A San Francisco-based startup called “Real Items Foundation” is beta testing a Shopify plugin to ensure that authentic items are being sold to online shoppers. The plugin –- powered by a combination of blockchain technology and a cloud-based application called “TAM” –- enables brands to generate non-fungible tokens (NFTs) that are pegged to physical assets. Consumers who purchase a product containing an NFT can scan that item to verify its authenticity. CEO and founder of Real Items Foundation, David Menard, told Cointelegraph that a number of skincare, cosmetic, wellness and…
Day: January 22, 2020
Blockchain Association Sides With Telegram Against SEC, Says Grams Are Not Securities
The Blockchain Association, a U.S. advocacy group uniting the industry’s leading startups like Coinbase, Circle, 0x, Ripple and others, has filed an amicus curiae brief in the ongoing SEC vs. Telegram case. It’s the second industry’s motion in as many days to support Telegram’s fight against the SEC allegation it broke the U.S. securities law by selling future tokens (called grams) for its TON blockchain to accredited investors in the U.S. On Tuesday, the Chamber of Digital Commerce filed its own amicus brief, supporting Telegram’s argument that “digital assets may…
How Can Blockchain Improve Data Storage?
Cloud servers are able to keep a full record of our lives, storing literally everything from personal photos and videos from our smartphones to work documents. At first glance, this solution makes our lives easier, but some unexpected threats can be found under a shell of comfort and extensive customer care. Although centralized data storage has its own benefits — higher speed and availability, quick throughput and low latency — it all comes at a cost. Big cloud storage companies such as Google and Amazon that dominate the industry are…
SEC Charges $600,000 ICO Project Opporty for Fraudulent Security Offering
The Securities and Exchange Commission (SEC) has charged Sergii Grybniak, the founder of the initial coin offering (ICO) project Opporty, according to a Jan. 21 press release. Despite raising approximately $600,000, the commission targeted Grybniak for falsely declaring the project as “100% SEC compliant.” Opporty launched its ICO between September and October 2018. The project purported to provide a “blockchain-based ecosystem for small businesses and their customers,” primarily in the United States. The platform was meant to be a place where small businesses could list their services and enter into…
SEC Charges Blockchain Marketplace Opporty Over ‘Fraudulent’ $600,000 ICO
The U.S. Securities and Exchange Commission (SEC) is taking action against yet another ICO issuer: blockchain-based B2B marketplace Opporty. In a complaint filed on Tuesday, the SEC alleges that, from September 2017 to October 2018, Opporty International, Inc. and its founder and sole owner Sergii Grybniak conducted a “fraudulent” sale of digital assets called OPP Tokens, raising around $600,000 from roughly 200 investors in the U.S. and elsewhere. However, the defendants did not register the tokens with the regulator, which alleges that the ICO constituted a securities offering. Further, the…
SEC Charges Blockchain Marketplace Opporty Over ‘Fraudulent’ $600,000 ICO
The U.S. Securities and Exchange Commission (SEC) is taking action against yet another ICO issuer: blockchain-based B2B marketplace Opporty. In a complaint filed on Tuesday, the SEC alleges that, from September 2017 to October 2018, Opporty International, Inc. and its founder and sole owner Sergii Grybniak conducted a “fraudulent” sale of digital assets called OPP Tokens, raising around $600,000 from roughly 200 investors in the U.S. and elsewhere. However, the defendants did not register the tokens with the regulator, which alleges that the ICO constituted a securities offering. Further, the…
Blockchain Best Placed to Meet the Needs of the Unbanked
Major cryptocurrency exchange OKEx is at the 50th World Economic Forum Annual Meeting in Davos this week, promoting blockchain technology as a new motor for the global financial system. Two presentations — delivered by the OKEx Financial Markets Director Lennix Lai on Jan. 22 at the Russia House 2020 and EmTech Investment Meeting 2020 — focused minds on the challenge of extending financial services to the over two billion people worldwide who remain unbanked. “A free, open, permissionless financial system” In his presentation Lai argued that a digital, decentralized financial…
Bitcoin Bulls Seek Stronger Move After Bounce to $8.8K Loses Momentum
Bitcoin’s bounce from key price support is struggling to gather traction. The top cryptocurrency by market value made a reversal from levels near $8,461 (Sunday’s low) during Tuesday’s US trading hours, rising to a high of $8,793 earlier today, according to CoinDesk’s Bitcoin Price Index. The bulls have defended the $8,460 level multiple times since late on Sunday. Tuesday’s bounce was the third successful defense of the former resistance-turned-support of the last 72 hours (bitcoin had dropped back at the same level on Jan. 8). This morning’s spike to $8,793…
Chinese Experts Suggest Using Blockchain Tech in ‘Social Credit’ System
Chinese technology experts held a seminar titled “Blockchain technology helps China’s new social credit system” on Jan. 14. English-language news outlet China.org.cn reported on Jan. 22 that over 20 experts from universities, research institutes and businesses attended the event. China’s social credit system is a citizen reputation system that the Chinese government is currently developing. Social credit regional trials began in 2009, while a national pilot started in 2014. Four years after the national pilot began, the efforts were centralized under the purview of the country’s central bank, the People’s…
South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
New report has it that South Korea’s Ministry of Economy and Finance is set to implement a crypto taxation legislation. According to an anonymous source, the topic of taxing crypto users have been in the pipeline for a while now. It is believed that South Korea’s government via the office of the Ministry of Finance has been flirting with a 20 percent tax rule on crypto profits. Going by the recent update, the Ministry of Economy and Finance recently ordered its subdivision, focused on income tax, to review a taxation…