Category: Crypto

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Crypto News

Cryptocurrency Exchange Platforms Legalized in Uzbekistan by a Presidential Decree

With a Presidential Decree, Uzbekistan has legalized the cryptocurrency exchange platforms nationally. However, the crypto trading platforms in Uzbekistan will have a new licensing regime and will be regulated by the same guidelines as the traditional securities and exchanges.

The decree signed by Shavkat Mirziyoyev, the president of Uzbekistan, emphasizes that the trade of cryptocurrency across Uzbekistan is only allowed under special licenses that will be supervised by the National Agency for the Management of Projects, an organism that is under the jurisdiction of the national government.

Each cryptocurrency exchange platforms in Uzbekistan must have an authorized capital of 30 thousand minimum salaries at the moment of submitting the licensing application. It must also set aside 20,000 minimum wages in a national bank account as additional funds for possible losses.

Uzbekistan legalized cryptocurrency exchange platforms nationwide and also debated crypto mining

Regarding security, the crypto trading platforms are obliged to use an encryption system set up in Uzbekistan, which reinforces the security of user passwords and the storage of assets. In addition to that, to operate, international crypto companies will have to own a local subsidiary, legally recognizable under the name of “crypto exchange.”

The platforms will also have to publish their updated exchange rates according to the supply and demand of the market, and for around five years they will have to safeguard all the information of the clients, of the transactions and even of the received correspondence. In this sense, these will be subject to the regulatory acts of the securities industry and traditional exchanges in preventing criminal activities and terrorist financing.

Besides legalizing cryptocurrency exchange platforms, the government recognized cryptocurrencies as a “set of registries” that had an added value and an owner. Also, the crypto mining industry was discussed by the government of Uzbekistan, and although it was not a widely debated topic, it is known that the state energy subsidiary, Uzbekgidroenergo, would be in charge for releasing electricity plans for mining.

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Crypto News

Bitcoin (BTC) Payments Reached 4,000 Merchants Via CoinGate and Lightning Network

The payment gateway CoinGate announced the launch of a platform that will allow transactions through Lightning Network (LN), facilitating Bitcoin (BTC) payments to about 4,000 merchants. The information was released on September 5th on the CoinGate blog and explains that Bitcoin (BTC) payments on the Lightning Network debuted in San Francisco, United States, during the TechCrunch Disrupt 2018 event.

The purpose is to allow payment with minuscule fees and obtain instant confirmations, according to the company statement, adding that it sought to reduce technical barriers for merchants while allowing users to enable or disable Lightning Network with the push of a button.

“Since LN (Lightning Network) has yet to undergo a full live usage test, CoinGate had to ensure that transactions were secure and, if an error occurred, the company was ready to cover its customers’ losses. However, during the 8-week trial, the system did not experience any significant errors and was ready to maintain high volumes,” stated CoinGate.

CoinGate launched the first Bitcoin (BTC) payments processing platform to adopt Lightning Network

CoinGate had shown a broad interest in collaborating with the development of Lightning Network since May 2018 when it had already enabled a tool for its users to test the network. Since then, the possibility of launching the system has been evaluated, and now it becomes one of the first Bitcoin (BTC) payments processing platforms to adopt this technology and manage one of the more than 2,000 LN nodes.

With this initiative, the Lithuanian-based company, CoinGate, claimed to be looking for innovative ways to solve Bitcoin (BTC) scalability problem, to which Lightning Network has been seen as a good option.

Despite a Diar study, published last June, that argued that Lightning Network is not as effective at routing payments as it is believed, other companies follow the same line of action as CoinGate. One of them, the BTCPay application, is enabling the possibility of running a Lightning Network node and perform transactions with Bitcoin (BTC) and Litecoin (LTC).

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Crypto News

The Best ICOs to Keep an Eye on in 2018

So far, 2018 has been a tough year for cryptocurrencies – let’s not even mention ICO investing. It’s a difficult situation to watch, since the Global Market Capitalisation has decreased a lot and the BTC power has increased by about 53%. When it comes to ICOs, the changes showed that investors are willing to take a less risk, things that led to small investments in the ICO market. So this meant longer sales and smaller returns at the exchange.

We’ve written this article to give you the best ICO’s to pay attention to in 2018.

Skynet

People know Skynet as being the AI blockchain chip for the Internet of Things – it allows connectivity between billions of gadget which are optimized with the help of a blockchain network.

When it comes to the IoT, gadgets should interact with each other in a secure and fast way, without the human help. The aim is for the gadgets to connect freely to reduce our everyday efforts. With the IoT, there’s trust between the gadgets, and the costs are reduced, since they eliminate the mediator and the data gets exchanged immediately.

Skynet seeks into replacing the IoT gadgets with a blockchain enabled chip that they can call their own, which is called Skynet Core. The aim is to connect millions of gadgets with the help of a blockchain network that can handle millions of interactions.

Blockcloud

This one is also seeking IoT. The aim is to become a solution when it comes to developing the IoT industry, by introducing a system that can reward users, miners and service providers.

Blockcloud will make the most out of SCN (or Service-Centric Networking), which is a web 3.0 idea that wants to use service names, and not addresses. Lots of gadgets won’t have the connectivity problem anymore, and they could interact without any kind of slowdown.

Uranus

This one has the aim to use a blockchain network in order to connect the shared processing power of the idle calculating gadgets. With the help of mobile phones, PC and laptops and through a dispersed blockchain network, they want to give shared computing power that can represent the rival of Microsoft, Amazon or Alibaba.

It’s true, their vision is not original, but it’s amazing how they can establish models. They give an alternative to some existing centralized cloud calculated service providers, so Uranus becomes an economic, decentralized substitute. They are expected to have an efficient program for a low cost – lower than the traditional methods.

ChromaWay

This one has worked at their own private blockchain from 2014. Along the way, they released SofiWay, which is a platform that leads the way of the early development of E-Krona, which is known as a digital currency.

We should also mention PostChain, which is ‘The First Consortium Database’ that collaborated with the National Bank of Sweden to make ‘The University Identity Hub’. You should keep in mind that they did all of this without the help of ICO.

Metabase

Metabase is a 3rd generation blockchain that talks about the problems that exist in the present chains and works on improving the technical and design limitation that come with the first generation protocols (like Ethereum and Bitcoin).

Their aim is to challenge the existing blockchain platforms, which introduce the new split chain concept. They split the blockchain structures into multiple chains that are formed. Then they split into two equal halves and then they again split – it really depends on the demand and the mining capabilities. This will go into a binary tree. As a result, the transaction times will scale effectively, because of the fact that the mining force will be split into multiple blocks.

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Crypto News

Iran Legalizes Crypto Mining, Causing Bitcoin (BTC) To Surge To $24,000 on Exir Crypto Exchange

The Iranian government publicly recognized crypto mining as an activity that forms part of the financial industry. The announcements were released on Tuesday, September 4th by Iran’s National Cyberspace Council. Consequently, Bitcoin (BTC) surged to $24,000 on Exir crypto exchange.

The recognition of cryptocurrency mining as a lawful activity in Iran comes from the ministries of Communications and Information Technology, Industry, Mining and Trade, Energy, Economic Affairs and Finance. These institutions, in conjunction with the Central Bank of Iran, are responsible for building the legal framework that will serve to regulate the mining activity in Iran.

Abolhasan Firoozabad, the secretary of the National Council of Cyberspace, said in an interview that the legal framework for crypto mining activity is still under construction and that “no final decisions have been taken,” but they plan to present the bill by September 22nd.

At the moment, no draft has been publicly presented that would allow the growing Iranian Bitcoin (BTC) ecosystem to know what the possible measures would be implemented.

Bitcoin (BTC) price surged to $24,000 on Exir thanks to the Iranian government’s acceptance of crypto mining

In April of this year, the Central Bank of Iran (CBI) outlawed the use of Bitcoin (BTC) across Iran, considering it to be a tool for money laundering. As a result, the country’s crypto exchange platforms lost the banking support of the national financial institutions.

However, this restriction was limited, but not eliminated, as the exchange of Iranian Real (IRR) for Bitcoin (BTC) is now possible on peer-to-peer platforms such as LocalBitcoins. On the other hand, Exir, another crypto exchange platform, noted that government recognition of crypto mining in Iran triggered the price of Bitcoin (BTC) to surge to about $24,000 (in IRR) on its portal.

Iran’s new decisions regarding the cryptocurrency ecosystem, as well as the plan on releasing a national crypto token, would function as a mechanism to circumvent the economic sanctions imposed against the country from the United States.

So far, no official information is known about the upcoming Iranian national cryptocurrency, but rumors pointed out to Hyperledger Fabric as the underlying technology for Iran’s token.

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Crypto Markets News

Goldman Sachs Postpones Its Plans On Launching Its Cryptocurrency Exchange Platform, Blaming the Unclear Regulatory Framework

The New York banking and investment group Goldman Sachs put aside its plans to trade cryptocurrencies, alleging that the regulatory framework for cryptos remains unclear, according to a press report released recently. However, Goldman Sachs, which would be preparing a cryptocurrency exchange platform, would have placed the project on its low priority list.

Goldman Sachs postpones its plans on launching a cryptocurrency exchange platform

According to Business Insider, Goldman Sachs would still be interested in participating in the cryptocurrencies market but, for now, its focus would be on other projects, such as designing a cryptocurrency custody service.

“In response to customers’ interest in various digital products, we are exploring the best way to serve them in this space. At this time, we have not concluded the goal of our offer,” an unidentified Goldman Sachs spokesman said.

This news confirms, to some extent, that Goldman Sachs’ customers have interest in cryptocurrencies, but the financial institution would offer such services only as an alternative that complies with the established regulatory framework surrounding cryptos.

Goldman Sachs is exploring the benefits of its emergence in the cryptocurrencies market since January

In January of this year, the bank denied press reports claiming that they were working to open a cryptocurrency exchange platform.

At that time it was Lloyd Blankfein, CEO of Goldman Sachs, who stated that “the company would have more openness to this type of investments whenever our clients request them.”

Last April it was also reported that Goldman Sachs hired an expert in crypto trading, Justin Schmidt, to explore the benefits of a Goldman Sachs crypto trading platform, which the financial institution is now postponing on the grounds of lack of cryptocurrency regulations clarity.

Is evident that Goldman Sachs is taking steps to get into the cryptocurrency universe, but, according to the latest information in this direction, the New York-based financial institution postponed its plans on releasing its own cryptocurrency exchange platform.

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