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Everyone knows that China was considered as a hotbed of mining operations, however, the Chinese government cracked down on the cryptocurrency as a whole and recently someone made a bet that Russia is the best place to establish a mining venture. Let’s find out if it’s true or not.

Mining in Russia:

According to Kommersant (a nationally distributed daily newspaper in Russia), many electric power stations in Russia have been acquired by an investor just for bitcoin mining. It is claimed to be the first time ever someone bought a whole power station for such a gamble in a huge and natural resource ironic country.

One power station is located nearby the Russian Republic of Udmurtia, whereas the other one is located on the western slopes of Middle Ural Mountains, in the Perm region. According to the newspaper report, these amenities will be used in the creation of bitcoin mining farm and data centre.

Bitcoin Mining in Russia

Bloomberg reported that development of bitcoin mining will require almost 100 million dollars. An investment plan has been presented by a Russian company named “Russian Miner Coin”, to gather 100 million dollars, so the investors can buy Ethereum or Bitcoin, and acquire almost 18% of the mining benefit that is generated by the company.

According to a report, the buyer of these power stations is a businessman, Aleskey Kolesnik, who has also circuitously confirmed the acquisition. But he also said that the cryptocurrency process will only start after the approval of Russian government, to make it completely legal.

Alexandar Drozdenko (Governor of Leningrad) said that a huge portion of the older power plant will be left abandoned after the completion of these new power plants.  Cryptocurrency mining will require huge processing areas and cheap electricity, and both of these facilities can be provided by the nuclear power plant.

Chinese Miners Moving to North:

At this time, China owns 80% of the mining cores in the world, which makes it the leader of pool mining. Iceland is the second largest one with 5% of the global mining power. The third one is Japan with almost 3% of mining power.

It seems like Chinese miners are getting prepared for an exodus from their homeland. Cold weather and cheap electricity are required for efficient mining. However, it’s believed that government of Russia will be more honest than others in accommodating bitcoin mining operations in their region.

A global panel of cryptocurrency miners was organized where people from different fifteen countries explained to ministers how these cryptocurrencies are formed and discussed various approaches to mining regulation.

Many Russian politicians think that bitcoin can help the country to evade Western economic sanctions. Also, 100 million dollars will allow Russia to get an environment-friendly mining equipment. However, at this time bitcoin mining and its transactions are not regulated. The country is working on the legalization of Bitcoin and other cryptocurrencies. Plus, the trading cryptocurrencies will be also authorized and the new law as a whole would take place after few months.

Bitcoin mining in Russia is being criticized at the moment by mainstream media, labelling it as a waste of energy, however, Russian ministers don’t share the same views.

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Bitcoin Surpasses $8,000 Mark and Cardano Surges by 12%

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According to cryptocurrency price news, after recording an immense buy volume in the major cryptocurrency exchanges, the price of bitcoin is currently trading at $8,089 however, the price of Cardano has risen by 12% which makes it one of the best performers of the day.

bitcoin trend line

Cryptocurrencies Following Bitcoin Trend Line

Most of the cryptocurrencies have followed the bitcoin trend line during the time of extreme volatility. Cryptocurrencies that have small market caps usually don’t perform well against bitcoin, which makes the most leading cryptocurrency in the crypto-market end up as one of the best performing cryptocurrencies of the year.

Short-Term Market Trend

When investors start to feel ambiguous about the future of crypto-market and concern about the short-term market trend, both long-term traders and day-traders tend not to allocate their funds as a highly risky and volatile assets. Basically, cryptocurrencies like bitcoin and Ethereum have performed a lot better than small-cap cryptocurrencies in the past four months.

After this cryptocurrency price news, some experts have ascribed the poor performance of Cardano to the high-demand for bitcoin from investors that perceive it as a safe asset, which is logical but, at the same time it is volatile, and has the highest liquidity.

Cardano Price Surge

Investors and traders have recently become more determined and have started to get more small-cap cryptocurrencies along with other cryptocurrencies outside of Ethereum and Bitcoin. This autonomous development of cryptocurrencies and the reluctance of traders to compete for the bitcoin’s price trend show solidity in the market, as well as it ensures that the market has started to recuperate. Over the past 24 hours, the price of Cardano has surged by 12% against the US dollar.

Bitcoin Price Trend

The price of bitcoin rose from $6,900 to $8,000 mark just within the time of 30 minutes, last week. Traders were scared that an immediate correction may occur because an enormous buy volume was noted shortly, which appeared to be out of the blue for most of the investors and traders. But, against the predictions of experts, the price of Bitcoin continued to be strong for many days and ultimately surpassed the $8,000 mark.

Due to the unexpected upsurge in the price of Bitcoin, it is still well that it recorded a slight decline over the past 24 hours. It is likely that the price of Bitcoin will surpass the $9,000 mark in the upcoming time, only if it holds up the $8,000 level over the next few days, as traders are also expecting another short-term rally for recuperating the past shortfalls.

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China Becomes the Country with Most Filed Blockchain Patents In 2017

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According to a Financial Times report, China became the country with the most patent filings for Blockchain technology to the WIPO (World Intellectual Property Organization) in 2017. Thomson Reuters collected data from the international patent organization which shows that in 2017, overall 406 patents were filled, from which more than 225 were from China.

At this time, Tech companies from all around the world are rushing to patent their innovative systems developed by using blockchain tech, which is just like a game changer supply chain management.

blockchain patent

Last year, patent applications for Blockchain technology got tripled. An editor at Thomson Reuters’ Practical Law, Alex Batteson said:

“Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.”

From 2012 to 2017, Chinese companies held the sixth spot out of the top nine filers for Blockchain patents. Even though all patents didn’t lead to feasible products, but the data remained substantial in that as it shows activity in a particular area of industry and could produce blocks to the entry.

Filed Patents from 2016-2017

China filed 225 patents in 2017 and 59 patents in 2016, while the US filed 91 patents in 2017 and 21 in 2016. Australia in on the third number with 19 and 13 blockchain-related patents in 2016 and 2017, individually.

A patent is an essential tool for any company in order to attract investment. If we talk about the US, then MasterCard, which is a payment processing giant had filed 25 patents for blockchain at the same time. Also, Lichtenstein’s nChain Holdings, which is considered as the worldwide leader in development and research of blockchain technologies by itself has filed 18 applications.

But one thing, that should always be remembered is that not all companies patent their innovations. Also, all patents don’t result in the formation of a workable product/use case. However, according to Thomson Reuters, the patent information imitates activity in a certain sphere and produce entry barriers.

Is Chinese government taking interest in the Blockchain Technology?

The Chinese government is officially taking an interest in the development of Blockchain technology in the country. As there’ve been many reports, the Investment Association of China has approved the development of a Blockchain Development Center.

As well as,  list of objectives was published by the Chinese Ministry of Industry and Information Technology on 23rd March, to boost the development and regularization of Blockchain technology.

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Why Gibraltar Officials Are Considering to Regulate ICO Tokens As Commercial Products?

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Some new details have been provided by the government of Gibraltar about its strategy to regulate the ICOs (initial coin offerings) in a white paper. According to the paper, most of the tokens are not considered as securities under the EU law. Government officials and regulators are anxious due to the classification of ICOs and tokens, and in the major countries like China, they are considering to ban the whole blockchain use cases.

blockchain use cases

What does the whitepaper say?

Certainly, it’s also stated in the paper that;

“In many cases, [tokens] represent the advance sale of products that entitle holders to access future networks or consume future services.”

On the other hand, the document also argues that these tokens are not securities but, commercial products. In the white paper, an authorized sponsor’s regime was also summarized in which every ICO issuer, distributing or selling tokens in Gibraltar will require to hire a person who could oversee the sale and make sure that it follows the regulations. Ultimately, the release comes within a long-running procedure of creating regulatory limitations for the blockchain technology within the United Kingdom crown dependency.

Officials Point of View

In February, the representative of Gibraltar Financial Services Commission and Gibraltar Finance Centre said that the execution of the sponsorship scheme was just a part of their market-driven strategy for regulating ICOs and was just an attempt to avert a one-size-fits-all strategy. According to the document, the regime is definitely going to mean the market, but not the regulators. Also, it could define what a good token sale actually looks like.

In December, a blockchain-focused bill was passed by the legislators in Gibraltar and laid the basis for an ICO bill earlier, when an advisory was also issued back in September. It is also stated in the white paper that the Gibraltar Financial Services Commission (GFSC) will;

“Authorize and supervise secondary token market operators”

Also, it will establish;

“A public register of such operators.”

In addition to that, token-related investment guidance will be also regulated by the government, which includes;

  • Generic advice
  • Product-related advice
  • Personal recommendations

The white paper also specifies that by the end of this year, Gibraltar will wrap up its blockchain-related governing. The paper also says;

“A draft Bill is expected to be ready by the end of March 2018. Draft Regulations for the promotion, sale and distribution of tokens should be ready in May 2018. The last of the three Regulations should be completed by the end of October 2018.”

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Escrow and its services

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Escrow and its services

Digital world needs the digital services as well. That is why there is a huge list of escrow services sites. The matter is, you don’t let your money in the scams hands. For that purpose, you want to use secure and clear way of services for your transactions. Escrow is exactly the same, you want for your transactions. Here, in this article. I will tell you about escrow and its services regarding your transactions.

Escrow is basically a legal concept, an account held by the third party during transactions between parties. This temporary account operates until the completion of the bitcoin transactions. The goods or funds will be held by an agent until he receives proper and appropriate instructions. Funds can be held in escrow are assets, fund, security or money.  At the time of absolute certainty, parties are able to fulfill one another’s obligations and rules.

For example, being a third party, escrow will have the authority to take funds and delivers the goods in good condition according to its client’s wish.

Types of Escrow:

Funds deposit is occurring for the payment at the certain conditions. That usually applies to mortgage, property taxes and insurance. Escrow’s agent is fulfilling the need of their customers. Some types of escrow are.

1. Internet Escrow:

Internet escrow works by placing money in hands of the third party. who is totally independent and has a license for this service.

2. Banking:

Escrow provides its service in automatic vending and banking field.automated teller machine (ATMs) and vending machine. Where he or she put the order and get the result in form of transactions.

3. Personal Property:

Sale of mobile homes also falls in this escrow transactions category. Whereas, selling or purchasing of big-ticket assets are through escrow services.

4. Law:

Escrow is also known in law sector. Escrow funds are mostly used to distribute money from a cash settlement to environmental enforcement action. Through this process, defendant has to pay a total amount of judgment to court administration.

5. Escrow Real Estate:

Escrow agent services are used in real estate transactions. For example, you are going to sell or purchase a real estate. Transactions regarding sells or purchase of bitcoins will be processed by escrow service provider.

6. Mergers and Acquisitions:

Escrow arrangements are mostly used in mergers and acquisitions to extra warranties offered by the seller.

7. Mortgage Refinancing:

This type of escrow is much different from the real estate sale. In a case of mortgage refinancing, one house loan use as the payment for the other home loan. These type of transaction needs many formalities and risk. So, escrow provides its services on the behalf of its customers.

8. Escrow Business:

Business escrow services involve the sale of the business. In transactions, it involves the actual company and all its assets. These transactions are similar in form of transfer of the shares in a business. Just like stock transfer, bulk sales, and holdings.

Above is a short note about the types of escrow. Now, we will discuss, how does an escrow service work?

Escrow and its services

How does an Escrow work?

Most of the business dealings need a third party for transactions. Mostly, escrow provides such type of services. Following are some terms;

  1. Both parties say yes to the terms of the transactions through escrow.
  2. Then, buyer deposits the money in escrow account. After, the verification of transaction by escrow management, escrow verify the payment to the seller.
  3. After the verification of the transaction, the seller has some duties to verify and submit the tracking information.
  4. Buyer has an option to accept the order or reject within few days of transactions before receiving an order.
  5. When buyer accepts the order. Escrow release the money from an escrow account.

Your transaction is complete with escrow services. GOOD LUCK!

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