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As reported by The Telegraph, the Bank of England may support the production of a state-supported digital currency within a year. Just a year ago, the bank declared that it had commissioned a hypothetical money, RS Coin, which could be utilized by national banks to settle payments.

Currently, England’s national bank is raising the stakes, hoping to make its hypothetical idea into a feasible reality.

A research group vetted by the Bank has been examining the likelihood of a national bank-issued cryptographic money since 2015. So as to avert the unpredictability that has come to characterize Bitcoin, the digital money would be supported by the Bank of England and fastened to the pound sterling, Great Britain’s national cash. The Bank expects the research group to report back at some point in 2018 with their discoveries.

Prior to the Christmas, Dr. Stamp Carney, Governor of the Bank of England, put forth the defense for a national bank-sponsored crypto money to England’s Treasury Select Committee. Shielding the thought, he expressed that “The underlying technology is really of a fair bit of interest. We are working with it at the Bank of England.”

“I have taken an interest in discussions with the significant national banks on this issue,” he kept saying that such talks would continue in the new year. He also revealed that, over the summer, the Bank successfully executed a transaction with another bank using blockchain technology.

The Governor added that the Bank and its exploration unit are “restrained” in their approach. “In case we will apply something to the core of the system, it will need to meet five sigma quality rating.”

If the trials are successful, a digital currency banking option could make the way for instant payments for cars, houses, land, and other key assets.

However, Dr. Carney was still careful to address the confinements of a national bank-sponsored digital currency. One such frail point, he admits, is dissolvability if the currency was introduced on a public scale.

England – The Next In Line?

This disclosure makes England the most recent in an extending rundown of countries that have either engaged or endorsed their own cryptographic money.

Recently, Israel declared its own plans for the advanced shekel, the Israeli national bank’s answer for battling bootleg market purchases that include a little more than 20% of Israel’s GDP.

Back in October, Vladimir Putin put Russia on the map as the main country to declare official plans for its own particular state-issued cryptographic money, the digital ruble. Evidently, Russia is engaging the cryptoruble as a way to go around international sanctions.

Venezuela has also declared their own digital money in a comparative endeavor to moderate the effect of approvals from the United States.

 

Story credit: ccn.com

Image: Google Images

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How to Assess Basic Principles Of An Initial Coin Offering

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A person who is not accustomed or used to the terminologies of crypto industry, it is difficult to conceive the idea of initial coin offering or why the tokens are generated and how to assess an initial Coin offering. For a cryptogeek it is quite simple, for him an ICO is a tool that is used to trade future crypto coins which are exchanged for cryptocurrencies having instant or liquid value. This definition may be simple for a person who deals in all sorts of cryptocurrencies and has undergone various ICOs but when talking about a layman who has no sound knowledge of crypto, it may get complicated.

How to assess an initial coin offering

For your ease of understanding we have devised a simple example from everyday life which will be quiet helpful for you if you want to understand the basic principle of initial coin offering.

Example From Everyday life

Imagine you want to start a business of your own, you have selected the appropriate location for it, and you’ve also planned the interior and exterior design with the sort of items you are going to sale.

 

But, There’s one most important thing remaining …..

 

Without a handsome amount you cannot initiate your business, You must rent or purchase the place you have chosen, stock it with the items you want to sale and also hire some staff to tackle it the way you have devised in your mind.

 

Let us assume that you are an innovative person and you don’t want to get a loan from any one, you just want to initiate your own sum. For that purpose you produce your own branded product with some specific name say for example “BIT”. But you only generate it in a limited quantity of 1,000 pieces. Let us call each piece a currency, and customer won’t be able to buy that currency until they acquire them using special tokens that you’ll release gradually over the specific period of time following your business launch date.

 

If demand for BIT is high enough and if you succeed in making your buyers believe that its demand will continue to grow, that will automatically push up the price of the tokens generated in the future. These tokens would obviously sell for large sums and as a result you’ll raise enough money to launch your business.

 

You can make it further simple to say that first you offered shares for a company which you have not yet launched but you had developed a significant trust so public bought that share for the sake of investment. That was an Initial Public Offering from your side.

How To Apply The Same Principle To ICO?

The principle elaborated in the above example, is also behind an ICO. The same way you offered the public initial shares of your company, an ICO gives public the right to buy a product which exists in a limited quantity. The company offering that product has an option to sell its rights for a higher price.

 

The beauty of the above process and the thing which differentiates it from the prior IPO example is that it is supported by blockchain technology. This technology guarantees the authenticity of the tokens offered. In short ICO is a whole new way for businesses to raise money. According to the latest ICO news update, it has already been used to generate approximately 2 billion dollars.

How is ICO Risky?

Well, we have full trust on the blockchain technology but we have no issue in admitting that it can too be risky as compared to the Initial Public Offering. Let us see how?

 

First of all the most satisfactory thing about the IPOs is that they are well regulated. Companies which make such offers are lawfully bound to reveal all sorts of information about themselves before they make it fully public. It allows investors to make fair-minded estimations about their value. The main thing is that people making these investments have full knowledge about the Pros and Cons.

 

On the other hand people who invest in an ICO have comparatively less knowledge of what they are investing in and what will be the nature of their return. But it can be easy for you if you follow the following principles devised by our crypto experts:

Factors You Must Examine

  • Is the admin panel team of that company experienced?
  • Does the product offered by the company have a good market? If the product isn’t a hot item, there’s is no use to invest in it.
  • You must have proper knowledge of the blockchain technology which is underpinning the sale. How many tokens have been distributed uptill now and what is their security level.
  • The legal and regulatory stuff surrounding the company is safe or not?
  • What are the terms and conditions outlined in the white paper and do they look fair?

 

We hope that after following these rules and regulations it will be easy for you to make a smart decision in terms of ICO investment, still we are waiting for your suggestions and criticism in the comments section below.

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Crypto Fraud Cases: CFTC Is Stepping Up Against Market Manipulation

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Commodity Futures Trading Commission is making a quick move to declare its jurisdiction to police scam in the cryptocurrency trading. Jack B. Weinstein, a Judge of the Eastern District of New York, favoured the CFTC and affirmed its definition of cryptocurrency as a commodity. A notice of supplemental-legal-authority was given to My Big Coin Pay Inc, which is a crypto-services company that got charged with deception and misuse of funds in January.

cryptocurrency trading

This ruling was basically the outcome of a distinct crypto fraud case that CFTC is pursuing against a crypto-trading-scheme known as CabbageTech. Mentioning from that ruling, the notice directs My Big Coin Pay that;

Virtual currencies ‘fall well-within…the [Commodity Exchange Act’s] definition of commodities and the Commission has the standing to exercise its enforcement power over fraud related to virtual currencies sold in interstate commerce.”

The SEC (Securities and Exchange Commission), the IRS, and the CFTC, all have a different meaning of cryptocurrencies at this time and have selected them as securities, property, and commodities individually.

Now for My Big Coin Pay, the Commission asserts that the stable and related parties; Randall Crater and Mark Gillespie embezzled over $6 million from their clients, as well as by transferring funds of customers into their private accounts and later, spending their funds on purchasing their luxury goods and personal stuff.

cryptocurrency tradding

Many novel cases have been also filed by the CFTF in the past months, which includes three linked to virtual-currency fraud. These cases were the first ones that were brought to the commission since it allowed the launch of bitcoin commodities contracts, the past month. The notice also revealed how CFTC is working hard to establish legitimate precedent and potentially provides a vision of how it will endure regulating the industry.

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Online Internet Security – 10 Do’s And Don’ts To Stay Safe On Internet

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Tor is an open network and a free software which allows people to enjoy maximum level of security and privacy on the internet. Nothing comes close to Tor when it comes to hiding your identity while surfing the internet.

Tor hides your personal identity by routing your system’s internet traffic over several places on the internet. However, there are still some loopholes that you may want to eradicate in order to steer clear from any monitoring agencies.

In this article, we have discussed 5 Do’s and 5 Don’ts to enhance your online safety.

Related: Beginner’s Guide to Tor

Do’s To Increase Your Online Safety:

  1. Use Tor:

Anyone who is skeptical of the online privacy should never put his trust into people at the back of the internet such as ISPs, web service providers, government agencies, etc. Tor is the best browser for online anonymity and that’s the biggest reason why we recommend using it.

 

  1. Update Your System:

Tor is just another software which runs on top of your OS. Meaning that it is only as safe and secure as the system it runs on. We advise you to daily update your OS, Tor client, browser, email clients, instant messaging clients, etc.

If somehow, a hacker is able to get hold of your OS, then even Tor can’t protect your online privacy.

Related: The Truth Behind Whether Tor Browser Is Completely Anonymous Or Not

  1. Encrypt Your Data Storage:

Although Tor anonymizes your location, it does nothing to secure the digital data on your computer. Data protection on your system can only be achieved if you keep the data in encrypted form. So, make sure you use a strong encryption algorithm such as LUKS to keep your system from various threats.

 

  1. Disable Flash, Java, and JavaScript:

Using Tor with Java, Flash, and JavaSript leaves your data vulnerable to attackers. This is because these applications run with user account’s privileges which allow them to access/share your data.

  1. Delete Cookies And Local Data Of Site:

Tor browser hides your real identity using network packets and routes your traffic through numerous relays to protect you from traffic analysis. However, some websites may still be able to track your activities using cookies and data storage. In order to go complete anonymous, make sure your cookies and site’s local data is disabled.

5 Don’ts To Increase Your Online Safety:

  1. Do not use windows:

Windows is simply not best of the choices to improve your online privacy. The OS comes with several bugs and the loopholes that are present in the system and may leave you vulnerable to security issues. Rather use a Linux system for better Tor experience.

Related: Top 5 Proxies To Access .Onion Sites Wihtout Tor

  1. Avoid Using HTTP Websites:

The onion router is only a traffic router and does not encrypt the network traffic through the internet. This means that the origin of your network traffic is only anonymized inside the tor network and not outside of it; which results in exit nodes of Tor reading your internet traffic in the form of unencrypted data. The best way to avoid this is using end-to-end encryption such as TLS or SSL while on Tor.

  1. Do Not Use Tor Browser Bundle:

Do not use Tor browser bundle for online privacy under any circumstances. A recent FBI breakdown of freedom hosting (a hidden web hosting service running on Tor network) was only possible due to vulnerabilities of Tor browser bundle. So, make sure you are not using this bundle.

 

  1. Do Not Use P2P:

Tor network is not built for P2P file sharing as the exit nodes of the network are specifically meant to block file sharing. Plus, downloading torrents is considered abuse to the Tor network as it slows down the speed for other users browsing on the network and increases the threat to your online privacy. So it’s better to not use P2P on Tor.

 

  1. Do Not Use Google:

If you care about your privacy, do not use Google at all. Google is infamous for collecting user information and browsing data to aid the growth of its ads revenue. The best alternatives to Google for Tor are DuckDuckGo and StartPage.

 

Conclusion:

It’s not easy to steer clear when everyone is after your privacy. Despite all its vulnerabilities and weakness, Tor is still the best privacy tool we have for our online security. However, in order to bypass all these security threats, just follow the Do’s and Don’ts discussed above and you will be good to go.

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How To Make A BitCoin Payment Using An Online Wallet Service

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