In the latest episode of Financial Fox, crypto guru Stefania Barbaglio interviews Clem Chambers, CEO of London listed ADVFN and Online Blockchain about OBC latest product ‘FreeFaucet.io’
FreeFaucet is a revolutionary free application that allows users to distribute and access cryptocurrencies without mining. FreeFaucet was designed to address the technical difficulties faced by many people in entering the crypto world.
“With crypto faucets, we take that technical difficulty away. People can get a little Bitcoin, a little Ethereum, a little Brazio ̶ they can just get it on the website. If they want to get more, they can subscribe.
This is the core of a crypto hub. OBC wants to be the Yahoo of crypto. This will be the place where people come for crypto stuff: coins, news, community, and more,” says Clem Chambers.
The faucet can be used by any cryptocurrency provider, meaning that any cryptocurrency — big or small, old or new — can now be easily exchanged for goods and services without users needing to mine the coin, which gives greater access to consumers and wider exposure for service providers.
FreeFaucet’s revenue comes from subscriptions and advertisements placed on the website. Cryptocurrency companies will purchase ad space on the FreeFaucet page to attract more coin holders. The same as ADVFN, which has been steadily growing since 1999 building a global platform for financial news and main hub for investors in equities.
This is a business model that benefits the consumer because the user gets value back in coins.
“It is not just about the money, it is about community and education, enabling people to enter the crypto world. FreeFaucet.io will help unlock the value of the crypto sector,” says Clem Chambers.
This is a revolutionary tool because it reverses the economic chain: money comes back to consumers rather than them paying the middlemen involved in purchasing a product or service.
Online Blockchain is focusing operations on building ‘the new generation of blockchain’, which according to Clem Chambers is all about services and applications built on top of cryptocurrencies. OBC is building an operating system, like Windows, powered by blockchain.
Online Blockchain launches global free cryptocurrency hub- claim, send, receive and store a variety of cryptocurrencies with FreeFaucet
Online Blockchain plc (LSE:OBC) announces the open beta of its FreeFaucet product, an innovative application that allows a variety of cryptocurrencies to be claimed, sent, received and stored.
In the crypto world, an online faucet ‘drips’ different coins and enables visitors to claim these cryptocurrencies. With FreeFaucet, users can obtain both renowned and emerging cryptocurrencies up to three times per day free of charge (20 times a day with membership), and access some of the highest-paying faucets on the net.
The product, which is in open beta, provides a simple way to claim, send, receive and store a diverse range of cryptocurrencies in one place. FreeFaucet offers many popular cryptocurrencies including: Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, Ravencoin, PlusOneCoin and Brazio. These claimed cryptocurrencies can then be securely stored on the FreeFaucet multicoin wallet (a cold storage solution).
FreeFaucet also boasts Geofaucet — a first-of-its-kind, location-specific faucet. Geofaucets are real-life, physical faucets in the form of a QR code. When these Geofaucet QR codes are scanned at a set location, the person scanning is rewarded with cryptocurrency. Additionally, anyone can create their own Geofaucet on the FreeFaucet site — and earn a passive income — by generating a unique QR code and placing it at a location of their choice. When a Freefaucet.io user scans this QR code, both the user and the Geofaucet owner receive cryptocurrency for free and will see their balance updated on Freefaucet.io. Any non-users scanning a Geofaucet QR code will be prompted to register on Freefaucet.io to have their claimed cryptocurrency added to their new account.
Users can claim from an unlimited number of Geofaucets per day and claim from any given Geofaucet once every 12 hours. Details of the Geofaucet locations and the simple steps for creating one can be found at: www.freefaucet.io/geofaucet
Another exciting feature of the FreeFaucet site is Bitferno, a powerful cryptocurrency miner of brand new cryptocurrencies. Approximately once a month, these cryptocurrencies will be distributed or ‘airdropped’ to all Freefaucet.io users. Distribution is scaled according to a user’s experience level: every single time a user interacts with the site e.g. logging in, claiming from a faucet or setting up a Geofaucet, they gain experience. Users with higher experience levels will be rewarded accordingly for their support and loyalty on the site. Bitferno is currently mining Bytecoin.
“There is unbridled interest in cryptocurrencies. Freefaucet offers a gateway to this market and enables established cryptocurrency enthusiasts and novices alike to earn free cryptocurrency with just a few clicks,”said Clem Chambers, CEO of Online Blockchain plc.“Freefaucet.io is now growing fast and our aim of making it a leading crypto community hub with many revenue streams has got off to a very exciting start.”
About Online Blockchain plc (LSE: OBC)
Online Blockchain (www.onlineblockchain.io) is a UK-based incubator and developer of businesses in internet and information-based technologies, including developers, administrators and custodians of blockchains and cryptocurrencies. The Company created ADVFN www.advfn.com and today still has a holding of 17.98% in ADVFN plc.
Online Blockchain plc continues to consider new related opportunities, particularly crypto currencies and blockchain-based opportunities including incubating cryptocurrency start-ups and developing technical innovation in the blockchain space. Led by a team with over two decades of pioneering in tech, Online Blockchain focuses on innovation in cryptocurrency and decentralised ecosystems via various applications of blockchain: incubating cryptocurrency start-ups and developing technical innovation in the blockchain space.
The event was organised and hosted by Ms Stefania Barbaglio (Steffy), PR Guru, Founder and Director of Cassiopeia Services, and Official PR for DigiByte (DGB). The prime focus of the Summit ̶ sponsored by Vertbase, the Coinbase for altcoins ̶ was on DigiByte’s journey since its foundation in 2014, the role in the new digital economy of decentralised technologies and security blockchain applications built on DGB, and how they are transforming the world of data security and transactions.
The summit was attended by the vast majority of DigiByte’s followers and investors and was also live streamed for all the DigiByte and crypto enthusiasts around the world. Key Media partners featuredIcoHolder, Coin Rivet and CoinCodex, among many others.
After Steffy’s introduction, Mr Jared Tate, the Founder of DigiByte, ran through DGB’s history and progress over the last 5 years. Founded in 2014 with no ICO, DigiByte boasts the longest UTXO blockchain in the world, highly secure and faster than that of bitcoin. Listed on over 100 exchanges globally, it is now developing the new generation of Digi-ID and Digi-Assets, which are rapidly becoming one of the key developments in the crypto market.
Jared gave due credit to the community and DGB supporters as he revealed that some of his best developers are anonymous ̶ unknown even to him ̶ thus emphasising the beauty of decentralisation and the very fundamentals on which DGB has been built. He also gave some real insights into the hard work and determination that has got DigiByte to where it is today. DGB was initially built as an extension to the UTXO protocol pioneered by Bitcoin.
Jared mentioned that DGB was initially built as an extension to the UTXO protocol pioneered by Bitcoin. However, always striving for excellence, and after countless upgrades & hardforks, they created DigiShield in 2014 (one of the many great features of DigiByte) which was quickly adopted by Ethereum, Bitcoin etc. DigiByte also re-engineered the bitcoin wallets and today boast the best SPV wallets in the world. To add to this, since the activation of SegWit in April 2017, almost 2,70,000 nodes have been created along with 4 full-version updates for the DGB core wallet.
For the first time, DigiByte is referring not to a hard fork, but an algo fork, as it schedules the release of its latest version 7.17.1, known as the Odocrypt. DigiByte already has 5 running algorithms over which the DigiShield is split evenly, which helps in real-time weight adjustment. Thanks to this multi-level model, Digibyte has a 51% attack resistance globally. The new algorithm name is inspired by Star Wars as it is a shape shifter set to change every 10 days, thus making it ASIC resistant. It will replace the Groestl algo.
The DGB community also made history at the event as Jared created the first ever DGB DigiAsset using the DigiVault. The DigiFlame was the world’s first ever DigiAsset created during the summit, and it was passed on to Rudy. Subsequently, Jared also created a second DigiAsset known as the DigiTorch as a way to promote those organisations that are creating real-world solutions using DGB Blockchain. The torch was given to Block Labs 30 and will be passed onto other projects as time goes on. This marks a huge step for DigiByte as DigiAssets has always been taken seriously and seen as the mechanism to secure the future internet of value. Even in the core architecture of DGB, comprising 3 layers, the middle layer is dedicated solely to the digital assets.
Other speakers included some of the most brilliant minds in the crypto and blockchain space.To begin with, Rudy Bouwman, co-founder of the DigiByte Awareness Team fondly known as DGBAT,shared the importance of community support and engagement, and what it means to lead one of the largest crypto communities in existence. Founded on 18th May 2018, The DGBAT team is on its way to marking its one- year anniversary this coming month at the time of writing. It was founded because DGB had never had an ICO or pre-sale, so needed a revitalised marketing strategy. DGBAT today is made up of of passionate individuals who are determined to make way for the widespread adoption of DGB.
Adding onto the advancements and achievement of the DigiByte Community, Josiah Spackman connected from New Zealand to elaborate on Dandelion, an upcoming upgrade to the blockchain. The main reason for this upgrade is to improve privacy on different platforms for DGB users. The DGB Blockchain uses the same method of broadcast as Bitcoin: diffusion. However, there is a vulnerability in this method that may let intruders track IP addresses by looking at the transactions on the blockchain. In order to avoid this, the Dandelion upgrade will only transmit data to one neighbour at a time and mask the hop counts to protect privacy.
Jan Muyldermans from Antum ID, an organisation involved in projects that deploys DGB Blockchain again highlighted the essence of privacy in today’s world.Antum ID is an authentication platform that uses DIGI-ID fundamentals to help verify the identity of individuals by government/organisations while providing the highest level of privacy. Antum modified the Digi-Id and added in its SOAP API so that DIGI-ID can be used on all platforms and programming languages, thus cultivating DGB’s widespread adoption. With the recent data breaches and leakages, Antum ID is the best use case solution.
Continuing the theme of Decentralisation, Justin Seidl from Vertbase applauded DGB’s genuine growth and passionate community. A simple fiat-to-digital currency instant buy-and-sell platform, Vertbase is in the process of introducing GBP & EURO pairings for DGB. Its main USP is that it’s a non-custodial platform, meaning all funds are always in the user’s possession and by partnering with DGB, its next step is to enable consumers to use DGB and Vertbase for everyday transactions.
Another key innovative project was presented: Marnix van den Berg from V-ID highlighted the issue of cyber-crime and data integrity.VID’s core mission is to help prevent digital fraud. For this it uses blockchains to store data once it has been verified and validated: DGB being one of these blockchains. This in turn helps DGB to fully certify and secure all DigiAssets. In a real-world example of physical objects being verified and coded in the blockchain, V-ID demonstrated how it had securely stored a Rembrandt piece after verifying and validating it in the blockchain.
Finally, Block Labs 30, a California-based organisation led by MBA entrepreneurs Brian Foote and Jeff Hinshaw showcased their skills in working with merchants to increase DGB’s adoption. Their project is ambitious: creating a market place for Digital Asset transactions through verticals, while increasing security and trackability but integrated interconnectivity. All industries will benefit from block transactions built on DGB, the main one being real estate, but also fashion, food and art.
With such great minds and organisation at work, the DGB Summit was the first of its kind. In case you missed the live coverage, exclusive event footage is set to be released soon. Please stay tuned for further details.
The market is indeed so attractive that even the ‘big tech’ companies are moving into it. Earlier this week, Apple was said to be investing more than $500 million for its Arcade service, which will let users play exclusive gaming titles across their Apple devices ad-free and offline.
Gaming can provide one of the first playgrounds for experimenting with new technology, and the emergence of technologies such as blockchain, machine learning and virtual reality are changing the landscape of gaming as they become integrated into those platforms. The addition of these technologies is making the gaming experience a lot more sophisticated, fun and ever lucrative for users.
Gaming Integrating Blockchain
Technology pioneer OBC debuts in gaming space; Q&A with CEO Clem Chambers:
“Blockchain is a mechanism to open the gaming market up further and take in-game values into the real world and vice versa.”
OBC has been acting at the forefront of technology for decades. Previously known as On-Line plc, the company gained prominence during the dotcom boom. In 2017, the word ‘blockchain’ was added to signal its move into the fast growing blockchain industry. With the opportunity growing within the gaming sector, OBC is using the versatility of blockchain and developing applications with high user-case value and tailored for the needs of gamers. OBC also identifies and invests in strong projects in the space such as US-based gaming company Encryptid. OBC invested US$100,000 in cash in exchange for a 35% interest in the company.
Since then, OBC has developed multiple projects at a global level, envisioning widespread adoption of cryptocurrencies and exploring early stage opportunities for blockchain applications.
Cassiopeia Services talked to OBC CEO Clem Chambers about FreeLoadr, blockchain in gaming and opportunities in the industry. Chambers is a well-known figure (Maverick Genius) in the City of London, having made a sizeable fortune in the dot.com boom.
How was FreeLoadr inspired? What makes it special and different from other gaming applications available?
CC: “We’re constantly coming up with great ideas as a group and FreeLoadr was a favourite as it was such an accessible project, in the mainstream and in the heartland of the digital natives that love Crypto.”
What market demands in gaming can blockchain applications meet?
CC: “The potential is endless. Crypto opens up vast horizons for computer games because it allows for a real financial system to underpin the giant environments that are played in by millions of people.”
CC: “Mobiles are ever present and that’s spawned a whole new way of delivering and monetising computer gaming. Blockchain is a mechanism to open that market up further and take in-game values into the real world and vice versa.”
What are non-fungible assets and what advantages does it bring to gamers? Can it be monetised in the blockchain?
CC: “Most games have virtual goods that cost money but it is hard or often impossible to sell them on second hand. Micro transactions are already big new in computer games and blockchain will extent that environment much further not just by making non-fungible virtual game items fungible but by providing a platform for made-for crypto games, a tremendous example of this is the game by Encrypted we have invested in.”
CC: “Blockchain can and will help but there is no magic bullet for that. Never was, never will be. The best solution is solid game management, something deeply rooted in our heritage in the games business.”
In the case of FreeLoadr, users can enjoy free access to games in exchange for ‘hash power’. How does OBC use this ‘hash power’ to mine selected cryptocurrency? What is the cryptocurrency? Why is this a profitable exchange for OBC?
CC: “We farm the hash power out to mining pools. We receive Bitcoin and other coins from the pools, take our margin and use the rest to buy games for the user. It’s a very simple clean model.”
CC: “In one word, Yes. Asia is very interesting and exciting and we’re looking at that market.”
Blockchain and gaming is already a very potent combination, so do you think integrating cloud services with FreeLoadr’s model would help it expand in the future? Considering not all people have a lot of GPU power on their laptops, would it better to have an ecosystem of blockchain-gaming and cloud services?
CC: “This is a possibility, but I think we’re thinking about other verticals as the biggest opportunities. You could charge you Costa Coffee card with Freeloadr, for instance.”
Are there any plans to launch a FreeLoadr coin? Considering your plans to venture into the gaming console systems such as Playstation and Xbox, if people get the opportunity to have one unique coin for all their gaming purchases, it might help promote widespread adoption of FreeLoadr ̶ what are your views on this?
CC: “We will have a Freeloadr that buts console games, that will be a product for this autumn. The lesson we have learned over the years is to focus hard, stay under the radar, keep your risk surface low and embrace talent. Blockchain is a continent of opportunity and the key to success is to find a sweat spot and build your city there. Can you tell I got Civilization IV with Freeloadr points?”
Cassiopeia Services, official PR for DigiByte Blockchain, is pleased to announce the First DigiByte Global Summit happening in Amsterdam this coming Friday will be streamed live on Vimeo.
“We wanted to make sure that the whole DGB global community who could not personally attend the summit in Amsterdam, can still be part of the reunion and hear about the latest developments and upcoming news. DigiByte has one of the most multicultural, diverse and passionate communities in the crypto space, and we would like to give every member the opportunity of joining us at this epic gathering,” said Stefania Barbaglio, PR lady for DigiByte.
Confirmed speakers are: DigiByte founder Jared Tate, DigiByte Foundation Member and Chief Fun Officer (CFO) Josiah Spackman, Official DigiByte PR Steffy (Stefania Barbaglio), co-founder of the DigiByte Awareness Team Rudy Bouwman, Founders of V-ID Marnix van den Berg and Pim Voets, Lead Business Dev of V-ID Joshua Jenster, Founder of Antum ID Jan Muyldermans, Founders of Vertbase Justin Seidl and Stuart Menzies, and CEO of Block 30 Labs Brian Foote.
The projects presenting at the summit have multiple applications and serve different purposes — from data authentication to digital assets trading, but they were all built on top of DigiByte blockchain. It highlights its versatility and security, and it shows how decentralised technologies have the potential to reshape our system.
The summit will start 2pm, Amsterdam Time — 12 noon GMT.
The multi-billion dollar gaming market is about to witness a brand new project leveraging on blockchain technology to give players the chance of cashing in ‘real money’ from their gaming tokens.
The gaming industry helped drive the internet, certainly in the social media age where social gaming and microtransactions have become a flourishing industry in their own right. Now, the industry could be helping to spur the growth of blockchain technology and increase adoption of cryptocurrencies.
Numbers indicate there are more than 25,000 e-gaming platforms worldwide, generating altogether between USD$20 to 40 billion in revenue. Online gaming is expected to grow by over 11% a year until 2020. This impressive growth is mostly down to new technologies enhancing current gaming experiences and creating niches in the market.
Among many features, the introduction of blockchain technology in games offers more security to players, can increase number and variety of elements and allows more sophisticated features.
The integration of blockchain into gaming is seen as a positive move within the crypto space. Gamers are known to be early adopters of new technologies and their familiarity with tokens and virtual currencies can help drive adoption of cryptocurrencies wider.
ULTI Coin: Exchange gaming tokens for real currencies
Aiming to reach the core of the popular and expanding gaming industry, blockchain developers decided to create ULTICoin.
The coin started to be designed in 2017 by a team of experts in gaming — and gamers themselves — who understand the market very well spotted the opportunity of deploying crypto technology to unlock the billions of dollars that are locked inside video games features and different realities.
ULTI Coin is the first-of-its-kind allowing players to get ‘real’ money’ from their games. ULTI Coin is new cryptocurrency that implements and manages in-game virtual currencies. Purpose of ULTICoin is exchanging in-game currencies for ULTI Tokens, which allows gamers to become users of ULTICoin, and exchange ULTI Tokens for FIAT currencies or any other in-game currency.
“Our aim is to partner with as many gaming companies as possible. In any game, you gather tokens which now with ULTI coin can be exchanged for real money,” said Nadja Jovovic, a consultant at ULTCoin.
“Our project is built on Ethereum blockchain, which means users get the speed, safety and transparency from Ethereum network,” said Sergej Belavin, senior consultant at ULTI Coin.
ULTI will soon be listed on different crypto exchanges around the world which will allow gamers to trade their gaming coins to other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and eventually fiat values.
We are pleased to share the agenda for the first DigiByte Global Summit in Amsterdam — only two weeks away on 19th April 2019.
The summit will host some of the most prominent experts working in blockchain and decentralisation today. All are developing projects that build on the DigiByte blockchain, deploying it to new applications such as digital identity, data privacy and digital asset trading. Created by Jared Tate in 2014, DGB boasts high scalability and security, together with a forward-thinking approach to development. As such, the technology is a perfect fit for breakthrough projects and concepts, having seen considerable growth in adoption and awareness over the past few years.
Confirmed speakers are:
DigiByte founder Jared Tate
Josiah Spackman, DigiByte Foundation Member and Chief Fun Officer (CFO)
Steffy (Stefania Barbaglio) Official DigiByte PR
Rudy Bouwman, the founder of the DigiByte Awareness Team
Marnix van den Berg, Lead Dev/Founder of V-ID
Pim Voets, Lead Concept Design/Founder of V-ID
Joshua Jenster, Lead Business Dev of V-ID
Jan Muyldermans, Founder of Antum ID
Justin Seidl and Stuart Menzies, Founders of Vertbase
Brian Foote, CEO of Block 30 Labs
The agenda is as follows:
- Welcome and Introduction — Stefania Barbaglio
- State of DigiByte / DGB Intro — Jared Tate
- DGB Awareness Team and how to get involved — Rudy Bouwman
- Dandelion Info & Demo for Privacy — Josiah Spackman
- DigiID Demo / Antum ID Demo — Jan Muyldermans
- Vertbase Presentation — Justin Seidl & Stuart Menzies
- V-ID Presentation & Demo — Marnix van den Berg, Pim Voets & Joshua Jenster
- OdoCrypt & Upcoming Hard Fork — Jared Tate
- DigiAssets Live Demo — Jared Tate
- Block 30 Labs Presentation — Brian Foote
- Panel Discussion: “Where will blockchain be in 2035?”
- Closing remarks
Networking drinks & nibbles
After the conference, we have also organised a scenic canal boat trip departing at 18.30. If you are interested in joining us, contact Steffy for details and bookings.
The summit marks the first ever gathering of DigiByte’s great minds to present and discuss their projects. Even though the projects serve various purposes and have multiple applications, they are all connected by the same vision of technology potential, and how it can be used to design the future of our society.
Decentralisation, at its very core, is about empowering individuals and reshaping society; it is about offering solutions to protect people and businesses against digital fraud using a network where everyone could fairly contribute to, so it remains distributed and decentralized, without the need for any trusted third party, and building a digital economy that serves users’ purposes and facilitates transactions worldwide with a high level of security. These new platforms are developed by users just like everyone else, who have the technology expertise to create a new system.
More than that, the summit is also a chance for the DigiByte community to engage in open dialogue to strengthen the bonds that bring them together.
Stefania Barbaglio, official PR for DigiByte and organiser of the summit, commented: “It is very inspiring to see these great minds coming together and sharing their plans and projects with us. Jared started DigiByte with the mission to fix most of the cyber security vulnerabilities the internet is facing today by using blockchain technology. DigiByte but it is now a social project that has the potential to change society and its economy. It has grown stronger over the last few years and while many other blockchain and cryptocurrencies tried to ride the hype, DGB were working hard paving the way for more innovative ventures to arise. As Jared always says, DigiByte is a family who share the same values, positive energy and enthusiasm in developing projects that can change the world for the better.
What we are seeing at the summit is all about the future of society and economy, powered by blockchain technology and decentralisation.”
Founded in 2018, Vertbase is a highly secure and user-friendly digital currency platform for buying and selling cryptocurrencies with US Dollars. Vertbase was born with the aim of finding a solution to the complex, time-consuming and expensive process of trading altcoins on most crypto exchanges, which tends to prevent non-experts from engaging in crypto trading.
Coinbase is a great platform for only few cryptocurrencies, but there are many other coins with high value that cannot be traded on the Coinbase exchange.
Looking at Coinbase and the challenge around coin trading, Justin Seidl and Stuart Menzies, co-founder at Vertabse, created a digital altcoin trading platform that is user-friendly, super-fast and highly secure. A Coinbase for altcoins, but only the one with legitimate projects and strong use cases, particularly those Vertbase believes can change the landscape of finance: DigiByte, Vertcoin, Bitcoin, Litecoin, Ravencoin and Decred.
In the latest episode of FinancialFox, Justin Seidl was interviewed by Blockchain PR expert Stefania Barbaglio, where he talked about how he came to create and design Vertbase, and shares his views on the altcoins to watch.
The mission behind Vertbase is to give visibility and market exposure to altcoins with high use case value. Altcoins are considerably less expensive than coins such as Bitcoin and Ethereum, and in some cases are more sophisticated and highly developed.
Over the recent months, cryptocurrency exchanges have been in the spotlight over coins being delisted and alleged extortionate listing fees required by prominent exchanges. These controversies highlighted the need for corrections in the way the crypto market works and the challenges that need to be overcome. They also prompted more calls for further decentralisation and transparency among exchanges.
Indeed, the current lack of regulatory frameworks leaves room for inconsistent practices. Different cryptocurrency exchanges can offer various types of cryptocurrencies, with different terms, policies, payment methods, and fees. Exchanges also differ on aspects such as security, user-friendliness, functionality, and design.
Some of the advantages Vertbase offers users is 100% non-custodial transactions that allow users to send coins to any wallet of their choice. In the spirit of co-operation, Vertbase also gives a portion of trading fees back to the community to continue development.
Moreover, with security reportedly the biggest worry among cryptocurrency traders, Vertbase is equipped with a robust anti-money laundering monitoring system. Furthermore, its system requires two-factor authentication, granting access to authorised users only, while the website and apps are fully secured with 128-bit encryption. Vertbase is registered with FinCEN and operates with full compliance and procedures under all US federal and state laws.
This January, Vertbase donated 50,000 DGB to the DigiByte Awareness Team to show their support of the project and DigiByte’s vision. “DigiByte has proven strong use cases, which include security features utilising the Digibyte Blockchain. Digibyte has some exciting plans and projects, so we have no doubt they will continue to be a major player in this industry,” says co-founder Justin Seidl.
Vertbase Founders Justin Seidl and Stuart Menzies will also be presenting at the DBG summit. The DGB community can also expect more news and updates on DGB projects to be released during the first global DigiByte Summit, taking place in Amsterdam on 19th April 2019. The theme of the Summit is ‘The Power of Decentralisation’ and its agenda will expand on the multitude of possibilities and uses enabled by decentralised technologies.
Announced as a speaker at the first DigiByte Global Summit next month, Block 30 Labs is at the forefront of bringing tokenised asset trading to a mass scale, collaborating with DigiByte blockchain.
With its headquarters in San Diego, at the heart California’s tech hub, Block 30 Labs is developing tools to enable digital asset indexes in the blockchain era. The team is a network of global blockchain technologists, computer scientists, economists, financial engineers, researchers and global media alumni from Yale, Harvard, Georgetown, Wharton, Duke, Stanford, UCSB and UCLA — all gathered to develop top-notch financial and trading platforms built on blockchain.
Block 30 Labs is developing three core applications of decentralised blockchain technology for global adoption by consumers, merchants and the Fortune 500 enterprises for release in their 2019–2020 roadmap.
To kick off the project, Block 30 team studied the Alibaba platform and its success in the Chinese market. Block 30 CEO Brian McLaren Foote says the team drew inspiration from the way Alibaba streamlined new technology to create an innovative and efficient consumer experience.
The Chinese giant is indeed one of the most pertinent references in terms of e-commerce, digital payments and interoperability — and Block 30 hopes to replicate this comprehensive and innovative approach for the digital assets market.
Blockchain & E-commerce
The speed and convenience of mobile as a shopping and payment gateway keeps attracting more and more users each year. The use of blockchain technology in ecommerce and digital payments can bring these services to the next level in an already very profitable market: recent data shows that worldwide mobile payment revenue should exceed $1 trillion in 2019 and more than 2.1B consumers are expected to use mobile payments this year. The degree to which online and mobile sales are growing shows the importance of developing a marketplace capable of dealing of tons of data in a commercially viable manner.
The main problems in ecommerce nowadays are related to payments checkouts, cybersecurity and supply chain management. By putting an end to intermediary bodies, blockchain can transform ecommerce into a much faster and safer process.
The advantage of using blockchain in ecommerce is the integration and ownership of digital assets — challenging traditional monopolies and protecting users. For example, retailers can launch ICOs directly on the platform and distribute tokens among their customer base. Credit card brands like MasterCard are reportedly working with blockchain to make its market payment systems more fit for use.
The Block 30 index helps to accurately measure the value and performance of digital assets. It is one of the very first US indexes to help investors track multiple factors in the market beyond Bitcoin. With a growing number of Security Token Offerings (STOs) in 2019, the market requires increasingly sophisticated tools to assess the real value of digital assets.
“We hope that the BLOCK 30 Index can help improve industry coverage “Beyond Bitcoin” via global media, government, research and regulatory institutions — while also providing better safeguards and clarity for retail investors seeking early exposure to the front-end of a potential economic cycle,” says Brian Foote.
Block 30 Labs is working on three projects:
1. The BLOCK 30 Marketplace: the world’s first Web 3.0 marketplace built on blockchain. The platform will pair global buyers and sellers for exchanges of value on the blockchain, including: concert tickets, automotive, hospitality, businesses, land, farms, wineries, fractional ownership, mixed use development and commercial real estate.
2. The BLOCK 30 Pay Digital Wallet, which will be available at checkout on the BLOCK 30 Marketplace to help global customers and merchants begin to adopt and use digital assets vs. credit cards through an asset called BLOCKS, powered by DigiByte.
3. The BLOCK 30 Financial Division, which will provide BLOCK 30 Pay digital wallet holders the ability to invest in customised security tokens (ex: BLOCK 5, BLOCK 10, BLOCK 30, etc.) directly from their mobile phone.
In the Web 3.0, the internet will come back into the hands of its users, thanks to decentralisation and distributed consensus protocols. The new model emphasises sharing and collaborating among users in order to concentrate data and operability in the hands of a few companies — known nowadays as ‘big tech’.
But, in order to function in the Web 3.0, blockchain platforms will need to address interoperability — a feature Block 30 Labs is priming. Being interoperable means that a specific blockchain network is able to recognise and operate with others. Without this, blockchain nodes are isolated from those outside, secluded in their own network.
The aim is to allow different blockchain projects to communicate with one another, regardless of their structures, offering more possibilities for users and greater versatility for different projects to be integrated.
Block 30 platforms are built on DigiByte blockchain, which is the longest and fastest blockchain currently available in the crypto market. Despite not being among the most prominent cryptocurrencies, DigiByte holds the potential to be so much more than a digital currency, particularly because of DigiAssets.
For over 2 years, the DigiByte team has been working on this feature that allows other organisations to build their projects on top of DigiByte. DigiByte was designed to scale on-chain, hence maintaining its core aspects of security and decentralisation. Partnerships and collaborations on new projects to change the way people transact and communicate are absolutely vital to the development and wider adoption of DigiByte.
The full digital asset marketplace addresses sectors beyond just store of wealth, such as supply chain management, financial services, social networks, data security, digital identity, gaming, mediums of exchange and privacy. A true representative and comprehensive index should enable exposure to all major thematic sectors, rather than just a small selection, and begin to mirror some of the key sectors that drive global capital markets indexes. In light of this, DigiByte’s DigiAssets were presented as the perfect fit to develop Block 30.
Rudy Bouwman from the DigiByte Awareness Team believes the partnership is extremely positive for DigiByte and goes to show the versatility and user value of DigiAssets: “We’re very excited about the collaboration between DigiByte and Block 30 Labs. Their solutions and services are built on DigiByte Technology and DigiAssets platform, and with that they would be able to position DigiByte in front of consumers, investors, merchants and companies, even Fortune 500. We believe this can drive DigiByte up the ranks significantly in terms of market cap, awareness and adoption.”
DigiByte founder Jared Tate believes Block 30 is a huge step towards eventual mass adoption of DGB technology: “By leveraging the speed, scalability and security of the DigiByte blockchain as the backbone of their offerings, BLOCK 30 Labs will pierce the secondary layers of the consumer, merchant and professional enterprise world, which is a huge milestone along the journey for mass global adoption of the DigiByte ecosystem.”
Stefania Barbaglio, official PR for DigiByte commented: “It is all about collaborating on game-changing projects with good partners. Over the last year DigiByte has proved its potential as forward-thinking blockchain technology with varied partnership on innovative applications and solutions to secure, facilitate, promote faster transactions of assets. Block 30 is a revolutionary team that will accelerate the decentralisation of consumer and enterprise adoption, asset tokenisation and more accessible 1st-3rd world financial cooperation on the blockchain. The e-commerce place is ripe for change and DigiByte and Block30 team are initiating this disruption. The DigiByte team and community are extremely excited about their future announcements at the conference.”
Brian Foote joins a group of high-calibre speakers presenting at the Summit discussing how a future powered by decentralised technologies and Digibyte will look. Confirmed speakers include DigiByte founder Jared Tate; Official DigiByte PR Stefania Barbaglio; Rudy Bouwman, the founder of DGBAT, the DigiByte Awareness Team; the founders and lead developers of V-ID and Antum ID; and Vertbase Founders, Justin Seidl and Stuart Menzies.
Cryptocurrencies and blockchain technology are often portrayed as the big challenger to the current financial system, promising to fight corporate red tape, increase financial inclusion and create a more just and transparent economy. While all this is true, it’s not always rainbows and unicorns in the crypto world.
Different cryptocurrency exchanges can offer various types of cryptocurrencies and have different terms, policies, payment methods, and fees. Exchanges also differ on aspects such as security, user-friendliness, functionality, and design. These factors can all play a significant part when choosing the most suitable exchange.
Talks over regulation of digital currencies and crypto exchanges are a way to help the market become healthier and more transparent. Cryptocurrencies and exchanges indeed have many issues to address and challenges to overcome. Here, we highlight some of the main concerns and recent issues that are preventing the crypto revolution from progressing to its next stage.
The biggest problem currently in the crypto market is the lack of security. Indeed, with news of hackings and breaches often making headlines, users are demanding more protection over their assets and data.
It is important to remember that as technology becomes more sophisticated, so do hackers. Exchanges are essentially so vulnerable to hacks because they centralise the risk, so further decentralisation can be an option in the pursuit for maximum security.
Security is indeed an urgent and weighty matter. Coin Desk reports that each day, $2.7 million is stolen from exchanges, with the amount of cryptocurrency taken in 2018 having increased 13 times compared to the previous year. This amounts to $2.7 million in crypto assets being stolen every day, or $1,860 each minute.
Indeed, it is a well-established fact that the majority of ICOs end up unsuccessful — some of them even fraudulent. Furthermore, many expensive crypto projects often make a case for themselves claiming they are decentralised, when in reality, data from Token Analyst for Yahoo Finance showed that nearly 80% of the top 50 coins are held by the top 20 wallets. In 16 cases, the 20 biggest wallets held more than 90% of total token supply.
Much like in the more traditional economy, power dynamics also underline the negotiations and collaborations set in the crypto sphere, and the nuances of marketing strategies can mislead users and investors.
The lack of transparency, accountability and professionalism from renowned institutions can poison the benefits of digital currencies and undermine the strength and influence of blockchain adoption in different industries beyond finance. True blockchain believers call for an end to sketchy practices in the financial system and market structures, promoting widespread professionalism and ethical standards.
Initial Coin Offerings are a great way to attract investors, but part of them resulted to be scams. Exchanges need to be careful and strict enough only to list those crypto coins which are reliable and ensure that the right assessment is performed.
Some exchanges charge a single flat fee, for example, 0.2% of the transaction value, on all trades. But many exchanges split their trading fees into two separate fees: the maker fee and the taker fee.
In some cases, maker fees can be higher than the taker because the maker adds liquidity to the market, so the exchange ‘rewards’ the trader.
Liquidity is a vital element for any of the market. A lack thereof creates an imbalanced environment, and things go out of control. Due to the decreased liquidity, orders are not placed/executed on time, and the doors are open for large holders to manipulate prices. Additionally, with a lack of liquidity, markets become more volatile and see more price slippages.
A secondary issue of reduced liquidity is that it puts the power into the hands of cryptocurrency exchanges with large liquidity. Some major exchanges now charge up to $1 million to get tokens listed, essentially selling liquidity to the token projects.
Currently, the majority of crypt exchanges are only lightly regulated, leaving room for sometimes shady or abusive manoeuvres. It is reported that crypto exchanges use bots to manipulate the prices of coins. Last September, cryptocurrency trader and analyst Alex Kruger exposed a promotion on Bithumb which inflated the trading volume on the exchange.
“There currently are $250 million [in] fake volume traded at [the] Korean crypto exchange Bithumb, every day at 11 a.m. Korean Time, since Aug. 25. Bithumb offers 120 percent payback of trading fees as an airdrop. Trading fees are 0.15 percent taker. To collect the full KRW 1 billion rebate, a wash trader must thus trade KRW 278 billion. That is $250 million in daily fake volume. Notice how 31K Bitcoin is traded at exactly 11 a.m,” Kruger explained.
While cryptocurrency transactions are known for being fast, delays can happen and can be a way to protect users from hackings or fraudulent transactions. Exchanges sometimes delay transactions if they suspect the user did not authorize the transactions.
In light of these flaws and loopholes, and continuing cases of hacks and breaches of exchanges, regulations would be welcomed if tailored to ensure transparency and consumer protections.
Crypto experts have anticipated 2019 is on track to be the year of crypto regulations
This year started with stronger calls for rules and regulations all around the world. In January, two major European regulatory bodies, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have publicly called for better assessments of crypto technology and its impacts to develop appropriate regulations.
In the US, the Securities and Exchange Commission (SEC) is applying their regulatory guidance to cryptocurrency projects as it considers another form of securities.
Recent controversies over exchanges ’ lack of professionalism and transparency are likely to prompt exchange regulations to be in place soon.
Over the last few months, we have been seeing more moves from centralised exchanges towards decentralisation. Binance, for example, announced earlier this month that it is about to launch its decentralised exchange, Binance DEX, for public testing.
There various advantages to decentralisation. A DEX ensures the poor and unbanked can participate in the global economy: anyone can store and transfer wealth to anyone anywhere in the world, almost at no cost. Another benefit of decentralised exchanges is that users are fully in control of their data as there is no central authority storing or managing it.
How does the future look like?
While centralised crypto exchanges have been the tradition so far, they have somewhat given way to the decentralised crypto exchanges. The main objective behind bitcoin and blockchain is decentralisation and thus, both the CEX’s and DEX’s should come together to develop a hybrid model which benefits all of the crypto ecosystem.
Hybrid crypto exchanges can represent a viable option that bridges the gap between the benefits of a centralised exchange and those of a decentralised exchange. This is the way to gain the trust of numerous users and the cooperation of huge investors, while eliminating the element of subordination to a third-party and ensuring reliable storage.
If there is one thing we can learn from the recent developments and news, it is to look at the shortcomings of the so-called transparent crypto sphere, realise there is plenty of work to be done in this realm, and use the combination of technology, knowledge and accountability to fight these flaws. For the blockchain & crypto revolution to produce its best outcomes, it is important to address the factors that undermine its integrity.
Keep an eye out for a special episode on Financial Fox about crypto exchanges and the challenges to overcome. Follow us on @cassiopeia_ltd and subscribe to our YouTube channel.
Special guests: the crypto evangelist Chico Crypto @chicocrypto & Alexander Fred, Technology Researcher and Writer of @beincrypto, the truly independent bitcoin & cryptocurrency news.