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Facebook Plans To Launch A New Cryptocurrency

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Facebook is planning to launch a new crypto-currency named Libra in the early 2020s. According to Facebook executives, Libra may be used as payment for online and offline services. It will be supported by an underlying blockchain-based network.

In the beginning, Libra will be used mainly to transfer money between individuals in developing countries who have not the strong financial system. And gradually, the goal is to create the first truly mainstream cryptocurrency: a decentralized global form of payment that is as stable as the dollar. It will be used to buy almost anything, supporting an entire range of financial products — from banking to loans to credit.

It has formed the nonprofit Libra Association with 27 other partners including venture capital firms, nonprofit organizations, crypto firms, and massive corporate finance, telecommunications, and technology service providers, including Coinbase, Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone. Those organizations will also contribute to the Libra Reserve for its development.

 “The goal really is to improve financial inclusion and facilitate the transfer of payments. It is just like what the internet has done in respect to the transfer of information and communication,” says Dante Disparte who is the newly hired head of policy and communications for the Libra Association.

The company, Facebook says that about 1.7 billion people, or 31 per cent of the global population, currently have no bank, with no access to modern financial services. This technology will provide immense benefits to their well-being, offering people free and lower-cost banking services.

This proposal, known as Project Libra, has also been discussed with US Treasury officials and is in communication with money transfer firms, including Western Union, in order to develop cheap, safe ways for people to send and receive money. According to the report, it would even let users transfer money using WhatsApp, its encrypted mobile-messaging app.

How does Facebook’s Cryptocurrency Will work?

  • Name: The Libra codename as the public facing name, may likely to be used by Facebook for its cryptocurrency.
  • Token: The cryptocurrency will be a stable coin. A token designed to have a stable price. It is to prevent complications due to price fluctuations during a payment or negotiation process. Communications have been made with various financial institutions regarding contributing capital to form a $1 billion basket of multiple international fiat currencies and low-risk securities.
  • Usage: Communications has been made with merchants to accept the token as payment, and may offer sign-up bonuses. The company also wants to roll out physical devices for ATMs so users can exchange traditional assets for the cryptocurrency.

 

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How To Buy Bitcoin In India?

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Bitcoin is gaining popularity since 2009 and has turned out to be extremely straightforward at this point in India. There is a number of alternatives available to purchase, exchange or sell bitcoins and other cryptocurrencies.

With all the buzz around the corner, undoubtedly, it is the right time to buy Bitcoin. One question which surely pops up in your mind is that it is legal to buy Bitcoin in India? Or Bitcoin is banned in India? We have covered this area at the end of the article.

Well, India does not stand positive towards Bitcoin and other cryptocurrencies. But you cannot deny the fact there has been no blanket ban on Bitcoins and no law has been formulated as of now. You can easily buy bitcoin through peer to peer (P2P) exchange which allows individuals from different countries to purchase Bitcoin for their local currency.

Bitcoin Popularity In India 

According to the data presented below by Google Trends with the search term Bitcoin spiking between November 2018-October 2019, the interest in Bitcoin in India has been increasing despite banking restrictions and RBI guidelines.

Source: Google Trends

According to some reports, it is said that due to demonetisation, the popularity of bitcoin in India has increased that over 2500 Indians trade in Bitcoins on a daily basis.

The President of Pundi X, Constantin Papadimitriou said that about 10% of the world’s bitcoin transactions take place in India.

Consider the Following Steps Before Entering Into the Crypto Space

Step 1: Research And Review

  • Use social networking sites to keep yourself updated.
  • Before making any move, research well as step by step guides and A-Z information are available on the internet.
  • There are different types of wallets available in the market, namely, Mobile wallets, online wallets and Desktop wallets. Know about their features as wallets stand different in different platforms. Analyze in-depth and determine which of these your cup of tea is.
  • Know the pro and cons of different bitcoin platforms before making any move. It is important to aware of any trap hole or defects in every product.

Step 2: Creating And Securing Bitcoin Account

  • After all the necessary research and reading reviews, select any bitcoin service provider and create an online account.
  • Your account should be secured with a strong password and other credentials. Make sure you follow up on the process that the bitcoin platform provides to secure your account.
  • You can use 2 Factor Authentication for securing your Bitcoin account. It includes Google Authenticator, Fingerprint Verification and Text messages. We recommend you to use Google Authenticator as nowadays Hackers are on the run. If someone logs using your account and password, you will get an immediate warning.

Step 3: Backup Your Bitcoin Account

  • Better to have a backup plan.

Use wallet.dat file to backup your Bitcoin account or your cryptocurrency wallet. Just lock your Bitcoin data and use a password when it comes to your hardware device.

  • PayPal Buyer Exploit-Bitcoin scam and Ponzi scam is a lesson for every Bitcoin users. Read terms and conditions and security policies. Don’t go for general services.
  • Ace your knowledge on Bitcoin as it’s not a child play. Their lot of science involved and a person with proper awareness can only be safe.

Multiple Channels To Invest In Bitcoin

  • Buy/Hold: You don’t have any control on this channel. It’s a very passive mode.
  • Trade: Your coins are influenced by the Cyclic Movements of Price. Here you have some control.
  • Arbitrage: This channel is almost like sure-shot profit. You should have advanced knowledge for super-fast trading
  • Mining: This is the best option in the market. You get rewarded as you contribute to securing blockchain by validating transactions. Earnings are daily and are directed to your crypto wallet.

To go into depth analysis, mining is done in two ways: either by yourself or Investing in Cloud Mining.

Popular Bitcoin Indian Exchanges

You can buy Bitcoin from popular Indian exchanges listed below.

  1. WazirX

WazirX is undoubtedly India’s most trusted cryptocurrency exchange platform. The exchange allows the customers to buy, trade as well as sell Bitcoin, Litecoin, Ethereum, Ripple and many other cryptocurrencies in India. The platform has a mobile application for both iOS and Android users.

But what makes this bitcoin exchange platform special? WazirX follows KYC norms and regulations. And being a part of the latest tech, the platform claims to provide multiple hundred transactions per second.

In just 24 hours, WazirX has recorded more than 200 BTC trading volume which is the highest among all Indian exchanges so far.

  1. Coinmama

Coinmama charges a ~6% fee on each purchase that allows users in almost every country to buy bitcoin with a debit or credit card.

  1. Unocoin: India Based Bitcoin Exchange

Established in 2013, Unocoin allows users to buy Bitcoin with any Indian bank account. With KYC norms, the exchange requires ID verification and offers low 1% fees to 0.7% with increased trading volumes. The exchange is backed by investors in the US.

  1. LocalBitcoins

If you want to keep things private, go for LocalBitcoins. This exchange is one of the fastest and gives you the opportunity to buy bitcoins in any country in a private mode. Cash deposit is the most common method of payment for the purchase.

Other Bitcoin platforms are:

  1. Changelly
  2. Bitcoin ATM
  3. Mycelium Local Trader

Is Bitcoin Banned In India?

India’s Central Bank, Reserve Bank of India (RBI) made an announcement in April 2018, stating that commercial banks and other financial institutions associated with the RBI should stop offering services to cryptocurrency companies. However, there was no official statement of “BAN”. They have just removed the support.

Situation After RBI guideline

After the RBI guideline, the most important question arose, how to buy bitcoin in India. P2P (peer-to-peer) trading exchange platform is the answer to this question.

Previously the cash flow was

Buyer -> Exchanges (Get the cash(Bank is involved), Find the seller) -> Bank -> Pay to a seller in seller’s account

Seller -> Exchanges (Get the cash in the bank account, Find the buyer) -> Bank -> Cryptocurrencies transferred.

Now,

Buyer -> Exchange (Find the seller) -> Buyer sends money to seller’s account

Seller -> Exchange (Find the buyer) -> Seller send coins to buyer’s account

Additional information:

In case you want to leave the exchange or want to keep the cryptocurrency for future sales or for any other purpose, you can do so by transferring the coins to a software/hardware wallet. Some are mentioned below:

Software wallet
1. Jaxx (https://jaxx.io/)
2. Exodus (https://www.exodus.io/

3. CoPay (https://copay.io/))

Hardware wallet
1. Ledger Nano S (https://www.ledger.com/products/…
)
2. Ledger Blue (https://www.ledger.com/products/…)
3. Trezor (https://trezor.io/)

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Ripple Invests in Biometric Cybersecurity Startup’s, Keyless

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Payment protocol network company, Ripple’s Xpring invests $2.2 million in cybersecurity startup Keyless. The British startup is the first in the world to combine biometrics with secure multi-party computation. The fund will reflect on the establishment and expansion of the startup’s security product. The round included the participation of gumi Cryptos Capital, Blockchain Valley Ventures, and LuneX.

“We don’t want the network to spy on user biometrics. This way, the authentication happens right there and wasn’t just a session replay of a previous authentication,” says Paolo Gasti, Keyless co-founder and chief technology officer.

As it closes its seed funding, it has also finished the beta testing and integrations with two crypto wallet customers. The product will be a watershed in personal identity management. With this, businesses do not need to centrally store and manage passwords, cryptographic keys, and other authentication data.

Keyless uses privacy-preserving distributed computation and zero-knowledge cryptography to ensure privacy and biometric authentication methods to the zero-trust security model. The firm assures a straightforward authentication process is pretty straightforward and accessible anywhere, any time.

It also scrutinizes and prevents fraud and authenticate continuously. The team is aiming to launch Keyless Authenticator to the public by the end of the year. The capacity of Keyless for adoption in multiple industries, especially crypto, impressed Ripple’s Xpring.

“During our technical review, we recognized Keyless’ solution to be brilliant and well thought out. We believe Keyless’ product will be particularly welcomed by wallet providers and exchanges to boost-up the verification process for crypto holders,” Xpring Senior VP Ethan Beard said.

Thecompany which is founded in the year 2012, Ripple has more than 200 financial institutions as a  part of its customers. Ripple launched Xpring in 2018 to invest in, some of the incubate, acquire, and provide a great sort of assistance to blockchain and digital assets companies and projects. It aims at raising the potential of blockchain globally.

“We have known since the year 1980s that this was some of the possible … and we have also been working on this for ten years,” Gasti said, adding:

“The product allows low-latency execution without having any effect on security.”

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China’s bitcoin miner Canaan Creative files for $400 million

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The leader in producing Blockchain servers and designing ASIC microprocessor solutions, Canaan Creative, attempts to go public in the US. It filed an IPO in Nasdaq to raise $400 million. Credit Suisse, Citigroup, China Renaissance, and CMB International are working on Canaan’s Nasdaq IPO.

It’s a third attempt from the Chinese bitcoin miners to go into public. It had endeavored in Chia three years before. The failure led the company to try in Hong Kong last year and rejected as it couldn’t impress the shareholders with its business model, despite its exceptional growth in the sector.

According to Canaan, it will be using the funds for the research into AI and blockchain research, as well as pay off debts. In the fiscal year of 2018, it raised the revenue of $394 million with a net income of $8.3 million. However, from the first quarter of 2018 to Q1 2019, the revenue is also down by 85%.

The plummeting bitcoin value in recent times has very much affected Canaan Creative as well. It has reduced the demand for Bitcoin mining equipment globally. Canaan is considered to be the second-largest bitcoin mining machine designer and maker following Bitmain. The two competitors show a tough battle in the industry.

Founded in 2013, Canaan started its service as a provider of the computer hardware manufacturer. Zeroing in on Blockchain servers and ASIC microprocessor solution for bitcoin mining, it also worked on to be established its name in the industry by its Avalon series bitcoin miners.

The unheralded move from the Hangzhou-based company is coming after Chinese president Xi Jinping’s remark on bitcoin. He encouraged the development of blockchain technology. Yet, the future of bitcoin mining in China is uncertain. In 2017, many bitcoin mining companies had shut down in Beijing, and earlier this year, there were rumors about China’s move to eliminate bitcoin from the country.

Bitmain, which is on the other hand, is also working to be reportedly seeking to go public in the U.S. after its long-anticipated IPO that got failed in Hong Kong as the local exchange and regulators that still work on to remained uncertain on its business sustainability.

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Zamna Secued $5M to Develop Blockchain Security Checks

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Cybersecurity firm Zamna has raised $5 million in its latest round of funding to advance its blockchain-powered airport security technology.

Zamna’s platform verifies and connects passenger data between airlines, governments and security agencies, and aims to speed up the airport security process by eliminating the need for manual ID checks by up to 90%.

Increasingly airports and airlines around the world are turning to biometric identity authorization to validate travellers, and Zamna’s Advance Passenger Information (API) validation platform is a secure way for this information to be stored and accessed by the relevant stakeholders. By storing it on a distributed blockchain network, the data is safe and secure with only relevant data being accessible.

“For airport security to successfully become frictionless through biometric capabilities, the first step is to have access to 100 per cent accurate and trustworthy passenger data,” said Zamna co-founder and CEO Irra Ariella Khi. “Zamna is delivering on this – built on a ‘privacy by design’ framework, it ensures that airlines and governments get accurate, trustworthy data in advance of a passenger travelling, enabling the traveller can get through the airport without multiple identity checks,” she added.

The investors for this latest round of funding include LocalGlobe, Oxford Capital, Seedcamp, and International Airlines Group (IAG), with IAG also becoming Zamna’s first commercial client. The funding will be used by Zamna to support the wide rollout of their API platform.

LocalGlobe partner Remus Brett commented that “(w)ith passenger numbers expected to double in the next 20 years, new technology-driven solutions are the only way airlines, airports and governments will be able to cope. We’re delighted to be working with the Zamna team and believe they can play a key role in addressing these challenges.”

London-based Zamna – formerly known as VChain Technology – has also recently partnered with Emirates Airlines and immigration authorities in the UAE to provide passenger verification services.

Remus Brett, partner at Localglobe, said: “The team at Zamna has built a platform that will play a major part in the future of travel and aviation security. 

“With passenger numbers expected to double in the next 20 years, new technology-driven solutions are the only way airlines, airports and governments will be able to cope.” 

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Samsung Adds Support for Tron Network to Blockchain Dapp

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TRON has revealed that its blockchain will be integrated into the Samsung Blockchain Keystore’s software development kit.

The Tron Blockchain, which is as of now one of the largest decentralized ecosystems will be integrated with the help of updated Blockchain Keystore software development kit, which means that the developers will be able to build the TRON powered apps, and users to store their TRON coins right on their Samsung devices.

According to studies, around 2.5B people around the globe currently have access to smartphones. Considering that Samsung is among the top smartphone manufacturers, and that blockchain is rapidly gaining popularity, one could argue that up to 1B people might take advantage of Samsung Blockchain Keystore, which launched last March to help consumers control their private information and digital keys from their devices. This appears a little more reasonable that TRON founder Justin Sun’s recent tweet about billions of potential future users.

Justin Sun, who will appear at the Samsung Developer Conference to announce the new partnership (SDC19) this Wednesday, Oct. 30, expressed his excitement about working with Samsung: “We are totally in line with and will support Samsung’s vision and strategy on blockchain technology exploration.”

From the company, they said that SDK is “a comprehensive solution that tackles two of the biggest obstacles in expanding the DApp ecosystem: security and the complexity of building a mobile-compatible DApp. The new SDK not only allows DApps, many of which are based on the community of web, the ability to seamlessly integrate their apps into mobile space bar, it is also highly attractive for legacy apps that want to integrate blockchain features, which also includes the positing such as enabling payment with cryptocurrency.”

Justin Sun, the CEO of Tron, had tried to pump the whole thing this week by saying Tron is entering an undisclosed partnership with the “hundred billion USD megacorporation.”

“This is a just one of the best remarkable milestone for TRON, and I’m thrilled and excited to have this opportunity to work with Samsung. We are totally in line with and will support Samsung’s vision and strategy on blockchain technology exploration.”

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