Québec Thinks Cryptocurrency Farming Without Added Value is Unfavorable

Québec cryptocurrency farming

The province of Québec is known for a lot more than just its poutine and coffee. In fact, Québec has quickly become one of the top locations for cryptocurrency farming. This has caused the province to become flooded with cryptocurrency mining operators from all over the world. While this might sound like it would be good business for the province, it hasn’t been all fun and games.

Québec Cryptocurrency Farming

In January, there were more than 30 applications to mine in the province. As a result, Québec is starting to worry that state utility Hydro-Québec “won’t …

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Ethereum’s Scalability Concerns Buoy Alternative Platforms

Ethereum may have emerged to be the dominant platform for the development of decentralized applications (dapps). However, issues concerning its scalability are starting to prompt developers to consider alternative platforms. Several notable projects have already moved on from Ethereum, choosing the likes of NEO and Stellar as their new platforms of choice.


The market also seems to be getting excited by the emergence of these blockchains. Established trading platforms like eToro are now starting to support NEO due to the token’s strong showing in light of the massive crypto market correction this February. Stellar was also kept afloat by these new partnerships. Increased adoption would only help further their respective standings in the crypto space.

This, however, should not take away from Ethereum’s accomplishments so far. The platform has been instrumental in ushering more participants in crypto activities. Many blockchain startups used the platform to conduct their token sales over the past year. It is also still currently the most popular blockchain and smart contract development platform. According to the State of Dapps, there are now over 1,090 dapps built on it. Ether, the network’s token, sits behind Bitcoin as the second largest cryptocurrency with a market capitalization of over $91 billion.

Usage is also on the rise especially now that more projects are gaining traction. The Ethereum blockchain already topped 160 million total transactions this February which is quite the feat since the blockchain has only been live since mid-2015. In comparison, Bitcoin’s blockchain has only recently reached 300 million total transactions even if it has already been around for nearly a decade.

Ethereum’s popularity isn’t without tradeoffs. As usage increases, the more scalability issues are brought to light. Unfortunately for the platform, scalability isn’t exactly its core strength. The blockchain currently uses a proof-of-work consensus algorithm which requires large amounts of computing power to perform. The network is able to handle around 10 transactions per second (TPS). This is quite low compared to Visa’s network which averages around 2,000 TPS and can handle a peak of 50,000 transactions.

The recent popularity of virtual game CryptoKitties emphasized Ethereum’s scalability concerns. The game, which allows users to own and breed virtual cats, proved to be quite the hit. The surge of transactions from the game during its launch last December bottlenecked the Ethereum network. This negatively affected the performance of other dapps running on the platform and was significant enough for several companies to reconsider their platform choice.

NEO and Stellar - Faster Alternatives to Ethereum?

NEO and Stellar – Faster Alternatives to Ethereum?

Messaging service Kik decided to move its Kin token from Ethereum to the Stellar network. Kin aims to facilitate transactions of digital services and content. Speed is crucial to such use cases. Because of this, Kik opted to use Stellar since it was specifically designed for quicker transactions. Green electricity startup Irene Energy also decided to move its planned token sale from Ethereum to Stellar for similar reasons. Stellar claims that its network can handle 1,000 operations per second. However, how this equates to TPS is unclear since Stellar also mentions that a transaction can consist of one or more operations.

NEO has also seen projects move to its platform. A couple of noteworthy ones that made the move are social media platform Narrative and data exchange platform PikcioChain. Narrative claims that NEO’s speed and scalability provide upsides for their platform. NEO is supposed to be able to handle 10,000 TPS by using a delegated Byzantine Fault Tolerance consensus mechanism. In addition, NEO charges no transactions fees for now making it attractive to startups. PikcioChain also considers NEO’s code to be more secure over Ethereum.

Ethereum’s development team hasn’t shied away from the issue. Founder Vitalik Buterin has long acknowledged the scale issues that hamper blockchain technologies. Part of the team’s plan is to implement new rules on the blockchain including shifting from a proof-of-work to a proof-of-scale consensus algorithm. The shift, dubbed the Casper update, has been long-awaited by the community but the team hasn’t revealed a definitive date for its rollout.

In the meantime, this wait provides the opportunity for other blockchain platforms to entice companies and developers to consider using theirs over Ethereum.

Will more projects switch from Ethereum to other platforms if scaling issues persist? Will the Casper update fix those issues? Let us know what you think in the comments below.


Images courtesy of Shutterstock, Pixabay

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Stellar (XLM) Soars While Monero (XMR) Slumps

Stellar (XLM)

Most of the cryptocurrency market, besides a few, is in the red as Saturday comes to a close.

Monero (XMR)

Monero had a solid run towards the end of the week and leading into the weekend, but has since corrected. Friday, the coin had jumped nearly 20% in 24 hours time, reaching a high of $373.68. Monero hadn’t reached that price point since late-January of this year.

News broke that there would be a hard fork of Monero, named MoneroV (XMV), in mid-March. Holders of XMR that use the Moneo Wallet will …

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Dubai Continues to Embrace the Blockchain, Announces Plans to Democratize Tourism

Dubai continues to lead the way in adopting blockchain technology, as the city seeks to keep itself 10 years ahead of the rest of the world.


Democratizing Tourism in Dubai

Dubai has officially announced its intention to democratize tourism by creating a virtual business-to-business marketplace for the travel industry, with an additional distribution channel for hotels within two years.

According to Arabian Business, tourism chiefs in the United Arab Emirates’ largest and most populous city hope to provide tourists from around the globe with a plethora of choices from the local tourism industry by utilizing the blockchain’s safe, transparent, and instantaneous environment. A statement by Dubai tourism chiefs explains:

It positions Dubai as a think-thank and innovation leader seeking to truly democratize travel.

The statement also makes clear the initiative’s intention of utilizing smart contracts to provide travel itineraries with transparent prices, allowing tourists to take control over their personalized travel plans.

Democratizing Tourism in Dubai

Democratizing Dubai’s tourism industry with blockchain technology serves three purposes. Firstly, it aims to increase the number of tourists by making it easier than ever to plan your own trip. Secondly, it prevents larger companies from overshadowing smaller companies – thus providing equal opportunity to everyone looking to turn a profit in the tourism industry. Finally, the initiative also facilitates competition in the space by affording newcomers and entrepreneurs the opportunity to get involved, which should increase employment.

Explained Helal Saeed Almarri, director general of Dubai Tourism:

We at Dubai Tourism are determined to carve a reputation as global leaders in tourism innovation, exponentially accelerating our ‘digital, mobile and social’ first strategy. Today travel is undergoing one of the most emphatic sectoral transformations due to the radical pace of technological disruption across every aspect of the consumer journey.

Building the Future on the Blockchain

This isn’t the first time Dubai’s famed 10X Initiative has promoted blockchain development in the UAE.

Launched at last year’s 5th World Government Summit by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chairman of the Dubai Executive Council, Dubai’s 10X Initiative aims to make the city’s government entities 10 years more advanced than the rest of the world in every way, shape, and form.

Building the Future on the Blockchain

As part of the initiative, Dubai’s Roads and Transport Authority recently announced its intention to create a blockchain-based vehicle management system, allowing owners to track their vehicle throughout the duration of its existence — from its construction to its destruction.

Do you think Dubai is successfully putting itself 10 years ahead of the rest of the world with its blockchain-based government projects? Let us know in the comments below!


Images courtesy of Pixabay, Pexels

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Robotina to Utilize Blockchain Technology to Modernize the Way We Interact with Energy

With a critical energy consumption problem currently plaguing the world, Robotina seeks to rethink the way we interact with traditional power networks. By deploying a myriad of modern technologies to optimize energy consumption, individuals will be able to not only save on costs but help save the planet as well.


A Growing Power Problem

With international energy consumption levels growing at an exponential rate and a variety of renewable sources entering the playing field, energy management has become an immense problem to systematize. To address this growing problem both a paradigm shift in the way individuals interact with the power grid and providers interact with consumers are required.

With decades of experience under their belt, Robotina is stepping in to address this problem at both a business and consumer level. The key to the problem deals with bridging the gap between energy providers and consumers, effectively creating a collaborative effort in which both consumption and delivery of energy are efficient and streamlined. With tested solutions, modern technology, and a unique three-pronged approach, Robotina poised to have an immense impact in this field.

A Growing Power Problem

From Purchasing to Power

Robotina has developed a unique system combining the best elements of the internet of things (IoT), artificial intelligence (AI), and blockchain technology to not only modernize energy consumption processes but allow individuals to reduce their costs, and effectively increase both their safety and security.

Robotina is unique in that they are also a manufacturer with their own in-house research and development team. The first step in the process at the consumer level involves Robotina’s proprietary energy based IoT device.

After receiving Robotina’s unique Energy Management System (EMS) device, consumers can start reducing their consumption by monitoring and optimizing their entire usage cycles. The EMS device collects data that is then used to benefit the user by optimizing consumption patterns through their unique AI implementations. Additionally, users earn the platform’s native token through group energy purchases and data sales, which they can then use for additional services provided by Robotina.

The Robotina token (ROX) will power the platform and operate all utility featured in the ecosystem. Token holders will be able to verify their status on the platform, participate in group energy purchasing, receive discounts on services provided by the platform, and utilize the Robotina App Store. A massive 70% of the tokens are being offered to crowd sale participants, ensuring a democratic distribution and increased number of platform participants.

From Purchasing to Power

A Competitive Landscape, But a Serious Advantage

Although competitors such as WePower and Power Ledger currently operate in the blockchain-powered energy space, Robotina offers both a wider array of technologies and existing practices that could potentially establish them as the top project to watch.

While WePower and Power Ledger offer blockchain-based solutions, Robotina ups the ante by deploying both their IoT devices and AI services to optimize consumption levels and monitor performance levels. Robotina also owns patents on their technology and has an existing business track record as well. Aside from software development and financing, Robotina’s main driver is automation which is geared toward easing the entire process on the consumer end.

Although all three offer a form of existing marketplace solutions, Robotina is the only project to offer both hardware and software services, a community-based data exchange, energy crowdfunding, and fault detections.

Robotina’s presale is currently taking place with a 10% bonus. For more information about Robotina, visit their website and check out their white paper. To reach the team directly with any questions, make sure to check out their Telegram channel.

Do you think Robotina has what it takes to revolutionize the way we interact with and purchase energy? Do you think these forms of both automation and detection could help efficiently clean up the planet? Let us know in the comments below!


Images courtesy of Robotina, Pixabay, AdobeStock

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Uber Creator Founds New Cryptocurrency ‘ECO’ – How Can You Get Involved?

Eco

There’s a new cryptocurrency coming – ECO – but how is it connected with Uber? According to the report by Fortune’s Robert Hackett, Uber co-founder Garrett Camp is planning to start his own cryptocurrency.

The goal of Camp’s crypto is to solve the technical challenges that hinder many current cryptocurrencies, such as the scalability issues of Ethereum, along with other challenges.

Camp told Fortune that he hopes to bring crypto back to its origins as “an instant, affordable, and borderless means of payment for the masses.”

Camp has long been a supporter …

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TOSS: The Future of Betting Industry

How the Blockchain Could Help Revolutionize the Betting Sector

PROOF OF TOSS is a betting ecosystem on the blockchain. The aim of this project is to revolutionize the gaming industry with the help of cryptocurrency’s underlying technology.

The TOSS ecosystem is a revolutionary project that aims to bring the blockchain into the gaming sector. Through this platform, anyone will be able to create a wager, bet, and judge. The aim of all activities on this platform will be to win TOSS tokens. The main difference between PROOF OF TOSS and others utilizing the blockchain is that they also cater to existing bookmakers and other parties in the betting sector.

About the Developers of the Project

With years of experience in the gaming sector, the developers of the PROOF OF TOSS project were at the helm of the Bitcoin revolution. As early as 2011, they have been benefiting from the new opportunities made possible by the blockchain. They now feel confident enough to put all the expertise and experience they have in this sector to good use. The main reason why they settled on the blockchain is that the sector is worth $400 billion today. On top of that, it is expected to continue growing annually.

After much discussion, they settled on the gaming industry. They hope to introduce smart contracts to this industry. By doing so, they will bring better odds, lowered fees, increased market coverage, better margins, and an opportunity for everyone in the ecosystem to benefit.

They will Democratize Gambling

One of the major issues in the gaming sector is the lack of trust. Whenever you place a bet online, you are putting trust in numerous intermediaries. Firstly, you have to trust the payment provider. Then you must trust the operator of the site to place a bet on the outcome you choose.

You also have to trust them to return the profits to you if the bet succeeds. The operators also have to place their trusts in agents, employees, and all those around them to deliver the desired results. At the end of it all, everyone wants his or her cut, which makes it hard for you to win. This system is decentralized and non-profit; its only aim is to democratize the betting sector.

Token Sale

There will be a billion TOSS tokens generated. The project has a hard cap of USD 50,000,000. The sale goes live in about fifteen days.

At the moment PROOF OF TOSS is going through a closed presale stage. For more information about the closed presale or the project contact the PROOF OF TOSS team, personally on Telegram.

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Liechtenstein’s Bank Frick is Offering Cryptocurrency Investments and Cold Storage

Liechtenstein-based Bank Frick is now giving its clients the ability to buy Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum, while also promising to secure their cryptocurrency purchases from cyber attacks with backed-up cold-storage wallets.


You Don’t Have to ‘Be Your Own Bank’

While many of Europe’s larger banks have taken a negative stance towards digital currencies, Bank Frick – a small independent family-run bank in Liechtenstein – is opening its doors to clients looking to invest in the young cryptocurrency market. Explained Chief Client Officer Hubert Büchel:

Our services are in high demand from companies across Europe. The companies know that we reliably support them in implementing their cryptocurrency and blockchain business models in accordance with existing European regulations. Our goal is to bring crypto banking at least to the level of quality of classic banking.

According to ZeroHedge, Bank Frick is also protecting clients’ cryptocurrencies with cold storage wallets – widely considered to be the safest option for protecting cryptocurrency investments long-term, thanks to their offline nature. Additionally, backup copies of clients’ wallets will be stored in a “geo-redundant and secure manner.”

Chief Client Officer Hubert Büchel

Bank Frick’s new offering is set to open cryptocurrency’s doors to a whole new base of clients. Explains Büchel:

With our new offering, financial intermediaries such as asset managers and trustees can successfully differentiate themselves in the market and offer their customers added value. Intermediaries and their clients can easily get to know a new, exciting universe with these direct purchases, diversifying them and investing them without correlation to other asset classes. Investments in cryptocurrencies are highly speculative, which is why only a small amount of admixture in the portfolio is advisable.

Playing by the Rules, Ahead of the Curve

Bank Frick is not only looking to protect their clients’ investments, but also their own operations.

The bank is regulated according to both Liechtenstein and EU/EEA law and will safeguard itself from money laundering or other criminal activity by thoroughly ensuring funding sources are legitimate.

Chief Executive Edi Wögerer

Bank Frick has long been taking a crypto-friendly focus, effectively putting themselves ahead of the curve when compared to Europe’s big banks. Chief Executive Edi Wögerer previously stated:

There are risks involved but there are also really big opportunities. We know what to do from a security perspective so this is a big opportunity for banks like us.

Wögerer also previously claimed that larger banks were “scared” of crypto and that “because they don’t understand them, they feel threatened.”

Would you be interested in directly investing in cryptocurrency with a family-owned bank offering cold-storage wallets? Let us know in the comments below!


Images courtesy of Wikimedia Commons, BankFrick.li

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Shocker! Cryptocurrencies Are ‘Failing,’ UK’s Central Banker Says

Canadian economist Mark Carney — who also serves as the Governor of the Bank of England and Chairman of the G20’s Financial Stability Board — has called for greater regulation against the “anarchy” of cryptocurrencies, despite claiming that “they’re failing” and are not a threat.


‘They’re Failing’

Canadian economist and Bank of England Governor Mark Carney unsurprisingly continued his anti-Bitcoin and anti-cryptocurrency rhetoric this morning in a speech to Bloomberg — in which he threw about as much FUD (Fear, Uncertainty and Doubt) as one in his position can possibly throw.

In his speech, Carney praised the blockchain technology which underlies Bitcoin and cryptocurrency, but made every effort to put down cryptocurrency as a whole. He said:

The short answer is: they’re failing. Cryptocurrencies are poor stores of value. Over the past 5 years, the daily standard deviation of Bitcoin was 10x that of sterling […] This extreme volatility reflects that the cryptocurrencies have neither intrinsic value nor external backing. Their worth rests on beliefs about their future supply and demand — ultimately about whether they’ll be successful as money.

In addition to making an attempt at justifying his argument by mentioning that those who would’ve taken out student loans in Bitcoin — which is simply an ill-advised financial strategy — in December would be at a 50 percent loss, while those who did the same in September would be up significantly, Carney continues to spread uncertainty by stating:

Thus far, rather than a sober assessment of their future prospects, the prices of many cryptocurrencies have exhibited all the classic hallmarks of bubbles, including new paradigm justifications, broadening retail enthusiasm, and extrapolative price expectations reliant in part on finding the greater fool.

And far from being strengths, the fixed supply rules of cryptocurrencies are serious deficiencies that would impart a deflationary bias on the economy. If those who cannot remember are condemned to repeat it, recreating a virtual global gold standard would be a criminal act of monetary amnesia.

Nocoiner Credo: Blockchain Not Bitcoin

Of course, Carney doesn’t want to be ‘the bad guy,’ and thus makes sure to reminds everyone that blockchain is good, as long as it plays by the rules of governments and financial institutions. He stated:

A better path would be to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system. Being part of the financial system brings enormous privileges, but with them great responsibilities. … [Cryptocurrencies’] core technology is already having an impact. Bringing crypto-assets into the regulatory tent could potentially catalyze innovations to serve the public better.

Of course, Bitcoin largely came about because Carney’s financial system wasn’t particularly ‘safe and sound’ — at least, not for all those who lost their homes and jobs during the 2008 Financial Crisis, which ultimately saw many traditional financial institutions rewarded for actually failing.

Meanwhile, let’s not forget that the World Gold Council recently acknowledged that cryptocurrencies pose a threat to central banks.

But who knows what Carney will say about Bitcoin next time he gives a speech — aside from everybody?

What do you think of Carney’s speech to Bloomberg? Do you think he has a point, or is simply throwing FUD as he’s worried about Bitcoin’s potential to undermine the Bank of England? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter, Wikipedia Commons.

The post Shocker! Cryptocurrencies Are ‘Failing,’ UK’s Central Banker Says appeared first on Bitcoinist.com.

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Sharpay ICO – We Share because We Care

Sharpay launched today. What is Sharpay? It’s an ICO built around sharing on the internet.

Sharpay

Sharpay is looking to make sharing even easier. Sharing things one by one to different social media sites will be a thing of the past with Sharpay: now, there will be one button to do it all. With one click, whatever you like from the internet can be shared to all followers across all social media sites.

The ability to multishare already exists. The main difference with Sharpay is that cryptocurrency becomes involved. Sharpay has been built on …

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