China’s Tencent Forms Alliance to Boost Blockchain Development in the Country

China remains a pacesetter in the technological landscape. The Chinese government as well as Chinese companies are all in tandem with the fight to push for a whole new world of technological dominance.     This developmental posture is also true of Tencent, one of China’s technologically focused firms that announced it has formed an industrial alliance that will help promote the development of blockchain technology. The alliance is set to recruit 100 members before the end of the year to create room for wider representation.   Tencent’s role in…

Ransomware Gang Strikes Again with More Auctions Listing Stolen Data

Ransomware group REvil has started another auction on the dark web listing sensitive data stolen from two US-based law firms. The listing appeared June 6 through REvil’s official blog on the darknet, where bidders look to acquire 50GB of data from Fraser Wheeler & Courtney LLP and 1.2TB of data from the database of Vierra Magen Marcus LLP. Source: Brett Callow of Emsisoft Information auctioned includes client information, internal documentation of the company, electronic correspondence, patent agreements, business plans and projects, as well as new technologies that have yet to…

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Chainalysis Can Now Track Your ‘Privacy Coins’ Zcash & Dash

On June 8, Chainalysis announced support for privacy coins Zcash (ZEC) and Dash (DASH) making it easy for the law enforcement to track them. Calling Dash a privacy coin is a misnomer The company claims that it can trace the vast majority of Zcash and Dash transactions due to the fact that most users do not use privacy-enhancing features. When it comes to Dash, Chainalysis goes as far as to say that calling it ‘privacy coins’ is a misnomer, it concludes: “In fact, independent wallet softwares provide more advanced forms…

Leaked Pentagon War Game Shows Gen Z Using Bitcoin to Battle the Corrupt State

The United States has been creating military simulations, otherwise known as ‘war games,’ for years now. In fact, the Pentagon and various professional analysts created a permanent war gaming facility for simulations. This week a report indicates that Pentagon officials have purportedly created a war game that involves Generation Z (Gen Z) and the rebels leverage bitcoin to fight a corrupt system. On June 5, 2020, the news outlet, The Intercept, published a leaked document that shows the Pentagon’s alleged plans for a specific war game. The game is a…

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A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

Ethereum (ETH)’s fees are hard-coded to only be payable in Ether, but a clever trick with smart contracts allows users to effectively pay for gas with a special token, which reduces the total fee they incur. This principle was used by the team behind 1inch.exchange, a decentralized exchange aggregator, to introduce the Chi token. The technology was formally announced on June 5, and it builds on a previous iteration of the concept, called Gas Token (GST). How does it work? Chi takes advantage of a mechanism that refunds gas when…

Price Analysis 6/8: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, XTZ

Bitcoin price remains range-bound, but as miners sell fewer coins and the BTC reserves on the exchanges drops, a possible up move could occur in the next few days. The total crypto market capitalization was close to $270 billion on May 8 and currently, the metric stands at $275 billion. This suggests that the crypto markets have been largely stuck in a range for about a month.  Daily cryptocurrency market performance. Source: Coin360 As reported by Cointelegraph, Bitcoin (BTC) miners are holding on to their newly minted coins and this…

NFT Marketplace Opens Korea’s Multi-Billion Gaming Industry to Crypto

Korean Blockchain gaming company PlayDapp has launched a marketplace for non-fungible tokens (NFTs), offering Korea’s multi-billion gaming industry a native gateway into digital assets. Announced on June 8, the new platform, ‘PlayDapp MarketPLAce,’ advertises itself as providing free support for coin-to-coin trading between NFT-based in-game items. Koh Kwang-Wook, a founding member and former CTO of Item Bay, an early online brokerage platform for in-game items, led the development of PlayDapp’s marketplace.  Korean NFT marketplace targets gaming industry At launch, the platform supports items from Ethereum-powered collecting games CryptoDozer and DozerBird.…

Chinese Bank Issues the First Asset-Backed Commercial Paper in China on Blockchain

China Zheshang Bank, based in Zhejiang province has leveraged blockchain technology to issue the country’s first asset-backed commercial paper in the Chinese financial market.      China Zheshang Bank successfully issued the “Lianxin 2020 Lianjie First Phase Asset-backed Commercial Paper,” which was worth 120 billion yuan ($16.93 billion).    The asset-backed commercial paper (ABCP) was issued as a part of the National Association of Financial Market Institutional Investors’ (NAFMII) pilot project. ABCPs are short-term investments issued by financial institutions to support companies in their short-term goals.   The ABCP used…