Author - J. Todd Ring

As Yuan Value Falls, China Resorts To Policing Crypto Media

The drop in domestic currency in China, i.e., Yuan, has drawn the attention of Chaoyang District to ban any events that are related to crypto. The district is keen to protect the status of the country’s fiat currency so that it could protect the property of the people and the status of being the legal tender. However, the ban is restricted to the district only that is home to approximately 3.6 million and increasing business district due to skyscrapers.

Financial System Stability

The district notice indicated that it has left with no alternative but to defend against risks coming from money laundering apart from maintaining financial system stability. Therefore, it has directed hotels, restaurants, shopping malls, offices, and any other places to desist from undertaking any kind of promotional activities towards digital currency, reported. This meant that even the media like WeChat, a unit of Tencent, came under the scanner of the authorities. The authorities were also under pressure since the money is losing its value.

The district notice said further that “We have monitored risks in the internet finance and cryptocurrency space over the past days. A crypto asset management platform named Bit-up recently held an illegal activity to promote its crypto products in the district, which triggered local regulator’s attention.” Incidentally, BitUP seems to be a crypto index fund that is much similar to that of a traditional index fund focused towards equity shares. However, the district believes that the index funds invest in a start-up that has “professional investors from Wall Street and Silicon Valley.”

The actions appear to have angered the bureaucrats, and that resulted in WeChat banning from their platform several crypto media. They have justified their actions by stating that initial coin offerings (ICOs) are not legal in China. Another report suggested that the action was the aftermath of the regulations initiated early this month. The new regulations hold internet entities as responsible for enforcing them. Tencent reacted to say that it closed these accounts permanently.

The Chinese firm disclosed that it suspected them of carrying information that was associated with ICOs apart from speculations of trading in digital currencies. As a result, several crypto accounts have to face the banned music that included Jinse Caijing, which is enjoying daily readership of 350,000. It seems that Jinse has not reported about the censorship though they carried an article about censoring of crypto events.

Plunge In Yuan

The latest developments comes after the local currency plunging about 6 percent against the American Greenback as the devaluation is nearing the sensitive level. The authorities were also under pressure from several quarters. For instance, they have to tackle the issue of a trade war with the United States that is leading towards a weak economy in the country.

Trump is not happy with the intellectual property theft in China that is rampant and without any checks. The American president also views the Chinese actions as cheating with the monetary devaluation and wants to open the protectionist market. However, multinational firms such as Google are not ready to leave the market and keen to work with them.


How Canada Sponsored IRAP Hosts Blockchain Explorer?

The National Research Council (NRC) of Canada-managed Industrial Research Assistance Program (IRAP) is ready to host a blockchain explorer on its own. The Canadian government has funded the IRAP that declared the project had executed the emerging technology powered application on InterPlanetary File System (IPFS). This is a set of rules and network, which is meant to allow peer-to-peer storing, as well as, sharing of data through the blockchain technology. The initiative has demonstrated that the government is also keen to encourage the technology through different channels.

Blockchain Browser

Catena Blockchain Suite has helped to implement the IPFS blockchain browser, cointelegraph reported. BitAccess is providing the product as the company is engaged in offering access to the emerging technology to businesses throughout the globe. This included startups or Fortune 500 companies. The company offers software services in more than 15 countries to promote the new age technology. Its customer depends on its core infrastructure, security and compliance apart from support services.

Following the latest initiative, IRAP will proceed with the testing of using public blockchains in government grants management. This will allow users to perform searches instantly as far as new grant data is concerned on the ethereum blockchain platform. Based on the official declaration, NRC IRAP has hosted a blockchain kickoff session for the first time in June last year. That enabled it to disclose its intention of executing the technology in fund administration for innovative projects. This included small and medium-sized enterprises (SMEs) in Canada.

In the current year, the IRAP emerged successful in launching the first-ever live trial of the Canadian Government’s public distributed ledger technology on ethereum’s platform. The objective is to allow transparent administration when it comes to government contracts. For quite some time, the emerging technology is gaining its traction in the country either with the private participation or through the public. Despite some negative sentiments, there are continued efforts on the blockchain powered solutions.

For instance, a few months ago Investment Industry Regulatory Organization of Canada (IIROC), which is a national self-regulated non-profit organization, has created a working group. The goal is to draft proposals on the distributed ledger technology (DLT) within the capital markets ecosystem. The ultimate aim of this is to protect investors’ interest, as well as, lend support to any healthy domestic capital markets.

Pension Plan Tested DLT

Co-founder Bitaccess, Moe Adham, commented, “Our goal is to enable institutions to become fully transparent, and enable constituents to participate in the verification and validation of public information. We built the Catena Blockchain Suite as a simple, low risk, application for institutions to get introduced to blockchain technology. So far the reception has been terrific”.

Interestingly, the Bank of Montreal, as well as, Ontario Teachers’ Pension Plan took initiatives to test a blockchain-driven debt scheme last week. For the first time, Canadian currency was used to fix income issue with the help of DLT. Two months back, the central bank in Canada had issued a study report that has reaffirmed its conclusion that double spending is unrealistic on blockchain technology.


How Market Reaction Softened To Bitcoin Cash Inclusion to Futures in Crypto Facilities?

CME partner, Crypto Facilities, a trading platform for cryptocurrencies, declared the inclusion of bitcoin cash to its futures products list. The digital currency is ranked as the fourth biggest by virtue of market cap. The two companies struck an alliance last year, and that resulted in the launch of the bitcoin futures for the first time in December last year. Though the market has greeted the news initially, the interest towards the digital coin has waned on Monday.

Official Launch

The first bitcoin cash – US Dollar futures have started since Friday in the CME Group’s partner, Crypto Facilities, trading platform. The new product meant that traders and investors could either take a short or long position in the cryptocurrency to get more opportunities in terms of investment, as well as, risk management, reported. Before adding this, the exchange has already provided a futures contract for litecoin, ether, Ripple XRP, and bitcoin.

Crypto Facilities CEO, Timo Schlaefer, told media that “We are pleased to be expanding our cryptocurrency derivatives offering with the launch of BitcoinCash futures. BCH is a top five coin with a market capitalization of around $10 billion* and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.” The digital currency market is developing much like the share market where the futures contract is used for a number of stocks. Hedge funds and institutional investors prefer such products.

Following the addition of bitcoin cash into futures, there will be an expectation of more investors joining to trade in the virtual asset. This is the first regulated futures options by the FCA for the cryptocurrency and will allow professional investors to get them involved in the changing scenario. Their participation will allow the market to widen opportunities and at the same time hedge risk factors more effectively.

Reacting to the developments, Profluent Group CEO, Bert Mouler, said that Japan is happy to make markets in bitcoin cash derivatives. He said that there was a need for proper hedging mechanism for the institutional trading community enjoying a first-class management team. He cited that Crypto Facilities is the first cryptocurrency marketplace to offer such a service. This could probably set the tone for the other exchanges to start the service.

Innovative And Useful

Similarly, bitcoin cash association advisor, Roger Ver, said that the latest addition is one more example of how the virtual currency is moving ahead as the innovative and useful digital coin in the world. One of the biggest mining hardware maker, Bitmain, has also expressed its confidence in the cryptocurrency since it is one of the largest holders.

Though the digital currency market is undergoing pressures due to a variety of reasons currently, the move could be helpful sooner than later. Also, this is a key development to attract institutions once the custodian issue is sorted out. The regulatory ambiguity will clear a lot of issues to attract more investors and traders, who are waiting in the sidelines.


Crypto Plays a Spoilsport in Nvidia’s Top Line

Nvidia’s top line has failed to meet the expectations of the market since its performance is hurt by poor demand from the cryptocurrency sector. The company has offered a downbeat outlook as the digital coin market is facing sluggishness due to regulatory uncertainty. The company’s performance was hurt mainly because of the drop in demand for chips from virtual asset mining. Otherwise, its result would have topped estimates. As a result, the shares of the chip maker dropped about 5 percent.

Sharp Reversal of Fortunes

Nvidia has provided a bleak forecast for mining chips of cryptocurrency. The company is seeing a reversal of fortunes for the upcoming quarter in comparison to the previous year quarter. The company generated revenue of $289 million, which was close to ten percent of the overall revenue, driven by bitcoin and ethereum, reported. Though everyone expected the results to be affected by weak demand from crypto, the real amount was nothing but a shocking one.

For instance, Nvidia has provided sales outlook of $100 million from digital coin chips for the second quarter. However, the company ended up selling only $18 million, which is undoubtedly a big worry for the investors. The chip maker’s CEO, Jensen Huang, told analysts during a conference call that crypto has provided some unusual life in the top line in the last several quarters. However, it would not be the same as he termed the contribution from the sector to be immaterial in the second half of the current year.

Nvidia expects to deliver revenue of $3.25 billion with plus or minus two percent for the third quarter. This fell short of analysts’ $3.34 billion estimations. Before the conference call, the stock was down 3.6 percent, which was still quadruple their value when compared with two years back. Its rival, AMD, is also a victim of the swing or volatility in cryptocurrency price. Analysts were also worried by the gross margin outlook of 62.8 percent, which is lower than expected level of 62.9 percent. This could have been due to more memory modules on its chips. It would have been a strong quarter for the company but for the digital currency sector playing a spoilsport game in all calculations of the company as far as sales are concerned.


Nvidia’s lower than expected revenue from mining chips for crypto is also due to a sharp drop in prices of chips. The company is keener to clear of its available inventory meant for digital coin mining at its disposal due to uncertainty clouding over the sector. There is a threat that most of the altcoins will be wiped out.

Therefore, the company is compelled to look at alternatives like artificial intelligence or the gaming sector. Nvidia’s chips are used in data centers as companies like Amazon Web Services, Google, and Microsoft’s Azure are acquiring for their needs. The company is looking to launch new generation gaming chips before the holiday shopping season starts.


Majority of ETH Movement Is Unrecognized

According to a research conducted by, a major part of ETH transactions are un-related to crypto exchanges, through data provided by Santiment. It simply means that the in and out movements of exchanges could not pile up to the amount of movement ETH experiences on an average.

The report noted that almost two million ETH change hands on a daily basis. The numbers change according to market trend, but 2 percent of the tokens do move on a daily basis.

Yesterday, on August 14, the numbers went up to 3.5 million which shockingly coincided with the recent low of $250 per ETH. Meanwhile, the difference between the amounts of ETH withdrawn from exchanges to the supply sent to them also expanded.

The data reveals that almost 100,000 more ETH have been deposited in the exchanges than the number of coins withdrawn. For Tuesday, the number went up to 120,000.

Such a huge gap in movements was recorded back in March when around 600,000 more tokens were funded in exchanges than withdrawn. Stats provided by Santiment blockchain solutions also show a deeper analysis of this exercise rather than just the difference in deposits and withdrawals.

Talking about today’s situation, some 450,000 tokens have circulated through the system while around 1.34 million ETH have been transferred. The figure is far less than what we experienced in January when the total ETH transfers reached 26 million. August 30, 2017, still holds the record for most coins transferred, when 36 million ETH relocated their addresses.

Back to yesterday, 1.3 million of the sum total was either sent or withdrawn from exchanges, giving again around 30 percent-35 percent. The website also stated that the percentage could vary as they were not able to calculate the exact average. But, apparently, it did claim that only 30 percent of ETH movements are used for trading purposes on exchanges.

One should know that the figures are partially manual, including the exchanges investigated for stats, and some of it was moderately automatic.

CTO of Santiment, Valentin Mihov, stated in an interview, “Today we added a new list of ~100 new exchange addresses, and we will update this stat, but most probably it won’t change much.”

He claimed that his company tracks some of the premier exchanges like Kraken, Binance, Bitfinex, Poloniex, etc. Mihov added, “Our total list is around 140 wallets, but we don’t give out the list at the moment, as it took quite a bit of effort to collect it. It is much bigger than the wallets marked on etherscan.”

140 addresses is not a small number and makes us believe that it would be the major share of exchange activity, but a better estimate for every operational exchange would shift the ETH movement to 40 percent.

It probably means that most of the ETH transfers are not affected by speculative use and are essentially sent to dApps, proceed between wallets or are used to buy goods from merchants that support Coinbase Commerce.

It has also become the most suitable coin for crypto scammers that increase the importance of knowing ethereum’s movement patterns. Thus, the recent report holds a great importance for regulatory authorities and local crypto communities.

How Bitcoin and Digital Coin Market Took A U-Turn?

How Bitcoin and Digital Coin Market Took A U-Turn?

The cryptocurrency market is undergoing a phase of not only uncertainty but also a bloodbath after the Securities and Exchange Commission (SEC) has postponed its decision on bitcoin exchange-traded fund (ETF). It is not just bitcoin or Ethereum, but other digital currencies to are going through a phase of horror. The current week has not only wiped out over $19 billion but also brought back nearer to the one existed in November 2017. This is nothing but a U-Turn after peaking in December last year.

Manipulating the Market

Several speculators in the virtual currency sector have started to believe or charge that the SEC is only trying to manipulate the market. As if that was not enough, there were reports suggesting that Whales are trying to make a move due to the recent events or news, reported. Though there is a general belief that this was the reason behind the price crash of bitcoin, speculators are not sparing the initial coin offerings (ICOs) for the price drop of Ethereum.

Their contention is that the ICOs have started to make money from the market to realize profits since their projects have failed to take off as promised or expected. There is no doubt that this kind of negative factors has played a big part in dragging down the price of most of the digital coins besides their market dominance. In the process, the overall market capitalization has also taken a beating, which was quite natural under the circumstances.

On Tuesday at about 7.00 a.m. Eastern Time, the overall market cap is approximately $193.7 billion. This would mean that the market has already wiped out over $19 billion since the start of the current week and reached the lowest point in the current year. Significantly, this level or around $194 billion of market cap was seen in November last year. The threat of further loss cannot be ruled out in the present circumstances.

Importantly, it is not just the market cap that has taken a U-turn to November. The leading digital coin, Bitcoin, dominance also witnessed a similar fate. The virtual asset’s dominance is at about 53.75 percent currently and is seeing a constant increase in the current month. At the same time, this meant that its dominance level was more or less similar to the one seen on November 15 when it was around 53 percent.

Second Dominance

Ethereum is the second dominant force in the crypto-coin market with 14 percent. The digital currency has hit the most as its lifetime low on Monday trading below the $300 mark and is struggling to cross the level. The price of Ethereum is about $265 with a market cap of $26.85 billion. During the last 24-hour period, the virtual asset has shed 17.76 percent, and for the 7-day period, the loss was 35.3 percent.

As far as bitcoin price is concerned, it traded below $6,000 mark for a brief period on Tuesday and bounced back to trade above the level. The digital coin is trading about $6,062 and lost 6.43 percent in the 24-hour period whereas the loss in the 7-day period was 14.25 percent.

How Is Ethereum Congestion Lowered?

How Is Ethereum Congestion Lowered?

The Ethereum network has witnessed lowering of its congestion in respect of the Lastwinner lottery game. The company has witnessed smart contract activity being gradually dropping, and that FOMO lottery consumes just about 2.76 percent of gas currently. It was only last month that congestion in the network increased considerably leading to the gas price hike. That is despite the transaction volume witnessing a drop of more than 50 percent. It was blamed on disgraceful voting system launched by FCoin, a new Chinese digital coin exchange.


The company disclosed that in place of FOMO, the One Metric That Matters (OMTM) digital coin had consumed 20.03 percent of bandwidth, reported. At the same time, it came out with its explanation, i.e., the project is performing an airdrop. Significantly, OMTM is a virtual asset that also belonged to China and that it offers enough promise of making everything possible although bigger and better-known projects might have struggled to meet the ends.

It would enable everyone to establish distributed not only apps but also smart contracts apart from chain applications. As far as the OMTM project is concerned, the explanation is filled with exhortations apart from the promise of adding data technology and Internet of Things (IoT). The company disclosed that “OMTM takes data as the core, make [sic] use of the technology of Internet of Things, Artificial Intelligence, Big Data, and so on, promotes the intercommunication of various fields, achieves more efficient resource integration.”

The Ethereum network explained that there is no need to worry about the airdrop of OMTM since it is relatively harmless. Apart from this, it is not associated with any gas fee hikes as in the case of Lastwinner game previously. During the peak of the network congestion, fees were hovering over $0.50. Currently, not only the gas prices have come to the normal level, but the transaction fees have also come down to $0.02.

The company disclosed that the website of the game could not be accessed anymore. There is an equal amount of $8 million or ETH of 27.451 inside the main address. The network firm revealed that there had not been any indication of an exit scam. Similarly, game owners have taken a decision to retain the haul of the digital coin within the web portal address.

Scaling Solutions

The company is worried about the scaling solution issues in the future through the current economics have established a situation where the user is compelled to pay more for transactions. This was meant to make sure that they will arrive. During congestion, the lower fee could mean that the transaction will fall through while losing the fee. On a day-to-day basis, the Ethereum network is carrying approximately 681,000 transactions. Blocktivity data has provided these data.

The increased counts are attributed to smart contract and digital token transactions. Ethereum token price is depressed currently losing 21.38 percent in the seven-day period. Significantly, it is one of the three digital coins that witnessed more than 20 percent drop on Monday. The latest trend suggested that it is returning to the levels seen last summer.

Are Facebook And Stellar Aligning?

Are Facebook And Stellar Aligning?

There are certain developments that are taking place and points towards all kind of possibilities. The culmination of such a possibility is Facebook and Stellar could strike a partnership deal though nothing could be guaranteed since both the firms have not come out in public to confirm it. This development happened due to some executives of blockchain division of social media firm meeting the digital currency firm for a possible tie-up. The discussion might have been on the role that Facebook could play for its payment system.

Interest in Crypto-Associated Technology

Aside from this, Facebook founder and CEO, Mark Zuckerberg, declared in the past that the company is keen on exploring digital currency-associated technology. Until now, the company has not come out openly on the progress it could make either in cryptocurrency space or blockchain pilot. It is in this context that the meeting between the two companies has assumed significance since the social media firm is keen to deploy distributed ledger technology, particularly for its payment means. reported that the discussion centered on how Facebook could use blockchain of Stellar enabling it to fork and create its own digital coin. This would look like similar to that of the chat app Kik that was created in a native blockchain for its Kin crypto tokens. This will avoid deploying Stellar blockchain on its platform. Though the social media firm is yet to announce any major announcement in respect of blockchain, Zuckerberg is expanding his strategy on the most disruptive technology of a decade.

The interest of Facebook is quite evident when it listed job openings that focused on its attempt to have a startup within the company. Its aim is to do the new age technology work at scale and enhance billions of people lives throughout the globe. At the same time, the social media company has denied any relationship with Stellar. The company also denied any project of digital currency.

A spokesperson for Facebook has reportedly said that it is not “engaged in any discussion with Stellar, and we are considering building on their technology.” Incidentally, Davis Marcus, VP and former head of Messenger, has resigned from Coinbase exchange board. The reason given by him was the conflict of interest triggering a lot of speculations since these developments could have some kind of relationship with events that are unfolding.

Native Digital Coin

Marcus was entrusted with the responsibility of handling blockchain strategy after Zuckerberg declared the company’s intention of foraying into the blockchain. Reports also indicated that the company was trying to create its own native cryptocurrency. There is some skepticism that is still going on even with big firms on the blockchain since their pilot programs are yet to deliver any significant developments.

For its part, Stellar Lumens price reached new highs after a series of fresh developments last month. For instance, the company was awarded a Sharia certification offering direct access to the UAE’s financial banking sector. It would also use its own blockchain to create Sharia-compliant apps specifically for Islamic financial institutions as part of the certification.

Cure WorldCosplay crowded sale indicative of its token popularity

Cure WorldCosplay crowded sale indicative of its token popularity

The world’s Cosplay market is a fast evolving segment, and one specialty organisation, Cure WorldCosplay just completed its token crowd sale for the community in the last week of July.

Seen as a Lifestyle entertainment market segment, it is a niche market across the world.  Sure people dressed up in their favorite fictional character costumes from Japanese Manga characters to any films turning it into a multi-billion dollar industry.

Cure world cosplay launched its first cosplay token crowd sale bringing together players from across the world to use cryptocurrency in their work.  The organization considers this as an alternative fees payment method since it does not include large transaction fees.  Other payment options include photo box, attending events, and Public Relations for the company commissioning such events.

Multi-billion Dollar industry

The data which the Chinese Research and intelligence Organisations have offered show that cosplayers spent as much as $17.8 million in costumes, cosmetics, and other props in the year 2017.

CEO Junichiro Kawai of Cure WorldCosplay says that “Cosplay is booming, but the community faces challenges because of copyright and revenue sharing issues. We want to implement a copyright record keeping system on Blockchain and allow revenues to be shared via Smart Contracts.”

While the industry is widely placed many times, cosplayers are not able to receive payment for their work because they do not have a settlement account.  Hence, Cure worldcosplay believes that there is an opportunity for cryptocurrency platform to find the solution for such players.

By introducing the decentralize ledger technology and easier way to arrive at financial settlements is offered to search market segments.  The advantage of such a methodology would be to protect copyright and to make sure that there is any to add transparency as well as trust. It is in such a case that an organization such as Cure worldcosplay would be the ideal bridge to include reward-based payment systems for exclusive services of the players.

The CEO of the ecosystem suggest that the players will be able to develop and offer their own unique tokens and look forward to expanding their businesses. This could be at the local level as well as the worldwide basis. It will allow fans to be able to earn tips and also publish article apart from translating the article on platform.

Create ideal environment

The primary focus of the blockchain in banking organization is to create the ideal environment for players of this market segment.  It believes that the users when using this environment will be able to share all of their individual practices in the form of articles and advice, thereby creating a strong a community of online cosplay players.

The interest for Cure worldCosplay here is that the platform will be able to allow such members to develop their own personalized coin and monetize the strong membership base that it has currently run at 720, 000.

According to the CEO, Kawai, the advantage by using this platform for the players would have the ability to organize different events, look at giveaways and offer prizes to their fans by using the personalized coins system.

Blockchain Arrives in India, Hyderabad to get first incubation district

Blockchain Arrives in India, Hyderabad to get first incubation district

In news that the technology-adopting community in India would welcome, the government of Telangana has announced a new blockchain district for the inclusive purpose of incubating startups in Hyderabad. The government will be partnered by private technology major Tech Mahindra.

The MoU was signed between the officials of the technology company and government officials bringing in the new wave of technology adoption in the country.


The immediate consideration for the two parties to establish the center is to create the infrastructure which would house these startups. The government’s contribution with this regard is to offer the real estate, appropriate policies as well as tax rebates in order to push the incubation center into existence.

According to the State’s IT minister, KTRama Rao “We envision to set a benchmark in providing blockchain technology solutions and platforms across industries.”

The establishment of such a district is considered as a double-win for the country as it will set up the ‘talent hub’ which will eventually be part of the bigger global activities. This will be possible by way of blockchain innovations and the setting up of different types of organizations and companies. The project is called as Eleven 01 protocol for blockchain platform with respect to the individual development of startups and can be used by millions of individuals.

The aim of utilizing such as protocol is to eliminate the need for blockchain developers so as to allow the entry of new and innovative technologies for efficient app-based applications. The purpose of such an incubation center is to create the necessary depth of talent and encourage positive activities among the members.

The move by the state of Telangana in developing blockchain solutions by way of digitally reworking their land registries to favor transparency as well reduction in forgeries that are commonplace to documents of this stature is the first step towards such transformation.

Blockchain technology for everyday use

The technology scenario in India is one of the most conducive in the world for the adoption of cryptocurrencies as well as blockchain technologies for everyday use. This is because much of the country is computer literate and a major segment of the population is aged between 24-48 making it positively poised towards quick assimilation of technology and its adoption.

The country has had its own issues by way of demonetization in 2016 and has experienced the issues related to non-transparency in currency circulation besides wide-spread corruption in the polity. Hence, the use of blockchain technology is seen as an exciting new ‘lethal weapon’ for the young brigade who want to change the current systems of nepotism and money-can-buy everything philosophy ruining the growth of the country.

Thus, there is anticipation among the users of technology solutions that blockchain and its applications will prove to be a turning point in the history of the nation.

Perhaps the first step in this direction has become possible  with the arrival of the new district in Hyderabad dedicated for the development of this technology which is considered to have the Midas touch in rendering freedom to the oppressed and the ‘middle-class’ of Indian economics.