Month: July 2020

In the wake of advanced technology options, the name of Blockchain is a leading one. Though this technology is yet in the primary phase, it has got acceptance in various fields gradually. There are also many more companies working on various solutions offered with the help of this technology. Abra is all set to work on providing banking solutions to consumers based on Stellar Blockchain. It is expected to improve the features by partnering with Stellar Blockchain. The company has already received investments close to $5 million from SDF in this regard. The CEO of Abra Bill Barhydt said that they are building banking type features and consumers will have the option to earn interest through their investments under this scheme. This can be a huge thing for the Blockchain industry as it will bring in more investors into the game and build more trust among the investor community.

Upcoming banking features from Abra

The new features will give an organized outlook to the cryptocurrency investments as they will appear like traditional banking investments. The new feature will provide an option for users to store dollars, and they can earn interest amount on that money. In the same manner, the users can get interest even for their cryptocurrency holdings. This is a good feature as this will encourage new participants to store their money in the crypto format as this can get them secured interest and also earn good money through a rise in prices. Abra has an arrangement with various banks and exchanges to implement these features, and they will take care of liquidity issues in the long run.

Collaboration with Stellar Blockchain

The SDF deal with Abra provided the company with $5 million funding that has boosted the prospects of the company. The new features will help them to facilitate the movement of funds across the globe in real-time. This will also open up a new format of global lending, and the decentralized finance institutions will be very happy with this move.

The blockchain industry is equally excited as they can take the concept to new levels and enable traditional banking types of features in this industry. This will also give a lot of credibility to the entire crypto industry. With this, international trade finance, and peer to peer loans will become easy, and they can open up several new opportunities for various companies. This trend is likely to influence several other innovations in the financial markets.

Bitcoins and other crypto-currency are fast gaining cognizance considerably in the world of finance and investments. Based on a particularly secure technology of block-chain development, the crypto-currency industry is flourishing rapidly and gaining wide-spread acclaim. Users are joining the pool in millions and are adopting the volatile altcoins to increase their flow of wealth and investment capacity. The peer-to-peer network system is also a great point of benefit is it ensures all transactions are carried out safely. The system may not be completely fool-proof as recent news of hackers disrupting and draining altcoins of considerable value has rocked the market.

Researchers’ solution

Due to such an event, researches have been developing new ways to fight back against hackers with novel new techniques to save the sanctity of a crypto-exchange. One of these acclaimed researches has conceptualized a technique in which the original users could counter-attack by renting enough hashing power from external sources. This new technique is not advised by many experts, but with an already few ways to fight back against no-good virtual thieves, it is bound to be considered as a possible course of action when no other option remains.

Details of the Attack

The researcher outlined this approach by conceptualizing a method where the time required to finalise a transaction can be used to un-hack your exchange. Since six verifications are needed for as many blocks before an exchange has been finalized, this time can be exploited by using rented mining power from virtual external sources that can tilt the scales in favour of the affected and making the hacker lose all its efforts.  In this procedure, they rented hashing power helps to establish an altered network of blocks which can be later accepted as the correct version of the transaction.

Drawbacks of the Solution

While a leading investor had tried to use this solution to avoid other million-dollar transactional trouble he had previously incurred, he had been seriously criticized by the crypto-circle over his plan-of-action. The reason behind such a drastic response could be attributed to the fact that such a solution is only useful when the figure of altcoins involved is considerably low. The lead designer of the approach himself confirmed that such a technical approach could not reverse the damage done to a bigger crypto-currency such as bitcoins. It is more apt for smaller transactional coins that have more stream-lined users.

The novel method of counter-attacking hackers was recently discussed by a group leading experts of the crypto-circle with certain emphasis on its inability to help million dollar exchanges. The pain-staking and expensive procedure of renting a considerable amount of hashing power and then using it in the last one hour of the transaction is not a completely fool-proof plan when the cost of counter-attack threatens to exceed the actual amount involved in the original transaction. It is advisable to calculate the figures properly and beforehand, so as not foolishly spend more.

While it may not be a completely concrete solution to the problem, it is worth noting that it is still a solution to a dilemma that has been new to the relative financial industry. Thus it is important to keep an accurate record of a technologically-sound process that can help further along the line as a blueprint to build more complex and accurate solutions to a problem that is continuously evolving with the market itself. With its high level of security and transparency in dealings, crypto-currency did attract customers in the thousands to a volatile market of price fluctuations, but it would not have been as fun had it been totally perfect.

Belarus-based Currency.com has received the bespoke license for blockchain companies in Gibraltar using distributed ledger technology. The company is said to carry out trading of about $20 million securities every month through its 5,000 registered users. The company is set to face competition from two other companies that have already received DLT licenses a few months back – Coinfloor and Huobi. Even though Currency.com has already secured licensed from Belarusian authorities, Gibraltar is just another feather to the cap.

Currency.com provides its users with a platform to transact in financial instruments using cryptocurrencies. Even though the company offers its services to most jurisdictions, investors from the US and other FATF-blacklisted countries are banned from using its services. After the announcement, the CEO of Currency.com, Jonathan Squires, said that Gibraltar has a strict protocol for the use of cryptocurrencies, and acquiring the Gibraltar license shows their commitment towards maintaining the strictest of standards, and offering the highest level of security to its investors.

The Gibraltar Financial Services Commission (GFSC) only gives out licenses to those firms, which can prove that they have enough financial resources and secured IT systems. They also need to have the proper infrastructure to prevent money laundering and terrorist financing. The companies that receive the Gibraltar license need to provide guarantees regarding the safety of the funds of the investors. These companies need to be trustworthy.

Even though a lot of people that the rules set by GFSC are quite rigid, but the company believes otherwise. They are quick to adapt to a new type of business activity, business models, and even new products in the market. The company also aims to spread its wings in the financial services market through the blockchain and the crypto startups that are new in the market. It is even more important for them as the UK will soon be leaving the EU.   

About Currency.com

Currency.com is a regulated tokenized assets platform for trading in a fast and secure way. The platform allows users to purchase and sell popular cryptocurrencies and real-world assets like indices, shares, forex, and others. It received its authorization to start its crypto exchange services by Belarus High Tech Park in the year 2018. The company was created with the sole motive to make crypto investment available to everyone and not just be limited to a few first world countries.   

About Gibraltar

Gibraltar is among the few jurisdictions that provide a regulatory framework for the regulation of companies offering blockchain services. Even though they were already a regulatory board for online gambling businesses, the government allowed it to cover companies in the blockchain industries as well. Since 2014, it started to create a regulatory framework for cryptocurrency exchanges, wallet service providers, and businesses that provide blockchain technology to users for storing or transmitting value assets. Gibraltar’s commitment to innovation and technology and adherence to strict regulatory oversight has made it quite popular among the crypto startups. For many blockchain start-ups, it is the stepping stone to expanding their services in Europe and beyond.

For the new technologies, people in this era, act with an open mind. Among the latest technologies, the blockchain is the most notable. The blockchain is a technology where the users can have access to a block of information. The moderator can have the right to change the information, but the old information also remains in the chain. However, some social issues also affect the use of this technology in different areas. The issue of racism is creeping into the blockchain sector as many stakeholders in the industry feel that this space is becoming more diverse racially. The technology is now fast spreading across the world, and many countries are now looking at blockchain technology for their economic prosperity. The global economic system is monopolized, and it is now time to change that into a decentralized system.

Discrimination in silicon valley

As the United States boils over the Black Lives Matter issue, many voices are heard about racial discrimination even in the silicon valley. Many tech companies, along with crypto companies, voiced their support for the Black Lives Matter campaign. It is interesting to note at this point that racism issues had rocked even big companies like Google, Facebook, and Amazon earlier. According to data published by silicon valley companies about their workforce demographics, nothing much has changed to promote diversity, and the situation still remains the same. Hence the data of the users remain safe on the platform, and one can store it without any hassle. There are ample areas where this technology can be used.

Technology is also biased

In what comes as a surprise to many people, even technological innovations are biased as they are programmed to behave in that manner. It was reported recently that some automatic soap dispensers were not able to detect darker skin tones. This appears to be deliberately done, and it is not acceptable in this technological age. You will be surprised to know that even speech recognition technology is not neutral as it cannot process certain accents that are common to minority groups.

How diverse is the crypto and blockchain industry?

As the crypto industry is hand in glove with the technology industry, similar behavior is seen even in this world. However, it is slightly better as this is more open to various communities across the world. Even in this case, the leadership positions are mostly held by majority stakeholders. In this regard, if the crypto industry has to change for the better, the seeds have to be sown in the tech industry.

However, there is hope in the crypto sector as it is more diverse in terms of user base when compared to other sectors. In a recent study, it was found that crypto trading had a significant base of women traders, which is not the case with traditional financial instruments. The decentralized logic of blockchains provides equal rights to all people irrespective of their race and origin.

Hurdles ahead for diversity

The biggest hurdle for diversity comes with the mindset of the majority of stakeholders. Most people in the tech industry still believe that black workers are not that qualified compared to people of other races. This cultural attribute has to change, and it will lead to significant development in the technology sector. As blockchains are making serious inroads into the African market, it is high time that the tech sector took serious note of this issue. In the near future, you may see a wide market for cryptocurrencies and blockchain technology in the African continent. This diversity has to be included at the beginning of the technology.

Cryptocurrencies are considered as one of the safest financial entity in the world. With so many advancements and security features, digital currencies are becoming the novel financial medium.

Although the benefits of cryptocurrencies are significant, the adaptability to this technology is limited. It is owned by only 1% of the world’s population. The numbers are increasing every year since people have become aware of the technology.

To increase awareness and to make people technology-ready, developed countries are taking steps to implement crypto among their citizens. Many countries like Australia is a perfect example of this.

Every day a new crypto payment method evolves in the country and it becomes widespread among the people. Australian Bitcoin exchange Bitcoin.com.au provides online facility to acquire the digital coin. But to provide hassle-free and secure purchase of the BTC, the exchange is tying up with the post office.

Now Pay For Bitcoin At Australian Post Offices

Australian Bitcoin exchange Bitcoin.com.au has announced a partnership with Australian post. It means that Ozzy residents can now pay for Bitcoin in the post offices as well.

This announcement was made in May 2020 and the payment will be accessible to the citizens from June 2020. The exchange confirmed that this partnership will make residents aware of the technology. And it will also lead to familiarize individuals along with the businesses about the crypto payments.

This collaboration is a boon for the Australians because instead of going through the exchange, they can now buy Bitcoin at the nearby post office. BTC is available at 3500 such post offices where you can visit and get your Bitcoin.

The Bitcoin exchange in Australia was already providing BTC at 1500 retail stores in the country. This new collaboration will provide a plethora of BTC platforms for people living in various areas of the country.

Australian post was formed 200 years ago. Since then it has been the forefront of innovative services in the country. Further adding the BTC support to the Australian post can add more accessibility to the life of natives.

How Can You Buy Bitcoin?

You can buy Bitcoin at the official website of Australian Bitcoin exchange Bitcoin.com.au. The website accepts orders between $5 to $50000. In exchange for your money, you can acquire Bitcoin or Ethereum.

After successfully purchasing the cryptocurrency at the website, the user will be issued a “wallet address”. This address is a part of the crypto transaction that can be used to transfer cryptocurrency in the pre-existing wallet.

After having a crypto wallet, verified ID, and Bitcoin.cm.au account, you can visit any post office to get the cryptocurrency. Cash and EFTPOS are the accepted payment methods at post offices for Bitcoin purchasing.

You can also track the blockchain transaction through email confirmation. Ideally, the wallet will be shown in your wallet within a few minutes. The post office purchase of Bitcoin is also safer for first time buyers. It is way more secure than transferring funds online.

The Australian post office has also provided other trusted payment methods to the country. The crypto purchase services at retail outlets are materialized by Blueshyft payment network. The Post Billpay is also one of the successful payment solutions of the country.

The Bitcoin purchase is being provided with many additional features, for example, real-time payment confirmation and ID verification. Thus, it is becoming quite popular in Australia since its launch.

Get A Can Of Coca-Cola Through Bitcoin Payment

Apart from post office payments, Bitcoin can also be used to pay at Coca-Cola vending machines. A deal between Centrapay and Coca-Cola has made it possible. Coca-Cola has deployed 2000 vending machines that are Bitcoin-ready. These machines are only available in Australia and New Zealand as of now.

The soft drink customers can pay through “Sylo Smart Wallet” to get a can through the vending machines. The wallet can be used through a smartphone. If anyone wants to instantly pay through a QR code, then they can do so by a QR code payment sticker.