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It was in 2014 when Moscow’s Mayor, Sergei Sobyanin launched an innovative Active Citizen app. This app was actually an e-voting platform designed solely for the residents of Moscow to vote on municipal projects pertaining to non-political city decisions, e.g.; naming of subway stations, setting up speed limits, plotting of bus routes, replacing the building’s entrance door or even hiring a new management company etc.

The Active Citizen app was a huge success since its launch, more than 2,800 polls were being administered and over 2 million users participated via the app. But according to some critics this app grew vulnerable to manipulation with the passage of time.

That’s why, Moscow officials announced that they have piloted the Active Citizen onto the blockchain technology in order to minimize the vulnerability issue.

Usually, the term of blockchain is referred to the cryptocurrency transactions. It is a sort of a digitalized and decentralized online database pertaining to public ledger of crypto transactions and interactions. Though specific for tracking secure financial transactions of cryptocurrency, it will now also be used in the e-voting platform of Moscow.

blockchain based e voting

What makes it a safest choice?

Russia’s National Settlement Depository (NSD) has successfully tested this blockchain based e-proxy voting system. This voting system is comprised of the following steps:

  • In the first step a Bondholder will pass vote to a nominal bondholder (NB)
  • The Nominal bondholder will in turn submit that vote to the blockchain
  • The designated Counting commission will count the votes and submit their results to the blockchain
  • Bondholder can latter verify whether the votes were counted correctly or not.

Hence it can be easily concluded that the process of blockchain based e-voting will resemble the secure crypto transactions to a great extent. Once the vote will be placed, it will be listed in a ledger consisting all the votes taken place across a node-to-node fully secure network. So, there will be no chance of data loss, fraud or third-party alteration once the vote has been casted.

In other words, blockchain is becoming a hallmark of digital accountability and security. It comprises of such a complicated mechanism of digitized security that it is almost impossible for the general public to ‘’hack’’ it in their traditional way.

According to some experts the use of blockchain technology will improve the transparency of e-voting system in Moscow and it should also be tried in the general elections as well.

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Bitcoin vs Ethereum – Which One Is the King?

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Bitcoin vs Ethereum

Since its release in 2009, Bitcoin has completely revolutionized the cryptocurrency world. Incalculable imitators have made several attempts to dethrone BTC from the top spot, but Bitcoin still remains the undisputed king of digital currency.

However, this does not mean that Bitcoin is cruising through the digital world with ease. There are some huge names trailing hard Bitcoin by introducing super cool features in an attempt to overtake BTC. One of those names is Ethereum – the fiercest rival of Bitcoin – although there is still a long way to go to catch up.

The most important question is: “can Ethereum really live up to the hype surrounding it and usurp Bitcoin’s supremacy?”

In this article, we have compared the different features of both the currencies and tried to explain whether or not Ethereum can overtake Bitcoin.

Comparing Bitcoin and Ethereum – Popular Support:

Bitcoin:

Bitcoin is often revered as a counter to government and central bank. The users tend to be more conscious; both economically and politically and are more motivated ideologically.

Ethereum:

Ethereum users tend to be less ideologically motivated. They normally seem to be content giving away authority to a singular entity that is Vitalik Buterin – the inventor of Ethereum. The Etheruem community’s focus is to take on the business and technology in the future.

Scripting Language:

Bitcoin:

The scripting language in Bitcoin is limited, which means it doesn’t only confer the ownership coins but also comes with a certain set of instructions. Moreover, the scripting language enables a user to lock up the coins for a certain period of time.

(Read our guide about Bitcoin hardware setup here)

Ethereum:

Ethereum, on the other hand, focuses on expanding its set of instructions into a fully featured programming language such as JavaScript. This ultimately makes it less limited to the transactional processing.

Blockchain:

Bitcoin:

Bitcoin blockchain currently comprises of 1MB Blocks and can process around 3 transactions per second. Each block may take up to 10 minutes to mine. The mining is done through ASIC hardware in Bitcoin blockchain.

Ethereum:

Unlike Bitcoin, the blocks in Ethereum blockchain are of variable size. Moreover, it’s much faster than its Bitcoin counterpart. Where a Bitcoin blockchain performs only 3 transactions per second, the ETH blockchain can perform up to 25 transactions per second.

Supply:

Bitcoin:

Bitcoin’s maximum limit is set at 21 million. The currency is designed to never go beyond the said number. Moreover, its issuance is halved every 4 years, which means the currency won’t reach its maximum limit until the year 2140. Currently, there are 11 million bitcoins in circulation.

Ethereum:

Ethereum’s annual issuance rate is much higher than Bitcoin – 18 million to be precise. This represents an inflation rate of -20% at the current supply. Due to the fact that Ethereum is not consumed by a software program and rather sent to the miner of the associated transaction, its value is likely to go further down in the longer run.

Conclusion:

Looking at the bigger picture, Bitcoin is a safe bet and will easily continue to dominate the cryptocurrency world. On the other hand, there is a large amount of uncertainty surrounding Ethereum, which consequently leads many users to lose interest in ETH.

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Alibaba sues “Alibabacoin” For Trademark Violation

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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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Don’t be fooled by a Bitcoin Scam

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Don’t be fooled by a Bitcoin Scam

With the rise in the value of Bitcoin, there has been an increase in the number of scams involving the digital currency on social media and websites.

These scams are becoming more prominent since they’re being shared very frequently over the internet. So much so, the ZeroFOX found that the number of Bitcoin scam URLs was shared over 126 million times on social media. It adds, though, that two specific URLs were shared more than 40 million times and two others, which were shared over 10 million times.

To prevent you from suffering a loss or becoming a victim to one of these sites, here are some ways to spot Bitcoin scams:

  • Malware Downloads:

Some websites often promise to give “free coins” to the user if they download a malware app. This app then completely messes up the user’s computer. Several websites even ask the user to fill out fake bitcoin surveys and are used to distribute malware.We advise you to stay cautious when encountering any such URL that is either shortened or not secured with HTTPS connection.

  • Bitcoin phishing impersonators:

Phishing is basically getting a user to enter all their personal information on a malicious site.

A phishing website will have the user enter their private key to see if it exists in their database. Once the private key is phished, the scammer spends from the user’s bitcoin wallet address.

  • Bitcoin-flipping scams:

These scams usually ask users to pay a start-up fee in exchange for money or promise to double their legitimate bitcoin investment overnight. However, their end of the bargain is never held up and the bitcoins are lost immediately.

  • Bitcoin pyramid schemes:

These scams are low initial investments that are multiplied by signing up additional members. Soon enough, when a large group has joined the scheme, the scammer walks away with the investment and the pyramid collapses.

How Can You Protect Yourself?

Just because it’s a digital currency does not mean you can acquire wealth overnight. Even though many of these scams promise to make you rich by just downloading an app or answering a survey.

  • Do not trust anyone that claims to provide you with bitcoins overnight. These sort of bitcoin scams run rampant on social media sites and digital channels.
  • Avoid URLs that advertise bitcoin offers on social media.
  • Be overcautious when dealing with social media accounts of legitimate bitcoin brokers or trading platforms as they are usually impersonators.
  • Do not engage in financial transactions, via direct message on social websites.
  • Be smart when you trust anyone with your personal details. Do not leak out anything that could cause you a loss later on.

If you have already been fooled, then don’t expect to see your bitcoins again. All you can do is learn from your mistakes and make others aware of such situations as well.

Tags: legit bitcoin investment sites

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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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