In 2018, the promise of a decentralized future took a big knock. There are lessons to be learned, says Yin Wu, founder of Dirt Protocol.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
US Crypto Exchange Coinbase Adds Support for Zcash on Retail Platform and Mobile Apps
n Coinbase has launched support for Zcash on its retail trading platform and on its Android and iOS appsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
ICON Showcases 3 Joint Blockchain Apps With Seoul Government
ICON’s initiatives to connect South Korea in its blockchain-powered ecosystem are gaining momentum. Recently, at the Blockchain International Digital Festival, which was hosted by the Seoul Metropolitan Government, ICON demonstrated the three main components of its blockchain ecosystem for the residents of Seoul – ICON Blockchain Identification Card, ICON Blockchain Vote, and ICON Blockchain S-Coin Payments.
What is in store for the residents of Seoul with ICON’s blockchain products?
The aim of ICON’s blockchain products is to create a more reliable, democratic, and prosperous society.
Blockchain Citizen ID Card: The Blockchain Identification Card is easy to set up. Users have to fill out their basic details, and then take their photo on their laptop via webcam.
Next, the users click a photo of the QR generated, which transfers the ICON ID Card to their mobile phone.
Blockchain Vote: The creation of the Blockchain ID Card would enable the user to access ICON’s voting system. The voting system has been created as a part of ICONLOOP’s collaboration with the Korea National Information Society Agency and the Korea National Election Commission. ICON has been acting as a blockchain technology consultant to the two bodies to build the “Next Generation Election System based on Intelligence Information Technology”.
The users who use ICON’s voting system to vote would be rewarded in S-Coin, which had a pegging for 1 S-Coin = 1 Korean Won in the demonstration.
ICON Blockchain S-Coin Payments: This blockchain product will enable users to transact cash-free and quickly. The users will be required to scan a QR code of the product which will transfer all the details of the product on to the app.
The payment for the scanned product can then be done automatically, cash-free with S-Coins.
Other Developments and Future Plans
ICON launched its mainnet in April this year and got off the Ethereum network onto their own blockchain network. Since then, ICON has seen a series of developments which include getting selected by the metropolitan government of Seoul as an operator of Seoul’s standard blockchain platform for ‘Seoul Blockchain Demonstration Project’.
In May this year, ICON partnered with TRIVE to create an educational ecosystem with a focus on blockchain technology. As a part of the collaboration, both entities will work on co-developing blockchain courses which will be included in TRIVE’s programming schools.
In June, Binance had announced that it would be swapping ICON’s ICX ERC-20 tokens for the mainnet ICX, five months after the release of the mainnet. ICON recently revealed that the official token swap for the ERC20 ICX Token had closed. The other exchanges which supported the token swap were OKEx, Upbit, Bithumb, Huobi, DragonEx, Bitrue, Gate.io, and WazirX.
ICON has also been discussing the possibilities of making Jeju the blockchain hub of Korea with the Jeju Governer. Earlier in October, Park Won-soon, the mayor of Seoul, announced a five-year plan to invest 8 million and develop the city as a blockchain-powered smart city. The mayor also suggested the use of the S-Coin within administrations of the Seoul Metropolitan Government.
The post ICON Showcases 3 Joint Blockchain Apps With Seoul Government appeared first on NewsBTC.
Blockchain Mass Adoption to Come through Games, but “Killer Apps” Needed
With the recent increase in popularity of the blockchain technology, many believe that it is only a matter of time before this tech enters the mainstream. However, to do that, it will first need a catalyst, and many have been wondering for a while just what that might be.
According to Loom Network’s recent Medium post, blockchain technology may have found that catalyst in various blockchain-based games.
The post pointed out that the numerous recent announcements made by the company revolve around Zombie Battleground, a collectible card game based on the blockchain technology. Ethereum’s blockchain, to be exact.
Loom Network Aims to Enable Mullion-User Ethereum dApps
For over 10 months now, the company has had a large goal of running million-user dApps on Ethereum’s network.
This goal remains, and while they claim to often enter a category of blockchain games, it is still possible to create anything on the network. This includes anything from a new blockchain-based social network, to an entire decentralized exchange, or a data sharing platform.
When it comes to blockchain technology and its potential, possibilities are endless. Especially when it comes to Ethereum’s blockchain, which has been praised for years as a go-to place for everyone wishing to build a dApp. The reason behind Loom Network’s focus on games is the fact that they believe that the first dApp that will reach millions of users will likely be a game.
As the company explored blockchain technology, they gained a deeper understanding on how to create a “killer dApp.” Their goals have remained the same, but the method for achieving those goals had to change in order for the firm to be successful. Eventually, the company realized that focusing on a game industry is the best bet for blockchain to reach mainstream usage and larger levels of adoption.
Ethereum’s Biggest Problem is Not Scalability
At the time the company was launched, everyone was talking about scalability issues that cryptos are facing. While scalability remains among the biggest problems, it is likely not THE biggest problem, according to Loom Network. The biggest problem is user adoption. Ethereum usage is still too far from the desired number of active users.
After exploring the popularity of dApps, the company discovered that decentralized exchanges are among the most popular ones. These are followed by gaming, while gambling-related dApps take third place. However, the problem is that even the most popular dApps have only a handful of users, often only a thousand or two thousand at best.
Even if all those using the top 100 dApps are combined, there is still less than 10,000 individuals in total. As a comparison, Facebook has over 1.4 billion users daily, while Twitter has more than 157 million. Far less than Facebook, but unimaginably more than Ethereum dApps. Clearly, Ethereum lacks something, and the company pinpointed two major roadblocks toward mainstream adoption. According to them, those are the lack of popular dApps and friction.
The post claims that the two are tied together, and explains the reason behind low dApp usage. According to them, apps that are difficult to use usually scare off all but the most motivated users. The solution is to make dApps simpler to use and to make more “killer apps” on Ethereum blockchain.
The Solution
While many see this situation as a difficult one, where only one of the two roadblocks can be easily taken care of, Loom Network decided to tackle them both at the same time. Their goal was to create dApps that are as simple to use as centralized ones and to focus on those dApps that would attract large numbers of motivated users. The major question was what to focus on, and the answer presented itself rather quickly — games.
With the idea of gaming in mind, the company conducted research to uncover just how popular games are these days. Results were more than promising, with around 2.2 billion individuals identifying as gamers all around the world. Slightly less than half of that number (1 billion gamers) were found to be regularly paying users.
Clearly, the gaming industry is a huge one, and also one that keeps growing on a daily basis. While offline gaming remains a very popular form of gaming, it is online gaming that has seen a large popularity surge in the last few years. With that in mind, blockchain technology seems like a perfect match, especially since it can bring numerous benefits to this form of gaming.
Things like true ownership of items within a game can allow users to buy and sell such items freely. This is also an opportunity for blockchain technology to jump in, providing microtransactions. Fairness, infinite modability, and item scarcity are only a few of the other benefits that blockchain can provide.
Through all of these, as well as other, benefits, online gaming can become even better, and more profitable for gamers. At the same time, thousands, or even millions of new people will be introduced to the blockchain technology and its true potential. At the same time, gamers will receive their first cryptos as a reward from the game, or from selling a rare item to another player. Through this method, gamers will also learn about cryptocurrencies, and what they can do with them.
Due to more interest from all these gamers, the demand for additional use cases will grow, and the mass adoption will be only a step away.
Featured image from Shutterstock.
The post Blockchain Mass Adoption to Come through Games, but “Killer Apps” Needed appeared first on NewsBTC.
Why Google is Removing All Bitcoin Mining Apps on the Play Store
In its latest move against cryptocurrencies, Google announced its plans to remove all bitcoin and cryptocurrency mining apps from the Play Store. The decision comes just months after banning Chrome extensions that mine cryptocurrency.
Google announced the decision to ban crypto-mining apps on the Play Store’s developer policy page, saying, “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.”
Although users can no longer mine directly from their devices, Google is still allowing developers to release applications that allow mining to be done elsewhere, like on cloud-based computer platforms.
Popularity of Cryptocurrency Mining
The popularity of cryptocurrency mining surged in late 2017 during the bull run in the crypto markets. Sales of GPUs skyrocketed to a point where GPU producers, like Nvidia, saw price surges in their stock due to higher than normal earnings.
The process of mining uses up a significant amount of computing power, and the profitability is directly related the amount of processing power a miner can contribute. Access to highly profitable mining rigs is limited due to the tremendous expenses that stem from sizable equipment and electricity costs.
The decision to ban mining extensions from Chrome and mining apps from the Play Store is likely due to the risks they can pose to a device. Both phones and computers can suffer from internal damage due to mining if it is not properly managed. The risks of mining are highlighted by the effects of mining malware that has been circling through public Wi-Fi networks and websites over the past year.
Kaspersky Lab, a Russian security firm, recently reported the effects of merely two days of Monero mining on a laptop. They reported that the internals of the device showed physical damage, including a swollen battery that damaged the exterior shell of the laptop.
Not Google’s First Move Against Cryptocurrencies
In March, CNBC reported that Google was placing a ban on all cryptocurrency-related advertisements on its platform. The ban was similar in structure to the bans placed on crypto advertising by social media giants Twitter and Facebook.
The ban was implemented with the goal of reducing the number of scams promoted through Google’s search platform, but it also prohibited legitimate businesses, like Coinbase and Binance, from running ads.
Google’s director of sustainable ads, Scott Spencer, spoke to CNBC regarding the decision, saying:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Less than one month after banning cryptocurrency ads, Google announced that they would no longer accept Chrome extensions that mine cryptocurrency. Google announced the decision on their blog, saying:
“Starting today, Chrome Web Store will no longer accept extensions that mine cryptocurrency. Existing extensions that mine cryptocurrency will be delisted from the Chrome Web Store in late June. Extensions with blockchain-related purposes other than mining will continue to be permitted in the Web Store.”
Their latest decision to ban apps that mine cryptocurrency from the Play Store is likely due to fears that apps will damage user’s computers, or significantly slow computer performance.
Is Google Whitelisting Legitimate Cryptocurrency Businesses?
Rumors surfaced earlier this week claiming that Google had followed in Facebook and Twitter’s footsteps, and began whitelisting certain cryptocurrency companies, allowing them to run ads. Google Ads responded to user requests regarding cryptocurrency advertisements on Twitter, saying, “Ads promoting cryptocurrencies and related content are not allowed to be advertised via Google Ads.”
It is still to be seen whether or not Google will begin instituting policies that allow for legitimate cryptocurrency-related companies to develop mining apps, extensions, and to run advertisements.
Featured image from Shutterstock
The post Why Google is Removing All Bitcoin Mining Apps on the Play Store appeared first on NewsBTC.
Apple Prohibits Crypto Mining in Apps with New Guidelines
As crypto mining through apps becomes more prevalent Mac has had to address it in the release of their new guidelines.
Mac Prohibits App Mining in New Guidelines
Crypto mining is way up in 2018 with a reported 4000% increase in Q1. Most of the of the drive by mining malware and techniques can be found on Android and PCs. However, a program called mshelper was found earlier this year which was sucking up processing power and overheating fans and batteries on Mac devices as it surreptitiously mined Monero in the background.
Apple has taken steps to protect its products from malicious mining practices by adding new rules to its developer guidelines so that they now explicitly prohibit malware mining in the background of Mac and iOS Apps as reported by Mashable.
The company had previously included language that inferred the prohibition, saying it was ‘unacceptable’ for products offered in the App store to enable ‘monetizing built-in capabilities provided by the hardware or operating system.’ The new guidelines specifically identify crypto mining in their description of what is unacceptable, stating:
“Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
The company has said that the goal is to protect users of Apple Mac products from undue strain on computing power and wear on batteries. Though malicious mining software hasn’t been as big of a problem for Mac and iPhones as it has for its competitors, a calendar app created by Qbix was removed from the App store after it was found to be mining coins on devices even when they were shut down.
Interestingly the App actually informed users that it would be mining in a small caveat to the terms of agreement that allowed users to access the pro version of the app in exchange for allowing them to ‘mine some digital bucks on your computer.’ A practice similar to the one Salon took up which allowed readers to bypass ads in exchange for allowing the site to use some of their computing power for mining.
Apple Wants to Help You Help Yourself
The company went further than simply prohibiting mining elsewhere in its new guidelines by including other new rules pertaining to cryptocurrency. One such addition explicitly forbids apps from offering ‘currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.’
In addition to the new protective language in its developer’s guidelines, Apple has added a feature to help phone addicts curb their compulsive use. The new feature reports back to the user how much time is being spent on the phone and even allows a time limit to be set when the app will lock down the phone, of course, there is a snooze option which allows a few more minutes of cheat time.
Featured image from Shutterstock.
The post Apple Prohibits Crypto Mining in Apps with New Guidelines appeared first on NewsBTC.
Cryptocurrency Apps Open Financial Doors for Working Poor in Asia
The popular image of a cryptocurrency user is usually that of a young middle-class, tech-savvy person opting out of the traditional working world to try and make a fortune at home on their computer or paying for an expensive coffee with an obscure app on a complicated smartphone.
But in the developing countries of South East Asia where people have limited access to banking services, cryptocurrency is becoming a real solution to financial problems that have plagued the working classes. Case in point, Cambodian motorcycle taxi driver Sachaknisay Sov recently discovered a better way to pay bills when he took a loan in digital tokens for about 0 through an application that allows him to convert the tokens to cash at local pawn shops.
Cryptocurrency Gives the Poor a Chance
Sachaknisay who until recently borrowed money from friends and family to make ends meet at interest rates of as much as 18%, compared to the 5% he pays through the app, said “[Digital token-based loans are] absolutely much better than the traditional ones, It has a lower interest rate.” As reported by the South China Morning Post.
One such digital loan application based in Phnom Penh is DApact. The application is able to trace every digital token it loans through a unique code which records its entry and exit points, requiring no manual check which the company says allows them to manage the business at a third of the cost of traditional financial institutes. That saving is then passed on to borrowers which allow even poor villagers to take out loans in order to start or grow a small business.
KPMG the global auditing and consulting agency estimates that as many as seven out of ten people in South East Asia did not have a bank account in 2016. What they did have and spend more time on than their counterparts in the developed world are smartphones. For a company like Manila based Coins that equals a huge business opportunity.
Remittance Applications Means Big Savings for Expat Workers
2.2 million Filipinos work overseas and most have been using traditional remittance services which charge high rates for cross-border payments to send money home. Coins, for example, has enabled Filipino workers in the UAE to transfer local currency into Bitcoin and send it home for less than half of what Western Union, the largest remittance service in the world, charges.
Another Fintech startup in Cambodia, Micromoney, has already been able to extend it’s loan services to 110,000 customers across the region in Myanmar, Indonesia, Sri Lanka and Thailand. As in most countries in the world, the utility of cryptocurrencies is still very limited on a vendor to customer basis in Asia but as Cambodian crypto entrepreneur Rithy Thul puts it,
“Digital currency is not perfect, but it is the most perfect money poor villagers have ever had.”
Image from Shutterstock
The post Cryptocurrency Apps Open Financial Doors for Working Poor in Asia appeared first on NewsBTC.
Telefonica, Blockchain Startup Team Up to Secure Smartphone Apps
Telecoms giant Telefonica is partnering to build smartphone security solutions for blockchain-based transactions and messaging apps.
CoinDesk
Waves Releases Smart Contracts on Testnet, Blockchain Devs Can Build Powerful Apps
Waves, a decentralized blockchain platform, has released non-turing smart contracts on its testnet on April 26, which are expected to be activated on May 4.
Smart Contracts Release
According to Waves CEO and founder Alexander Ivanov, the smart contracts of Waves will enable blockchain developers to build scalable decentralized applications with powerful functionalities and tools. Ivanov further emphasized that developers will be able to create various tools such as smart accounts and tokens that can be utilized to support large-scale decentralized applications.
“It’s really important to do this right. Non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens. These will be available from the Waves client for all users and will not require any specialist knowledge or expertise,” said Ivanov.
As noted by Ivanov, the Waves development team has focused on the security and efficiency of smart contracts after closely examining the smart contracts of other blockchain protocols like Ethereum. With a phased rollout, computational overheads and fixed fees, the Waves development team has implemented a carefully-considered approach to ensure smart contracts on the testnet do not result in bugs and technical errors.
Ilya Smagin, the head of development for smart contracts at Waves, stated that with the newly deployed smart contracts on the Waves testnet, developers will be able to work with innovative technologies and the latest blockchain solutions such as atomic swaps.
“Waves’ smart contracts will initially include account and token controls, providing functionality for implementing the most-needed scenarios like multisignature wallets, atomic swaps, 2-factor authorisation as well as more elaborate protections for coins. We’ll also introduce a Data Transaction: a way to post Oracle data to blockchain, of course, available from within our smart contracts code.”
Learning From the Errors of Other Blockchains
On April 25, The Next Web’s cryptocurrency journal Hard Fork editor Mix reported that the clumsiness of Ethereum Solidity developers led to an integer overflow in ERC20 smart contracts. Given the seriousness of the situation as some of the largest cryptocurrencies such as Tron and EOS are based on the ERC20 token standard of Ethereum, blockchain security research firm PeckShild said that it is of utmost importance for developers to test and audit smart contracts thoroughly.
“A proper way to recover from these vulnerabilities and devastating effects requires coordination and support from all eco-system members, especially digital asset exchanges,” the company wrote. “In the meantime, we cannot overemphasize the importance of performing a thorough and comprehensive audit of smart contracts before deployment,” PeckShield developers told TNW.
The aim of the Waves non-turing smart contracts release on the testnet and the development team’s phased out and cautious launch of smart contracts it to minimize potential bugs and technical errors that may arise in the future which could hugely impact decentralized applications and platforms.
The post Waves Releases Smart Contracts on Testnet, Blockchain Devs Can Build Powerful Apps appeared first on NewsBTC.
Golem Arrives: One of Ethereum’s Most Ambitious Apps Is Finally Live
A long-awaited ICO project for allowing people to get paid for their extra CPU power launched on ethereum’s mainnet today.
CoinDesk