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It is a fact that with the passage of time the uses of blockchain technology have witnessed a tremendous increase. China is on the top of the list in this regard. Main reason behind it being that China is the hub of tech startups. Due to so much importance of China several companies have been trying to launch setups for their upcoming blockchain technology chains in China. Recently JD.com announced plans to launch its accelerator program for artificial intelligence and blockchain startups in Beijing this February. And now the launch of a Chinese Blockchain Industrial Park is in the news. This project will be backed by a 10 bln yuan fund which will be partially backed by the Government.It is also being reported that well-known Bitcoin (BTC) investor Li Xiaolai and Blockchain “celebrity” Lao Mao, will be two of the managers of the fund.

latest blockchain news

According to latest blockchain news the above mentioned fund was announced on April 9, during the opening of the Hangzhou Blockchain Industrial Park China. This fund is named as Xiongan Global Blockchain Innovation Fund financed by the Yuhang District Government. Thirty percent of these funds would be government-guided. The fund will be managed by the Hangzhou Haoyu Investment Management Co. and the Future Science & Technology City Administrative Committee. Hangzhou city in Zhejiang province, home to e-commerce giant Alibaba. This industrial park will also serve as an incubation center for the startups.

History of Hangzhou Haoyu Investment Management

Hangzhou Haoyu Investment Management is mainly comprised of two big names, the Handan Investment and INBlockchain. The previous projects of these two companies included:

  • EOS
  • Qtum
  • Zcash

The fund’s announcement and the opening of the blockchain industrial park has played vital role in further establishing the position of Hangzhou. The government in Hangzhou has already portrayed the blockchain technology as the most advanced innovation. Even it has been ranked just behind artificial intelligence and virtual reality in most cases.

Regulatory Uncertainty

The announcement of that fund has hit the news  just weeks after the plans for an international Chinese Blockchain Center were cancelled over legal technicalities. Despite a wave of enthusiasm, all those companies must deal with the regulatory uncertainty in China with respect to blockchain technology and crypto industry. No doubt these restrictions a part of the Chinese Government strategy to control capital outflow and corruption. This is the sole reason behind China’s strict actions against cryptocurrencies and initial coin offerings.

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Cryptocurrency Analysis: BTC, ETH, XRP, BTC Cash, EOS, XLM, LTC, ADA, XMR, IOTA

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On August 21, Bitcoin costs surged, breaking out of the overhead resistance at $6,618. Within 20 minutes, Bitcoin spiked from $6,4560 to $6,828, peaking at $6,888.32, an hour later on. The upward move coincided with the arranged upkeep on BitMEX and aims to have actually been a short-term trade. Nevertheless, a breakout above $6,618 is likely to have actually activated stops on the short positions that had actually reached a four-month high on August 21. However, it is still too early to validate if the trend has altered or not.

analysis of cryptocurrency

MIOTA

MIOTA has actually been combining in a tight range of $0.462 – $0.575 for the past five days. The 20-day EMA is likewise positioned simply above the range. A break out of the 20-day EMA can lead to a rally to the 50-day SMA, which is close to $0.85. This offers an opportunity for a quick short-term trade.

Ethereum

Ethereum remains in a drop with both moving averages sloping down. It is struggling to even pull back to the 20-day EMA, which is a bearish indication. If the bears are successful in breaking listed below the assistance zone of $250-$ 270, the ETH/USD set can plunge to $200.

Bitcoin

On August 21, the bears attempted to sink Bitcoin but the bulls purchased the dip to $6,000, which is a favorable sign. Today, the breakout of the overhead resistance of $6,617.5 resulted in a spike to $6,888.32, which triggered our buy proposed in the previous analysis at $6,750. However, the bulls might not hang on to the greater levels.

Bitcoin Cash

Bitcoin Cash has actually been trading between $501 and the 20-day EMA because of August 15. If the bears sink the rates below $501, a retest of the $474 line is likely.

EOS

EOS broke out of the drop line, however, might not cross the 20-day EMA. The bears have again pushed the costs back below the sagging line. On the downside, the support remains in the zone of $3.8723 – $ 4.1778.

Ripple

The pullback on Ripple is facing resistance at the 20-day EMA and the bulls are having a hard time to sustain above the moving average. If this level is crossed, the bulls will once again deal with selling pressure at the sagging line 2 and above that at the 50-day SMA. As soon as the bulls scale above the 50-day SMA, the Ripple set can go up to $0.5, where it will once again face resistance from the drop line 1.

Litecoin

Litecoin has been consolidating in a tight series of $49.318-$ 62.319. Both moving averages are still sloping down, which shows the benefit the bears have. A breakout of the range will lead to a rally to the drop line, which is just above the 50-day SMA. We anticipate a strong resistance at that level. The first sign of a change in pattern will be when the Litecoin pair sustains above the drop line.

Stellar

Though the bulls have actually handled to defend the long-lasting support line of $0.184, they have actually not had the ability to push Stellar above $0.25 since August 5. The Stellar pair has a history of consolidating near the bottom of the variety prior to embarking on an upward relocation. We see a similar setup establishing this time.

Monero

For the past 5 days Monero has been trading close to the 20-day EMA, which is a positive indication. If the bulls force a break out of the overhead resistance, a rally to the 50-day SMA, which is close to the long-term trendline resistance, is likely. If the Monero set breaks listed below $91, a retest of the lows at $76.074 is most likely. Though the trend stays unfavorable, the flattening 50-day SMA points to a possible variety bound action for a couple of days.

Cardano

Cardano has actually been struggling to climb above the overhead resistance of $0.111. It has been stuck in the variety of $0.083 – $0.112 for the past eight days.

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Ethereum- a cryptocurrency that could help to replace Uber

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2017 is the big year for Bitcoin. The highest value, disappointment from SEC ‘the Winklevoss twins and the price higher than the gold.

But other digital currencies are also growing in volume. Ethereum is the just like Bitcoin but more complex. Earlier of this month ethereum approaches against the bitcoin in its daily volume.

So, do I know about Ethereum?

A distributed application support to crypto-market same as Bitcoin. You can shop with ethereum anyplace that accept it. Where ethereum is running on a smart contract, named as blockchain. Under the certain conditions, the system allows the trading of ethereum. Bitcoin also runs on the blockchain but don’t have an extra step for the completion of the trading process.

Ethereum can do that Bitcoin can’t????

This cryptocurrency is not an alien’s currency in this digital world. In addition, with little bit difference ether has the same features as the bitcoin has. Smart contract means you are performing something different from the daily routine such as shopping with ethereum. Furthermore, if you want to place a bet, ethereum will pay in case of Patriots wins.

By using ethereum you can arrange the crowdfunding campaign. According to the Huffington post, “Things are possible with Ethereum that aren’t imaginable with any other technology today.” Means your money will be taken over if the project didn’t meet its goals.

The smart contract has the power to replace lawyer, CEOs, and companies as well.

A Ph.D. student Benedikt Bunz says, “You don’t need to have Uber, the company, anymore,” and, “You could have the Uber contract handle the money and do the payouts.”

How use the Ethereum now?

Basically, ethereum is at its early experimental stage. Investors and speculators just keep their focus on building new applications – not working on the ethereum’s ATMs.

How can I buy Ethereum?

Just like bitcoin you need to register yourself with well-reputed company and place order for purchasing of the bitcoin.

What is the value of Ethereum?

March 24, 2017, ethereum’s values was $24 and now today ethereum’s value is $278.48.

What Ethereum already was done?

Ethereum is also used in build apps by taking the advantage of smart contract technology. Few of them use backing microfinance, build a practical world and prevent individuality of theft.

Is Ethereum is only substituted to Bitcoin?

No, there are more than 600 actives cryptocurrencies in the digital market. But, Ethereum comes with the complete different setup of the facilities.

Different risk of Ethereum

If there is something wrong with ethereum’s smart contract, the program will not crash only but it will sweep away all the money with no way to get that money back again. Bunz says, “the command could go through and would be irreversible.” Relax, it is a scary aspect but its chances are low.

How important could Ethereum actually be?

Potential is the main quality of the ethereum. Users of this technology are free to say that; this technology has the ability to replace the Uber including other varieties of service. Bunz says, “There are things that are absolutely possible that aren’t possible with mainstream currency and are not even possible with Bitcoin today,” and, “Things are possible with Ethereum that aren’t imaginable with any other technology today.”

 

 

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Bitcoin Averted a Split – Now What’s Next for Bitcoin

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The Bitcoin development community is embracing a software upgrade which is known as SegWit. The purpose of SegWit is to increase the transaction capacity of the network and to avoid a split which possible in the cryptocurrency. As Bitcoin averted a split and here is what some proponents have to say about “What’s next for Bitcoin”.

Digital Currency Exchange

Adam White:

The head of Digital currency exchange ‘GDAX’, Adam White said, we are going to experience a better utility of the network. People can use Bitcoin as a source to transfer money more easily, more cheaply, and more quickly. It’ll attract the new users to the network.

There’ll possibly open blockchains like Bitcoin as we’re going forward, and that will be slow or conservative progression. But there’ll be other blockchains as Ethereum which may move much rapidly and it’ll introduce a larger platform for developers to lead it at the top. According to Adam White, both things will balance each other, not compete.

Elizbeth Stark:

According to the head of startup Lightning Labs, Bitcoin does not have Turning-Complete language as Ethereum, but there’re some new amazing factors which will enable to do so when SegWit will implement. She gave few examples as:

  • Small transaction as less than 1 cent, which may replace “ad networks”.
  • Instant-transaction confirmation in milliseconds.
  • Bitcoin can get a lot of its own ICOs.

Matthew Werner:

The head of payments engineering at Coinbase describes that it is a beneficial step for Bitcoin. There were a lot of queries about a Split but reaching a consensus for how to scale the Bitcoin further is obviously a huge step. Allowing things like Lighting Network and activating SegWit will be a great thing. By expanding the block size, we’ll be able to increase the number of users on a network. The element BIP91 came through and it’s a good signal because everyone wants to grow this network further.

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Why were Three Anonymity-Focused Coins dropped by Coincheck?

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Coincheck is a bitcoin exchange service rather referred to as a digital wallet. Headquarter of Coincheck is situated in Tokyo, Japan. It was founded by Koichiro Wada and Yusuke Otsuka. It operates bitcoin transaction and storage in some countries worldwide.

The hacking incident

In January 2018, Coincheck was hacked of approximately 500 million NEM tokens. As a result of which the Financial Services Agency took notice and ordered Coincheck to improve its security practices. Many people were surprised that why did Financial Service Agency not ordered Coincheck to shut down all its activities until this issue was resolved. Later, Coincheck announced that it would compensate and repay all the users affected by this fraud.

Effects of this fraud on NEM

bitcoin transaction

NEM is considered to be the 7th largest cryptocurrency in the world. It had a market cap of nearly 2 billion in October last year. However, NEM development team refused to conduct a hard check as the above-mentioned fraud was caused due to lack of security measures of Coincheck. Instead, NEM has announced to create an automated tagging system which will follow the money and tag any account that receives infected money of any sort.

Aftermaths of the hacking incident

Japanese crypto exchange Coincheck has announced that it will stop dealing in Monero, Dash, and ZCash as a result of the fraud that took place in January, this year. 534-million-dollar worth of NEM was stolen from the exchange as a result of that fraud. According to a note published in The Japan Times, Coincheck is also considering to accept the transfer of the currencies from verified Coincheck accounts only. That is why the exchange resumed activities of certain currencies on March 12. On the other hand, it also has been reported that the exchange has refunded 260,000 affected customers over 440 million dollars from its own funds.

It was also reported by a Japanese cyber security expert that about half of the NEM stolen in the above-mentioned hack was converted into different cryptocurrencies and was allegedly being used for money laundering purposes. The NEM Foundation had reported that the stolen NEM was traced to be moved to different wallet addresses at the end of January.

Some of the NEM stolen from Coincheck was reported to be been found at a crypto exchange in Canada, as well as some portion of that amount was found at the Japanese NEM exchange Zaif.

The Japan Times also stated that Coincheck’s decision to stop handling the three cryptocurrencies Monero, Dash, and ZCash was due to a response to the FSA’s improvement notice.

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What Happens With Bitcoin When The Owner Dies?

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An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.

The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.

Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.

Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.

In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.

But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.

Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”

Story credits: fortune.com

 

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