Day: September 12, 2018

HashCash Revolutionising Movie Industry; to leverage blockchain technology

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Piracy is hitting the movie industry, and now blockchain is trying to solve the problem. A recent press release reveals a new product called HashCash trying to do just that. Over $22 billion goes to pirates annually As per the release, HashCash is taking a step towards eliminating piracy with the help of blockchain technology. Available statistics indicate that profits in the movie industry will grow up to $50 billion by 2020. This is compared to the $38 billion amount earned in profits in 2016. The statistics cover the American…

Bitcoin Flexes its Muscles as Cryptocurrency Market Tumbles to 2018 Low

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The cryptocurrency market crossed an unwelcome milestone on Wednesday, as it not only fell to a year-to-date low but also surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline in the throes of the dotcom bubble that kicked off the new millennium. Cryptocurrency Decline Now Worse Than Dotcom Bubble Following a fresh rout this week, the cryptocurrency market cap — the combined nominal values of all coins and tokens in circulation — is now valued at just $186.8 billion, down a tech bubble-style 78 percent from the $835.7 billion all-time…

Huobi Eyes Japan Expansion With Acquisition of Licensed Crypto Exchange

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Huobi Group is to expand its trading services to Japan via an imminent deal to purchase local licensed cryptocurrency exchange BitTrade. In an announcement on Wednesday, Huobi said its wholly owned subsidiary Huobi Japan Holding Ltd has inked an agreement with Eric Cheng, the sole owner of BitTrade, to acquire a majority stake in the firm. BitTrade is currently one of 16 licensed exchanges in Japan and also a member of the Japanese Virtual Currency Exchange Association. Huobi declined to disclose the dollar amount of the acquisition and its exact ownership stake…

Not ‘Viable’? Berkeley Professor Takes Dim View of Stablecoins in New Critique

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A University of Berkeley professor has claimed stablecoins are a “myth” in a new critique published Tuesday, September 11. Taking the emerging market sector, which includes well-known assets such as Tether (USDT), to task, Professor of Economics Barry Eichengreen argues that stablecoins are not automatically “viable” just because they are pegged to reserves of, for example, fiat currency. Eichengreen writes that “conventional cryptocurrencies, such as Bitcoin, trade at wildly fluctuating prices, which means that their purchasing power – their command over goods and services – is highly unstable,” adding: “Stable…

India is creating some innovative blockchain technology startups

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Blockchain technology is a virtual ledger which enables developers to record real-time transactions across borders. This possibility allows developers to use this game-changing technology across sectors innovatively. Below is the list of startups from India who have applied the technology in different sectors creatively. MinersINC A blockchain-powered P2P platform, MinersINC brings together the creators and consumers of entertainment media in the form of movies, music, and games. The blockchain solution puts creators back in control of their creation and builds a close-knit ecosystem which is direct, less intricate, and more rewarding. Coinsecure India’s Bitcoin Exchange is…

Uber’s Largest Shareholder to Launch Cross-Carrier Mobile Payments Service Based on Blockchain and RCS

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Japanese tech giant SoftBank is developing a blockchain-powered cross-carrier mobile payments service, the company reported in an official press release published September 12. SoftBank’s new proof-of-concept (PoC) development was announced in partnership with telecoms-focused blockchain firm TBCASoft and Synchronoss Technologies, provider of cloud, messaging, digital, and Internet of Things (IoT) services and platforms. The upcoming mobile payment service will be based on the Rich Communication Services (RCS) global messaging standard and TBCASoft’s cross-carrier blockchain platform. The service will will enable users to conduct peer-to-peer money transfers globally, as well as…

Tron’s Justin Sun is still bullish on crypto despite continued losses

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Despite continued losses in the cryptocurrency market, Tron’s Justin Sun is still bullish after stating that the space will grow to a 10 Trillion USD industry. This statement came as a shock to most crypto enthusiast, especially now when almost all the top 100 coins are in the red. However, there might be hope with the recent positive developments that will rock the industry in the coming weeks. The total market cap dropped to $191 billion from around $195 billion yesterday, which is the lowest point since early November 2017.…

Bitcoin Price Charts Hint at Recovery Rally Above $6.4K

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Bitcoin (BTC) could witness a minor corrective if the persistent defense of key support leads to a break above the resistance at $6,400, technical charts indicate. The leading cryptocurrency suffered a downside break of the symmetrical triangle in the early US session yesterday, signaling a revival of the sell-off from the recent highs above $7,400. Further, the bearish pattern bolstered the already negative setup, as represented by the rising wedge breakdown and the pennant breakdown on the line chart. As a result, BTC was expected to test $6,000 (February low)…

Campaign Targeting Crypto Price Gaps; to eradicate the kimchi premium

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Researchers from the Bank of Korea (BOK) note that barriers to the flow of cryptocurrencies are leading to crypto price gaps. The comments come at a time when the BOK is leading the campaign targeting crypto price gaps in the country. Kimchi premium Dubbed the “kimchi premium”, the practice is rampant in South Korea’s currency market. Basically, the kimchi premium is “the gap in cryptocurrency prices in South Korean exchanges compared to foreign exchanges,” Investopedia writes. In the country, the phenomenon is greatly predominant in the price of Bitcoin. There…

Australian Blockchain Delegation Heads to China to Foster Fintech Ties

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A handful of Aussie blockchain startups are in Shanghai this week, part of a government-backed trade mission that aims to strengthen ties between the two nations in the industry. The Australian Trade and Investment Commission (Austrade), the country’s trade agency, and the Australian Digital Commerce Association are jointly organizing a delegation of domestic blockchain startups currently visiting some of China’s biggest fintech companies this week, the Australian Financial Review reports. On Monday, the delegation visited the Shanghai headquarters of Ant Financial, the $150 billion operator of the world’s single largest mobile…