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According to the new orders of Massachusetts, the state has halted five ICOs (Initial Coin Offerings) as it stated, that the firms behind them were selling unregistered securities.

Crypto ICO News

The officials of government found that they all of these companies defied the General Laws of the state, which describe securities as bonds, investment contracts and stocks, that assures a financial profit, as it’s clearly defined in the orders. This stoppage was a part of a bigger inquiry into token sales that are being conducted by the government of the state.

ICO world

Investigation Against Companies Selling Unregistered Securities

On Tuesday, after investigating each of the company, William Galvin (Massachusetts Secretary of State) has ordered 18moons, through platforms like Sparkco, Mattervest, and Pink Ribbon, to stop their ICO campaigns. Moreover, all of these companies are required to propose, in order to return funds to their investors within the period of 30 days. Additionally, the companies would have extra 45 days to return the funds.

According to the records, a list of all refunded investors who have paid back the company has to be provided by the startups as well. Despite the fact that the orders highlighted, that the campaigns will be permanently halted and won’t be allowed to sell unregistered or non-released securities within the Massachusetts state, still, all startups will have the ability to register its tokens as securities in the future.

On the other hand, companies that are under- investigation, according to the orders, these companies will be suspended until they completely follow the orders. Though, if any company fails to obey any of the terms in the Division’s Order, then a legal action will be taken by the Enforcement Section.

No Response from Companies

The companies haven’t commented or responded to any of the questions so far. The head of SEC, Jay Clayton wanted cryptocurrencies to be regulated just like regular securities, as there was a possibility that at least few of the state officials would settle on it. But still, the doubt exists that there are many bandwagoners in the ICO world who don’t comprehend very much about the financial regulation.

Such moves can solely do so much, especially when there aren’t plenty of guidelines surrounding ICOs, however, they can lead some of the companies to have a second thought before hastening.

The latest step of Massachusetts on the ICO front is represented by its advancement and progress. At the beginning of this year, a suit was filed by the state against an ICO director and his company, claiming that the token sale represents an unregistered security offering.

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Here are some tips for a successful ICO (Initial Coin Offering)

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According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.

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How to Treat Your ICO?

  • Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
  • The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
  • Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.

 

Determine the Problem

  • If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
  • Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
  • On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
  • If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.

 

Determine Why blockchain is the best solution

  • The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
  • It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
  • It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.

 

Robust Corporate Governance

  • Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
  • Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
  • Also, you should form a corporate governance structure that is matched with present structures.

 

Secure Investment

  • There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
  • Ensure that you are utilizing each and every tool in your clearance to make the exposure.
  • Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.

 

  • You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.

 

  • Make sure that your diary is full of meet-ups and conferences.

 

  • It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’

 

  • Inducing a renowned investment entity will also verify the success and failure of the ICO.

Transparency

  • The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
  • A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
  • This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.

If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.

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Person Loses Over $300,000 Due to Simple Mistakes

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An ether wallet had received hundreds of thousands of dollars around two weeks ago. Unfortunately, those funds were later hacked form different wallets due to the negligence on the user’s end. If only a few security measures had been taken, some of those funds could actually be protected from the hacker.

How it happened

Maximum of funds were stolen from a user holding 973 ethers. What caused this hack was the fact that the user had a rooted android phone. Rooted Android phones are similar to jailbroken iPhones, which means that new applications can be installed but they have no security assurance that the apps are not malicious. That being said, such an app must have been installed on to the device providing the hacker access to your phone. On gaining access to the device, the hacker used an exploit to retrieve the backup phrase to Jaxx wallets. This exploit has not been fixed since Jaxx is a hot wallet, which means that coins are kept here for frequent use and not storage.

 

Ways to increase the security of your funds

Crypto security experts have provided a few tips on how you can maintain the security of your wallets and funds.

  1. Do not use public Wi-Fi even after using VPN.
  2. Be sure to turn on 2-FA for all your user accounts, with google authenticator.
  3. Do not store your private key unencrypted.
  4. Never access your funds from a rooted device.
  5. Do not install applications on your device that are not trustworthy.
  6. Keep a look out for phishing scams. Your private key should only be known by you.
  7. Bookmark your sites. Some fake sites are known to have URLs similar to the actual portals and could steal your personal info.
  8. If you possess a large sum of funds, split it amongst separate wallets to ensure that not all your money could be lost due to some blunder.
  9. Cold wallets are to be preferred over hot wallets and exchange wallets for storage.

 

Story Credits: coinidol.com

Image Credits: coinjournal.com

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The blockchain immutability myth

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The blockchain immutability myth

Immutability…. We use this word in daily routine to signify a thing, which can never change. Whereas, in the blockchain, this word is referring to the worldwide transactions. Which is adjust by the participants. Here, the basic approach is, once the block blockchain transactions are complete, it cannot replace or reverse by other transactions.

So, the theory goes. Because

Saint Augustine states, “The highest good, than which there is no higher, is the blockchain. And consequently it is immutably good, hence truly eternal and truly immortal.”

Two prominent examples are,

  1. Under certain conditions, through some necessary adjustment transactions, history can change itself. Here, the question is arises, it easy to bring new changes in the content of the blockchain? Is it really easy?
  2. According to cryptocurrency advocates, immutability achieves only in case of decentralization of economic mechanism. Which is not proper fall at the private sector of the blockchain. Because, they totally depend on the collective behavior of a known group of validators, who are not trustworthy.

Above two circumstances are totally wrong. Because in blockchain there is no immutability thing exist. The proper question is,

Under which circumstance the blockchain will or will not change? And,

Do those conditions match with the problem, we are trying to solve?

Instead, the chain’s behavior depends on the network of a computer system. Before we get into the detail of how we ‘ll summarize the basics of blockchain first.

Brief discussion on Blockchain  

A blockchain system is running onto the different set of nodes. Which may be in control of different companies. There is no individual node who control the others. While nodes are connecting with each other through a proper network. These nodes generate and propagate transactions and rapidly spread to other nodes via digital operations in some kind of database.

Every new upcoming transaction is verified by an independent node. Following are some terms of verification;

1.it is totally in obedience of blockchain rule and regulations.

2. it is completely a digital structure

3. If any transaction passes the test of nodes. It will enter to the local list of not confirm transactions means directly in the memory pool. While others will enter in the orphan pool. In addition, pass transactions will be forward to its peers.

With some intervals, a node which contains the set of as-yet unconfirmed transactions on the network generates a new block. Each block contains the hash (32-byt). Therefore, by creating a little block chain, each block includes the timestamp. Accordingly, link to the previous block via its hash.

Validation Process

Blocks move and verified by nodes across the network like transactions. For the acceptance by the nodes, a block must contain proper transactions including no conflict with other ones. Whereas, with the confirmation of the test, it is entering into the local blockchain and transactions are confirm. Any transaction which conflict with others will discard immediately. Whether they are in memory pool or orphan pool.

Participation of the chain, make the strategy to ensure the generation of blocks.   This ensures indicates that any kind of node. whether it is an individual or a group has no ability to take hold of the blockchain’s content.

Authentication and testing

Proof-of-work a public blockchain allow its users to generate block who has the ability to solve the tricky and fiendishly mathematical puzzle. Whereas, to prevent minority control in private blockchains, blocks are signed by authorized members. In order to create a lawful chain, a product needs to legalize validator by using mining diversity.

Two different validator nodes can generate conflicting blocks when both have the same previous points. However, fork happens. While different blocks are seen by nodes and leading them to have the different opinion about the chain’s history. These forks are resolved on the arrival of new blocks on branches by a blockchain software.

Shorter branch’s node spool back its last block and replay these two blocks on the longer one. Unfortunately, if you are unlucky and both branches will extend. Then the conflict will be resolved by the third and so on. In addition, with the increase in fork’s length, the probability of a fork persisting drops increases. After a small number of the blocks, it can be reduced to zero in private blockchain.

Here, the most important thing to remember is, each node is controlled by a particular person. Where blockchain has not authority to ask some changes in transactions. The main purpose of the chain is to help in sync. But, if participants want to change the rule, no one has authority to stop them.

That is why we need to stop asking about the immutability of blockchain. Because the answer is “no”. Arguably, we consider the conditions under which it needs changes.

 

 

The blockchain immutability myth

Public chain’s mutability

Let’s start with the above mention two examples. We will take the start with the claim that authorization process. Which used in blockchain cannot bring true immutability by public chains. e.g.

Ethereum blockchain faces a devastating situation in June 2016. “the DAO”, loophole found by someone. In which, $250 million were invested and start draining its speed. Which distract the both investor and creator’s intentions. After few days, the ethereum software updated to prevent from hackers. It was publicly supported by Vitalik Buterin that ethereum users will control their own computer system. As a result, a large number of users, blockchain comes with the new name and rules is ethereum. Whereas, minority reject this idea and keep going with ethereum classic. There were more choices for names like ethereum compromise or ethereum pure. Whatever, democracy is the democracy, and everyone has their own rights voice. In addition, ethereum is ten times more than ethereum classic.

Now, we will take a common way, in which blockchain’s immutability will be dilute. Recall that mining of bitcoin and ethereum uses proof of work scheme. Where you get a reward for solving a tricky puzzle. In addition, this reward increases the potential of the users and they solve the relating issues more efficiently. Network continually adjust the rate of block creation. In addition, 10 minutes in bitcoin or 15 seconds in

Immutability of blockchain

Bitcoin has faced the factor difficulty of 350,000x from last 5 years. Today, bitcoin mining is on hardware devices with cheap electricity and in cold weather. Antminer S9 mines the block 10,000 faster than a desktop system. Which burns 10 times more electricity than a system with cost $1089.

To undermine the immutability of bitcoin blockchain, you need to install more mining capacity, then the other network creating 51% attack first. Secondly, through proper testing and approval, mine your own secret branches. Finally, at desired time, release your secret branch to the network anonymously. Then, the whole process of a transaction will be without any scams or hacking issue. It is not easy to install a huge program. It needs a lot of money and electricity as well. And a common man or country who has the shortage of both. Unfortunately, are not able to adopt this way for immutability of bitcoin blockchain.

Let’s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $1500 and reward of 15 bitcoins (including transaction fees) per 10-minute block. Miners earn around $1.2 billion per year ($1500 × 15 × 6 × 24 × 365). Reasonably, they are not losing money. So, the total expense should be in the same range.

Rewriteable private chains

Now, let’s have a ride to private blockchains. Which was established for the needs of government and well-reputed organizations. According to the organization’s perspective, immutability is the commercial, legal and regulatory non-starter. Because it allows attacking the network anonymously. whereas, immutability can also be ashore in good behavior of other institutions. With whom, they have authority to sue or sign a contract. It is a bonus because private blockchains are less costly to run. Since blocks need just a node’s approval and digital signature. When a number of validators follow the rules. As a result, you get cheaper and stronger immutability than other digital currencies offer. Furthermore, the percentage of immutability may decrease when participants in chain decide to do so together.

Immutability is nuanced

People who don’t like the traditional banking system and government’s currency are perfect to use proof of work blockchain. Whose immutability rely on economic terms instead of participants. It may be an expensive operation. when parties agree to live with government or wealthy actors and bringing down the network. Accordingly, they believe that cryptocurrency technology and its value continue to grow and it will get more secure.

Finally, for most permission blockchain use cases. We probably don’t want validator nodes to be able to easily and cheaply substitute old blocks in the chain. As Dave Birch says “the way to correct a wrong debit is with a correct credit”. Rather than pretending that the debit never took place. Nonetheless, for those cases where we do need the extra flexibility, chameleon hashes help make blockchains a practical choice.

Good luck!

 

 

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