" height="603" alt="ETH/USD" src="//cointelegraph.com/storage/uploads/view/2342fc2a3d0a1cf9b83e0b3a62709038.png" title="ETH/USD"></p> <h3>Continuation of growth</h3> <p dir="ltr">After a fall of more than 50 percent at the peak of the upward trend, large sell deals have made an appearance. Selling at $50 along with new upward surges from the previous growth level are a tactic of a big seller who is securing a part of their profit. The $30 level has not been disrupted, which means that the structure of the upward trend hasn’t been broken. Thus, the maximum level for the downward rebound will be at the $30 mark.</p> <h3 dir="ltr">Rebound towards the entire upward trend from $5.8</h3> <p dir="ltr">The situation can change. A signal for the start of a correction towards the entire trend from December 2016 will be a reversal near $30. A reversal structure in that area is one of the signs that there’s a lack of support for the upward trend.</p> <h2 dir="ltr"><img width="1346" height="623" alt="ETH/USD chart" src="//cointelegraph.com/storage/uploads/view/d19c6873ad0bdb6b42243747e5e80e6f.png" title="ETH/USD chart"></h2> <h2 dir="ltr">ETC/USD</h2> <h3 dir="ltr">False breakthrough</h3> <p dir="ltr">Ethereum Classic price has renewed the maximum of the upward trend from 2016. But the period of growth was a short one. Large sell deals started the next day. Sales after a break through the peak of an upward trend are one of the big player’s tactics. It is at moments like this one that the majority of traders open their deals expecting growth, and the big sellers secure their profits.</p> <p dir="ltr"><img width="987" height="605" alt="ETC/USD chart" src="//cointelegraph.com/storage/uploads/view/a52475470f45501e5afca7265865145b.png" title="ETC/USD chart"></p> <h3 dir="ltr">New surge</h3> <p dir="ltr">A fall like that, after a break through an important line, can hardly be called fortification. That’s why talking about an upward trend is only reasonable after the price fortifies near $2. The largest volume of sell orders is accumulated around that area.</p> <h3 dir="ltr">End of the long-term $0.25 upward trend</h3> <p dir="ltr">If the price of Ethereum Classic does not have sufficient support for growth at the $1.65 mark, the most likely scenario is a new fall towards the minimal target of $1.3 for a correction towards the upward trend from $0.25.</p> <p dir="ltr">For that course of events to take place, ETC price has to form a downward turn at the $1.65 mark.</p> <p dir="ltr"><img width="1344" height="621" alt="ETC/USD chart" src="//cointelegraph.com/storage/uploads/view/a8d6f58adb3ca1e6ad42b07206766b41.png" title="ETC/USD chart"></p> <h2 dir="ltr">Most likely scenarios</h2> <ul dir="ltr"> <li>If a downward reversal forms at $30, Ethereum price is likely to start forming a rebound towards the entire trend from $5.8.</li> <li>Ethereum Classic stands a good chance for a fall down to $1.3 if a downward reversal forms at $1.65.</li> </ul> </div> | #Ethereum , #Ethereum Classic , #Ether Price | Cointelegraph | 2021-11-09 00:47:50.464725 | |
| WSJ: SEC Opened Probe into Erik Voorhees, Crypto Loans Firm Over 2017 $50 Mln Token Sale | https://cointelegraph.com/news/wsj-sec-opened-probe-into-erik-voorhees-crypto-loans-firm-over-2017-50-mln-token-sale | 2018-11-16T10:17:00Z | Marie Huillet | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8yZTVkNmEwMzBmZDM4NTMzOTk0OTEyN2QyNDg3NDEzNS5qcGc=.jpg | <div class="post-content" data-v-128018ef><p><meta charset="utf-8">Crypto loans company Salt Lending Holdings Inc., once associated with high-profile crypto industry stalwart <a href="https://top.cointelegraph.com/people/Erik-T.-Voorhees/">Erik Voorhees</a>, is facing a <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/usa/amp" href="https://cointelegraph.com/tags/usa">U.S.</a> Securities and Exchange Commission (<a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/sec/amp" href="https://cointelegraph.com/tags/sec">SEC</a>) probe over its 2017 $50 million token sale, the Wall Street Journal (WSJ) <a data-amp="https://www-wsj-com.cdn.ampproject.org/c/s/www.wsj.com/amp/articles/firm-tied-to-cryptocurrency-entrepreneur-faces-sec-investigation-1542319602" href="https://www.wsj.com/articles/firm-tied-to-cryptocurrency-entrepreneur-faces-sec-investigation-1542319602" rel="nofollow,noopener" target="_blank">reported</a> Nov. 15.</p><p>Founded in 2016, Salt — which uses clients’ crypto holdings as collateral against <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/fiat-money/amp" href="https://cointelegraph.com/tags/fiat-money">fiat</a> currency loans — is reported to have received a subpoena from the securities regulator this February, according to “sources familiar with the matter.”</p><p>Among other issues, the SEC is said to be investigating whether Salt’s 2017 token sale was a noncompliant securities offering (i.e. whether it should have been registered with the SEC), how token proceeds were used, and the manner in which Salt employees received tokens.</p><p>Voorhees, who is well known as CEO of crypto exchange <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/shapeshift/amp" href="https://cointelegraph.com/tags/shapeshift">ShapeShift</a>, is reported to have played a “leadership” role at Salt, and was notably listed as a “director” in an SEC filing five days ahead of the first SALT token sale in August 2017.</p><p>This latter point is now of particular contention, as Voorhees has previously been investigated by the SEC and has effectively been prohibited from raising money in private markets. In 2014, he reached a settlement of $50,000 in fines and disgorgement with the SEC over allegedly unregistered public offerings of securities in connection with two of his early <a href="https://cointelegraph.com/bitcoin-price-index">Bitcoin</a> (BTC)-related ventures.</p><p>Keith Higgins, chairman of the securities and governance practice at Ropes & Gray LLP and a former SEC division director, told the WSJ that:</p><blockquote><p>“A provision in the [2014] settlement makes him a so-called ‘bad actor’ unable to rely on an SEC safe harbor for private, unregulated stock sales.”</p></blockquote><p>Aside from being listed on Salt’s summer 2017 SEC filing, Voorhees was also named as a Salt director on the company’s site and promotional materials, according to the WSJ’s review. In November 2017, Salt reportedly amended its SEC disclosure, declaring the $1.5 million it had raised, and refraining from any mention of Voorhees.</p><p>Jennifer Nealson, a Salt executive, has confirmed to the WSJ that the firm received a February subpoena, and clarified that Voorhees was an “early contributor” to Salt, but stated he “no longer serves in any formal capacity.”</p><p>Securities lawyers have said the SEC could seek civil penalties against the company if it deems that Voorhees’ involvement broke the law.</p><p>Aside from the probe, Salt is facing a private lawsuit in the U.S. state of <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/colorado/amp" href="https://cointelegraph.com/tags/colorado">Colorado</a> from a former Salt financial officer, who has accused the firm of giving loans on advantageous terms to insiders, and of having lost $4 million worth of crypto in a February 2018 hack. Voorhees has reportedly not been named as a defendant in the case.</p><p>Brian Klein, the trial attorney who <a href="http://bakermarquart.com/trial-lawyers/brian-klein" rel="nofollow,noopener" target="_blank">represented</a> Vorhees in his 2014 settlement with the SEC has responded to the WSJ article, <a href="https://twitter.com/brianeklein/status/1063244841293877254" rel="nofollow,noopener" target="_blank">tweeting</a>:</p><p><meta charset="utf-8"></p><blockquote><p>“I am proud to represent @ErikVoorhees, a real visionary, who has abided by his SEC settlement terms. This @WSJ story is an unfair attack on him relying on unsubstantiated allegations, anonymous sources, and he is not even a party to the lawsuit discussed.”</p></blockquote><p>Earlier this fall, Voorhees <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/shapeshift-ceo-erik-voorhees-refutes-wsj-reports-of-dirty-money/amp" href="https://cointelegraph.com/news/shapeshift-ceo-erik-voorhees-refutes-wsj-reports-of-dirty-money">refuted</a> a WSJ report that alleged that $9 million in ill-gotten funds were laundered through ShapeShift, claiming that the WSJ had misrepresented or omitted the information provided by the exchange.</p> </div> | #SEC , #Bitcoin Regulation , #Fiat Money , #United States , #Loans , #Erik Voorhees , #Colorado , #Tokens | Cointelegraph | 2021-11-09 00:47:50.582671 | |
| World’s First Major Agricultural Trade Using Blockchain Completed, Resounding Success | https://cointelegraph.com/news/worlds-first-major-agricultural-trade-using-blockchain-completed-resounding-success | 2018-01-25T00:22:00Z | Gareth Jenkinson | https://images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9hMWRlMmZlMmUxMzZkODc4ODZiZTEwODlkNWU0M2U1Yy5qcGc=.jpg | <div class="post-content" data-v-128018ef><p dir="ltr">The applications of <a href="https://cointelegraph.com/tags/blockchain" target="_blank">Blockchain technology</a> are potentially endless - and every year we are hearing more uses in business and trade. Cryptocurrencies remain in the limelight but that hasn’t stopped multinational companies from forging ahead with their own <a href="https://cointelegraph.com/news/blockchain-applications-for-all-walks-of-life" target="_blank">Blockchain solutions</a> in an effort to streamline business.</p> <p dir="ltr">As it so happens, a new milestone has been reached by mainstream industries in 2018. In a first for the global agricultural industry, a cargo shipment of soybeans has been completed using Blockchain technology. The trade was carried out digitally using Easy Trading Connect (ETC) Blockchain platform, <a href="https://www.reuters.com/article/grains-blockchain/u-s-soy-cargo-to-china-traded-using-blockchain-idUSL8N1PG0VJ" rel="nofollow" target="_blank">according to Reuters</a>. ETC incorporated a number of contracts and certificates needed for the international trade of agricultural products.</p> <h2 dir="ltr">Deeper look</h2> <p dir="ltr">The shipment from America to China involved five different parties including Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale and ABN Amro.</p> <p dir="ltr">The Louis Dreyfus Company, a multinational agricultural merchant, has hailed the use of Blockchain technology in trade due to its efficiency. The company’s head of trade operations, Robert Serpollet, estimated that the use of Blockchain to process the contracts and certificates greatly reduced the usual time it would take for a trade like this to be approved.</p> <blockquote> <p dir="ltr">“We noticed very significant efficiency gains far beyond what we expected.”</p> </blockquote> <p dir="ltr">Using the ETC platform, Bohi bought the shipment of soybeans from Louis Dreyfus - while various banks provided the credit certificates needed for the sale. The shipping companies took care of the necessary paperwork needed for the shipment and the US Department of Agriculture was involved in providing certificates for the sanitation requirements.</p> <p dir="ltr">Anthony van Vliet, who heads up ING’s trade and commodity finance, believes the use of Blockchain in this specific industry could well be widely adopted due to its cost-saving benefits.</p> <blockquote> <p dir="ltr">“This is key as we operate in a business that has high volumes and very low margins. If not months, then in a year or at max two, I think the world in this space will look quite different.”</p> </blockquote> <h2 dir="ltr">A new use-case</h2> <p dir="ltr">Blockchain technology is mostly used as the backbone for transactions, like <a href="https://cointelegraph.com/tags/bitcoin" target="_blank">Bitcoin</a> and other cryptocurrencies. However, as <a href="https://cointelegraph.com/tags/ethereum" target="_blank">Ethereum pioneered</a>, it can be used in more technical ways, like the inclusion of contracts that can be carried out by the Blockchain.</p> <p dir="ltr">As this latest soybean use-case proves, a number of different parties can be involved in a complex business transaction. By using Blockchain technology, the process is sped up while becoming cheaper - which will no doubt be a draw for other businesses. Using a Blockchain platform also keeps all stakeholders involved and informed throughout the process.</p> </div> | #Blockchain , #Transactions , #United States | Cointelegraph | 2021-11-09 00:47:51.107831 |