Charles Hoskinson partners with Polymath’s Trevor Koverko for building new security token blockchain

With Bitcoin [BTC] breaching its immediate resistance, the community is rooting for the largest cryptocurrency to breach the next resistance set at $8,000. This sudden pump in the prices of most major cryptocurrencies, especially BTC, was a hot topic at Consensus 2019, followed by the partnership between Charles Hoskinson, the CEO of IOHK, and Trevor Koverko, the CEO of Polymath.
The duo has come together for an initiative which aims at launching a Layer 1 security token blockchain called ‘Polymesh’. According to Trevor, there exists a gap in the market for a purpose-built custom blockchain for security tokens. Hoskinson noted that a normal public blockchain system is a homogenous system where regulators, issuers, buyers and sellers are subjected to the same rules and responsibilities. He adds on the design of the Polymesh:
“One of the first things we recognized is, you need to build a hybrid architecture. You need to say that there are going to be a certain party of the system which are permissioned and private, and certain parts of a system that are open and public and then you can assign different roles and responsibilities to regulators and other types of actors.”
By assigning the responsibilities to a part of the system, they would have the power to ‘maybe freeze’ a transaction, reverse it, and even view an audit trail, while the other part cannot. Hoskinson and Koverko noted that it was necessary for a system like Polymesh to exist for the Security Token Offering [STO] revolution. Hoskinson added:
“Furthermore there’s good evidence of that from just traction of STOs. There’s a desire to create liquidity, there’s a desire to create these assets, but where are they at CoinMarketCap, where are they at in terms of trading, they’re not where they need to be.”
Koverko and Hoskinson believe that this new system will benefit the STO revolution and thus, have to be built from the ground.
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Source: AMB Crypto

Cryptocurrency and Porn Industry: Why is it a perfect match?

In the 1980s, the internet was frequently used by three types of people: government officials, university scholars, and individuals seeking adult entertainment.
Keeping the mundane search history of officials and the scholars away, only one thing remains in the frame, which is the often frowned upon, yet highly sort after, the adult entertainment industry.
The adult entertainment business has seen massive growth over the years and its numbers speaks for themselves. In 2018, Pornhub, one of the biggest porn websites on the planet, ‘entertained’ individuals approximately 33.5 billion times via their webpage. That is around 13.7 million visits per day.
Source: XBIZ
An estimated number of 201,405 videos are watched, and porn websites around the world register 64,000 visitors/per minute in a day.
The data associated with the industry does not shy away from the revenue aspect either. According to a poll conducted by XBIZ, the porn industry generates a magnanimous revenue between $6 billion and $15 billion every year, in the US.
This is more revenue than the NBA, Hollywood, and Netflix. America’s intense porn obsession can be credited for fueling its economy and the adult entertainment industry clearly plays a major part in it.
CRYPTOCURRENCY AND PORN
The adult entertainment world is one of the few industries which prides itself on the reputation of being the front runners of early technological adoption. In 1977, when VHS tapes made its way into America and the rest of the world, it is believed that the porn industry played a massive role in ushering in its initial success in the 1980s.
However, the tryst between cryptocurrencies and the porn industry has been a tricky one. According to a research, conducted by the porn studio VogoV, by the end of 2018, around 470 adult video sites, 50 webcam platforms, and 35 sex shops worldwide had started accepting virtual currencies as a form of payment. The data on paper may echo a significant number, but when it is compared to the overall size of the ever-expanding adult industry, it is very minuscule.
The industry started to take massive strides with the adoption of cryptocurrency around early 2017, when the idea of crypto as a payment started gaining traction.
Source: Naughty America
In 2017, major sites like Naughty America and xHamster started accepting Bitcoin as a form of payment. Pornhub and some of its sister websites also started establishing partnerships with various cryptocurrencies such as Horizen [ formerly ZenCash ], Tron, and Verge.
CRYPTOCURRENCY AND ADULT INDUSTRY: WHY IS IT A PERFECT MATCH?
According to a poll by fightthenewdrug.com, Porn was actively viewed by the millennial of the current generation [between the age of 16 and 33]. A person of this age group mostly has an active social life and outgoing lifestyle. No one in this age group would like to disclose or talk about it with their partner that they were paying for pornography. It can come across embarrassing and usually uncomfortable most of the time. The adult entertainment industry is one such which can only be consumed in the privacy of your own space.
This is where both the parties meet at a common ground and present a great opportunity.
The anonymity offered by the virtual assets is a sigh of relief for the adults who do not want their private viewing habits on the internet to be a recorded statement on their credit cards. Hence, the idea or awkwardness of receiving unexpected emails from your favorite porn websites is completely taken out of the picture.
The payment platform associated with crypto also solves major issues which are associated with trust between the user and the website. The amount of fraudulent websites prevalent in the adult industry is massive and people are justifiably skeptical of entering their card details. The space for illicit scams is enormous and a slight pushback can allow hackers to access your bank account credentials. In simple terms, it is not safe!
Additionally, one of the major issues which often escape the eye is the difficulty suffered by adult performers. The number of adult performers around the world is assumed to more than a 100,000. That might not be significantly high, but in terms of paying them for their service, it is.
The issue arises as a lot of banks do not allow adult performers to open accounts in their name and use their services. A few years back, adult film stars were reportedly getting their bank accounts systematically closed by JP Morgan Chase for no reason other than their professional connection with the adult entertainment industry. Hence, most of the performers have to take payment in cash, which becomes a personal hassle for them as their security is in the limbo.
The cryptocurrency method of payment completely solves this problem as they can receive their payments directly to their digital wallet without the involvement of financial institutions.
MAJOR PARTNERSHIPS BETWEEN CRYPTOCURRENCIES AND PORN WEBSITES
Bitcoin, the first original cryptocurrency which started the whole crypto-saga, is the most popular and valuable crypto in the market. At the time of writing, Bitcoin held was closing in on 60% market dominance in the cryptocurrency market.
Source: Pornhub
However, when Pornhub introduced the option of cryptocurrency payment on their website, they overlooked Bitcoin and decided to form a partnership with the lesser known crypto known as Verge cryptocurrency.
Corey Price, the Vice President at Pornhub, stated that Verge was entirely anonymity-focused, which is why it was chosen over other virtual assets. Price added that Verge offered “convenience and security”, which in theory was an inaccurate statement considering the volatility of the crypto-market.
Moreover, if the functionality of Bitcoin and Verge were to be compared, Verge was more of a privacy token than Bitcoin. All the transactions taking place on the Bitcoin blockchain can be traced and eventually be linked to a person’s name, provided KYC rules have been implemented.
When using Verge, the anonymity is further solidified because of its unique Wrath Protocol. The protocol hides every part of the transaction from the blockchain, except the amount which was sent or received. The blockchain will not have a record of the purchase nor can it be traced back to an individual.
Moreover, Verge had a better performance track record as it could process 100 transactions per second, in comparison to Bitcoin’s seven transactions per second. Verge also boasted better speed as it was able to process a transaction every 30 seconds, whereas Bitcoin [BTC] required 10 minutes for executing a transaction.
Pornhub also had the option of crypto payments via Horizon [formerly known as ZenCash] and Tron. Pornhub’s choice can be identified from the reasons above.
Source: Twiter
Brazzers followed suit and listed the same tokens as options on their crypto payments platform a few days later.
However, Bitcoin did not entirely miss out on the adult industry. Mainstream porn website Naughty America listed Bitcoin [BTC] payments on their webpage alongside Litecoin [LTC]. Other lesser-known websites such as Chaturbate and Playboy Plus also included Bitcoin payments on their websites.
Source: CamSoda
Contrary to the selection above, CamSoda recently announced the integration of crypto-payments, including seven different coins such as Bitcoin [BTC] and Ethereum [ETH]. Hence, the general bias towards certain coins was not widely spread out.
The adoption of coins might vary from site to site, but it is still a win for the larger picture, which is the global adoption of cryptocurrencies.
CONCLUSION
The argument drawn for the late adoption of cryptocurrency in the porn industry is highly debatable. The speculated reason for the increased interest of the adult industry in cryptocurrencies can be attributed to the increasing popularity of virtual assets over the last half-decade.
The cryptocurrency market went through a major market surge back in 2015 and witnessed another significant one in 2017 which raised the valuation of the crypto-market to over 100$ billion in market capitalization. The community started exploring various platforms where virtual currencies could be implemented.
The adult industry might have been slow to get involved, but they were not ignorant to not tap into the industry. The progressive growth of the crypto with a huge user base online reassured the adult industry that the inclusion of crypto-payments would only improve their stocks and revenue in the years to come.
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Source: AMB Crypto

Bitcoin’s [BTC] future: Prominent traders expect 30-40% correction in price, followed by a bull rally

CNBC’s Ran NeuNer spoke to a few prominent Bitcoin enthusiasts at the Consensus 2019 and explored how Bitcoin would perform in the upcoming weeks.
Tone Vays said that he was skeptical about the recent rally and that he needed a few confirmations to believe that the recent surge was the start of a bull run. He said:
“… I’m looking for correction between 33.3% to 40%… I’m still a little skeptical. I need to witness a pullback and a new swing high; I’m a big believer that the markets move with higher lows and higher highs. We are working at a higher high but we have not had a pullback.”
He further added that the pullback would be healthy if it was between 30-40% and that it would also be a good start to the bull run. If the pullback did not stop, it would make a new low where a lot of accumulation would occur. It would also signify strength and a possible start of the Bitcoin run, Vays added.
Peter Brandt said that the parabolic rally was underway as there were resistances at $6,600 and $6,800. He added:
“I really thought that we could go to $6,700, $6,8000 and hiccup at that level and possibly retest but we haven’t. So does that mean, we, at some point, go into congestion area and retest $5,700 and $6,000 level? Or do we go parabolic? “
In addition, he opined that Bitcoin wouldn’t go parabolic from here and that this parabolic move would make “dumb money chase it”. He also added that he had taken off light profits at the peak.
At press time, Bitcoin had surged by 10% over the day and was retesting the $8,000 level. However, the king coin has not broken through that range yet. Bitcoin, at press time, was priced at $7,970, with a market cap of $140 billion.
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Source: AMB Crypto

Bitcoin [BTC] breaches $8k; gets ready for the bullish ride

The world’s largest cryptocurrency, Bitcoin [BTC] breached another immediate resistance at $8k and was valued at $8,084.49, at press time. BTC had been pumping for the past few weeks, pulling the coin from a slump and probably towards a new bull run. On May 19, the coin started rallying from $7252.58 and peaked at $8,102.
Source: Trading view
According to the trading view chart of BTC, it was being traded at $8,102. The market cap of the coin was noted to be $143.17 billion as the 24-hour trading volume reached $23.64 billion. In the past seven days, BTC pumped by 11.99% and it continued to rise by 10.64% in a day. The coin noted a growth of 1.56% in an hour.
BTC spiked by a staggering 12% over 10 hours taking the price of the coin from $7,252 to $8,155. The next resistance was marked at $8,300, after which $9k becomes an imminent target. In terms of trading volume, Bitcoin was highly traded on BitMEX exchange with VBT/USD pair and a volume of $4.22 billion was reported. The second place was noted by BW.com with BTC/USDT pair with a volume of $780 million. BitMart followed the exchanges as it noted a trading volume of $750 million with BTC/USDT pair.
As the demand for the coin rises in the crypto market, the searches on the Internet increased too. A report by Cryptoglobe noted that Google search for ‘Bitcoin’ as a keyword hit a high, yet again in 14 months. This surge was previously reported in February 2018 when the coin was trading between $8k and $11k.
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Source: AMB Crypto

Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.
Source: Trading view
Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.
Source: CoinMarketCap
In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.
BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.
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Source: AMB Crypto

Bitcoin Cash, Ethereum, and other altcoins follow Bitcoin’s lead and pump by more than 6% in under 2 hours

Although the price of each cryptocurrency should matter on its own status and developments in its own ecosystem, it doesn’t. The price of altcoins is largely correlated to Bitcoin’s, which explains this pump in altcoins.
The second largest cryptocurrency, Ethereum, pumped by more than 7% in less than 2 hours, which was the same case for Bitcoin Cash. The price of Ethereum, at press time, was $249 and had a market cap of $26 billion.
Source: TradingView
Bitcoin Cash, the fourth largest cryptocurrency, pumped by 8% in under two hours. The price reached $385 and the market cap hit $6.7 billion.
Source: TradingView
The amount of Bitcoin Cash transferred in 24-hours was almost equivalent to its market cap, which is massive, and in simple terms, explains how Bitcoin Cash is better than Bitcoin in terms of scaling and transaction settling.
Other altcoins followed Bitcoin’s lead as they pumped; XRP, EOS, Litecoin, and Stellar Lumens surged by approximately 6% in less than 2 hours. However, Binance Coin didn’t react to the pump in Bitcoin’s prices.
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Source: AMB Crypto

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.
The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.
Source: TradingView
The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.
A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

let's see whether we can break out the above neckline pic.twitter.com/ZNSSy5qKON
— Dovey Wan (@DoveyWan) May 19, 2019

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:

Close your shorts.CNBC kindergarten chartist won't nail this pattern. https://t.co/BcvN6LNxRt
— The Crypto Monk (@thecryptomonk) May 19, 2019

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Source: AMB Crypto

Bitcoin’s $2,200 correct could prove to be a swing trade buy, claims old-school trader

Volatility in the cryptocurrency market has caused the crypto-charts to appear red and green with constant bull and bear runs. The world’s largest cryptocurrency, Bitcoin [BTC] was among the major coins involved in this continuous market turbulence.
Peter Brandt, an old-school trader had been predicting the market movement throughout this month and this time, has said that BTC entered the buy zone recently. He tweeted,
“$BTC reacts into buy zone overnight.”
Source: Twitter
Brandt further predicted a correction of $2,200. He said:
“$2,200 correction should prove to be swing trade buy.”
Source: Twitter
However, Twitter users argued whether the correction had already occurred in the market. @Crypt0_kenny noted that BTC ‘already did a $2,200 correction’ and that ‘it was just a swing trade for the big boys’.
Another Twitter user, @scarn2001 said:
“No it hasn’t done a $2,200 correction yet..a $2,200 correction will put bitcoin at $6,200”
Recently, Amazon filed a patent involving proof-of-work that supports Bitcoin [BTC] and other cryptocurrencies, which spread like a wild fire in the crypto-community.
Bitcoin [BTC] managed to cross major resistance levels from $4k and now, is preparing to breach $8k. The coin, at press time, was valued at $7,357.03, with a market cap of $24.03 billion. Over the past seven days, BTC noted a growth of 7.63% and continued to grow by 2.28%. At press time, the coin had spiked by 0.58% in an hour.
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Source: AMB Crypto

Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies

Most coins in the cryptocurrency market have been undergoing a series of ups and downs, impacting the prices of the cryptocurrencies. However, XRP, the third largest cryptocurrency on CoinMarketCap was the only coin not undergoing any significant price change since the beginning of the year.
However, the crypto-world has been seeing numerous fund movement and these funds are large in number and two such transactions were noted on Whale Alert’s Twitter handle recently.
A sum of 6,999,999 XRP was transferred from Bittrex’s Exchange wallet address [rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy] to Upbit’s Exchange wallet address [rNzT5xopUaJK8L7mHbThUGKaHoct62dNBC].
According to the details of the transactions, the fund was moved on Saturday, May 18 at 09:25:22 UTC. Other details of the transaction are as given below:
Source: Whale alert
The Bittrex exchange had carried out another transaction on the same day, where it transferred 9,999,999 BTC worth $3,712,226 USD to Upbit. According to transaction details, this transaction took place before the aforementioned transaction on May 18 at 09:24:52 UTC. The details of the transaction are as given below:
Source: Whale Alert
This could be a mere transfer of token, however, the recent events with Ripple have raised some red flags within the community. According to a recent report from CoinMetrics, there were discrepancies in Ripple’s Q3 report of 2018 and Q1 report of 2019. The report stated:
“Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices).”
However, Ripple’s CTO David Schwartz  denied these claims and said:
“Regarding the chatter about reporting methodology around XRP escrow in @Ripple’s quarterly XRP Markets Reports: this is simply a timeline issue.”
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Source: AMB Crypto

XRPTipBot: Addition of more tokens to tipbot would confuse users, says Wietse Wind

The third largest cryptocurrency on CoinMarketCap, XRP had been stagnating since the beginning of the year. The coin was still valued at $0.3769, while there have been tremendous changes in the prices of most other major cryptocurrencies. However, major proponents from the XRP community are trying to bring in new technological developments and tools for the community to use.
The XRPtipbot, developed by Wietse Wind is one such tool that enables the XRP community to tip each other on various social media channels, including Twitter. However, since the crypto-enthusiasts can only send and receive XRP, a Twitter user @dakisan asked Wind:
“Hey @WietseWind!
If it’s possible to represent any token, or value, on the #xrp ledger, would it then be feasible to”
The user continued:
“1) refactor the tipbot to allow a sender to specify the currency Eg +0.0001 $btc @xrptipbot, and,
2) get a tweet/dm feedback to confirm success/failure?”
The developer informed that he had been asked this question several times and that the feature was not supported on Tipbot. However, Wind added:
“I was thinking about this feature for the V2 developments, but I think it will be way to confusing for users. I want to offer a simple, easy to use, easy to get started with service.”
Another Twitter user, @KevOnCrypro, questioned this idea by Wind as another user suggested the implementation of an ‘advanced user menu’. Wind reminded the user that the objective was not sending the crypto, but instead, receiving it. He added,
“Imagine receiving a tip for the first time, not knowing what the TipBot is, not knowing what XRP is, and then, to complicate matters, not knowing how it can be another token, etc.”
He further used the instance of tipping another person with ‘your own worthless BTC token’, which the recipient would consider as an original and of some value. He further used an analogy to explain the situation:
“And to make it even worse, a BTC token issued by let’s say @Gatehub Fifth may be worth an actual BTC, but you could also issue your own worthless BTC token and the recipient would think they actually received something of value, while it’s worthless.”
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Source: AMB Crypto

SatoshiPay launches Solar wallet on mobile app stores for Stellar [XLM] Network

SatoshiPay has been working closely and designing micro-payment apps for the Stellar Network. Earlier this year, the micro-payment solution company launched ‘Solar wallet’, a stellar network-based and user-friendly desktop wallet. The Solar Wallet has proved to be user-friendly and easy-to-use and can securely manage funds. In order to expand their market, SatoshiPay has expanded its distributed ledger technology to mobile phones as well.
In a tweet, SatoshiPay confirmed the release of the mobile version of Solar wallet on Apple and Google Play app stores.

Hello Folks the much anticipated mobile versions of our Solar Wallet are now available in the app stores. Download the app now and expect many cool features in the coming weeks https://t.co/ukYTR4HG5j
— SatoshiPay (@SatoshiPay) May 17, 2019

SatoshiPay intends to integrate wallet and external services in order to redefine user value and experience on the Stellar Network by providing opportunities to get in touch with other blockchain-based services on the internet such as Hardware wallet support and multi-factor authentication support.
Despite the recent downtime that froze the Stellar Network for two hours which resulted in a 16% fall, XLM seemed to be doing good with a 5.25% surge in the past 24 hours, at press time.
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Source: AMB Crypto

Basic Attention Token [BAT] surges by over 9% in an hour, undergoes immediate correction

The cryptocurrency market had been keeping the crypto community on the edge of their seat. With great volatility, major cryptos like Bitcoin [BTC] had reached new milestones this week. Altcoins were not so far off in the race as Basic Attention Token [BAT] achieved a growth of over 9% in an hour on May 18.
Source: Trading view
According to the one-hour chart of BAT, the token noted a growth of 9.32% in an hour, after which it slipped further. According to CMC, the coin was valued at $0.3945 with a market cap of $497 million. The 23rd largest coin registered a 24-hour trading volume of $64 million as it noted a growth of 11.32% over the past day. Over the past seven days, the coin spiked by 9.77%.
The crypto-community was amused by the growth registered by the coin over the past few weeks. A Twitter user @Cyptolete1 exchanged his Ethereum [ETH] for BAT. The user said:
“just sold all my $ETH for a 1.5% loss and went all in on $BAT”
The sudden surge in the price of BAT can be attributed to Coinbase’s Earn project, where the users can earn crypto by learning. Along with that, the highly anticipated HTC phone Exodus 1 phone was revealed with an inbuilt feature for crypto-users to earn BAT.
BAT was highly traded on ZB.COM via the BAT/USDT pair as it noted a volume of $9.93 million. The second place was taken by Coinbit with a trading volume of $9.77 million via the BAT/KRW pair. The third place was taken by CoinBene as it reported a volume of 8.63 million via BAT/BTC pair.
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Source: AMB Crypto

Binance hack: Scammers luring people into buying ‘discounted stolen Bitcoins [BTC]’

The world’s largest cryptocurrency exchange, Binance, was attacked on May 7, and hackers stole 7,000 Bitcoins [BTC] worth $40 million. The Chief Executive Officer of Binance, Changpeng Zhao or CZ, proactively took care of the situation and shut deposits and withdrawals on the exchange, which were later resumed on May 16.
Even though the funds have not been recovered yet, another scam seems to be brewing in the shadow of these funds. A Reddit user suggested on the r/Cryptocurrency subreddit that the ‘team’ that hacked Binance was selling the stolen 7,000 BTCs, with a 70% discount.
Source: Rentry
The site claimed to provide 3 BTCs for 20 ETH and 0.2BTC for 2 ETH. This page led users to another page which informed them that the process would be completed after they add their Bitcoin address and ETH sessions.
Source: Rentry
Most users suggested that this is a scam, warning others to not buy into this scheme. One of the users commented,
“Beware of any “offer” that requires you to send large amounts of money to a stranger to get some favor in return. “
As for Binance’s stolen funds, many prominent figures from the crypto-space had offered their services to the exchange to help it in its efforts to trace the funds and retrieve them. John McAfee said,
 “If I can help at all please let me know. Underneath my clown suit is still one of the most experienced cybersecurity experts on the planet. I’ve been doing it for 51 years. I am at your service.”
Tron’s Justin Sun also pledged to donate USDT worth the stolen BTCs. However, CZ refused his help. Whale Alert, a Twitter handle that keeps an eye on the movement of tokens and coins from various wallets and exchanges, also offered to lend a hand to help Binance out. The Twitter handle tweeted,
“ We have added special warnings for the Binance Hack! If anyone tries to move the stolen #BTC, you’ll be the first to know!”
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Source: AMB Crypto

Cornell University’s Emin Gün Sirer to launch Ava; slated to compete with Ethereum

In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Sirer said that the AVA network was going to be of a higher throughput, which will also be looking at reducing transaction time. The blockchain will also have an application which tracks supply-chains and keeps a tab on securities and gold.
Sirer said,
“Many existing blockchains tend to be specialized, focusing on ensuring user privacy or functioning as a store of value. Ava aims to run as many transactions per second as Visa and with 1.35 second confirmation latency, which should enable all these applications, plus ones that aren’t even possible yet.”
Sirer stated that “every certificate will one day be represented on the blockchain,” while adding that the Ava network was trying to create the correct foundation for making that vision happen.
Ava Labs Inc. has already raised $6 million in funding, with the investors being Andreessen Horowitz, Polychain and MetaStable. The test version of the network will be rolled out on Thursday and the coins are expected to be released after Ava is launched publicly in a few months.
Avalanche protocol is one of the latest developments from Ava Labs. Team Rocket, an anonymous group, had last year come up with a new distributed way to verify transactions. The Avalanche protocol was designed to be more flexible and able than Bitcoin.
Emin Gun added,
“You can create a digital asset on top of Ava, a coin X, And then you can say, I want my coin to support Bitcoin transactions as well as Zcash –- you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.”
According to Sirer, Ava is also working towards securing large corporations as partners, and is planning to establish Ava chapters in cities throughout the world.
However, Cornell isn’t the only institution at the forefront of the crypto, blockchain revolution. According to reports, professors from seven universities have come together and are working on a digital currency called “Unit-e,” an initiative by Distributed Technology Research, a non-profit foundation.
Ava is expected to compete with Ethereum since the network will provide all the services that Ethereum already does.
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Source: AMB Crypto

Coinbase: Customers making money is very important to crypto-exchanges, says CEO Brian Armstrong

Proponents of the cryptocurrency market have always been at the forefront of breaking the latest updates in the universe, through live streams and direct Ask Me Anything [AMA] sessions. The latest luminary to speak up is Brian Armstrong, CEO of Coinbase, who touched upon the different streams of revenue and Coinbase’s new avenues.
Armstrong stated that Coinbase believed in a system where both the company and the customers benefited. In his words,
“Just imagine a version of Coinbase out there purely focused on trading and that’s it. The system will be like the more you trade, the more money we make which is not something that we do. There really is a dark side to this hypothetical system as the customers actually lose money which is not our aim. The investors who buy and hold the assets and conduct long term trades are the ones that actually make money in this system.”
The Coinbase CEO asserted that he wanted Coinbase to conduct business in a fashion that boosts not only the world’s economy, but the cryptoverse’s as well. He also touched on the topic of taxes in the cryptocurrency space, but refrained from elaborating on it owing to legal concerns. Armstrong also responded to another user’s question about Coinbase’s entry into Canada. The Coinbase spearhead stated,
“We have always focused on adding more assets to our platform and expanding to more countries. The thing with Canada is that we had issues with the partner so we were forced to pull back and rethink our strategy. Fingers crossed, but we are planning for Canada soon.”
Brian Armstrong was in the news recently after he claimed that Bitcoin and other cryptocurrencies needed institutional investors to grow and mature. He even sided with the argument that having trusted custodians in the cryptoverse was “really important” to restore positive sentiment.
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Source: AMB Crypto