bitboss

BitBoss Launches Tokenized-Powered Casino Tokens

 

Casino blockchain app BitBoss last month launched the very first casino tokens on the Tokenized Protocol for mobile gambling. The move, though relatively subtle, is set to completely revolutionize the gambling experience on the blockchain.

For this venture, the real money gaming solutions developer has leveraged Bitcoin SV. This has been achieved by embedding the casino blockchain app’s baccarat and lottery games within a dedicated Bitcoin SV (BSV) wallets. These games can be powered by either the native BSV tokens or custom tokens – a great example of custom tokens will be those that are created and branded specifically for use in a single casino.

Thanks to the utilization of the BSV blockchain, the platform enables provably fair gambling with both the bets and results being written to BSV transactions. On the same note, the payments are adjudicated and administered by smart contracts and to complement this, double-spend protection has been built into the platform.

How Does It Work?

Alex Shore, the co-founder, and CTO of BitBoss recently wrote a post that describes exactly how the platform makes use of smart contracts to process both bets and transactions. According to the post, as the players’ bets are sent to the Bitcoin SV blockchain, one of the smart contracts that are designed for BitBoss will process the bet before placing its results as well as the payout transaction back onto the chain.

“They include their double-spend prevention technology when using native BSV, and leverage Tokenized’s double-spend prevention when bets are placed using a custom token,” Alex Shore’s post reads.

Now, the company is focusing on integrating slot machines, a move that will allow slot machine lovers to directly send tokens between the slot machines and their device wallets. For this venture, there is a major emphasis on mobile games which have been growing in popularity all across the globe.

Bitcoin Genesis Upgrade on the Horizon

To further improve the player experience, BitBoss is also now taking steps to ensure that their software will transition smoothly and seamless into 2020. To that effect, the company has recently announced that they will be upgrading their Keyring libraries in order to support the new OP_FALSE OP_RETURN script type. As it turns out, this is a totally mandatory step since Bitcoin SV will be returning to the original Bitcoin protocol with its 2020 Genesis upgrade.

This move was primarily influenced by advice from the technical director of the Bitcoin SV node project, Steve Shadders. In many ways, by updating their own code this early own, BitBoss will be getting months of the shift while keeping its services running for their customers to enjoy.

telegram-ton

Concerns Raised Over Telegram’s Upcoming Crypto Platform

Recent reports have implied that Telegram messenger is set to begin testing TON (Telegram Open Network) its blockchain network in September. The company’s owners raised a whopping $1.7 billion in March in an Initial Coin Offering (ICO) that is one of the most successful ones of all time. Part of the proceeds from the ICO have been used to develop the platforms blockchain network which is aimed at building a universal blockchain infrastructure based on its speed as well as the inclusion of smart contracts. It is therefore very easy to see why many people are so excited about this.

The testing phase of the crypto platform is set to kick off in September and the blockchain nodes will be available as open-source alongside other blockchain database management tools like consensus and shards – these will allow a test-run of TON.

TON is slated to process transactions faster and more efficiently than both Bitcoin and Ethereum while at the same time rivaling widely accepted payment options like MasterCard and Visa. To make it even better, the platform will also be compatible with Ethereum (ETH) when it launches and hopefully, other cryptocurrencies will get support along the way. Very promising, right?

The Concerns

While the TON platform may seem like a solution to a ton of problems, not everyone is convinced that it is what it claims to be. According to a report detailing how terrorists have been using digital currencies, there has been speculation that the release of TON and the associated Gram token pose a significant security threat to the United States’ government.

Telegram seems to be aware of such concerns and has even gone as far as singling out people they believe are terrorists through their privacy policy which reads:

“If Telegram receives a court order that confirms you’re a terror suspect, we may disclose your IP address and phone number to the relevant authorities. So far, this has never happened. When it does, we will include it in a semiannual transparency report…”

Telegram’s chief executive officer, Pavel Durov, has been very adamant when it comes to compromising the security of the messaging platform. However, he has cooperated with governments after terrorist attacks were reportedly coordinated using the app. Now, there is even more scrutiny being directed at the company because of its TONPayments – there is a considerable amount of certainty that this will make it very easy for terrorists to raise funds for their operations all without a trace.

binance

Binance to Launch Combined Stablecoin Trading Platform

Binance, the largest crypto trader on the planet is set to release a combined market for stablecoins. This is great news for stablecoin enthusiasts not just because Tether (USDT), the most popular stablecoin is rumored to be part of the mix, but also because the sector is set to receive a lot of great publicity because of Binance’s actions – as it stands, the exchange does close to double the 24-hour volume of its nearest competitor, which makes a very great ambassador for all things crypto.

The so-called stablecoins have been all the buzz lately simply because they are pegged to solid assets such as the USD and they are growing even more popular as a number of reputable platforms have begun taking them more seriously. Tether (USDT), as mentioned earlier, is the most popular but its popularity tends to lean more towards the controversy that surrounds it.

Why Are Stablecoins Becoming Such a Big Deal?

Well, stablecoins operate based on a pretty simple mechanism, that is, a management team stores money on a bank account and this amount forms the basis of the coins that the management team of a stablecoin provider sells to its users. In essence, the system is entirely dependent on trust from its users. By trusting coin platforms, the users also have a great deal to benefit from with one of the most notable ones being the fact that they will never need to go through the lengthy processes of depositing funds from crypto exchanges back to their bank accounts anymore.

Stablecoins also allow their users to store funds in USD-denominated coins when not trading is going on hence their name. Other than Tether, there are a number of other dollar-pegged stablecoins on the market. However, even combined they are still not capable of covering the whole market once they pick up the pace of their growth. Other popular stablecoins include USD Coin and Paxos Standard. Binance believes that more stablecoins will appear from other platforms in the near future with some even being pegged to non-USD fiat currencies such as the Euro or Sterling Pounds.

Binance’s Plans

In its new joint stablecoin market venture, Binance has plans to launch a platform and there are very strong indications that Tether (USDT) will be one of them. The company further plans to change its ticker to USDⓈ with the S symbol in a circle representing specifically stablecoins on the platform.

The cryptocurrency exchange is currently actively preparing for a stable market for the new stablecoins – in fact, it appears that the company already has a solid operational scheme or plan for the period when the assets eventually begin to flood the market. This is very possible due to the very low lows that the crypto market has been dealing with lately.

whirl

WHIRL Debuts Karma Driven Blockchain Crowdfunding Platform

Over the past couple of years, some of the most mind-blowing innovations have been those that are related to crypto and blockchain technology, both of which are still are making waves in a number of different sectors. One of the latest and most polished developments is the launch of WHIRL, a socially driven crowdfunding platform that operates on the blockchain. Created by an all-star team of accomplished crowdfunding veterans, blockchain gurus, and non-profit experts, the platform will give the world a new way of financing dreams and obligations, while simultaneously introducing a truly revolutionary incentive system that is designed to encourage giving. It is also expected to significantly maximize campaign success.

WHIRL, which is currently powered by a team of 20, launches following years of research and after one and half years of development – this involved, among other things, legal vetting of the platform as the global market’s very first credible blockchain-powered consumer crowdfunding platform.

How It Works

According to the WHIRL team, the platform can be used to finance almost anything, albeit within reason. These may range from personal goals to medical bills, business ventures, and even scientific endeavors. In essence, WHIRL gives individuals, groups or organizations the ability to fund any relevant venture by simply being charitable as opposed to having them take out loans or begging for handouts.

As mentioned earlier, WHIRL is backed by the blockchain which means that it is open to everyone on the planet. The platform also guarantees an exceptional 100 percent success rate to all of the projects that are listed under its campaign – this is to be achieved using a fair and transparent queue system which limits the number that each campaign has listed at any given time. Only those that have a history of contribution on the platform are allowed to create fundraising projects.

WHIRL’s blockchain is powered by WRL tokens that are further supported by the concept of Karma, a reward system that supports the giving economy within the platform. Karma points are issued to contributors with every dollar spent on another person’s campaign earning the contributor between 7 and 20 Karma points. Moreover, in order to launch one’s own crowdfunding campaign, a threshold number of Karma points as to be attained with the size and duration of any given campaign being determined by the number of Karma points accumulated.

Reshaping Crowdfunding

Over the last decade or so, crowdfunding has stagnated significantly primarily due to fraud, oversaturation as well as very frustrating declining success rates. Keeping this in mind, WHIRL aims to solve all of these problems by simply having a limited number of campaigns running at any given time and incentivizing backers with its fair and a transparent Karma points system. This is essentially a classic embodiment of the saying “What goes around comes back around.”

liquid-network

Blockstream’s Liquid Network Project Finally Goes Live

Blockstream, a blockchain technology company has recently announced the launch of the Liquid Network, the company’s revolutionary take on the concept of bitcoin sidechains. This project is expected to supersede the limitations of the regular bitcoin blockchain by being able to withstand heavy transaction volumes that are often experienced by brokers, exchanges and other cryptocurrency services experience. At launch, the Liquid Network already had over 20 exchanges including Xapo, BitMEX, and Bitfinex on boards which indicates how eager industry stakeholders are about solutions to the problems associated with volume transfers on the bitcoin blockchain.

What It Does

The primary purpose of the Liquid Network will be improving transaction speeds as well as efficiency on the bitcoin blockchain while at the same time facilitating a more ‘liquid’ movement of bitcoin between exchanges. In addition to the primary objectives, the Liquid Network will also introduce such features and functions as confidential transactions, issued assets, and a new token.

Liquid Network’s new token, L-BTC, is pegged to the price of bitcoin and its holders can readily trade it for BTC. Issued assets, on the other hand, will be Liquid Networks way of tokenizing fiat currencies, securities, and even gold and treating them as Bitcoin equivalents.

According to a blog post written by Blockstream, the Liquid Network went live om September, a few days prior to the announcement. The post further outlines the company’s plans to add more features in the future – these will include integration of the GreenAddress Wallet as well as third-party hardware wallet support from Trezor and Ledger.

How Does It Compare to The Lightning Network?

Both the Lightning Network and the Liquid Network are sidechains of the bitcoin blockchain, i.e., they allow for transactions to be performed off of bitcoin’s main blockchain thus allowing service providers to avoid the inconveniences of the bitcoin network. However, unlike the Liquid Network, the Lightning Network is primarily intended to cater for smaller transactions since it relies on the power of nodes with relatively limited capacities, perhaps one of the reasons why its adoption has been hampered.

“Liquid allows parties to send funds to any destination, without the need to establish channels ahead of time. Funds in Lightning are ‘hot’ (private keys are online), whereas you can store Liquid Bitcoin in both hot or cold wallets. Liquid also has the ability to have Lightning added as a second layer as well, so we view these two technologies as complementary and both important for the ecosystem,” Blockstream’s CSO, Samson Mow explained.

Blockstream’s short-term goal is to build out the features of the Liquid Network so as to ease its introduction, and subsequently, wider adoption in the wider crypto community. In the long term, the company is aiming to have bitcoin as the epicenter of more sidechains that will facilitate the seamless and interconnected exchange of the crypto industry’s many assets.

bitcoin-lightning

Lightning Network’s New Use Cases Could Be Big Boost for BTC

Bitcoin has continued to trade on a rather narrow range, reflecting on the overall mood of the market following the weekend consolidation. Fortunately, things are about to get more interesting following a recent Lightning Network breakthrough that is definitely going to give bitcoin proponents some renewed optimism in regards to mainstream commercial adoption of bitcoin or cryptocurrencies in general.

The growth and widespread adoption of the Lightning Network has been going quite well and with more developments being unraveled, it is expected to be a major catalyst to spearhead the adoption of bitcoin.

Ricardo Reis, a cryptocurrency and tech enthusiast from Brazil has recently been all the buzz in the crypto circles after he created a new use case for the Lightning Network that allows users to buy Coca-Cola bottles (or any other items) from vending machines.

How It Works

In a 42-second video titled “Coke vending machine that accepts Bitcoin payments through Lightning Network,” the computer programmer demonstrates how easy it is to pay for certain items using the new infrastructure layer. Reis used a handful of off-the-shelf materials such as a water pump, a Raspberry Pi, some wood, a touch screen, and some programming skill to build a handmade automated vending machine that accepts bitcoin payments for Coca-Cola bottles. The modified machine uses the Lightning Network to process the bitcoin transactions.

As seen from the video, the bitcoin users would be required to scan a QR code which then requests a bitcoin payment that is then issued by the customer using their BTC wallet. Once the payment is received by the modified vending machine, it dispenses the Coca-Cola bottle while at also paying a negligible amount in transaction fees to the Lightning Network which supports the service.

Could This Be It?

As much as this new modified bitcoin-Lightning Network vending machine is without a doubt a novel demonstration of how both technologies can be easily integrated into thousands of different services, it also acts as a more practical and serious demonstration of the open source nature of the blockchain. Both of these factors are what will drive the cryptocurrency revolution that we are all waiting for.

Unfortunately, the vending machine is just a proof-of-concept and is still at its earliest stages – in fact, of course, it still has no affiliation to the actual Coca-Cola company.  The Lighting Network and the payment solutions it supports are still in their in their early stages of development but such innovation as the one that we have discussed above will be a great move forward for the entire cryptocurrency market.

google-adwords

Google Lifts Its Ban on Cryptocurrency Advertisements

Earlier this year (in March), Google announced a cryptocurrency ad ban that it went on to roll out in June – these were intended to protect its consumers and involved wallets, trading services, and Initial Coin Offerings (ICOs). This is all about to change with the company on September 25 ending the ban on cryptocurrency advertisements.

In a new update to its advertising policies, the company emphasizes that at the ads that would be allowed would only be those of “regulated” trading sites.

“The Google Ads policy on Financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan,” Google explained. “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October. This policy will apply globally to all accounts that advertise these financial products. For more details, see About restricted financial products certification. The Financial products and services page will be updated once the policy goes into effect.”

Google was one of the tech companies that moved to prohibit cryptocurrency advertisements alongside Twitter and Facebook, though the latter later relaxed some of the restrictions it had placed on cryptocurrency-related advertisements. Google’s ban was so wide-ranging that it affected offerings from both legitimate wallet services and trading professionals.

This crackdown on crypto went on to rapidly spread across the internet leading to various bans from other companies, including LinkedIn, MailChimp and Snapchat. Even though this was meant to stop or at least slow down scammers on the internet it also whipped out legitimate blockchain projects which in turn slowed down adoption of digital currencies, stifled promotion and stoked more fears about mainstream acceptance of crypto.

The Reason Is Yet to Be Known

As is it stands, there has not been a clear explanation as to why the tech giant has chosen to lift the ban barely four months after it imposed it. It is speculated that the company believes that the hype that surrounded crypto, as well as the negative side effects associated with the skyrocketing values, have finally died down are at least reduced significantly. Still, it is possible that Google is simply keeping its eye on the prize i.e., the valuable ad money that crypto will bring in.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s Scott Spencer said in June when the original ban was rolled out.

crypto-regulation

Treasury Committee Report Calls for Crypto Regulation

MPs on the Treasury select committee have recently issued a report that states that bitcoin and other cryptocurrencies are “wild west” assets that expose investors to a litany of risks and therefore, there is an urgent need for their regulation. The report further pointed out concerns that consumers were left unprotected from the unregulated crypto market which also happens to be a conduit for criminal activities such as money laundering and illegal trade.

Apparently, the government and regulators have not been proactive in handling the arising issues that are associated with the crypto market – according to the Treasury Committee.

“Crypto-asset investors are currently afforded very little protection from the litany of risks. Namely, there are no formal mechanisms for consumer redress, nor compensation,” said the committee. “As the government and regulators decide whether the current Wild West situation is allowed to continue, or whether they are going to introduce regulation, consumers remain unprotected.”

Cryptocurrencies are currently covered by the Financial Conduct Authority (FCA), the City regulator, and there are still no formal mechanisms for investor compensation or consumer redress, something that Nicky Morgan, a conservative MP and the chair of the committee, says is unsustainable.

“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Nicky Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced… It’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting. At a minimum, regulation should address consumer protection and anti-money-laundering.”

The Treasury Committee believes that there should at least be some regulation to add customer protection and fight money laundering. All of these issues stem from concerns regarding the volatility of digital assets – the prices of cryptocurrencies were so volatile that while the potential gains are quite large, so are the potential losses.

“The FCA agrees with the committee’s conclusion that bitcoin and similar crypto-assets are ill-suited to retail investors, and as we have warned in the past, investors in this type of crypto-asset should be prepared to lose all their money.”

The Treasury Committee’s recommendations have been noted and echoed by a number of stakeholders in the cryptocurrency industry including CryptoUK, a self-regulatory trade association for the United Kingdom’s digital currency industry.

“As an industry, we have been calling for the introduction of proportionate regulation to improve standards and encourage growth,” said Iqbal Gandham, the chairman of CryptoUK. “Self-regulation by the industry was always intended to be a starting point – this must now be matched by government action.”

etoro-epl-bitcoin

eToro Brings Bitcoin to Premier League Football Clubs

Global online investment, FOREX and crypto trading platform, eToro yesterday (August 21, 2018) announced that it has entered into marketing partnerships with seven different Premier League football clubs. The partnership venture which is funded by bitcoin is the very first of its kind and will involve the following football clubs: Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., Southampton F.C., and Tottenham Hotspur.

“As a global multi-asset platform where you can purchase the world’s biggest crypto assets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin,” Iqbal V. Gandham, UK Managing Director at eToro said in a statement that accompanied the announcement.

This move is considered to be another great leap forward for bitcoin and the crypto industry as a whole since it is anticipated that it will expose many more people to the idea of digital currencies. Hopefully, this will, in turn, result in new investments, most ideally through the eToro platform.

“The blockchain technology that underpins cryptocurrencies like bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game’, from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionize the world of football,” the managing director added.

Unfortunately, there is a bit of speculation regarding how the move by eToro to partner with soccer clubs will benefit the cryptocurrency industry – the trading platform is now among a growing number of blockchain-based companies that have either inked sponsorship deals with sports clubs or are hoping to do so in the near future. However, it is quite obvious that the money involved in this case is pretty huge and it would be a mistake not to take. Furthermore, it opens up doors for greater opportunities in the world of sports. As for how this will impact the crypto industry, we will just have to wait and see.

What It Entails

The partnerships will involve in-game advertising on digital perimeter boards as well as exposure on each of the seven cub’s social media channels through the creation of what they have termed as “unique content”. The clubs will also be working closely with eToro in a bid to find ways of harnessing cryptocurrencies and blockchain technology at each of the stadiums.

“We are pleased to welcome eToro to the club as an Official Partner, it is exciting to be working with such an innovative industry leader. Much like Leicester City, eToro is an ambitious brand with a significant global reach and we look forward to working together throughout the season,” Jonathan Gregory, Leicester City’s commercial director commented.

India_crypto

India Considering Crypto Tokens for Financial Transactions

Indian authorities have recently revealed that the country has been exploring tokenized datasets and other cryptographic forms of blockchain technology albeit while still maintaining their rather unfavorable stance towards cryptocurrencies citing their potential role in unlawful activities such as money laundering. As such, the prevailing ban on cryptocurrencies is likely to continue regardless of the government’s interest in issuing digital tokens for financial transactions.

“There are lots of issues that need understanding and lots of studying needs to be done,” a government official who requested to remain anonymous said. “Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency. And understanding a new software takes time.”

According to local Indian news outlet, DNA India, the country’s government have been considering the applications of crypto tokens in several different areas. However, as clarified by the new outlet, the government has excluded any use of cryptography and blockchain technology for the purposes of cryptocurrencies or any other sophisticated means of money transfer and international transactions. In fact, the officials believe that the crypto-tokens, including the ones they are exploring, do not themselves hold any inherent value. Instead, they represent an underlying asset that is only accessible to the private key holders. This implies that the crypto tokens will certainly not be serving as a substitute for fiat currency but will be representing an underlying value so as to enable faster and more transparent payments.

“One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view. But in the case of cryptocurrency, one needs to allow it as a legal tender first,” the DNA India report explained.

Spearheaded by a Committee

India’s finance ministry has since set up a committee headed by the secretary of the Department of Economic Affairs (DEA) for this initiative. The committee has been tasked with working on a set of regulations and a roadmap to guide the use of the proposed assets in India. A drafty of these regulations, once drafted, will be forwarded to the country’s parliament for further approval.

“The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that [while] the currency is totally banned, the committee is discussing its other uses and how it can be mainstreamed in India,” Subhash Chandra Garg the DEA secretary, who is heading the committee, said.