Remittance Company Boosts +800% Clients Because Of Ripple

If you like what you read, feel free to share it:

Ripple CEO, Brad Garlinghouse, recently revealed that a remittance company, which he wouldn’t disclose, has gained +800% in clients “overnight” because it recently began using Ripple’s technology. The main reason for this rise in the change in transaction fee. 

Brad Garlinghouse recently was speaking to Bloomberg in Singapore, where during the interview he revealed that a remittance company was able to boost their clientele by overwhelming +800%. And this boost happened “overnight”, as Mr. Garlinghouse explains. However, since the interview was in a short format, he possibly didn’t have the time to go into details of which exact company that is. The main details in this massive client boost are that the company, who started using Ripple’s technology, was able to bring down the transaction cost. They went from $20 to $2. That makes their services ten times more beneficial than before.

Ripple Wants to Work with SWIFT Not Against It. 

The reporter asked Brad whether Ripple had any plans to take over SWIFT one day. To which he replied that they are doing it already on a day-to-day basis. He went on and added that there are more than 100 major banks are now utilizing Ripples technology for money transfers. Those same banks are also partners with SWIFT. Moreover, he disclosed that they (Ripple) would want to rather work together with SWIFT, not against them. Mr. Garlinghouse said that he would be happy if both companies “can serve the same goal and be part of “the new world order”.”

Garlinghouse believes that Ripple at this stage already is capable enough to solve the problems which SWIFT hasn’t been able to. Hence, the above-mentioned example with the remittance company. His belief is that Ripple already is a part of the “new world order” and encouraged SWIFT to work together. He is absolutely fine with that. 

Source:

https://u.today/ripples-technology-helps-remittance-company-get-800-rise-in-clients-overnight-brad-garlinghouse
https://hackernoon.com/200-banks-financial-organizations-will-use-ripplenet-in-2019-95d20cc6bb94
https://www.ccn.com/santander-bank-xrp-ripple-confusion/

Photo by Flickr.com

John McAfee Comes Out With a New Exchange – McAfeeMagic!

If you like what you read, feel free to share it:

The crypto defendant, privacy maximalist, who’s running for POTUS in 2020, John McAfee, has just released his new cryptocurrency exchange called “McAfeeMagic”. Interestingly enough, the exchange will allow trading cryptocurrencies on multiple exchanges within one dashboard. 

When going on his website he describes the platform as a new and revolutionary. The exchange comes out as a non-custodial. Users funds will be stored on 8 other exchanges. In order to set up the account, users will need to add APIs from other exchanges, where their funds are stored. The exchange enables both manual and automatic trading, across the aforementioned eight cryptocurrency exchanges. Moreover, users will be able to set orders on 8 exchanges all at the same time from one simplified dashboard. If this isn’t eye-catching and you still ask “So where’s the magic”?

“The “Magic” is being able to make a snap trade, while your pre-set automated bots are making 100’s of trades for you, (on different exchanges), in the background! – That’s the McAfee Magic,” says the website.

Two portals

At the moment, the McAfeeMagic exchange offers two “portals”. “Magic” and “Shadow”. The Magic portal is for normal trading, the Shadow one is for Shadow trading in which the user will be able to sort of copy other successful trader calls, whom the community will manually rank judging by their success.

Additionally, there is a “set and forget” option which means that the user will have the ability to set a buy and sell order at the same time. Autotrades will also be an option. And the best part about McAfeeMagic is that users from all around the world, with no restrictions, will be able to use it. Now McAfee really is offering freedom to crypto enthusiasts.

Security

Since McAfee is the godfather of internet security, people expect that this crypto exchange will be the most secure of them all. The website’s FAQ says that the site is hosted on “top grade” Amazon Web Service servers that come with DDoS protection. Also, the system can scale on demand, as they describe.

“We are only releasing this platform to the public after extensive testing and auditing processes that stretched months,” reads the website.

However, the website experienced a DDoS attack before the site was even launched. Earlier, in a tweet by John McAfee, he stated that the McAfeeMagic.com is “still under attack.” They had found out that the attack comes from a new I.P. Address in Texas. Also, he eased everyone by saying that the Amazon AWS servers are learning the attack and are “top notch”.

The McAfee Freedom Coin

Best Coin Investments recently reported that John McAfee is also coming out with a new cryptocurrency – Freedom Coin. The new cryptocurrency, as informs McAfee, is designed to confront the problem of currency exchange. He goes on explaining that the Freedom Coin will use a unique paradigm and a new structural concept. The asset will have no value, hence it will always be worth zero in relation to any other currency asset, however, at the same time, its natural market value will be free. Moreover, he says that this new cryptocurrency is nothing new and definitely isn’t a technological breakthrough. However, what makes it unique is the new approach to understanding the evolution of cryptocurrency “and the mechanisms that have kept the Holy Grail of cryptocurrency – economic freedom – out of reach.”

Photo taken from McAfeeMagic.com

Telegram Says They Haven’t Heard of Gram Asia, Token Sale was a Hoax!

If you like what you read, feel free to share it:

As it appears, that the Telegram GRAM token sale, which was announced recently by a Japanese exchange Liquid, won’t happen after all. At least not on Liquid and not by Gram Asia. This was a big hoax, and many journalists took the bite. 

No Relationship Between Telegram and Liquid

News of Telegram’s digital token GRAM being listed on Liquid Exchange shook the crypto-internet. Liquid announced that they had partnered with Gram Asia, which reportedly was introduced as the largest holder of the native TON token in Asia. The exchange explained that they will have TON-compatible wallets integrated where GRAM token sale participants will receive their tokens. The tokens will be delivered once the public mainnet of TON Blockchain will launch on October 31. Additionally, a rather odd thing was the fact that Liquid stated that all proceeds from the GRAM token sale will be kept in its custody and will be fully refunded if the TON mainnet is not launched.

However, this all turned out to be a big hoax. And I believe that many felt that this could not have been true.

Today came with a comment from people close to Telegram. Apparently, they have no business relations with Liquid exchange. Neither they have heard of Gram Asia, which was presented as the largest GRAM token holder in Asia.

Telegram’s Purchase Agreement

As it turns out, no one has the rights to sell the Telegram tokens before their official launch, said one of the Telegram investors.

To remember – Telegram’s token sale was for accredited investors only. The token sale ended with a staggering $1.7 billion collected. Even then the Telegram name was used in several different scam webpages.

Back to the story – the anonymous investor explained that all Telegram token sale investors signed a purchase agreement. Which anticipates that “the purchasers of GRAM tokens are not allowed to sell the tokens during a restricted period from the date of the purchase agreement to 18 months after the TON launch date.” Additionally, the purchaser also is restricted from entering a swap or an agreement which transfers the ownership of the token to someone else. The purchase agreement states that the GRAM token buyers agree not to:

“ENTER INTO ANY swap or other AGREEMENT THAT TRANSFERS, in whole or in part, ANY OF THE ECONOMIC CONSEQUENCES OF OWNERSHIP OF THE INVESTMENT CONTRACT represented by this Purchase Agreement or any Tokens.”

Conclusion

Who benefits from this situation? Possibly Liquid? If not, then there’s a serious miscommunication going on in the scale of large companies. Could it be that they wanted to lure in more people into their exchange by using Telegram’s name? If we remember yesterday’s press release, Liquid’s CEO Mike Kayamori and Gram Asia CEO were the only person to comment on the issue:

“We are excited to be partnering with Gram Asia to launch the Gram token sale, which is wonderful news to our community who are native users of Telegram. We share the vision for a more secure and open value transfer system in order to enable the mainstream adoption of cryptocurrencies,” said Mr. Kayamori.

Could it really be true that he had no clue about this? How did he not realize that Telegram officials hadn’t commented on this issue? So many questions, so little answers. Also, there hasn’t been an official statement by Telegram to this hour.

Source:

https://cointelegraph.com/news/sale-of-telegrams-token-gram-on-exchange-liquid-is-not-official-source
https://finance.yahoo.com/news/liquid-com-exclusively-offer-telegram-060600225.html?guccounter=1

London is the European Unicorn Fintech Start-Up Leader

If you like what you read, feel free to share it:

A recent study shows that London has become the European leader in Fintech unicorn start-ups. One unicorn start-up has been created every month for the past year. This achievement puts the U.K. behind USA and China as the third most successful country in the world for unicorns. 
This news comes ahead of London Tech week, which is happening this week from June 10 – June 14. London Tech Week is an annual event which brings together entrepreneurs from all around the world to discuss the future and today of the ever-developing technology. They call it the world hub for tech and innovation. 

Currently, the UK has 72 unicorn companies in total, and that puts Britain in the well-deserved third spot as the best ground for fintech startups. Additionally, London has 45 unicorn companies which is the biggest number in Europe cities. The closest rival is Berlin with 10 companies, and Paris and Stockholm with 9.

A Unicorn company is a private company which is valued at over $1 billion.

London has more FinTech Start Ups than San Francisco

Currently, 18 out of 45 unicorn companies in London are FinTech firms while San Francisco has 15. This comes as a game-changer as San Francisco has been the FinTech start up world hub for years. However, the San Francisco bay area has 31 more companies with a unicorn status. But if we compare the statistics in such manner, Britain also has at least 2 such companies in Oxford, Manchester, Cambridge, Leeds, and Edinburgh as well.

Moreover, the London FinTech start ups include such companies as Revolut, Monzo, Metro Bank, MoneySuperMarket, and Funding Circle.

Also, an interesting fact is that London has about 75 more upcoming companies that are “on the path to unicorn status”, says the research.

“Since 2012 the UK has produced as many unicorns as Israel, Germany, the Netherlands and Sweden combined,” the research adds.

The UK Also a Leader on Venture Capital Investments

It appears that the United Kingdom is a European leader on venture capital investments as well. They have a record $5 billion expected in the first half of 2019 alone. As part of the London Tech Week, the UK Prime minister, Theresa May will announce more than $1,2 billion of fresh investment from 13 tech companies. VMware, a software virtualization company which provides cloud computing and platform virtualization, will lead the charge with an investment of over $1 billion in the next five years.

While it seems like the UK is on a very strict path to digitalization, with loads of success, they still stay humble in regards to resting on their laurels. They are always calling for improvements in digital skills across all age groups. They are always hiring more young staff and particularly women into the digital economy.

“The UK continues to be at the forefront of digital transformation. At Microsoft, our work with start-ups and scale-ups confirms that the potential of the UK tech sector is growing daily,” said Cindy Rose, the chief executive of Microsoft UK. 

Source:

https://finance.yahoo.com/news/london-now-has-more-fintech-unicorns-than-san-francisco-050000854.html?_guc_consent_skip=1560163356
https://www.fintechmagazine.com/fintech/london-tech-week-uk-capital-leads-europe-fintech-unicorn-race

Photo by pexels.com

Facebook’s GlobalCoin Will Likely Pay Interest to Users

If you like what you read, feel free to share it:

A Wyoming Blockchain regulator and so-called “crypto-mom” Caitlin Long has made 6 predictions on the upcoming Facebook’s cryptocurrency dubbed GlobalCoin. She predicts that Facebook could potentially pay interest to its users.

“Facebook will pay interest to users of its cryptocurrency, which will eventually lead to populist calls to repeal subsidies at the heart of the US banking system,” she writes on Twitter.

Backed Assets could probably be stored in the Federal Reserve

It is a well-known fact that Facebook’s anticipated cryptocurrency will be a stablecoin. That means that it will be backed by a large sum of fiat currency. This money Facebook will probably store somewhere where it could generate interest. That is why Caitlin speculates that the place where to hold that amount of money could be the Federal Reserve.

Caitlin Long says that up to date, stablecoin issuers have generally pocketed the float on assets backing the coins. However, her next prediction is that Facebook won’t be able to pocket these big profits without sharing them with their users. Simply because of the fact that Facebook’s cryptocurrency will be the largest and most public crypto entity one has ever seen in this market.

“If Facebook doesn’t share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing,” says Long.

According to Federal Reserve’s interest on excess rate, the Federal Reserve pays 2.35 percent.

More Predictions

Long went on and predicted other things related to the Facebook’s cryptocurrency. She believes that Facebook’s GlobalCoin will face all kinds of regulatory uncertainty. In addition to this, she commented that she knows a perfect regulatory structure for this. Hinting her Wyoming Blockchain Task Force and the state of Wyoming in general.

Next, she believes that the new cryptocurrency will reveal how much of the recently widely discussed Facebook 2.3 billion users are real. This is because in order to use the currency users will have to pass KYC procedures.

She goes on saying that Facebook will become a “huge data honeypot for governments globally with all the privacy and tax reporting implications such as data honeypot entails,” she writes. All-in-all, she asks quite a rhetorical question. In the case of Facebook being struck with government regulations – “would it fight or fold?”

GlobalCoin Could Drive Bitcoin Adoption

The last thing that Caitlin predicts is that the development of GlobalCoin could potentially boost the adoption of Bitcoin. She says that by “educating consumers about the benefits of crypto and improving the user experience, Facebook will pull more users into Bitcoin, whether it intends to or not.” While Bitcoin is the king of cryptocurrencies, it is still the only ledger in the cryptocurrency field which is considered the most honest of all. People will recognize this as they embark with the new cryptocurrency. If comparing Bitcoin to Facebook’s GlobalCoin, the main reason why people might turn to Bitcoin is that it’s more scarce while Facebook’s cryptocurrency is not.

“Facebook will greatly accelerate the pace of teaching people about cryptocurrencies. And when this happens, more people will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s cryptocurrency is not,” says Long. 

Source:

https://www.ccn.com/facebook-cryptocurrency-pay-interest-users
https://twitter.com/CaitlinLong_/status/1137832406206046209

ConsenSys co-founder joins DARMA crypto fund, goes long on Ethereum

If you like what you read, feel free to share it:

Andrew Keys, the co-founder of ConsenSys, recently joined DARMA capital, a crypto-focused investments fund, as the newest managing partner. Keys strongly believes in Ethereum and is one of the main figures in DARMA’s decision to position their high-net-worth accredited investors for a decade long Ethereum bull run. 

Yesterday, Andrew Keys announced that he is moving from ConsenSys to DARMA capital as the newest managing partner. He joins James Slazas, the former head of capital markets at ConsenSys. At the same time, he stays at ConsenSys at the advisory board.

DARMA (Digital Asset Risk Management Advisors) capital is a CFTC-regulated firm with approximately $100 million in assets under their management. These are the funds of the high-net-worth accredited investors which are meant for the Ethereum “Optimized Long fund”. However, this Ethereum long position doesn’t stop at just being a long-term investment. The main idea for this Ether long-run is to accumulate more Ethereum. Andrew Keys revealed that his goal is to accumulate 1 percent of the total funds per month.

“So if you gave me 100 ether, my goal would be to produce 1 ether a month,” Keys says.

He explains that this is no “hodling”. Ultimately, their plan is to spot the market “highs” and “lows” in order to accumulate more digital assets.

Moreover, Keys has long been rooting for Ethereum. In 2018 he did an interview at the Economic Forum at Davos where he said:

“We will have a decentralized World Wide Web, and it will impact every aspect of our humanity. I’m going to be able to have peer-to-peer transactions with counter-parties without a bank, or a Facebook, or an Uber, an Amazon, an eBay in the middle.”

DARMA Optimized Long-ETH Fund

Or in short – DOL-ETH, is a program which automatically manages investor digital asset portfolios. It is designed to identify the market cycles and not only hold the assets as such. Their main point is to “create alpha”. Alpha is often referred to as an investment strategy, which ultimately means to “beat the market” or spot the edge. It refers to the idea that markets are efficient, and so there is no way to systematically earn returns that exceed the broad market as a whole.

Moreover, the company already has plans for the upcoming future, as they won’t stop at an individual Ethereum Long fund. They are in the works to providing a bitcoin long fund as well in the upcoming months. However, an interesting decision is to offer a similar long fund on Filecoin. Andrew Keys explained that investors can expect this sometime next year.

“We believe [those tokens] will be the components of the next-generation internet and essentially there is a new asset class in what I would call crypto commodities. So we’re not interested at the application layer, we’re interested in the protocols that many different applications will use,” clarified Keys.

ConsenSys and DARMA will Work Together

As already mentioned, Keys transitioned from ConsenSys to working full time at DARMA, however, he will stay as an advisor at ConsenSys. ConsenSys is a blockchain software company. Since Joseph Lubin, the co-founder of Ethereum, founded the company, their main field of operations is developing decentralized software services and applications that operate on the Ethereum Blockchain. ConsenSys has invested in DARMA in the past, and it will stay as an investor now.

Additionally, this perfectly aligns with what Andrew Keys has done in the past. He revealed that this shift matches his personal interests. 

“My core competency has been in finance and my secondary competency has been in technology,” he said.

Why DOL-ETH is better than other funds?

Keys explains that there’s a void in the market. He also believes that this Ether long fund is a simple solution and a necessary missing piece of the market.

“I think the investment stage, if you look at the PwC blockchain hedge fund report, over 70 percent of them have less than $10 million assets under management, half of them don’t use a custodian and it’s very immature. We have $100 [million] AUM, we have one of the best custodians in Opus, we have KPMG as an auditor,” explains Keys.

However, at the moment, only accredited investors, family offices and institutions can participate in this fund. 

Source:

https://www.ccn.com/crypto-hedge-fund-long-term-ethereum
https://www.coindesk.com/consensys-capital-co-founder-departs-to-bring-wall-street-money-to-ethereum

Photo by rawpixel.com from Pexels

Line Pay Corporation partners with VISA!

If you like what you read, feel free to share it:

The operator of Japan’s famous messaging app LINE, Line Pay has recently partnered with VISA to bring new blockchain solutions, contactless payments, and a pre-paid digital visa card. Line says that with this new partnership, they will be able to reach 187 million people around the world.

This recently announced partnership will open the gates of 54 million VISA merchants for Line Pay users! That way Line hopes to expand their services in the world. Currently, Line claims that they have 80 million users only in Japan. Additionally, this new feature will allow users to apply for a virtual VISA card, which they will be able use even if the merchant doesn’t use Line Pay.

Moreover, the two companies will work on a new blockchain-powered fintech solution for business-to-business and cross-border payments.

“With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network,” said Youngsu Ko, the CEO of LINE Pay

Line set out to Compete with Apple Pay and Google Pay

At the moment, Line Pay also has an option to add a VISA card, but in order to use this service, customers need to visit places where the merchant accepts Line Pay as well. As you can understand, this made it useless for Line customers to use this service outside of Japan.

However, with this new partnership, Line Pay hopes to expand to a much wider audience. And VISA can provide this audience. In addition to this, Line Pay enters quite a competitive market which is currently owned by Google Pay and Apple Pay. Nevertheless, Line is popular among Japanese people, and this new feature will allow all the Japanese people to make payments with Line Pay anywhere in the world where VISA is accepted.

Line Also has its own Cryptocurrency

Line issued its own cryptocurrency called LINK during the end of summer 2018, September. When it was released, it immediately got listed on its digital asset exchange BitBox which they also launched in the summer of 2018, June. An interesting aspect was that they chose not to conduct an ICO, but utilized an airdrop instead. This was done in order to give Line users LINK cryptocurrency as compensation for utilizing products within the Line ecosystem.

Since Line and Line Pay is so tied with cryptocurrencies and now their new partnership includes the development of new digital payments and blockchain solutions systems, we can only guess what will happen with the cryptocurrency aspect of Line Corporation, since one of their main goals is to include alternative currency cross-border transactions along with blockchain solutions. 

Source:

https://techcrunch.com/2019/06/06/line-visa-mobile-payment/
https://www.digitaltrends.com/mobile/line-pay-visa-payment-news/
https://www.coindesk.com/visa-and-app-provider-line-pay-to-use-blockchain-in-new-fintech-offerings

Photo by Flickr.com

Review: Billfodl Recovery Seed

If you like what you read, feel free to share it:

What is Billfodl?

BillFodl is a specialized product designed to keep your recovery seeds safe and secure. The demand for these devices slowly increases as more and more people start to realize the importance of a safely stored recovery seed. It is meant to replace the little paper that Hardware/Software wallet issuers tell you to write the 12–24 letter seed on and make it secure as possible. There are many types of these devices. We have already reviewed the CryptoTag in the past which is similar. However, CryptoTag comes along with a little satisfactory hard labor. If you want to find out more about it — our friends at CryptoAuthority  reviewed it here. The Billfold has taken a completely different approach to store your recovery seed and here it is…

First impressions?

When I first received the package, I was surprised about the weird sound of screws jumping inside. My first thought was — “Oh God, please don’t tell me I will have to assemble device on my own”. When I opened the packaging, first I actually saw screws in front of me, so I actually thought for a second that I’ll have to do it, but those screws actually were for the plastic socket mount. This socket mount is meant for extra security measures. It turns out, as some of my friends were pointing out — that you can put the BillFodl metal device in it, and mount it to a secret wall, painting or anywhere else you can think of.

Is it easy to use?

So about the product itself. It took me about 5–10 minutes and eventually the video instruction as well on how to use it. This is all because I never had held such a device in my hands and got a little bit confused on how to use it. Along with the device came a separate box where all the letters and numbers were put in alphabetical order on small little metal tiles. I remember I was looking at the box and thinking to myself — “Should I really break up the box and see what’s inside or this is meant to make screw noises as an accessory…?” Eventually, I tore the little letter boxes apart and found the small tiles. Then the whole picture became much brighter to me and I understood how the whole device works.

The application process is kind of time-consuming. One of the main reasons being that I am a person with quite large hands and fingers, so I struggled in getting those tiny tiles out of their socket. Also, another quite confusing side of the seed application process is the fact that you only need the first four letters of a seed word. That seemed a little odd, because, at first, I thought — how in the right mind am I going to remember which exact word was the right one for my seed. But later, going through the BillFodl FAQ, I quickly realized that there is an exact amount of seed words available and that there simply cannot be such a situation where there are two different words with the same first four letters.

Reusable, but quite easy accessable

From the pictures, you can see that there are a lot of letters, most of which will remain unused at the end. The problem with this is that as you can see from the pictures, I had to tear the paper pockets that the letters were held in…so what do I do with all the extra letters now…where do I store them? Ideally, I would throw them out, I don’t need them… but the device is reusable, I can take the letters out of the Billfodl and place other ones in the future but if I throw the letters out I can’t…

Alright, back to the seed application process. So when I finished assembling my recovery seed words, I locked the small lever and started playing with the device. I closed it, I opened it. I closed it again and opened it once again. Then I realized that if somebody got hold of my BillFodl device, it wouldn’t take him even a minute to realize how to open it. Of course, later, those exact friends who gave me advice about the mounting plastic, told that the upper hole in the device itself can be used as a place for a locked. Ok, that seems fair, but again — I have to purchase the locker. And the locker itself as well isn’t quite the security, as you can easily cut it.

Also, another thing — when you put the device in the plastic socket, the socket reveals almost 15% of the device, so once found, it is clear that something worthy is inside.

What’s good about the device?

  • It works as a fidget spinner-The device itself feels like an iPhone without a case. You know you like to shuffle your iPhone in your hands and you could do it all day if you could. Well with BillFodl it’s quite the same. The device is very satisfactory to hold and to mingle in your hands. The sharp edges and the stainless steel heavy body feels like I’m actually holding a little version of my own bank in my hands.
  • It’s Fireproof-There have been stories of people recovery seed papers get burnt in a situation when your house, car, desk or anything else experience an unexpected fire.
  • It’s Waterproof-The device could be placed outside, where rain can get to it, and it’ll be fine. It is composed of the highest quality marine grade 316 stainless steel. That means that the device is completely rust-proof and as BillFodl themselves describe this feature — you could hold your device in the bottom of the ocean and nothing would happen to it.
  • It’s Shockproof-This means that it can handle millions of volts of electricity. Whether those are solar spots, a nuclear strike, or a microwave bomb. I cannot imagine a situation like that near me in the upcoming years or even decades, but it is great that BillFodl has put in some extra thought about the occurrences that could potentially happen with our devices.

Conclusion

The demand for such devices will only increase as the level of fear rises along with the amount of funds you keep in your cold storage. The more money you have, the more you are going to consider different security measures. And a piece of paper definitely won’t do the job. Some might say — “If you feel like you could lose your piece of paper, why not tattoo it on your body, that way you’ll never lose it”, I say — God no! For just as little as $100, you can secure your recovery seed in BillFodl’s device and all your problems will fade away. Of course, the seed is quite easily accessible once found by a potential thief — but that doesn’t mean that your funds might get stolen. The thief has to figure out which wallet service do you use and go through a pretty harsh process to actually identify what that is and what for it is. Of course, if the thief is not a cryptocurrency enthusiast. Then it’s different. All-in-all, a very cool looking, purposeful device which will help you to take care of your funds as if you were the actual bank for yourself.

Rating: 7/10

Reviewed by Janis Rijnieks

This review was done in cooperation with our partners at CryptoAuthority.

Gartner report says that 90% of blockchain tech will be obsolete by 2021

If you like what you read, feel free to share it:

Gartner, a research company, predicts that by 2021 most of the blockchain technology implemented today could be obsolete. This is due to a fragmented market and the fact that the community has “unrealistic expectations”. 

Blockchain Platforms Will Need Replacement

As the Gartner report explains, most of the Blockchain implementations today will soon need a replacement. This could happen by 2021, as the enterprise interest in blockchain will only rise. Due to this rise in interest, it is suspected that so will the number of new Blockchain-related vendors. 

“Blockchain platforms are emerging platforms and, at this point, nearly indistinguishable in some cases from core blockchain technology,” says Adrian Lee, the senior research director at Gartner.

Also, Gartner suggests that by 2021, most of the current blockchain implementations could be obsolete.

The Blockchain Market is Fragmented

The report explains that today the blockchain market is quite fragmented because of the fact that in most of the cases, blockchain use is mainly done in a “complementary fashion”. Putting it in simplified words – blockchain enterprises still don’t know how to sell their newly implemented blockchain solutions. They usually advertise it with such words as “fast transactions”, “secure”, and “security”, but Gartner suggests that the consumers are still quite confused about what exactly these features improve and what benefits does blockchain add to their existing services.

Moreover, Adrian Lee suggests that the current individual blockchain environment will change as he believes that there won’t be a single dominant blockchain platform:

“Due to the lack of an industry consensus on product concept, feature set, core application requirements, and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge,” he writes.

Blockchain Evolution is Around the Corner

Gartner even plays around with predictions about the future blockchain market value. They believe that by 2025, the business added value by blockchain will grow up to $176 billion. In addition to this, they calculated that later the value could surge even up to $3.1 billion by 2030. Those are shockingly high numbers, but I guess we all knew this already before Gartner, but couldn’t put it down in numbers, right? Adrian Lee believes that we will see rapid growth in blockchain tech, and it is just around the corner:

“Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early-stage technologies/functionality in the blockchain platform market,” says Lee.

We Will Experience a Technological Revolution

While we still have time until 2021 or even 2025, this rapid growth and fragmentation seem somewhat logical, if we compare the evolution of blockchain to the evolution of the internet. The Internet has seen significant growth in the past couple of decades, so why wouldn’t blockchain? Some 90s kids remember how it used to be when they needed to connect to the internet using Dial-up. Blockchain along with cryptocurrencies is at its early stage and some people even compare it to the time when the internet was only coming out in the 80s. So we still have a long way to go, but the good news is that you are still very early in this technological and financial revolution that the world is about to witness.

Source:

https://www.gartner.com/en/newsroom/press-releases/2019-07-03-gartner-predicts-90–of-current-enterprise-blockchain
https://www.livemint.com/technology/tech-news/90-enterprise-blockchain-platform-implementations-will-become-obsolete-by-2021-1559714312017.html
https://says.com/my/fun/how-to-connect-to-the-internet-in-the-90s

Photo by Wikimedia Commons

Crypto Mainstream Adoption: Nike Joins the Family with CryptoKicks!

If you like what you read, feel free to share it:

Nike recently filed an application with the United States Patent and Trademark Office to trademark the phrase “CryptoKicks”. By doing so, Nike joins multiple large corporations like Facebook, JP Morgan, Samsung, and many others in the crypto mainstream adoption race. 

Nike Prepping for Something Big

For starters, it is clear that it won’t be a new apparel or shoe collection with a crypto theme. Nike Inc. filed the application and it itself reveals much information on the recent Nike move. For example, the application says that Nike aims to provide “financial services, namely, providing a digital currency or digital token for use by members of an on-line community via a global computer network”. Additionally, they describe the service as a “website featuring technology that enables users to mine, earn, purchase, receive by any other means, store, and transfer blockchain-based tokens, coins, cryptocurrencies, and other crypto assets”. This is a clear sign that Nike is prepping for something big.

Could this mean that Nike is aiming to develop a fully-compatible, all-inclusive cryptocurrency platform? Which would also serve as a miner? Some say that this could potentially be a rare Nike shoe collectible marketplace. In it, you could only purchase collectibles with CryptoKicks, a native cryptocurrency.

John Gerben, a trademark lawyer, explains this situation. He says that such big corporations like Nike don’t just file trademarks right and left just for the purpose of speculation. First of all, if Nike gets the trademark, they get the rights to use the name “CryptoKicks” for four years. But there is a large “but” in this situation. If Nike gets the trademark for four years, they have to launch a commercial product under that name. This exact point means that Nike will soon publicly announce their steps into the crypto-space.

CryptoKicks can outperform Facebook’s GlobalCoin, Experts say

Experts point out that Nike’s CryptoKicks service (or application) could potentially outperform Facebook’s. While Nike’s application identification looks like they just added every possible characteristic of cryptocurrencies to their service, CryptoKicks has a better chance to attract more attention than Facebook’s GlobalCoin. The main idea behind this is that Facebook’s cryptocurrency use case is yet to be designed, while Nike just has to change the purchasing model in its new app. The world is full of rare shoe collectors and they would most definitely switch to using CryptoKicks as a way of paying for their rare shoes.

Facebook, on the other side, has yet revealed only the intent to cover the remittances market in India. However, the Indian Government has had a hard time defining the regulation of cryptocurrencies. Rumors of an outright ban have been active for about a year or so. But now, when the G20 summit is near, it seems like the report detailing the country’s crypto regulations is finally ready and soon will see daylight.

At the moment, the crypto community is closely watching the progress of Facebook’s GlobalCoin development. Anthony Pompliano even believes that it will become the most used product in crypto. To be honest, it shouldn’t be so hard when you have a monthly user base of 2,7 billion.

However, Facebook has a very bad reputation, since the leak on the company’s use of user data. Also, recent reports say that Facebook is seeking for additional $1 billion in Venture Capital for its new project. Experts believe that this a previously-planned move to make the “Project Libra” seem more “decentralized”.

Major Corporations Getting in the “Crypto Game”

It all started with JP Morgan when they announced the JPM Coin. It shocked the crypto-world, as Jamie Dimon, the CEO of JP Morgan, has been a very active opponent of cryptocurrencies. Especially Bitcoin. With this move, JP Morgan is prepping for a revolution in the FinTech industry. The JPM Coin is a digital stablecoin which will be used by the banking behemoth to instantly settle transactions between the clients of its wholesale payments business.

Also, a Russian social network giant VKontakte also has shared plans for launching its own cryptocurrency and a tipping service. VKontakte (or VK.com) was created by Pavel Durov, the Telegram Messenger founder, in 2016. VK is available in several languages but it is especially used by Russian-speakers. The platform has around 97 million monthly users. Their primary intent for a native cryptocurrency is to reward the users for the time spent on using VK’s services. 

While all these companies are only in the plans of developing a cryptocurrency or a crypto service, Samsung has already taken huge steps towards blockchain and crypto implementation within their work field. Recently their new Galaxy phone was presented with an in-built crypto wallet support. However, in general, Samsung Electronics is looking into developing its own blockchain and possibly an ERC-20 Ethereum-based token “Samsung Coin”. Of course, the company officials have rejected such rumors, but you know, that could be a part of the strategy.

A Token for Every Service

All-in-all, it is clear for me that the large corporations are actively getting into the crypto-space. Nobody wants to be left out. Many predicted this during the 2017 bull-run. While back then, saying that Facebook or Nike could someday develop their own tokens or coins was just a speculation, today this has become a reality. I mean, they are now making movies about crypto… But a different token for every company, for every service? I think the ICO craze of 2017 proved that this isn’t such a good idea, but apparently, the large corps think differently. 

In my mind, I see a world where we all have multiple crypto-tokens for everything we do, and one store of value asset like Bitcoin, where we hold our finances.

Source:

https://oracletimes.com/nike-hops-in-the-crypto-wagon-and-unveils-blueprint-for-crypto-marketplace/
https://www.newsbtc.com/2019/04/25/pop-culture-shift-nike-forays-into-crypto-as-technology-continues-going-mainstream/
http://tsdr.uspto.gov/documentviewer?caseId=sn88394295&docId=RFA20190423084525#docIndex=0&page=1
https://www.btcwires.com/c-buzz/is-nike-planning-to-enter-the-crypto-field/
https://www.ccn.com/nikes-surprise-crypto-play-could-steal-facebooks-thunder
https://www.coinspeaker.com/facebook-own-cryptocurrency/
https://www.coinspeaker.com/facebook-cryptocurrency/
https://www.coinspeaker.com/jpm-coin-jp-morgan-worlds-first-cryptocurrency-by-bank/
https://www.coinspeaker.com/vkontakte-launching-crypto/
https://www.coinspeaker.com/samsung-blockchain-coin/
https://www.coinspeaker.com/kurt-russell-alexis-bledel-beau-knapp-star-cryptocurrency-movie-thriller-crypto/