Binances co-founder, Yi He, gave The Age of Blockchain Exchange 2.0 presentation at The 4th Global Blockchain Summit 2017 on August 16th, 2017. In her presentation, Yi He shared the status quo of Binance and talked about significant strategies of Binance. The following is Yi Hes words in her presentation.

Blockchain assets enter to 2.0 age, and Binance aim to be the NYSE in cryptocurrency industry

People are familiar with the traditional exchange, and we can separate the exchange into two phases, exchange 1.0 and exchange 2.0.

In exchange 1.0, you exchange your fiat money to BTC or any other crypto currency. This is just like the currency conversion business. This is very similar to exchanging l RMB to the USD.

Let me explain this with the help of an example, you normally deposit US dollar to your account; at Binance, you deposit Bitcoin to your Binance account, and then you can trade coins just like trading stocks on the stock exchange. You can see that we are now entering a Bitcoin NYSE or NASDAQ age, and Binance is following the footstep of NYSE and revolutionizing the blockchain asset industry. These coins that you buy from Binance is comparable to shares you buy on the stock exchange.

As the fastest growing cryptocurrency exchange, Binance provides the platform to the high-quality ICO projects at the same time. The third thing to do is the blockchain media and finally the blockchain fund.

Binance will release its ICO platform soon.

The first project is TRON.

The second one is Liuliang ore, created by QvodPlayer team.

The third one is created by Yan Mu, founder of baihe.com.

All the projects have a pretty solid team and valuable products.

Binance will launch a video media for blockchain BABI Finance, and launch a 100 blockchain celebrities project as well. If you know some elites in this industry, kindly recommend them to us. Our mission is to spread the awareness about blockchain, ICO, and cryptocurrency. If everyone knows about these terminologies, people will not think we are the Ponzi Scheme or another bubble in the economy.

In order to promote this industry, Binance decides to set up the blockchain fund. The fund will choose good projects on our ICO platform and put their coins on Binance exchange. Our media will promote these high-quality projects to the market and build our own eco system. In this eco system, all the payment will be paid by BnB, include fund, primary market, secondary market and the media.

We will be a huge player in the industry only if more people know about us. The blockchain is just a newborn baby, and we will try our best to rebuild and grow.

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Binance Remarks Cryptocurrency Industry to Build the New Echo - newsBTC

Cryptocurrency exchange ShapeShift has acquired the bitcoin hardware wallet startup KeepKey, the two firms announced today.

ShapeShift will continue to use the KeepKey brand and its staff will stay on to continue working on the hardware product line, according to today's announcement. KeepKey had originally integrated with ShapeShift by way of its API last summer.

The deal the terms of which were not disclosed represents the first acquisition of a startup specifically focused on hardware products.

"This partnership will not only guarantee the future success of the KeepKey brand and product line, but joining the ShapeShift team will enable us to focus on continuing to work on developing better technology and security for crypto-holders,"Ken Hodler, KeepKey's chief technology officer, said in a statement.

The deal comes months after ShapeShift closeda $10.4 million funding round. At the time, the exchange drew on a list of backers that includedEarlybird Venture Capital, which led the round.

It also follows a move by KeepKey toend its supportlate last month for the long-running MultiBit bitcoin wallet. KeepKey first acquired MultiBitin May 2016.

Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in ShapeShift.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

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Cryptocurrency Exchange ShapeShift Acquires Bitcoin Wallet Startup - CoinDesk

TORONTO

Canadian financial regulators have approved the public sale of a new digital currency in the country's first official endorsement of money created independently of the government or central banks, company officials said on Wednesday.

Produced with digital encryption techniques, cryptocurrencies like Montreal-based impak Coin allow users to create their own money supply - with potentially significant impacts for how wealth and property rights are controlled.

Impak Coin has already raised more than C$1.5 million ($1.18 million) for the new currency and plans to launch an Initial Coin Offering - or a public sale of the digital money - this month.

By allowing people to create a new currency, the project aims to reduce the power of big banks in determining how property rights are managed and money is created, said Paul Allard, chief executive of impak Finance, the social enterprise behind the project.

"It is up to communities to decide how to manage a currency, it is not only for the government to decide," Allard told the Thomson Reuters Foundation.

'No need for government'

Throughout modern history governments have had control over how money is created and the power to enforce contracts and determine how goods and services are transferred.

Cryptocurrencies - through blockchain, the information storage and database system they use - have challenged that power, said Simon Trimborn, a professor at the Free University of Berlin who studies digital networks.

"The link between cryptocurrencies and individual property rights is the information storage and transaction system behind cryptocurrencies, the blockchain," Trimborn told the Thomson Reuters Foundation.

"It is a database which can guarantee property rights while there is no need for relying on a company or government."

Contracts are made digitally between peers and transactions are often conducted without government oversight, reducing the state's power over the market.

The move by financial authorities to approve the sale of the digital money means "confidence and trust for investors", said Jean-Philippe Vergne, a professor at the Ivey Business School in Ontario, Canada, who studies cryptocurrencies.

"We are observing a profound change in the nature of capitalism," Vergne told the Thomson Reuters Foundation. "For the first time we have a technology that allows us to remove intermediaries such as government or central banks."

Digital impact

Impak Finance hopes to raise up to C$10 million from its first sale of coins. Users who buy the new currency will be able to spend it via a mobile wallet connected to their phones.

More than 500 businesses have signed up to accept the new currency when it launches, Allard said.

He expects that will grow into the thousands as the project develops a "critical mass" of users, leading to more buyers and sellers making transactions.

Users will be able to exchange impak coins for traditional money which will be credited to their accounts after an initial waiting period in order to stop speculators from causing volatility in the currency's value, Allard said.

Impak Finance will initially keep 40 percent of the money invested in the new currency as reserves in order to have cash on hand if users want to exchange it for traditional money.

Only businesses adhering to social and environmental standards are able to use the currency, said Allard, who hopes consumers interested in ethical purchasing will be attracted to the plan.

The "impact economy" - a small but growing sector that seeks to put the achievement of social good at the center of business - is expected to grow by more than 15 percent next year in North America, Allard said.

New type of property

Impak Finance will be entering a crowded market of new digital currencies, analysts said.

Following the growth of bitcoin, the most well known cryptocurrency, there are now more than 1,000 similar digital currencies being traded over the internet, said Arvind Narayanan, a computer science professor at Princeton University in the United States.

Most of these new digital offerings, however, are used for speculation - investors hoping the currency will gain popularity and then rise in value - rather than buying and selling tangible goods and services, Narayanan said.

"People are trying to get the state out of money and various forms of property," Narayanan told the Thomson Reuters Foundation. "regulators and law enforcement are trying to adapt to a new technological development."

($1 = 1.2707 Canadian dollars)

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Canada Approves First Cryptocurrency Sale in Property Rights Shake-Up - Voice of America

It is now just over two weeks the Bitcoin split happened creating a new currency - Bitcoin Cash. To make intelligent decisions on where Bitcoin may be headed, it's imperative to take a look at how this historic fork has impacted the cryptocurrency landscape.

Trace Schmeltz at Barnes & Thornburg LLP explains what is crystal clear: the Bitcoin market has become more valuable than ever.

"By all accounts, this new currency is now the third most valuable cryptocurrency in the world, despite a slow start out of the gate," Schmeltz says. "The Bitcoin market both BTC and BCC - is more valuable than ever before. It would appear that the market has reacted favorably to this early test of currency run by the masses -- what appears to be democracy in action."

Schmeltz explains the recent fork demonstrates that a currency without a central governing body can survive controversy. "Here, of course, a large number of BTC community-members firmly believed that the 'segregated witness' methodology some members wanted to adopt to expand Bitcoin violated core principles of the first cryptocurrency," Schmeltz says. "So, they 'split off,' or created a fork in the distributed ledger, to form BCC -- Bitcoin Cash."

Ryan Radloff, head of investor relations at XBT Provider, explains there have been multiple forks in Bitcoin's history. "In a funny way, it's a feedback mechanism or voting system by the community to choose which version of a protocol upgrade they believe is best for the coin," Radloff says. "The strongest and most fit will survive, just like anything in life."

But the reasons for the fork, of course, are complex. Radloff explains it happens when a suggested protocol upgrade (code-base update) is not supported by the entire network and thus, the entire network does not upgrade or implement the change.

"At this point, there are two versions of the codebase, with a shared history that diverges at a specific point in time --at which point all future transactions are unique to each codebase and recorded on a different blockchain," Radloff says. "With respect to the recent Bitcoin fork which resulted in Bitcoin Cash: a rule in the original protocol limited the number of transactions per second."

This has created drawbacks as the scale of the network has grown larger. As a result, a group of developers who maintain the network, alongside the core Bitcoin developers, created a rival token known as Bitcoin Cash, designed to allow more transactions per second.

"The core development team also implemented a solution which makes it easier to build protocol on top of the Bitcoin network which allows faster transactions," Radloff says. "This approach has seen widespread adoption and is allowing the network to scale up - likely a partial driver of the most recent rally."

All is not hunky-dory in the Bitcoin world and we must acknowledge prepare for further problems.

Are you investing in cryptocurrency? Don't miss TheStreet's coverage:

Aaron Lasher, co-founder and CMO of Breadwallet, noted thatBitcoin has a scaling problem and can only clear about three transactions per second.

"Due to its popularity, it's operating at max capacity," Lasher says. "The fork was the culmination of almost three years of heated debate about how to scale bitcoin so that it can process transactions more quickly. Two sides had very different solutions, each with trade-offs that require deep knowledge in computer science, technology, and economics to fully comprehend."

Lasher explains that, ideally, the community of developers, miners and users would have come to a consensus and preserved the network as one Bitcoin, but that didn't happen and the network split in two. The landscape has changed, because now neither scaling solution is hypothetical; they are both in the wild, where they will compete for dominance in the marketplace.

This is what a top bitcoin player is doing right now.

Is another Bitcoin fork for possible?

"Regarding another split or fork for Bitcoin - generally speaking spin-off's are good for both entities - old one and newly created," says Krzysztof Kolaczynski, the founder of STABLE, a company which aims to reduce the inefficiencies existing in cryptocurrency markets and stabilize them. "But inthe nearest future, I don't think that another fork would be good for Bitcoin."

"The worst possibility for me at this moment is arranging in the near term another fork - that could put the trust under the danger and I am afraid that it would trigger a cascade reaction of new forks and we don't know what would be the consequences,"Kolaczynski adds.

Kolaczynski explains we should wait at least couple of months in order to see if Bitcoin and Bitcoin Cash benefited both entities arranged into this deal.

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Will the Bitcoin Fork Continue to Boost the Cryptocurrency's Value? - TheStreet.com

The value of all Bitcoins in circulation has grown by quite a margin these past few years. Going from a worthless cryptocurrency to a disruptive financial force has been a powerfulexperience for everyone who has followed Bitcoin since the early days. Moreover, we have seen other popular currencies emerge as well. Amazingly, the current overall cryptocurrency market cap is greaterthan the sum of broad money in the 64 poorest countries in the world. In other words, all of cryptocurrency is worth more than one-third of the countries on this planet combined.

The people who ignored cryptocurrency over the past few years will receive a wake-up call very soon. In fact, the value of all cryptocurrencies combined has taken on such proportions that it is difficultto remember none of these currencies had any value a decadeago. In fact, most of the cryptocurrencies in circulation today did not even exist a few years ago. A lot has changed in the world of money, to say the least.

At the time of writing, the total cryptocurrency market capitalizationis nearly US$139 billion. Earlier this year, that numberwas hovering well below the US$60 billion mark. A lot of money has been poured into cryptocurrencies these past few months, and it looks like the overall bullish trend will not berelenting anytime soon. There is still a lot of volatility incryptocurrencies, but things are slowly falling into place on a global scale.

Bitcoin is still the clear market leader. Its own market cap is nearly half that of the overall cryptocurrency market at themoment, and no competitor has even come close. This also goes to show that without all of thoseother currencies, the cryptocurrency market cap would be half of what it is right now. There is a clearly defined relationship between Bitcoin and all of the alternative cryptocurrencies in existence. So far, this system seems to be working quite well, despite the challenges encountered along the way.

Looking at the bigger picture, the total cryptocurrency market cap is larger than the sum of the stock of broad money in 64 countries aroundthe world. That may not saymuch to the average person, but it means all cryptocurrencies combined are worth more than one-third of all of the countries combined right now. This is quite a milestone for this fake internet money some people so readily dismiss to this very day.

This list of 64 countries includes regions with which manyreadersmay not be familiar. There is a lot of poverty in the world today and the graphic aboveillustrates that point perfectly. Most of the countries on this list are located in Africa and Middle America, which comes as no real surprise. It also includes nationssuch as Kyrgyzstan, the Maldives, Belize, Georgia, and Barbados. These are not the biggest countries in the world, but they suffer nonetheless fromthe same old problems caused by the current financial ecosystem which need to be addressed.

As ofAugust 14, Bitcoin has surpassed the US$4,150 mark for the first time, yet this may very well be only the beginning of its full growth potential over the next few years. Other currencies such as Ethereum, Dash, Monero, and Litecoin are only just starting to shine as well. In a few years from now, we could be talking about multi-trillion dollar cryptocurrency market caps. If that were to happen, cryptocurrencies combined would easily surpass the sum of the stock of broad money in over 50% of the worlds countries, if not two-thirds.

All of this goes to show cryptocurrency should not be ignored. Even though not everyone will invest in Bitcoin or altcoins nor should theyif they havent first done their research it is a good time to start paying attention to this industry. Cryptocurrencies may not displace traditional currencies anytime soon, but they are certainly making a lot of waves right now. It will be interesting to see how this situation evolves over the comingyears.

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Total Crypto Market Cap Is Greater Than Money Stored in 64 Countries Combined - The Merkle

Cryptocurrency has always been intriguingto governments aroundthe world. This is not for their own gain, but mainly because crypto is oftenperceived as a majorthreat to theireconomic and political power. A new foreign sanctions billsigned by President Trump could spella very difficult future for cryptocurrency as a whole. Under the law, specific foreign governments are asked to monitor cryptocurrency circulation to combat terrorism and illicit financial trends.

Every time a new piece of legislation is signed and turned into law,there is reason for concern. This has beenespecially true in the world of Bitcoin and cryptocurrency as of late. The so-calledCountering Americas Adversaries Through Sanctions Actmay bring a lot of problems to the cryptocurrency world in the near future. Among other things, the law coversanti-terrorist financing and combating illicit finance trends. It also touches oncryptocurrency in its current form, which is considered an illicit finance trend.

As a result of the new law recently signed by President Trump, severalforeign governments are requiredto take actionby monitoring cryptocurrency circulation within their borders. The countries affected by this directiveare Russia, North Korea, and Iran. Two out of those three would not seem to becausing significantproblems for cryptocurrency, as neither Iran nor North Korea is particularlyactive in the Bitcoin industry.

The exception is Russia, a country which has finally shown some appreciation for cryptocurrency in recent months. With thenew lawin place, the Russian government would effectively have to crack down on cryptocurrency usage once again. Although the U.S.proposal was designed to help counter terrorist financing, there has never been any evidence of cryptocurrency beingused to successfully fund such operations. For some unknown reason, governments are still eager to connect the two topics.

It is certainly true that cryptocurrencies have created new money flows which remain largely unregulated. That is a problem for any government, even though it has become clear that regulating cryptocurrency isa futile effort. The onlything governments can do is go after the companies who facilitate such transactions, including exchanges and brokers. Even then, cryptocurrencies can still be traced in a peer-to-peer fashion without relying on centralized platforms subject to governance.

The recently passed law callsfordiscussion of trends in illicit finance including forms of value transfer such as cryptocurrencies. Additionally, it requires the collection ofdata regarding cybercrime or other threats that may be identified by the U.S. government in the future. Thisis not the first time we have seen such adirective, as a similar proposal was made by the U.S. Department of Homeland Security in May 2017.

All of this goes to show that the U.S. government is willing to attackcryptocurrency as a whole. Specifically, the countrycontinues to impose its vision onother nationswhere Bitcoin can make a big difference, such as Iran, Russia, and North Korea. Having a global currency that could remove the need for the dollar is understandably a significantconcern for the U.S. It will be interesting to see how this lawimpacts cryptocurrency in the future if at all.

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US Law Labels Cryptocurrency Illicit Finance Trend - The Merkle

The working group on crypto currencies at Russias State Duma monitors Bitcoin price moves and still has to establish a common stance for all parties involved in the legislative process.

There has been some serious speculation about Russias plans to legalize Bitcoin and its likes. This has been due to a large extent to comments like those made by Russias Deputy Finance Minister Alexey Moiseev, who said in April this year that Russia may recognize bitcoin and other cryptocurrencies as legal in 2018. His comments were followed by more moderate statements, including ones by the Maxim Grigoriev, Chief of the Centre for Financial Technologies at the Bank of Russia, who said it was too early to talkof legalization of crypto currencies in Russia.

The latest news concerning the coming cryptocurrency legislation in Russia are in tune with the more sceptic stance on the matter.

In an interview with online news source Invest-Foresight, Elina Sidorenko, who heads the working group on cryptocurrencies at the State Duma, the lower chamber of the Russian parliament, said the bill for regulating Bitcoin and its likes is about to get delayed.

Ms Sidorenko explained that the bill, which was originally set to be ready in October, will be ready in the winter at the earliest. She mentioned several factors for the delay the need to establish a common position for all institutions involved in the process, as well as the recent Bitcoin price fluctuations, which raise additional questions about the vulnerability of crypto currencies.

Ms Sidorenko said that at present there are discussions on whether cryptocurrencies need a new law altogether or should an existing law (or laws) be amended to cover Bitcoin and its likes. In case of the latter, there has to be consensus on which law(s) should be amended.

Another important discussion topic is the nature of crypto currencies. There is disagreement on whether they should be treated as means of payment, derivatives, digital assets, etc.

Ms Sidorenko concluded that there is a chance that the cryptocurrency legislation will be passed into a law in 2018, but added that the timing depends on market developments.

In July this year, Russias Internet ombudsman Dmitry Marinichevalso commented on the coming cryptocurrency legislation in Russia, saying that it will partially resemble that of Japan, and will also have elements of the New York DFS licensing system.

Regarding Bitcoin trading, however, he was rather sceptic, and said that although the long-term perspectives for cryptocurrencies are good, he would not recommend to Russians to participate in Bitcoin trading in the near future, as the risk of loss is too high.

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Russian cryptocurrency legislation faces delays amid Bitcoin price ... - FinanceFeeds (blog)

Jackson: That brings to mind the recent investor letter which Oaktree's Howard Marks sent out in which he said that Bitcoin and other digital assets aren't real. What do you say to that?

Sacks: Marks isn't wrong to raise an alarm bell about speculation, but he's wrong in saying it's not "real." That's like saying software isn't real. Of course it's real.

Did the U.S. dollar become less real when it stopped being backed by gold? Cryptocurrency is the next step in that same evolution to make currency more virtual.

In its purest form, currency is confidence. It's a network effect around an agreed-upon medium of exchange that has some promise of scarcity. Bitcoin enforces its scarcity through a combination of cryptography and economic incentives ("cryptoeconomics"). A lot of people find that more comforting than relying on the good faith of a government. In math we trust.

People in the U.S. and especially longtime participants in the U.S. financial system have tended to underestimate bitcoin because we have long enjoyed relatively stable political and financial systems. People in parts of the world with less trusted systems have gotten it sooner because almost anything would be preferable to having their life's work trapped in a fiat currency that could collapse or be confiscated at any moment.

Jackson: If the current moment with cryptocurrencies is like the dot-com era, does that make it a bubble, and if so are we in 1995 or 1999?

Sacks: The technology is probably 1995 and the pricing is either 1999 or getting close. It's a combination of something real with a lot of speculation.

What I've been trying to figure out is: Who are the good teams and interesting projects in the space? Also I've been trying to understand the future regulatory environment and invest only in companies that have structured correctly and are likely to survive the inevitable crackdown.

I think the trigger for a big correction is more likely to be regulatory than technical. The SEC provided some important guidance in its DAO report a couple of weeks ago, but we will learn a lot more if there's an enforcement action. That's going to be much more important to the future of this movement than the dreaded bitcoin fork that occurred a couple weeks ago and turned out to be a Y2K-like non-event.

Jackson: So is there going to be a similar three-year nuclear winter when the bubble bursts like what happened after the dot-com boom?

Sacks: Hopefully it will be a soft landing rather than a nuclear winter. It could be a positive thing if all the scammers and pumpers get washed out of the space.

There's going to be a correction though. Many of these ICOs are still just slideware but are getting a Series D type of valuation. They don't deserve that type of valuation at this stage of development. That will rationalize at some point.

Jackson: How are ICOs and future SEC regulation going to mesh?

Sacks: Hopefully the SEC distinguishes between "protocol coins" (which have an actual use in a software ecosystem and should not be viewed as securities) and "asset coins" (which are securities). The public policy think tank CoinCenter has done some excellent work in laying out the legal frameworks and policy rationales for this.

Until now, most of the action in ICOs has been in protocol coins. The better projects have worked hard to structure their tokens so they are not securities.

However, I believe we will soon see the emergence of asset coins (aka traditional asset tokens). These will be securities. It must be done correctly, but it's going to be an exciting area.

Jackson: What securities could tokenize?

Sacks: Almost any illiquid asset today lends itself well to moving onto the blockchain and becoming tokenized. It will create a deeper market with improved price discovery and should increase the value of those assets.

In the long run, even liquid assets like stocks could move onto a blockchain because of the benefits of this platform.

Ultimately this is a technology for maximizing the efficiency of every asset, means of ownership, fluidity of markets, and mechanism of payments. The goal is the optimization and maximization of the world economy. That may make it the biggest revolution of all.

Jackson: Are digital assets and tokenization a long-term threat to traditional venture capital?

Sacks: Yes in two ways.

First, a lot of start-ups that would have sought venture capital can now raise money through an ICO. I've called this "crypto capitalism" in contradistinction to venture capitalism.

The terms of crypto capital are more favorable to entrepreneurs than venture capital. So any start-up that can ICO will ICO. Whether a start-up can ICO will depend on technical and regulatory suitability, but it could ultimately be a very large category of start-ups.

If so, that will certainly challenge VC. Larger VCs who would typically invest after the ICO will have to compete with hedge funds, which is not a great place to be. VCs who want to invest before the ICO will have to compete with angels to offer a real value-add.

Second, at the level of the VC's own investors, I think LP interests are likely to be tokenized, along with most other illiquid assets. The prestige VC firms will resist this, but there are already a few new VC firms at the margins that are tokenizing. Soon, a few more will do it. Then a few more. Eventually, illiquidity will be a competitive disadvantage in fundraising that only the top firms will be able to justify.

All of this being said, the SEC's rulings in this area will have a huge impact on how this plays out. If those rulings support innovation, that will lead to a more competitive world for VCs, whose world is already quite competitive. But that world will also be more frictionless and efficient.

Sacks posted a tweet storm about this idea:

Jackson: What are the biggest challenges that still lie ahead for cryptocurrencies?

Sacks: I see three big areas for concern: scalability, slideware and regulatory.

First, the number of transactions per second that either bitcoin or ethereum can handle is still orders of magnitude less than what PayPal or the Visa network can do. It's been estimated that ethereum, which is the main developer platform for decentralized apps, would need a 250x improvement to run a 10 million user app and 25,000x improvement to run a billion-user app like Facebook. That improvement requires real work and involves some risk. There's a product roadmap, but it's going to take years.

Second, most of the ideas out there today for ICOs are still just white papers, or what we used to call "slideware." There is a lot of execution risk in turning these ideas into usable software that actually gets adopted. One fortunate effect of the crypto boom is that it has been helpful in attracting talent to the space. We will need that migration of talent to continue in order to realize the potential.

Third, as we've discussed, will be the extent and nature of regulatory acceptance. The eventual rules governing the application of securities laws to tokens will have a major impact on adoption and innovation in the space, at least in the United States. There is some risk that if the wrong regulatory regime gets adopted in the U.S., then the center of innovation could move to other countries. If blockchains are the next internet, that would be a very unfortunate development for the U.S.

Jackson: We have bitcoin and ethereum plus a number of smaller, lesser-known currencies out there including the new Filecoin ICO. What lesser-known currencies intrigue you most?

Sacks: I prefer to think in terms of use cases, rather than recommending specific currencies. The most promising use cases to date are: store of value, payments, crowdfunding, file storage, identity management and authentication, prediction markets, escrow, title chains, notary chains, provenance, and supply chains. There are 1,500 ICOs already launched or announced, plus many other blockchain companies, so there's a lot more to come. This is an extremely exciting and fast-moving space.

That said, one admonition I would make to your readers is that most probably shouldn't be investing in ICOs directly. We are seeing white papers for technology that doesn't truly belong on the blockchain or, worse, could be pump-and-dump schemes. Many of the scams originate outside of the United States, so they will be harder to regulate. Just like a lot of retail investors lost money in the dot-com era, the ICO era has the potential to do the same unless people really take the time to understand what they are investing in. A number of professionally managed crypto funds, with real technical expertise to evaluate ICOs, are starting to emerge and may be a safer way to participate than investing directly.

So I would just urge everyone to temper their excitement with sound business judgment. Or does that sound too much like Howard Marks?

Sign up for Eric's monthly Tech & Media Email. You can follow Eric on Twitter @ericjackson .

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David Sacks: Cryptocurrency fulfills the 'original vision' we tried to build at PayPal - CNBC

Image: pixabay

By Team CommerceMashable Shopping2017-08-14 18:44:31 UTC

Want to get rich enough to fill bathtubs with dollar bills just for kicks? Could Bitcoin make that happen? Let's dive in.

When Bitcoin debuted in 2009, its early adopters bought up large amounts of the digital currency for pennies. Since then, Bitcoins value has increased dramatically, turning several of those initial investors into millionaires. But the economics surrounding Bitcoin and other forms of digital currency like Ethereum, Ripple, Litecoin, and most recently, Bitcoin Cash, all dubbed cryptocurrency, can be unpredictable and complicated.

One huge benefit to using cryptocurrency is that it can't be stolen or counterfeit. When digital currencies are exchanged, they're converted into illegible code that not only makes them secure but also makes the sender and receiver appear anonymous. Unlike normal currency, digital currencies are not government regulated. No high bank fees, no fluctuations based on government regulations, and no corrupt bank antics. Sounds pretty nice, right?

Unfortunately, with decentralization comes instability, and cryptocurrencies are known for being highly volatile and unpredictable. Like most high-risk investments, this leaves opportunity for reaching ridiculous levels of wealth (meaning you can finally blow your nose in hundred dollar bills).

For the average person to achieve success in cryptocurrency marketplaces, he or she will need to get learning. Thats where the Beginners Guide to Cryptocurrency Investing comes in. It will give you all the knowledge youll need to make smart choices and turn your physical cash into a sizable digital stash.

Over the course of 27 lectures and 2.5 hours of content, this program will teach you methods for investing in altcoins, how to maximize your return, and how to convert those coins back into real money. Youll learn about the various cryptocurrencies available and which is right for you and you'll dive into the digital currency community, gathering valuable research and insights along the way. Finally, youll be able to estimate the true value of the entire market and decide where and when to make your move.

Now is the time to make your digital fortune. Pick up the Beginners Guide to Cryptocurrency Investing for $15, an incredible reduction from the regular $180 price.

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The wild world of cryptocurrencyand how it could make you rich - Mashable

Will Cryptocurrency Replace Other Forms of Payment? To answer that question I look to author Andrew Smith who iscredited with the quote. People fear what they dont understand and hate what they cant conquer. I believe this quote can be applied to many situations and still hold true.

For instance, one area in which this quote may hit the mark is with cryptocurrency. Of course, it may not be fear itself that is driving the cryptocurrency craze. Instead, it could be fueled more by FOMO, or fear of missing out.

This leads me to question whether or not cryptocurrency will replace other forms of payment.

Cryptocurrencyis a form of digital currency that uses encryption to make financial transactions secure. As a result, monetary exchanges are difficult to forge and do not require bank intervention to complete.

You cant hold cryptocurrency in your hand or pocket. The only place it exists is on computers through the exchange of digital currency.

There are a lot of reasons why cryptocurrency is currently making stronggains in popularityand use. When taken together these reasons could be enough to secure cryptocurrencies place in our society and replace other forms of payment in the future.

Cash is heavier, dirtier, easier to steal, and easier to forge than digital currency making it less appealing than its digital replacement. Checks, as an alternative, can also be easily stolen and forged and take up more room than cryptocurrency.

Other forms of payment, such as credit and debit cards, are similarly less appealing in comparison to digital currency because they can be hacked or stolen costing you thousands.

Transaction fees that banks charge for the exchange of money may be lower by using cryptocurrency or even avoided altogether, adding to the appeal.

With all of these reasons behind it you would think cryptocurrency would be the logical next step to replace other forms of payment. But there may be reasons to be wary of its use.

One reason to be cautious of using cryptocurrency as a means of payment is because of thewild changes in its value. Gold values, which are often still used as a comparison, have remained fairly steady over the past seven years. However, cryptocurrency, Bitcoin in particular, has seen values that have remained volatile over the same timeframe.

An additional reason to be cautious in the use of digital currency is legality. Not all countries yet recognize cryptocurrency as a means of payment for goods and services. The U.S., in fact, does not yet distinguish it as legal tender.

Cyber theft is another threat that could deter the widespread use of digital currency. Because cryptocurrency exists only in an intangible form on the internet it is vulnerable to theft by hackers.

Reportedly, some large corporations have used cryptocurrency to legally evade their taxes since the IRS does not recognize it as money. The IRS is trying to put a stop to this. But, as more businesses and citizens catch on to this loophole there could be further tax losses.

Some may fear cryptocurrency and others may embrace its use. But whether or not cryptocurrency will replace other forms of payment in the future is not yet clear. It is likely only time will tell.

This article was originally published on Due.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Will Cryptocurrency Replace Other Forms Of Payment? - Nasdaq

Bitcoin soared to a new high above $4,300 today, rising more than 28% over the past week. The digital currency has now more than quadrupled in value from around $997 at the start of the year. $1 invested in bitcoin seven years ago is now worth over $1.4 million .

Recent surge in bitcoin price resulted from strong investor demand from Japan as also some safe haven buying. Investors have also become increasingly bullish after the smooth split of the cryptocurrency into two. (Read: 4 ETF Ways to Hedge Against Volatility )

Bitcoin's gains this weekend appeared to be at the expense of other newer digital currencies. Below is the one-week price chart from coindesk.com:

What is Bitcoin?

Unlike traditional currencies, which are issued by central banks, bitcoin is a decentralized digital currency. It trades 24/7 around the world without any involvement of central administrator or clearing agency. The market, which remains largely unregulated, is more like a peer-to-peer digital payment network.

Creation and transactions in bitcoin are controlled through cryptography to keep transactions secure. And, while users remain anonymous, the record of these transactions is available on the bitcoin network.

Bitcoin Becoming Mainstream?

Bitcoin now has a market value exceeding $70 billion per coinmarketcap.com. Total value of all cryptocurrencies is more than $139 billion now. They are no longer fancy assets with few backers.

In April, Japanese regulators announced rules for bitcoin, establishing it as a legitimate method of payment in the country.

Per Goldman Sachs analysts , "whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching."

Nvidia ( NVDA )'s CEO said in a recent conference call, "cryptocurrency and blockchain is here to stay. The market need for it is going to grow, and over time it will become quite large." Nvidia and AMD ( AMD ) are among the main supplier of chips used for cryptocurrency mining.

Is Bitcoin a Bubble?

Bitcoin's astronomical surge has raised bubble fears. Some are even comparing it to tulip mania. But unlike tulips, bitcoin has real value and is accepted by hundreds of thousands of merchants worldwide.

One of the reasons behind the surge is bitcoin's limited supply. According to the Economist, there are about 16.3 million bitcoin in circulation, with only 1,800 new ones minted every day. The currency's total supply would be capped at 21 million units . (Read: Follow Gundlach with These ETF Strategies )

On the other hand, demand has been rising due to geopolitical uncertainty. Many consider bitcoin a safe have asset like Gold. Due to its low correlation with other asset classes, it also acts as a portfolio diversifier.

It is difficult to arrive at a fair value for the bitcoin. I read about a model in FT that is based on the presumption that bitcoin's core utility value is serving as a currency for the dark economy. The model found the cryptocurrency to be grossly overvalued.

Standpoint's Ronnie Moas raised his price target on bitcoin to $7,500 today as he told CNBC , "I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."

Another bitcoin bull Max Keiser predicts $5,000 would be the next target, driven by panic buying by the world's affluent with "rising war tensions and central bank malfeasance."

If bitcoin's surge looks excessive, consider this-bitcoin's closest rival ethereum is up more than 3,400% this year. (Read: Ethereum ETF? The Bitcoin Crushing Digital Currency Explained )

Bitcoin ETFs Under SEC Review

The race to the first digital currency ETF is heating up. VanEck Vectors recently filed for an actively managed " Bitcoin Strategy ETF " which will invest in exchange-traded bitcoin-linked derivative instruments and other investment vehicles that provide exposure to bitcoin.

Earlier this year, the SEC had rejected the ETF proposed by Winklevoss twins but they are now reviewing the decision again. Another bitcoin ETF, proposed by SolidX Management, was also rejected in March. The third one proposed by Grayscale's Bitcoin Investment Trust (GBTC) is being reviewed. (Read: 5 Smart Beta ETFs with Brilliant Returns )

Bitcoin derivatives are likely to be available to investors much sooner. CBOE plans to launch bitcoin futures in the fourth quarter of 2017 or early 2018, pending regulatory approval.

Last month, the Commodity Futures Trading Commission (CFTC) approved digital currency-trading platform LedgerX to clear bitcoin options. The exchange plans to launch bitcoin options in early fall, and ethereum options within a few months, per CNBC.

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Bitcoin Skyrockets, Race to First Cryptocurrency ETF Heats Up - Nasdaq

A U.S. economist and businessman known for his work in spearheading the early development offutures contracts is seeking a cryptocurrency patent.

Richard Sandor, a former Chicago Board of Trade chief economist and vice president, advanced the utilization of financial futures back in the 1970s, earning him the moniker "the father of financial futures" and, later, "the father of carbon trading," according to Time.

Notably, perhaps, Sandoris now listed as the first of three inventors for the "Secure Electronic Storage Devices for Physical Delivery of Digital Currencies When Trading" patent application, released on August 10 by the U.S. Patent and Trademark Office.

Sandor is currently the chairman and CEO of Environmental Financial Products LLC, which is listed as the applicant for the patent.The application itself details a hardware concept for the storage of digital currencies tied to derivatives contracts.

It explains:

"The invention relates to a method to facilitate trading of digital currencies, which comprises electronically storing an amount of a digital currency on an electronic storage device or electronic registry; and physically storing the storage device or electronic registry in a secure, physical repository that is not publicly accessible with the storage device or electronic registry available for use in subsequent delivery of the digital currency."

It's the latest submission to focus on cryptocurrency-related derivatives, coming on the heels of news that options exchange CBOE is planning to launch products in this area later this year.

Firms like CME have also moved to obtain intellectual property tied to cryptocurrencies. As CoinDesk previously reported, CME's patent applications reveal an interest in bitcoin mining derivatives.

Richard Sandor image viaJon Lothian News/YouTube

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].

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'Father of Financial Futures' Seeks Cryptocurrency Hardware Patent - CoinDesk

News business and finance

The predominant financial information website for Chinese speaking investors in the United States and abroad announced the launch of a cryptocurrency education and trading subscription service.

On August 14, 2017, ChineseInvestors.com, Inc. (CIIX) launched a new subscription-based service that will cover the emerging world of cryptocurrencies. The new service will provide timely news and analysis for cryptocurrencies, like Ether, including pricing and industry trends.

CIIX is a periodical with offices in Los Angeles, New York, and Shanghai serving the Chinese speaking population in the United States and abroad. CIIX offers a variety of subscription services and websites for investment and educational content. Such topics range from basic information about companies listed on US exchanges and real-time analysis and market quotes to trend analysis of market sectors and trading simulations highlighting different trading techniques for instructive purposes. CIIX is renowned for providing its customers with educational content regarding how to evaluate investments using fundamental and technical analysis methodologies.

Cryptocurrencies like bitcoin have become a global phenomenon, stated Warren Wang, founder and CEO of CIIX. Since January 2015, the price of bitcoin has increased 500% from $200 to $1,000 in January 2017, and just spiked to a record high over $4,000 as US-North Korea tensions escalated. Likewise, Ethereum has surged from less than $10 to more than $300 this year.

Asia has been a relative hotbed for cryptocurrencies since their inception in 2008 and implementation in 2009. This move by CIIX serves as an indicator that demand for cryptocurrencies and related information is still growing in Asia. Countries like China, which possesses an estimated 85% market share of bitcoin, along with neighboring nations like Japan, which recently legalized bitcoin as a form of payment, stand to benefit greatly from CIIXs new service. Straightforward explanations of what cryptocurrencies are and how to use them will be included in the newly offered subscription. The news agency will also cater to experienced cryptocurrency users by providing content spanning from mining and blockchain technology to pricing trends and exchange traded funds.

Founded in 1999, CIIX has built a reputation primarily on real-time market commentary, advertising, and public relation related support services. In addition to its financial market services, CIIX also has a foothold in the US cannabis industry, investing in research, development, and distribution of cannabidiol (CBD) medicine and health products.

Jordan Daniell is a writer living in Los Angeles. He brings a decade of business intelligence experience, researching emerging technologies, to bear in reporting on blockchain and Ethereum developments. He is passionate about blockchain technologies and believes they will fundamentally shape the future. Jordan is a full-time staff writer for ETHNews.

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ChineseInvestors.com Launches Cryptocurrency Beat - ETHNews

News world

In Ukraine, cryptocurrency does not have an official status. By the end of August 2017, the Eastern European nation will clarify its position through a meeting of the Financial Stability Council.

On August 11, 2017, the National Bank of Ukraine released a statement by deputy chairman Oleg Churiy. According to Churiy, the Financial Stability Council (FSC) will meet by the end of August 2017 to work out a joint position on the legal status of bitcoin and its regulation.

Although Churiys comments specifically single out bitcoin, it seems likely that the FSCs conversation will encompass additional blockchain-based digital assets. The term bitcoin often functions as a catch-all placeholder for government agencies.

To date, the National Bank of Ukraine has collaborated with many governmental agencies on the topic, including:

Ukraine is clearly taking a broad and holistic approach to its digital asset guidance. A multi-pronged approach is vital because of the many functions of virtual money. The Ukrainian government may consider instances where a digital asset serves as currency, provides utility to consumers, or even grants ownership in a company.

In his statement, Churiy references the diverse cryptocurrency regulatory schemes currently employed by the European Union, Israel, Japan, Australia, Canada, and the Peoples Bank of China. He notes that discordant regulatory schemes around the world have made it difficult to give bitcoin a definite status in Ukraine. The FSCs meeting should generate needed dialogue, if not a resolution.

In the meantime, a lack of government guidance has not prevented Ukrainian involvement in cryptocurrency. For example, a Ukrainian white hat helped rescue funds from wallets that were compromised during Julys Parity hack. More recently, the Kyiv Post reported that a group of Ukrainian entrepreneurs have invested in 150 bitcoin teller machines, to be installed across the country by January 2018.

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.

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National Bank Of Ukraine To Clarify Legal Status Of Cryptocurrency - ETHNews

President Trump recently signed a foreign sanctions bill into law that included provisions mandating that governments monitor cryptocurrency transactions. The bill was passed by the U.S congress last month and is directed at Russia, Iran, and North Korea.

Also Read:Homeland Security Injects $2.25 Million Into Distributed Ledger and Blockchain Surveillance Startups

President Trump has signed a controversial foreign sanctions bill into law that mandates the Iranian, Russian, and North Korean governments must monitor cryptocurrency circulations as a measure to combat illicit finance trends.

The bill requires that governments develop a national security strategy to combat the financing of terrorism and related forms of illicit finance. Governments will be required to monitor data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies.

Although the new legislation indicates the U.S governments desire to monitor cryptocurrencies, at this time making no indication that a more aggressive cryptocurrency crackdown may be imminent.

Yaya Fanusie, a former CIA counter-terrorism analyst for the CIA, has presented a balanced account of the threat posed to anti-terror authorities by bitcoin and alternative cryptocurrencies. The national security concern is not that criminals will use this type of technology they use all technologies, Mr. Fanusie said. The policy question is: How do you deal with something that governments cant control?

Fanusie previously identified the first verifiable instance of bitcoin being used a vehicle for fundraising by a terrorist organization, and continues to conduct analysis for the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies. In an interview with the Washington Times, Fanusie recommended that U.S government work closely with cryptocurrencies in order to ensure that they are not used for illicit financing. Bitcoin is like a rebellious teenager, it wants to do its own thing, he said. So what do you do? Do you ban it? No, you want to have a good relationship with it and influence how it develops.

According to the bill, an initial draft strategy is expected to come before Congress within the next year, and will see input made by US financial regulators, the Department of Homeland Security, and the State Department.

Do you think that sanctioned governments will adhered to the U.Ss provision relating to the of monitoring cryptocurrency transactions? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency - Bitcoin News (press release)

In BriefIt's not outlandish to think that our current financial systemwill soon be replaced by cryptocurrency, and the shift will bringabout some big changes to the global economy. The Flippening

For a time, Bitcoin seemed unassailable in its dominance of the cryptocurrency market,being the first digital currency to really take root and establish itself in the mainstream. Since then, a host of worthy competitors have emerged, and theres a real possibility that the balance of power could flip.

Many who have been regularly followingdevelopments in the cryptocurrency market refer to the tipping point where one digital currency supersedes another as the flippening We almost saw this occur in May 2017, when Ethereums market cap approached Bitcoins amid a surge in popularity.

When individuals have significant amounts of money invested in one cryptocurrency over another, its no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us froma more pressing issue.

Some observers would argue that the true flippeningisnt a case of competition between two different forms of cryptocurrency at all. Thesea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.

There would be some major advantages to an all-cryptocurrency future: its value cant be manipulated as easy as fiat currency, and it lends itself to the concept of universal basic income.In fact, several different programs, such as uCoin and Cicada, are already using cryptocurrencyto distribute UBI.

In a future where our transactions with shops and services are likely to be handled by automated systems, cryptocurrency removes many of the intermediaries that would take their own cut. There are many benefits for the individual, but the flippening stands to pose some major challenges for the global economy in its current form.

Should cryptocurrency manage to jump ahead of fiat money in terms of usage, cash wont be able to close the gap. Thats the trick to the flippening once changeover takes place, the losing party loses value and cant do anything about it.

If everyone begins using cryptocurrency, infrastructure would need to bedevelopedwith that in mind. It might not take too long for cash to become incompatible. At this point,it remains to be seen whether established financial institutions could pivot to that new status quo in time.

At the highest level, governments will be hit hard, as they will no longer exercisethe same level of control over the countrys currency. The idea of printing more money has been raised time and time again in response to financial turmoil, but that option disappears once currency has to be mined.

The flip from fiat money to cryptocurrency is a very real prospect, and it could well change the face of how our society spends and saves.

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What Would Happen if Cryptocurrency Became More Popular Than Cash? - Futurism

The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.

Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk.

The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week.

Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.

The surge picked up speed in the last week, mirroring gold's climb amid a global selloff in stocks and bonds . Rising worries about North Korea's nuclear threat have sent investors flocking to perceived safe-havens and alternative assets.

"Bitcoin is benefitting from geopolitical tensions - trading in Japan and Korea has increased significantly over the last few months," Brian Kelly, a CNBC contributor and head of BKCM, which runs an digital asset strategy, said in an email. He also attributed price gains to investors buying back bitcoin after the Aug. 1 split and greater attention from the Russian government.

Analysts have also noted increased investor interest, especially from institutional investors, after bitcoin successfully survived an Aug. 1 split into bitcoin and bitcoin cash.

This week, Fidelity launched a feature allowing customers to also view their Coinbase bitcoin holdings. The currency also got a boost from Goldman Sachs, which in a report released this week said it is harder for institutional investors to ignore cryptocurrencies like bitcoin.

That said, bitcoin's future is still uncertain. The digital currency could potentially split again in November, when the second phase of an upgrade proposal called Segregated Witness is implemented.

Chris Burniske, author of the upcoming book, "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond," also noted a sharp pullback in price would not be surprising, given bitcoin's rapid surge.

He noted on Twitter that upticks in the bitcoin price and Google searches have historically led to price corrections.

Bitcoin's offshoot, bitcoin cash, traded little changed near $323, according to CoinMarketCap.

Another digital currency, ethereum, traded nearly 5 percent higher near $315.

More From CNBC

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Bitcoin boom: Cryptocurrency marks new record above $4K, boosted by Japan and safe-haven buying - Yahoo Finance

Bitbay has announced that it will enter the Indian cryptocurrency markets, with the companys Indian exchange expected to be operational before the end of August. Bitbay is Polands largest exchange by trade volume, and is set to become the first international bitcoin exchange operating within Indias cryptocurrency markets.

Also Read:Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use

Bitbay has announced that it will be launching its exchange platform for the Indian cryptocurrency markets. Bitbay will be the first cryptocurrency exchange to offer altcoin trading providing trading pairs for ethereum litecoin, lisk, monero, ash, and gamecredits.

From August 14 Bitbay will offer demo trading that does not involve using real money, before launching full operations on August 24th. In a recent interview with Money Control, Bitbay India Head, Rohit Dahda has stated we are taking all necessary steps to adhere prescribed rules for Bitbay India. In fact, we are offering demo trading for users before using real currency to bring a level of confidence in common people.

At a launch function for the newexchange, Bitbay CEO, Sylwestor Suszek, stated that Bitbay India has been conceptualized to provide innovative services, support and solution for cryptocurrency users in terms of fast and secure transactions. Our team consists of specialists and Bitcoin enthusiasts who are active in crypto community, attend industry conference events and support charity causes via meaningful fund donations to relevant Indian societies. An official press release states that the prime objective of Bitbay India is to remove all misconceptions related to cryptocurrency, drive more people towards digital currencies, attract potential investors from market and offer all round platform to trade as well as exchange multiple cryptocurrencies at Bitbay.

According to Coinmarketcap, Bitbay hosts the largest BTC/PLN market by volume, with Bitbays 24-hour volume sitting around $8.35 million at the time of this articles composition equating to roughly 0.26% of total global bitcoin trade. We are the number one in Eastern-Central Europe with more than 200,000 users. We are number 10 in the world and are in operations since 2014, Suszek told Moneycontrol.

Despite the nations current climate of regulatory uncertainty regarding Indias cryptocurrency markets, Bitbay plans to expand its presence in India over the coming months, including the introduction of up to 17 different altcoins. Very soon, we will be bringing more features on the platform to cater to requirements of common people on a day-to-day basis. We are following a high-security model and following two-fold authentication models for safe transaction, states Rohit Dahda.

What do you think about Bitbays entry into the Indian cryptocurrency markets? Share your thoughts in the comments section below!

Image courtesy of Shutterstock and Bitbay

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Bitbay Exchange Enters Indian Cryptocurrency Markets - Bitcoin News (press release)

Cryptocurrencies are the talk of the town these days, and investors and programmers around the world are searching for systems that will provide the greatest level of support and return. One such currency, NEO, has the makings of the largest and most important cryptocurrency in the world.

The cryptocurrencies that most people are familiar with are Bitcoin and Ethereum. Bitcoin has been in the news because of the recent fork in the currency, resulting in Bitcoin Cash. However, the blockchain that Bitcoin is supported by is limited in its effectiveness for creating and running programs. In fact, only currencies and not programs are not possible on the Bitcoin blockchain.

Ethereum was invented four years ago as a way to both monetize the blockchain and allow for programmers to build apps and programs on the chain itself. Ethereum is both a cryptocurrency (ETH) and a blockchain that allows for smart contracts and some programming languages. Built by Vitalik Buterin, Ethereum still retains the anti-establishmentarianism of Bitcoin, while allowing for more programming and transaction applications.

NEO is the new name for the upgraded version of Antshares, a digital platform developed in China. NEO is a radically different and more powerful version of Antshares and presents massive opportunity for investors and programmers alike.

To begin with, NEO creates a unique digital economy around its token. NEO is a full integration of digital assets, digital identity, and smart contracts, creating a fully digitized economy that will be transparent and safe, and make money laundering and underground dealings difficult or impossible. Because of the ability of the new NEO blockchain system, companies and developers will be seeking to use NEO for various applications. The proliferation of smart contracts will make investment on the NEO platform simple and safe.

Second, NEO is unique among blockchain cryptocurrencies because of the versatility of the blockchain it is based on. Unlike Bitcoin, which only allows for the cryptocurrencies and no programming, NEO is very simple to learn and understand (unlike Ethereum), and has the ability to work with nearly every (90%) programming language available. NEO uses compilers compatible with Java, C#, and .NET, and will support Python, Go, and others in the near future. Unlike Ethereum, this diversity allows for a far more complex array of programs and apps that can be run on the NEO blockchain, and opens doors for extensive partnerships. With ease of learning and robust compatibility, NEO is poised to overtake Ethereum and others as the blockchain of choice.

Third, NEO is different philosophically. Rather than seeking simple rejection of the overall control of governments, NEO is designed to work within the framework of existing government control, while still providing freedom and autonomy to its users. This is a far more realistic perspective than the anti-government rhetoric of other blockchains, and will result in far greater investment and acceptance.

Fourth, NEO is not based on a proof-of-work mechanism, and so there is no mining necessary. This has been a huge detriment to both Bitcoin and ETH, as mining is so energy intensive and public opinion is turning against miners and the blockchain systems they support. NEO utilizes an ether-gas system for production and continuation, but protects the environment against over consumption of energy.

NEO, though relatively new, has already entered the top ten list of cryptocurrencies based on overall market cap. While this may seem like a small feat, a newer coin that has been recently released never enters the top ten in this way. NEO has had an explosive beginning as a cryptocurrency.

The future for NEO is bright, as the world begins to understand the complexity and simple elegance that is built into the NEO blockchain system. NEO will continue to gain market share (as already evidenced), and may surpass even Bitcoin in terms of its market share. As companies, investment firms, programmers and others realize the power and versatility of NEO, it may well grow to be the largest cryptocurrency in the world. Its design and features have positioned NEO to be massively successful in the coming years.

Brian is an international speaker and branding expert. Say hi to Brian at connect@brianrashid.com

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Can NEO Become The Largest Cryptocurrency in the World? - HuffPost

Sensay, a bot that connects people with other people for anonymous advice, announced today plans to launch an Ethereum-based cryptocurrency called SENSE.The bot currently has hundreds of thousands of monthly active users, founder Crystal Rose told VentureBeat earlier this year. Token sales will begin Oct. 10.

Sensay has been used by 3 million people since its launch as an SMS bot in 2015.

In an interview earlier this year, Rose told VentureBeat Sensay views monetization as a priority in order to provide its human network of advice givers incentive to use the bot and continue to offer advice on subjects ranging from relationships (most popular) to where to find dank memes.

Today, advice givers can receive tips in the form of tokens, and roughly 20 million coins have been awarded already. Once SENSE becomes available, coinholders will be immediately rewarded in a 1:1 basis, a Sensay spokesperson told VentureBeat in an email.

The currency may be made available to bots, apps, and services beyond Sensay in the future, a company spokesperson told VentureBeat.

SENSE is the second cryptocurrency launched for the bot ecosystem in recent months. This spring, chat app Kik announced plans to create its own cryptocurrency called Kin.

Sensay is currently available on Facebook Messenger, WeChat, Slack, Kik, Skype, SMS, iMessage and Telegram.

Link:

Sensay advice bot to launch Ethereum-based cryptocurrency - VentureBeat