Author: Anna Galvez

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Crypto

Huobi Develops Its Own Blockchain, Huobi Chain, For A Decentralized Huobi Cryptocurrency Exchange

The Huobi exchange house, based in Singapore, wants to migrate its operations to a decentralized and participatory blockchain, for whose development it opened a competition to select the leaders who will carry out the plan. The project is called the Huobi Chain Project (HCP) and was announced by the Huobi Group on June 6th through its blog, adding that the initial investment will be 30 million Huobi Token (HT)(approximately $174 million).

In this regard, the company’s CEO, Leon Li, said that the main objective of the project is to gradually transform Huobi’s centralized platform into a decentralized and open source one, where the community can freely participate and regulate its operation. Thus, in Huobi Chain, the exchange of values, monetary collection, and other applications will be carried out in a decentralized manner.

The plan includes the gradual migration of Huobi to this new public blockchain and the upgrade of Huobi Token (HT) from a general token in Ethereum (ETH) network to one based on the new Huobi blockchain, according to the briefing note.

Huobi announced a Huobi Chain competition for attracting devs to help them move to a decentralized Huobicryptocurrency exchange

To launch its blockchain, Huobi also announced the bases of the Huobi Chain Superhero Championship (HCSCP) program, through which the company will choose the developers of the project, which will be implemented in 18 months, distributed in four stages. The first three months will be dedicated to the election of these leaders through this program, which began on June 6 with a public call for candidates and teams, which can be registered until July 5th.

It is also indicated that after the election, the Huobi Chian project will be led by these leaders, who will work with board members to oversee the process and contribute to its progress into new phases.

It is worth mentioning that Huobi is not the first cryptocurrency exchange platform to implement its own decentralized blockchain. Last March, another important exchange, Binance, announced a similar project when it launched Binance Chain which is a public blockchain designed to facilitate the transfer, commercialization, and generation of blockchain assets, which also required the update of its Binance Coin (BNB) cryptocurrency.

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Crypto

HitBTC Cryptocurrency Exchange Platform Shuts Down Its Operations in Japan

HitBTC cryptocurrency exchange platform has suspended its services for investors residing in Japan. This decision was taken in order to avoid any problems with the country’s cryptocurrency regulation. Indeed, the latter did not authorize HitBTC to operate in Japan and users with Japanese IP addresses will be asked to provide information about their residence as part of the customer identification procedure (KYC). This will also identify investors who do not live in Japan.

HitBTC services shut down its operations in Japan

HitBTC, the 8th largest cryptocurrency exchange platform in the world, according to CoinMarketCap, has announced the suspension of its services for Japanese residents.

On its website, the Hong Kong-based company has added a new section entitled “Restriction of Services”, under the “Terms of Use” section.

For example, there can be read that “you must not use our services and immediately stop using them if you are a resident of a country where HitBTC is not authorized to operate.”

The company said that if the platform detects the use of its services from an IP address registered in Japan it will be asked to confirm if the user does not reside in Japan. Another publication was made by the company confirming the suspension of its services in Japan.

The decision came in respect with the cryptocurrency regulations adopted by Japan

The Japanese payment services law regarding the cryptocurrency regulations, which caused HitBTC cryptocurrency exchange platform to end its services on the Asian country’s territory, came into force in April.

This regulation legalizes cryptocurrencies but it also requires that all cryptocurrency exchange or trading companies operating in Japan to be registered with the country’s financial authority, the FSA.

To date, 16 platforms for the cryptocurrency exchange activities have received an operating license. They were thus authorized to operate in Japan.

The Japanese financial regulator has also warned some companies that continue to operate in Japan without such authorization, and HitBTC was one of them.

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Crypto

Cryptocurrency Ads Bans Are Irrational And Inconsistent – Here’s Why!

I guess you remember when Google, Facebook, and then Twitter announced their intention to cut off all the publicity related to cryptocurrency. More recently, Microsoft has joined the fight against crypto ads. But, cryptocurrency ads bans are inconsistent and irrational. Let me explain to you why!

The argues behind the cryptocurrency ads bans

As all the big players such as Google, Facebook, Twitter, and Microsoft said, the cryptocurrency ads bans came to protect users from getting scammed because there are many cryptocurrency-related scams that would’ve been promoted via Google Ads, Facebook Ads, and so on.

As CryptoDaily put it in an elegant manner, wouldn’t be better to educate the public regarding the cryptocurrency instead of directly cutting off crypto-related ads?

However, Google, Facebook, and the others thought it would be wiser to directly ban cryptocurrency ads instead of promoting only those reliable projects that could educate users about the cryptocurrency’s world.

Cryptocurrency ads bans are irrational

First, Google, Facebook, Twitter, and Microsoft banned cryptocurrency ads but each one of them has its own interest in cryptocurrencies. As the BTC Manager said, cited by CryptoDaily, “both Facebook and Google have issued statements that show their interest in cryptocurrencies, specifically their underlying blockchain technology. This raises the undeniable question – Are the prohibitions on advertising much more than a decision motivated by the concealment of fraudulent activities?”

On the other hand, all the before-mentioned companies adopted cryptocurrency ads bans but still allow gambling ads, porn-related ads, and others.

Good job, guys!

Cryptocurrency ads bans are inconsistent

What Google, Facebook, Twitter, and Microsoft have not understood yet is that cryptocurrencies market is now a part of many people’s lives, therefore, it can’t be ignored. As you can see when you visit a crypto-related site, there are plenty of cryptocurrency ads provided by advertisers others than Google Ads, Facebook Ads, and so on.

Also, on social networks, you might bump into some links that are not ads but still direct you to crypto-related sites. And guess what? The majority of these ones are reliable and not scams.

In conclusion, cryptocurrency publicity cannot be stopped by cryptocurrency ads bans adopted by Google, Facebook, Twitter, and Microsoft, and, most likely this ban thing will be ditched sooner than you expect.

Categories
Crypto

EOS (EOS) Will Trade At $33 By The End Of July, John McAfee Predicted

Everybody knows that John McAfee is a crypto enthusiast. He backed up cryptos and blockchain technology on many turns and now he came up, once again, with one of his well-known predictions. According to John McAfee, EOS (EOS) will reach $33 by the end of July.

A few days ago, on June 3rd, McAfee put the EOS community on fire after releasing the rumor that EOS (EOS) will reach $33 in July. Despite that many considered his prediction crazy, maybe John McAfee had some inside information, wouldn’t he?

Well, we can’t say he had or not, but one thing is for sure.

He also predicted Bitcoin (BTC) will reach $200K by the end of 2020 but, as we speak, there are no signs that such thing will happen.

However, today, thus 3 days after McAfee’s prediction on EOS (EOS), the crypto went down by several points, decreasing from $14.77 (on June 3rd) to $13.61 (today, June 6th, at the moment of this writing).

Can EOS (EOS) reach $33 by the end of July, as John McAfee predicted?

Honestly, we can’t say for sure, and nobody can, as we all know that cryptocurrencies market is highly volatile. However, relying on facts, can EOS (EOS) reach the value against the US Dollar that McAfee predicted?

First, for EOS (EOS) to reach $33 it has to appreciate by about 150% (as its price is $13.61, at the moment of this article).

Taking the last 3 months into consideration, EOS cryptocurrency has grown by about 140%, as it was one of the top earners among the top 10 cryptocurrencies. However, if we look at EOS (EOS) progress during the last 30 days, we notice that this crypto has actually declined by more than 20%.

But EOS recovered by about 10% in the last 7 days.

As the EOS (EOS) progress looks right now, we doubt that it can gain 150% in the upcoming 1,5 months but, I repeat myself, the cryptocurrencies market is pretty volatile and massive increases, as well as significant losses, might occur.

Categories
Crypto

Ripple (XRP) Might Get On Coinbase, As The Renowned Cryptocurrency Exchange Plan On Moving To Japan

According to news releases this morning, Coinbase, the cryptocurrencies market leader in cryptocurrency exchange platform, will relocate to Japan to commence expanded activities in the Asian country. Naturally, Japan is widely regarded as the homeland of cryptocurrencies and blockchain technology, mostly via the huge volume of investors and crypto enthusiasts living in Japan. Even though this information is not unexpected, a sudden move like this one would have huge repercussions for most of the cryptocurrencies communities. Even more, Ripple (XRP) might indeed reach Coinbase thanks to this move.

Like we are aware already, cryptocurrency exchange platforms operating on the Japanese territory must be licensed and obey a series of crypto regulations designed to protect security and integrity of both cryptocurrencies and investors. Thus, the Japanese regulations are not at all created to hinder the operations of cryptocurrency exchange platforms.

Thus, before moving its activity on Japanese soil, Coinbase cryptocurrency exchange must work to obtain a valid license and once it has been acquired Coinbase operations must comply with the Japanese crypto regulations.

Ripple (XRP) might eventually get on Coinbase cryptocurrency exchange, as the latter plans on moving to Japan

This recent news that Coinbase cryptocurrency exchange will move to Japan has ignited many speculations. Among them, however, one is quite plausible, namely, Ripple (XRP) might now get on Coinbase.

Above all, Ripple (XRP) is a very appreciated coin in Japan where it is, at the same time, the most used cryptocurrency, therefore, would be a smart move from Coinbase to list XRP, as soon as it moves its operations on Japanese soil.

From Ripple’s point of view, however, Ripple (XRP) addition on Coinbase would significantly surge XRP’s price against the USD, as well as its adoption. In the meantime, Ripple (XRP) won’t get on Coinbase as long as Coinbase keeps its business in the US and XRP is considered a security by the US regulators.

Therefore, as soon as Coinbase cryptocurrency exchange moves its operations to Japan, Ripple (XRP), the most used crypto coin on Japanese territory, might be listed.

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