Altcoin News

What Makes Blockchain-Powered FansUnite to Align With Leicester City FC?

Blockchain-driven startup firm FansUnite has aligned with Leicester City Football Club for series of events, which would allow both the parties to gain. The two has become a partner for the existing football season of 2018-19. The Canada-based firm is focusing on sports data, as well as, sports betting industries. Incidentally, this is one more case where the distributed ledger technology (DLT) is used in soccer, and its players too started promoting digital currencies in Japan.

Launch Promotion

Significantly, during the 2015-16 season, Leicester has won the Premier League surprisingly. As a result, the county club rose to international popularity among the soccer fans. In fact, several experts from the sports have termed the win as the greatest sporting shock ever in the United Kingdom. The Canadian startup will commence its promotional activities in and around the county of Leicester’s King Power Stadium, according to a report in cryptovest.com. Apart from that, the two parties will indulge in different kind of promotional activities throughout England.

Incidentally, England wants to bring fans from everywhere in the world to boost their favorite team’s chances in the season. Fans from Leicester could take part during the current season and even win contests. Apart from that, they could participate in player meet-and-greets besides pleasant giveaways and options to win once-in-a-lifetime experiences. This will be available throughout the year in both away, as well as, home games. Apart from these, there would be special engagements as an added bonus for every football fans on the Canadian firm’s platform.

Leicester City’s Commercial Director, Jonathan Gregory, reacted to say, “We are proud to welcome FansUnite into our family of partners. They share our belief in the power of football to bring supporters together whether that is at King Power Stadium or around the world. FansUnite is an innovative brand looking to bring transparency and collaboration to their industry and we are delighted to be part of this journey.”

Similarly, FansUnite CEO, Darius Eghdami, said aligning with an internationally recognized brand demonstrated its commitment towards enhancing the conditions for sports fans. The company aims to achieve it with the application of emerging technology, which he considers it as a natural fit. Leicester City F.C. is one of the six clubs that hoist the Premier League Trophy after 1992. He believes that the county is at the forefront of integrating new technology to enhance fan engagement and player performance.

Betting Protocol

The Canadian startup firm indicated about the launch of sports betting protocol later this year. The operator could provide lower fees to bettors apart from a higher opportunity for making a profit for individuals. The company believes that it is “Better for Bettors.”

FansUnite has raised C$4.45 million through Series A financing. As a result, it has been in a position to develop the protocol just ahead of its plan to launch token, which will be a regulatory compliant, later this year. Apart from sportsbook offering, the company’s protocol is used as infrastructure powered by blockchain technology for daily fantasy sports and different other apps that are dependent on sports data.

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Alibaba’s Alipay Will Scrutinize Crypto in OTC Trading

China-based Alibaba Group Holdings’ payments affiliate Ant Financial’s Alipay, a mobile app, will scrutinize over the counter (OTC) trading of peer-to-peer digital currencies. The company will also cooperate with the regulators in its efforts as the country has slapped a blanket ban on any activities involving cryptocurrencies. The financial subsidiary is left with no alternative but to increase its efforts to monitor merchant, as well as, customer accounts apart from notable sites. That is because they combine the gateway to make it easy for OTC trading in cryptos.

Adheres To Principle

At the same time, Ant Financial’s spokesperson told the media that the company adheres to the principle of not offering any services to digital currency transactions, coindesk reported. That is mainly because the country slapped a ban last year when the overall digital coin market was surging at a rapid rate. China was not the only country to impose a ban as there are other countries like India and Pakistan that have also banned them from concerns of money laundering activities.

The spokesperson of Alibaba’s subsidiary indicated that the company had been closely monitoring the OTC trading activities. It would also continue its efforts to monitor them. The company clarified that if it finds any transactions to be of suspicious in nature and associated with cryptocurrencies, it would not mind in taking appropriate steps. This included even suspension of associated fund transfers. Also, it would not mind in permanently applying restrictions on payment collection function as far as the accounts involved.

At the same time, Alibaba Group’s firm has failed to provide any other details. This meant that it was silent on the number of accounts that it found to be involved with OTC trading in any of the cryptocurrencies. Interestingly, the news comes on the heels of China seeking to block access to over 100 overseas digital currency exchanges. This will mean that such overseas exchanges cannot offer any trading services to investors in China.

The authorities in China believe that these exchanges are offering services to domestic investors. China National Fintech Risk Rectification Office disclosed that it was able to identify 124 trading platforms that were still in existence in China. Their conclusion is based on overseas IP addresses of such platforms. The officials have also stepped up its efforts to monitor commercial user of virtual assets so that they could block internet access to such trading platforms.

Vigorous Monitoring

Alibaba’s Ant Financial is not the only firm to monitor. There are several others who are now monitoring the activities connected with cryptos either directly or indirectly. For instance, WeChat Pay, another mobile payment app from the staple of Tencent, is also monitoring activities of accounts and blocks them if it finds any suspicion of making transactions involving digital coins.

After China has banned in September last year, major exchanges have moved their business to overseas locations. However, they continue to provide crypto-to-fiat trading in OTC. Chinese have allegedly used bank transfer, WeChatPay, and Alipay for acquiring virtual assets.

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Bitcoin Unlimited Developer Andrew Stone Explains Proposal

Even as the debate on bitcoin cash upgrade continues, Andrew Stone, lead developer of bitcoin unlimited, has explained the strategy on the upcoming hard fork scheduled for November. According to him, there are at least two changesets that were initiated by two different full node clients. However, he indicated that the planned digital coin would seek to execute changes through consensus from both organizations. This would mean enabling participants the capability to vote for the features of the planned hard fork.

Differences

There have already been discussions among the bitcoin cash community on the recent bitcoin ABC 0.18.0 release apart from the differences associated with the Nchain client bitcoin SV. The key factor is that the two organizations have two types of changesets that they are keen to add in the upcoming hard fork scheduled in November, news.bitcoin.com reported. If they go ahead without any compromise, then there is a possibility of a split in blockchain platform. After the release of the ABC, the lead developer of bitcoin united published a plan known as ‘BUIP098’.

Stone has also explained the strategy for the planned hard fork in November in which two changesets are proposed. He stated further that the planned November hard fork would have different supports. However, those can be categorized as coming from Nchain and bitcoin ABC. He believes that it is quite ironic that these two changesets could be compatible mutually. However, he does not rule out the possibility of the two groups rejecting the changes of the other.

The lead developer thinks that there might be some particular critiques of different proposals. However, the core reason behind the rejections appears to be the same that are used to obstruct group tokenization. In a nutshell, he believes that fewer changes are better since risk factors coming in for every change. Aside from this, Stone is having a strategy for the future of bitcoin unlimited and the message from client will be “Run Bitcoin Unlimited to vote for compromise.”

This suggested that the digital coin would add the two changesets planned by both bitcoin ABC and Nchain. As a result, they could be activated in two different ways that the lead developer has stressed. The activation could come through BIP135, which is a derived form of BIP9 miner voting, or emergent consensus. This is subject to feasibility and development time.

Miner Voting

The lead developer of bitcoin unlimited said, “By allowing BIP135, we move to a miner voting process that allows individual features to gain agreement before activation. By allowing explicit configuration — that is, allowing a user to force the feature “on” or “off” — people running the BUcash full node can quickly react to any hash-power surprises.”

Stone indicated that he would add an appendix of the proposed changesets for the bitcoin cash protocol. This would provide details about different arguments against each and at the same time detail whether the planned hard fork could be capable of accepting every request. Though several developers are favoring the proposal, there are others like Coingeek founder Calvin Ayre, who is “firm on restoring the bitcoin protocol to its original design.”

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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, trustnodoes.com 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.

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Is South Korea Rethinking On ICO Ban?

South Korea’s National Assembly has discussed two promising sectors, i.e., blockchain technology and digital currency along with initial coin offerings (ICOs). The meeting has assumed importance for several factors as it comes amidst sluggishness in the cryptocurrency market. This has triggered a lot of speculations or rumors whether the regulators in the country are rethinking about the ban on ICO. The country is ranked third for developing and adopting the emerging asset class though it has banned ICO since it is keen to protect investors’ money.

Considerable Attention

The meeting of National Assembly drew considerable attention from blockchain supporters, as well as, digital currency enthusiasts, according to a cointelegraph report. Participants in the meeting included the Ministry of Science and Information and Communications Technology apart from key government ministries that are associated with the emerging sector. There was a debate on lifting the ban on ICO in South Korea. Alternatively, the debate centered on re-allowing ICO. Any favorable decision could draw a big crowd to tap the country to raise funds.

Apart from the ICO, there was also discussion about developing ‘Blockchain Island’ in South Korea. The debate centered on the Jeju island resort since its provincial government is also keen on creating a special zone for an international blockchain, as well as, digital currency. The island wants to emulate Malta that has adopted the two key emerging sectors in the island in the recent past. Though discussion has taken place, it appears that no major decision was taken on key issues.

At the same time, the recent discussion will enable supporters to accelerate their rhetoric in favor of ICO thus increasing the momentum. Similarly, preparations for protecting investors will also gain momentum while a task force organization could be created to monitor the trading in cryptocurrencies. However, before the government takes any step in revoking the ban on ICO, the policymakers should clarify the legal standing of the digital currencies to ensure smooth functioning.

After slapping a ban on any type of ICO in September 2017, the South Korean government has not come up with an alternative policy. Therefore, the entire cryptocurrency and blockchain industry is focusing on the stand that the discussions in the National Assembly will deliver in the end. Apart from a discussion in the Assembly, the two issues have found a place in the political party structure too.

Investments in Blockchain

Previously, the ICT Ministry declared about intensive youth training initiative that will center on blockchain apart from other economic spheres. The government indicated that it would spend more than $4.4 billion in technology areas that included blockchain next year.

Interestingly, Korea’s popular tourist island, Jeju Island has been clamoring for a special zone to take advantage of the increasing number of domestic visitors. Its governor Won Hee-ryong indicated earlier that enterprises are looking to innovate and that there should not be any issue in enabling them to raise funds with the help of digital currency or ICO. The upcoming days will provide some directions on ICO and the virtual assets.

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How Majority of Financial Leaders Think About Crypto for Business?

A new survey among the financial leaders suggested that there is enough space for cryptocurrency in the business. This is a significant thing considering that conventional financial service providers are refusing to accept digital currencies as a means of payment. The most important factor of the survey is that only 13 percent of the respondents from the financial segment believe that virtual currency would not be treated as a common thing in business in the upcoming five-year period.

Optimistic

Robert Half Finance & Accounting, which is a global financial recruitment service firm, has developed the survey that covered 2,000 companies in over 20 of the biggest metropolitan areas in the United States. 87 percent of the respondents have given answers like “not very common, or “very common,” cryptonews.com reported. At the same time, this cannot be viewed as an endorsement of the emerging asset class. That is because 37 percent of the respondents viewed as “not very common” on whether crypto will be common.

However, the survey results demonstrated that big companies’ financial leaders are highly optimistic about the role digital coin transactions in business. This is evident when 45 percent of the leaders from companies having employees between 500 and 999 indicated that virtual asset would be “very common” in business transactions in the upcoming five years. Robert Half Finance & Accounting executive director, Steve Saah, indicated that enterprises are waiting to understand the impact of crypto and blockchain if they are late.

At the same time, he believes that the time has come for organizations to take a call now so that they could stay ahead of the challenges and take advantage of the available opportunities. He thinks that companies encounter issues very often in trying to find the right kind of talent for both blockchains, as well as, digital coin expertise. This included roles involved in security, payments, and risk. He thinks that this could be sorted out only by relaxing job requirements.

At the same time, enterprises must speed up their hiring process to resolve this issue. He explained that “Blockchain expertise is hard to find but can be developed. When hiring for roles requiring this knowledge, consider focusing on candidates who will have a short learning curve and can be trained on it.”

Vertical Split

In a nutshell, the survey results pointed out that 18 percent of the respondents think that it is common to find crypto in business transactions in the next five-year period. Similarly, 32 percent think that “somewhat common” about digital coin finding its role in business. On the other hand, while 13 percent find that “not common at all,” 37 percent think it is “not very common” for businesses to involve virtual currency.

In any case, International Data Corporation predicts that spending on blockchain could hit $11.7 billion by the year 2022.  For the current year, the research firm expects $1.5 billion, which is double from the previous year spending. Another research firm, Gartner, thinks that blockchain has passed the peak of expectations.

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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, coindoo.com 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.

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How Pornographic Website Will Reward Viewers With VIT Tokens?

After pop stars and cinemas, it is the turn of the pornographic website to engage digital currencies or blockchain technology. The web portal will reward its viewers with the Vice Industry Token (VIT). A free pornographic video services and Pornhub’s subsidiary, Tube8 is ranked as the 27th most popular web portal in the world and is now aligned with VIT to reward its viewers. The company is eager to reward them for their involvement in the platform’s activities. The fact is that everyone is keen to take advantage of the emerging sector.

Integration with Adult Entertainment Site

The company disclosed that the web portal has aligned with the VIT to amalgamate its digital currency with that of the adult entertainment site. Once the collaboration is completed, viewers or visitors of the pornographic site would get rewarded by way of digital currencies. The reward is not only for watching videos but also for interacting with the services of the platform, according to a report in coindoo.com.

Robin Turner, the representative of Tube8, said that getting paid to watch pornographic has remained only as a pipe dream as far as he is concerned or remembrance. Though someone could have dreamt about being paid to watch such adult entertainment videos, it was never ever realized completely. However, he said that with the launch of VIT, the company could see a paradigm shift. This will demonstrate as to how people are consuming adult entertainment in the upcoming months.

In the normal circumstances, users might have to pay for consuming content if the website does not offer it freely. On the other hand, Turner said that users would be paid to consume its free content in the form of reward and digital currencies. Therefore, those who are eager to watch such videos would not have to pay and instead get paid. In fact, the more the visitors interact with the videos, the more money viewers could earn in the process.

On its part, Stuart Duncan, CEO of VIT, has claimed that the company would change its ethereum-powered blockchain with a Steem blockchain version. This is called a grapheme. Turner pointed out that “VIT uses [delegated proof-of-stake] and is fully decentralized. [It] is the only true working fork of steem in existence.” Though blockchain is more productive for fintech, it is finding its importance in other sectors due to its decentralized nature.

Mechanism Not Disclosed

However, the porn video service provider has not disclosed any mechanism through which the rewards would be calculated to the visitors. At the same time, the company has clarified that it does not want to lose its earnings. Therefore, the web portal will create a restriction or put a maximum cap on rewards.

Turner indicated that the company is not worried about shelling out extra money as commissions. He pointed out that there are no fees and hopes depend on mutual gains through the expansion of the user bases, as well as, increasing engagement with respective products between the collaborating parties.

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The Effort of Making CryptoKitties A Household Name!

At a time when Ethereum is facing a tough situation, CryptoKitties is experiencing nationwide popularity.

According to Planet Money’s podcast on markets and economics by National Public Radio, Indicator has purchased two digital cats and also introduced one of the silliest commodities present on blockchain to millions of listeners.

In Wednesday’s episode, Cardiff Garcia and Stacey Vanek Smith introduced it as a “strange, kind of ugly, kind of cute-ish crypto fad which also represents a brand-new type of commodity.”

Although, reports have always been skeptic about blockchain pets, yet they have also talked about the capabilities of non-fungible tokens as a more sincere product. The second installment showcases reporters trying to buy and breed CryptoKitties, much to their disappointment.

Can it be a mass product?

As of now, digital currencies are not considered products of mass consumption and they have a long way to go before becoming reliable products. Back to the reporters, they were able to buy $100 in crypto after spending more than an hour on Coinbase. Garcia added, “I feel like we’re on the cutting edge of 2009.” The next time they updated the story the currency downshifted by 30 percent.

The program concluded with Garcia’s words, “We have lost more than thirty percent because of the exchange rate. I’m betting against us getting our money back.”

It was not the first time that Planet Money talked about upcoming or risky commodities. In earlier episodes, they bought a hundred barrels of oil and captured its journey from the refinery to pump. They have published a report talking about the benefits of brand name vodka plus indulging in gold panning.

Digital currencies have been the latest trend followed by such podcasts which hint about the fascination and curiosity for the crypto space amidst the normal public. Back in 2017, the podcast also captured Charlie Shrem’s second innings with Dogecoin, who completed several years in Federal Prison.  At the beginning of 2018, they interviewed Jackson Palmer, creator of Dogecoin, and also captured an early adopter’s efforts to restore an old BTC wallet which was empty.

It seems like NPR were themselves amongst the early adopters. In 2011, an early pair of reporters tried to buy few bitcoins to use them practically, which could have been possible when Mt. Gox was the leader of crypto exchanges.

By the end of Thursday’s episode, reporters from The Indicator lost most of their money as they were successful in selling only one newly-bred CryptoKitties. It simply means that they will forget about their products without much effort.

One must also know that gambling apps have now surpassed the once top-selling commodity of crypto enthusiasts. Recently, Fomo3D attracted more than five times the users than CryptoKitties which says a lot about the present value of virtual felines.

Only time will tell about the context of their new episode which depends upon the amount of craze felt in the market for digital pets.  It would be hard for the developers to persuade general investors in buying a pet that cannot be traded nor provides value to your life.

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CEO Of Latium Backs a Micro-Tasking Platform

Latium (LATX) is pitched as a blockchain based crowdsourced project that influences unaffiliated internet users. They are benefitted in terms of digital currency for performing micro-tasks through the website’s wallet.

Some of these tasks include regular posting on social media, watching promotional videos which are posted by employers on the website’s own hiring page, registering new online accounts etc. All the enrolled employees will be paid in terms of LATX token. The native token can also be traded for Ethereum (ETH) bitcoin (BTC) and OmiseGo (OMG) on company’s feeless private exchange.  As employers have to own LATX first in order to pay their employees the market demand for the coin is bound to rise high looking at its essential part in the whole process. Like most of the budding firms, employees will have the chance to gain more tokens by introducing family members and friends to the platform.

David Johnson, project architect and CEO of Latium, has clarified that the project is focused on exposing amateurs and crypto enthusiast to the market. Thus, they will be able to gain money for putting in their effort and not their money. He believes that his project will prepare more engaged and stable community as users will not be forced to pay into the system with their own money.

Johnson further said that his ambitious mission is to reward active community members while boosting mainstream adoption by providing an easy access for noncrypto users into the market. Moreover, it will also eliminate the majority of the technical barriers that hold back people from engaging in the crypto space.

Continuing his statement, he said, “We’re trying to allow anyone who is interested in crypto but doesn’t necessarily have the technical knowledge or understand the complexity to get involved. Anybody who can perform any task on the internet can come in and get paid in crypto so instead of figuring out how to buy it or how to store it, we help you with all of that.”

As of now, the Latium blockchain is under the development process and will also include an entirely new Proof-of-Human (PoH) protocol to expand network’s consensus. The PoH system is very different from the PoW and PoS systems as it is developed to make sure that everybody gets treated equally in the network. The earlier systems were profitable for only the most significant stakeholders and mining companies. PoH further democratizes the space.

Apart from all the positives, the company is also facing a lawsuit similar to many companies that have come up with ICOs to gain capital. But, it seems like the Latium project has the potential to transform the entire system and all the ways in which a community can engage, earn and trade digital currencies. One should know that many more virtual coins and numerous fiat options are expected to make their entrance in the network pretty soon. With none other than King of Crypto, John McAfee, holding a position in the board of advisors, the future for Latium looks quite promising.

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